<html><body>
Westfield newest mall, Westfield Sydney and one of its older malls, Westfield Liverpool, were the top performing shopping centres in the Westfield Retail Trust over 2012, the trust's annual review has revealed.

The trust comprises 47 malls, 38 in Australia and nine in New Zealand and generated $20.9 billion in sales for the 12 months to December 31 last year with a <a href="/news">2% rise in earnings.</a>

Without any major new international brands to tempt shoppers, Westfield Liverpool on the outer western outskirts of Sydney managed 7.8% growth in annual sales, which reached $470 million over 2012.

The centre, built in 1971, has been extended and redeveloped three times in its life, firstly in 1991, again in 1993, and more recently in 2006, offering 85,000 square metres of retail space and 342 stores.

[smartcode_project:default project_id=6201]

At the glitzy end of town, Westfield Sydney on Pitt Street Mall, which was completed in April last year, generated 5.7% growth in sales, which reached $837 million in 2012, helped by its mix of international retailers including Gap and <a href="companies/zara" target="_blank">Zara</a>.

Westfield Sydney is the jewel in the Westfield crown standing on Australia’s most expensive retail strip and one of its biggest stores with 167,000 square metres of retail space built at a cost of $1.34 billion.

By comparison, Fountain Gate mall in Melbourne, the biggest in the group at 175,000 square metres, generated just 0.4% growth in sales. Sales may have been impacted by a $170 million face lift, which was only completed in September last year.

Sales at Westfield Bondi Junction in Sydney's eastern suburbs fell 0.6% to $961 million.

[smartcode_project:default project_id=7758]

Westfield’s top 10 performing Australian malls by sales growth in 2012

<table border="1" cellpadding="0" cellspacing="0"><tbody>
<tr>
<td valign="top" width="130">
			Store
			</td>
			<td valign="top" width="73">
			State
			</td>
			<td valign="top" width="103">
			Retail space

			(sqms)
			</td>
			<td valign="top" width="97">
			Sales growth in 2012
			</td>
			<td valign="top" width="110">
			Total sales
			</td>
			<td valign="top" width="79">
			Yield
			</td>
		</tr>
<tr>
<td valign="top" width="130">
			Liverpool
			</td>
			<td valign="top" width="73">
			NSW
			</td>
			<td valign="top" width="103">
			85,000
			</td>
			<td valign="top" width="97">
			7.8%
			</td>
			<td valign="top" width="110">
			$470 m
			</td>
			<td valign="top" width="79">
			6.25%
			</td>
		</tr>
<tr>
<td valign="top" width="130">
			North Lakes
			</td>
			<td valign="top" width="73">
			QLD
			</td>
			<td valign="top" width="103">
			61,000
			</td>
			<td valign="top" width="97">
			5.9%
			</td>
			<td valign="top" width="110">
			$390 m
			</td>
			<td valign="top" width="79">
			6.25%
			</td>
		</tr>
<tr>
<td valign="top" width="130">
			Westfield Sydney
			</td>
			<td valign="top" width="73">
			NSW
			</td>
			<td valign="top" width="103">
			167,000
			</td>
			<td valign="top" width="97">
			5.7%
			</td>
			<td valign="top" width="110">
			$837 m
			</td>
			<td valign="top" width="79">
			5.29%
			</td>
		</tr>
<tr>
<td valign="top" width="130">
			Plenty Valley
			</td>
			<td valign="top" width="73">
			VIC
			</td>
			<td valign="top" width="103">
			54,000
			</td>
			<td valign="top" width="97">
			5.4%
			</td>
			<td valign="top" width="110">
			$312 m
			</td>
			<td valign="top" width="79">
			6.50%
			</td>
		</tr>
<tr>
<td valign="top" width="130">
			Innaloo
			</td>
			<td valign="top" width="73">
			WA
			</td>
			<td valign="top" width="103">
			47,000
			</td>
			<td valign="top" width="97">
			5.3%
			</td>
			<td valign="top" width="110">
			$294 m
			</td>
			<td valign="top" width="79">
			7.00%
			</td>
		</tr>
<tr>
<td valign="top" width="130">
			Carousel
			</td>
			<td valign="top" width="73">
			WA
			</td>
			<td valign="top" width="103">
			82,000
			</td>
			<td valign="top" width="97">
			4.7%
			</td>
			<td valign="top" width="110">
			$569 m
			</td>
			<td valign="top" width="79">
			5.75%
			</td>
		</tr>
<tr>
<td valign="top" width="130">
			Figtree
			</td>
			<td valign="top" width="73">
			NSW
			</td>
			<td valign="top" width="103">
			22,000
			</td>
			<td valign="top" width="97">
			4.1%
			</td>
			<td valign="top" width="110">
			$175 m
			</td>
			<td valign="top" width="79">
			7.50%
			</td>
		</tr>
<tr>
<td valign="top" width="130">
			Doncaster
			</td>
			<td valign="top" width="73">
			VIC
			</td>
			<td valign="top" width="103">
			123,000
			</td>
			<td valign="top" width="97">
			3.8%
			</td>
			<td valign="top" width="110">
			$339 m
			</td>
			<td valign="top" width="79">
			6.50%
			</td>
		</tr>
<tr>
<td valign="top" width="130">
			Whitford City
			</td>
			<td valign="top" width="73">
			WA
			</td>
			<td valign="top" width="103">
			78,000
			</td>
			<td valign="top" width="97">
			3.0%
			</td>
			<td valign="top" width="110">
			$456 m
			</td>
			<td valign="top" width="79">
			6.75%
			</td>
		</tr>
<tr>
<td valign="top" width="130">
			Helensvale
			</td>
			<td valign="top" width="73">
			QLD
			</td>
			<td valign="top" width="103">
			45,000
			</td>
			<td valign="top" width="97">
			2.5%
			</td>
			<td valign="top" width="110">
			$339 m
			</td>
			<td valign="top" width="79">
			6.50%
			</td>
		</tr>
</tbody></table>
Source: Westfield Retail Trust Annual Review 

