<html><body>
The Brisbane median house price decreased 1% to $515,000 over the March quarter, according to the latest figures from the Real Estate Institute of Queensland.
The median price was based on 1,867 sales over the three month period with owner occupiers and investors prevalent but first-home buyer numbers falling sharply.
The top performing suburbs were Norman Park, five kilometres east of the CBD and Stafford, six kilometres north of the CBD, with both recording house price gains of 15.8% over the quarter to medians of $770,000 and $498,000 respectively.
The highest number of sales was recorded in the outlying new suburb of Forest Lake being developed by Delfin, with 61 sales. House priced slipped 3.8% to $369,000.
The most expensive suburb was Ascot, with a median house price of $930,750 from 12 sales.
St. Lucia recorded a 28.8% decline over the quarter to a median of $830,000 from 11 sales. For the year St. Lucia sales are down a more modest 4.9%.
In other prestige suburbs, prices fell 7.4% in Paddington off 17 sales and by 4.6% in Bulimba off 21 sales to medians of $740,000 and $880,000 respectively.
In total 44 Brisbane suburbs underwent house price corrections over the quarter while 30 recorded gains.
There was a more pronounced decline in the greater Brisbane market which recorded a 2.3% fall to a median house price of $430,000 off 3,662 sales.
House prices were up 1.7% in Ipswich to $299,900, but fell 2.7% in Logan City to $321,000.
Moreton Bay recorded a 0.8% gain to $445,000 while house prices fell by 1.8% in Redland City to $445,000.
<img src="/images/stories/2013/05/brisbanemay20one.jpg" width="470" height="134" alt="brisbanemay20one">  The REIQ said the Brisbane housing market remained steady with 12 month figures showing a 1% gain for the year to March for Brisbane City median house prices and 0.9% gain for the greater Brisbane detached housing market.
According to the REIQ, it is owner-occupiers who are leading the way with activity levels up compared to last year.
The estimated numbers of investors in the market also continues to be steady with low vacancy rates likely to encourage more investment activity in the months ahead.
“Unfortunately, first home buyers continue to lag well below historical averages and they are about 50% fewer than the same period last year,” Kardash said.
“First-time buyers usually average about 18% of the market but are currently sitting around the 10% due to the removal of the First Home Owners Grant in mid-October last year.
This was replaced by the <a href="/news">$15,000 Great Start Grant </a>(previously called the first-home owner construction grant) in September last year, available for first-home buyers buying or building a new home valued under $750,000.
First-home buyer had until mid-October to finalise their purchases.
“The importance of first home buyers to the overall health of the property market cannot be under-estimated so we hope to again see some assistance for first-time buyers of established property in this year’s State Budget,” says Kardash.
</body></html>

lschlesinger-FZcF9M3vE6

Brisbane house prices fall 1% in March quarter as first-home buyer participation dwindles to 10% of market: REIQ

<html><body>
Westpac will offer new borrowers a one-year fixed-rate home loan of 4.79% from today, among the lowest home loan rates available in Australia.
Its state-based subsidiary banks St.George, Bank of Melbourne and BankSA have also cut their fixed-rate home loans below 5%.
Bank of Melbourne today announced cuts to its 1, 3, 4 and 5-year fixed rate home loans, including a three-year fixed rate of 4.95% per annum for packaged home loan customers.
BankSA has cut fixed home loan rates for one, three, four and five-year terms, with the three-year fixed-rate being cut by 34 basis points to 4.95% per annum.
St.George has announced that it will cut its fixed home loan rate for 1, 3, 4 and 5 years, effective May 21 for a limited time.
St.George’s new fixed rates under the Advantage package are 4.99% p.a. for 1 year, 4.95%p.a. for 3 years and 5.49% p.a. for 4 and 5 years. St.George’s 2 year fixed rate remains at4.99% p.a.
Westpac briefly offered a two year fixed-rate home loan at 4.99% in February and March.
The new 4.79% Westpac rate is available for customers who take out a packaged home loan and borrow in excess of $150,000 and includes a 65 basis point discount off its standard advertised one year fixed-rate home loan.
The decision to offer a 4.79% fixed-rate follows the release of interim results this month, which showed nearly a quarter (24%) of Westpac customers fixed their home loan rate in the six months to March 31.
This was up from just 13% in the previous six month period.
Westpac also offers a reduction of 100 basis points off its current headline standard variable rate of 6.26% on mortgages over $500,000, 90 basis points on mortgages between $250,000 and $500,000 and a discount of 70 basis points on loans over $150,000.
Figures from RateCity.com.au have the proportion of fixed-rate home loans at 18.45%, the highest in five years. 
</body></html>

