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Former City of Melbourne city valuer Ray Berryman has been appointed to the board of Melbourne commercial and residential property agents Fitzroys.
Berryman will head up Fitzroys' valuation and advisory services division.
He spent 10 years with the City of Melbourne, including five of those as city valuer, and overseeing nearly $100 million in rate revenue.
More recently, he has held senior positions with Urbis and as a division director of valuations at Savills, handling numerous rating appeals, compulsory acquisitions and valuations of larger bulky good retail outlets.
Fitzroys director David Bourke said the agency was delighted to welcome a professional of Ray’s calibre to the board.
“As the market continues to evolve, the importance of obtaining strategic professional valuation advice is paramount to ensure informed decisions can then be made. Ray’s appointment continues Fitzroys' commitment to providing our clients with accurate valuation advice and strategic corporate advisory services across abroad range of property types,” Bourke said.
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Former City of Melbourne valuer Ray Berryman appointed to Fitzroys board

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The Domus US Multifamily Real Estate Fund will test Australian investor appetite for American rental property, with plans to join the ASX on June 18, subject to a successful $80 million initial public offering.

The company plans to invest in ‘multifamily’ apartment blocks in Texas and New Mexico with more than 150 apartments spurred on by the improving residential market in these states,  a larger pool of renters following the aftermath of the US housing crisis and more Americans moving to the North West and Mid West.
<img height="328" width="470" src="/images/stories/2013/domus.jpg" alt="domus">
“There is a strong renting culture across the US," says Domus CEO Robert Geringer.
“The housing crisis has changed the perception of the property market from the American dream to the American nightmare. It has created a renter class,” he says.
He says currently renting is just a bit more expensive than owning a home, but as house prices recover and rates rise, owning a home will exceed renting costs.
Geringer says going public in Australia was attractive because of Australian’s love affair with real estate. 
“We looked at listing in New York, but that wouldn’t work. They start at $1 billion and up for REITS,” he tells Property Observer.
Multifamily properties are a foreign concept to most Australian investors, being seperate apartments all on one title - as opposed to a strata model - which Domus says creates "significant management efficiencies".
 
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It will follow the likes of the Dixon Advisor <a target="_blank" href="https://www.propertyobserver.com.au/international/thinking-of-buying-in-harlem-dixon-advisory-provides-australian-investors-with-tourist-style-walking-tour-guide/2013050360970">ASX-listed US Masters Residential Property Fund</a>, which has successfully invested in multi-dwelling residential property in New York and New Jersey and attracted signficant amounts of Australian SMSF investment capital, but not without having to overcome some negative perceptions about the US market.
The Domus fund will use the proceeds of its IPO to purchase (through a US subsidiary) two multifamily projects costing approximately US$60 million on June 6 and to acquire other multifamily assets. 
The two projects are Mission Ranch, a 295 unit garden style luxury apartment complex in Dallas, Texas and Mesa del Oso, a 221 unit condo style, luxury apartment complex in Albuquerque, New Mexico ( a city familiar to any investor who is a fan of hit TV show Breaking Bad). 
These two apartment projects will make up the initial portfolio, with the investments funded via low fixed-rate US government-insured debt with interest rates currently between 2.9% and 3.5% allowing the fund to maintain a leverage ratio of between 60% and 70%. 
Domus has the exclusive first right to negotiate on a further portfolio of over 35 multifamily real estate Assets, consisting of over 6,500 individual apartments with an estimated market value of over US$750 million. 
Such assets, the product disclosure statement says, have 90% average occupancy rates with the US housing crisis leading to a steep decline in the number of owner-occupier assets. 
While the fund will initially invest in the southern and western regions of the US, where typically there are lower unemployment rates than other regions, it will consider expanding into other parts given an “ongoing trend for individuals and business to relocate from the more recessed mid-western and north eastern states to southern and western states.” 
The fund hopes to acquire around $250 million to $320 million of US multifamily assets by March 31 2014 with the initial public offer will close on May 31. 
Domus has lodged a product disclosure statement with the ASIC for an offer to raise up to $100 million, with a minimum subscription amount of $80 million, at a unit price of $1.00. 
Applicants will receive one option for every four units which they are allotted. 
Options will be exercisable at $1.00 at any time during the period from 1 January 2014 to the third anniversary of the date of the listing of Domus on ASX.  Options will not be quoted on ASX.  
Geringer says there has been good response to the offer from investor road shows from institutions, investment funds, REIT and small cap funds.
Geringer met with investors in road shows in early May in Hong Kong and Singapore.
He says the perception of the US housing market is good.
“They want to own a piece of US real estate and to invest in the residential recovery. They don’t have to be on the ground themselves,” he says.
Geringer has 30 years of experience in the US property market as a tax lawyer and real estate professional.
The fund will make quarterly distributions with the first scheduled for October 2013 with forecast distributions of 3.6 per unit for the first two forecast periods, an annualised distribution of 6.2% on the offer price.
 
