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

Housing Affordability

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<img src="/images/2015/11/NEW_RAMS_LOGO.jpg" alt="">
You’ve found a property.
The vendor has accepted your offer and you’ve paid a deposit, plus you’ve both signed the sale contracts. But you don’t get the keys until after settlement. 
Settlement is when you pay outstanding amounts to the vendor and the property title officially changes, making you the owner. 
The time between exchanging contracts and settlement day – the settlement period – varies by state. In NSW, it’s usually six weeks. In Queensland, 30 days is the norm and in Victoria it’s 30 to 90 days. The length can be varied but buyer and seller must both agree.
ACTION ITEMS
During the settlement period, you’ll finalise your finance. The lender will complete an independent valuation of the property and confirm the amount you can borrow. 
You’ll also have a chance to inspect the property again to ensure it’s in the same condition as when you agreed to the sale. 
Your solicitor or conveyancer will prepare the documentation needed on settlement day well in advance so it can be checked and you can sign in all the appropriate places. This step includes finalising council and water rates as well as any strata fees due up to settlement day. The vendor covers payments up to that time but you’ll take over from there. 
THE BIG DAY
On settlement day, your solicitor or conveyancer meets with the vendor’s settlement agent and a representative from your lender to hand over the paperwork and payment cheques. You don’t usually have to attend the meeting yourself. 
Your representative will let you know shortly after settlement has completed so you can collect the keys. They will also send you a statement showing how funds have been distributed.  
But things can go wrong. 
A document or a signature may be missing, for instance. If so, everyone works together to try to resolve the problem that day but sometimes settlement may need to be postponed. 
If you’re planning to move in straight away, be prepared for such a hold up. Leave a few hours after settlement before getting the removalists in and have a plan for alternative accommodation that night. 
Quick tip: You don’t take possession of the property until the paperwork and payment cheques have changed hands on settlement day. Hire a professional solicitor or conveyancer to handle the legal aspects and guide you through the process.
 
TO FIND OUT HOW RAMS CAN HELP EASE YOU THROUGH THE PROCESS, GET IN TOUCH WITH YOUR LOCAL RAMS HOME LOAN EXPERT OR DROP IN FOR YOUR <a href="https://ad.doubleclick.net/ddm/clk/297185933;124281690;p" target="_blank">FREE FIRST HOME BUYERS’ GUIDE</a>.
For more great property advice and tips on buying your first home from RAMS subscribe to <a href="https://ad.doubleclick.net/ddm/clk/297187184;124281691;q" target="_blank">The Great Australian Dream property series</a>.
For your free Property Observer eBook from RAMS, 12 tips for first-time buyers, covering everything you need to know when it comes to purchasing property, click here.
Disclaimer: Information in this material is general and does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. You should also obtain independent professional advice relevant to your financial circumstances.
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jchancellor-FAypfDUnLy

