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ASIC has cancelled the credit licence of Money Choice Pty Ltd (Money Choice) and banned its director, Matthew George, after an investigation found failures to comply with credit laws, responsible lending shortfalls and instances of unlicensed self-managed superannuation fund (SMSF) advice.
George is the sole director of Melbourne-based property investment and finance business, Money Choice, which had been scheduled as an <a href="https://melbourne.homebuyershow.com.au/visitor/exhibitor-list" target="_blank">exhibitor at the Melbourne Home Buyer and Property Investor Show</a> due to take place in August.
George was a regular seminar speaker on the topic: "How to build an efficent property portfolio inside and outside superannuation."
ASIC labelled Mr George a "spruiker."
He has been banned from engaging in credit activities for eight years and from providing financial services for three years.
ASIC said that between July 1 2010 and August 23 2012, Money Choice brokered residential investment loans to more than 40 clients who had purchased a unit on Queensland’s Sunshine Coast.
ASIC’s investigation found in brokering some of the loans, Money Choice and Mr George had:
<ul>
<li>engaged in unlicensed lending</li>
<li>been involved in organising loans from the unlicensed developer</li>
<li>given misleading information to lenders</li>
<li>failed to meet responsible lending conduct obligations, including failing to verify investor’s financial situation, and</li>
<li>failed to have adequate arrangements in place to ensure clients were not disadvantaged by conflicts of interests that arose regarding commission payments.</li>
</ul>
The actions follow ASIC establishing an <a href="/news">SMSF taskforce last year led by ASIC chairman Greg Tanzer</a> to examine “high-risk SMSF issues” with its first major project, being “looking at the quality of advice provided to investors” clean up SMSFs become the vehicle of choice for property spruikers
"Mr George demonstrated through his conduct that he is not a fit and proper person to engage in credit activities,’ ASIC deputy chairman Peter Kell said.
“This included some instances where Mr George preferred his own interests to those of Money Choice’s clients.” Kell also said that "Mr George was found to have advised some clients to set up a SMSF for the purpose of purchasing property when he was not licensed to provide such advice. "We do not want to see SMSFs become the vehicle of choice for property spruikers and the action we’ve taken against Mr George should serve as a timely warning of ASIC’s intention to ensure compliance with the law. "ASIC is committed to improving the standards of advice given to investors regarding the establishment of SMSFs and the investments within the SMSF, including investment properties. "Mr George did not competently carry out his duties as responsible manager and key person, and does not have the knowledge and skills to competently operate a credit business," Mr Kell said. Money Choice and Matthew George have the right to lodge an application for review of ASIC’s May 15 decision with the Administrative Appeals Tribunal.
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Property investment SMSF spruiker Matthew George, director of Money Choice, banned by ASIC for multiple compliance failures

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A Melbourne-based tea importer and distribution business has paid $290,000 for an office and warehouse building at Clayton in Melbourne’s south-east. 
The 13/35 Garden Road property comprises a 167 square metre, older style, office and warehouse building.
The sale was negotiated by Savills senior industrial executive, Daniel Kelly, who said the square metre rate of more than $1,730 reflected the outstanding location close to freeways. 
He said the purchaser had also required a location within close proximity of current staff. 
The vendor was a Melbourne based private investor.
Earlier this month, a warehouse/office with long term tenants at Bentleigh East in Melbourne’s south-east has been sold at auction for $1.115 million by Ray White Commercial Oakleigh.
According to property valuers Propell, the Melbourne industrial market has been largely in balance.
"The low vacancy rate has resulted in rents being stable or increasing slightly in some areas, while a shortage of prime space continues to move some demand into the better secondary grade space," says Propell.
"Most leasing demand is in Melbourne west, with 40% of new lettings in this region, while Melbourne north and the south-east of the next most popular regions.
"With rents stable, or increasing slightly, and continuing demand from tenants, the shortage of available space has spurred interest in the land and development markets, with an increase in speculative development, design and construct premises. As a result, demand and activity is expected to continue at current levels during 2013."
Accordign to Propell, rents for prime property in the south east have been stable, in the range of $75 to $90 per sqm net, while rents for secondary properties have fallen slightly and are in the range of $50 to $65 per square metre net.
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Tea importer pays $290,000 for office and warehouse in Melbourne's sought after south-east

