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<p>An iconic Dural location, the site of the Hargraves Nursery, has been listed for sale.</p>
<p>The 1.63 acre site, zoned RU6 Transition, SP2 Infrastructure, has spent 47 years as a "highly regarded Dural destination".</p>
<p>Situated at <a href="https://www.realestate.com.au/property-house-nsw-dural-131401174" target="_blank">630 Old Northern Road</a>, it is prominently positioned along the Dural business hub.</p>
<p>The property features, road frontage and exposure of approximately 80 metres with dual access along two boundaries.</p>
<p>Infrastructure on the holding includes, a home/office glass and shade houses, hardware and water retention facilities.</p>
<p>It has a clear view with Blue Mountain vistas.</p>
<p>It is located within minutes to Round Corner and Castle Hill.</p>
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j.ballantyne1990-6AQqhLzZaK

Hargraves Nursery site in Dural listed

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<p>There are just 800 listings remaining on the Purplebricks website.</p>
<p>It was at around 1000 a fortnight ago, as vendors depart the UK-based disruptor for local estate agents.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/29/narre%20warren%20east.jpg" alt=""></p>
<p>The <a href="https://www.purplebricks.com.au/search/property-for-sale#?q&amp;location=&amp;page=1&amp;searchType=ForSale&amp;sortBy=2" target="_blank">remaining 800 offerings</a> range from around $2.9 million to $3.2 million at 30 Boundary Road, Narre Warren East (pictured above), a four bedroom, three bathroom house set on 6.47 hectares to $30,000 for Lot 30 Melvin Terrace, Pinery.</p>
<p>The 1012 square metre Pinery holding has been unsuccessfully offered to market multiple times over the past six years, with the asking price reaching $133,270 from 2014 - 2016.</p>
<p>According to their website, around 85 agents are still on deck.</p>
<p>In early May, Purplebricks Australia announced its intention to exit the Australian market.</p>
<p>Despite the newly-installed CEO Neil Tavender and Kenny Bruce having overhauled the pricing model, so that half the fee was paid upfront and half on completion of the sale, Purplebricks have been forced to abandon the Australian market.</p>
<p>The pressure on the Australian business was most clearly exposed when it reported an $18 million interim loss for the six months to October last year.</p>
<p>Vic Darvey, the Purplebricks Group CEO said in May that after much consideration it had "made the difficult decision to close the Australian business".</p>
<p>"We’ve been operating here for two and half years and, unfortunately, we have been unable to make the progress in the Australian market that we’ve wanted, despite the tireless efforts of our employees."</p>
<p>The Australian branch announced that they would take no further listings in Australia, but intended to finalise all existing agreements.</p>
<p>They announced their decision just a week after UBS said the company was<a href="/news/purplebricks-not-likely-to-make-profit-in-australia-until-2022-ubs"> not likely to make money in Australia</a> until 2022.</p>
<p>In the month prior to the shutdown it was forecast that Purplebricks would potentially have to close its Australian operations <a href="/news/purplebricks-australian-agency-may-need-to-be-abandoned-to-save-uk-mothership">to save the UK mothership</a>.</p>
<p>Michael Bruce, the group's founder and chief executive officer stepped down immediately following the announcement with Vic Darvey, previously Purplebricks’ Chief Operating Officer, being appointed to the role of Chief Executive Officer and to the Board of Purplebricks.</p>
<p>While Purplebricks has sold more than 5000 homes since launching in Australia in September 2016, the company was spending about 84c in advertising to generate a dollar of revenue.</p>
<p>The <em>Australian Financial Review</em> has regularly revealed an exodus of estate agents along with allegations of a "toxic culture" within the company.</p>
<p>Over the weekend the London press reported Purplebricks is due to post losses of £51 million.</p>
<p>The <em>Sunday Telegraph</em> advised that the loss, for the 12 months to the end of April, will be unveiled when Purplebricks reports its results on Wednesday.</p>
<p>The ‘underlying pre-tax’ loss compares with £26m for the year before.</p>
<p>According to the <em>Telegraph</em>, the near-double loss comes after a “failed assault” on the Australian market and troubles in its American business, which has been under review.</p>
<p>However, says the newspaper, the company is “theoretically profitable” in the UK.</p>
<p>The founders, brothers Michael and Kenny Bruce, have both left the business.</p>
<p>Michael Bruce, who was also global chief executive, has been replaced by Vic Darvey, formerly managing director of Money supermarket.</p>
<p>The Bruces have sold their shares in Purplebricks to German publishing giant Axel Springer, now Purplebricks’ largest investor with a 27% holding.</p>
<p>Purplebricks shares closed on Friday at 99p, below the £1 launch price back in 2015.</p>
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Purplebricks Australian property listings shrink to just 800 homes for sale 