Managing the settlement

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GUEST OBSERVER
As is well known, the shortage of affordable separate housing in Sydney and Melbourne means that most first home buyers and renters cannot currently find housing suited to their needs in locations of their choice.
The dominant response from the housing industry and commentators is that governments must unlock the potential for more intensive development of the existing suburbs. From this standpoint, the recent surge in high-rise apartment construction in Sydney and Melbourne is part of the solution.
For those looking at the issue from a financial perspective, escalating housing prices is seen as a reflection of low interest rates, as well as incentives for investors to take advantage of negative gearing and capital gains tax concessions. For the Australian Prudential Regulation Authority, this means the answer is to restrict access to borrowing.
While these factors are important in contributing to the affordability crisis in housing, the issue has deeper roots that lie in the changing demographic make-up of Sydney and Melbourne’s populations.
Our new study on new household and dwelling projections for Sydney and Melbourne from 2012 to 2022, highlights the need for rigorous academic research to inform public urban policy.
To date, policy has been driven by advice from commentators using a flawed evidence base. None have grasped the scale of need for family-friendly housing, or understood the full effects of ageing in place on the availability of detached houses in Sydney and Melbourne.
The projections build on the widely-assumed expectation that Net Overseas Migration (NOM) will continue at 240,000 to 2022 and that Sydney and Melbourne will receive almost of this number.
The household projections assume that the propensity to form households by age group and family type will remain the same as in 2011 in both cities. Projections for dwelling needs were then computed for both cities on the assumption that households will occupy the same type of dwelling (separate house, flat) by family type, age group and migration status in 2022 as was the case in 2011.
On these assumptions, Sydney will need to provide dwellings for an additional 309,000 households and Melbourne an additional 355,000 households over the decade 2012 to 2022.
The key finding is that contrary to most housing industry opinion, the greatest need will be for family friendly dwellings. This is because of the large number of young resident and migrant households who will be entering each city’s housing market. Most of these households are likely to start a family and when they do so, will look for a separate house.
<a href="/images/2015/11/Screen%20Shot%202015-11-02%20at%208.06.10%20AM.png" target="_blank">Click to enlarge</a>
 <img src="/images/2015/11/Screen%20Shot%202015-11-02%20at%208.06.10%20AM.png" alt="" width="774" height="842">
It is true that there will be a large increase in the number of single person and couple families over the decade. However, most of this increase will be amongst older, already established households. The evidence indicates that the great majority are ageing in place. (See Table 11 in the report.)
The surge in the number of older households is a consequence of population ageing as successive ten-year cohorts replace smaller cohorts born in earlier years. This ageing effect is having an enormous but largely unrecognised effect on Sydney and Melbourne’s housing markets. It will generate the need for an additional 109,570 extra dwellings in Sydney over the decade to 2022 and 161,990 in Melbourne. In addition, net overseas migration will add a dwelling need of 198,810 in Sydney and 193,140 in Melbourne by 2022.
This combination of high dwelling needs of young residents as well as from NOM, along with the blocking effect of the ageing population, is contributing to a severe and continuing squeeze on the detached housing markets in Sydney and Melbourne. This is particularly marked in the inner and middle suburbs.
The reason is that, by 2011, 50 to 60% of this housing stock was occupied by householders aged 50 (See Table 10 in the report). This situation will get worse as the number of these older households increases.
The study compared the recent pattern of dwelling approvals by housing type in Sydney and Melbourne with the needs implied by the dwelling projections. The conclusion was that there are too few separate houses being approved in both cities and too many apartments, especially in Melbourne.
Current policies of urban renewal or urban consolidation in established suburbs will add little to the supply of affordable family friendly dwellings. This is primarily because of the increase in the price of potential building sites. There is a vicious circle in play as the scarcity outlined above contributes to further increases in the price of separate houses and thus to the cost of possible sites for higher density dwellings.
<h2>Implications</h2>
Because few families can afford detached housing in the inner and middle suburbs, more are being pushed into the outer suburbs and the fringes of Sydney and Melbourne. It is still possible to find such affordable housing in the outer and fringe suburbs of Melbourne, but not in Sydney. A detached house costs a minimum of $600,000 even in the remotest corners of Sydney. The only affordable option for most of these home seekers is a unit in these outer suburban locations.
There is no short term fix. In the long term more resident and migrant families are likely to seek affordable housing elsewhere, or in the case of migrants, may by-pass Australia altogether. Those who choose to stay will have to make adjustments to their life-style as by delaying starting a family.
On the other hand, a glut of high-rise apartments is inevitable, although it is being masked by the long lead time in the completion of newly approved apartment projects.
<a href="/images/2015/11/Screen%20Shot%202015-11-02%20at%208.08.04%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/11/Screen%20Shot%202015-11-02%20at%208.08.04%20AM.png" alt="" width="773" height="361">
This is because the recent surge in approvals is way above the need for such dwellings. This is especially the case in Melbourne. The apartments being approved are predominantly tiny 60 square metre or smaller dwellings with no access to protected outdoor space. They are totally unsuitable for raising a family. They are tiny because most investors prefer to buy at prices below $600,000.
Bob Birrell researcher, Monash University and author for The Conversation.
He can be contacted <a href="https://theconversation.com/profiles/bob-birrell-5134" target="_blank">here</a>.
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The root of Sydney and Melbourne’s housing crisis: we’re building the wrong thing

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<img src="/images/2015/11/NEW_RAMS_LOGO.jpg" alt="">
 