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The commitment to infrastructure investment as part of the federal government’s latest budget is encouraging for the property sector says Cushman &amp; Wakefield Australia managing director David Woolford.
However, he says the benefits of this commitment to the nation’s productivity may be jeopardised by missed opportunities elsewhere.
Victoria will get the biggest allocation of funds with $3.8 billion, of which $3 billion is for Melbourne Metro rail, $2.7 billion for NSW, mostly for highway expansions, $2 billion for Queensland, $1.1 billion for WA and smaller amounts for the other states.
“On one hand we commend the government for pushing ahead with an array of important infrastructure projects in cities and regional locations in the face of a significant deficit, on the other we are concerned about the long term timing of some of these projects,” said Woolford.
“Additionally, it is a concern that a corresponding commitment to improving housing supply was not apparently forthcoming.
“The housing market is a critical driver of the broader economy and the commercial property sector by extension, so it is disappointing that the budget in no way addresses the ongoing issue of housing affordability in this country.
“Overall we are sceptical of this budget’s capacity to improve productivity at a practical level and as such we await the Coalition’s response with bated breath.
“Another source of concern is the potentially ill directed tweaking of our thin capitalisation rules as they apply to inbound investment in Australia. The damage caused by the increase to the withholding tax last year was significant and now, with the government planning to increase the tax payable by international credit providers, effective borrowing costs will rise and project returns will diminish.
“Any measures that restrict our ability to attract capital to our shores are unwarranted and damaging, and should be reconsidered,” he said.
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Federal budget a hit and miss for commercial property sector: Cushman & Wakefield 

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GPT is set to resume negotiations with Australand five months after a $2.8 billion bid to acquire Australand’s investment property portfolio and commercial and industrial businesses was rejected.
An alternative proposal for a block share trade of Singapore-based majority shareholder CapitaLand’s 60% holding of Australand is reportedly though still a “firm” possibility, according to the Australian Financial Review’s Street Talk column.
Apparently the block trade proposal caused tempers at GPT to “hit boiling point” last week with the commercial property landlord convinced it had been played a “stalking horse” to encourage CapitaLand’s exit.
There has been no official announcement from either GPT or Australand about a resumption of talks.
GPT was expected to make a higher offer for Australand in February after its annual results were published, but has yet to do so, perhaps caught up in resolving its <a target="_blank" href="/news">class action lawsuit with a group of investors</a>, only settled today with a $75 million conditional agreement.
No date has been set for the resumption of negotiations, according to Street Talk, but it is expected that Australand will demand a higher price than the initial offer.
GPT’s December bid of $2.8 billion was $140 million above the June 2012 book value for the assets, but would leave shareholders holding the residential business as a standalone entity.
CapitaLand undertook a strategic review of its investment in Australand in January last year.
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GPT set to resume takeover talks with Australand but block share trade still possible: Street Talk

