Melbourne developer Spacious Group has completed Voyage Altona, one of the closest new apartment developments to Altona Beach.

Off the plan purchasers have started moving into the 49-apartment project on Pier Street, with the remaining move-in-ready one-, two- and three-bedroom apartments starting from just over $500,000.

Display apartments have now been fitted out, allowing prospective buyers to inspect the completed residences by appointment.

[smartcode_project:default project_id=112195 project_image_fid=372638]

The completed apartments feature open-plan living and dining areas which extend onto private balconies and terraces, while full-height glazing maximises natural light throughout the interiors.&nbsp;

Hybrid timber-look flooring, stone benchtops, Miele appliances, porcelain-tiled bathrooms and generous storage feature throughout the building which also features landscaped communal areas, expansive shared terraces, lift access and secure on-grade parking.

Drawing inspiration from its bayside setting, Voyage adopts a restrained palette of warm neutral tones and textured finishes. Many of the apartments take advantage of views across Port Phillip Bay, while the indoor-outdoor living spaces have been designed to make the most of the coastal outlook.

[smartcode_project:default project_id=112195 project_image_fid=3286]

Voyage was developed to address what Spacious Group identified as an undersupply of higher-quality apartment product in Altona, with a focus on owner-occupiers looking to remain within the bayside community.

"Voyage responds to very strong local buyer demand for quality, owner-occupier-focused product," says Barry Plant Projects Director Jarrod Farey, who has handled sales since the project's launch.

"The project delivers an elevated lifestyle proposition, with its design and quality of finish far exceeding anything previously produced in the area, as well as its proximity to Pier Street Village and the beach."

The majority of purchasers have been local downsizers and owner-occupiers looking to stay within the Altona community but who previously had limited opportunities to buy a brand-new apartment.

[smartcode_project_cta:default project_id=112195]

Joel Robinson

Spacious Group completes Voyage Altona in Altona's beachside precinct

Homecorp has secured approval for a $360 million apartment development at Budds Beach, paving the way for one of the Gold Coast's most amenity-rich residential projects to launch later this year.

Gold Coast City Council has approved Lýon Residences, a 32-level tower that will deliver 178 two and three-bedroom apartments across a prominent corner site at 8-10 Acacia Avenue and 25-27 Oak Avenue.

The approval comes as developers continue to invest in premium lifestyle-driven apartment projects on the Gold Coast, where owner occupiers are increasingly prioritising amenity as much as apartment size and location.

<a href="https://www.apartments.com.au/new-apartments/l-on-residences-25-27-oak-avenue-surfers-paradise-qld-4217">Lýon Residences</a> has been designed around a resort-style wellness offering, headlined by a Moroccan-inspired spa precinct featuring treatment rooms, a Nordic sauna and steam room, hot and cold plunge pools, a soaking pool and a residents-only juice bar.

The rooftop will include a heated infinity pool and spa, residents' lounge with private kitchen and bar, gymnasium, yoga and Pilates studio, outdoor entertaining areas and barbecue facilities overlooking the Surfers Paradise skyline.

<img alt="Lyon" data-entity-type="file" data-entity-uuid="2d3e29af-8793-486e-a684-52cef862241f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-15%20at%204.32.26%E2%80%AFPM.png?VersionId=ayG2zpLf3SS6Zy8XmKDcQods4kVWb0gm" />

Homecorp Founder and CEO Ron Bakir said Budds Beach provided the ideal location for the company's latest luxury apartment project.

"Budds Beach represents one of the most unique and sought-after pockets of the Gold Coast, and Lýon Residences has been designed to reflect that sense of rarity and refinement," Bakir said.

The project arrives as wellness continues to become a defining feature of new residential developments both in Australia and internationally.

The latest Global Wellness Institute figures show wellness real estate remains the fastest-growing segment of the global wellness economy and is forecast to exceed $1.8 trillion by 2030. Australia continues to rank among the world's 15 largest wellness real estate markets, with developers increasingly integrating health, recreation and community facilities into apartment projects.

Queensland is also experiencing strong population growth, with the Gold Coast continuing to outperform many other Australian cities as demand for new housing remains elevated ahead of the 2032 Olympic and Paralympic Games.

Bakir said the project had been designed to respond to that shift in buyer expectations.