Westpac ups the ante in mortgage wars with one-year fixed-rate cut to 4.79%

<html><body>
Shopping centre kings John Gandel and Stan Perron along with builder and developer Sir John Pidgeon have been inducted into the Property Council of Australia (PCA’s) hall of fame.
They were inducted over the weekend as part of the PCA’s 2013 Innovation and Excellence Awards and join Westfield co-founder Frank Lowy, the late Dick Dusseldorp, founder and chairman, of Lend Lease Corporation and the late Ray Powys, AMP’s first property investment manager, who were the inaugural inductees last year.
Property Council national president Darren Steinberg said each of the inductees were inspiring entrepreneurs who helped to transform Australia into a dynamic, prosperous society. 
“Through their energy, imagination, drive and determination, these three extraordinary people have shaped Australia’s urban landscape. 
“All three inductees are as renowned for their generosity and philanthropy as they are for their business acumen, and I am delighted that we can acknowledge their outstanding contributions to Australian society,” he said. 
John Gandel is probably most famous as the developer of Australia’s largest shopping centre, Chadstone in Melbourne, now valued at over $3 billion as well as the founder of the Sussan fashion retain chain.
He has been Chairman of the Gandel Group of Companies since 1983 and chaired the Gandel Retail Trust from 1994 to 2006. The Gandel Group managed around $8.5 billion of retail assets up until the sale of the management business in 2006. He was made an Officer of the Order of Australia in 1990 for services to business, commerce and industry and is also well known for his philanthropic endeavours. 
Perth-based Stanley Perron is owner and chairman of the Perron Group of Companies with a property portfolio valued in excess of $3 billion. The Perron Group Property Portfolio is a diversified, institutional style portfolio comprising eleven major shopping centres, several large office buildings and numerous commercial and industrial properties.
<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">In May last year</a>, the privately owned Perron Group has agreed to pay a post-GFC record of $690.4 million to acquire a 50% share in a portfolio of three Centro flagship regional shopping centres.
Perron is also well-known for his philanthropic activities and as chairman of The Stan Perron Charitable Foundation, which supports over 100 charitable organisations with a focus on children’s charities and medical research. 
Sir John Pidgeon built the construction business FA Pidgeon &amp; Son Pty Ltd, founded by his father in 1927, into one of Australia’s largest privately-owned building and development companies, responsible for many iconic projects throughout Queensland. 
He served as chairman of the Master Builders Association, Builder’s Registration Board and the Building Services Authority.
</body></html>

John Gandel, Stan Perron and Sir John Pidgeon join 2012 inductee Westfield’s Frank Lowy in Property Council’s hall of fame