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<p>The Property Council of Australia is calling for the Commonwealth, state and territory governments to immediately convene an industry roundtable on resolving the insurance crisis for the building and construction sectors.</p>
<p>"Governments must come together on measures to address the imminent threat of the complete loss of insurance coverage for building certifiers which could significantly disrupt building and construction activity," said Property Council of Australia Chief Executive Ken Morrison.</p>
<p>The Property Council is calling on the Commonwealth to take a leadership role to:</p>
<ul>
<li>Implement a nationally consistent standard for risk assessment and rectification work for existing buildings with combustible cladding;</li>
<li>Establish a joint task force of industry and governments to design a program that will fund rectification works for building owners left exposed with no recourse;</li>
<li>Recommit to a nationally consistent approach and urgent implementation of the Shergold Weir report recommendations.</li>
</ul>
<p>It noted insurers around the world have withdrawn exclusion-free professional indemnity insurance for building certifiers and other professionals including engineers and architects in the aftermath of fires involving combustible cladding products.</p>
<p>"For building certifiers, this has precipitated into a real crisis with building surveying firms now facing closure because they cannot secure affordable or workable insurance policies," Morrison said.</p>
<p>"While Australia has taken action through its National Construction Code to improve safety standards in newly-constructed buildings, existing buildings with cladding are covered by a range of inconsistent and incompletely enforced state and territory regulations and guidelines.</p>
<p>"This has made it almost impossible for building owners to secure affordable insurance and to plan rectification works for their affected buildings. Building owners can no longer get expert advice from professionals as they themselves can no longer secure appropriate insurance cover for necessary work.</p>
<p>"This has now led to instances of certifiers being quoted insurance renewal costs up to hundreds of thousands dollars higher, or facing the prospect of no insurance cover at all.</p>
<p>"For too long, different levels of government have been passing the buck on putting in place nationally consistent standards for building regulation and compliance.</p>
<p>"The cost of this intergovernmental merry-go-round is now being sheeted home as building certifiers are unable to do their jobs without insurance cover.</p>
<p>"This impending insurance crisis risks bringing the construction sector to a halt if it is not addressed urgently."</p>
<p>The Commonwealth, state and territory governments have had the blueprint for action for more than 18 months in the form of the Shergold Weir report which made 24 recommendations to improve building regulation and compliance across Australia.</p>
<p>"Our objective must be to strengthen confidence in the regulatory regime for building and construction across Australia through a nationally uniform approach. Despite strong industry support, governments have taken too long to get this done," Morrison said.</p>
<p>"First and foremost, the Federal Government now needs to play a leadership role and bring together all state and territory governments as matter of urgency to deal with the looming insurance crisis, as well as commit to deliver on the Shergold Weir recommendations.</p>
<p>"Public confidence in the built environment, not to mention the hundreds of thousands of jobs supported by building and construction, demand this level of action from our governments."</p>
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Urgent action required to fix construction industry's insurance crisis: Property Council 

