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Mirvac has secured three $5 million plus penthouse sales in the past month at its Waterfront Newstead development, meaning all nine penthouses have now been snapped up in the Pier release.
Three Queensland buyers bought the remaining penthouses, with two located on level five and a penthouse-style river home located on level one.
"These are unique premium apartments, in terms of design, finish and location," says John Carfi Mirvac chief executive officer of residential.
"To make three sales in excess of $5 million each in a single month is positive in any market, so given the soft conditions we've experienced in Brisbane over the past few years, it is a clear sign that we are turning a corner.
"We had been steadily making these top end sales, however we've seen a definite spike in activity for our absolute premium properties in the last 12 months,” says Carfi.
The nine penthouses in the <a href="https://www.propertyobserver.com.au/news/mirvac-secures-%24234-million-in-sales-at-waterfront-newstead-including-%2414-million-penthouse-sale/2013091164964" target="_blank">stage one Pier</a> ranged from $5.3 million to $14.25 million.
The grand penthouse sold in 2008 for over $14 million and set a record for the most expensive apartment sold off the plan in Brisbane, a title it still holds.
Mirvac has sold in excess of $217 million worth of apartments at Pier.
Located two kilometres from the Brisbane CBD in the Newstead Riverpark community, the 10.6-hectare Waterfront Newstead site will feature six residential precincts once complete, accommodating over 1,000 residents.
Construction on the first release, Pier, began in 2009 with construction starting on the second release, Park, in 2010.
Mirvac’s <a href="https://www.propertyobserver.com.au/news/mirvac-secures-%24234-million-in-sales-at-waterfront-newstead-including-%2414-million-penthouse-sale/2013091164964" target="_blank">Waterfront Newstead community</a> will take around 15 years to complete.
The residential community will be part of the larger scale Newstead Riverpark, which will feature FKP’s $1.1 billion Gasworks development.
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ntrotman-Et3xWpamVh

Mirvac secures three $5 million plus penthouse sales at Pier

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It’s two words that are continually circling around the property sphere: negative gearing. We’re yet to hear the Liberal government mouth them and so far there have been no announcement on what it plans on doing.
It’s a friend to property investors but a foe to first home buyers, with <a target="_blank" href="https://www.propertyobserver.com.au/news/home-ownership-rates-among-young-dips/2013102265889">Matt Cowgill tweeting</a> that the home ownership rate among 25 to 34 year olds has dipped below half.
According to a <a target="_blank" href="https://www.propertyobserver.com.au/australian-capital-territory/government-policies-favour-wealthy-property-owners/2013102065823">report by the Grattan Institute</a>, negative gearing and the capital gains discount provide residential property investors with nearly $7 billion a year, or $4,500 on average for each property investor.
The report suggests that the current government welfare and tax policies benefit wealthy homeowners, leaving young renters and first home buyers disadvantaged.
Catherine Cashmore has <a target="_blank" href="/news">emphasised</a> that to be against negative gearing as a policy incentive is not a stance against investment into the housing market.
Property Observer has asked property institutions and experts active in the property space to weigh in on the debate.
They were asked: Should negative gearing be change? Why or why not?
 
 
 