<html><body>
The premises of Rogues Jeanery on the trendy Acland Street shopping strip in St Kilda has sold at auction for $3.14 million.
The sale price reflects a yield of around 5% with current tenant is Rogues Jeanery Pty Ltd, returning $158,371 per annum plus GST.
The result reflected a land sales rate of $36,000 per square metre.
Rogues Jeanery (pictured below) has <a href="https://www.realcommercial.com.au/property-retail-vic-st+kilda-500697351" target="_blank">occupied the building since the mid-1980s </a>and its current lease expires in February 2018.
{yoogallery src=[images/stories/2013/05/may20rogues]}
The 110 square metre shop comprises two interconnected shops on two separate titles and has frontage onto Acland Street of 8.5 metres.
The auction campaign was handled by Mark Talbot and Geoff Emmett of Fitzroys. The annual rent review is given as 6%.
Talbot says the purchaser was attracted to the maximum future flexibility of the adjoining shops on two titles, as well as the solid income stream with annual rent review increases, and the location in one of Melbourne’s most sought after retail shopping strips.
Acland retail property is a tightly held asset with no shops currently listed for sale and just two shops available for lease in a new development on the <a href="https://www.commercialview.com.au/68-72a-acland-street-st-kilda/commercial-lease-details-4492671" target="_blank">corner of Acland Street and Carlisle Street.</a>
According to research by Beller Commercial, Acland Street has the highest rents among Melbourne retail strips and also the lowest vacancy, at just 2.5% with just two stores out of 80 vacant.
Acland Street has previously reported a zero per cent vacancy rate in similar surveys published over the years.
Averaging asking rents on Acland Street are around $1,000 per square metre, per annum.
</body></html>

Investor snaps up Rogues Jeanery shop premises on St Kilda's Acland Street on 5% yield

<html><body>
Australia has moved from fifth to fourth most overvalued global property market but the overall risk of a housing bubble has subsided, according to the internationally authoritative, but debatable The Economist magazine's 2013 global housing index.
On a personal income housing affordability measure, Australia ranks fourth behind France (34%), the Netherlands (33%) and Canada (32%) while on a rents measure, Australia ranks third behind Hong Kong (81%) and Singapore (57%).
The Economist calculates that Australian house prices are overvalued 24% against average personal disposable income and 44% against rents.
Last year the economist said Australian house prices were 28% overvalued against personal disposable income and 38% against rents.
The magazine warns that housing markets are “notoriously prone to boom and bust” and uses “two yardsticks” to judge whether house prices are at sustainable levels.
“One is the ratio of prices to disposable income per person, a measure of affordability.
“The other is the price-to-rent ratio, which is analogous to the price-to-earnings ratio used for equities, with rents going to landlords (or saved by homeowners) equivalent to corporate profits.
“If these gauges are higher than their historical averages, property is overvalued; if they are lower, it is undervalued.”
The latest index records only modest gains of 2.6% in Australian house prices over the past year to March (using ABS data), ranking the country 10th best performing global housing markets out of 18 over 2012 with the top performing market being Hong Kong (24.5%) followed by Brazil (12.8%), South Africa (11.1%) and India (10.7%).
Last year, the index had house prices in Australia down 4.8% ranking it 18th best housing market out of 21 global housing markets rated by the magazine.
<img alt="economistmay20one" height="902" width="470" src="/images/stories/2013/05/economistmay20one.jpg">
 
<hr class="system-pagebreak">
The Economist's index from last year (pictured below) had Australian housing ranked fifth most expensive on the personal income measure and seventh on the rents measure.
<img alt="economistmay20two" height="445" width="470" src="/images/stories/2013/05/economistmay20two.jpg">
Using these two measures, it warns that Canada’s housing market is “especially vulnerable” with a “large bubble now looks set to burst” with residential sales down 15% year-on-year and a steeply declining appetite among Canadians to buy a home in the next two years.
In Australia, surveys regularly report a strong appetite and desire for property, though the first-home buyer market remains subdued.
Looking at the performance of housing markets since the GFC (the fourth quarter of 2007) suggests that Australian house prices have risen relatively modestly  (up 12.2%) compared rampant – and perhaps unsustainable - markets like Hong Kong, where they have more than doubled (109.4%) and India (88.8%), where they are close to doubling in value.
Australia’s housing market performance since the GFC is also well below that of Singapore (24.8%), China (20.4%) and Canada (18.3%).
In comparison, the house price bubble has truly burst in Ireland with house prices on the Emerald Isle down 50% since the GFC followed by Spain (-26.5%), the US (-20.8%)
The Economist writes of a “patchy” recovery in global housing markets over the past year with house prices rising in 12 out of 18 markets.
It notes generally strong property markets in South Africa as well as two of the big emerging economies, Brazil and India.
</body></html>

