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The Reserve Bank is likely to leave the cash rate on hold in April and possibly for many months after that unless the non-mining sectors of the economy fail to pick-up.
Yesterday the RBA left the cash rate unchanged at 3% with bank economists noting that the monetary policy statement which accompanied it was virtually identical to the one made in February, but for a slightly better outlook for non-mining sectors.
Signs of improvement include the 0.9% rise in retail turnover in January – the strongest January rise in six years – and capital city dwelling values rising by 0.3% in February, following a 1.2% rise in January, according to the RP-Data-Rismark index.
Building approvals figures were a bit weaker than expected for January (down 2.4% on a seasonally adjusted basis), but previous figures have been upwardly revised and it is likely that January figures will also be upwardly revised in line with an overall improvement trend.
Quarterly GDP figures released today show the Australian economy grew by 0.6% in the December quarter after a 0.7% increase in the September quarter with CommSec's chief economist Craig James noting Australia's record-breaking economic expansion continues.
"Australia has a Goldilocks economy – not too hot, not too cold, in fact it's just about right. Why our good economic circumstances aren’t trumpeted more, defies rational explanation," writes James.
HSBC chief economist Paul Bloxham says low inflation (currently well within the RBA’s target 2% to 3% band at 2.2%) means an easing bias still remained and the RBA could cut rates if necessary, but he highlighted the following comment by RBA governor Glenn Stevens in the monetary policy statement, which suggests a brighter outlook.
“During 2012, there was a significant easing in monetary policy. Though the full impact of this will still take more time to become apparent, there are signs that the easier conditions are having some of the expected effects.”
Bloxham says the RBA continues to push the message that an easing bias remains in place, which keeps monetary conditions loose and prevents further appreciation in the Australian dollar (helping non-mining sectors like tourism, manufacturing and retail).
“Tactically, it pays the RBA to be dovish, irrespective of whether it eases further, particularly given the global currency wars.
But he also highlights a brighter economic picture emerging despite national accounts figures coming out today that showed a 3.1% rise in GDP over the 2012 calendar – slightly below the RBA’s expectations in the February statement of annual GDP growth of 3.5%.
“Solid [January retail] trade data and a surprise jump in the public investment data suggest there is more upside than downside risk to our forecast," says Bloxham.
Commonwealth Bank chief economist Michael Blythe also notes that the March monetary policy statement is almost a “carbon copy” of the February statement, but for “some faint suggestions that the easing bias is a little less pronounced”.
“Global downside risks have lessened but the qualifier 'for the moment at least' made in February has been dropped. “Sentiment in financial markets is now 'much improved' rather than just being on an improving trend. "Views on non?mining capex have shifted from 'relatively subdued' to adding a positive qualifier that 'some prospect of a modest increase' is now in store." Blythe says this “shift in emphasis” should be judged against the “relatively upbeat commentary provided by RBA Governor Stevens in his parliamentary testimony on 22 February, a lessening of concerns about the size of the mining capex ‘pothole’ and indications that the transition to non?mining led growth is underway”. "We expect the cash rate to remain at 3% during 2013," he says.
However ANZ economists Ivan Colhoun and Katie Dean maintain that the RBA “retains a clear bias towards further easing if the non-mining economy does not pick up more strongly”. “We continue to pencil in a further rate cut in June and see very little risk of a rate rise over the next twelve months as some are predicting,” they say.
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No rate cut in April as HSBC pencils in rate hike towards the end of the year

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<img src="/images/stories/2013/02/collierslogo.jpg" width="470" height="94" alt="collierslogo">
Wayne Chorley leads the Colliers International team covering the Perth industrial market from Neerabup to Mandurah. 
<img style="margin: 5px; float: left;" alt="chorleymarch6one" height="225" width="228" src="/images/stories/2013/03/chorleymarch6one.png">Agent: Wayne Chorley
Position: Director, industrial agency, WA
Company: Colliers International
Office Location: Perth
 