Westfield Retail Trust reported $20.9 billion in annual retails sales last year from its portfolio of Australian and New Zealand malls as part of annual results recently released.

It reported speciality retail sales of $9,852 per square metre from its 38 Australian malls and NZ$8,520 in speciality sales from its nine New Zealand malls.

The 47 malls are valued at $12.6 billion.

In total the portfolio offers 3.7 million square metres of gross lettable retail space with a 99.5% occupancy rate and 12,342 retail outlets.

The return on its portfolio is 5.9% in Australia and 7.5% in New Zealand with a total average yield of 6%.
</body></html>

lschlesinger-FZcF9M3vE6

Westfield top 10 malls: Westfield Sydney shines but Bondi Junction disappoints

<html><body>
Improving market sentiment, low interest rates and appealing yields were some of the factors that propelled Centuria to set up a listed property trust under the leadership of former Mirvac boss Nick Collishaw, says Centuria chief executive John McBain.
Collishaw was appointed to head up the new business division earlier this month and will <a href="https://www.propertyobserver.com.au/industry-news/former-mirvac-boss-nick-collishaw-to-establish-listed-property-funds-business-at-centuria/2013031259838" target="_blank">begin with Centuria on May 1.</a>
McBain says Centuria is currently working very hard sounding out institutional investors and has offers out in the market for a “few hundred million dollars of real estate” which will form the core of the new listed trust.
While it’s too early to say what the exact composition of the trust will be, McBain says it will be diversified to some extent but with a very clearly defined strategy.
“It won’t be a blancmange,” he tells Property Observer with a launch date pencilled in for later this year.
McBain says the ASX-listed business, which already has a $1 billion plus unlisted property funds arm led by Jason Huljich and an Asian wholesale investment division led by Chong Woon Pin in Singapore, was always looked at adding a third arm to its strategy - when the listed property trust sector became a good value proposition.
He says the availability of assets at appealing yields compared to interest rates, the recovery of net tangible asset values and the availability of equity for new transactions motivated Centuria to set up its A-REIT, led by Collishaw.
“We have raised $170 million this year and are one of the more active and larger property fund managers,” says McBain.
Its most recent syndicate investment, the 175 Castlereagh Street fund, closed over-subscribed with initial distributions starting at 9%.
Centuria Property Funds acquired the CBD office building for $56 million in January.
“We felt there was plenty of scope for other things. We have one of the larger property teams on eastern seaboard, and we rate them highly," says McBain.
“The general popularity of A-REITS has recovered and we believe there is space for one more in the sector.
“That’s not just my opinion, but the market opinion regarding the sector.
“We are taking advantage of the conditions, but then it’s down to property skills.”
McBain said getting Collishaw on board was a natural fit.
“He is a friend and someone we can work with. He was very easy to approach.”
“The listed property trust will be Nick’s show.”
</body></html>