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US property fund Domus set for ASX listing as it seeks to tap into growing demand for rental property in Texas and New Mexico

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The Australian dollar appears to be less of a factor than some believe in encouraging offshore investors to buy Australia’s commercial property, research by Jones Lang LaSalle suggests.
The graph below shows that funds poured into Australian commercial real estate when the Australian dollar was well above parity against the US dollar in 2012, rather than discourage investors.
It suggest that the opposite could happen if the Australian dollar falls – or perhaps that the Australian currency is less of a factor in commercial real estate as it may be in residential investment.
Click to enlarge
<a href="/images/stories/2013/05/joneslanglasallemay24one.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2013/05/joneslanglasallemay24onethumb.gif"></a>
Source: Jones Lang LaSalle Research
As Australian Financial Review property editor Robert Harley highlights, listed property trusts like the Goodman Group hedge 86% of their offshore income, so changes in the exchange rate have much less of an impact.
Savvy offshore investors would be able to do something similar to counter the exchange rate impact, while also attracted to Australian real estate due to its sound property market fundamentals - transparency, rising capital values, a strong economy and its proximity to Asia.
Certainly Asian investors are showing no signs of slowing down their appetite for Australian commercial property purchases, with a <a target="_blank" href="https://www.propertyobserver.com.au/retail/gpt-confirms-sale-of-half-stake-in-erina-fair-shopping-centre-to-asian-interests-for-%243971-million-thegptgroup-jllnews/2013052061487">South Korean pension fund </a>paying close to $400 million for 50% of the Erina Fair Shopping Centre on the Central Coast this month.
Harley also points out that the lower Australian dollar – which will support industries like manufacturing and tourism – may also flow through to benefit rural property and tourism property.
And a stronger Australian dollar is attractive to company’s like Westfield Group, which has nearly half of its income-earning assets in the US.
The Australian dollar peaked at $1.11 against the greenback in July 2011 and remained mainly above parity until the recent fall in early May sparked by the cash rate falling to a 53-year-low of 2.75%.
In 2007, the rising Australia dollar was also not an impediment to funds flowing into commercial real estate, with investors most likely seeing Australia as a safe investment haven.
In other periods – such as the late 1980s and mid-1990s – a rising dollar was also accompanies by an increase in funds flowing into commercial property.
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Australian dollar less of a factor in commercial property investment: Jones Lang LaSalle chart

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The onset of the GFC saw the highest proportion of Australian landlords claim losses on their property investments.
In the 2008 tax year, around 1.2 million taxpayers said they made a net rent loss on their investment properties compared with around 500,000 who made a net rent profit, ATO figures analysed by MacroBusiness show.
Property investors claimed a record $9.1 billion in aggregate losses in 2008, lower than $7.9 billion in aggregate losses claimed in 2010-2011 when 1,213,597 out of 1,811,174 landlords held negatively geared property investments.
Analysis by MacroBusiness shows that a greater proportion of property investors negatively gearing their investments from 2002 to 2008, coinciding with booming property markets before the GFC brought the party to a halt.
In 2009 and 2010, as the property market underwent a correction and property investors became more cautious, fewer landlords negatively geared their investments.
In 1998-99 – just before the Howard government halved capital gains tax and mortgage lending became more easily available - the number of investors with positively geared investments was roughly equal to those with negatively geared investment.
<img height="286" width="470" src="/images/stories/2013/macrobusiness_chart_2.jpg" alt="macrobusiness_chart_2">
“Up until 2000, property investment was more or less neutral from an income perspective, with aggregate rental receipts covering costs,” says MacroBusiness editor David Llewellyn-Smith.
“Since then, however, the situation has changed markedly, with the latest ATO data showing that there were just over 1.2 million negatively geared property investors in Australia in 2010-11, representing two-thirds of all property investment,” says MacroBusiness's Leith van Onselen.
“From 2000 onwards, however, net rents deteriorated sharply; with aggregate losses totalling $7.9 billion in 2010-11,” he says.
The logical explanation for the decline in net rental returns from 2000 and the surge of negatively geared property investment, says van Onselen was the Australian Government’s decision in 1999 to change the nation’s capital gains tax (CGT) rules by halving the rate of tax payable on capital gains earned on assets held for more than 12 months.
“This change, in combination with the negative gearing provisions allowing investors to offset rental losses against other (labour) income, encouraged investors to speculate on rising housing values in full knowledge that any losses would reduce their overall tax liability, and any capital gains would be taxed at only half the rate of labour income,” says van Onselen.
“The net result of these policies is that Australian investors have increasingly become Ponzi borrowers – Hyman Minsky’s term for borrowers who rely heavily on capital gains to repay debt and interest – in the belief that housing is a sure fire investment,” he says.
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Proportion of landlords making rental losses peaked in 2008: Macrobusiness