 
How long have you been in the industry? 
I have been involved in the real estate market for 33 years. I have specialised in industrial for the last 17 years.
What’s happening in the area you specialise in? 
The industrial market in Perth continues to maintain its resilience in the face of worldwide economic uncertainty.
Describe the most interesting property you have sold 
I once sold a laboratory in Tech Park Bentley which grew human skin for burn victims.
What are the ingredients to being successful in your job? 
Persistence. Motivation. Follow up. 
What aspects of your role do you enjoy the most? 
I enjoy the thrill of the deal and developing a cutting-edge dream team. I also enjoy Friday night drinks. 
Where would you invest a spare $750,000?
I would purchase a 500-square-metre office/workshop with a five tonne overhead crane and a small yard
Which football team do you support? 
Long-suffering Dockers member 
What’s your favourite app or techno gadget? 
The AFL footy app 
How do you use social media? 
I connect to colleagues through LinkedIn. I also use Twitter to keep up to date with the latest news and developments.
LinkedIn profile: <a target="_blank" href="https://www.propertyobserver.com.au/au.linkedin.com/pub/wayne-chorley/28/418/611">Connect with Wayne Chorley </a>
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In profile: Colliers International Perth industrial specialist Wayne Chorley

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The Meat &amp; Wine Co will open a new restaurant in the InterContinental Hotel at 117 Macquarie Street in the Sydney CBD.
The international steakhouse group will take the 320-square-metre space previously occupied by Justin North's Etch restaurant.
North's restaurant group, which included the award-winning Becasse restaurant and Etch, <a href="https://www.propertyobserver.com.au/commercial/justin-north-s-restaurant-group-collapses/2012060855048" target="_blank">collapsed in June last year</a>.
The Meat &amp; Wine Co, which is owned by Food Fund Australia, has taken a five-year lease with a five-year renewal option in a deal negotiated by CBRE’s Leif Olson.
The rental terms have not been disclosed.
The Meat &amp; Wine Co already has a restaurant at Darling Harbour (pictured below) and on Melbourne's Southbank, with a restaurant in Hawthorn East set to open next month.
<img src="/images/stories/2013/03/meatandwinemarch5one.jpg" width="470" height="313" alt="meatandwinemarch5one">
Olson said location was a key factor in the Macquarie Street lease.
“The opportunity to secure a prominent space within a luxury hotel with close proximity to Circular Quay was central to The Meat &amp; Wine Co’s decision,” Olson said.
The Meat &amp; Wine Co was established in 2000 by two of South Africa's most successful restaurateurs, Costa Tomazos and Bradley Michael.
Michael said the venture represented a new approach for the group.
“The InterContinental site offered us the iconic location we were looking for, however with 140 seats the space will allow us to create a smaller, more intimate model than our 300-plus seat flagship Darling Harbour location,” Michael said.
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Meat & Wine Co takes Etch space in Sydney's InterContinental Hotel 

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Office vacancy rates in in the Sydney suburbs have tightening noticeably over the past 12 months to January, according to a new report from Knight Frank.
Knight Frank records the suburban office vacancy rate declining from 9.5% to 7.9% between January 2012 and January 2013.
The Sydney suburban office market excludes the CBD and North Sydney office markets.
“While the drop in vacancy was partly a function of net supply, it was also reflective of steady organic demand,” notes Knight Frank.
Positive net absorption for the year (office space leased minus office space withdrawn from the market) measured 47,396 square metres or 1.6% of total stock.
The graph below shows that the vacancy rate has tightened in all suburban markets, bar the outer western Sydney market. 
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2013/03/chartoftheweekmarch6.gif"><img src="/images/stories/2013/03/chartoftheweekmarch6thumb.gif"></a>
According to Knight Frank, the majority of leasing activity which drove the healthy absorption figure occurred in the first half of 2012 with some loss of momentum in the second half of the year.
“This pattern was commensurate with the labour market, which showed metropolitan Sydney outperformed the NSW state total between mid-2011 until the second half of 2012 when both markets experienced some softening.
“With business conditions and confidence still below trend levels it is likely that leasing conditions will remain inconsistent over the first half of 2013 before an anticipated improvement in employment growth towards the end of the year.
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Sydney suburban office vacancy rates tightening: Chart of the week

