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]

WM Residences fills gap in Mordialloc townhouse market

China

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Chinese international real estate website, Juwai.com, explained that Australian real estate agents earned an estimated $147.5 million in commissions on Chinese buyer transactions in the past financial year.
In fact, this figure could be even higher. Basing their statistics on the total transaction value, multiplied by the estimated average commission rate of 2.5%, it’s clear that the real commission earnings could be even higher. The total Chinese investment in Australian property jumped 149% over the recorded financial year, to $5.9 billion.
A Juwai spokesperson told Property Observer that they used a conservative commission rate to come up with this figure, and noted that as a site their model is not to take commissions themselves but to charge for listings and advertisements - similar to solely Australian online listing portals.
The agents seeing the biggest piece of the pie are those in Sydney, followed by Brisbane, Melbourne, the Gold Coast and Adelaide.
Interestingly, of Juwai’s popular countries for Chinese buyers the United States trumps Australia. Australia is then followed by the UK, Canada and Germany.
Key motivations of individual mainland Chinese investors:
<ul>
<li>Seeking yields and capital gains. 
</li>
<li>Obtaining educational opportunities for their children. 
</li>
<li>Internationally diversifying their investments. 
</li>
<li>Enjoying an attractive lifestyle and living overseas for business or emigration. Many wealthy Chinese have a primary residence in Beijing, and second homes in Australia, the US and the UK.</li>
</ul>
Source: Juwai.com
This comes as franchise groups are increasingly signing up with online portals. Most recently, Raine &amp; Horne have announced a partnership with Juwai, with the Chinese website acting as an exclusive Chinese-language marketing partner.
Overseas, similar partnerships are also being created.
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jduke-EHk3XBmHkn

Agents earned $147.5 million commissions from Chinese buyers in past financial year: Juwai

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Eling Forest Vineyard, the Southern Highlands of NSW boutique winery, has been sold.
Located just west of Sutton Forest village, the 73 hectare property has been bought by the Wang family for $5.8 million.
<a href="https://www.andrewhearn.com.au/listings/rural_sale-93411-sutton-forest/" target="_blank">It had been listed</a> by interests associated with Warwick Wainberg through Andrew Hearn at the Berrima based Andrew Hearn Real Estate.
The buyers were Wei Guo Wang, Wei Min Wang, Chen Yang Wang and Pei Hong Cao.
It last traded in 2005 at $600,000.
It highlights the Southern Highlands stature as one of Australia's most exciting new wine regions, though still not a patch on the Hunter Valley which has been attracting strong Chinese buying interest in recent years.
The Southern Highlands' first wine producer in recent times was Kim Mogine at Joadja in 1983. There were about 50 vineyards in the region by 2000 that spanned 145 hectares within Australia's newest wine region better known for its tulips.
Cool climate vineyards were first planted at Joadja Creek in the 1870s, supplying Sydney with table grapes.
Established in 1990, Eling Forest was the second modern winery to be established in the cool climate area, with its first wines produced in 1993. 
Its first vines were planted by Leslie Fritz, who was then 80, and came from a long line of winemakers in Hungary. The then 157 hectare holding had cost $1.9 million in 1989.
The grapes are handpicked and vines hand pruned in the traditional manner at the Hume Highway property, with the wine fermented in stainless steel vats, then aged in American and French oak barrels. 
<a href="https://www.elingforest.com.au/cafe-a-cellar-door/gallery" target="_blank">About 120,000 bottles are currently produced plus "Apple Thief" ciders.</a>
The cool climate vineyard produces white and red wine varieties and blends sold through is cellar door which is open seven days a week.
There is an 1840 colonial homestead - restored in 2005 during the ownership of Ron Fryer - and other living quarters that provides accommodation in picturesque gardens tendered to at one point by Clause Crowe. 
It comes with function centre that caters for up to 200.
The former boxer Fortunato "Lucky" Gattellari and his brother Frank briefly bought into Eling Forest Winery, initially securing a small stake around 2003. Their venture, which soon soured, <a href="https://articles.chicagotribune.com/2003-01-22/entertainment/0301220080_1_winemaking-wine-bottle-australian" target="_blank">attracted international media interest</a>.
Other major vineyards in the highlands include the Centennial Vineyards at Bowral, established by the co-founders of Cellarmasters, John Piven Large and his partner, Mark Dowling.
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jchancellor-FAypfDUnLy

