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The much anticipated loft-style apartments at the $440 million redevelopment of the Swiss Grand Hotel in Bondi will launch this weekend, with one-bedroom lofts starting from $700,000.
Developed by Eduard Litver of the Capit.el Group and Allen Linz of Rebel Property Group, Pacific Bondi will comprise of 94 apartments, a <a href="https://www.propertyobserver.com.au/developments/pacific-bondi-beach-appoints-qt-hotels-resorts-as-hotel-component-operator/2013080663878" target="_blank">boutique hotel operated by QT</a> Hotels and Resorts, a health club, supermarket and a fashion and dining precinct.
"The Lofts are the most unique and rare apartments in Bondi,” says Allen Linz of Rebel Property and Eduard Litver of Capit.el group.
“Our vision was to create loft style apartments inspired by volumous spaces found in Manhattan Soho district to compliment the ultimate inspirational lifestyle only PACIFIC can offer,” says Linz and Litver.
<img alt="bondi-beach-nov-26-one" src="/images/stories/2013/11/26/bondi-beach-nov-26-one.jpg" height="127" width="470">
Designed by Andrew Anderson of PTW Architects, the lofts will have interiors by Koichi Takada Architects and feature 3.5-metre ceilings, split level bedrooms and a neutral colour scheme inspired by Bondi Beach.
One-bedroom lofts range from 45 square metres to 73 square metres internally and start from $700,000.
Two-bedroom lofts range in size from 97.5 square metres to 119 square metres internally and are priced from $1.55 million.
Three-bedroom loft apartments range in size from 149 square metres to 161 square metres and are priced from $3.95 million.
“We’ve been getting an immense amount of enquiry on The Lofts, a lot of people who missed out the first stage of The Pacific have come back and are very keen to secure a loft,” says Steven Chen Director of projects at McGrath.
“What they’ve found are all the services and the architectural design are the biggest draw card. In certain areas the ceiling height will be as high as 3.5 metres, making the aesthetic feel of the apartments larger than they are,” says Chen.
Chen says McGrath has received a significant increase in enquiries from Chinese buyers, with some 50% of attendees coming to the display suite of Asian origin.
The Lofts have as expected completion date of mid-2015.
The Pacific Bondi Beach development will also include 19 luxurious lighthouse penthouses, with only seven remaining priced ranging from $5.45 million to $25 million, and a mix of lighthouse apartments starting from $575,000 for a 35-square-metre studio.
Chief investment officer of Caledonia Investments, Will Vicars, <a href="https://www.propertyobserver.com.au/trophy-homes/caledonia-investments-fund-manager-will-vicars-confirmed-as-%2421-million-pacific-bondi-beach-penthouse-record-price-setter/2013060962114" target="_blank">splashed $21 for two adjoining two-storey lighthouse penthouses</a> to create a 975-square-metre super apartment.
The $25 million apartment on offer boasts a 40-metre frontage, has an internal area in excess of 500 square metres and an external area of 300 metres.
The hotel sector will comprise of 69 one- and two-bedroom hotel apartments ranging from $590,000 to $800,000.
Only ten hotel apartments remain, offering a 6% gross yield for three years.
Hotel apartments range in size from 38 square metres to 100 square metres, with hotel guests having access to a health club, gym, pool and concierge.
Apartment residents of The Lofts and the Lighthouses will also have access to the hotel facilities.
The $440 million redevelopment has an estimated completion date of early 2016.
<a target="_blank" href="mailto:ntrotman@propertyobserver.com.au">ntrotman@propertyobserver.com.au</a>
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ntrotman-Et3xWpamVh