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<p>There are certainly opportunities in the current 2019 market to pay less than the last price.</p>
<p>But is there really such a thing as buying a <strong>bargain</strong> when it comes to<strong> </strong><strong>property</strong>? And <strong>where</strong> are they?</p>
<p>This series of articles looks are specific examples of sale price or asking price falling. </p>
<p>We take a look at where and if possible why this is happening.  </p>
<p><strong>We came across this property for consideration.</strong></p>
<p><img class="size-full wp-image-488233" src="https://www.realestate.com.au/blog/images/1600x1600-fit,progressive/2019/06/24070101/capi_59ceac5b4ce2459660fd073c5ab81358_78dab1edf43fe3f72f94e3f6cf110f95.jpeg" alt="" data-capiid="78dab1edf43fe3f72f94e3f6cf110f95"></p>
<p>A two million dollar discount is on offer for high-profile sport and entertainment manager Ralph Carr’s luxury Hawthorn home.</p>
<p>The grand home at <a href="https://www.realestate.com.au/property-house-vic-hawthorn-130923986">26 Shakespeare Grove</a> was originally listed for $12 million to $13.2 million but the price guide has now been adjusted to $10 million to $11 million.</p>
<p>Abercromby’s director Jock Langley said the initial expressions of interest campaign did not reach a level that would satisfy vendor expectations.</p>
<p>“We have realigned the assessment of value to reflect where we are confident there is buyer interest,” Mr Langley said.</p>
<p>The Victorian mansion is now going to private auction on August 10.</p>
<p>Carr paid $7.55 million for the sprawling 1,318 sqm property in 2013.</p>
<p><img class="size-full wp-image-488232" src="https://www.realestate.com.au/blog/images/1600x1600-fit,progressive/2019/06/24070056/capi_59ceac5b4ce2459660fd073c5ab81358_1bea73a44a309eec0b29246b1f43c47f.jpeg" alt="" data-capiid="1bea73a44a309eec0b29246b1f43c47f"></p>
<p><strong>It is up to you to determine if the offering is a truly beneficial bargain.</strong></p>
<p>Remember buying at the bottom of the cycle is fraught – as you can't really precisely pick the bottom nor know just how long until you see some price growth.</p>
<p>Be aware you could be buying a poor quality property in an area with ongoing issues of oversupply of stock.</p>
<p>The oversupply could be also putting downward pressure on rents.</p>
<p>Other price declines could be because the vendor needs a quick sale or paid way over the top on its last purchase chase.</p>
<p>Property Observer suggests property purchasing really does need to be a very well considered proposition with a long term mindset.</p>
<p><em> </em></p>
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Bargain property in Hawthorn? Two million dollar discount on luxury home

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<p style="text-align: left;" align="center">The RBA could cut the cash rate again as early as Tuesday however it’s unlikely the big four banks will pass it on in full, according to comparison site RateCity.com.au.</p>
<p style="text-align: left;">RateCity.com.au drew comparison to when the RBA cut the cash rate in May 2016, the big banks, with the exception of ANZ, passed on the full 0.25 per cent to their variable rate customers.</p>
<p style="text-align: left;">However, when the RBA cut again just three months later, not one of the big banks passed it on in full.</p>
<p style="text-align: left;"><img src="https://www.urban.com.au/images/2019/7/1/Passing%20the%20cut%201.JPG" alt=""></p>
<p style="text-align: left;"> </p>
<p style="text-align: left;">RateCity.com.au research director Sally Tindall said the big banks are increasingly finding themselves in a rock and a hard place.</p>
<p style="text-align: left;">“The RBA is now ready and willing to cut the cash rate. They’ve also made it very clear the banks should pass on these cuts to their variable home loan customers." </p>
<p style="text-align: left;">“But the closer the cash rate gets to zero, the more banks will start feeling wedged." </p>
<p style="text-align: left;">“Wholesale funding costs might have come down, but banks are trying to juggle deposit rates, lending rates, business costs and profit margins in what is an incredibly sluggish credit market."</p>
<p style="text-align: left;">“What’s been really interesting is that while hundreds of thousands of existing mortgage holders missed out on a full cut last month, competition for new business is actually intensifying."</p>
<p style="text-align: left;">“Last month we saw the lowest rate on the market for new customers fall from 3.44 per cent to 3.09 per cent – a drop of 0.35 per cent, 0.10 per cent more than what the RBA delivered."</p>
<p style="text-align: left;"><img src="https://www.urban.com.au/images/2019/7/1/Passing%20the%20cut%202.JPG" alt=""> </p>
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Why the banks probably won't pass on the next full RBA cut: RateCity

