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The long-held Surry Hills headquarters and vehicle rank of Legion Cabs has sold under the hammer for $18 million with more than 200 people attending today’s auction at the Ray White auction room in Sydney. 
It was bought by the <a href="https://www.propertyobserver.com.au/developments/the-carlton-at-vaucluse-at-halfway-sales-mark/2012091356563" target="_blank">RDA Property Group</a> (part of the Discovery Group)  which developed the 14-apartment boutique development Carlton at Vaucluse under the stewardship of Danny Avidan.
Legion Cabs has owned and occupied the 1,370 square metre property at 69-81 Foveaux St for more than 50 years. 
It paid 50,000 pounds for it in 1961.
The taxi business decided to sell after committing to new headquarters in Wolli Creek and will be making the move over the next 12 months. 
It represents one of Surry Hills' largest ready-to-develop sites with flexible zoning permitting a range of uses and is likely to make way for either a residential or office development. 
Bidding started at $9.88 million with three parties pushing the price quickly beyond $13 million. 
Auctioneer James Price sold the property at $18 million. 
Pre-auction expectations were above $10 million. 
Maroun Ajaka of Legion Cabs said the co-op "very pleased with the result which will no doubt benefit our members (shareholders)"
“There’s a lot of history, we’ve been there exactly 50 years. and the company has been around for 66 years.”
The property was exclusively marketed by Ray White director Dan White, Andrew Jolliffe of Ray White Hotels and Marcello Bo of Ray White Projects. 
“Under the new Sydney local environment plan (LEP), the site can be developed for a whole range of uses including a residential development, an educational institution or corporate headquarters. It could also be developed into a hotel or pub,” said Dan White. 
“It’s in a fantastic location, close to Central Station and the city. As we expected the site has attracted a lot of interest.”
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Auction of Surry Hills Legion Cabs rank site draws a crowd and sells to apartment developer for $18 million

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Spruikers that promote investing in property through self-managed superfunds (SMSFs) remain a major concern for ASIC.
“We don't want this to become the new playground for dodgy spruikers,” warned ASIC commissioner Peter Kell on the ABC’s The Business this week as part of a special report into the “stampede into property by self-managed super funds”.
Kell said spruikers were encouraging people to set up SMSFs to invest in property in ways “that may be completely inappropriate for the investor and they're not explaining the risks and the issues involved in investing in some of these areas”.
The Business special report named a number of businesses ASIC is “concerned about” including recently banned Melbourne-based property and finance firm Money Choice and its director Matthew George, Queensland-based Active Super, an unnamed Gold Coast company making 22,000 cold calls a week and prominent property investment firm ParkTrent, which promotes its introductory free investment seminars lunches via flyers handed out on street corners.
Ronald Cross, CEO of Park Trent told the ABC it rejected the tag of “spruiker” saying it was an “icon” and that to call it anything other than a “business enterprise” was a “cheap shot”.
Kell’s comments follow a speech in April, in which he highlighted some cases investors where investors were given advice which was not tailored to their specific situation, or recommendations for insurance were "absent or inadequate".
"Notably, we also found that investors were not warned about the very real risk of not having access to a statutory compensation scheme in the event of theft of fraud," he said at the CPA Australia SMSF Conference.
"Going forward, this will be an area of focus for us. We expect to see advice providers warning investors about this risk."
Also in April ASIC released a new guide ‘SMSFS - Improving the quality of advice given to investor’ and highlighting that SMSFs “represent the fastest growing superannuation sector in Australia, with $439 billion assets held by funds”.
“ASIC has ramped up its attention on a sector that is of growing importance to more Australian investors. We want to help ensure that we have a healthy SMSF sector,” Kell said.
In particular, he said ASIC was “concerned about the rise in aggressive advertisements pushing property purchases through SMSFs”.
“Where we see examples of unlicensed SMSF advice, or misleading marketing, we will be taking regulatory action,” he added.
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SMSF property investment at risk of becoming “playground for dodgy spruikers”: Peter Kell

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Mortgage market activity picked up by 5.2% in Tasmania over June, according to RP Data's Mortgage Index.
This compared with just 0.5% growth nationally with Victoria (2.1%) and Western Australia (2%) the only other two states to register notable gains over the month.
The data is correct up to June 16.
<img alt="mortgage_activity_june" height="255" width="470" src="/images/stories/2013/larry_uploads/mortgage_activity_june.jpg">
Mortgage activity appears to have flattened out:
<img alt="mortgage_index_graph" height="204" width="470" src="/images/stories/2013/larry_uploads/mortgage_index_graph.jpg">
RP Data systems monitor more than 100,000 mortgage activity events every month across our four main finance industry platforms providing a lead indicator to housing finance commitments.
The index shows an 81% correlation with the ABS housing finance data series (88% using the seasonally adjusted series). 
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Tasmania leads flat mortgage market in June: RP Data