When you’ve found a property you’d love to call home, offering the right amount and negotiating well will give you a great chance of success. 
To determine how much to offer, use your understanding of the local market as a guide. Research how much similar homes nearby have sold for recently and consider how their features compare.
The way you place an offer depends on whether the property is for sale at auction or privately.
At auction, the bid is the offer. Prospective buyers bid competitively during the auction and, as long as the reserve price is met, the highest bidder buys the property.
In a private sale, you make an offer either verbally or in writing to the seller’s agent. This should include the offer amount; a proposed settlement timeframe; and any conditions you have for the sale to proceed.
Your offer may be subject to receiving finance approval or obtaining satisfactory inspection reports. These reports might include a building inspection report, which gives a general overview of the property’s condition; a pest inspection report, which identifies damage by termites or vermin; or a special-purpose report, which provides estimates of costs to repair major problems and recommends repairs and maintenance that should be completed. 
The agent will put your offer to the seller and they may accept or decline, or come back with a counter offer. Offers and counter offers may go back and forth several times before you reach an agreement.
NEGOTIATION TIPS
* Try to appear positive and confident but not overly keen or the agent may think they can get more out of you. 
* Unless the market is hot and the owner is already considering other good offers, it’s usually best not to offer your top price upfront. Offering slightly less will give you room to negotiate.
* Don’t let the agent know how much you can afford to pay or they may try to push you for more. You may be able to get a lower price for the property if you keep your upper price limit to yourself.
* Try to learn as much as you can about the vendor’s situation as this may give you bargaining power. They may accept a lower price for a shorter settlement period if they’re in a rush to sell, for instance.
After you’ve agreed the price and details, you’ll exchange contracts and pay a deposit to the vendor which is held on trust until settlement day. The deposit is often 10% of the property’s value. Some states have a cooling-off period after the exchange during which you can change your mind but you’ll forfeit your deposit. There is no cooling off period at an auction.
Quick tip: Before making an offer, review the contract for sale and ideally have a lawyer check over it. The contract includes details about the property and documents such as a zoning certificate, the property title, and any mortgages held over the property. After the contract has been reviewed any changes to the contract can be requested before exchanging.
 
TO FIND OUT HOW RAMS CAN HELP EASE YOU THROUGH THE PROCESS, GET IN TOUCH WITH YOUR LOCAL RAMS HOME LOAN EXPERT OR DROP IN FOR YOUR <a href="https://ad.doubleclick.net/ddm/clk/297184278;124283081;m" target="_blank">FREE FIRST HOME BUYERS’ GUIDE</a>.
For more great property advice and tips on buying your first home from RAMS subscribe to <a href="https://ad.doubleclick.net/ddm/clk/297184960;124283082;l" target="_blank">The Great Australian Dream property series</a>.
For your free Property Observer eBook from RAMS, 12 tips for first-time buyers, covering everything you need to know when it comes to purchasing property, click here.
Disclaimer: Information in this material is general and does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. You should also obtain independent professional advice relevant to your financial circumstances.
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Tips to making an offer

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A row of seven terraces in Mary Ann Street built nearly 150 years ago and a cottage in Hackett Lane, Ultimo are going on sale to raise funds for affordable housing near the city.
Set in a leafy, heritage-rich urban precinct on the edge of Sydney city, each of the spacious Victorian terraces have the potential to be an ideal investment or renovation opportunity.
Darling Harbour and universities are a short walk away.
"The properties were purchased over 20 years ago and no longer meet the demand for affordable rental housing required close to the CBD," said Janelle Goulding, CEO of City West Housing, which is focused on budget homes.
Selling agent Peter Gordon of Cobden &amp; Hayson will auction the homes on October 29.
The nearly 30 residents of these houses have been relocated to newer accommodation in nearby areas and the funds from the sale would be used to build homes for up to 100 people in the city, said Goulding.
City West Housing is a not-for-profit affordable housing developer in Australia, and in the last 20 years has built more than 650 homes for nearly 1,400 people.
“This is the first time that these historic properties have been offered individually for sale and we are confident they will be very popular with owner occupiers, builders and investors alike. They are very substantial properties with terrific upside and it’s a very exciting location in terms of amenity, future growth potential, lifestyle and history,” said Peter Gordon.  
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Victorian terraces in Sydney's Ultimo go on sale