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<p class="p1">Actor Rachel Griffiths’ longtime home in the outer Los Angeles suburb Encino has quickly gone under offer.</p>
<p class="p1">There was a $US1.748 million ($A2.5 million) asking price on the stylish single-storey 1960s home.</p>
<p class="p1"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/1/Rachel%20Griffiths%20Encino%201.jpg" alt=""></p>
<p class="p1">Griffiths, now back in Australia with her artist husband, Andy Taylor, bought the home in 2005 for $US1.2 million when she was finishing up her role on US TV’s Six Feet Under.</p>
<p class="p1">She went on to appear in Brothers &amp; Sisters, which ran until 2011.</p>
<p class="p1">The listing is advertised as a “celebrity-owned mid-century modern oasis”.</p>
<p class="p1">All rooms have walls of glass, with a step-down living room with fireplace. There’s another sunken conversation nook with fire pit outside amid yellow palo verde trees.</p>
<p class="p1"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/1/Rachel%20Griffiths%20Encino%202.jpg" alt=""></p>
<p class="p1">The 1961 home blends minimalist and modernist elements in an open floor plan.</p>
<p class="p1">The gated residence sits on 1580sqm with a pool.</p>
<p class="p1">The now Melbourne-based Griffiths — who sold her Palm Beach, Sydney, retreat in 2014 for $2.25 million in just 10 days — will soon make her directorial feature film debut with Ride Like A Girl, which stars actors Sam Neill and Teresa Palmer, depicting the story of Michelle Payne, the first female jockey to win the Melbourne Cup.</p>
<p class="p1">This article was first published in the Saturday Daily Telegraph.</p>
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Actress Rachel Griffiths gets offer on longtime Los Angeles home

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<p>The Hayman Island InterContinental, located at the northern most point in the Whitsunday Islands, has welcomed its first guests.</p>
<p>Managed by the InterContinental Hotels Group (IHG), Hayman Island has undergone a $135 million refurbishment.</p>
<p>The resort is the first of four InterContinental Resorts to open in 2019 and will be followed by ANA InterContinental Beppu Resort &amp; Spa, InterContinental Maldives Maamunagau Resort and InterContinental Phuket Resort. </p>
<p>Groups involved in the design and construction of the 166 room resort include, DBI Designs, DAARC and KY Design.</p>
<p>The only way to get to the three wing resort is either luxury catamaran, helicopter or seaplane. </p>
<p>A new addition to the accommodation offering is the Three Bedroom Hayman Beach House, fronting Hayman Beach and offering 400 sqm of privacy.</p>
<p><img src="https://www.urban.com.au/images/2019/7/1/Hayman%20Island%202.JPG" alt=""></p>
<p>Each of the three encompassing suites has their own plunge pool, master ensuite and over-sized bathtub with the social spaces offering luxury island living with open plan dining and living room, alfresco entertaining, private sun loungers and unobstructed beach access.</p>
<p>One of the most significant changes to the resort, is the introduction of five restaurants and bars, Pacific, Bar Fifty, AQUA, Amici Trattori and Bam Bam.</p>
<p>Rooms at the <a href="https://www.propertyobserver.com.au/haymanisland.intercontinental.com." target="_blank">InterContinental Hayman Island</a> start from AUD$750.00 per night.</p>
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Hayman Island InterContinental reopens its doors