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While the property market appears to be again heading upwards, the improvement has been modest to date and uneven, creating opportunities for savvy investors and homebuyers.
“Overall, there are still plenty of bargains to be found in this market though we remind buyers that it is important to do proper due diligence prior to pricing negotiations by either getting research or getting a valuer to come in and provide a valuation. Doing this will help find real opportunities and help avoid the lemons,” says SQM Research managing director Louis Christopher.
Not that finding bargains is easy.
“The only thing that has changed [in the last couple of years] is it’s just got harder to find and secure great properties at great prices and I don't see that changing for a while given the demand,” says Patrick Bright, a buyers' agent and director of EPS Property Search.
“In the last couple of years I have never had so many people from interstate wanting to buy in Sydney,” he says.
Bright says reasons for investing in Sydney vary, but are generally along the lines of "compared to the other capitals it currently looks to be very good value”.
<a target="_blank" href="https://www.propertyobserver.com.au/residential/how-to-find-property-bargains/2011053150312">In June 2011, </a>Louis Christopher and Patrick Bright provided seven tips for securing bargains and not lemons. Two years have passed, the market trajectory has changed and we've revisited them:
1. Only fools rush in: “Look now, don’t rush,” Christopher suggested in 2011. “The only trouble in trying to theoretically work out whether you have a bargain is that it may be a bigger bargain tomorrow because the market continues to fall."
June 2013 update: “I always believe that one should not rush on a decision to buy a property, even in a rising market even if it means risking losing the property to another buyer. By all means, efficiently to your due diligence and do not bluff a vendor/agent by not retuning phone calls etc as they may take you too seriously and sell it to the next buyer," says Christopher.
“In a rising market it really is very important to properly investigate fair value and not be pressured into purchasing over valued property.”
2. Time it right: The best time to buy is at the bottom of a market trough, just before prices start to rise again. But as Christopher rightly points out in 2011: “No one rings a bell at the bottom of the market.”
However, that does not mean it is impossible to know when the right time is to buy. “Potentially, there could be bargains towards the end of this year [if most national markets have stopped falling by then],” Christopher says.
Buyers should study the market closely now to be ready to buy when the time is right and they have found the right property to suit their needs.
June 2013 update: “As it turned out, the end of 2011 was very close to the bottom of the market. We place the bottom at the third quarter of 2012. And as discussed frequently, this recovery is a modest to moderate recovery. Prices have not yet ‘surged’ ahead. Yet the outlook is far more positive then what is was when this story was originally written. I believe that in terms of timing, the current climate does present some very good opportunities for buyers." 
 
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3. Be especially wary in over-priced areas: Darwin is “massively over-valued,” according to SQM, and properties in south-east Queensland and Perth are selling for far more than they should. Christopher said in 2011 that housing markets in these and other over-valued regions will remain sluggish or will continue to correct. If interest rates rise again this year, that could cause prices to fall further.
June 2013 update: “As it turned out south-east Queensland did continue to fall, while Perth bottomed out sooner than expected on the back of interest rate cuts. Fortunately there were no rate increases in 2011, rather the RBA saw the light of day and cut, thereby saving the market from deeper falls than what actually took place. 
4. Everything is harder in Sydney – but that does not mean impossible: Sydney prices are rising, making bargains even more difficult to find. “In the next three years, I am not expecting any dramatic falls in Sydney,” Christopher said in 2011.
But that does not mean it is impossible to buy in Sydney. There are fewer bargains than in other capitals, but there is also much less risk that the price of an apparent bargain will fall after purchase – provided that you buy into a sought-after suburb.
June 2013 update – “Sydney is now recording a more robust recovery than most other cities. I would place the annualised growth rate now at between 5% and 9%. That’s what I think the pace is, though it varies depending on the location.
“For example the northern beaches are not doing as well, while eastern suburbs and lower north shore are doing better. As a result, it is becoming increasing difficult to find genuine bargains. Rather, the main goal should be (as it always should be) to buy property that is at fair value. I believe Sydney will keep rising for the foreseeable future,” he says.
Patrick Bright says his comments on Sydney remain unchanged.
In 2011, he wrote: “When a market is on the move, what someone paid for a very similar property a month or two ago can look like a bargain.
Bright says most deals that seem too good to be true usually are. He warns that buyers of properties with “something that’s not good about them” will either have to fix the fault or flaw or will have to sell the property at below market rates for the area.
However, some properties are listed at below market value because owners had initially asked too much and have cut the price out of desperation to sell.
What types of properties should savvy Sydney bargain-hunters look out for? “Stick to the inner ring, three to 15 kilometres from the CBD,” Bright says. He says buyers should look for properties close to beaches or those with harbour views.
“Correct property selection for the particular suburb is critical,” says Bright, “if you want to achieve a better-than-average return.”
 