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GUEST OBSERVER
The Draft Legislation for the Greater Sydney Commission gives the commission the power to make Local Environmental Plans and District Plans. 
The powers proposed for the Greater Sydney Commission give it a major role in determining Sydney’s future. The Sydney Planning Panels will be determining development applications over $20 million and the Commission will have the authority to make Local Environmental Plans (LEPs). The Draft legislation even precludes the Minister from making LEPs thereby ensuring that the independent commission has significant power.
The ultimate signal of the Greater Sydney Commission’s power will be demonstrated by the quality of the appointments to the commissioner positions. It will be important that the commissioners understand the planning system and that they are able to advocate for sensible growth in appropriate areas in metropolitan Sydney.
The principal objectives of the Commission stress the role of planning, aligning infrastructure with planning and promoting housing supply but do not mention jobs. One of the major priorities of the GSC will be to manage the location of jobs closer to where people live.
One important role that is missing from the proposed legislation is that of co-ordinating government agencies on development application referrals. Currently many development applications in metropolitan Sydney are delayed for many months by referrals to many government agencies. Referrals to roads or rail agencies as well as to water and electricity agencies are slowing the approval process down.
In Queensland a one stop agency, the State Assessment and Referral Authority (SARA), resolves all state government referrals within tight timeframes. NSW must adopt a similar system and the Greater Sydney Commission should lead in driving reform in this area.
The Urban Taskforce is keen to work with the Greater Sydney Commission in its important tasks. While local communities are represented by the six District Commissioners, the involvement of the risk taking development and investment sector does not seem to be part of the structure.
It will be essential for the Greater Sydney Commission to listen to the private sector investors in new property to ensure that they are encouraged to create the new housing and job development Sydney needs as growth continues.
 
Chris Johnson is chief executive officer of property development industry group Urban Taskforce and can be contacted <a href="https://www.urbantaskforce.com.au/index.php?option=com_content&amp;view=article&amp;id=97&amp;Itemid=126#.Vdaart55dFI" target="_blank">here</a>.
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Greater Sydney Commission Legislation gives real planning power: Chris Johnson

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Two new entries have been posted on the top ten discounted properties nationwide list from SQM Research - one in Queensland and the other in Tasmania.
The Queensland property, 35 Chataway Street, Carina Heights (above), now takes up ninth position following a total price reduction percentage of 32% in just 138 days.
The Tasmanian home, 78 Lewisham Scenic Drive, Lewisham (below), has been on the market since August last year and has since then been reduced by a total of $151,000, bringing the current asking price to a low $350,000, according to SQM Research managing director Louis Christopher.
<img src="/images/2015/10/21/image2-1.jpg" alt="" width="517" height="388">
He said the Queensland property consists of a highly sustainable four bedroom home set on a large 1,459 sqm block with a knockout certified organic garden to be used as you see fit.
"The property is located just under 10km's outside of Brisbane CBD via the Pacific Motorway and is within close distance of local shops and public transport. The properties overall eco county feel is truly unique for those wanting a little extra space whilst being within commuting distance of Brisbane CBD," he said.
"The Tasmanian beauty has been on the market since August last year and has since then been reduced by a total of $151,000, bringing the current asking price to a low $350,000. This charming four bedroom home sits on approximately 2510 sqm's of land facing north overlooking picturesque Frederick Henry Bay.
"Median asking prices in the capital of Tasmanian are down 1.7% over the last 12 months. If asking prices continue to fall, the vendor might be forced to reduce the price lower, or be open to negotiations."
 
<a href="/images/2015/10/21/Screen%20Shot%202015-10-21%20at%2010.02.06%20AM.png" target="_blank">Click to enlarge</a>
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mick.cee-iDmgDDAmu8

