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Perth-based residential developer the Satterley Property Group is reportedly courting Australand with a view to acquiring its WA and Victorian residential land assets.
It follows GPT formerly withdrawing from talks to acquire the non-residential assets of Australand for $3 billion earlier this week and <a target="_blank" href="/news">US-private equity firm Blackstone</a> reportedly pulling out of talks to acquire the entire Australand business.
Satterley would need to find another developer or investor wanting to take on the NSW and Queensland residential assets as Australand reportedly wishes to sell its residential business in one transaction, according to the Australian Financial Review’s Street Talk column which has been following the situation with virtual daily updates.
Australand has three residential estates under development in WA and seven in Victoria, it’s most recent launch being Greenvale Gardens, 20 kilometres north of Melbourne.
Satterley Property Group was founded by Nigel Satterley in 1980 and specialises in large residential master-planned developments.
It has 19 projects in Perth, three in regional WA, one in Cairns and three in Victoria, having recently committed to a $100 million master-planned community in Point Cook.
It reported 200 residential lot sales in March.
A price tag of $900 million is anticipated for Australand’s residential business with the division having a book value of $600 million.
Australand’s commercial and industrial property businesses are valued at around $3 billion with the group rejecting a reported $2.9 billion bid from GPT.
The Australand share price has rallied since falling about 5% following GPT’s formal withdrawal.
It is now trading at $3.54 up 19 cents from Tuesday.
The sale of Australand is being driven by majority shareholder, Singapore-based CapitaLand, which is seeking to offload its 60% stake in the developer.
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lschlesinger-FZcF9M3vE6

Satterley eyeing up Australand WA and Victoria residential assets: StreetTalk

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An undercurrent of activity suggesting improved confidence appears to be emerging in the Melbourne new housing market.
A number of Melbourne apartment developers are reporting strong sales in the first quarter of the year on the back of continued investor demand while a modest recovery appears underway for Melbourne’s struggling house and land market.
Researchers Oliver Hume report there is now a Melbourne apartment development pipeline of 35,700 units. 
It finds that 27 new projects have launched in the first three months of the year.
According to Oliver Hume, there are 290 active projects across Melbourne with 22,850 units under construction, the Australian Financial Review recently reported. 
Despite the seeming glut of projects, developers appear confident that investors will be buoyed to buy off the plan spurred on by low interest rates and improving confidence about the housing market. 
The most recent Westpac-Melbourne Institute index report showed that sentiment about the housing market defied the overall drop in consumer confidence with the ‘time to buy a dwelling’ sub-index lifting 11.2% in May to be up 20.7% over the past 12 months.
In <a href="https://www.propertyobserver.com.au/victoria/developer-offers-olive-branch-after-selling-out-south-yarra-development/2013031259839" target="_blank">March property development group Little Projects</a> reported that it had sold all 388 apartments in its ILK South Yarra development just as the building topped out at 24 storeys. 
Lend Lease reported last month that it had sold 75% of the first stage of its redevelopment of the former channel nine studios in Richmond.
Lend Lease’s Ben Coughlan says there has been an even split between investors and owner occupiers in the development.
In February, Mirvac  reported that it has sold just over half of the 205 apartments in its Array residential tower in Melbourne's Docklands following six months of marketing them off the plan. 
<a href="https://www.propertyobserver.com.au/developments/platinum-at-southbank-secures-200-odd-sales-ahead-of-official-launch-platinum-salvoproperty/2013052361602" target="_blank">Salvo Property Group </a>managed around 200 off the plan sales in its Platinum 52-level apartment building to existing clients and overseas buyers, set for construction in Melbourne's Southbank, ahead of its official launch.
Asked about headlines suggesting an oversupply of Melbourne apartments, chief executive Mario Salvo noted "we are almost halfway in our sales and we haven't had a retail launch."
"Why should I feel there is oversupply?
"I don't see the gloom."
In Melbourne’s struggling land market, the March quarter National Land Survey Program (NLSP) produced by Charter Keck Cramer and Research Four, shows signs of a fledgling recovery, albeit from a very low base.
“Melbourne new land market looks like it will see an increase in the volume of lot sales for the March 2013 quarter, said Research Four. 
“Performance is patchy but at an aggregate level is slowly increasing.” 
 