5. Watch for desperate vendors: Christopher says some vendors in areas with falling prices become desperate to sell and lower their prices below market rates.
June 2013 update – “This is still the case now, though there are fewer areas in this situation around the country. Canberra is one city though where I believe we might see some keen selling.”
6. Look for properties on the market a long time: Prices will sometimes fall on properties that have been on the market for more than two months.
Marketing of these properties often follows a pattern: vendors start off asking too much; agents lose interest, sometimes even warning prospective buyers that the house is overpriced and the vendor is difficult; vendors become desperate to sell; vendors cut the price heavily, sometimes below market value.
June 2013 update: “This is still the case in a rising market. Indeed many vendors can get a little too confident in recoveries thereby asking way above the market for their property. Even more so today, buyers are very conscious of an overpriced property and will walk away despite overall rising prices. This of course can still really damage a selling campaign leaving the vendor in precisely the same situation mentioned above," says Christopher. 
7. Monitor housing supply levels: When the supply of housing is rising sharply, buyers are in a much stronger position to negotiate for good deals.
According to figures compiled by SQM Research, the number of listings in Australia rose by more than 40% last year. Sydney had the lowest rise in housing supply, at 19.5%. 
June 2013 update: “As published by <a href="https://www.propertyobserver.com.au/trends/canberra-perth-and-melbourne-lead-48-rise-in-may-residential-listings-sqm-louichristopher/2013061062060">Property Observer</a>, SQM’s index of total listings peaked last year, though we note they for the majority of cities, listings are still elevated meaning there is plenty of existing stock to choose from, though noted we agree with the sentiment that there appears to be fewer new listing entering into the market," says Christopher.
“At this stage I judge that buyers are in not as good a position to negotiate as where they were back in 2011 yet they have not lost complete power.”
 
 
 
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How to find property bargains and not ‘lemons’ in the current market

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Auctioneer and real estate agent Andrew Morello was catapulted into reality television stardom when he was crowned winner of the first season of The Apprentice back in 2009.
As his reward, he was won a 12-month contract at Yellow Brick Road (YBR) starting in January 2010.
It is now more than three-and-a-half years since he joined Mark Bouris and his team (transferring from Melbourne to Sydney), where he is head of business development.
Over that time YBR has expanded exponentially while striking up a <a href="/news">mortgage funding partnership with Macquarie Bank.</a>
<img src="/images/stories/2013/06/morellojune21two.jpg" width="400" height="596" alt="morellojune21two">
As the final episode of Celebrity Apprentice goes to air on Tuesday night on Channel Nine and the final four contestants fight it out for the winner's crown, we caught up with Andrew Morello (pictured above) and asked him how he is enjoying his role in the mortgage and wealth management game:
Andrew, how long have you been in the property/mortgage/financial services industry?
I have been in property and finance since I was 17 or 18 - so 10 years now. 
 What’s happening in the area you specialise in?
I believe money is the cheapest it has ever been in my lifetime and yield on property is the highest I have seen in my career and growing. I believe property is the steadiest it has been since the GFC. Hence in my opinion I believe we will see an increase in market sentiment over the next 12 months in property although I think the retail sector is still 12 to 24 months away. 
 What's the most interesting aspect of your job?
As head of business development, I get to fly around the country and encourage people to step outside their comfort zone and open a local YBR branch. The most rewarding are the ones I signed up two to three years ago that are now successful branches. In some way I feel I contributed to them following their dreams and reaching their full potential.
What are the ingredients to being successful in your job?
Resilience, positivity and relationships.
 What tips have you picked up from working with Mark Bouris and his team?
- There is no magic dust just hard work and more figuring out of what not to do.
- Play to your strengths and work on your weaknesses.
- Stay humble and true to your roots.
 What aspects of your role do you enjoy the most?
Seeing the business grow month on month and the excitement of the constant evolution and change.
Where would invest a spare $750,000?
I'd be hedging my portfolio right now with a mix of residential and commercial property, some planned wealth investments and at least $100,000 in cash investments such as the Yellow Brick Road Smarter Money Fund which returned in excess of 6% to 7% last year and in which i have some money currently invested. 
 Which football teams do you support?
AFL – Essendon
NRL – Melbourne Storm
Soccer – Melbourne Victory
State of Origin – NSW
What’s your favourite app or techno gadget?
Shazzam –I love my music collection and love finding new tracks that get me pumped up at 4.30 or 5am in the morning. 
How do you use social media? 
I am on<a href="https://www.facebook.com/andrew.m.morello" target="_blank"> Facebook</a> and need to get onto Twitter, as everyone keeps telling me.
You can also connect with Andrew Morello on <a href="https://www.propertyobserver.com.au/https://au.linkedin.com/pub/andrew-morello/1b/b60/534" target="_blank">LinkedIn.</a>
 