Two new entrants on top ten discounted properties nationwide list: SQM Research

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GUEST OBSERVER
 The headline CPI lifted 0.7% in Q2 compared to the market’s expectation for 0.8%. The annual rate was 1.5%yr. Despite a downside surprise on food, the CPI came broadly in line with expectations as housing continued to underpin modest outcomes for core and non-tradeable inflation.
The core measures, which are seasonally adjusted and exclude extreme moves, rose 0.5%qtr right on Westpac’s estimate. In the quarter, the trimmed mean gained 0.56% while the weighted median lifted 0.51%. The annual pace of the average of the core inflation measures is now 2.3%yr, a slight moderation from the 2.4%yr pace of Q1. 
In Q2 petrol prices surged (12.2%qtr), but the big surprise was the soft print on food, –0.2%qtr, in part due to a –1.2% for fresh fruit &amp; vegetables. Also surprising on the downside was a –3.5% fall in holiday travel. Clothing &amp; footwear was as expected at 1.3%qtr. 
Housing costs continue to underpin both core and non-tradeable inflation, rising 0.7%qtr, driven by a solid 1.5% gain in dwelling purchase prices. To this was added solid gains in hospital &amp; medical services (3.4%qtr) and alcohol &amp; tobacco (1.2%qtr). The modest offsets came from pharmaceuticals (–1.8%qtr), audio visual &amp; computing services (–1.6%qtr) and communications (–0.6%qtr). 
<a href="/images/2015/10/21/Screen%20Shot%202015-10-21%20at%208.54.43%20AM.png" target="_blank">Click to enlarge</a>
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The September quarter has many ‘unknowns’ (as always). 
For the September quarter we have identified three large forces pushing the CPI in one direction with few significant offsets. But, as always, a large number of unknowns remain. We don’t have access to a lot of the data the ABS uses and, in many cases, it is not possible to replicate the survey process the ABS uses causing many small errors along the way.
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Automotive fuels are a modest negative. 
One of the most obvious events in the last few quarters has been the extreme volatility in the pump price of automotive fuels. From a peak at the start of the quarter of $1.42/l, the pump price fell to a low of $1.27/t before ending the quarter around that level. In terms of the quarterly averages, we forecast that the price of automotive fuels will fall 2.4% in the quarter producing a very small —0.09ppt drag on the CPI. Fuel is the most significant negative we have found for the September quarter CPI. All others are estimated to be individually worth –0.03ppts or less for the CPI. 
A number of meaningful positives are setting the foundations ... 
The most significant positives in the September quarter are fresh fruit &amp; vegetables (+0.10ppts), the indexing of the tobacco excise to the CPI (+0.08ppts), new dwelling purchases (+0.11ppts), household contents (0.11ppts) and holiday travel (0.21ppts). 
... such as fresh fruit &amp; vegetables ... 
The wholesale price of vegetables rose 1.2% in Q3 following a solid 1.8% in Q2. For Q3 we have pencilled in a small 0.5% rise in the CPI measure of vegetable prices; they fell 1.7% in Q2 and we suspect the larger than usual seasonal fall in potato prices may have had a role to play. Nevertheless, we can’t be sure how movements in the wholesale price have been passed on at the retail level. 
Wholesale fruit prices jumped 7.2% in Q3 following a 25.2% surge in Q2. Despite this, fruit prices in the CPI fell 0.7% in Q2 so we are expecting some residual catch to appear in Q3, but are cognisant that increased competition in the supermarket sector may limit this, hence our forecast for just a 6.0% increase in CPI fruit prices in Q3. 
All together, we are forecasting fruit &amp; vegetable prices to rise 3.5%qtr contributing 0.10ppts to the CPI. 
... tobacco excise re-indexing ... 
In the month of September the tobacco excise is indexed to the annual increase in the CPI to the June quarter. This means that one third of the increase appears in the September quarter and two thirds in the December quarter. For the September quarter we estimate that this re-indexing, along with normal seasonal retail price increases, lifted tobacco prices by 2.6% and is worth 0.06ppts for the CPI. 
... dwelling price gains in NSW &amp; Vic ... 