New Centuria listed property trust to take advantage of improving A-REIT conditions: CEO John McBain

<html><body>
There are still plenty of full office floors available for lease in the Melbourne CBD according to the latest figures compiled by Savills.
The real estate group counts 76 full office floors available for lease in February, unchanged from January.
At the same time last year, there were 61 floors available for lease.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2013/04/chartoftheweekapril3.gif"><img src="/images/stories/2013/04/chartoftheweekapril3thumb.gif"></a>
Savills says new office developments and government staff cuts in the central Melbourne precinct are behind the high number of prime full floors currently available for lease.
However, the group says the increased availability has sparked a recent spike in enquiry for full floors as tenants look to "take advantage and secure prime opportunities in a tenant’s market". 
Savills’ divisional director o office leasing, Phillip Cullity, says tenants are now increasingly aware that opportunities to secure the best space in the best location occurred in a market where total vacancy levels were on the rise.
"And tenants who have done their research will also realize that a rising total vacancy rate doesn’t necessarily mean a consequent rise in the number of full floors available. For example we now have vacancy at around 7% and 76 vacant floors but when full floors peaked at 88 in July last year the vacancy rate was just 5.6%.
"At the same time they realise that regardless of market phases there will always be competition for quality space and that’s why we are now seeing this upturn in interest from larger tenants.
 "Why wouldn’t you consider your options when you have historically high number of options at a time when there are very competitive rents and the likelihood of equally attractive incentives," he says.
</body></html>

Still plenty of full office floors available for lease in Melbourne CBD: Chart of the week

<html><body>
The Redcape Hotel Group has earned around $10 million following the sale at auction of six Coles-leased hotels and stand-alone Liquorland bottle shops in Queensland.
All sold at prices above book value at yields starting from 7.38%.
All of the properties are backed by long team leases to Liquorland Queensland, a wholly owned subsidiary of Coles.
The highest price was achieved for the Mansfield Hotel and First Choice Liquor in Townsville, which sold for just over $4 million at a yield of 8.21%. 
Also sold was the Ant Hill Hotel and Liquorland at Mareeba in the Atherton Tablelands ($1.75 million at 7.7% above book value) as well as the Commonwealth Hotel and Liquorland at Innisfail south of Cairns for $1.75 million. 
The three bottleshops are all located in and around Cairns -Liquorland Woree (just over $600,000), Liquorland Southside at Woree ($620,000 – 6.9% above book value) and Liqorland Coastwatchers at Trinity Beach ($890,000).
The campaign was steered by CBRE Hotels director Joel Fisher and Billy Holderhead of Burgess Rawson.
<a target="_blank" href="/news">Trevor O’Hoy</a>, the former CEO of brewing giant Foster’s, is the non-executive chairman of Redcape.
 
 
 
Mr Fisher said three of the buyers had come from the Melbourne bidding room with the other three buyers from the Sydney bidding room. However, there was active bidding from all locations.
 
He added that the strength of the Coles tenancy covenant combined with the improving sentiment in the hotel investment sector had underpinned significant interest in the sales campaign.
 
“Coles is Australia’s second largest hotel operator with around 100 hotel venues across the country,” Mr Fisher said.
 
“Given the security of the lease covenant we fielded strong interest from passive investors, not just from Queensland but from right across the country, with all of the properties offering long lease terms and guaranteed future rental growth, well above inflation.”
 
All of the properties are backed by initial long term leases (most of which commenced in 2006) with options. Mr Fisher said the lease terms included very favourable rent increases of 4% annually and all properties boasted good underlying property values.
 