 
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In profile: Yellow Brick Road's Andrew Morello, the original Apprentice

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Buying the home you desire may require that you be able to borrow a large amount of money than originally intended.
There are a number of ways you can increase the size of your home loan, though always keep in mind that a larger loan size will mean higher mortgage repayments and these may rise if interest rates increase.
You should always have a buffer built into your budget to cater for rising repayments. And if rates do fall, then you can possibly put extra money into your home loan or invest it elsewhere.
Here are seven tips provided by mortgage broker Mortgage Choice:
1. Know what constitutes ‘genuine savings’ - Most lenders require you to have a deposit comprised of genuine savings. Typically, ‘genuine savings’ means money that has been saved over a period of at least three successive months. For most lenders, this excludes things like tax refunds, monetary gifts, the First Home Owners Grant, the sale of personal assets (like cars or jewelry) and lump sum annual leave payouts. Some lenders will consider some of these items when assessing your deposit, if you can provide a rental payment history, for example. To make the most of your savings, it is a good idea to get a grip on what each and every lender defines as ‘genuine savings’.
2. Maximise your deposit size - Lenders will look favourably on you if you have a large deposit, and a larger deposit can bring about a better chance of getting the lowest possible interest rate from a lender and the reassurance of already having equity in the property. 
Larger deposits also remove the cost of lenders’ mortgage insurance (LMI) as it is more commonly known. LMI protects the lender if you default on the loan and the home is sold for less than the lender is owed. LMI is required to be paid when you borrow more than 80% of the property’s value. The price of LMI can vary depending on the value and type of loan you have selected as well as the deposit you have saved. 
In addition to saving hard, another popular method is for parents or other family members to put forward a monetary gift towards a property purchase. In this instance, you must provide evidence that the gift is not repayable and sign a statutory declaration. Keep in mind that if you are using gifted funds you may still be required by a lender to contribute to the deposit up to 5% of the purchase price in the form of genuine savings. 
In each state and territory eligible first homebuyers may apply for a grant towards the purchase of their first home, which is known as the First Home Owner Grant. Recent changes in many states see the grant applicable on only newly built or off the plan property purchases, so be sure to investigate what is available in your state. First homebuyers should keep in mind there are different caps on the value of properties that can be purchased with the grant. There may also be concessions on stamp duty available to borrowers, which vary from state to state.
 First time buyers may also be able to increase their savings by opening a First Home Save Account. These accounts attract a lower rate of tax on the interest earned and each financial year a government contribution calculated on the personal contributions will be deposited. Savers using these accounts can still claim federal and state first homebuyer incentives, however before they can withdraw the funds to buy or build a home they must contribute at a minimum amount per year to the account in four financial years.
3. Reduce existing debt - Cut as much of your other debt as possible, such as car and other personal loans, credit and department store cards, and HECS debts. Be aware that with credit and store cards, the amount owed isn’t what matters to the lender, they’ll factor the overall credit limit into your ability to repay the loan.
Keep in mind that if you share a loan with a friend, spouse or sibling, and you want to take out another loan in your own name, most lenders will assess your loan application based on your ability to repay the full loan amount of the existing loan – not just the half that you’re paying back! This occurs with those particular lenders regardless of whether you already have an agreement with the co-borrower to manage that existing loan.
4. Clean up your credit file - Check whether you have multiple enquires or any defaults in your credit history. If this is the case for you, try to resolve them with the relevant credit provider before you apply for a home loan and if need be, provide an explanation to your lender. You can order a copy of your credit file from suppliers such as <a href="https://www.mycreditfile.com.au">www.mycreditfile.com.au</a>.
5. Ensure you have steady employment and regular savings - Lenders also want to see a steady recent employment record, eg. 6-12 months or more in your job, receiving regular income. If you are looking to change company at the same time you are looking to buy property, seriously reconsider one or the other. If you recently changed positions within a company due to a promotion or received a payrise, or changed jobs multiple times in a short period of time but they are all connected by industry, be sure to carefully explain that in the home loan application.
6. Submit satisfactory bank statements - Your recent bank statements should be free from any suspicious withdrawals or transfers such as movements of sizeable sums of money into or from your account/s. If this does occur, include an explanation for the transaction in your loan application. 
7. Shop around - Lastly, talk to an experienced mortgage broker who has access to a lender panel of at least 20, about the wide range of options available. There are many great deals out there at the moment thanks to hot competition between lenders both large and small. Also keep in mind that lenders’ approval measures vary, meaning different lenders can offer varied loan amounts to the same borrower. The same goes for interest rate, features, fees, accessibility and approval turnaround times. Be sure to compare your options.
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Getting a bigger home loan: Seven tips to boost your borrowing power