Pacific Bondi Beach The Lofts to launch this weekend

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A five-bedroom waterfront home put to the market for the first time in 35 years is this week’s most expensive sale, selling for $6.45 million, according to RP Data.
The property on Iluka Road last traded in 1977 for $167,500 an annual appreciation rate of 10.4%.
Situated on 795 square metres, the lower level as been updated with a self contained retreat featuring a caesarstone kitchen.
The property, listed with a $6 million plus price guide, was advertised as needing some refurbishment, or alternatively, the buyer could build their dream home.
The home sold at auction on November 23 through Sally Osborne of <a href="https://www.belleproperty.com/2P5401" target="_blank">Belle Property Mosman</a>.
The median house price in <a href="/news">Mosman</a> is $2.2 million, a 4.3% decline in the past five years, according to RP Data.
Most expensive sales:
 
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/30_iluka_road_mosman_nsw_2088/4486925" target="_blank">30 Iluka Road, Mosman, NSW, 2088,</a> five-bedroom house, sold at auction on November 23 by Belle Property Mosman for $6.45 million.
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/3/47_new_beach_road_darling_point_nsw_2027/16541014" target="_blank">3/47 New Beach Road, Darling Point, NSW, 2027,</a> three-bedroom unit, sold at auction on November 19 by 1st City Hasemer + Caldwell.Eyles for $6.3 million
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/46_brighton_boulevard_north_bondi_nsw_2026/4952441" target="_blank">46 Brighton Boulevard, North Bondi, NSW, 2026,</a> four-bedroom house, sold prior to auction on November 21 by Ray White Double Bay for $5.475 million.
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/2/40_mona_road_darling_point_nsw_2027/2063879" target="_blank">2/40 Mona Road, Darling Point, NSW, 2027,</a> three-bedroom unit, sold at auction on November 19 by 1st City Hasemer + Caldwell.Eyles for $4.4 million.
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/17_uvadale_grove_kew_vic_3101/11357450" target="_blank">17 Uvadale Grove, Kew, VIC, 3101,</a> five-bedroom house, sold on November 23 by Jellis Craig Hawthorn for $4 million.
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/26_cross_street_bronte_nsw_2024/1610058" target="_blank">26 Cross Street, Bronte, NSW, 2024,</a> four-bedroom house, sold at auction on November 20 by Laing + Simmons Double Bay for $3.8 million
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/28/155_macquarie_street_sydney_nsw_2000/6611779" target="_blank">28/155 Macquarie Street, Sydney, NSW, 2000,</a> three-bedroom unit, sold on November 20 by Wilson Property Agents Circular Quay for $3.75 million.
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/62_glyndon_road_camberwell_vic_3124/10219482" target="_blank">62 Glyndon Road, Camberwell, VIC, 3124,</a> five-bedroom house, sold at auction on November 23 by Marshall White Armadale for $3.73 million.
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/119_victoria_road_bellevue_hill_nsw_2023/1370877" target="_blank">119 Victoria Road, Bellevue Hill, NSW, 2023,</a> four-bedroom house, sold at auction on November 20 by Laing + Simmons Double Bay for $3.63 million.
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/47b_irvine_street_peppermint_grove_wa_6011/13026561" target="_blank">47b Irvine Street, Peppermint Grove, WA, 6011,</a> three-bedroom house, sold at auction on November 23 by Mack Hall Real Estate Claremont for $3.5 million.
<a href="mailto:ntrotman@propertyobserver.com.au" target="_blank">ntrotman@propertyobserver.com.au</a>
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Tightly held for 35 years, Mosman home secures $6 million plus profit: RP Data