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McDonald's Australia has outbid private investors at a packed Burgess Rawson Sydney portfolio auction to acquire its own Preston McDonald's premises.
The 2011-built premises (pictured below) sit on a 2,621 square metre site at the corner of Hoxton Park &amp; Lyn Parade in Liverpool south west of Sydney.
{yoogallery src=[images/stories/2013/05/may15mcdonalds]}
It sold for $6.45 million reflecting a yield of 5.65% on net income of $365,000 plus GST.
Burgess Rawson director Dean Venturato said the McDonald's property and a Hungry Jack's premises in Minto received the highest number of enquiries ahead of the seven-property portfolio auction, which achieved a 100% clearance rate.
“The McDonald's premises are only two year old and they hardly ever come up for auction,” Venturato says.
“It had a 20 year lease with 18 years remaining on the lease.
“Fast food is considered a very good investment because it's recession proof,” he said.
Searches across commercialview.com.au and realcommercial.com.au show no other McDonald's premises currently listed for sale.
The Hungry Jack's premises on the corner of Pembroke Road and Brookfield Rd in Minto, with a 10 year lease to 2020, sold to a private investor for $2.835 million on a yield of 5%.
The portfolio auction brought in a total of $24.8 million for vendors with the highest yielding sale being a regional distribution facility leased to ASX-listed food company Goodman Fielder, currently being upgraded, which sold to a private investor for $3.37 million on a yield of 8.97%.
Goodman Fielder has a 12 year lease on the property with two six year renewal options.
The average yield across the portfolio auction was 6.45%.
Another noteworthy property was the premises of Aldi supermarket in Minto, which sold for $4.88 million on a 5.64% yield.
The premises are leased to Aldi until 2017 with renewal options to 2032 and brings in net annual income of $277,106 plus GST.
Venturato says Aldi supermarket premises are also rarely available for purchase.
More than 200 people attended the auction with Burgess Rawson fielded 870 enquiries prior to auction with 280 contracts issued.
Venturato described bidding as “spirited” with prices around 30% above reserves for five of the properties.
Apart from the McDonald's sale, all the remaining properties were purchased by private investors, with three as investments in self-managed superannuation funds.
The other sales as part of the portfolio auction were:
<ul>
<li>1st Choice Liquor, Erina - $4.5 million (yield of 7.67%)</li>
<li>Childcare centre, West Hoxton - $1.63 million (6.35%)</li>
<li>ANZ Bank, Windsor - $1.176 milion (5.85%)</li>
</ul>
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McDonald's Australia beats private investors to buy its own Preston fast-food premises 

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Bankwest has a distinctly higher proportion of borrowers three months or more behind on their mortgage repayments than parent company the Commonwealth Bank and fellow subsidiary, the New Zealand ASB bank, according to Commonwealth Bank's March quarter update.
The results reveal that the Commonwealth Bank reported unaudited cash earnings for the three months ended 31 March 2013 of $1.9 billion.
Statutory net profit over the period was also $1.9 billion.
The Commonwealth Bank reported that “system home loan credit growth remained modest through the March quarter, with the Group growing slightly ahead of system”.
Total impairment expense was $255 million in the quarter, or 19 basis points of total average loans, but with a higher impairment contribution from Bankwest, acquired by the Commonwealth Bank in October 2008.
The graph below shows the percentage of home loans in the three banking divisions more than three months in arrears with ‘RBS’ referring to the Commonwealth Bank’s retail banking services division.
<img alt="commbank_results" height="300" width="470" src="/images/stories/2013/commbank_results.jpg">
The bank grew its household deposits above system growth with deposit margins remaining “under pressure in a competitive market”.
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Commonwealth Bank reports $1.9 billion quarterly profit but with higher Bankwest home loan arrears rates

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The REA Group, publisher of realestate.com.au and realcommercial.com.au, has revealed a 20% rise in monthly Australian site traffic and a 30% rise in earnings for the first nine months of its 2012-13 financial year.
The update was given as part of a US regulatory filing by parent company News Corporation as part of the formation of new business group, ‘New News Corporation'.
REA Group revenue for the nine months to March 31 was $244 million, up from $203 million for the previous corresponding period.
Before tax earnings were $117 million for the nine-month period to March 31, compared with $90 million in the previous corresponding period.
The filing reveals that there were are a combined 23.1 million visits each month to realestate.com.au and realcommercial.com.au based on Nielsen average monthly total traffic ratings for the six months ended March 31, 2013.
This is almost 20% up on montly site visits of 19.4 million across realestate.com.au, realcommercial.com.au and property.com.au reported in February interim results filing also using Nielson average monthly traffic ratings.
REA Group will form part of the US$2.6 billion ‘New News Corporation’ which includes pay TV provider Foxtel, book publisher HarperCollins, The Wall Street Journal and New York Post and a digital education business called ‘Amplify’.
In February, <a href="https://www.propertyobserver.com.au/industry-news/rea-group-profits-up-25-but-agent-numbers-fall/2013020659197" target="_blank">REA Group reported a 25% rise in interim net profits</a> after tax for the half year to December 31 of $51.6 million.
Its Australian division, which generates 90% of group revenue, increased revenue by 21% to $144.7 million.
The US filing reports that REA Group also owns Italian property site, casa.it, and other property sites and apps across Europe and in Hong Kong with its sites used by used by around 21,000 estate agents.
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Realestate.com.au publisher REA Group reports 20% rise in site visits and nine-month earnings up 30%