One of the leading assets in the portfolio was the Mansfield Hotel and First Choice Liquor in Townsville, which sold for just over $4 million at a yield of 8.21%.
 
 
Also sold was the Ant Hill Hotel and Liquorland at Mareeba in the Atherton Tablelands ($1.75 million at 7.7% above book value) as well as the Commonwealth Hotel and Liquorland at Innisfail south of Cairns for $1.75 million.
 
The three bottleshops are all located in and around Cairns -Liquorland Woree (just over $600,000), Liquorland Southside at Woree ($620,000 – 6.9% above book value) and Liqorland Coastwatchers at Trinity Beach ($890,000).
 
Mr Holderhead added; “The long term leases and the blue chip tenancy covenants set these assets apart from other recent hotel offerings, with the opportunity to purchase a long term cash flow with fixed increases of 4% per annum, backed by one of Australia’s largest companies, not often seen in the investment market.”
 
“In this instance, investors were given the opportunity to buy well established, highly successful hotels and bottle shops which provide long term, fixed rental cash flows above inflation backed by Australia’s 2nd largest hotel operator.
 
“There is a flight to quality in the current market and we are fielding strong demand for assets in this price range of $1m - $6m which offer highly secure income streams and quality lease covenants such as these.”
</body></html>

Redcape nets $10 million from sale of portfolio of Queensland pubs and liquor stores

<html><body>
Reservoir real estate agent Robert James Marshall, who failed to submit trust account records to Consumer Affairs Victoria, has been suspended for a year, reprimanded and fined $1,500.
Marshall operated Partners Real Estate in Blake Street.
His suspension is until 26 February 2014.
According to Consumer Affairs, Marshall "failed to lodge trust account paperwork for six years despite repeated requests and warnings".
"His licence will be cancelled if he fails to lodge all outstanding audit reports and accounts with the director of Consumer Affairs Victoria by 30 June 2013.
"The tribunal imposed a condition on Mr Marshall’s licence to stop him receiving trust money or opening, operating or maintaining a trust account.
"VCAT found that Mr Marshall contravened the Estate Agents Act 1980 by failing to:
<ul>
<li>have trust accounts audited within three months after 30 June each year</li>
<li>keep signed copies of audit reports and make them available upon demand</li>
<li>provide documents and answer questions as required."</li>
</ul>
</body></html>

Melbourne estate agent suspended following trust account act breaches

<html><body>
A stately, beautifully restored five-bedroom property in Chelmer, Brisbane was the top selling property over the past weekend, according to RP Data.
Built in 1893, the house at <a href="https://www.realestate.com.au/property-house-qld-chelmer-113164031" target="_parent">11 Lama Street </a>is one of Chelmer's oldest.
It sold for $3.06 million having previously sold for $600,000 in 2002.
It has been fully restored and remastered and in the words of selling agent James Curtain from Place Estate Agents Bulimba "now stand as an inspiring piece of real estate that effortlessly combines old world character and modern convenience".
Five of the bedrooms are en suite with bathrooms featuring Calcutta Italian marble and French Limestone flooring.
It has two gas fireplaces, a temperature controlled wine cellar and 50,000 litres of concrete underground tanks.
The 10 most expensive sales over the March 26 - 28 weekend were:
 