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Spring’s last hurrah is set to go out with a blooming bang with 3,212 auctions scheduled across the capital cities this week, according to RP Data.
Auction volumes dipped last week to 2,686, down from 2,814 the previous week.
The combined capital city auction clearance rate also dropped last week to 66.9%, down from 67.4%.
At the same time last year, the clearance rate was recorded at 51.3% from 2,119 auctions.
Melbourne’s auction volumes were down last week from 1,270 the previous week to 1,161 last week.
Melbourne’s revised clearance rate also decreased last week to 66.7%, down from 69% the previous week.
At the same time last year Melbourne’s clearance rate was recorded at 58.2% from 988 recorded auctions.
Sydney’s auction volumes also decreased last week, down from 1,099 the previous week to 1,047 last week.
Sydney’s clearance rate dipped slightly from 75.3% the previous week to 74.9% last week.
At the same time last year the clearance rate in Sydney was substantially lower at 50.4% from 737 auctions.
Melbourne is expected to hold 1,494 auctions this week and Sydney is scheduled to host 1,278.
<a target="_blank" href="mailto:ntrotman@propertyobserver.com.au">ntrotman@propertyobserver.com.au</a>
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Spring's last hurrah to go out with a blooming bang: RP Data

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Construction on Pointcorp’s $20 million Gateway Apartments in South Mackay has reached the top level, with the roof soon to be installed.
Only four apartments remain in the five-level apartment development, since launching to the market in November last year.
Designed by Cottee Parker, Gateway Apartments will comprise of 56 one- and two-bedroom apartments.
"The architect has been working closely with the builder to ensure a high quality finish," says Pointcorp sales and marketing manager Sam Patterson.
"As the development has taken shape, we have also been able to experience the views first hand, which are even better than expected.
"As a result, we have also been receiving renewed interest in these final four apartments," says Patterson.
Remaining two-bedroom apartments are priced from $415,000 to $440,000.
"The apartments are significantly larger than the average in Mackay and therefore have appealed to investors and owner-occupiers wanting to secure a spacious apartment.
"The final two bedroom apartments average about 80 square metres, including generous balconies around 20 square metres, to take in the views, and are expected to achieve a rental yield of about 6.3%, which has made them very appealing to investors.
"Investors are also attracted to Mackay generally, because of the billions of dollars being poured into the region,” says Patterson.
Major new developments either planned or underway in the region total $94 billion, according to a report by Michael Matusik of Matusik Property Insights.
"Investors are looking to take advantage of this shortfall, particularly considering the rental vacancy rate is already very low at around 1.5%, by purchasing in strategic areas in Mackay.
"Gateway Apartments has ticked all the boxes, due to its quality design and spacious floor plan, as well as its location within the masterplanned Parkside development.
"The Parkside precinct will include a Coles supermarket, specialty shops and restaurants and a public plaza, which is due to commence construction early 2014, meaning residents will have access to a whole range of shops and services literally at the doorstep," says Patterson.
Gateway Apartments is on track for an early 2014 completion.
The median apartment price in <a target="_blank" href="/news">Mackay</a> is $349,000, an 18.3% change in the past five years, according to RP Data.
ntrotman@propertyobserver.com.au
 
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Pointcorp's Gateway Apartments in South Mackay reaches new heights

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We’ve all at some point, attended an auction where the price soars past the price guide you were given and you’re left frustrated that you were coaxed into thinking you had a chance, or you’re simply baffled by the frenzied bidding that threw you out of the game long ago.
Accusations of underquoting are increasing in the property market and some tout this greedy practice as a <a target="_blank" href="https://www.propertyobserver.com.au/news/underquoting-the-auction-systems-necessary-evil-mark-armstrong/2013102265879">necessary evil</a>.
“Ironically, the practice that frustrates buyers is the same one that enables the auction system to work in the first place,” says Mark Armstrong.
Property Observer proposed the following question to professionals active in the field and industry bodies.
Is underquoting an issue we should be focusing on? If yes, how should we go about addressing it?
 