 
Shane Oliver – Head of investment strategy and chief economist, <a href="https://www.ampcapital.com.au/?" target="_blank">AMP Capital</a> <img width="125" height="150" src="/images/stories/2013/10/25/shane-oliver-profile.jpg" alt="shane-oliver-profile" style="float: right;">
THE REAL PROBLEM IS LACK OF SUPPLY, NOT NEGATIVE GEARING
It seems every time the Australian residential property market takes off, calls appear for negative gearing on investment property to be restricted or abolished. But is it really the reason Australian housing is so expensive? Yes, it does seem investors have a bit of an advantage over first home buyers and yes, first home buyers seem to be missing in action right now.
But negative gearing is not the real problem. Australia is not alone in providing some form of tax assistance to home owners as most comparable countries do. American’s can even deduct interest on the family home from their taxable income, and yet our house price to income ratios are much higher.
Removing or curtailing negative gearing could even make the situation worse by reducing the supply of rental accommodation at a time when rental yields are hardly attractive for investors and could cause other distortions in the economy because negative gearing would still be available on other investments.
The real problem is a lack of supply. In a well-functioning market when demand goes up, prices rise and this eventually is met with increased supply. This has not been happening in the Australian housing market. We have had a world beating surge in house prices relative to incomes since the mid-1990s and yet building approvals are in the same range they have been in since 1990.
According to the National Housing Supply Council the cumulative supply shortfall since 2001 thanks to gross underbuilding relative to growth in underlying demographic demand for homes is 228,000 dwellings. What we really need to do is reform the supply of housing – release land for development faster, relax (within reason) development controls and develop a long term plan to decentralise away from our major cities.
This would be the best way to help first home buyers and cool speculative interest in housing. Negative gearing is a furphy.
 
Steve Keen – Professor of economics and finance, <a href="https://www.uws.edu.au/?" target="_blank">University of Western Sydney</a> <img width="125" height="150" src="/images/stories/2013/10/25/Steve-keen-profile.jpg" alt="Steve-keen-profile" style="float: right;">
IT NEEDS TO BE GRANDFATHERED OUT OF EXISTENCE
Negative gearing should be grandfathered out of existence: those who've already bought an investment property would continue to be eligible, but it should not be available in future.
The simplest reason is that it has failed in its one supposed policy objective: to enhance the supply of rental properties. What it has instead done is encourage individuals to speculate on the prices of existing properties. It has thus driven up house prices above what they would be if the government wasn't meddling in the property market, while doing precious little to increase the availability of rental properties by stimulating new construction. Borrowing by investors for building construction has fallen from 60% of investor loans to below 10% over the last three decades - a clear sign of a failed policy.
So why is it maintained? Because the policy has created a class of speculators whom neither party has the courage to anger by abolishing a failed and socially damaging policy. The continued existence of negative gearing is a measure of the cowardice of Australia's political elite.
Next page: Terry Ryder and Peter Bushby have their say
 
<hr class="system-pagebreak">
Terry Ryder – Founder of <a href="https://www.hotspotting.com.au" target="_blank">hotspotting.com.au</a> <img width="125" height="150" src="/images/stories/2013/10/25/Terry-Ryder-for-profile.jpg" alt="Terry-Ryder-for-profile" style="float: right;">
THERE’S NO REASON FOR IT TO BE CHANGED
I would say categorically, no and I’m absolutely 100% certain that they won’t be. It’s an issue that just keeps getting brought up but no politician with his head screwed on is going to make that change to negative gearing.
There’s no reason for it to be changed, it’s a system in place for clear reasons, for valid reasons and it works. The one and only time that a government in Australia decided to scrap it precipitated a disaster in the rental market and they had to bring it back very quickly. That happened in the era that Bob Hawke was prime minister and Paul Keating was treasurer.
Particularly in our capital cities, negative gearing is necessary for the viability of people buying investment properties. Without it, there would be a sharp reduction in the number of people who a buying properties in the capital cities because it’s very, very hard in our major cities to buy an investment property that’s positive cash flow. The vast majority are cash flow negative and without the tax benefit, it’s not a viable investment, therefore the pool of rental properties that are needed for those who rent, would dry up very quickly.
I’m not arguing from the viewpoint of vested interest, I don’t buy negatively geared property, I always buy positively geared. From my personal viewpoint, I don’t care whether it exists or not because I’m not affected but I think it would be a disaster for the property market for people who need to rent if it were removed. As it happened previously when Paul Keating removed it briefly before bringing it back.
 