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Age has not slowed the ambitions of Australia’s high-rise apartment king Harry Triguboff.
Turning 80 in March spurred ‘High-rise Harry’ to add to Meriton’s inventory of residential development sites in Sydney with Asian buyers likely to be the primary target for off-the-plan marketing campaigns.
He did reflect on his octagenerian status by hinting at one day handing on the <a target="_blank" href="https://www.propertyobserver.com.au/news/asian-buyers-covet-while-harry-triguboff-considers-one-day-handing-meriton-reins-to-grandkids/2013032260037">reins of his business to his grandchildren</a> while a foray into the <a target="_blank" href="https://twitter.com/Harry_Triguboff">Twittersphere </a>was less successful.
He is currently developing and marketing 2,000 apartments in Sydney having spent more than $300 million in the past 18 months on development sites.
His first project dates back to 1963 when as a clerk, he built his first block of units in the<a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/harry-triguboff/2013013159060"> Sydney suburb of Tempe</a>.
May 2013 – Lane Cove
Harry spends $39 million on a <a target="_blank" href="https://www.propertyobserver.com.au/news/harry-triguboff-buys-lane-cove-service-station-with-tower-approval/2013051261299?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news">North Shore Sydney service station</a> with plans to build a $300 million residential tower development featuring 440 apartments. The 150 Epping Road site in Lane Cove is acquired from Bob Rose’s Rose Group, which received development approval for the site in August last year.
February 2013 - Mascot
Harry acquires a 31,500 square metre industrial site for $100 million from industrial landlord Goodman Group. The sale is confirmed by Goodman after Meriton leaks it to The Australian. He plans to build 1,000 apartments on the <a href="https://www.propertyobserver.com.au/developments/harry-triguboff-celebrates-80th-birthday-with-proposed-%24100-million-inner-sydney-site-acquisition-and-calls-for-more-rate-cuts/2013030459705?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news" target="_blank">19-33 Kent Road site</a> near Sydney airport.
February 2013 – Olympic Park
Harry pays a <a target="_blank" href="https://www.meriton.com.au/blog/meriton-buys-olympic-park-site/">reported $22 million plus to buy a 15,000 square metre</a> site with plans for 300 apartments in Sydney’s Olympic Park. The site offers strong transport links, is a corporate hub with over 100 companies based around the sporting complex bringing in more than 10,000 employees every day.
October 2012 - Rosebery
Harry acquires a former industrial property in Rosebery in inner south-east Sydney with plans to build 200 apartments. Meriton pays $21 million for the site.
August 2012 - Waterloo
Harry purchases on McEvoy Street in Waterloo, with plans for 220 apartments.
July 2012 - Lewisham
Harry spends $48.5 million to buy the <a target="_blank" href="https://www.propertyobserver.com.au/residential/harrytriguboff-s-meriton-buys-lewisham-estates-development-site-for-%24485-million/2012071755616">controversial Lewisham Estates development site</a> which has amended potential for between 377 and 430 units. He boasts that he'd beaten Frasers Property, Toga, Crown Group and Ralan to win the tender. Charlie Demian of the Demian Group paid $8.5 million for the site in 2005.
March 2012 – North Ryde
Harry pays $25 million for a Macquarie Park development site in North Ryde, with plans for a $200 million apartment development covering 330 apartments. The site at 88 Talavera Road, across the road from the Macquarie Shopping Centre and close to Macquarie University, was acquired from property developer St Hilliers, whose construction arm was placed in administration two months later (May 2012) St Hilliers had acquired it in 2007 for $23.5 million.
March 2012 - Chatswood
The biggest site acquired by Harry in 2012 is on Thomas Street in Chatswood on Sydney’s north shore, with approval for 547 apartments. Meriton pays $50 million for the Thomas Street car park with plans for two towers of 29 stories each, one of which will be retained by Meriton as serviced apartments – a growing part of the Meriton business.
December 2011 – North Sydney
Harry acquires a 922 square metre site for serviced apartments at 80 Arthur Street. The sales price is not disclosed. The vendor was the Medi-care Centre Foundation, which acquired the land and office building in 1988 for $14.1 million.
December 2011 – Zetland
Harry acquires a site at South Dowling Street with plans for 400 apartments and “excited by the prospect of further development in the Green Square precinct”. The initial design includes five buildings ranging in height from seven – 20 levels with 360-degree views. Meriton plan to provide a mix of 1, 2 and 3 bedroom apartments with a retail component strip.
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Harry Triguboff’s heaving wheelbarrow: a timeline of Meriton’s growing $300m Sydney apartment site inventory