 
Jacque Parker – President of the<a target="_blank" href="https://rebaa.com.au/"> Real Estate Buyers Agents Association of Australia</a> (REBAA) <img width="150" height="200" style="float: right;" src="/images/stories/2013/10/22/jacque-parker-porfile-3.png" alt="jacque-parker-porfile-3">
UNDERQUOTING IS AN ONGOING PROBLEM THAT GIVES HOME BUYERS UNREALISTIC EXPECTATIONS
As a leading real estate industry body, REBAA clearly views underquoting as an ongoing problem which gives homebuyers unrealistic expectations and costs them money in unnecessary inspections. It also damages the reputation of selling agents who knowingly engage in deceptive practices and put simply, attracts the wrong market for the vendors – those who can’t afford the property.
The Office of Fair Trading has the power to enforce fines on selling agents who get caught underquoting that are not much more than the average commission earned for selling a property. Considering underquoting is fairly endemic, these fines are neither enforced nor act as much of a deterrent.
While the vendor ultimately sets the reserve (with some of the blame ultimately falling on pure greed in some cases), the selling agent has a responsibility to the public to inform them of a realistic price range or guide for property. In my opinion, this should be the identical range or estimate that is provided on the listing sales agreement with the vendor. If this can be legislated on a national basis, then at least it provides consumers with some reassurance that the estimation and selling price are one and the same.
 
Ben Kingsley – Chair of <a href="https://www.pipa.asn.au/" target="_blank">Property Investment Professionals of Australia</a> (PIPA)<img width="150" height="200" src="/images/stories/2013/11/22/ben-kingsley-profile-2.jpg" alt="ben-kingsley-profile-2" style="float: right;">
I DON'T SEE IT AS AN ISSUE, THE CHALLENGE IS TO ENSURE THE MESSAGE IS CLEAR TO ACTIVE BUYERS
When it comes to property, as with any other asset, I'm a believer in a free open market, where values are determined by a willing buyer purchasing from a willing seller. When it comes to valuing property it can be a subjective opinion, and even qualified valuers with years of experience sometimes disagree with the value of a property.
On one hand I do have a small amount of empathy with real estate agents who have to advise their vendors of an appraisal value of their homes prior to marketing it.  Yet in a moving market under auction conditions the results achieved are often well above the quote estimated range prior to the auction and the reserve set on the day.  This is the cause of obvious frustration for buyers who consistently miss out, expecting the property to be sold for less.
However on the other hand, it's obvious some agents overuse the 'quoting low strategy' of starting the marketing campaign at the bottom end of their appraisal value to create initial interest in the property.  For those active in the market, it usually doesn't take long for buyers to work out which agencies use this tactic and they expect the property to sell 10 - 15% above the quoted price.
It's impossible to know what is going to take place at an auction on the day and as our buyers agents at Empower Wealth can attest, some auctions will surprise even the most experienced campaigners with the result, but most will fall within the value range that an experienced professional will have determined prior to the auction. So, I don't see it as an issue.  I think the challenge is to ensure the message is clear to active buyers - get better educated!  They must do extensive research of the location and comparative sales leading up to the auction, this way they should not be disappointed or surprised by the result.
Next page: Frank Valentic and Paul Biller
 
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Frank Valentic – Managing director of <a target="_blank" href="https://www.advantageproperty.com.au/%E2%80%8E">Advantage Property Consulting</a>
<img width="150" height="200" style="float: right;" src="/images/stories/2013/10/22/FrankValentic-profile.png" alt="FrankValentic-profile">
MORE ADEQUATE POLICING AND HARSHER PENALTIES/FINES FOR THOSE THAT BREACH THE TRADE PRACTICE'S ACT
I think underquoting has always been an issue with a minority of agents over the last two decades that I have been buying and selling property. There are a minority of agents who will continue to do so and have deceived buyers in the past by quoting lower prices as “bait prices” to attract buyers to their properties in the hope of picking up that bargain that everyone wants. The old adage of “quote it low and watch it go and quote it high and watch it die” has rung true with these minority of agents who purposefully aim to deceive buyers. I believe that we should go about addressing this issue with more adequate policing and harsher penalties/fines for those that breach the Trade Practice's Act. I cannot remember the last time when there was any media coverage about this in the last couple of years when most buyers and agents know that the practice exists, just as dummy bidding existed until harsher laws/penalties were introduced. I believe this would be helped if it was mandatory for agents to quote a range in writing on their ads and the practice of “no quoting” to be abolished as these agents would be more accountable with proof of ads in writing.
In summary, I think underquoting is an issue with a minority of agents, which unfortunately taints all agents with the same brush and gives the industry a bad name. If agents were asked to provide more comparable sales (eg: 10 rather than the current three required by Consumer Affairs) and the vendors reserve price or agent’s market estimate prices had to be within the price range quoted this would elevate some of the problems.
Agents can’t be blamed though when the reserve is within the quoted range but the market takes it 10-20% plus above reserve which is happening at numerous auctions now.
 