Peter Bushby – President of the <a href="https://www.reia.com.au/?" target="_blank">Real Estate Insitute of Australia</a> (REIA).<img width="125" height="167" src="/images/stories/2013/10/25/bushby-profile.png" alt="bushby-profile" style="float: right;">
NEGATIVE GEARING NEEDS TO BE RETAINED, STAMP DUTY NEEDS TO BE ELIMINATED
We [REIA] strongly agree with the report’s [Grattan Institute Renovating Housing Policy] recommendations to eliminate stamp duties, however it’s essential negative gearing be retained in its current form for the purpose of property investment.
REIA has always supported negative gearing because it helps in the provision of rental accommodation. Negative gearing for property investment is complementary to the goals of the Government’s Housing Affordability Fund (HAF) in addressing the supply of rental accommodation.
To remove it would show that we haven’t learnt anything from history. When negative gearing was abolished in 1985 it had disastrous consequences for the property market and for people trying to rent. Rents rose 37% across Australia and by 57% in Sydney. Thankfully, negative gearing was reinstated in 1987.
It is far too short sighted to link investor interest in housing to negative gearing alone. Negative gearing is only one of a range of factors that contribute to the level of investment in property. Other factors include interest rates, availability and accessibility of finance, share market performance, the unemployment rate, housing supply and consumer confidence.
The myth that negative gearing is a plaything of the wealthy also needs to dispelled. The majority of taxpayers with a negatively geared property earn less than $80,000 a year. With the new government, expectations that industry will be involved in finding workable solutions to these old issues are high.
 
The debate is quite prominent in the twittersphere, with Catherine Cashmore and Oliver raising their concerns.
<blockquote class="twitter-tweet">
<a target="_blank" href="https://twitter.com/CCASHMORE_BUYER">@CCASHMORE_BUYER</a> ..I seem to recall in late 80s NG was curtailed only to be returned after its removal reduced the supply of rental accom
— Shane Oliver (@ShaneOliverAMP) <a target="_blank" href="https://www.propertyobserver.com.au/https://twitter.com/ShaneOliverAMP/statuses/392622101128966144">October 22, 2013</a>
</blockquote>
If you would like someone’s opinion added to the list, please email ntrotman@propertyobserver.com.au and we’ll consider getting their viewpoint.
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Should negative gearing be changed? The experts have their say

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Property Observer was recently informed of a first home buyer who had received preapproval with Bankwest on a loan and after the valuer inspected the property, they chose to decline the loan as it was within 100 metres of high-tension power lines. This came as a surprise to the new buyer who was unaware that this was even something that could affect their ability to buy a property.
The property was said to be outside QBE insurance guidelines.
This led Property Observer to ask a range of mortgage brokers and property advisors to provide a list of obstacles that may come in the way of you and your bank loan, so that you don't find yourself in the middle of any nasty surprises.
“The important thing is if there is a risk with either the security or you, then your highest criteria for your loan search does not come down to the lowest interest rate, rather which lenders policies will mean that you satisfy their risk tolerance and that of the Lenders Mortgage Insurance (LMI) they use,” said director of Investors Choice Mortgages Jane Slack-Smith.
Obstacles include:
<ul>
<li>Bushfire prone areas and flood areas</li>
</ul>
<ul>
<li> Results in credit score</li>
</ul>
“A minor default on a telephone bill or a late gas payment could stop a borrower from obtaining finance,” Mortgage Choice spokesperson Jessica Darnbrough explained.
<ul>
<li>Buying in a mining town</li>
<li>Properties under 50 square metres and studio apartments</li>
</ul>
“Some lenders will not lend on a unit located in a high density apartment block. High density apartment blocks are usually three to four stories high and have more than 30 units,” Darnbrough continued.
<ul>
<li>Heritage listed properties</li>
<li>Uninhabitable to live in “as is” – It could be a renovators dream but financing is difficult to obtain if the property is lacking a kitchen or a bathroom</li>
<li>High tension power lines</li>
</ul>
Each mortgage insurer differs and some have a 100 metre restriction, whereas others will only have a 50 metre restriction.
<ul>
<li> Valuation shortfall</li>
</ul>
“One of the most common problems people face when applying for a home loan is a shortfall between the purchase price of the property and the amount the bank values that property for,” Darnbrough said.
<ul>
<li>Buying a property in a specific holding structure, for example Hybrid Discretionary Trust with corporate Trustee or SMSF</li>
<li>A property with a granny flat</li>
<li>A property with a specific use, such as a boarding house, commercial property, holiday house, student accommodation, display homes and NRAS</li>
<li>Serviced apartments</li>
</ul>
As Slack-Smith says, some lenders will not lend at all if these obstacles come in the way, whereas others will reduce the loan to value ratio (LVR) to below 80%.
If you know of a loan that has been declined for something not included on the list, please email <a href="mailto:ntrotman@propertyobserer.com.au">ntrotman@propertyobserer.com.au</a>
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Hurdles to watch out for when acquiring a bank loan