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/11_lama_street_chelmer_qld_4068/3853051">11 Lama Street, Chelmer, QLD, 4068</a>, five-bedroom house, sold at auction on March 27 by Place Estate Agents Bulimba for $3.06 million 
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/71_bay_street_mosman_nsw_2088/4477146">71 Bay Street, Mosman, NSW, 2088</a>, four-bedroom house, sold prior to auction on March 28 by Mcgrath Estate Agents for $2.28 million 
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/45_cowper_street_randwick_nsw_2031/5748302">45 Cowper Street, Randwick, NSW, 2031</a>, five-bedroom house, sold prior to auction on March 27 by Goodyerdonnelley Woollahra for $2.225 million 
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/16_avoca_street_randwick_nsw_2031/5737919">16 Avoca Street, Randwick, NSW, 2031</a>, seven-bedroom house, sold at auction on March 26 by N G Farah Kingsford for $1.67 million 
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/42_cecil_street_paddington_nsw_2021/5263526">42 Cecil Street, Paddington, NSW, 2021</a>, three-bedroom house, sold prior to auction on March 26 by Di Jones Woollahra for $1.44 million 
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/70_livingstone_avenue_pymble_nsw_2073/5642219">70 Livingstone Avenue, Pymble, NSW, 2073</a>, five-bedroom house, sold on March 26 by Century 21 Cordeau Marshall for $1.42 million 
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/111_oberon_street_randwick_nsw_2031/5759092">111 Oberon Street, Randwick, NSW, 2031</a>, three-bedroom house, sold at auction on March 27 by Coogee First National for $1.415 million 
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/5_admiralty_drive_alexandra_headland_qld_4572/2506636">5 Admiralty Drive, Alexandra Headland, QLD, 4572</a>, five-bedroom house, sold at auction on March 30 by Century 21 On Duporth for $1.4 million 
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/19_manchester_street_hawthorn_vic_3122/11192727">19 Manchester Street, Hawthorn, VIC, 3122</a>, three-bedroom house, sold at auction on March 27 by Jellis Craig Boroondara for $1.339 million 
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/9_warrington_avenue_epping_nsw_2121/2265938">9 Warrington Avenue, Epping, NSW, 2121</a>, three-bedroom house, sold at auction on March 30 by Mcgrath Epping for $1.295 million
Source: RP Data  
</body></html>

Restored Brisbane beauty in Chelmer tops RP Data top ten sales

<html><body>
Neil Proudlove says individual personalities involved can also have a significant impact on the outcome of retail property transactions.
<img style="margin: 5px; float: left;" alt="proudloveone" height="200" width="200" src="/images/stories/2013/04/proudloveone.png">Agent: Neil Proudlove
Position: Regional director - retail investments
Company: CBRE
Office location: Sydney
How long have you been in the industry?
Nearly 30 years in total, the first 10 working in the UK and the past 20 here in Australia.
What’s happening in the area you specialise in?
For most of my business life I have specialised in retail property - ranging from asset valuation, portfolio management, agency (selling and buying), development and asset repositioning, including significant tenant leasing deals.
Describe the most interesting property you have sold/leased/developed:
Every deal is interesting in that in retail property, they are all unique - differing parties wanting differing legal and commercial outcomes and very often, the individual personalities involved can also have a significant impact on the outcome.
What are the ingredients to being successful in your job?
Market knowledge is important, but so is an ability and desire to listen to what others are saying to you. In commercial real estate agency you also need to have a high degree of commitment, patience and perseverance. The process is generally a measured marathon, rather than a speedy sprint! 
What aspects of your role do you enjoy the most?
People – I entered into the real estate market not because I like ‘bricks and mortar’ but because  of the individuals and ‘characters’ that fortunately are still found everywhere in the market. It is a special sector of the business world to work in. 
Where would invest a spare $750,000?
In the education of my four children – I could think of no better investment than trying to help those I love have the best start my wife and I could give them for their future. 
Which football team do you support?
I am Welsh, so rugby union rather than ‘football’ is my real passion. However, I worked in Liverpool in the UK for three years and not only grew to love the people and their positive outlook, but also have a soft spot for Liverpool FC – a soccer club with wonderful heritage and passionate supporters.
What’s your favourite app or techno gadget?
Up until last week I was a Blackberry user – am now just getting used to an iPhone 5.
How do you use social media?
Poorly at present, but something I need to get ‘up to speed with’ rapidly, not only for work, but also to make sure I can be ‘friends’ with my children!
LinkedIn account: <a target="_blank" href="https://www.linkedin.com/pub/neil-proudlove/4/905/5a2">Connect with Neil here</a>
</body></html>