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<p class="x_MsoNormal">Sorrento’s stalled Continental Hotel redevelopment project has been listed for sale, with expectations of attracting keen interest.</p>
<p class="x_MsoNormal">Colliers International agents Guy Wells and Trent Hobart have been appointed to sell the iconic Continental Hotel at <a href="https://www.commercialrealestate.com.au/property/continental-hotel-1-21-ocean-beach-road-23-constitution-hill-road-sorrento-vic-3943-2015405350" target="_blank">1-21 Ocean Beach Road</a> and an adjoining site at 23 Constitution Hill Road in Sorrento.</p>
<p class="x_MsoNormal">Hotelier Julian Gerner purchased the property from the Di Pietro family following a sales campaign in 2015.</p>
<p class="x_MsoNormal">Gerner has obtained planning and heritage approval for an extensive redevelopment of the 144-year-old heritage-listed hotel, the largest limestone structure in the Southern Hemisphere.</p>
<p class="x_MsoNormal">But this project has been shut down given issues regarding the project's partners.</p>
<p class="x_MsoNormal">"It is an outstanding investment and development opportunity to bring new life to Sorrento’s iconic Continental Hotel," said Wells.</p>
<p><span>“The Continental Hotel redevelopment is a major undertaking, in a seasonal location and </span>requires a respectful and detailed restoration,” Gerner noted.</p>
<p>“This has created some complexity around commerciality and funding.</p>
<p>"Due to increasingly difficult market conditions, I have resolved to take the project back to market.”</p>
<p><span>Heritage restoration and basement works have commenced, while the planning approvals </span>provides for mixed use development capitalising on the site to provide a hotel, public bar, restaurants, multiple function rooms, café and two penthouse apartments along with parking for 114 cars.</p>
<p>The hotel has been closed for over two years.</p>
<p> </p>
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Sorrento's stalled Conti Hotel listed for sale