Paul Biller - Principal of <a target="_blank" href="https://www.1stcity.com.au/">1st City Hasemer &amp; Caldwell-Eyles</a>
THE REAL ISSUE ISN'T UNDERQUOTING, BUT THE PUBLIC'S MISCONCEPTION ON PRICE GUIDES<img width="150" height="200" src="/images/stories/2013/11/15/biller-profile.jpg" alt="biller-profile" style="float: right;">
When an exceptional result is achieved at an auction, there can be a downside. Complaints of underquoting are made by purchasers who have missed out on purchasing a property.
Strong auction results and growth in property prices this year has highlighted the widespread issue of underquoting and the frustration of buyers who miss out when properties sell for more than the quoted estimate - particularly after investing time and money into strata reports; building and pest inspections and solicitors.
The reality is that real estate agents can’t possibly predict exactly what a property will ultimately sell for in an auction, and with competitive bidding, the final price may well exceed both the vendor’s and the agent’s expectations.
When a real estate agent is appointed to auction a property – an auction agency agreement is signed between the agent and the vendor outlining various details and terms of the forthcoming sale including the agent’s opinion of value. Most agents will quote within 10% of this figure. This opinion is generally formed and substantiated by recent sales of properties with comparable attributes in the area, however, even if the agent researches comparable properties and quotes a price estimate that they genuinely believe is realistic, there’s no guarantee that the property at hand will sell within that range.
Quoted price estimates and comparable sales results should be taken as guides only. Ultimately, it’s the different spending limits of each bidder, their motivation for wanting the property and the intensity of competition that count on auction day.
The real issue isn’t underquoting, but the public’s misconception that an advertised or quoted price guide is the level at which the property is likely to sell. This is not necessarily the case.
 
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As more responses come through, we will continue to update.
Edwin Almeida - Managing partner at <a href="https://www.just-think.com.au/" target="_blank">Just Think Real Estate</a> (Added Friday afternoon) <img width="150" height="200" style="float: right;" alt="almeida-oct-31-profile" src="/images/stories/2013/11/22/almeida-oct-31-profile.jpg"> 
AGENTS TO BE MADE TO DISCLOSE THEIR CURRENT MARKET APPRAISALS
Some agents believe the general public are still in the dark ages and that only they have the power or the understanding of their local market conditions. In the most, they are sadly mistaken. But they persist on underquoting for the sake of drawing a crowd to their auctions. Yes, this does assist with the emotional frenzy from the buyers and adds to the end values of the property to a degree. This brings foreign buyers to the area that usually have money to burn.
However, it is time this practice was stopped and agents made to disclose their current market appraisals (CMA) when showcasing the property. After all this is something they will have to disclose to the Office of Fair Trading if they were questioned at any time as to how they came up with a sale price.
Sadly though, when agents do underquote, the majority of general public know and all it creates is a bad feel and taste with respect to agent's behaviour and character. The only parties oblivious are the foreigners to the area. But let's take it further and also ask what should be done with respect to vendors allowing the practice of underquoting to be endemic. The agent will say "price it low watch it go." and the vendor will agree believing this to be a legitimate market strategy not realising they are engaging in deceptive and misleading conduct. Greater and more stringent enforcement of on spot fines and disclosure (advertised) of reserve pricing will have a strong impact in controlling this practice. It is when there is true transparency that we can truly boast that market forces drove a price point to unbelievable highs.
 