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The recovery in Melbourne comes on the back of national land prices have bottomed out.  
Melbourne median lot price are now $199,000 compared to a peak of $222,000 in June 2011.  
Lot sales continued to decline in the major Melbourne centres but at a much slower pace in the last six months following a dire September quarter which <a href="https://www.propertyobserver.com.au/land/one-in-three-melbourne-residential-lots-being-returned-to-developers-by-building-firms-report/2012112958179" target="_blank">found that 30% of Melbourne greenfield</a> land had been returned by building companies to developers. 
Charter Keck Cramer director Robert Papaleo told a Urban Development Institute of Australia (UDIA) breakfast last week that the performance of Melbourne's greenfield market in the March quarter of 2013 “has improved slightly from its cyclically-low through late 2012”. 
While the Melbourne market remains “far weaker than its peak in 2009-10” he says the Melbourne greenfield market is “now showing tentative signs of moving into an early-recovery phase through the second half of 2013”. 
“The extent of recovery however will remain modest in the near term, Papaleo says. 
“Consumers of new land in Melbourne's growth corridors, which includes first-home buyers as well as upgraders, are still demonstrating subdued confidence because of weaker economic conditions across Victoria and associated job uncertainty. 
Papaleo pointed out that Melbourne had up until two years ago led the nation in terms of the production of greenfield lots and new housing. 
"Results from the National Land Survey Program showed that Melbourne achieved a share of more than 40% of all greenfield lot sales across the major capital cities in 2009-10 but the latest March 2013 quarter survey highlighted that Melbourne's share had fallen to 15%." 
"Significantly, despite its longstanding position of dominance, Melbourne's most recent sales performance now ranks as fourth highest behind Perth, Sydney and South-East Queensland." 
"Signs of impending recovery include the reduction of lot prices to meet customer expectations as well as further recent reductions to already-low interest rates and the re-alignment of the first home buyers grant by the Victorian Government to the construction of new homes. 
"These factors should lead to moderately higher sales activity through the second half of 2013,” he says. 
According to Papaleo, the greatest impediment to recovery remains “confidence in the Victorian economy and employment uncertainty over the near term". 
In response to the downturn, the National Land Survey Program found that the development industry response has resulted in lower lot, fewer and smaller new stage releases and innovations to housing design to maintain affordability. 
A number of large master planned projects are expected to be launched through 2013 and 2014 following a long planning lag. 
These types of projects should lift over sales activity but could “cannibalise opportunities for smaller developments”.
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Undercurrent of confidence in Melbourne new housing and apartment markets

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US unlisted property trust Hines Global REIT has acquired the commercial office tower in Laing O'Rourke's 'McLachlan &amp; Ann' mixed-use development at 825 Ann Street in Brisbane’s Fortitude Valley for $124,667,820.

The sale was negotiated by Jones Lang LaSalle’s Geoff McIntyre and Seb Turnbull.
McIntyre said the sale of 825 Ann Street was the largest near city transaction for 2012/2013 setting a new benchmark for the Brisbane near city market.  
“Importantly, 825 Ann Street is the fifth $100 million plus transaction to occur in Fortitude Valley, further cementing the precinct as a core investment market and Brisbane's premier near city office market.”
“The entire McLachlan &amp; Ann (M&amp;A) development consists of an 11 level office tower with ground floor retail (being 825 Ann Street), a retail strip fronting the corner of McLachlan and James Streets, and a residential apartment development consisting of over 200 apartments.
"The completion of 825 Ann Street will see Fortitude Valley reach a total size of 460,000sqm (37% of the total near city market*) and is now a market of critical mass,” said Turnbull.
McLachlan &amp; Ann has a minimum targeted 5 Star NABERS energy rating for the base building.
Hines Global REIT was launched in August 2009 and has a US$2.4 billion portfolio of investments in 17 locations in the US, the United Kingdom, Poland, Russia and Australia.
Its other Australian acquistions are 100 Brooks Street, leased by engineering Bechtel in Fortitude Valley and 144 Montague Road, leased by engineering firm Ausenco.
It forms part of the Hines property development and management group founded by Gerald Hines in 1957.
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US-based global fund buys Laing O'Rourke Fortitude Valley office tower for $124.6 million

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Centuria Property Funds has sold ‘Health House’ at 87 Mitchell Street in the Darwin CBD for $19.15 million.
Located within the core of Darwin’s CBD, the prime commercial office building was acquired by the Centuria Diversified Direct Fund in 2001 for $9.5 million.
This represents annual growth of around 6.2%, excluding the cost of significant refurbishments and other building management costs.
Centurial Propety Funds is the unlisted property management and property syndicate arm of ASX-listed Centuria.
“Vacancies of A Grade office space in Darwin’s CBD are among the lowest in Australia and we expect them to reduce further as Darwin’s economy is boosted with the injection of $4.4 billion from the private sector for large scale resource projects," says Jason Huljich, CEO of Centuria Property Funds.
“The sale of 87 Mitchell Street represents an opportunity for our buyer to capitalise on the significant resource-stimulated growth in Darwin. It also supports Centuria’s primary strategic focus, which is the acquisition of larger, higher grade assets in major metro cities throughout Australia.”