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Industrial landlord the Goodman Group has confirmed that it has contracted to sell its 31,500 square metre industrial site at Mascot in Sydney to Harry Triguboff's Meriton group for $100 million.
Triguboff plans to build 1,000 apartments on the <a target="_blank" 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">19-33 Kent Road site</a> near Sydney airport with the sale earlier mooted by The Australian.
Goodman says the disposal of the site forms part of its active portfolio management strategy.
"Goodman will look to enhance the quality of its portfolio through the increasing trend of urbanisation and property renewal in its key markets," it said in a statement.
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Goodman confirms sale of Mascot site to Harry Triguboff's Meriton group

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Investors who placed funds in investment property schemes associated with former South Yarra property developer Mark Ronald Letton may soon receive their first payments since the appointment of receivers more than three years ago.
KPMG joint receivers and managers Damian Templeton and Philip Hennessy, appointed by a Federal Court to properties associated with Letten schemes in February 2010, have notified investors and other claimants that they intend to declare an interim distribution. “It is not yet clear what amount, if any will be available for distribution,” said Templeton in a notice placed in today's The Age and Herald Sun.
ASIC believes that more than 1,000 investors placed more than $100 million in the projects managed by Letten and promoted through a number of companies associated with Letten, particurlarly LGH Administration Pty Ltd and LGH Holdings Pty Ltd.
The investments were made between 1998 and 2010.
<a href="https://www.propertyobserver.com.au/industry-news/melbourne-property-developer-mark-ronald-letten-facing-criminal-charges-over-alleged-unregistered-investment-scheme/2011121452844">Schemes managed by Letten</a> include the Healesville Walk Shopping Centre Joint Venture in Victoria, Reef House Resort in Palm Cove, Queensland and the Yarra Valley Golf Joint Venture in Chirnside Park.
The possibility of investors receiving a payment follows the receivers selling a number of properties in joint venture schemes operated by Letten.
Properties sold by administrators include 167-173 Flinders Lane, a five level office and retail building on the corner of Hosier Lane, which sold for $13.31 million in July 2010, the Glen Centre, retail and offices on Glenferrie Road in Hawthorn, which sold in August 2010.
Investors and claimants must submit a formal proof of claim or investment confirmation form to the receivers by March 25 (or have done so in the past) to participate in the possible interim distribution.
Letten, an accountant and director of LGH Holdings Ltd, is alleged to have promoted and sold investments in commercial property joint venture projects that were required to be registered as managed investment schemes under the Corporations Act.
He is facing 21 counts of operating unregistered managed investment schemes, one count of carrying on a financial services business without an Australian Financial Services (AFS) licence, and 15 counts of obtaining financial advantage by deception involving approximately $1.4 million.
He has been granted conditional bail to appear at the Victoria Country Court on March 20, 2013 for a directions hearing.
Action against Letten dates back to February 2010, when the Federal Court appointed Damian Templeton and Phillip Hennessy of KPMG as receivers and managers to the property of the 18 unregistered managed investment schemes and their related companies and ordered that the schemes be wound up.
The court orders follow an application made by ASIC to the Federal Court on February 2010 for the schemes to be declared unregistered and for receivers to be appointed to the properties in the schemes.
Detailed information for investors can be found on a <a target="_blank" href="https://www.kpmg.com/AU/en/services/Advisory/Transactions-Restructuring/Restructuring/Letten/Pages/Default.aspx">dedicated KPMG - Letten website.</a>
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Interim payment likely for Mark Letten property scheme investors: KPMG receivers