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One of Australia’s biggest comparison websites finder.com.au is warning borrowers to compare home loans or face paying too much, as more Aussies opt for a fixed term.
Finder.com.au says many fixed rate home loans have attractively low rates but after the fixed period ends, they are reverting up to 1.01 percentage points.
According to the website, the average three-year fixed rate is currently 5.07% and reverting to 5.51% after the fixed period ends, but there are some banks, including all four major banks, that revert up to 6.19%.
In July 2011, the difference between average three-year fixed rates and the revert rates was only 0.03%.
As of October 2013, the difference between three-year fixed rates and revert rates has climbed to 0.44%.
The amount of borrowers choosing to fix has climbed in the last 12 months by 29,122 more.
“Fixed loans are great for certainty that your repayments will remain the same during the fixed term, particularly when there’s talk of rising interest rates on the horizon following the latest inflation figures,” says spokesperson of finder.com.au Michelle Hutchison.
“And there are some very good value deals currently being offered, with three-year fixed rates starting from 4.69 % on <a href="https://www.finder.com.au/home-loans">finder.com.au/home-loans</a>. But low fixed rate loans are not necessarily the best value over a 30-year loan term if the revert rate is much higher.
“For instance, let’s take a typical $300,000 mortgage over 30 years with the average three-year fixed home loan of 5.07% reverting to 5.51%.
“The extra cost after the fixed period would be about $81 per month. Over the remaining loan term of 27 years following the fixed period, this extra cost is potentially over $26,000,” says Hutchison.
Hutchison says the best way to avoid being ripped off with a fixed home loan is by comparing home loans before your fixed term ends and renegotiating with your lender or to switch to a better deal.
“If you fixed at the average three-year fixed rate of 5.07% and switched after three years to one of the lowest variable rates available – currently 4.59% – that’s $168 less in monthly repayments compared to the average revert rate of 5.51%.
“Over the remaining loan term that’s a saving of over $54,000,” says Hutchison.
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Home loan comparison website warns about the importance of researching a fixed loan

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The last release of Defence Housing Australia’s Heartwood residential development was snapped up in just four hours over the weekend.
Located at Voyager Point in South West Sydney, the 25 blocks ranged in price from $371,000 to $468,000 and ranged in size from 450 square metres to 708 square metres.
“Pent up buyer demand for the land lots was realised over the weekend,” says DHA managing director Peter Howman.
“Land lots like these are rare in the hustle and bustle of Sydney, and this just shows that buyers want the lifestyle and amenities that Heartwood and DHA have to offer.
“This community was designed to promote connectivity throughout the existing area with new cycleways and walkways linking to the bushland and river,” says Howman.
The development is named after the heartwood of the Mahogany trees that surround Voyager Point.
Defence Housing Australia will retain 42 land lots for defence members and their families, with construction of the DHA properties to commence at the end of October.
The median house price in <a target="_blank" href="/news">Voyager Point</a> is $755,000, a 19.8% change in the past five years, according to RP Data.
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Last release of Defence Housing Australia's Voyager Point development snapped up