"Strong population growth and sustained demand across the Gold Coast continue to highlight the need for well-designed new housing supply. Lýon Residences responds directly to this demand while setting a new benchmark for residential living," he said.

Each apartment has been designed to maximise views across the coastline, the Nerang River and the Gold Coast hinterland.

Located just minutes from Surfers Paradise beach and the Broadwater, the development also offers easy access to the light rail network, Broadbeach and Burleigh Heads.

Early site works are underway, with construction expected to commence later this year.

Homecorp approved for Budds Beach apartment tower, Lýon Residences

New apartment developments with uninterrupted, north-facing views over Perth's Swan River are exceptionally rare.

Recognising just how limited those opportunities are, <a href="https://www.apartments.com.au/developers/edge-visionary-living">Edge Visionary Living</a>, one of Perth's most respected builder-developers, targeted <a href="https://www.apartments.com.au/developments/applecross-wa-6153">Applecross</a>, assembling an unrepeatable 6,342 sqm riverfront site on the corner of Moreau Mews and Canning Beach Road to create one of Perth's only new north-facing apartment developments directly overlooking the Swan River.

Today, <a href="https://www.apartments.com.au/buildings/riviere-residences-applecross-59-canning-beach-road-applecross-wa-6153">Rivière Residences</a> offers buyers a unique opportunity to choose between completed residences ready to move into now and off-the-plan homes in the final stage, Rivière West.

[smartcode_project:default project_id=28384 project_image_fid=3823]

Across the completed East and Central buildings, residents are already enjoying the development's luxury amenity, while two of the precinct's hospitality venues are now open.

The completed component of the development gives buyers the advantage of experiencing the finished product firsthand, including its uninterrupted river views, while still having the opportunity to secure a residence in the final stage.

"People are wowed by the view and the quality of the apartments,"&nbsp;Edge Visionary Living Sales Executive, Holly McSweeney, says.

"They're looking for the convenience of lock-and-leave living, but they're not looking to downsize on quality."

[smartcode_project:default project_id=28384 project_image_fid=3826]

The rarity of the development hasn't been lost on prospective buyers, McSweeney says.

For McSweeney, it all comes back to a location that is becoming increasingly difficult to replicate.

"Location, location, location," she says. "We are nestled right on the front of the Swan River. You can never get built out, so wherever you are in Rivière Residences, you've got views of the river forever."

The unique waterfront position has resonated particularly strongly with local downsizers. McSweeney says many buyers are long-time Applecross residents looking to transition from large family homes into a luxury apartment without sacrificing space, quality or the lifestyle they've enjoyed for decades.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/N_FowNW0wu8?si=vb25XFq1wZ-iufAW" title="YouTube video player" width="560"></iframe>

A major focus for Edge in recent years has been resident amenity. Across its apartment portfolio, from beachfront developments in Scarborough to luxury towers in South Perth, the developer has increasingly invested in the spaces beyond the apartment itself.

The strategy has largely been shaped by downsizer demand. Many buyers are moving from large family homes with swimming pools and established gardens. While they're looking to leave the maintenance behind, they don't want to compromise on lifestyle.

At Rivière, <a href="https://www.apartments.com.au/architects/hillam-architects">Hillam Architects</a> designed the resident facilities as an extension of each apartment. A 25-metre heated swimming pool takes advantage of the north-facing river outlook, complemented by a large gym, sauna and steam rooms, private dining spaces, residents' lounges, a cinema, games room, and dedicated wine and whisky rooms.

[smartcode_project:default project_id=28384 project_image_fid=372542]

The waterfront location has also proved to be a major drawcard. Residents are within walking distance of the Raffles Hotel, South of Perth Yacht Club, the Heathcote Cultural Precinct and the cafés, restaurants and boutiques along Ardross Street.

Beyond the location and amenity, McSweeney says many buyers take confidence from Edge's fully integrated development model.

Having delivered apartments across Perth for decades, Edge now designs, develops and constructs its projects in-house, giving the company greater control over quality, delivery and the finished product.

"What I love is when people walk through their apartment for the first time and say, 'This is better than what we imagined,'" McSweeney says. "We hear that all the time."

Completed apartments in the East and Central buildings are now available to inspect by appointment, while Rivière West, the final stage of the precinct, is expected to be completed in the first quarter of 2027.