Eling Forest, Sutton Forest vineyard sold to Chinese interests

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China-based estate agencies are selling Australian properties through a two-tiered pricing structure with inflated prices to China-based buyers, according to Michael Yang, the chief of GiFang.com, the largest Chinese language property site in Australia.
"Some agents sell at more inflated prices to China-based buyers," he noted.
"When developers promote house and land packages to buyers in China for areas such as Point Cook, Sanctuary Lakes and Tarneit, the land component of the package can sometimes have a higher price in China. 
"They are “exclusive lots” for Chinese buyers that are only promoted in China," he noted in a blog published on the <a href="https://www.businessspectator.com.au/economy/china" target="_blank">China Spectator</a> website.
"It is believed that one in 10 China-based agents are involved in selling Australian properties according to a two-tiered pricing structure. 
"The misconduct of Chinese agents also contributes to the perception that Chinese buyers are willing to pay for above the market price."
"This is perhaps the biggest misconception of all," he added.
He said stories about Chinese buyers turning up at auctions with suitcases packed with cash and making an on-the-spot decision to buy the property without a proper inspection were not likely to be accurate.
"Very few of these stories are true or are at least exaggerated.
"In our survey conducted in China, 63% of buyers said they would ask a friend or relative based in Australia to inspect the property for them, and the remaining 37% believed it was a must for them to inspect the property personally before making the final decision."
Even if the property is an off-the-plan apartment, they will still travel to Australia to get a feel for the location and to conduct personal research.
He also refuted then widely held belief that Chinese buyers pay for their real estate purchases in Australia in cash and there is little need for them to borrow.
"This could not be further from the truth."
He said some 97% of Chinese buyers in Australia rely on mortgages, according to the survey of 283 buyers.
"The big four banks have all established offices in China in order to assist China-based buyers to purchase Australian properties using home loans.
"These banks are responsible for making 85% of all home loans of Chinese property buyers in Australia.
"Chinese buyers generally accept the idea of investing with "OPM" (other people's money) and love the fact that a minimal amount is required to own or control real estate in Australia."
He suggested Westpac was responsible for 70% of all home loans from China, according to the survey results as well as a banking source.
Michael Yang added the situation was different in China where property buyers are forced to use more cash to buy properties. 
"For example, Chinese banks will only lend up to 70% of the value of the home to borrowers for their first purchase and 30% for their second home. 
"Third purchases are usually not allowed."
The fourth misconception addressed in the blog was that Chinese buyers do not seek out rental yields by merely land banking.
"As Chinese investors become increasingly educated about the Australian market, rental yield becomes more and more important. 
"Gifang's surveys in China show that more than 90% consider rental yield an important aspect to their property purchase, with the acceptable rental yield at 5%.
He noted more than 72% of investors consider capital growth as more important than rental yield but all prefer to have a balance.
He did add that some Chinese investors would rather leave their residential property vacant for most of the year until they visit Australia and use their properties for personal enjoyment. 
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China-based estate agencies selling Australian properties through inflated two-tiered pricing schemes