Constructed circa 1986, Health House is fully leased by the Northern Territory Government’s Department of Health, which recently exercised its two year option to extend its lease until December 2017.
The property comprises five levels of office accommodation with basement car parking for 41 vehicles, three partially undercover spaces and 12 on grade parks located at the rear of the property. 

Since its acquisition, Centuria has made significant refurbishments to the building.
Between 2004 and 2006, the exterior façade underwent a complete architectural upgrade, in addition to the installation of air conditioning and the upgrading of the bathroom amenities. Other upgrades including the installation of low energy lighting in common areas helped lift its NABERS Energy rating from 4 to 4.5 stars.


The sale of the Health House was handled by Knight Frank agent Matthew Knight, together with KG Young &amp; Associates PTY LTD agent Keven Young. 

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Centuria doubles money with Darwin office building sale

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East Brunswick pizzeria 400 Gradi has leased space in Drapac group's refurbished former Carlton &amp; United brewery laboratory site at 200Victoria Street in Carlton for a second eatery.
The office component of the building is leased by Victoria's Environment Protection Authority and in keeping with the role of its government tenant, is one of the most environmentally sustainable in Victoria with a coveted 6 star Green Star status awarded by the Green Building Council of Australia.
It also has a 5 star NABERS energy and 4.5 star water rating.
Drapac Group, founded by property developer Michael Drapac, acquired the building for $5.25 million in 2006 and refurbished and added two levels to it in 2009, with designs from architects Peddle Thorp.
The new pizzeria '90 Secondi' will operate from a 186 square metre ground floor shop.
The rent has not been disclosed but market rent is around $500 to $700 per square metre per annum.
The owner of 400 Grandi and 90 Secondi is Giovanni ''Johnny'' Di Francesco is one of only two Melbourne pizzaiolo’s to be internationally accredited to make authentic Neapolitan pizza.
“90 Secondi will be more a cafe pizzeria rather than a restaurant pizzeria - more modern and a little more casual,” Di Francesco said.
The lease was negotiated by CBRE retail services team of Zelman Ainsworth and Max Cookes.
"It was critical we found a café that complemented a building of this quality with a 6-star green star design and provided additional amenity to our current tenants – 90 Secondi fit this requirement perfectly,” Drapac’s Costa Alexiou said. 
The new pizzeria 90 Secondi has also committed to a lease at CBUS’s newest project at 700 Bourke Street, Docklands.
Recent leasing deals in trendy Carlton include  famed Italian cafe Brunetti relocated from its 27-year home at 194-204 Faraday Street, Carlton to its birthplace at 380 Lygon Street.  
“We have noticed a huge increase in the level of enquiry across all our retail leasing campaigns in both the CBD and suburban locations,” said Ainsworth.
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Authentic Neapolitan pizza comes to Drapac's six-star green building on Carlton's Victoria Street

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Some people find it hard to part with their cars or houses.
For 82-year-old Frank Lowy it’s selling multi-million dollar shopping centres.
Speaking at today’s Westfield AGM, a somewhat reflective Frank Lowy spoke of the sales of shopping centres in the group’s global portfolio which did not meet its new returns criteria.
“Sometimes it isn’t an easy decision to sell these centres because typically the sale of an asset results in earnings dilution during the period of time that it takes to redeploy the proceeds of sale,” said Lowy.
Recent shopping centre sales include half shares in Westfield Downtown, Westfield Pakuranga and Westfield Shore City in Auckland.
Addressing shareholders, Lowy highlighted again that retail sales growth remained “subdued” in Australia and that the trend is continuing in 2013 given low levels of consumer confidence “which have existed for some time”.
Despite these conditions, he said the Australian business was performing well with productivity “remaining high”.
Lowy said the group would continue to develop to offer “very different kinds of shopping centres then we have traditionally developed”.
This includes changing the design to reflect a mix of local and international retailers with a focus on luxury brands, fine foods and casual dining.
It will also look to develop its digital business strategy to better connect retailers and consumers.
At the AGM institutional investors voted emphatically in favour of the remuneration report after earlier concerns were expressed by two US proxy investor groups over the combined $18 million pay packages for <a href="/news">Westfield co-chief executives Steven and Peter Lowy</a>.
The Australian Shareholders’ Association had also urged shareholders to vote against the total remuneration packages.
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Selling shopping centres isn’t easy: Westfield’s Frank Lowy