[smartcode_project_cta:default project_id=28384]

North-facing Swan River views drive demand at Rivière Residences in Applecross

Nearly 60 per cent of apartments at McNab Group's $220 million The Tannery development in Brisbane's West End have sold ahead of the project's public launch, including a suburb-record $2.57 million sale for a two-bedroom apartment.

The early sales campaign has secured buyers for 50 of the project's 87 apartments, highlighting continued demand for larger owner-occupier apartments that combine generous floorplans with premium lifestyle amenities in one of Brisbane's most tightly held inner-city suburbs.

[smartcode_project:default project_id=143337 project_image_fid=374768]

McNab Group Executive Chairman Michael McNab said selling more than half the project before launch reflected changing buyer expectations.

"Selling more than half the project before public sales open tells us buyers are actively seeking apartments that offer something genuinely different," McNab said.

"Today's buyers are looking beyond four walls. They want homes that genuinely enhance the way they live, with spaces that support health, connection and everyday wellbeing."

[smartcode_project:default project_id=143337 project_image_fid=374767]

A key point of difference for the project is the adaptive reuse of the heritage-listed Dixon's Tannery building, which will become The Retreat, a residents-only wellness precinct rather than being redeveloped into additional apartments.

The Retreat will feature a sauna and steam room, hot and cold plunge pools, a commercial-grade gym, Pilates studio, cinema, library, co-working spaces and private dining room. Rooftop amenities will include a swimming pool, landscaped gardens, outdoor entertaining areas and dog-friendly spaces.

[smartcode_project:default project_id=143337 project_image_fid=374760]

Designed by Cottee Parker Architects with interiors by Tom Mark Henry and landscape architecture by Aspect Studios, The Tannery comprises 87 two, three and four-bedroom apartments across 11 levels overlooking the Brisbane River.

Cottee Parker principal Dee Passenger said preserving the original tannery building had been central to the project's design.

"The easy option would have been to maximise the site's development potential with additional apartments. Instead, McNab has chosen to preserve the original tannery as a shared wellness retreat, ensuring this important piece of Brisbane's history remains at the heart of the community."

Passenger said sustainability also played a key role in the design, with materials from the original industrial site salvaged and repurposed throughout the development.

[smartcode_project:default project_id=143337 project_image_fid=374761]

Motiv CEO Carly Cottam said buyers had responded strongly to the combination of larger apartments, wellness facilities and the West End lifestyle.

"We are seeing more buyers looking for homes in the sky that provide the space and functionality of a traditional home, while benefiting from the convenience and lifestyle that apartment living brings," Cottam said.

She said purchasers included both owner occupiers and investors, with demand coming from local buyers as well as interstate purchasers.

Coinciding with the public launch, McNab also announced a partnership with Queensland Ballet, whose neighbouring Thomas Dixon Centre shares historical ties with the original Dixon family.

Located on a 4,465 sqm site at 439 Montague Road, The Tannery overlooks the Brisbane River and is around 10 minutes from the CBD.

Construction is underway, with completion expected in the second half of 2027.

[smartcode_project_cta:default project_id=143337]

More than half of residences sold before public sales as McNab announces significant partnership with Queensland Ballet

McNab's The Tannery nears 60 per cent sold before public release, sets two-bedroom West End record

Iwan Sunito's vision for a landmark mixed-use precinct in Sydney's Inner West has taken a major step forward, with approval granted for the $1.9 billion Five Dock development first unveiled earlier this year.

The approved scheme by <a href="https://www.apartments.com.au/developers/one-global-capital">One Global Capital</a> will deliver an 80,500 sqm mixed-use precinct comprising 840 apartments, integrated hotel accommodation, commercial and retail space, alongside publicly accessible open space designed to create a new destination for the growing suburb.

"This is a significant milestone for One Global Capital and for the future of housing delivery in Sydney," Sunito said.

"The Housing Delivery Authority was established to identify major housing projects capable of delivering meaningful supply more efficiently, and we are delighted that Spencer Street has been recognised as one of those projects.”

He said the declaration reflected the rapid progress achieved since acquiring control of the site.

"In less than seven months we have progressed from taking control of the site to securing entry into one of the NSW Government's most important planning pathways. It reflects the experience of our team, the strength of our consultant group led by Urbis, and our long-term commitment to delivering transformational projects that contribute to Sydney's future."