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The 23rd largest publicly-listed company in China, Fuxing Huiyu Real Estate Co Ltd, has established Starryland Australia, which will pour $550 million into a new apartment development in Parramatta across 11 towers.
The five hectare development, named <a href="https://%20www.promenadeliving.com.au" target="_blank">Promenade,</a> will have 774 apartments in the 11 towers that will be from three to 12 storeys on Parramatta River’s northern banks, as well as 1.2 hectares of open space and a pedestrian bridge across the river.
It is located at 2 Morton Street and was previously owned by Frasers Property who received the green light for the project last year from the NSW Joint Regional Planning Panel.
Frasers confirmed to Property Observer that the site was sold last year, with RP Data records showing that it transacted in September 2013 for $58,000,000. The site had been rezoned in 2011 for residential, mixed-use, public open-space and waterway under the Parramatta Local Environment Plan. They had initially planned for 10 towers from two to 12 storeys.
Prior to Frasers' ownership, the site was held by The Uniting Church in Australia Property Trust before their June 2006 $21,500,000 sale.
The first stage will be two of the towers, to a total of 277 apartments, with work expected to start in late-June with a construction timeline of two years. Demand will determine the other two release stages.
This first stage includes one-bedroom apartments from 44 to 62 square metres from $399,000, two-bedroom apartments from 62 to 99 square metres from $520,000 and three-bedroom apartments from 99 to 112 square metres from $830,000.
Other than four of the one-bedroom apartments, they all have up to two secure car spaces, as well as 70 shared visitor parking spaces.
Savills has forecast weekly rents at Promenade for $450 to $540 for one-bedroom units, and $550 to $700 for two-bedrooms.
It will be the Chinese company’s first step into Sydney.
Hao Liu, director of Starryland, noted that they chose Parramatta specifically due to its current position as a cosmopolitan centre with potential for improvement.
Liu also noted that it is well serviced by public transport and motorways.
The vision for Parramatta’s northern entrance, where this development will be, is for a partnership with Smart Design Studio, landscape designers Aspect, and Starryland Australia.
“Promenade is in keeping with the style of residential communities we create in China, and we want it to set a benchmark to establish our credentials in Sydney as a quality developer,” said Liu.
“We truly believe Promenade will be the type of place where people will want to buy their first property, raise their children and grow old.”
Architect for the development, William Smart, says that there are two building designs called wharf and courtyard that use natural elements, such as water, to create the resort style.
“The ‘wharf’ buildings have horizontal slab edges in white with a pattern of vertical timber cladding and full height vertical fenestration woven between each floor level whilst ‘courtyard’ buildings appear solid and grounded with panels of dark masonry stepping along the façade,” Smart said.
Meanwhile, project director for Savills Residential Projects, Irene Lau, said that professional singles and couples would be interested due to the transport, dining, shopping and recreational options.
“Apartments in the upper floors will have spectacular multi-directional views,” Lau said.
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Chinese developer taking $550 million step into Sydney with 11 towers in Parramatta