Australia moves up to fourth most overvalued housing market but bubble risk subsides: The Economist

<html><body>
The solar powered rotating home in Canberra’s outer-north has failed to sell at auction this week.
Co-selling agent Stephen Bunday of LJ Hooker Dickson told Property Oberserver there had been no registrations despite attracting an "enormous amount of curiosity".
"On the night, nothing happened at all, " said Bunday, who is selling the Ross Norwood-designed house alongside fellow LJ Hooker agent Anthony Sorace.
The house at 12 Indi Close is now listed for sale by negotiation.
"We will try and sell it in the next couple of weeks. If it does not sell, the owner will move into it," he says.
"It may be ahead of its time," he added.
Pre-auction expectations were above $1 million.
Bunday says the property is worth around $1.2 million when the value of the land is factored in.
The house, called Girasole, is the <a href="https://www.propertyobserver.com.au/australian-capital-territory/first-rotating-house-in-canberra-going-to-auction/2013051361312" target="_blank">brainchild of builder John Andriolo</a>.
It is supported by 28 wheels and driven by two three-speed motors.
It takes 10 minutes to fully rotate and is controlled by a touch screen panel.
</body></html>

All spin no sale: rotating Canberra home fails to sell at auction

<html><body>
The metropolitan Sydney vacancy rate tightened by 0.1 percentage points to 1.7% in April, according to new figures compiled by the Real Estate Institute of New South Wales (REINSW).
It was the third consecutive month that vacancy rates have tightened.
The last time the Sydney vacancy rate was at 1.7% was in April last year.
Over the past 13 months, the vacancy rate peaked at 2.2% in January this year.
The tightening of vacancy rates occurred uniformly across inner, middle and outer Sydney suburbs.
Inner suburban vacancy rates (within 10km of the CBD) fell 0.1 percentage points to 1.6%, middle suburban vacancy rates (10-25km from CBD) fell 0.1 percentage points to 1.9% and outer suburban vacancy rates  (more than 25km from CBD) fell 0.1 percentage points to 1.7%.
The REINSW vacancy rate statistics are compiled by market research firm Insightrix, based on a survey of REINSW members and covering 140,555 residential properties. “Sydney residential vacancies hit levels last seen 12 months ago in April and May 2012,” said REINSW president Christian Payne. “It is time for the NSW government to recognise the supply issues caused by a lack of incentives to invest in the property market."
The REINSW is calling for the NSW government to cut transfer stamp duty rates in the state budget on June 18, in a move it believes will increase state revenue by encouraging more investors into the market.
According to Payne, a cut in NSW transfer stamp duty rates of as little as 0.5% would incentivise the property market and potentially boost state revenue by up to hundreds of millions of dollars.
There were contractions in other key NSW regional markets. The Illawarra contracted 0.4 percentage points to 1.8% led by a decline of 0.4 percentage points in Wollongong at 1.9%.
Vacancy rates on the Central Coast fell 0.5 percentage points to 1.9% and the Northern Rivers region vacancy rate dropped 0.6 percentage points to 2.1%. Orana, which includes the major centres of Dubbo, Cobar and Mudgee, was the most difficult place to find rental accommodation for a fourth month in a row with its vacancy rate falling 0.2 percentage points to 1.4%.
Coffs Harbour is the easiest place to find rental accommodation despite a decline of 0.2 percentage points to 4.1%. There was 0.2% percentage point increase in the Hunter region to 2.6 per cent, despite a fall of 0.2 percentage point fall in Newcastle to 1.9%. The Mid North Coast’s vacancy rate jumped 0.7 percentage points to 3% and Albury rose 0.5 percentage points to 2.2%.
</body></html>

Sydney vacancy rate tightens to 1.7% in April: REINSW

<html><body>
The Greater Building Society has cut its one-year fixed-home loan rates by 25 basis points to 4.74%.
The new rate is available under its one year fixed ultimate home loan package offering.
It was the first lender to offer a fixed-rate home loan under 5% when in October last year, it cut its one year <a target="_blank" href="/news">fixed-rate packaged home loan by 30 basis points to 4.99%</a>
The Newcastle-based mutual lender <a href="/news">cut its standard variable  by 30 basis points last week</a> following the Reserve Bank’s 25 basis point cut to the cash rate.