When the project was revealed earlier this year, Sunito described the opportunity as one of the strongest development sites he had worked on.

"I probably hadn't appreciated the uniqueness of the site until more recently when putting together the concept plans," Sunito said.

"The proximity to the water, and the golf course opposite, is unlike any other part of Parramatta Road. We have a unique position and view corridors over the water that makes this one of the best sites I've worked on."

The development has evolved since its initial announcement, with the approved plans increasing the residential component from the originally proposed 750 apartments to 840 homes while retaining the project's focus on creating an integrated neighbourhood rather than a standalone residential development.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/a-city-within-a-city-iwan-sunito-flags-1-5-billion-mixed-use-precinct-in-five-dock">"A city within a city": Iwan Sunito flags $1.5 billion mixed-use precinct in Five Dock</a>

The precinct will combine apartments with hotel accommodation, commercial workplaces, retail offerings and public spaces, creating a mixed-use environment intended to serve both residents and the broader Five Dock community. The proposal also continues the collaboration between One Global Capital and internationally recognised architect <a href="https://www.apartments.com.au/architects/koichi-takada-architects">Koichi Takada</a>, whose previous work with Sunito includes Infinity, Arc and Skye North Sydney.

Takada previously said the design was driven by a philosophy of integrating nature into the built environment.

"The concept for this development is born from our design approach to naturalising architecture," Takada said.

"The public realm benefits from biophilic design that integrates generous landscaping, and the development is optimised for natural daylight, airflow and water views to foster wellbeing, sustainability and spaces that foster community interaction."

Sunito has consistently described the project as a "city within a city", with a strong emphasis on creating a destination that extends beyond housing.

"We want to create a development that's not only to be seen, but to be experienced by the whole local community," he said.

The approval comes as Five Dock continues its transformation ahead of the opening of the Sydney Metro West line, with the new Five Dock station set to significantly improve connections between the Inner West, Parramatta and the Sydney CBD.&nbsp;

The precinct will also benefit from its proximity to the Parramatta Road corridor, nearby waterfront parklands and established retail and dining offerings that have made Five Dock one of Sydney's most tightly held Inner West suburbs.

Iwan Sunito secures approval for $1.9 billion Five Dock mixed-use precinct

Darwin

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A Blue Fig, Darwin unit (below) has become a burden to its owner.
"It's been on the market since August 2015 and still hasn't sold," SQM's Louis Christopher said.
"The price has just come down again to $430,000 as the vendor reassess their expectations in a city that has been trampled on by the mining downturn.
"Investors might be reluctant to buy a unit in an area where the vacancy rate has been climbing since 2012 and is now around 3.3%," he suggests.
<a href="/images/2016/10/04/Unit.png" target="_blank">Click to enlarge </a>
<img src="/images/2016/10/04/Unit.png" alt="">
Reflecting that, the asking rent for a two bedroom unit in the 0810 postcode has fallen almost 20% in the three years to be around $375 a week now.
"Who knows when that decline in rents will stop?
"Only a brave buyer perhaps would put a date on it.
"As for asking prices for units, those too have been trending downwards in the 0810 postcode," Christopher said.
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j.ballantyne1990-6AQqhLzZaK

Darwin unit slashed to possibly get it sold: SQM Research

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Across Darwin over the three months to June 2016, 23.5% of houses and 25.9% of units resold at a loss, according to the latest CoreLogic Pain and Gain report. 
The report compares the most recent sale price to the previous sale price in order to determine whether the property sold at a gross profit or gross loss.
It found that over the three months to June, gross losses for resales of houses were, while for gross losses for units fell.
In total, 17.1% of homes resold at a loss.
<a href="/images/2016/09/28/pain%20and%20gain%20darwin.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/09/28/pain%20and%20gain%20darwin.jpg" alt="">
Palmerston recorded the highest proportion of loss-making resales over the quarter (25.5%) followed by Darwin (24.1%) and Litchfield (21.7%).
<a href="/images/2016/09/28/darwin%20pain%20and%20gain%20chart.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/09/28/darwin%20pain%20and%20gain%20chart.jpg" alt="">
Get the full report <a href="https://www.corelogic.com.au/news/file-download?id=56fe4d38-98f3-4f82-b763-e91283945def" target="_blank">here</a>.
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Around 25% of Darwin property sellers losing money: CoreLogic