Dwelling prices can be very volatile from capital city to capital city and quarter to quarter. Melbourne dwelling prices have been particularly volatile of late, rising 0.8%qtr in the December quarter, falling 0.1%qtr in the March quarter then rising 2.0% in the June quarter. By comparison, Sydney prices have been trending higher and rose 2.4% in the June quarter. In the June quarter, dwelling prices rose 1.5%qtr, the strongest rise in dwelling prices since the 1.6%qtr print in June 2014. Westpac is expecting some moderation from Melbourne and Brisbane, which will see dwelling prices rise 1.3% in September quarter contributing 0.11ppts. 
<a href="/images/2015/10/21/Screen%20Shot%202015-10-21%20at%208.57.53%20AM.png" target="_blank">Click to enlarge</a>
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... and housing overall making a positive contribution. 
For housing costs there is a small offset from the fall in electricity prices, we estimate around –4.0%qtr on average across the country, as regulated electricity prices fall. This is worth –0.08ppts on the CPI. Other housing components such as rents, other housing costs and non-electricity utilities, are set to continue to rise, resulting in a 0.9%qtr lift in total housing costs, contributing 0.20ppts for the CPI. 
We are also looking for a very modest AUD depreciation boost to the usual seasonal Q3 rise in household contents and services. Our forecast 1.2%qtr rise follows on from a 1.0% rise in the June quarter and will contribute 0.11ppts to the Q3 CPI. 
The Q2 fall in holiday travel costs will be reversed in Q3 
Holiday travel surprised in the June quarter falling 3.5% due to a –5.4% print from domestic holiday travel. The BITRE (Bureau of Infrastructure, Transport &amp; Regional Economics) data on the best price economy airfares was pointing to a flat print in Q2 followed by a large fall in Q3; but as you can see in the chart, the timing when the BITRE data price moves and when it appears in the CPI appears to have shortened. As such, we are looking for a 2% bounce in domestic holiday costs, which will add to the 7.2% rise in international holidays. The rise in international holidays is due to both seasonal factors and a trickle through impact of the depreciation of the AUD.
<a href="/images/2015/10/21/Screen%20Shot%202015-10-21%20at%209.00.05%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/10/21/Screen%20Shot%202015-10-21%20at%209.00.05%20AM.png" alt="">
Overall seasonality is a reasonable positive in Q3 
Using the ABS’s seasonal factors, the seasonally adjusted CPI rises 0.6%qtr compared to our headline forecast of 0.8%. There is an important caveat however; the ABS conducts concurrent seasonal re-analysis, and the revisions to the seasonal factors can sometimes be quite significant. As such, we caution that we can’t be sure what the ABS will estimate as the seasonal impact in Q3. This matters as the components of the CPI are seasonally adjusted before they are trimmed for the core measures. As such, revisions to the seasonal factors can impact the historical estimates of core inflation. 
Core inflation to remain within the band 
Westpac is forecasting the average of the core measures to rise 0.5% in Q3, lifting the annual pace to 2.4%yr from 2.3%yr in Q2. More importantly, the six month annualise pace of core inflation is forecast to drop to 2.1%yr in Q3, from 2.5%yr in Q2 and a recent peak of 2.8%yr in Q1. 
Traded goods &amp; services are forecast to rise 0.8%qtr, lifting the annual pace to 0.2%yr from –0.3%yr; non-traded prices are also forecast to rise 0.8%qtr, but this takes the annual pace to 3.0%yr from 2.6%yr. Domestic, non-traded prices remain the key source of inflationary pressures, with housing and recreation remaining the key factors in the quarter. 
Conclusion 
A solid Q3 headline print is due to rising fresh fruit and vegetable prices, the re-indexing of tobacco excise and a bounce in holiday travel costs which add persistent gains in housing. While this is keeping inflation ticking along, the annual pace remains below the band and the six month annualised pace for the core measure is forecast to ease back to the bottom of the band. On balance, Australia does not face the risk of an inflation breakout nor the commencement of a significant disinflationary impulse. Inflation remains neutral for monetary policy.
 
