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

Commercial Property

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A historic building on Melbourne's Queen Street has been listed for auction.  
Located at <a href="https://www.realcommercial.com.au/property-offices-vic-melbourne-502505566">375 Queen Street</a>, the property was built in 1860 and was occupied earlier by the Bank of NSW.
It last changed hands for $1,840,000 in 2013, according to Corelogic RP Data. It is expected to fetch under $3 million.
The building was in the news in 2009 when the council shut down the Rajah Sahib Tavern restaurant which was occupying the site, Fairfax Media reported.
Rajah Sahib Tavern was controlled by immigration agent Larry Mendonca. In 2013, his former girlfriend and landlord of 375 Queen Street – the property for sale – was trying to evict Mendonca from using office space in the building.
Prior to that, rock singers Mick Jagger and Elton John visited the building when another restaurant was being run on the premises.
The building features a façade with a dual street frontage of 20 metres.
The property has direct access to the Melbourne CBD and is close to Flagstaff Gardens and public transport.
The double storey, corner building is currently vacant and is ideal as an office headquarters, hospitality or luxury residence, according to its description.
It is set to benefit from the $250 million renewal of the QVM opposite the property.
The property will be auctioned on September 13 and is being offered through Colliers International agents Oliver Hay, Daniel Wolman and David Sia and Knight Frank agents George Burbury and Andrew Hansen.
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j.ballantyne1990-6AQqhLzZaK

Historic commercial Melbourne building listed for auction

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Commercial property sector returns and capital growth eased in the year to June from the previous year, recent figures from the Property Council/IPD Australian All Property Index, released by MSCI, show.
Leading index provider and analytics firm MSCI Inc. recorded an annual 11.9% total return for Australian property to June 2017,  a step down from 13.4% in June 2016. 
While the number indicates that the commercial property market is still strong, it has stabilised in recent quarters, according to a media release.
The index covers 1396 assets across all the sectors of office towers, shopping centres, industrial property, healthcare and hotels.
That the market had cooled off slightly, was evident from the drop in both income return (down from 5.6% to 5.0%) and capital growth (6.6% to 5.6%) between June 2016 to June 2017. 
However, office markets outperformed, driven by strong capital growth in Sydney (10.9%) and Melbourne (5.8%).  Perth continued to soften, with negative annual capital growth of -2.7%, but Brisbane showed positive growth of 1.9% in the office sector. 
MSCI also noted that “strong market movements in Sydney office rents have not translated into higher income returns for investors as capital growth has continued to outpace income growth”. 
Valuations are however clearly reflecting changing rental assumptions, it added. 
Summing it up, Mitchell McCallum, vice-president for MSCI, said the results show that “markets have stabilised in recent quarters, although we continue to see strong growth, especially in the non-core sectors, with Healthcare showing a record annual total return of 25.1%”.
“The limited scale that the non-core sectors currently offer in Australia has contributed to the interest we are now seeing in the build-to-rent sector as a viable option,” said McCallum. 
MSCI’s global property database illustrates that this is not a new idea, as it is a substantial sector in other global markets, making up 50% of MSCI’s national database in the Netherlands, 23% in the US and 6% in the UK, to highlight a few. The lower yields have generally been offset by a strong capital growth profile. Over 14 years the residential sector has recorded a 7% total return on average across global markets, added McCallum.
Other highlights from the index:
<ul>
<li>Super and major Regional Shopping Centres were the only retail sub-sector with a higher return than for June 2016, with some of the largest shopping centres changing hands over the past year. </li>
<li>The Hotels and Healthcare segments were still performing very strongly, showing total returns of 22.8% and 25.1% respectively. </li>
<li>As tightening cap rates and lack of stock have fueled demand for other none core property options, build-to-rent has seen a major surge in Australia. </li>
</ul>
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prateek24-ezbwHMbNAk