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<div>
<div>Both Melbourne and Sydney saw their auction clearance rate sit above 70 percent, however there's no new boom, according to one auction commentator.</div>
<div> </div>
<div>The final tally will revise lower as late results but sit in the commendable high 60 per cent range.</div>
<div> </div>
<div>The unreported results include <a href="https://www.raywhite.com/nsw/vaucluse/2120246/?lang=en" target="_blank">a Vaucluse trophy home</a> (top) which was passed in on a $16 million vendor bid at its late Saturday afternoon auction.</div>
<div> </div>
<div>There had been just the one bid taken by auctioneer, Damien Cooley of $15 million for the home of hotelier Ashton Waugh who'd listed the home with a $16 million price guide through Gavin Rubinstein, the Ray White network’s top performer.</div>
<div> </div>
<div>The three-level home was completed two years ago with five bedrooms and seven bathrooms.
<p>Peter Ahern of buck&amp;simple Architecture redesigned the Gilliver Avenue home with a panorama that takes in the city skyline, Opera House and Harbour Bridge from its 835 square metre block that cost $6.7 million in 2004.</p>
</div>
</div>
<div>There were 1,292 capital city homes taken to auction over the final weekend of June, returning a preliminary national auction clearance rate above 60 percent for the third consecutive week.</div>
<div> </div>
<div><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/1/CoreLogic%20weekend%20June%2030.jpg" alt=""></div>
<div> </div>
<div>It was 66.5 percent nationally, according to CoreLogic auction analyst Kevin Brogan.</div>
<div> </div>
<div>The winter hibernation kicks in with lower listings down on the 1,484 homes and <span>1,487 auctions held over the prior weekends</span>.</div>
<div> </div>
<div>Sydney was the strongest market with volumes down to 503 auctions from the 558 auctions held over the week prior.</div>
<div> </div>
<div>Sydney returned a preliminary auction clearance rate of 72 percent with the top sale being an Elizabeth Bay apartment in The Palms harbourfront complex.</div>
<div> </div>
<div>The three bedroom <a href="https://www.raywhite.com/nsw/elizabeth-bay/2108574/?lang=en" target="_blank">8/12-16 Billyard Avenue</a><span> offering (below) fetched $3,815,000 with four registered bidders. </span>
</div>
<div> </div>
<div>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/1/Billyard%20Avenue%20Elizabeth%20Bay.jpg" alt=""><br><br><span>More than 100 groups went through the open homes, Ray White agent Ian Campbell said.</span>
</div>
<div><span> </span></div>
<div><span><span>"There's a shortage of stock at the moment, and when you combine that with increased buyer confidence since the election, it makes sense that open home numbers and auction clearance rate numbers are up," he said.</span><br><br><span>"The buyers loved the convenience of being able to walk in to the city or take the ferry," Campbell added.</span></span></div>
<div><span><span> </span></span></div>
<div><span><span>The buyer was also keen on securing a berth for a boat on the adjoining block, Domain reported.</span></span></div>
<div><span><span> </span></span></div>
<div>
<span><span><span>The </span></span></span>Ray White Elizabeth Bay selling agent Renee Cross had given $3.7 million price guidance for the split level, three bedroom, 231sqm apartment with two cars spaces.</div>
<div> </div>
<div>It last sold at $990,000 in 1995. </div>
<div> </div>
<div>Melbourne returned a 70.6 percent preliminary auction clearance rate this week, increasing on the 68.9 percent final clearance rate last week.</div>
<div>
<div> </div>
<div>Its volumes were lower week-on-week, with 536 homes auctioned down on the 635 auctions held the previous weekend.</div>
<div> </div>
<div>A four bedroom Kew home was Melbourne's top sale. The <a id="LPlnk363779" class="x_OWAAutoLink" href="https://kayburton.com.au/real-estate/house-58-alfred-street-kew-vic-3101-1325077" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">58 Alfred Street offering</a> (below) was passed in for $4.25 million with Domain reporting it sold post auction for $4.35 million to an investor, who plans to rent it out.</div>
<div> </div>
<div><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/1/Alfred%20Street%20Kew.jpg" alt=""></div>
<div> </div>
<div>Melbourne saw a pre-auction sale when $2,308,888 was paid for <a href="https://www.barryplant.com.au/glenwaverley/property/603012/48-orchard-street-glen-waverley/" target="_blank">48 Orchard Street, Glen Waverley</a>.</div>
<div><span> </span></div>
<div><span>It was a five bedroom, two storey house sold through Barry Plant having sold in 2011 at <span>$1,998,888</span>.</span></div>
<div> </div>
<div>The weekend auction performance was varied across the smaller auction markets with Adelaide seeing a 68.9 percent success rate, while only 33.3 percent of homes sold across Perth.</div>
</div>
<div>
<div> </div>
<div>Brisbane had a 36 percent clearance rate including the nation's cheapest sale.</div>
<div> </div>
<div>It was the three bedroom at <a href="https://christopherliu.raywhite.com/qld/kingston/2121864/" target="_blank"><span>34 Antares Avenue, Kingston</span></a> (below) which fetched $195,000.</div>
<div> </div>
<div><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/1/Antares%20Avenue%20Kingston.jpg" alt=""></div>
<div> </div>
<div>It last sold at $60,000 in 1998.</div>
<div> </div>
<div>"Bring your tools," said Ray White Logan selling agent Chris Liu.</div>
</div>
<div> </div>
<div>The higher auction results were aligning with the trend in housing values, Kevin Brogan said, noting the rate of decline had been consistently improving through 2019, largely driven by improved conditions across Sydney and Melbourne.</div>
<div> </div>
<div>"If we see auction clearance rates holding above the 60 percent mark consistently, it’s a firm sign that buyer and seller price expectations are more balanced and housing prices are finding a new floor," he said.</div>
<div> </div>
<div>Property commentator Andrew Wilson said the weekend results reflected a "steady solid winter market on the road to recovery for Sydney and Melbourne."</div>
<p><span>"Sydney and Melbourne home auction markets continue to report clearance rates at the highest levels since 2017 with solid rising buyer momentum contrasting to the fading market of a year ago," Dr Wilson noted.</span></p>
<p><span>"Seller numbers however remain relatively subdued – particularly in Melbourne and will remain so for at least the next month over the school holiday period. </span></p>
<p><span>"Lower interest rates are a key catalyst for a recovery in buyer confidence with another cut next week by the RBA - if it eventuates - to continue fuel a market revival," Dr Wilson said.</span></p>
<p>"There's no new boom as yet though" said SQM's Louis Christoper.</p>
<p> </p>
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Stronger weekend auction success rates, but no new boom as yet though: Louis Christopher