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Sydney properties priced between $500,000 and $1.5 million could rise as much as 10% over 2013, says Australian Property Monitors senior economist and Dr Andrew Wilson.
Dr Wilson says low interest rates and increasing buyer confidence are the two key factors that could drive this portion of the market to outperform the prestige market and properties priced below $500,000.
The permabull market observer is sticking with his view that there will be an overall 3% to 5% gain in Sydney property prices in 2013 "though closer to 5 than 3".
Earlier this month, he tipped the property market to pick up a little in 2014 with gains of between <a target="_blank" href="https://www.propertyobserver.com.au/residential/house-prices-could-rise-up-to-7-in-2014-apms-andrew-wilson/2013050961167">5% and 7% forecast</a>.
“[The $500,000 to $1.5 million price bracket] is going to be the strongest portion of the market," Wilson told Fairfax media.
"There's a lot of activity from investors but very few first home buyers and the prestige market is still relatively flat."
The latest <a href="https://www.propertyobserver.com.au/trends/budget-woes-sees-consumer-sentiment-fall-to-lowest-since-august-2012-but-housing-sentiment-lifts-westpac-index-westpac-consumersentiment/2013052261575" target="_blank">Westpac-Melbourne Institute survey of consumer sentiment</a>, carried out after the May 7 rate cut recorded a carried a sharp 7% fall in the consumer confidence index from 104.9 in April to 97.6, pushing it back into a range where pessimists outnumber optimists for the first time since October 2012.
However, sentiment about the property market is much stronger with the ‘time to buy a dwelling’ sub-index lifting 11.2% in May to be up 20.7% over the past 12 months to 142.7.
Two years ago it was at 110.7.
“Households recognise the significance of the rate cut for housing activity along with evidence that a patchy upswing in dwelling prices is under way,” said Westpac chief economist Bill Evans.
Wilson says the revival of the Australia’s housing markets was confirmed 2012 with leading indicators such as rising auction clearance rates pointing to a market heating up.
Last weekend, Sydney’s auctions clearance rates hit new highs with 78.6% of houses sold at auction, the strongest result since early 2010, according to preliminary APM figures which will be updated tomorrow by APM.
Clearance rates have remained high all year, edging steadily higher again since Easter.
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Investor demand could spur 10% gain in mid-market Sydney property prices in 2013: APM’s Dr Andrew Wilson