Australian commercial property market stabilising after strong growth: MSCI

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A development site in Melbourne’s Box Hill has been sold to a local development group with Chinese connections for $13.5 million through Savills in an off-market deal.
The transaction follows a recent spate of sales along Prospect Street as the precinct continues its transition from commercial to high-rise residential development, according to Savills.
The property at <a href="https://www.domain.com.au/property-profile/31-35-prospect-street-box-hill-vic-3128" target="_blank">31-35 Prospect Street</a> is a rectangular site with an area of 1,653 sqm.
It is used as an open air car park generating income of nearly $45,000 per annum.
The property is situated within the rapidly changing “Major Development Precinct” of Box Hill with development height potential of at least 20 levels.
The deal was brokered by Savills’ Clinton Baxter and Nick Peden.
The selling price reflects a strong rate of $8,166 per sqm.
Baxter said that the site was snapped up by an under bidder following the agency’s recent $12.19 million sale of nearby 15-17 Prospect Street, and $22.25m sale of 843 Whitehorse Road.
<a href="https://www.propertyobserver.com.au/images/2017/09/05/BoxHill1.png" target="_blank">Click to enlarge</a>
 <img src="https://www.urban.com.au/images/2017/09/05/BoxHill1.png" alt="">
<a href="https://www.propertyobserver.com.au/images/2017/09/05/BoxHillNew.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/09/05/BoxHillNew.png" alt="">
“We are experiencing unprecedented developer interest in Box Hill as the market seeks to take advantage of the greater height allowances within the Activity Centre and the huge demand for apartment living within walking distance of Box Hill Central Shopping Centre ” Baxter said.
Peden added that the property was held by a local private family for many decades.
 
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jonathanchancellor-7SQnKwU6yx

Box Hill site snapped up by developer for $13.5 million: Savills 

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One-third of commercial property deals in the first half of 2017 involved offshore money, according to latest figures from commercial real estate firm CBRE.
However, there was a decline in the volume of transactions as prices increase, prompting a standstill between owners and would-be buyers.
Australia was the top destination for cross-border capital in CBRE's latest survey on investor intentions.
Commercial property deals – across the hotel, office, industrial and retail property sectors – were at $10.8 billion in the first half of the year, compared to a year earlier when total sales were $15.6 billion. 
"Foreign investment still accounted for approximately one-third of all activity in Australia's commercial property sector, with demand for assets remaining strong given the higher yields and strong fundamentals demonstrated by the Sydney and Melbourne markets," CBRE research chief Stephen McNabb was quoted as saying by The Australian Financial Review.
About $2 billion Asian capital was directly invested into the local commercial real estate market in the first half, CBRE figures showed, a fall of 25 per cent from a year earlier.
But it fell less slowly than the overall drop, with transaction volumes down by 37 per cent.
The fall in investment activity was due to a lack of available stock rather than a decline in buyer interest, said McNabb.
Outlining the preference for Australian assets, he said in April a Hong Kong investor bought the Australian Securities Exchange headquarters at 20 Bridge Street in Sydney for a record yield – below 4.5 per cent – for more than $330 million
In June, Singapore's Keppel REIT outlaid $348 million to take a half stake in a new police headquarters in the Melbourne CBD.
He said Asian appetite was holding up into the second half as well, with Mirvac selling a half stake in a landmark Collins Street office development in Melbourne to Singapore's Suntec REIT for $414 million.
"At this stage of the yield cycle, which is nearing its peak in Australia's major markets, and with a reasonable immediate outlook for rent growth, there isn't a compelling reason to sell assets," McNabb said.
"From an investment perspective, assets remain eagerly sought after and this is evident in further yield compression across all assets classes nationally in the first half of 2017."
Around $US45.2 billion of Asian outbound capital was directly invested into global property in the first six months of 2017, up 98.4 per cent on the $US22.8 billion in the first half of 2016.
However, a slowdown in Chinese investment offshore is expected as the government there restricts the flow of outbound capital.
 
 
 
 
 
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Foreigners net one-third of commercial property deals in first half of 2017: CBRE

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Michael Willems, who moved from selling trophy houses to marketing commercial and industrial properties, has just sold his first pub.
The Ray White Commercial agent found a buyer, at $1.9 million, for a Slacks Creek hotel that has been on the market for nine months.
The Moss Street International comes with a bottleshop.
It has been sold by a company associated with John Dalziel.
The purchaser of the 5000 sqm site, which lends itself to industrial development, has not been revealed.
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Michael Willems sells Slacks Creek property