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Steve Keen has recently noted there was no end of commentary about China's real estate bubble, with an even split between those who sense it may pop at any moment and others who argue it never will.
"The alternative ploy -- that it doesn’t exist -- doesn’t get [the] same airing that it did in the US before the subprime crash," he suggested.
"Instead, the “it’s a bubble, but it won’t burst” case is that the bubble is too important to China’s continued growth to be allowed to burst, and -- unlike the US -- China has the wherewithal to keep it going, at least for a while. 
Keen said he had deliberately refrained from the China discussion, preferring to work from data he trusted.
"Until recently there was no publicly available data on China’s debt levels, which is a key metric for me; fortunately that has been remedied recently by the Bank of International Settlements.
"But I also wanted to see the phenomena first hand before I commented," <a href="https://www.debtdeflation.com/blogs/2014/04/21/a-china-bubble/" target="_blank">he told readers on his Debtwatch website</a>.
"Anecdotal and eyewitness evidence counts for something."
Keen reported with photos that many apartment blocks were uninhabited, and uninhabitable as the concrete shells existed, but nothing had been finished internally -- pipes existed but no taps; electrical wiring but no fittings; and so on.
So he has uploaded photos of a typical apartment in a complex of a dozen or so 30-plus storey buildings in a fourth-tier town in Sichuan. It has been in this state for a year, and the owner of this flat -- who intends on living there ultimately -- is in no hurry. On its own that apartment isn’t so remarkable. But all the flats in the building were in the same state, as were the facilities: to catch a lift, you have to bang on the doors to let the operator know you want to be picked up.
Figure 1: Finished building, empty apartments <img class="field-wysiwyg-media" src="https://1.static.australianindependentbusinessmedia.com.au/sites/default/files/styles/full_width/public/Keen1.png?itok=hrlFsgvP" alt="Graph for The trouble with China's hot property " title="The trouble with China's hot property ">
"This is where the “uh-oh” bells began to chime: there was a clear disconnect between the speed with which this particular development had obviously gone up -- see the brickwork in Figure 2 -- and the snail’s pace at which the entire complex was now being finished," he noted.
Figure 2: A not so finished finish <img class="field-wysiwyg-media" src="https://2.static.australianindependentbusinessmedia.com.au/sites/default/files/styles/full_width/public/Keen2_1.png?itok=69MAOZdJ" alt="Graph for The trouble with China's hot property " title="The trouble with China's hot property ">
"This was a set of about a dozen high-rises, and yet the workforce that was doing the finishing was miniscule -- I think I captured about 20% of it in Figure 3."
Figure 3: Industrious… not! <img class="field-wysiwyg-media" src="https://1.static.australianindependentbusinessmedia.com.au/sites/default/files/styles/full_width/public/Keen3_2.png?itok=YbONJfer" alt="Graph for The trouble with China's hot property " title="The trouble with China's hot property ">
He suggested the paradox between the rapid sprouting of buildings and the snail’s pace of their completion in the explanation by an expat Australian as while prices were rising -- since the longer the project took to finish, the more it would be worth. 
"It can be very misleading to apply Western thinking to the Chinese situation, because some things that happen in China have no parallel in the West."
Pointing to one such Chinese idiosyncrasy - the link between property development and industrial expansion that comes from enterprises established by local councils.
"And where do the councils get the money to build these factories?
"From selling land on the periphery of the council’s domain to developers.
"And where do the developers get the money to buy the land?
"From the formal and shadow banking systems.
"All is well as long as the property prices keep rising, but a downturn will mean that the councils can’t continue papering over the cracks."
He concluded that he had more faith in China’s capacity to respond to bursting property and credit bubbles than he had in the US prior to its bubble bursting.
But after the blog was posted on the <a href="https://www.businessspectator.com.au/article/2014/4/21/china/trouble-chinas-hot-property" target="_blank">Chinese Spectator </a>website readers have quickly advised that much of what Keen alluded to was actually long the cultural norm in China.
"As an investor you would not decorate as the culture is the new owner would rip it all out," one comment said. 
Lance Deegan, another reader, also said it was "normal practice in China for apartments to be sold as empty shells."
"It's true there was still a lot of unoccupied apartments but the buildings were certainly not empty - they were filling up.
<div>
<div>"Unfortunately, Steve, I have to say that it sounds like you have succumbed to the same "China is full of empty cities" meme whereas the reality is a bit more nuanced," the comment concluded.</div>
</div>
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Steve Keen's China property bubble postcard snaps