Credit card rates will also be reduced by 1% from June 1, with card rates starting from 9.25%. 
CEO Don Magin said The Greater Building Society continued to take on the major banks to provide a more competitive financial sector for Australian consumers. 
“As a mutual financial institution we’re focused on customers rather than shareholders, which means we can put people before profits,” Magin said. 
 
</body></html>

Greater Building Society cuts one-year fixed-rate home loan to 4.74%

<html><body>
Prominent property investment adviser and Sky Business host Margaret Lomas has slammed ‘Barefoot’ investment adviser Scott Pape following his comments that the government didn’t have the “ticker” to abolish negative gearing tax rules.
Lomas warned that removing negative gearing would cause a “sudden market crash” leave 600,000 homeless and a “government unable to house them under public housing programs”.
“Private housing is a must and removing the capacity to claim loan interest [under negative gearing allowances] would create far more problems than it solves,” she said.
Pape said in a <a href="/news">post-budget newsletter</a> that abolishing the concessions could save the government $5 billion in lost tax revenue having previously called it a “dud” policy that does little to increase the supply of new homes, "since the majority of investors buy established properties".
Lomas said in response that Pape wasn’t a property investor and “does not consider the full picture”.
“I like Scott but he needs to stick to his specialty,” she said.
Lomas says there is an inherent misunderstanding of negative gearing.
“It’s not a strategy, it's a tax outcome.  Therefore any discussions about negative gearing versus positive gearing are completely moot.
“The strategy is property investing.  Two people could buy exactly the same property and it would be negatively geared for one of them and positively geared for the other.
“It’s about tax, interest rates and income, not about the property,” she said.
Lomas said removing negative gearing rules –as Pape contends – would remove the ability for investors to claim the interest on their loan, “which is what negative gearing is”.
“Contrary to popular belief, removing it means you can still make tax claims for everything but the interest and probably more than half of them would sell,” she said.
However, not all agree with Lomas.
Bank of America economist and former ANZ chief economist Saul Eslake told Fairfax Media ahead of the budget, but following the publishing of ATO figures showing one in three property investors negatively gear their investments - that it should be abolished.
"I have to translate the words 'negative gearing' to people overseas because it just sounds crazy to have a system that rewards people for losing money,” he said.
Eslake said removing negative gearing would be top of his list of priorities calling the decision to halve the headline rate of capital gains tax [in 1999] decision that made negative gearing attractive “the worst tax decisions of the last 20 years".
 