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The $1.85 million luxury Richmond warehouse conversion at the centre of eviction dispute had a “longstanding” prohibition for use as a dwelling, a summary of the Victorian Civil and Administrative Tribunal (VCAT) ruling reveals.

Furthermore, it was marketed and sold as a residence just a few months after the position became “reasonably clear” that there was no existing or prior rights to use it as a dwelling. 
An email sent to Yarra City Council in February 2010 as part of permit application to"allow buildings and works to the roof-top terrace" declared that the site was “'not currently being used as a dwelling', and 'we simply use the site as storage'."
Four months later it was being marketed for sale  as a luxury converted warehouse residence.
The <a target="_blank" href="https://www.propertyobserver.com.au/https://www.millionplus.com.au/property/residential/11-northcote-street-richmond/102844">three-level warehouse at 5/11 Northcote Road</a> (pictured below) was acquired by Adam Burgess and Margaret Boshell in November 2010 and occupied from May 2011 until their eviction notice was upheld by VCAT in November last year.
{yoogallery src=[images/stories/2013/05/may15richmond]}
They are now suing the previous owner Danyul Gleeson, managing director of logistics and supply chain, Transport Works, as well as the real estate agents who marketed the property, Bennison Mackinnon Armadale, and Brian Pacey of Sargeants Conveyancing in Frankston for allegedly failing to advise them they could not live in the warehouse.
The property was marketed as a an “inner city residence that takes the warehouse conversion concept to new levels of style and success” with the ground floor suitable for as a "living, home office, cinema or recreation zone adjacent to secure garaging for two cars" with upstairs "living/dining areas" and a roof top level providing for "ultimate entertaining featuring stunning decking with spectacular views, an accompanying pavilion and fully integrated barbeque, fridge and al fresco kitchen facilities".
"The perfect marriage of style and substance, form and function. Unforgettable!" the listing concluded.
Presiding VCAT deputy president Mark Dwyer said in his summation that "the term ‘Unforgettable’ has perhaps taken on a different meaning for the applicants in this proceeding".
The case dates back to March last year when Burgess and Boshell were ordered to vacate the premises within 60 days by the Yarra City Council after an inspection revealed it was being used unlawfully as a dwelling when it is located in a Business 3 Zone. 
The couple took the matter to the Victorian Civil and Administrative Tribunal (VCAT) in November last year arguing that it was a “‘home occupation office’ and that “occupation of the premises as a residence was ancillary to its dominant use as an ‘office’” but were unsuccessful. 
In a writ seen by News Limited, they allege that “the former owner and real estate agents made false representations that the property could lawfully be used as a home and was being used as such by Mr Gleeson and his family”. 
The writ says that when the couple inspected the property they found the rooms fully furnished and were told by real estate agents the owners lived there and that the property was the best of the complex because the developer had lived in it. 
They are seeking to recover mortgage costs, conveyancing costs, stamp duty, legal costs and the difference in the value of the property as a residence compared to its zoning as a place of business. 
Damages are also being sought against Brian Pacey of Sargeants Conveyancing in Frankston for allegedly failing to advise they could not live in the warehouse. 
A spokesperson for Brian Pacey's office said he would not be commenting. 
Property Observer also sought comment from Bennison Mackinnon Armadale and from Danyul Gleenson, but received no reply at the time of publishing. 
In the summation of his ruling Dwyer said that “a zone control prohibiting use of the land as a dwelling has been one of longstanding”.
He noted that a successful 1999 development application to develop a large warehouse on the land into six warehouse occupancies, included permission for a five-lot subdivision, including unit 5, the property in question.
Importantly, he added: “None of the plans accompanying these permit applications, nor endorsed as part of the permits, show any internal layout of the warehouse occupancies nor was there any indication in these documents that the proposed use of the premises was for anything other than a warehouse. "
He also noted a letter dated December 16 2009 written in response to an application to build a roof-top terrace, which indicated that the “‘the building is currently used as five separate residential units’, and that the proposed works were for private residential use”. 
In the letter, the council “expressed concern that the existing use of the site as a dwelling was a prohibited use in the Business 3 Zone, and sought further information from the then permit applicant as to whether the premises had any existing use rights for ‘accommodation’”. 
The permit applicant responded by email on 24 February 2010 that the site was “not currently being used as a dwelling”, and “we simply use the site as storage”.
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The $1.85 million Richmond warehouse ‘residence’ at centre of eviction dispute had “longstanding ban” on dwelling use