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The closure of Ford's Broadmeadows and Geelong production plants in 2016 with the loss of 1,200 jobs will have homeowners and investors reviewing their property holdings in these two markets.
Particularly concerned will be investors and first-home owners in the outer Melbourne suburb of Broadmeadows, where Ford is the main employer.
Ford Australia chief executive Robert J. Graziano announced today that the two plants, which manufacture the Territory, Falcon and Ute models, will cease production in October 2016 with the loss of 1,200 jobs.
There will be around 650 jobs lost in Broadmeadows and 510 in Geelong.
Local Broadmeadows estate agent Ray Biner from Raine &amp; Horne Gladstone Park expects the plant closure to impact both Broadmeadow property investors and owners, many of whom are first-home buyers.
“Certainly it will impact in a big way” says Biner.
He likened it to the collapse of Melbourne-based airline Ansett Australia in 2001, which, he said, had a massive impact on the surrounding areas with some people losing their homes.
“There are 100s of people in <a target="_blank" href="/news">Broadmeadows</a> and Jacana and other surrounding suburbs who work at that Ford plant. It is the major employer in the area,” he says.
“It will impact on people who have mortgages, investors and first-home buyers."
Biner expects that investors would be weighing-up their investments as well as first-home buyers who may have borrowed around $300,000 to get into their first home.
Accordingto RP Data the median house price in Broadmeadows is $318,000.
Production at both plants will continue until October 2016, giving home owners and investors time to plan their finances, but Biner expects that in the short term it will psychologically affect a lot of people.
Lenders might also look at these mortgagees in a different light, he says.
Peter Fort, sales manager at PRDNationwide Geelong, does not believe the Geelong plant closure will have a major impact on the much larger and more diversified Geelong property market, though he says some people may “tread with a bit of caution".
“So many people live in Geelong and commute to Melbourne. It’s very affordable for people and attractive to investors," he says.
Fort says typical Geelong yields are between 5% to 6.5% for houses and townhouses within 5 kilometres of the CBD - well above Melbourne yields of around 3.6% for houses and 4.4% for units.
“We have strong inquiries from Melbourne investors in particular because of the affordable and strong returns,” he says.
ABS census figures suggest around a quarter of properties in Geelong and Broadmeadows are owned by investors.
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First Ansett collapse, now Ford plant closure threatens Broadmeadows property market

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Consumer confidence, raising financing and a lack of suitable development sites remains the biggest challenge facing the commercial property sector, according to the NAB March commercial property survey.
Respondents to the survey also have modest interest rate cut expectations over the next 12 months with just 10 basis points expected to be shaved from commercial lending rates.
While consumer confidence remains the biggest challenge facing the sector, just 14% of the 300 survey respondents – mainly commercial property owners, developers, managers and estate agents – identified it as such compared with 22% in the December 2012 quarterly survey and 20%, six months ago.
This could rise in the June quarter survey with <a href="https://www.propertyobserver.com.au/trends/budget-woes-sees-consumer-sentiment-fall-to-lowest-since-august-2012-but-housing-sentiment-lifts-westpac-index-westpac-consumersentiment/2013052261575?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news" target="_blank">yesterday’s Westpac Melbourne Institute Index of Consumer Sentiment</a> falling by 7% from 104.9 in April to 97.6, pushing it back into a range where pessimists outnumber optimists for the first time since October 2012.
Tellingly for commercial property businesses, the biggest drop – 13.2% - was in the sub-index measuring sentiment about the economy over the next 12 months, which has fallen to 90.8 points, well below the 100 points neutral setting.
<img src="/images/stories/2013/consumer_sentiment_chart.jpg" width="470" height="290" alt="consumer_sentiment_chart">
Concerns about consumer confidence are greatest in Queensland (22% of respondents from that state) with Queensland also the state where industry sentiment is weakest.
In contrast, just 6% of respondents in South Australia/Northern Territory listed consumer confidence as a challenge.
The two other major challenges emerging from the survey are the ability for commercial property businesses to access funding or financing as well as the availability of property development sites for new projects or a lack of suitable sites.
Financing and funding challenges are greatest in South Australia/Northern Territory (19%) while the challenge of finding suitable development sites is greatest in WA (22%) and Victoria (16%).
The survey also asked respondents about the upcoming federal election with uncertainty about the September 14 poll a key concern, especially in Queensland (15%) and NSW (13%).
Concerns about government regulation and red tape increased slightly from the December quarter survey, but are down from a year ago.
The survey also found that around 19% of the survey panel anticipate higher interest rates in the next 12 months, 38% expect them to fall and 43% see no change.
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Consumer confidence, funding and lack of development sites the biggest challenges for commercial property businesses: NAB index

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Bunbury property management company Just Property Management (WA) Pty Ltd has been fined $10,000 for taking too long to lodge security bonds with the Bond Administrator.
The company was also ordered to pay costs of $715 by the Bunbury Magistrates Court on 17 May 2013.
Lawyers for Consumer Protection told the court that the company had taken between 17 and 46 days to lodge 37 bonds totalling more than $50,000. The bonds were collected during May and June 2012. The company faced 37 charges of failing to lodge security bond money with the Bond Administrator ‘as soon as practicable’, as required under the Residential Tenancies Act.
Commissioner for Consumer Protection Anne Driscoll said this is the third real estate agency or property management company that has recently been fined for lodging late bonds.
“Delays in lodging bond money is in breach of the law and tenants need to be assured that their funds are safe and secure,” Driscoll said.
“Consumer Protection will take action against agents, property managers or landlords who retain these funds for an unreasonable amount of time and fail to comply with the law.”
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Bunbury property management firm fined $10,000 for late bond lodgement