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Eighty-one year old Harry Triguboff, owner of renowned Meriton Apartments, is potentially looking to sell half of the company to Chinese interests.
The potentially $3 billion opportunity for Triguboff saw him tell the AFR Weekend that he received the offer a couple of years ago from the owner of a property developer who is already prolific overseas – building 200,000 dwellings in China each year. He would not reveal the developer.
Asian interests were <a href="/news/asian-buyers-covet-while-harry-triguboff-considers-one-day-handing-meriton-reins-to-grandkids">identified in Meriton in March last year</a>, however last month, before his visit to Guangzhou, there had already been unsolicited bids reported for Meriton Group. At this stage, he told The Australian that he would likely reject the offers.
Billionaire Harry Triguboff, born in a White Russian Jewish enclave in China, has spent 50 years building ­Australia’s biggest unit company, ­Meriton Apartments.
“I am thinking I could sell part of [Meriton],” Triguboff reportedly told the AFR.
“It is very early stages, but I could be prepared to sell the development part of the business and then the family could continue to collect the rent on the units I already own. Maybe I could retire soon and they could run the investment business.”
Meriton is expected to make $300 million of profit from the sales of $1.1 billion worth of apartments, and the company carries very little debt – worth around $6.3 billion.
He also said that he looks to keep the 2,000 units he currently owns in family hands. They are placed across Sydney, the Gold Coast and Brisbane and return $200 million profit each year, worth up to $3.5 billion.
Admirably, he also said that he was not going to sell anything “if they are going to start firing people”.
“Other people think about shareholders, well, I think about my people. I don’t look at it if it is a good or bad deal, I am looking at the evolution of the company. He [the potential buyer] wants apartments that are able to be sold. Of course there are many Chinese buying in Australia at the moment and what we have is a lot of apartments that already have a lot of approvals. That is why they are interested in me.”
Triguboff’s business acumen has been a revered topic of many in the property space.
At 79, he <a href="/news/meriton-boss-harry-triguboff-eases-into-the-twitter-revolution-at-age-79">signed up for Twitter</a>.
At 80, Property Observer created <a href="/expert-insights/buying/harry-triguboff-s-heaving-wheelbarrow-a-timeline-of-meriton-s-growing-300m-sydney-apartment-site-inventory">a timeline of some of his latest developments</a>. And he also <a href="/expert-insights/buying/harry-triguboff-celebrates-80th-birthday-with-proposed-100-million-inner-sydney-site-acquisition-and-calls-for-more-rate-cuts">celebrated his 80th with a proposed $100 million inner Sydney site acquisition</a>.
YOU MIGHT ALSO WANT TO READ
<a href="/expert-insights/investing/meritons-harry-triguboff-shares-his-business-secrets-no-cottages-no-subdivision">Meriton's Harry Triguboff shares his business secrets - no cottages, no subdivision</a>
Picture of Harry Triguboff courtesy of Wikipedia/Creative Commons.
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Harry Triguboff considers retiring with part sale to Chinese interests

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A home sales contract to an offshore Chinese buyer is no guarantee of yielding a settlement.
A post-Christmas $6.15 million sale to offshore Chinese buyers of a prestige Rose Bay mansion has failed to proceed.
Property Observer gathers the buyers defaulted on their intended acquisition of <a href="https://doublebay.ljhooker.com.au/MDDF93" target="_blank">1 Cecil Road</a>, with the buyers attributing the changed circumstance to a failure to secure Chinese government approval in the transfer of the required funds.
The five bedroom Rose Bay mansion on a lucky 1,088 square metre block was relisted for auction this week, selling shortly after it was passed in at $5.65 million.
The LJ Hooker Doube Bay agent Alain Waitsman secured a slightly higher undisclosed price in post-auction negotiations after its auction at Cooley Auctions.
The recent sale collapse comes at a time when vendor interest is strong in certain suburbs buoyed by the Significant Investor Visa (SIV) scheme, the so-called golden ticket which gives residency to wealthy foreign nationals who invest $5 million in government bonds or eligible ­managed funds.
The Australian Financial Review noted recently the slow-starting scheme will hit $1 billion this month with a further $2.6 billion worth of applications lodged.
The Department of Immigration and Border Protection (DIBP) issued a further 30 visas during March.
It took the total number of visas issued since late 2012 to 174, a $870 million tally. The appeal of the SIV program for Australian property vendors is that they visa recipients inevitably buy a home. 
Wealthy Chinese nationals have made up 85% of visas granted. The figures show Sydney has been trumped by Melbourne as the investment location destination of successful applicants with 47% in Victoria and 37% in NSW.
The offshore Chinese applications make up 91% of the 772 applications that have been lodged to date.
The scheme requires that a minimum of $1.5 million of the required $5 million be invested in NSW Waratah Bonds was boosted by an expansion of the ­qualifying managed fund investments late last year to include derivates, annuities, mortgages and interests in unregulated managed funds.
The Australian Private Equity and Venture Capital Association Limited (AVCAL) recently sought an even broader program in its submission to the Department of Immigration and Border Protection review into the SIV program with the suggestion offshore investors be allowed to allocate capital to venture capital and private equity opportunities.
 