<hr class="system-pagebreak">
The recently published <a href="https://www.propertyobserver.com.au/landlords/two-thirds-of-property-investments-negatively-geared-ato-figures/2013043060891" target="_blank">ATO annual report</a> revealed that around two-thirds of 1,811,174 property investors - 1,213,597 taxpayers – claimed losses on their investment properties for the 2010-11 tax year up from 1,110,290 who claimed losses in the 2009-10 tax year.
The average loss recorded for negatively-geared property investors was $10,947 in 2010-11, up from $9,132 in 2009-10.
Negative gearing is likely to become more attractive and drain more from government coffers in the next few years as house prices start rising again and interest rates remain low.
A high interest rate environment makes investors less willing to take on debt while a falling property market means less certainty about future capital gains.
The 2010 Henry Tax Review did not call for the abolition of negative gearing perhaps due to the polarisation of views.
“Some submissions suggest that 'negative gearing' for investors and the exemption from CGT for owner-occupiers benefit high-income Australians.
Others argue that negative gearing supports the provision of affordable rental housing,” the report said.
The review received a number of submissions that claimed that “'negative gearing' has reduced housing affordability by causing speculation in the housing market”.
“Several submissions propose restricting negative gearing or directing it so that it promotes the supply of affordable housing.
“The housing industry argues for the retention of negative gearing on the grounds, among others, that the temporary removal of negative gearing lead to an increase in rents in 1987.”
The contention that the “quarantining” of negative gearing between 1985 and 1987 caused rents to spike is often used to argue against it being removed.
However, those in favour of removing it claim that high interest rates, which peaked at 19.4% in December 1985 and not the removable of negative gearing alone, made property investment unfavourable while the implementation of the capital gains system in September 1985 is also believed to have been a factor.
Analysts also point to rents not rising evenly across all capital cities (rents rose the most in Sydney and Perth, were flat in Melbourne and Canberra, but fell in Brisbane and Darwin) while negative gearing for property investment purposes was briefly abolished as evidence that the quarantining of negative gearing was not the sole factor behind rent rises.
In September last year, finance minister Penny Wong responded to questions from Greens leader Christine Milne about negative gearing.
Wong said it would be “difficult to quantify whether limiting the ability to offset rental losses against other income would lead to a decrease in the rate of return on investment property, or just a one-off fall in prices”.
“The impact of changes to negative gearing on house prices is difficult to quantify because of a number of factors.
“These factors include the ratio of negative geared properties to owner occupied housing; the extent to which the benefit provided by negative gearing is reflected in housing prices or whether the benefits are shared with renters through the provision of lower rents; and a range of other factors which impact on housing supply and interest rates,” she said.
 
 
</body></html>

Scott Pape is wrong on negative gearing: Margaret Lomas

<html><body>
Westfield Group's joint chief executives Steven and Peter Lowy have come under fire from two US proxy shareholder groups after they earned a combined 2012 remuneration package in excess of $18 million.
The two Lowy brothers were appointed co-chief executives in 2011 following the decision of Frank Lowy to assume a non-executive role.
Peter Lowy received a 2012 salary of $2.5 million – unchanged since 2008 – along with a $3.36 million cash bonus. Combined with equity and cash awards, his total remuneration was $8.91 million.
Steven Lowy received a 2012 salary of $2.5 million – unchanged since 2008 – along with a $4 million cash bonus. Combined with equity and cash awards, his total remuneration was $9.4 million.
Both salaries are expected to be endorsed by shareholders at Westfield’s AGM on May 29.
However, CGI Glass Lewis, which acts on behalf of US institutional investors, said the aggregate salaries paid to Steven Lowy and Peter Lowy was more than twice the median of the entity’s market index peers” according to reports in the Australian Financial Review.
CGI Glass Lewis questioned the need for such “significant” pay packages and demanded a “thorough and convincing explanation for such high remuneration” - as yet not provided.
Another US proxy investor firm ISS, a subsidiary of global investment advisory giant MCSI called for more clarity around long-term incentives, of which only 22 Westfield executives participate, including the co-chief executives are eligible.
Long-term incentives are awarded based on Westfield meeting certain performance hurdles, which if met are paid out in 2016 and 2017.
Despite their objections, both US firms have urged their investors to vote in favour of the remuneration report at its AGM on May 29.
Westfield is one of the top performing A-REITS, beaten only by Goodman Group and Lend Lease Group on a return on equity measure.
Since their appointment the co-CEOs’ remuneration has not been increased to reflect their new roles while no adjustment will be made to their remuneration in 2013.
Their base salaries have been frozen since 2008.
The Westfield remuneration committee re-weighted their pay packet in 2012, reducing their cash salaries with a corresponding increase in their deferred equity to be issued to them under the short-term incentive plan.
</body></html>

Westfield co-CEOs under fire over $18 million executive pay packets

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

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News