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The Canberra office vacancy rate could rise to 15% if an incoming Coalition government goes ahead with its stated goal of cutting 12,000 public service jobs, market researchers BIS Shrapnel have warned.
Under this worst-case but now "most probable" scenario, 216,000 square metres of occupied space could be vacated, the equivalent of 11% of Canberra’s entire office workforce.
This would result in around 216,000 square metres of office space vacated, which at current net absorption rates would take six years to fill meaning “double-digit vacancy rates for a decade, accompanied by falling rents and property values”.
The Property Council of Australia reported in January that the Canberra office vacancy rate was at 11.9%.
Around 87% of all office space in Canberra is leased to government and community tenants. 
<img alt="canberra_office" height="307" width="470" src="/images/stories/2013/canberra_office.jpg">
A previous more moderate scenario, which could still play out according to BIS Shrapnel, would be 5,000 jobs cut, which would still have negative implications for vacancies, rents, prices and investment returns. 
At the current average workspace ratio of 18 square metres per person, the loss of 5,000 jobs means that occupied space in the nation’s capital will drop by 90,000 square metres - more than twice the size of the new ASIO Building.
“Even at this level, there will be a rise in average vacancy rates – to more than 11% in Civic and above 14% across the metropolitan area”, says BIS Shrapnel analyst Christian Schilling.
Howerver, he warns that what was just a “possibility” 12 months ago of 12,000 job cuts has now “become the most probable outcome.”
“There is little doubt that there will be a much sharper decline in the Commonwealth workforce compared with the incumbent government’s plans”, says the study’s author, senior project manager Christian Schilling. “The main question is how many jobs will be lost and what does that mean for leasing, construction and investment in Canberra.”
"Depending on the severity of the cuts, it could tip the market into a severe downturn”, Schilling says.
“We could see falling rents for much of this decade. Investors would see their returns eroded by falling values. Canberra office space would not represent a good investment.”
However, the rise in the vacancy rate will not be uniform with A grade space “where vacancies are likely to remain relatively confined, will be less affected than the rest.”
BIS Shrapnel identifies seven mostly empty buildings at the airport as well as more speculative space due to come on stream in Barton later this year, “which will continue to act as a brake on the market”.
“Secondary buildings, in contrast, will struggle to find tenants. There is no demand for small, older-style properties that do not comply with current Commonwealth accommodation standards and scheduled consolidation at the Departments of Human Services (this year) and Families, Housing, Community Services and Indigenous Affairs (2016) will release more backfill space that stands little chance of finding another office tenant. For many owners, the only option is re-development,” says Schilling.
Others do not make such dire predictions.
President Michael Kumm played down concerns about the impact of public sector job cuts on the Canberra property market.
Kunn, a 34 year veteran of the Canberra real estate market, expects that whoever wins power on September 14 will shrink the size of the civil service, but says this will be more than compensated by the large numbers of servants due to retire in the next five years.
“Around 20% of those working in the public service are due to retire over the next five years," he told <a href="https://www.propertyobserver.com.au/australian-capital-territory/concerns-over-public-sector-job-losses-on-canberra-property-market-overplayed-reiact-president/2013020159085">Property Observer in February</a>.
“The Liberals are talking about a 12% reduction in the public service - and through natural attrition - meaning they will have to hire an additional 8% to make up the shortfall.
“The reality is that it’s not as bad as people think.”
Another positive factor he says is that whereas in years past, those that retired from the public sector would move out of Canberra, now those that retire are choosing to stay in the federal capital
Savills reported that following the completion of 4 National Circuit during the first quarter of 2013, there remains a total of 96,000 square metres of stock in the supply pipeline under construction and due to complete in 2013, most of which is new supply.
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Canberra office vacancy rate could reach 15% under Coalition job cut plans: BIS Shrapnel