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Chinese buyer defaults on Rose Bay prestige offering amid SIV surge

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Shanghai-based Greenland Group are behind <a href="https://www.greenlandcentre.com.au" target="_blank">Greenland Centre</a>, the tallest residential tower in Sydney and their first foray into the heart of the CBD, and they are set to launch their second stage tomorrow with expected significant Chinese interest.
It seems Chinese buyers are, unsurprisingly, being actively marketed to - with the entire site, at a click of a button, translatable to Chinese, and a similar tower, Wuhan Greenland Centre, under construction in Wuhan, China, from the same developer. Marketing efforts are expected to be rolled out in Shanghai, Singapore and Hong Kong. In fact, Wuhan's building has also been reported overseas as likely to be the third tallest building in China, and the fourth tallest in the world at around 600 metres, making them no stranger to heading skyward.
<img src="/images/2014/04/11/greenland-april-11-one.jpg" alt="">
Above: Screenshot of the Greenland Centre Sydney website, translated into Chinese
The $680 million development’s Stage 2 will see 200 apartments and penthouses released to the market, adding to the <a href="/expert-insights/buying/greenland-centre-launches-second-sales-stage">300 released and sold in Stage 1 in a sellout</a>.
Greenland Centre, at 115 Bathurst Street, looks to include new technology to re-use the existing structure and rejuvenate the building, with a design from BVN Donovan Hill and Woods Bagot.
It includes views to the ocean, mountains, across the Harbour and Hyde Park.
There will also be commercial and retail spaces at the site, as well as a boutique hotel with a swimming pool, roof terrace and concierge. The tower residents will also be able to use the roof terrace.
The public launch of Stage 2 is today, 12 April, with the entire development set for completion in late-2017.
Half of the apartments will have parking spaces.
In Stage 2 it’s yet to be confirmed how many of each type of property will be available, but the range will include one-, two- and three-bedroom apartments, studios and penthouses.
Studios range from $595,000 upwards, with an unconfirmed internal size. One-bedroom apartments, from 38 to 66 square metres, also range from $595,000 upwards. Two-bedroom apartments, from 70 to 91 square metres, the prices are set to be from $1.1 million, and three-bedroom apartments, at 105 to 144 square metres, will be from $2.175 million.
An opportunity to buy the highest penthouse in the area, with the entire building estimated to be 235 metres tall, may just be on the tickets tomorrow in what will prove to be a coveted position. However, you'll need to pay dearly for the property. Penthouse prices, despite the Saturday launch date, are still to be confirmed, estimated at up to $10 million each. In the Stage 1 release, Bloomberg reported that the most expensive sale was a three-bedroom unit on the 55th floor for $3.7 million, that sold to a Chinese buyer living in Australia. Whether they have citizenship was not mentioned. Sub-penthouses are also available.
Next to the site, 339 Pitt Street, the former Sydney Water head office site, is also slated to be turned into a hotel, according to<a href="https://development.cityofsydney.nsw.gov.au/Datasource/DANotifications/1128322_049.pdf" target="_blank"> the Preliminary Construction Management Plan</a>. It is on the state heritage council register of NSW, and the plans suggest "adaptive reuse" of the building and remedial work to the facade. Building works are suggested to maintain hours from 7am to 7pm Monday to Friday and 7am to 5pm on Saturdays.
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Opportunity to buy the highest penthouse in Sydney