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The latest ABS construction data indicates the peak in resources investment in Western Australia appears to have passed, says ANZ economist Justin Fabo.
But he says mining-related activity is still rising in Queensland "consistent with our expectation based on ANZ’s major projects pipeline".
Morgan Stanley is forecasting a <a target="_blank" href="https://www.propertyobserver.com.au/office/perth-and-brisbane-office-vacancy-rates-forecast-to-double-over-next-three-years-as-mining-boom-demand-fades-morganstanley/2013052961758?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=newsplus">doubling in the vacancy rate in Perth and Brisbane </a> over the next three years on the back of an expected 40% drop in leasing demand from tenants related to the resources investment cycle.
Fabo’s comments follow the release of ABS March quarter construction work done data, with estimates of a 2% slump over the March quarter with the value of engineering work done down 2.5%.
<img height="319" width="470" src="/images/stories/april23tivoli/state_by_state_construction_data.jpg" alt="state_by_state_construction_data">
“The peak in mining investment in Western Australia appears to have passed, with engineering construction in that state noticeably lower over the past two quarters, albeit still at a high level.
“In contrast, mining investment appears to still be rising in Queensland which is consistent with our expectation based on ANZ’s major projects pipeline,” he said.
Fabo says aggregate private engineering construction had risen very strongly largely due to the mining investment boom but appears to have peaked last year.
“At the same time, the recoveries in private residential and non-residential building remain very gradual to date, with falls recorded in the first quarter,” he says.
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Mining investment has peaked in WA, but still rising in Queensland: ANZ

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Black clouds are gathering over the Perth and Brisbane CBD office markets with Morgan Stanley warning of a doubling of vacancy rates over the next three years as demand for office space from tenants tied to the mining investment boom wanes.
Based on the assumption of a 40% decline in engineering and construction investment tied to resources and gas projects, Morgan Stanley research analysts Lou Pirenc, Todd McFarlane and John Meredith forecast the Perth vacancy rate to increase from a current 6.5% to 17.5% by 2016.
Under the same conditions the Brisbane CBD office vacancy rate is set to rise from 12.9% to 22.7% by 2016.
There could also be significant rises in vacancy rates in the Sydney and Melbourne CBDs, which also have a large proportions of their white collar work force tied to the mining investment boom.
But not to the same extent as in Perth and Brisbane.
Morgan Stanley forecasts the Sydney CBD office vacancy rate to rise from 9.5% to 15.1% and Melbourne’s CBD office vacancy from 8.6% to 14.4%.
<img alt="morgan_stanley_forecasts1" height="296" width="470" src="/images/stories/april23tivoli/morgan_stanley_forecasts1.jpg">
These forecasts factor in the impact of other industries growing to offset some of the slowdown in the resources investment sector.
According to Morgan Stanley, the peak in mining-related investment may have been in 2012.
The gloomy forecasts are based on assumptions around the impact of the mining boom in Perth and Brisbane, which have been a “robust source of white collar employment growth over the past decade”.
“We believe the associated unwind in investment in the coming years will adversely affect CBD office demand particularly in the resource-exposed CBDs of Perth and Brisbane,” say the Morgan Stanley analysts.
They estimate that more than a quarter (27%) of Perth CBD workers and a fifth (18%) of Brisbane CBD workers are directly or indirectly employed from the resource investment cycle.
“Ceteris paribus (all things being equal), if we assume a 40% decline in engineering and construction related investment tied to resources and oil &amp; gas in the next three years (a realistic scenario according to our developers &amp; contractors research team), it suggests Perth’s office vacancy moves from 6.5% to 17.5% and Brisbane’s office vacancy nearly doubles to nearly 23%.
“On the basis of our analysis, we have downgraded our office rent forecasts by 5% to 13% in resource-exposed CBD’s and fine-tuned other markets,” they say.
The expectations factor in the proportion of people in mining sectors that directly rely on mining investment.
For example of the 74,019 people employed nationally in ‘Exploration and Mining Support Services’, 97% directly rely on mining investment.
The figure is 36% for the 28,223 people working in iron ore mining.
In the construction services sector, 13% of the 664,198 people employed (86,000) directly rely on mining investment as do 9.5% of the 688,117 who work in Professional, Scientific and Technical Services, around 65,000 people.
“From the impacted industries, we have analysed the current employment levels in each state that relate to each of these sectors.
“Whilst in an absolute sense, NSW and Victoria have a higher number of employees in these industries, they represent a much smaller proportion of the total workforce (15% and 17% respectively) compared to Queensland and WA (18% and 27% respectively).
“We then estimate what percentage of each of these industries’ employment base is within the CBD.”
“By applying the reduced resources investment scenarios and applying this to each impacted industry, and reducing its CBD employment base, we then make a basic assumption of how this will flow through to reduced floor space demand in each  CBD office market, and what that means for vacancy compared to current vacancy levels.”
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Perth and Brisbane office vacancy rates forecast to double over next three years as mining boom demand fades: Morgan Stanley