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Larrakeyah takes the equal top spot on a new list of Darwin's 2016/2017 hotspots for investing in units, developed by APM senior economist, Dr Andrew Wilson.
The current median price at Larrakeyah is $533,000 with an expected increase of 3% over the next 12 months, according to APM. 
An example of price movements in the area would be a two bedroom unit at <a href="https://www.realestate.com.au/property-apartment-nt-larrakeyah-123493258" target="_blank">1A/2 Mauna Loa Street</a> (above) currently on sale for $575,000, which is $42,000 above the median price. Whether it achieves its asking price remains to be seen. 
<img src="/images/2016/09/23/202B2%20Mauna%20Street.jpg" alt="">
However, a two bedroom unit at <a href="https://www.realestate.com.au/sold/property-apartment-nt-larrakeyah-119815507" target="_blank">202B/2 Mauna Street</a> (above) was recently sold last year for $575,000, $42,000 more than the median price, indicating that prices in the suburb may be on an upward trajectory. 
The list, published by Fairfax Media's The Smart Investor magazine, ranked Nightcliff as its equal best unit hotspot.
Suburb             Postcode     Median price      12 month forecast
Larrakeyah        0820            $533,000                         3%
Nightcliff           0810            $478,100                        3%
Darwin City       0800            $522,000                         2%
Coconut Grove  0810             $446,500                        2%
Lyons               0810             $760,000                        2%
Parap               0820             $545,000                         2%
Winnellie          0820             $325,000                          2%
Berrimah          0828             $550,000                          2%
Muirhead          0810             $345,000                          N/A
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Larrakeyah tops list of 2017 Darwin unit hotspots

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Alawa takes the equal top spot as Darwin's 2016/2017 hotspot for investing in houses with an expected increase of three percent over the next 12 months.
The current median price at Alawa is $570,000, according to APM, in their forecast developed by APM senior economist, Dr Andrew Wilson.
<img src="/images/2016/09/22/105%20Alawa%20Crescent%20.jpg" alt="">
An example would be a three bedroom house at <a href="https://www.realestate.com.au/property-house-nt-alawa-120589101" target="_blank">105 Alawa Cresecent</a> (above) that is currently on sale for over $610,000, which is $40,000 more than the median price.
<img src="/images/2016/09/23/47%20Britomart%20Gardens.jpg" alt="">
Similarly a three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-nt-alawa-121760994" target="_blank">47 Britomart Gardens</a> (above) was recently sold for $595,000, which is $25,000 above the median price.
The Smart Investor magazine, published by Fairfax Media, ranked Fannie bay as equal best hotspot.
Suburb            Postcode       Median price       12 month forecast
Alawa             810               $570,000                         3%
Fannie Bay     820                $900,000                         3%
Moil               810                $564,500                        2%
Malak            812                 $545,000                        2%
Tiwi              810                 $556,000                        2%
Wanguri        810                 $591,250                        2%
Leanyer        812                  $593,250                        2%
Rapid Creek   810                 $706,500                        2%
Stuart Park    820                  $686,000                        2%
Millner          810                  $590,000                        2%
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Alawa tops list of 2017 Darwin property hotspots for investing in houses