Garth Rothwell - Licensed real estate agent at Property 1 Real Estate (Added December 11)<img style="float: right;" alt="garth-dec-11-profile" height="200" width="150" src="/images/stories/2013/12/11/garth-dec-11-profile.png"> 
<div>PRICE GUIDES ARE NOT MISLEADING FOR BUYERS WHO HAVE DONE THEIR HOMEWORK</div>
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Are price guides misleading? The short answer is no, price guides are not misleading for buyers who have done their homework and researched recent sales within the suburb within the last six months, as for buyers who have no knowledge of recent sales and rely solely on the price guide they have have effectively abdicated their responsibility to do their own research.
The majority of buyers use the price guide as a starting point and I have yet to meet anyone who believed the price guide to be an absolute statement of value. Every buyer I have negotiated with during the auction process has had their own opinion of value and has always discarded the price indicator in favour of their own opinion especially when they believe the price indicator is too high.
Obviously if you take away the price indicator the bidding starts from zero as in the old days (70s &amp; 80s) when auction agents would never disclose or discuss price even upon threat of death (I was taught old school) however this practice frustrated many inexperienced buyers and made them feel very intimidated.
The most common price indicator is the fixed price as it is simply an indication of the price the owner would like to achieve and 99% of properties with fixed prices 'reduce their price" yet I do not see the public, politicians and media complaining about this process because the price is seen to fall causing buyers to think they have won a discount. Same principle, different psychology, one starts high and reduces the other starts low and increases, so to use a famous quote, please Explain why one method should be considered unethical and the other normal practice?
The psychology of the buyer at the  auction is to ask questions to try and ascertain the lowest price the owner will accept, all buyers are looking for a bargain and the buyer is entering a process of negotiation, unfortunately many buyers are poorly trained in this skill, the saying, quote them low and watch them go and quote them high watch them die is very true, however it is the buyers who make it true by their actions and their perception of how to negotiate.
Though the one question no one has ever been able to answer is, if price indicators are so misleading why do buyers turn up with enough money to buy the property? After all, people with cash usually want a discount, don't they? Obviously 99% buyers are not misled at all and bargain hunters are just aggrieved at missing an alleged bargain and as for the 1% who do not do their homework, that is their responsibility.
As for the governments decision to remove price indicators, the agents will simply use the term bargain. There are a 100 ways to infer the concept without using a price guide, so unless the government wants agents to negotiate in braille it won't make any difference. The reality is you cannot legislate human emotion or opinion and it is waste of time attempting to do so - it will ultimately prove to be 'much ado about nothing".
<a target="_blank" href="mailto:ntrotman@propertyobserver.com.au">ntrotman@propertyobserver.com.au</a>
 
 
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Take that price guide with a grain of salt: Underquoting

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Construction has begun six months ahead of schedule on Makshaq’s development My Place Hawthorn, with the project securing 65% in apartment sales in two months.
Located on Albert Street, My Place Hawthorn comprises of 151 one-, two- and three-bedroom apartments with designs by CHT Architects to attract younger buyers.
Head of Colliers International residential division Tim Storey spent time with Makshaq and the design team in the early days of the development to create a response to the current market demand.
“We looked at the Hawthorn buyer and what was important to them,” says Storey.
"Factors such as modern, very high quality finishes, car parking, and communal indoor and outdoor spaces with facilities the residents can enjoy and share with neighbours and friends.
“In approaching Jack Merlo we engaged him to create an exclusive urban sanctuary on the roof top that would appeal to all residents and add to the pride of living in My Place,” says Storey.
Residents will have access to a communal rooftop space with spas, indoor and outdoor kitchens and barbeques.
Remaining one-bedroom apartments are priced from $375,000 and remaining two-bedroom apartments are priced from $525,000.
Three-bedroom apartments are priced from $789,000 and have a second car space.
Colliers is currently in the process of securing well-known cafe tenants for the retail space below.
My Place Hawthorn has a scheduled completion date of January 2015.
My Place Hawthorn will join other Hawthorn East developments, <a target="_blank" href="https://www.propertyobserver.com.au/victoria/hawthorn-east-to-welcome-two-boutique-developments-only-metres-apart/2013102865991">Soltice Apartments and Elmington</a>. 
The median apartment price in <a target="_blank" href="/news">Hawthorn East</a> is $475,000, a 20.6% change in the past five years, according to RP Data.
ntrotman@propertyobserver.com.au
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My Place Hawthorn begins construction six months ahead of schedule