In profile: CBRE retail investments specialist Neil Proudlove

<html><body>
The Reserve bank has left the door open to further rate cuts if needed.
"The inflation outlook, as assessed at present, would afford scope to ease policy further, should that be necessary to support demand," said RBA governor Glenn Stevens as part of his monetary policy decision statement.
"At today's meeting, the Board judged that it was prudent to leave the cash rate unchanged. The Board will continue to assess the outlook and adjust policy as needed to foster sustainable growth in demand and inflation outcomes consistent with the target over time."
Much will depend on the performance of Australian dollar and the non-mining sectors of the economy:
"While the near-term outlook for investment outside the resources sector is relatively subdued, a modest increase is likely to begin over the next year," he said.
Further on Stevens said:
"There are a number of indications that the substantial easing of monetary policy during late 2011 and 2012 is having an expansionary effect on the economy.
"Further such effects can be expected to emerge over time. On the other hand, the exchange rate, which has risen recently, remains higher than might have been expected, given the observed decline in export prices. The demand for credit has also remained low thus far, as some households and firms continue to seek lower debt levels," he said.
<a target="_blank" href="/news">Economists polled by Bloomberg</a> don't expect another rate cut until June at the earliest.
</body></html>

"Scope" for further rate cuts if needed: RBA

<html><body>
With the prospect of securing fixed rate offerings below 5%, one in three new home loan borrowers who used an AFG mortgage broker fixed their rate in March. 
The AFG Mortgage Index, published today, shows that 29.6% of all new home loans were fixed, compared with 24.1% in February and 16.3% in January. 
The March figure is the highest proportion ever recorded by <a href="/news">AFG</a>, which bills itself as Australia's largest mortgage broker. 
AFG also recorded its best March on record processing $3.18 billion of home loans, 8.6% higher than in March 2012, and beating its previous record month of March 2009, when it processed $3.15 billion. 
“We have seen an unprecedented surge of borrowers wanting to lock in rates. With many commentators believing the interest rate cycle is at the bottom, borrowers have responded by fixing rates of less than 5% that have been widely on offer,” said Mark Hewitt, general manager of sales and operations at AFG. 
“These rates are very low by historic standards and it makes sense to lock them in while they are still available.” 
AFG’s mortgage sales growth was largely driven by first-home buyers in WA and investors in NSW. 
The AFG Mortgage Index shows the continuing weakness of first-home buying activity in NSW, where only 4% of new borrowers are <a href="/news">first-home buyers</a>, and Queensland, where just 5.1% of new borrowers were first-home buyers. 
These figures compare with 15.3% for SA, 18.3% for Victoria and 22.9% in WA.
</body></html>

A record one in three borrowers fixed their home loan in March: AFG

<html><body>
As expected, the Reserve Bank has left the cash rate unchanged at 3% following its monthly monetary policy meeting today.
All 28 economists polled by Bloomberg ahead of the Easter long weekend tipped the cash rate to remain unchanged.
This is the third straight meeting the RBA has left the benchmark interest rate unchanged and at its lowest setting since the GFC.
“The latest <a href="/news">housing market indices from RP Data and Rismark International,</a> which showed another rise in dwelling values across the capital cities in March, would have provided further reassurance to the Reserve Bank that the previous rate cuts are taking affect,” commented RP Data national research director Tim Lawless.
“Based on RP Data's index to the end of March, capital city dwelling values have risen by 4.7% since bottoming out in May last year, with every capital city housing market recording a rise in home values.
“Rents and investor yields are also rising, as are transaction volumes.  Pretty much every market indicator is pointing to a further recovery in the housing market; clearance rates are higher, homes are selling faster and vendors are discounting their prices by less.
“The broad based recovery in housing market conditions, together with the strong labour market data for February, high consumer confidence and an improving share market, are all factors that are likely to keep interest rates at their current setting,” says Lawless.
With no rate change in five months (December 2012), Alex Parsons, CEO of financial comparison website RateCity.com.au, said this could signal the end of the interest rate downward cycle.
“While we are still seeing some fixed home loan rates falling, their descent has slowed significantly, which could also be a sign of lenders expecting funding pressure to stabilise or lift in the near future.
“For instance, the average three-year fixed rate fell by 0.56 percentage points in the six months to October 2012, and in the past six months it fell by 0.36 percentage points, according to RateCity’s database of more than 100 lenders,” Parson said.
“Since the Reserve Bank began lowering the cash rate in November 2011, borrowers with a typical $300,000 mortgage are paying $266 less in monthly repayments.”
</body></html>

RBA leaves cash rate unchanged at 3% in April

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