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Non-bank lender, State Custodians Mortgage Company, has cut the variable interest rate on its peak performance home loan by 25 basis points to 4.99%.
It follows the RBA leaving the cash rate <a href="/news">on hold at 3% today</a>.
The 4.99% rate is only available for those borrowers who are refinancing and also requires a hefty minimum 25% deposit.
State Custodians CEO Heidi Armstrong said new borrowers could take advantage of the discounted rate in lieu of the RBA keeping rates on hold today.
“The adjusted rate is expected to top the financial comparison rate charts,” Armstrong said.
“The <a target="_blank" href="https://www.statecustodians.com.au/Home-Loans/Cheap/Peak-Performance-Offset">peak performance loan</a> is one of our most popular products and by cutting the interest rate to 4.99%, we’re making it an even more attractive option.
“The peak performance loan is 100% offset – this helps our customers to further reduce the interest they pay."
State Custodians receives its funding from Resimac.
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Non-bank lender State Custodians cuts variable rates by 25 basis points to 4.99%

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AFG mortgage brokers processed $ 2.9 billion worth of mortgages in February, a record figure for the month. 
This was 5.3% higher than for February 2012 ($2.8 billion) and 10.5% up on the next highest February in 2009 ($2.6 billion). 
It follows AFG recording a record January month as well with <a target="_blank" href="/news">$2.2 billion worth of mortgages written.</a>
Also in February, fixed rate loans rose in popularity, with 24.1%of new borrowers choosing to lock in rates, compared to 16.3% in January.
The 24.1% figure is the highest recorded by AFG for fixed rates since March 2012, when they accounted for 25.4% of all new home loans. 
However, first-home buyer demand remained subdued over the month with demand for mortgages from this key segment near an all-time low in NSW at just 4.5% of the market, up slightly from 4.1% in January. 
First-home buyer activity in Queensland, which slumped after the removal of state grants to buy established homes last year, recovered slightly, rising from 4.5% in December to 6.4% in February. 
Nationally, first-home buyers made up just 12.9% of borrowers who arranged their home loan through an AFG broker, down from 13.2% in January and well down from a recent high of 17.3% in July last year. 
These figures will add impetus to calls for the NSW and Queensland state governments to reinstate the $7,000 first-home owner grant for those buying established homes.
In the diminished first-home buyer market, major lenders made significant inroads and are now responsible for nearly four out of every five new home loans arranged by AFG brokers. 
The AFG Mortgage Index shows the proportion of loans processed for non-major lenders in the first home buyer market fell to 21.8% in February, from 24.8% the month before. 
Non-major lenders have traditionally been stronger in the first home buyer sector than among other types of borrowers such as investors, upgraders and people seeking refinance. 
Non-major market share among first home buyers achieved a high of 33% in May last year.
Mark Hewitt, general manager of sales and operations at AFG, says Australia’s mortgage market has been less competitive than other developed economies for a very long time.
"So it’s of real concern to see the growing dominance of the majors in the only part of the market where there used to be stronger competition. We hope this is something the ACCC take into account in their current deliberations," he says.
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AFG records strongest February mortgage sales on record but FHBs stay away