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A reader recently wrote in requesting a suburb spotlight on regional area Albury-Wodonga, so Property Observer has collated data to give a snap shot of how the area is tracking.
Albury-Wodonga has over 82,000 residents and just under 36,000 private dwellings, according to the 2011 census.
<a target="_blank" href="/news">Albury</a> is the hardest place to find rental accommodation, after a 0.2% decline in its vacancy rate in October to 1.8%, according to the REINSW. Albury’s vacancy rate was at its lowest in July at 1.4%.
According to the REINSW’s June 2013 report, Albury enjoyed marked annual improvements with the median house price rising 5.7% to $280,000.
However units fell annually by 1.4% since June 2012 to $180,000 in June this year.
As an area, Albury-Wodonga’s October vacancy rate was recorded at 2.0%, a 0.4% increase from its September rate of 1.6%, according to REIV.
Peter Drummond of Drummond Real Estate says the Albury market is a “very normal” market and he doesn’t plan on leaving it anytime soon.
Drummond says auctions in the regional area are generally failures but says it’s not an indication of how the market is.
“We’re not having any problem making sales, the city is a strong city, the region is a strong region.
“There are positive things about the market and some people are predicting it as a bit of a boom town – I think it will remain steady and strong.
“Prices have been stable for around seven or eight years, but we get some properties that sell easy and then get others that we kind of scratch our heads at,” says Drummond.
Drummond says Albury receives good investor interest in the city, as the yields are generally better than the big cities and other regional towns.
The median house price in Albury is $370,000, a 2.8% change in the past five years, and properties spend an average of 113 days on the market, according to RP data.
The median rental price for a house in Albury is $320, a 4.5% rental yield reflection.
The median house price in <a target="_blank" href="/news">Wodonga</a> is $260,000, a 2% change in the past five years, according to RP Data.
Houses in Wodonga spend an average of 109.5 days on the market and reflect a 5.6% rental yield with a median house rent of $280.
The median unit price in Albury is $209,500, a 10.6% change in five years, according to RP Data.
Units in Albury spend an average of 142 days on the market and have a median rent of $230, reflecting a 5.7% rental yield.
Units in Wodonga have a median price of $175,000, a 1.4% change in the past five years.
They spend an average of 124 days on the market and have a median rent of $210, reflecting a 6.2% rental yield.
A three-bedroom <a target="_blank" href="https://www.drummondrealestate.com.au/memdisplay/mempageview_new.php?display=mempageview7&amp;id=6132044#section1">classical red brick home on Paine Street</a> is on the market for $519,000.
The home last traded in July 1988 for $125,000, according to RP Data.
{yoogallery src=[images/stories/2013/11/22/alb]}
A <a target="_blank" href="https://www.drummondrealestate.com.au/memdisplay/mempageview_new.php?display=mempageview7&amp;id=6135341#section1">three-bedroom weatherboard home</a> on Kooba Street is available to rent for $270 a week.
The 1960s home features a renovated kitchen, one bathroom and a rear yard.
The property last traded in September for $189,000, reflecting a potential rental yield of 7.43%.
{yoogallery src=[images/stories/2013/11/22/alb2]}
ntrotman@propertyobsevrer.com.au
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Suburb spotlight: Albury-Wodonga