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Westfield co-founder and chairman Frank Lowy has risen above mining boss Ivan Glasenburg to be Australia’s second richest with a $6.87 billion fortune, according to the 2013 BRW Rich List.
Top of the list is Gina Rinehart, worth $22 billion, but her fortune has slid $7.15 billion.
Last year Frank Lowy had a fortune of $6.47 billion, according to BRW magazine.
Barangaroo Casino developer James Packer is up from sixth to third with a $6 billion fortune.
Meriton boss Harry Triguboff, who turned 80 this year, has risen up one place from seventh to sixth with a fortune estimated at $4.95 billion up from $4.85 billion a year ago.
Shopping centre king John Gandel, is ranked eighth with a $3.7 billion fortune up from $3.35 billion while further down the list retailer Solomon Lew’s wealth has risen from $1.15 billion to $1.7 billion.
Glencore Xstrata chief executive Ivan Glasenberg's wealth declined from $7.4 billion in 2012 to $5.61 billion this year, ranking him fifth.
WA shopping centre magnate Stan Perron, whose Perron Investments Group paid a post-GFC record of $690.4 million to acquire a 50% share in a <a target="_blank" href="https://www.propertyobserver.com.au/retail/perron-group-to-acquire-half-stake-in-three-centro-centres-for-%24690-million-setting-post-gfc-commercial-retail-record/2012051754740">portfolio of three Centro flagship regional shopping centres</a> last May, has risen from 15th to 14th richest Australian with his personal fortune rising from $2.05 billion to $2.33 billion.
Propety developer Lang Walker, whose Walker Corporation is building the $1.3 billion Collins Square in Docklands as well as projects in Malaysia, Canada and the US, has slid from 13th to 18th richest Australian with his wealth declining marginally from $2.1 billion to $2.09 billion.
Melbourne-based shopping centre developer Maurice Alter, who developed the Rundle Place shopping mall in the Adelaide CBD, ranks 20th with a $1.78 billion fortune. Last year he also ranked 20th, but with a smaller $1.5 billion fortune.
Further down the list, Queensland property developer Kevin Seymour has ranked 82nd, worth $580 million. Last year he was worth $550 million and ranked 73rd.
Aussie Home Loans founder John Symond has fallen from 83rd richest Australian to 91st richest Australian, though his wealth has remained unchanged at $490 million. The mortgage broking business is now owned by the Commonwealth Bank.
Sydney-based hotel magnate Robert Magid, also the publisher of the Australian Jewish News, is worth $360 million, ranking him 130th richest Australian, down two places from 128th last year, when he was worth $330 million.
<a href="https://www.propertyobserver.com.au/queensland/nathan-tinkler-lists-indulgent-brisbane-acreage-mansion-tinkler-twowaterslides/2013052161547" target="_blank">Embattled coal baron Nathan Tinkler,</a> who has put his acreage mansion up for sale dropped out of the BRW Rich 200, which has an entry price of $235 million.
Last year the entry price was $210 million, just enough for Therese Rein to squeeze in.
Bottom place this year goes to Sydney fund manager David Paradice.
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Westfield’s Frank Lowy rises above Ivan Glasenberg as second richest Australian with Meriton’s Harry Triguboff up to sixth richest on 2013 BRW Rich list

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Shopping centre giant Westfield Group is reportedly in talks with US private investment firm Starwood Capital over a possible deal to sell seven of its US malls for in excess of US$1 billion.

A report on Reuters says the discussions are at an early stage.
In 2012, Westfield sold seven of its US malls to Starwood Capital, founded by US commercial property market king Barry Sternlicht for around $1 billion.
Westfield have not confirmed the talks.
Details of the discussions may be revealed at the Westfield AGM on May 29.
Westfield is looking to sell its non-core US assets to fund further mall developments in core markets.
Last month Westfield Group exited its troubled Brazilian joint venture, selling to their joint venture partner the Almeida Junior Family.
Earlier this year, Westfield entered into an agreement with O'Connor Capital Partners to form a US$1.28bn joint venture comprising a portfolio of six Westfield regional malls in Florida while disposing of its joint venture interest in Brazil.
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Westfield in negotiations to sell seven US malls to Barry Sternlicht’s Starwood Capital: Reuters

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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