<p>Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.</p>

<p>Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;</p>

<p>David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;</p>

<p>“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;</p>

<p>[smartcode_project:default project_id=110291 project_image_fid=302785]</p>

<h2>Affordable product leads, premium demand remains resilient</h2>

<p>Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;</p>

<p>Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;</p>

<p>At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.</p>

<p>Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.</p>

<p>Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;</p>

<p>[smartcode_project:default project_id=148957 project_image_fid=364102]</p>

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

<p>Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.</p>

<p>David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.</p>

<p>“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;</p>

<p>Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.</p>

<p>[smartcode_project:default project_id=108869 project_image_fid=317905]</p>

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

<p>While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;</p>

<p>Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;</p>

<p>However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.</p>

<p>Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;</p>


Joel Robinson

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

<p><a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.</p>

<p>The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.</p>

<p>Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.</p>

<p>“Brisbane was the right step for Sammut,” Sammut said.</p>

<p>“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”</p>

<p><img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" /></p>

<p>Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.</p>

<p>The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.</p>

<p>“We are DA approved now which is very exciting,” Sammut said.</p>

<p>“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”</p>

<p><img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" /></p>

<p>Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.</p>

<p>“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.</p>

<p>The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.</p>

<p>“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”</p>

<p>The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.</p>

<p>The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.</p>


Sammut secures approval for debut Brisbane apartment development in Toowong

<p>Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.</p>

<p>Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.</p>

<p>The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.</p>

<p>“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.</p>

<p>“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.</p>

<p>“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”</p>

<p>The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.</p>

<p>“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”</p>

<p>From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.</p>

<p>“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”</p>

<p>The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.</p>

<p>“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.</p>

<p>Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.</p>

<p>“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.</p>

<p>“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”</p>

<p>The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.</p>

<p>“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.</p>

<p>Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.</p>

<p>&nbsp;</p>


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

<p>Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.</p>

<p>The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.</p>

<p>It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.</p>

<p>With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.</p>

<p>“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.</p>

<p>“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”</p>

<p><img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" /></p>

<p>GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.</p>

<p>“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”</p>

<p>Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.</p>

<p>“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.</p>

<p><img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" /></p>

<p>&nbsp;</p>

<p>One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.</p>

<p>Green praised local policy settings.</p>

<p>“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”</p>

<p>One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.</p>

<p>“The way we will be able to achieve economies of scale is through size,” Green added.</p>


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

<p>It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.</p>

<p>Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.</p>

<p>Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be</p>

<p data-end="683" data-start="511">"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.</p>

<p data-end="882" data-start="690">"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."</p>

<p data-end="882" data-start="690">[smartcode_project:default project_id=134646 project_image_fid=6109]</p>

<p>The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.</p>

<p>The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.</p>

<p>Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.</p>

<p>[smartcode_project:default project_id=134646 project_image_fid=6110]</p>

<p>Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.</p>

<p>The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.</p>

<p>[smartcode_project:default project_id=134646 project_image_fid=6116]</p>

<p data-end="247" data-is-last-node="" data-is-only-node="" data-start="0">While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.</p>

<p>WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.</p>

<p>With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.</p>

<p>[smartcode_project_cta:default project_id=134646]</p>


WM Residences fills gap in Mordialloc townhouse market

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<p>Australian apartment building approvals experienced a sharp downturn in March, as approvals dropped by 28.4 percent throughout the month, supporting a fall in total dwelling approvals of 19.9 percent.</p>
<p>Matthew Pollock, national manager of housing at Master Builders Australia, remarked that the statistics highlight the need for the Federal Budget to support a greater level of investment into Australia’s housing sector.</p>
<p>“These latest results suggest the housing boom which has been driven primarily by apartment construction in Sydney and Melbourne is beginning to run out of steam,” he said.</p>
<p>Apartment approvals in New South Wales fell by 27 percent, to 2,526, the lowest level since January 2016. Victoria did not fare much better, with apartment approvals down by 13 percent in March.</p>
<p>However, the value of alterations and additions increased by 1 percent in March and has risen for seven straight months.</p>
<p>“The record rates of new home building last year and this year are a result of the industry playing catch-up after a decade of underinvestment into our housing stock,” Pollock added.</p>
<p>“New home construction will need to be maintained at 200,000 new dwelling per year for at least the next five years if we are to meet the needs of a larger population and ensure supply constraints do not push up future house prices.”</p>
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j.ballantyne1990-6AQqhLzZaK