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Harcourts is set to lay down the red carpet in the Mornington Peninsula, as the real estate company launches Harcourts Luxury Property Selection today.
“The introduction of Harcourts Luxury Property Selection to the Mornington Peninsula will strengthen opportunities for new and existing clientele wanting to get their hands on coveted peninsula real estate, and will further position Harcourts as an enviable leader in the market place,” says business owner of Harcourts Luxury Property Selection Mornington Gerard Cosgrave.
Clients of the luxury sector will receive services such as the real estate concierge and properties listed with Harcourts Mornington will now be able to be advertised in eight different countries.
“The Harcourts Mornington team are delighted to now have the ability to expand our local offering whilst utilising Harcourts’ international prowess,” says Harcourts Mornington general manager Lauren Wild.
“The Mornington community will be the ultimate beneficiaries of this service as the Harcourts Luxury Property Selection focuses on showcasing properties to generate maximum exposure on a global scale, meaning the best possible prices are achieved,” says Wild.
The company's door officially opens today.
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Harcourts to bring luxury to the Mornington Peninsula

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The Reserve Bank of Australia’s consumer price measures of inflation are stable and well within its target zone of 2% to 3%, according to the September 2013 quarter Consumer Price Index (CPI).
The consumer price index rose by 1.2% and annual inflation rate is now 2.2%.
The analytical series of trimmed mean and weighted median increased by 0.7% and 0.6% respectively for the September quarter 2013, compared to increases of 0.6% for both in the June 2013 quarter.
“The annual changes for the trimmed mean and for the weighted median were 2.3% for both and compare to the changes for the twelve months to the June quarter 2013 of 2.3% and 2.5% respectively,” says REIA president Peter Bushby.
The housing group increased by 2% in the September quarter, compared to 0.6% in the June 2013 quarter.
The annual rate increase of 4% is down from 5.3% to the year to June.
The main increases in the September quarter were water and sewerage, an increase of 9.9%, and property rates, an increase of 7.9%.
Of the year to September 2013, the largest increase in the housing group was for electricity at 6.1%.
Rents increased by 3.2% for the year.
“With inflation well under control and a subdued economy, it’s appropriate that the RBA Board maintains interest rates at their present level when it meets on Melbourne Cup Day,” says Bushby.
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RBA needs to maintain interest rates: REIA

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The third release of the $230 million residential development Erko will comprise of 16 torrens title terrace houses priced from $1.575 million.
The joint venture between Leighton Properties and LaSalle Investment Management will be known as Ashmore Terraces.
Built on the northern boundary of the 1.6-hectare development in Erskineville, the three-storey terrace houses of 185 square metres will feature three bedrooms and interiors by SJB.
<img alt="erkoi-oct-23-two" height="258" width="470" src="/images/stories/2013/10/24/erkoi-oct-23-two.jpg">
“We engaged SJB, Prineas and TRIBE Studio to take the finest features of a Victorian terrace, modernised them, and then integrate principles of thoughtful, sustainable design,” says managing director of Leighton Properties Mark Gray.
Apartments feature marble ensuites with freestanding baths and large stone benchtops in the kitchens with miele appliances.
“Most of the time we are working within the confines of an existing building, however this was an opportunity to design a classic architectural style with modern living in mind,” says Hannah Tribe of TRIBE Studio.
Gray says Erskineville is synonymous with terrace living and expects the third release to be well received by owner-occupiers.<img style="float: right;" alt="erko-oct-23-one" height="296" width="200" src="/images/stories/2013/10/24/erko-oct-23-one.jpg">
Tim Rees of CBRE says the beauty of the Erko terraces are that they’re brand new.
“You are not buying a property in need of repair nor suffering from maintenance issues which is practically unheard of in a suburb so close to the city, especially one like Erskineville which is in such high demand,” says Rees.
The first stage of Erko was released in November 2012 and the second stage was released in 2013, totally 263 apartments priced from $400,000 to $1.3 million - only three apartments remain.
Construction on Erko began in June this year and is on track for a late 2014, early 2015 completion.
The fourth and final stage will have approximately 40 apartments.
The median house price in <a target="_blank" href="/news">Erskineville</a> is $825,000, a 25% change in the past five years, according to RP Data.
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Third release planned for $230m Erko development