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After CoreLogic recently reported a median house price of $575,000 in Darwin, Property Observer went searching for what that got. 
The median price will secure a four-bedroom, two-bathroom house at <a href="https://www.realestate.com.au/property-house-nt-gunn-121783274">17 Terry Drive</a> (above) in Gunn. The tropical-inspired home features garage parking for two cars.  
In Zuccoli the median price will purchase buyers a three-bedroom, two-bathroom house at <a href="https://www.realestate.com.au/property-house-nt-zuccoli-123344682" target="_blank">3 Grumman Court</a> (below). Currently under construction, the 180 square metre family home sits on 623 square metres of land. 
<img src="/images/2016/08/31/Screen%20Shot%202016-08-31%20at%205.44.19%20PM.png" alt="">
In Durack $585,000 will purchase the three-bedroom, two-bathroom house at <a href="https://www.realestate.com.au/project-zuccoli-nt-zuccoli-600000995?propertyTypes=houses" target="_blank">12 Murdoch Gardens</a> (below). The 731 square metre block has a double carport, a shed and solar hot water. 
<img src="/images/2016/08/31/Screen%20Shot%202016-08-31%20at%205.46.56%20PM.png" alt="">
In Leanyer, the four-bedroom, two-bathroom house at <a href="https://www.realestate.com.au/property-house-nt-leanyer-123270982" target="_blank">2 Ridgehaven Circuit</a> has been listed for offers above $570,000 (below). The house was built in 1981 and features an in-ground swimming pool. 
<img src="/images/2016/08/31/Screen%20Shot%202016-08-31%20at%205.51.02%20PM.png" alt="">
By comparison, the four-bedroom, two-bathroom house at <a href="https://www.realestate.com.au/property-house-nt-johnston-123214274" target="_blank">17 Melbourne Street</a> in Johnston has been listed for offers above $575,000 (below). The family home features in-built wardrobes, granite benchtops in the kitchen and a walk through wardrobe and ensuite in the master bedroom. 
<img src="/images/2016/08/31/Screen%20Shot%202016-08-31%20at%205.52.17%20PM.png" alt="">
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jonathanchancellor-7SQnKwU6yx

What the $575,000 median house price gets in Darwin

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After CoreLogic recently reported a median unit price of $335,000 in Darwin, Property Observer went searching for what that got.
The two-bedroom, one-bathroom unit at <a href="https://www.realestate.com.au/property-unit-nt-malak-123261102" target="_blank">1/4 Chambers Crescent</a> in Malak (above) will set buyers back $329,000. The low maintenance unit has a two-car attached carport.  
The two-bedroom, one-bathroom unit in Brinkin at <a href="https://www.realestate.com.au/property-unit-nt-brinkin-123244874" target="_blank">7/401 Trower Road</a> (below) will set buyers back $339,000. The modern apartment measures 70 square metres. 
 <img src="/images/2016/08/29/500_trower.jpg" alt="">
The two-bedroom, one-bathroom unit in Darwin on <a href="https://www.realestate.com.au/property-apartment-nt-darwin-123215386" target="_blank">Mitchell Street</a> (below) only costs $330,000. The unit measures 101 square metres. 
 <img src="/images/2016/08/29/500_nt.jpg" alt="">
A similar sized unit in Gray at <a href="https://www.realestate.com.au/property-apartment-nt-gray-123165246" target="_blank">14/7 Hogan Court</a> (below) has been listed for $338,000. The low maintenance unit features a garden shed, low maintenance yard and an in ground spa. 
<img src="/images/2016/08/29/Screen%20Shot%202016-08-29%20at%201.21.45%20PM.png" alt="">
For $329,500 in Johnston at <a href="https://www.realestate.com.au/property-apartment-nt-johnston-123199714" target="_blank">404/205 Farrar Boulevard</a> (below) buyers can secure a two-bedroom, two-bathroom apartment. Built in 2013, the modern space is part of one of Palmerston’s first village-styled apartment complex and is leased at $540 per week until February 2017.
<img src="/images/2016/08/29/Screen%20Shot%202016-08-29%20at%201.23.18%20PM.png" alt="">
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What the $335,000 median apartment price gets in Darwin

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House prices in Darwin have fallen 7.6 percent and Perth 5.6 percent for the 12 months to July 2016 according to CoreLogic.
CoreLogic' s Housing Market and Economic Update for August noted house prices in Sydney increased 9.1 percent and Melbourne 7.5 percent for the same period.
<a href="/images/2016/08/09/Screen%20Shot%202016-08-09%20at%202.35.03%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/08/09/Screen%20Shot%202016-08-09%20at%202.35.03%20PM.png" alt="">
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Values fall in Perth, Darwin on an annual basis: CoreLogic

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Darwin home values fell 7.0 percent over the past three months and are 7.6 percent lower over the past year according to CoreLogic.
CoreLogic's Housing and Economic Chart Pack for August noted values are currently 12.7 percent lower than their recent peak in May 2014. 
<a href="/images/2016/08/10/Screen%20Shot%202016-08-10%20at%201.51.39%20PM.png" target="_blank">Click to enlarge</a>
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Darwin dwelling values 12.7 percent lower than May 2014 peak: CoreLogic