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<img alt="idlandstrapmay15" height="94" width="470" src="/images/stories/2013/05/idlandstrapmay15.jpg">
ID_Land's Jeff Garvey says he would invest a spare $750,000 in an inner-city investment property, but could also be tempted by a Lamborghini Aventador.
<img style="margin: 5px; float: left;" alt="jeffgarveymay15" height="225" width="228" src="/images/stories/2013/03/jeffgarveymay15.png">Agent: Jeff Garvey

Position: Director

Company: ID_Land

Office location: Melbourne

How long have you been in the industry?

I have been in working in real estate and property development for over 18 years. I started ID_Land with my business my business partner, Matt Belford in 2008 and we are approaching our fifth birthday with five projects in Melbourne’s growth corridors and an inner-city townhouse development to come. What’s happening in the area you specialise in?

Thankfully some tempered positivity has returned in 2013 and we are already seeing the benefits of this across our business. It is an exciting time at ID_Land with many projects underway including Fairview in Mernda and the first stage of our Potters Grove project in Officer now complete.
Describe the most interesting property you have sold/leased/developed/managed:
There have been many over my career including a property I managed many years ago where the tenant allowed the premises to be over-run by chickens...that would be by far the most interesting!
I find that each development has its own set of idiosyncrasies but we enjoy overcoming challenges. For instance, our development, Fairview, Mernda required over 14 external agreements and a range of external works in order to the deliver the allotments. It was very satisfying to see the project come to life.
What are the ingredients to being successful in your job?

Key to anything is having fun or you will struggle to find a level of satisfaction from your work. You need to be truly passionate about your business and the product you’re developing – if you don’t love the product, how can you expect others to? Also, being a good listener and problem solver is an important ingredient helps you to be prepared as tomorrow’s challenges always differ from today's. What aspects of your role do you enjoy the most?

The diversity of the development industry is fantastic. You can be chatting with a farmer on the bonnet of your car in the morning and be doing business on Collins Street that afternoon. We pride ourselves taking the time to speak with everyone involved in the development process from the policy makers through to communities to deliver the best product for our purchasers. Where would you invest a spare $750,000?

I would purchase an investment property as close to the CBD, as possible. Buyers should be conscious of the long-term population forecasts and demand for product in proximity to city centres will always be strong.
Alternatively, a Lamborghini Aventador  – it would rapidly decrease in value but simply looks awesome.
Which football team do you support?

To cover all codes: Essendon, Melbourne Rebels and Melbourne Storm. What’s your favourite app or techno gadget?

My iPhone and iPad – I’ve just started using the “My Fitness” app to keep my calorie count and fitness in check.
However, the ultimate gadget is my remote control helicopter which I am gradually mastering, one crash-landing at a time.
How do you use social media?

I use Twitter (via ID_Land’s account) and I enjoy following different people and groups – its great how you can simply skim through and read tweets from Rupert Murdoch, find out what local community groups are doing while still following the location of the taco truck.</body></html>

In profile: ID_Land director Jeff Garvey

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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