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Don’t have much cash to splash but want to own your own property? Property Observer has found the five cheapest properties around the nation currently on the market, and although they need some work, we want to know if you’d grab a bargain to get your hands dirty.
This <a target="_blank" href="https://www.realestate.com.au/property-house-vic-woomelang-107525560">two-bedroom weather board period cottage</a> (pictured below) in Woomelang is on the market for $39,000.
It has recently had some re-cladding in hardi plank and even has air conditioning but it is in need of a new kitchen.
{yoogallery src=[images/stories/2013/10/23/woo]}
 
This <a target="_blank" href="https://www.realestate.com.au/property-house-vic-nhill-114621215">t</a><a target="_blank" href="https://www.realestate.com.au/property-house-vic-nhill-114621215">hree-bedroom home</a> in Nhill (pictured below) is probably the most appealing of the five and is marketed as an ideal investment or development opportunity.
It features electric cooking, a comfortable sized living area and one bathroom.
{yoogallery src=[images/stories/2013/10/23/nhill]}
 
The cheapest of the bunch is <a target="_blank" href="https://www.realestate.com.au/property-house-wa-norseman-107683506">this two-bedroom cottage</a> (pictured below) in Norseman.
Situated on 647 square metres, the property features Jarrah floors, a single car garage and a patio, and has an asking price of only $25,000.
{yoogallery src=[images/stories/2013/10/23/norse]}
 
This <a target="_blank" href="https://www.realestate.com.au/property-house-vic-pyramid+hill-112438671">Pyramid Hill property</a> is the most expensive out of the five, but is literally a shell with walls and a roof.
Comprising of two bedrooms, the property (pictured below) sits on a double block with some plumbing done and a new roof.
It is listed for $43,500.
{yoogallery src=[images/stories/2013/10/23/pyr]}
 
Last but not least, this <a target="_blank" href="https://www.firstnational.com.au/?pagecall=property&amp;propertyID=2327872">two-bedroom home</a> in the small gold mining town of Mount Magnet is on the market for $40,000.
Situated on 1,012 square metres, the property (pictured below) even comes with all the furniture in place – including the washing machine and the fridge.
{yoogallery src=[images/stories/2013/10/23/mag]}
 
<img alt="poll-results-oct-24" height="132" width="419" src="/images/stories/2013/10/24/poll-results-oct-24.gif">
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Would you buy a property under $50,000 to renovate?

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Following the recent demand for land at Shell Cove, Australand and Shellharbour City Council are releasing 12 lots this weekend in the Ocean Links Precinct.
The masterplanned Shell Cove community has received strong interest with the <a target="_blank" href="https://www.propertyobserver.com.au/news/demand-remains-strong-for-australand-s-shell-cove-masterplanned-community/2013100865580">previous land release</a> snapped up on its release day.
Located in Bonville Parkway, the 12 lots range in price from $310,000 to $360,000 and range in size from 616 square metres to 776 square metres.
Australand is expecting the latest release to attract those with school aged children, with an one-site Shell Cove primary school and pre-school close by.
“Buyers can utilize the extra space by installing a pool in the backyard, growing a beautiful garden or even including an extra bedroom in their home design,” says Australand NSW residential division general manager Nigel Edgar.
“Golfing enthusiasts will have the opportunity to purchase a prime piece of land front The Links Shell Cove 18 hole golf course, with many of these lots offering uninterrupted views across the beautiful fairways and greens.
“Sales have been extremely strong this year at Shell Cove and we are committed to meeting market demand by releasing affordable land in a variety of precincts within the community,” says Edgar.
The Bonville Parkway release will be launched on October 26.
The median house price in <a target="_blank" href="/news">Shell Cove</a> is $530,000, a 9.8% change in the past five years, according to RP Data.
news@propertyobserver.com.au
For the latest development listings, brought to you by Property Observer and partners, see our <a rel="nofollow" href="https://showcase.propertyobserver.com.au/">Investor Showcase</a>.
                   
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Shell Cove to release 12 more lots this weekend following strong buyer demand 

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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