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<p>Scentre Group has sold its Sydney CBD office towers to US private equity firm Blackstone for $1.52 billion.</p>
<p>It is planning to use part of the proceeds to fund an $800 million share buyback to boost investor returns.</p>
<p>They will grant Blackstone a 299-year leasehold interest for the office towers above the Westfield shopping centre in Market Street and Castlereagh Street, however they will retain ownership of Westfield Sydney and Sydney Tower.</p>
<p>Scentre shares lifted 2.56 per cent to a more than two-month high of $4.01 following the statement to the ASX concerning the matter.</p>
<p>Group chief executive Peter Allen said the $1.52 billion transaction price represented almost $800 million in additional value on investment and an unlevered internal rate of return of over 16 per cent per annum.</p>
<p>"Our development of the Sydney Office Towers in 2011 and ongoing investment until now has created significant value for securityholders," Mr Allen said.</p>
<p>In total Scentre now holds $2.1 billion in capital following the sale of 50 per cent of its stake in Westfield Burwood for $575 million in May.</p>
<p>Mr Allen said the company would initially use the new funds to repay debt before commencing an $800 million share buyback in August.</p>
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Scentre Group has sold its Sydney CBD office towers for $1.5 billion

<p>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.</p>

<p>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;</p>

<p>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;</p>

<p>“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;</p>

<p>[smartcode_project:default project_id=110291 project_image_fid=302785]</p>

<h2>Affordable product leads, premium demand remains resilient</h2>

<p>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;</p>

<p>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;</p>

<p>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.</p>

<p>Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.</p>

<p>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;</p>

<p>[smartcode_project:default project_id=148957 project_image_fid=364102]</p>

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

<p>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.</p>

<p>David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.</p>

<p>“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;</p>

<p>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.</p>

<p>[smartcode_project:default project_id=108869 project_image_fid=317905]</p>

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

<p>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;</p>

<p>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;</p>

<p>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”.</p>

<p>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;</p>


Joel Robinson

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<p><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.</p>

<p>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.</p>

<p>Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.</p>

<p>“Brisbane was the right step for Sammut,” Sammut said.</p>

<p>“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.”</p>

<p><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" /></p>

<p>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.</p>

<p>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.</p>

<p>“We are DA approved now which is very exciting,” Sammut said.</p>

<p>“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.”</p>

<p><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" /></p>

<p>Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.</p>

<p>“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.</p>

<p>The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.</p>

<p>“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.”</p>

<p>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.</p>

<p>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.</p>


Sammut secures approval for debut Brisbane apartment development in Toowong

<p>Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.</p>

<p>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.</p>

<p>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.</p>

<p>“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.</p>

<p>“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.</p>

<p>“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.”</p>

<p>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.</p>

<p>“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.”</p>

<p>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.</p>

<p>“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.”</p>

<p>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.</p>

<p>“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.</p>

<p>Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.</p>

<p>“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.</p>

<p>“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”</p>

<p>The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.</p>

<p>“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.</p>

<p>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.</p>

<p>&nbsp;</p>


Lanevick to cater for Hunters Hill downsizers with new Gladesville apartment development

<p>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.</p>

<p>The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.</p>

<p>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.</p>

<p>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.</p>

<p>“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.</p>

<p>“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.”</p>

<p><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" /></p>

<p>GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.</p>

<p>“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.”</p>

<p>Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.</p>

<p>“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.</p>

<p><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" /></p>

<p>&nbsp;</p>

<p>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.</p>

<p>Green praised local policy settings.</p>

<p>“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.”</p>

<p>One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.</p>

<p>“The way we will be able to achieve economies of scale is through size,” Green added.</p>


One Living enters Sydney's new apartment market with Northern Beaches site acquisition

<p>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.</p>

<p>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.</p>

<p>Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be</p>

<p data-end="683" data-start="511">"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.</p>

<p data-end="882" data-start="690">"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."</p>

<p data-end="882" data-start="690">[smartcode_project:default project_id=134646 project_image_fid=6109]</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>[smartcode_project:default project_id=134646 project_image_fid=6110]</p>

<p>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.</p>

<p>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.</p>

<p>[smartcode_project:default project_id=134646 project_image_fid=6116]</p>

<p data-end="247" data-is-last-node="" data-is-only-node="" data-start="0">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.</p>

<p>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.</p>

<p>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.</p>

<p>[smartcode_project_cta:default project_id=134646]</p>


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