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The total value of construction work done fell by an estimated 2% to just over $51 billion in the March quarter on a seasonally-adjusted basis, according to the latest ABS data.
This was well down on expectations of a 1% rise over the quarter, according to a Bloomberg survey of 17 economists.
The latest ABS figures show falls in all sectors led by a 2.5% decline in the value of engineering work done, some of which would be tied to the slowdown in the mining sector.
The value of residential construction work done fell 1% while the value of non-residential construction work done fell 1.2% with the total value of building work (residential and non-residential) down 1.1% to $20.2 billion.
Trend estimates show a 0.4% decline over the quarter for all construction work done.
Taking a longer term view, the value of construction work done is up by a marginal 0.2% when comparing the March 2013 quarter with March 2012 quarter on a seasonally-adjusted basis and up by 2.9% using trend estimates over this period.
On a state-by-state basis the strongest growth trends are in Queensland and the Northern Territory.
Construction work done Queensland has risen for fourteen quarters and for eight quarters in the Northern Territory.
Construction work done in Victoria has risen for three quarters
Construction work done in Western Australia has fallen for three quarters.
Construction work done in New South Wales has fallen for one quarter.
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Value of construction work done falls by unexpected 2% in March quarter led by engineering slump: ABS

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Momentum is building in the residential construction sector with new home sales rising to their highest level since December 2011.
New home sales rose 3.9% over April to be well above 6,000 sales, according to the Housing Industry Association's latest survey of Australia's largest volume builders.
It follows a similar strong rise in March of 4.2%.
Detached house sales increased by 9.1% in Victoria, 9% in Western Australia, 8.1% in New South Wales, and 2.7% in South Australia. Detached house sales fell by 1.8% in Queensland.
The last time sales were this high was in December 2011 as the graph below shows:
<img alt="hia_sales_april" height="258" width="470" src="/images/stories/april23tivoli/hia_sales_april.jpg">
The rise in April was driven by a 6.7% lift in detached house sales, which was experienced across all states covered by the survey, bar Queensland.
In contrast, multi-unit sales fell by 9.4%.
“Overall, recent developments in new home sales are encouraging. In particular, the important detached house segment of the market continues to climb out recent record lows, and this improvement has largely been broad-based across the states,” says HIA senior economist, Shane Garrett.
“While multi-unit sales have softened over recent months, the gains made over the course of 2012 have not been eroded. A broader look at the situation shows that the volume of sales in the three months to April this year is still 51.7% higher than trough experienced a year earlier.
“We do, however, need to be considering the longer term prospects of a recovery in residential construction beyond 2013.
“The economy is amidst a transition away from growth driven by mining and related investment and the consensus aspiration is for residential dwelling investment to fill the ensuing hold. While we share this aspiration, we don’t have strong evidence that this will actually be achieved.
“There are still major obstacles to recent improvements in residential construction developing into a sustained recovery. Households remain cautious and are still using lower interest rates to hasten debt repayment rather than engage in spending. On the other side of the housing ledger, home builders and residential developers are facing tight credit conditions, hampering the number of projects that proceed to sale and building commencement.
“For a recovery to be of the duration and magnitude required not only by the economy, but by Australia’s housing needs, governments of all levels, led by the federal government, need to take decisive policy action to address these obstacles,” he says.
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Victoria, WA and NSW lead April new home sales rise to highest level since December: HIA

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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