 
Justin Smirk is senior economist, Westpac, and can be contacted <a href="https://www.westpac.com.au" target="_blank">here</a>.
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Solid dwelling prices, but September quarter has many ‘unknowns’: Westpac's Justin Smirk

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Demand for three bedroom rental properties is pushing up the weekly median rentals around Melbourne’s Bayside.
Investors in Cheltenham benefitted the most from this demand with the median weekly rent for a three-bedroom apartment increasing 13.3% over the year to $510 in June 2015, new REIV data shows.
Large family homes in neighbouring Beaumaris are also highly sought after by tenants.
Three-bedroom apartments there recorded annual rental growth of 11.1% to a median of $750 per week, up from $675 for the same period last year. 
The REIV data suggested three-bedroom homes in Hampton saw 9.8% growth over June 2014 figures to $725 per week.
The median weekly rent for the same sized property in Highett also grew to $510 in June, up from $480 last year - a 6.3% increase.
The median rent for a four-bedroom home in Brighton increased 7.3% to $1,288 over the year while one-bedroom apartments grew 7% to $356 per week. 
Rental increases were also recorded for two-bedroom properties in Brighton East. The weekly median rental for a two-bedroom apartment in Brighton East grew by 10.5% to $450 while rent for the same sized house was up 10% to $450. 
Other suburbs experiencing rental growth across the municipality included two-bedroom apartments in Black Rock, up 6.1% to $425 in June and four-bedroom homes in Sandringham, up 8.7% to $950 per week. 
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Bayside Melbourne rental growth with strong demand for three bedders

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From house hunting to arranging finance, there’s a lot to learn the first time you buy a property. Each step presents challenges and many first-timers fall into the same traps. Here are nine common mistakes and how to avoid them.  
<ul>
<li>Over-stretching your budget – Once you’ve crunched the numbers on how much you can afford, stick to that sum. Don’t over-spend, even on a property you love. </li>
</ul>
<ul>
<li>Rushing in – If you’ve been looking for a while, it can be tempting to compromise on important details because you’re frustrated with searching. But beware of hasty decisions you may regret later. Review your checklist of features and reassess what you really want. </li>
</ul>
<ul>
<li>Getting too picky – At the other end of the spectrum, you should be prepared to make some sacrifices, especially if other features you desire can be added later. </li>
</ul>
<ul>
<li>Failing to research – Get to know how much homes in your search area cost but also learn about future changes that may affect values, such as proposed land rezoning or roads that may be built nearby. Factor this information into your decisions. </li>
</ul>
<ul>
<li>Not getting inspection reports – Structural reports and pest inspection can reveal otherwise hidden problems. Knowing about these upfront allows you to budget accordingly and maybe negotiate on price.</li>
</ul>
<ul>
<li>Forgetting extra costs – In addition to the property price, you may have other costs such as the cost of title searches, solicitor fees, removalists and potentially upfront repairs. Ensure you’ve saved enough to cover those and other charges. </li>
</ul>
<ul>
<li>
Failing to arrange finance – You may think you know how much you can borrow, but does the bank agree? Speak to your lender about seeking pre-approval for a loan early in your house hunting process. This provides comfort that you’ll have the money when you need it. 
</li>
</ul>
<ul>
<li>Job hopping – Recent or frequent job changes may make lenders reluctant to extend finance. If possible, this is something to keep in mind.</li>
</ul>
<ul>
<li>Not reading the fine print – Sale and mortgage contracts are long and complicated but their contents are important. Read them in detail and have a lawyer explain what they mean.</li>
</ul>
Quick tip: To avoid mistakes, plan ahead, do your research and stay focused on your goal.
 
TO FIND OUT HOW RAMS CAN HELP EASE YOU THROUGH THE PROCESS, GET IN TOUCH WITH YOUR LOCAL RAMS HOME LOAN EXPERT OR DROP IN FOR YOUR <a href="https://ad.doubleclick.net/ddm/clk/297184357;124281889;y" target="_blank">FREE FIRST HOME BUYERS’ GUIDE</a>.
For more great property advice and tips on buying your first home from RAMS subscribe to <a href="https://ad.doubleclick.net/ddm/clk/297184562;124283881;q" target="_blank">The Great Australian Dream property series</a>.
For your free Property Observer eBook from RAMS, 12 tips for first-time buyers, covering everything you need to know when it comes to purchasing property, click here.
Disclaimer: Information in this material is general and does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. You should also obtain independent professional advice relevant to your financial circumstances.
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First-time mistakes to avoid

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The valuation firm Herron Todd White has issued its latest property clock for houses - a simple broad brush means to suggest where property markets are - and what direction prices are moving in.
The valuation firm has included capital and regional cities on the October property clock for house price direction.
Melbourne has joined Sydney houses at the peak of the cycle.
<a href="/images/2015/10/07/Screen%20Shot%202015-10-07%20at%209.50.31%20AM.png" target="_blank">Click here</a> to enlarge.
For more information, <a href="https://www.htw.com.au/" target="_blank">click here</a>.
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