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The purchase of domestic real estate, and in particular residential real estate, is a topic that frequently attracts a lot of attention.
That’s nothing new; some of the same ‘concerns’ we hear and read about today have all been aired before. At various times and across different markets we have, for instance, seen big in-flows of money from Japan and the Middle East.
However offshore investment into our housing market always tends to be a touchy subject. I think that we should not see this as threatening or abnormal and as far as new projects are concerned, the impact of these buyers needs to be seen in the greater context of the total market.
It is unfortunate that currently any negatives surrounding this debate are being fuelled by a number of factors. Key among these is the reality that the inflow of funds is not aligned with our general market conditions. So as we see prices increase, and in some markets this may be impacting first time buyers, some blame is being attributed to offshore buyers. But there is also a clear benefit from the fact that demand in total is now driving a big increase in construction activity, and that is at a time when the local economy needs that stimulus.
Key motivations
Part of the reality of this trend is the fact that across Asia and in particular from China there is a weight of money available for investment. some of that money is regardless of any policy settings, naturally going to flow into our residential property. But are the key motivations of buyers necessarily any foundation for concern? I suggest that these buyers are in the main driven by motivations that we are all familiar with.
Accepting that almost all markets now operate on a global basis, offshore buyers will be motivated by quality of life, economic stability, good infrastructure – this includes both hard infrastructure like roads and everyday services such as power and water, but also soft infrastructure and a big item there is education and medical facilities. Lastly offshore buyers are attracted by political stability. A quick tally would clearly give Australia a big tick on all of these items and so it’s a good and appealing place to call home.
<blockquote>
There is clear benefit from the fact that housing demand is now driving a big increase in construction activity, and that is at a time when the local economy needs that stimulus.
</blockquote>
We also now have in Australia inter-generational changes that are reinforcing family ties and these are a big influence. it’s worth keeping in mind that we have seen this trend before. In particular as post-World War Two and post Vietnam brought about new waves of population growth.
I think that it’s easy to identify with these motivations, and also like most of us, it is the stability of the Australian lifestyle that is a strong appeal.
SENATE REVIEW
However now, and somewhat predictably, The Treasurer has asked the Senate <a href="https://www.aph.gov.au/Parliamentary_Business/Committees/House_of_Representatives_Committees?url=economics/index.htm" target="_blank">House Standing Committee on Economics</a> to inquire into and report on Australia’s foreign investment policy as it applies to residential real estate.
A key starting point is the principle of Australia’s foreign investment policy, as it applies to residential property, is that the investment should increase Australia’s housing stock and as such this includes new developments that aim to deliver benefits to the local building industry and its suppliers. Which is now starting to happen.
Off-shore or foreign investors cannot generally buy established homes; however, temporary residents can apply to purchase one established dwelling to use as their residence while in Australia.
Despite these conditions and in view of some of the concerns already outlined the Committee has been asked to examine:
<ul>
<li>The economic benefits of foreign investment in residential property;</li>
<li>Whether such foreign investment is directly increasing the supply of new housing and bringing benefits to the local building industry and its suppliers;</li>
<li>How Australia’s foreign investment framework compares with international experience; and</li>
<li>Whether the administration of Australia’s foreign investment policy relating to residential property can be enhanced.</li>
</ul>
This looks like a quick review with the Committee’s report due in early October 2014.
LET’S NOT FORGET OTHER POLICIES
If as it appears the Senate Review is partly in response to helping keep homes affordable in particular for the FHB market, then it would also be an ideal time for government to look at how much government charges and red-tape adds to the cost of a home.
Stamp duty for example is levied on the GST already built into the cost of a new home, and development delays almost defy reason without any real benefits.
Could all levels of government be more engaged in creating a positive environment for new housing by direct leadership and by ensuring a more collaborative, results focused view among decision makers that directly or indirectly impacts housing supply and costs.
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Offshore buyers are here to stay

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Iconic billionaire property developer Harry Triguboff has said that apartment prices will tumble and rentals will rise if demand from Chinese developers drops off.
The man known by some as High Rise Harry told The Australian that he anticipates a 10-15% price drop in some areas if Chinese buyers were to stop purchasing Australian properties. He also said that the subsequent halt in new developments would also cause rental rates to rise.
"If production (of units) dropped, the impact would be a huge rise in rents," he told The Australian. Triguboff attributed residential prices to poor national planning systems.
According to the publication, about 70% of Triguboff’s apartments are sold to offshore buyers and Australians of Asian descent. However, Triguboff told Bloomberg earlier this year that his company does not market properties to mainland China and has no intentions to begin doing so. 
"They come to me," Triguboff told Bloomberg in February. "Today, we’re part of the Chinese market, more than 10,000 apartments is nothing," he said, referring to Meriton's construction capacity.
Triguboff established the Meriton Group in 1963 at just 30 years old. According to Triguboff, the business is now worth $6.1 billion. The apartment developer is mostly active in Sydney and South East Queensland, and also owns or manages about 3,000 apartments in addition to its construction and development activities.
According to BRW's 2013 Rich 200 list, he is Australia's eighth richest person, with a net wealth of $5.5 billion. Triguboff was born in China and moved to Australia in 1948. 
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