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The Reserve Bank has left the cash rate on hold at 3% for the second month in a row following its monetary policy meeting today.
The decision was in line with the <a href="/news">expectations of most economists</a> and follows the release of ABS figures earlier today showing retail turnover rose 0.9% in January, the strongest rise in seven months and the best January figures in six years.
It leaves the cash rate at its lowest setting since the GFC.
ANZ will make its independent interest rate announcement on Friday.
“The recently released index results from RP Data provided a further reason for the RBA to leave interest rates on hold,” commented RP Data’s research director Tim Lawless.
“The housing market is clearly on a recovery path, with capital city dwelling values having risen by 3.3%  since reaching what appears to be the bottom of the market in May last year.
"Capital city dwelling values rose a further 0.3% over the month of February, after posting a solid 1.2% rise in January.  Auction clearance rates have remained consistently high and the number of home sales was 7.6% higher over the second half of 2012 compared with the first half, which suggests consumers are more willing to make high commitment purchase decisions.
“It has taken the housing market longer than normal to respond to such low mortgage rates, however it would be reasonable to assume that the RBA would be fairly comfortable with the housing market outcome to date,” Lawless says.
Michelle Hutchison, spokesperson for mortgage comparison website Ratecity.com.au says borrowers don’t have to wait for the RBA to cut the cash rate to save on their home loan repayments.
“We are seeing more financial institutions than ever before moving their interest rates while the Reserve Bank leaves the cash rate on hold.
“It shows that the Reserve Bank appears to have less influence over institutions’ decisions, where previously they would wait for a “green light” from the Reserve Bank before moving their variable rates.
RateCity found four lenders which lowered some of their variable home loan rates by as much as 0.20 percentage points last month.
“However, we haven’t seen any variable rate moves from the major banks, which hold 92% of the home loan market,” she says.
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RBA leaves cash rate on hold at 3%  

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Home building activity is heading in opposite directions in NSW and Victoria. 
Building approval data released by the ABS for January indicate that home building activity is trending down in Victoria with NSW finally closing the gap on its state rival. 
“Trend growth in Victorian building approvals remained negative in January (and has been negative since August 2012), indicating that Victorian building activity will continue to slow from the recent peak in the coming months,” says Ivan Colhoun, head of Australian economics and property research at ANZ. 
“In contrast, steady growth in NSW building plans has driven trend approvals to the highest level since mid-2005, narrowing the gap between Victoria and NSW trend building approvals to the smallest margin in almost six years. 
In its analysis of the January ABS figures, the Urban Taskforce also notes a shift towards NSW with a major boost in apartment approvals in the state over the month.
“In January 2009, only 600 apartments were approved while the January 2013 figures indicate over 2,000 approvals,” says Urban Taskforce chief, Chris Johnson. 
“NSW is clearly leading the country in the approval of apartments as these become a preferred housing type for many people.”
However, Johnson says that national approvals for all housing were flat as were approvals for the detached housing in NSW. 
“NSW Government needs to ensure that planning rules help the apartment market particularly in inner city areas of Sydney. 
“We are hopeful the White Paper and the Metropolitan Strategy, due out soon, will help with planning approvals for apartment buildings particularly in Urban Activation Precincts,” he says. 
Commonwealth Bank economist Michael Workman notes building approvals fell in Victoria by 2.6% in January, but highlights that the state still accounts for over 30% of national building approvals “suggesting housing supply in the state will be plentiful in 2013”. 
Building approvals were down in NSW (?1.3%), Queensland (?5.8%) and SA (?3.2%).
Tasmania bounced by 13.9% over the month. 
On a through?the?year basis, approvals were up in NSW (14.3%), Vic (3.8%) and Qld (12.0%).  Approvals were down in SA (?2.6%) and Tasmania (?23.9%). 
The Housing Industry Assocation (HIA) described the January figures as "disappointing".
“Building approvals in January 2013 fell for a second consecutive month, dropping back below the 13,000 mark,” said HIA chief economist, Harley Dale.
“The headline January decline of 2.4% would have been weaker if there hadn’t been a 3.3% rise in detached house approvals, a component that continues to miss the mark overall.
"Even with that monthly rise, approvals for detached houses were still down by 1% over the three monthsto January,” said Dale.
Peter Jones, Master Builders Australia’s chief economist said the January building approval figures do little to suggest a strong recovery is on the horizon for the industry. 
“New homebuyers still seem reluctant to commit and new dwelling approvals remain weak, despite being up a fraction on the previous trough. 
“The industry just can’t seem to pick itself up off the mat at the moment. The rise in private sector houses is certainly welcomed, but comes after three consecutive falls. There is a long way to go to overcome the negative trend that has developed again," said Jones.
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New home building activity starting to shift from Melbourne to Sydney: ABS figures

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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