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A full brick federation home ripe with renovation potential is on the market in Willoughby for the first time in over 50 years, with a $1.7 million price guide.
Located on Holland Street, Lalanamu was one of the first homes to be built on the street in 1904.
The four-bedroom home has only had two owners in its time; its most recent – Cecily Tilley – purchased the home in 1961 and raised six children there.
Situated on 682 square metres, the home features the original kitchen and bathroom and high corniced ceilings with central roses.
Holland Street has been home to some infamous Australia icons, including radio and television host Geraldine Doogue and Nicholas Farr-Jones, former Australian rugby player.
Lalanamu will go under the hammer on November 30 through Di Burcham of <a href="https://forsyth.com.au/Property-Details.php?p=3476244" target="_blank">Forsyth Real Estate</a>.
<a target="_blank" href="mailto:ntrotman@propertyobserver.com.au">ntrotman@propertyobserver.com.au</a>
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Willoughby federation home with renovation potential to fetch $1.7 million

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Riveria Properties has released an assortment of lots in The Headlands at Kings Cove Metung, with some lots large enough to comfortably host up to six units.
The 10 lots range in size from 800 square metres – appropriate for one dwelling – to 4,500 square metres, which is large enough to host six dwellings.
<img width="470" height="273" src="/images/stories/2013/11/19/headlands-nov-19-one.jpg" alt="headlands-nov-19-one">
“ This is an incredible opportunity in that it appeals to a number of different markets – retirees or downsizers can build the home of their dreams with spectacular views for a lot less than they expect, while similarly builders or boutique developers can acquire one of the land parcels and further subdivide to deliver a boutique residential precinct with multiple dwellings,” says Riviera Properties managing director Tim Weight.
Eight of the blocks provide buyers with the opportunity to apply for multiple titles and to further subdivide.
The lots range in price from $210,000 to $600,000.
“Buyers could build townhouses with shared driveways on the blocks, and given the way we have designed the sloping blocks there is an opportunity to fit additional dwellings on a lot which can each achieve spectacular water views. “The Headlands could also appeal to those who wish to create their own nest egg for the future by investing in the development of in a boutique waterview property project, the possibilities really are endless.
“The Gippsland Lakes’ affordability is what really stands out for savvy investors and purchasers; you can either jump on the chance to invest in an affordable property venture in an area that’s really starting to blossom, or buy and build the house of your dreams,” says Weight.
The median house price in <a target="_blank" href="/news">Metung</a> is $330,000, a 36.1% change in the past five years, according to RP Data.
ntrotman@propertyobserver.com.au
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The Headlands land release to appeal to both boutique developers and nest builders

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From December, the Tenants Advice and Advocacy Program will no longer fund the Older Persons Tenancy Service, a resource service for older tenants.
The New South Wales Fair Trading advises that TAAP will continue to assist older tenants and park residents, but OPTS tenant advocate Dr. Robert Mowbray says significant gaps will be left.
Mowbray says the complex casework OPTS previously did will be missing, as will direct services on older persons issues such as dementia and hoarding.
“This is a real concern. The changing demographics of renters shows an increasing number of older persons living in the private rental market
“Direct services generally, with no additional funding, will not be able to provide the same level of support with complex casework,” says Mowbray.
The TAAP provides funding to incorporated not-for-profit organisations for the operation of tenancy advice and advocacy services to residential tenants throughout New South Wales
The program currently has $9.26 million per annum.
<a href="mailto:ntrotman@propertyobserver.com.au" target="_blank"></a><a href="mailto:ntrotman@propertyobserver.com.au">ntrotman@propertyobserver.com.au</a>
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Funding for Older Persons Tenancy Service given the boot

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]

Nicola Trotman

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