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A South Yarra retail property has been listed for sale.
The <a href="https://www.commercialrealestate.com.au/property/207-commercial-road-south-yarra-vic-3141-2013765585" target="_blank">207 Commercial Road</a> property is located in the heart of Stonnington. It spans 110 sqm.
It is being marketed as a good opportunity to secure a freehold shop. The property has a rear lane access and popular food and cafes are close by with high exposure.
The property has a zoning permit for a Commercial 1 and there is a development opportunity available (STPA)
It is  next door to Prahran Market.
The property is offered through Beller Commercial agents Glenn Ye and Fred Nucara.
It last changed hands for $1,515,000, according to Corelogic RP Data.
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South Yarra freehold shopfront listed for sale

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Two adjoining commercial properties in the Brisbane suburb of Kangaroo Point, opposite the Shafston Hotel, have been snapped up for $1,940,000 in an off-market deal through Savills.
A local investor purchased the properties at 289 and <a href="https://www.realestate.com.au/property/291-shafston-ave-kangaroo-point-qld-4169" target="_blank">291 Shafston Avenue</a>.
The recently refurbished buildings provide nearly 350 sqm of net lettable area.
The properties sit on a 767 sqm site and feature a digital billboard leased to GOA on a 10-year term.
The sale marked a passing yield of 4 percent.
The selling agents were Nick Russell and Jack Morrison of Savills.
Russell said the properties appealed to the investor for a number of reasons, including their prime location, closeness to the CBD and their potential for solid returns and long term capital growth.
“The purchase represents a yield play for the investor as well as a solution for his own office requirement," said Russell.
"One of the buildings is leased to an architecture firm, however the other is available, allowing the investor to move his own office into half of the available building’s space and lease out the remainder.”
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Corner in Kangaroo Point sells for just under $2 million: Savills

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A retail property in the Mid North Coast of New South Wales, Woolgoolga, has been listed for sale.
Located at <a href="https://www.realestate.com.au/property-house-nsw-woolgoolga-126118970" target="_blank">Shops 1 &amp; 2 16 Market Street</a>, the property has prime exposure as a new commercial property and is close to the beach.
Its current original tenant is called Rustic Mezedes and is a well-known Woopi institution serving quality cuisine.
The restaurant is under two titles.
The property has been marketed as ideal for a self-managed superfund or an investor looking for a long-term asset.
There is a 10-year lease in place since 2014 with further options for two extensions of five years each.
The property earns $79,354 including GST annually with a gross return of over 6.6%.
It has a separate storeroom and other amenities.
There is also an adjoining car park with six separate apartments under the existing strata.
The outgoings are 60% of the lettable area ground floor with the tenant paying everything.
The listing agent is Mark Killian of Cardow Partners Property.
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Prime Woolgoolga retail property listed for sale

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A 1930s red brick building with sandstone detail in greater Hobart has sold for $910,000 at auction.
The four-bedroom house at <a href="https://www.realestate.com.au/property-house-tas-bellerive-126060878" target="_blank">13 Cambridge Road, Bellerive</a> was built in circa 1930 to replace the adjacent old Police Station.
The building demonstrates the characteristics of a two storey inter-war Gothic Government building, according to its description.
It features double hung windows, parapeted gables and lintels over the windows.
It is currently zoned General Business.
The building area is 199 sqm and it sits on a land area of 458 sqm.
The selling agents were Candice Gottschalk and Greg Gottschalk of Harcourts.
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1930s building in Hobart fetches $910,000 at auction

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An art deco jewel, Cyclone House, in a Melbourne CBD laneway is set to go under the hammer with price expectations of more than $5.5 million.
The property at <a href="https://www.allardshelton.com.au/leased/17-19-Hardware-Lane-MELBOURNE/500881808.aspx" target="_blank">17-19 Hardware Lane</a> is being offered to the market for the first time in 45 years. The auction is on September 20. 
The 402 sqm three-level, art deco property was built in 1930 and has been restored with modern additions including a lift and air-conditioning.
The property is being offered with vacant possession and includes retail frontage with two upper levels that could be used for office, residential or retail space, or for a tenant in the services industry, according to The Australian.
The listing agents are Patrick Barnes, Joseph Walton, Michael Ryan and James Gregson of Allard Shelton.
The zoning is flexible and there is potential for diversified income streams, according to Gregson. 
“There is simply not enough supply of A-grade commercial investments like this in Melbourne anymore to satisfy the influx of demand we are experiencing,” Gregson said.
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