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Depending on whether you view the glass as half full or half empty is how you will summarise the current Darwin property market.
For the optimists, the current dwelling market in the northern suburbs presents a great opportunity for purchasers looking to secure property around the $500,000 mark, according to valuation firm Herron Todd White in their July residential property report.
Although the median housing price is down 4.8% year on year, the quarterly change up to the March quarter has increased 1.4 percent (source: REINT, RELM March quarterly figures). This marginal increase reflects a slight shift in consumer confidence in this segment of the market as you can now purchase a well renovated, three-bedroom, one-bathroom elevated dwelling in the outer northern suburbs of Malak or Karama starting at the lower end of $500,000 and pushing to the mid to upper end of $500,000 depending on the finishings and overall amenity of the property.
By comparison, for the same money you can purchase a dated, three-bedroom, one-bathroom dwelling in the superior suburbs of Millner, Jingili and Leanyer that are selling from $500,000 to mid $500,000s. Or you can purchase property in these same suburbs that have higher quality finishings for the upper $500,000 mark. A much needed injection for this segment of the market is the recent grant announcement for all home owners to carry out general maintenance on their property.
If home owners engage with a registered tradesman to carry out the work, the government will provide a subsidy of up to $2,000 on the proviso that the cost is of equal or greater value to the grant amount.
To the other side of the Darwin property market and for those who view the glass as half empty, the inner city and fringe CBD unit market continues to show a decline, with recent figures showing a 52.4% decrease in total sales volume up to the March quarter of 2016 and a decrease of 3.5% in the median unit price year on year (RELM March Quarter).
"We are now witnessing a large number of vendors holding on to their properties and only listing if they have to. This has resulted in some really good purchases," says the HTW report.
"We know of a recent dated two-bedroom two-bathroom unit in the fringe suburb of Larrakeyah selling for the low $300,000 mark. Comparatively the unit next door sold for $460,000 at the end of 2014, putting things into perspective as to how far this market has come back."
However, there is a silver lining to what has been a declining unit market over the past 12 months with the NT Government announcing that it will re-introduce stamp duty concessions for existing properties, effective 24 May 2016. What this means for purchasers is that they will now receive a 50% discount on the stamp duty payable for properties valued up to $450,000. For properties that are purchased above this price point they will receive a $10,000 subsidy on their stamp duty payment.
"Although we are aware of a recent duplex going under contract in the fringe CBD suburb of Stuart Park under this concession, we are yet to see enough evidence to support that this change to stamp duty concessions has had any real impact on the Darwin CBD market," the report says.
"We predict that this will be the case until both the Territory and Federal elections are held later this year and consumers are given more certainty about the property market."
Property Observer found a three-bedroom house at <a href="https://www.realestate.com.au/property-house-nt-millner-122291646" target="_blank">147 Old McMillans Road, Millner, NT 0810</a> recently sold for $480,000.
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Three bedroom home is an easy pick for $500,000 in Darwin: HTW

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Residential heritage property around the Darwin is generally located in the suburbs of suburbs of Larrakeyah, Parap and Fannie Bay and include older elevated buildings - the majority constructed in the 1950s during the rebuild post World War II, according to the valuation firm Herron Todd White.
Herron Todd White's heritage property report said entry level prices to these locations is now in excess of $700,000, with this price point  driven by land value rather than the added value of the heritage dwelling. and said in order to develop these properties for a higher and better use, the existing appeal must be retained.
"Often this will result in the original façade of the building being kept and blended into the new improvements," HTW said.
"Features of heritage and vintage residential property include elevated or low-set dwellings, excellent cross ventilation with use of high ceilings, louvre windows, wrap around verandahs and good sized balconies. The allotments tend to be heavily landscaped with large trees to provide shade from the afternoon sun. Notably these dwellings have open space underneath so the breeze can move through the dwelling, cooling it quickly once the afternoon sun sets. The more modern version of the Burnett Homes are the Troppo designed dwellings.
"The market shows that this heritage or vintage style of residential property is preferred by owner occupiers rather than tenants. Given the high degree of regular maintenance and upkeep, landlords are less inclined to leave this in the hands of tenants who are unlikely to manage and incur the maintenance expenses.
"So while Darwin doesn’t necessarily offer the heritage feel of older Australian cities such as Sydney and Melbourne, there are pockets and hidden gems out there which can be transformed to achieve a tropical yesteryear feeling."
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