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The current slow rise in house prices could create problems for Australia’s vital small business sector, the RBAs head of domestic markets, Chris Aylmer, has warned.
Aylmer said single digit credit growth implied that house price growth “won’t actually be that strong” and “certainly won’t match what we have seen over previous decades” while speaking as part of an MFAA mortgage industry panel discussion.
“That home equity actually allowed small businesses to fund themselves to grow,” he said, meaning a new business model was needed to fund new start-up ventures.
However, he said there was no easy answer because if there was “someone would have sorted it and made a business out of it”.
Aylmer said there would probably need to be innovation in the venture capital space and “intergeneration transfers, because the people who have the home equity are the older generations.
"So how do you actually move that from that generation to the younger generation?”
He also suggested that banks would have to become more involved unsecured lending, which might mean that the cost of business debt would increase.
This, he said, would make the role of the bank credit officer and mortgage broker more important.
Aylmer also highlighted that the small business, which is responsible for around 47% of employment in Australia, does not get the coverage in the media that the housing sector gets.
“If you just think of it in those terms, that surely means you have to sit up and think about the sector,” he said.
Fairfax economic and business commentator Michael Pascoe, who chaired the MFAA discussion, wrote in a column that the picture was “bleak for the renewal of small business under the patterns we have become used to”.
“While there's plenty of credit available for would-be home buyers, the banking industry remains wary of would-be business borrowers – start-ups without equity need not apply,” Pascoe wrote.
He also highlighted that the possibility of faster growth in house prices was something the RBA was not in favour of with the “central bank on the record as being willing to ‘lean’ against asset bubbles.
Pascoe suggested solutions for entrepreneurs could include “crowd sourcing, capital-lite business models, virtual thingies of one sort of another”.
“But that takes time to evolve while the traditional mainstay of small business funding hasn't been functioning like it used to for several years now and isn't like to revive any time soon.”
 
 
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Modest housing recovery not good news for next generation of entrepreneurs: RBA

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Vendors in the Western Perth suburb of Nedlands managed an average gross profit of $467,500 over the March quarter, making it the highest grossing  re-sale location, figures from RP Data show.
Nearly nine out of ten (89.7%) of properties sold in Nedlands over the March quarter generated a profit.
These properties were held for an average of 8.7 years.
In line with the national trend, the 10.3% of Nedland properties that sold for a loss (the median loss was $25,000) were hold for a much shorter period of three and a half-years, meaning they were bought in late 2009.
The best performing WA location in terms of the proportion of properties that sold for a profit was Vincent on the southern outskirts of Perth where 98.8% of properties sold above their previous selling price with an average gross profit of $207,000
The worst performing location in terms of the proportion of properties that sold at a loss was Kwinana on the southern outskirts of Perth where 15.6% of properties sold below their previous selling price with an average lose of $23,500.
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Perth's Nedlands leads nation with best resale profit of $467,500

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 The Greater Building Society will cut its one-year fixed home loan rate by 0.20% from tomorrow (June 21).

The Greater’s one year packaged home loan (ultimate home loan) will reduce to 4.54% (comparison rate of 5.49%) - one of the lowest one-year fixed-rates on offer. 
Product manager David Bryde said the new rate is the lowest one year rate for a home loan that the Greater has ever offered.
Bryde said people taking out fixed-rate loans should ensure that they don’t unnecessarily sacrifice flexibility or fall victim to the “revert rate rort”. 
“With the Greater you get an incredibly low rate but can still make extra payments and redraws," Bryde said.
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Greater Building Society cuts one-year fixed-rate home loan to 4.54%

Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

[smartcode_project:default project_id=110291 project_image_fid=302785]

<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

[smartcode_project:default project_id=148957 project_image_fid=364102]

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Joel Robinson

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

&nbsp;

Lanevick to cater for Hunters Hill downsizers with new Gladesville apartment development

Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

Larry Schlesinger

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