Budget must support new home building as building approvals fall

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<p>The New South Wales government leads the country in property tax increases, according to the Property Council of Australia which cited the latest ABS data, adding further pressure on house prices amid the hot debate on affordability.</p>
<p>Taxes on property increased by 16 per cent, or $2.4 billion in NSW in 2015/16, leading Australia in terms of property tax hikes. Over the last five years, revenue from property taxes in NSW rose by 64.9 per cent, or $6.7 billion, the data shows.</p>
<p>The state’s tax share bolstered last year’s national property tax revenue where property taxes hit a record $49.5 billion across Australia. </p>
<p>The PCA says the state government is leaning on the property industry to prop up its spending. </p>
<p>“This a podium finish NSW does not want; with housing affordability the number one issue for this premier and her leadership team, it is concerning that they continue to squeeze the industry dry and are swimming in property tax revenue,” NSW executive director Jane Fitzgerald said.</p>
<p>“Higher taxes on property means higher house prices and more strain on first home buyers - this government is simply throwing fuel on the fire.</p>
<p>“With the average house price in NSW at around $900,000 and in parts of Sydney at well over $1 million, we need to be reducing taxes on the property industry, not leading the nation in terms of tax hikes.”</p>
<p><img src="https://www.urban.com.au/images/2017/04/28/NSWtax.png" alt=""></p>
<p>Over the past five years, revenue for property based stamp duty in NSW has doubled to more than eight billion dollars from around four billion dollars.</p>
<p>“When will enough be enough and we look at tax reform in this state to reduce the burden on the industry and look at sustainable, long term revenue streams rather than property taxes that rise and fall with the market,” said Fitzgerald.</p>
<p>“The upcoming state budget must be brave and bold and contain tax reform that releases the financial pressure on the people of NSW.”</p>
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jonathanchancellor-7SQnKwU6yx

NSW leads Australia in property tax hikes: PCA

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<p>Sydney's biggest ever auction day saw 1140 homes go under the hammer and with 677 of the results in by Saturday evening, CoreLogic put the clearance rate as nudging 80 percent.</p>
<p>At 79.47 percent - and "all of that extra supply", CoreLogic’s auction analyst Kevin Brogan described it as "a robust performance,”.</p>
<p>The dearest at Drummoyne, saw a four-bedroom art deco home on the waterfront sold for $7.2 million. </p>
<p>The auctioneer Damien Cooley called the property onto the market at $6.8 million.</p>
<p>“There’s a shortage of waterfronts in Drummoyne,” Cobden and Hayson agent Frank Colacicco told <em>The Sunday Telegraph</em>.</p>
<p>A freestanding ocean-view Federation house in Sydney's Bronte has been sold for $5.33 million, making it Sydney’s second most expensive auction weekend sale.</p>
<p>Located at <a href="https://www.realestate.com.au/sold/property-house-nsw-bronte-124949282">12 Cross Street</a>, it overlooks Tamarama and is centrally located to both Bronte and Tamarama beaches.</p>
<p>It has a double frontage of 450 sqm with an elegant entry hall and ornate ceilings</p>
<p>It features a huge living room with original floorboards along with spacious dining and casual living.</p>
<p>Double doors leads to the raw timber deck along with retractable awning and landscaped gardens.</p>
<p>Kitchen features Caesarstone along withg Bosch dishwasher and Ilve gas cooker.</p>
<p>Upstairs is the retreat featuring an ensuite.</p>
<p>There is also an Italian glass mosaic-tiled family bathroom.</p>
<p>Huge scope to extend upper level and there are also off-street parking for two cars.</p>
<p>The property was offered through Phillips Pantzer Donnelley agents Alexander Phillips and Gavin Lewis.</p>
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Harbourfront Drummoyne and ocean-view Bronte top Sydney's super Saturday sales

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<p>QSuper, Queensland's largest super fund, is teaming up with Macquarie Group's asset management arm to bid for New South Wales' land titles registry.<br><br> The super fund, which manages more than $65 billion, is preparing to write a cheque to support the bid headed by Macquarie Group's asset management arm, Macquarie Infrastructure and Real Assets (MIRA), according to the Australian Financial Review’s column Street Talk.</p>
<p>The consortium also includes ASX-listed Link Group, which has plenty of experience designing and implementing technology-based process upgrades, Street Talk said.</p>
<p>The Land and Property Information (LPI) unit provides all mapping, titles and other related land information services for NSW.</p>
<p>The sale of the state's LPI would be the first sale of its kind in Australia, Property Observer had reported in a previous article.</p>
<p>Ever since the news of the privatisation of the LPI came out, there has been much debate about its impact. </p>
<p>Experts have said there is a “very real potential for conflict of interest if a commercial organisation such as a major bank, insurance company or land title data provider, owns the title”, as previously reported by Property Observer. </p>
<p>The privatised model would eliminate independent government operation of the title system, reduce community trust and open up opportunity for corruption in land transactions, the article had said. </p>
<p>There was also concern about job losses, with Fairfax Media citing leaked documents saying hundreds of employees at NSW's land titles registry are now uncertain about their future with the future private operator possibly sending their jobs out of the state.</p>
<p>Premier Gladys Berejiklian whether these jobs would stay in NSW for at least another four years. </p>
<p>MIRA's consortium is said to be on track to have a binding bid ready in time for the March 30 deadline. </p>
<p>The winning bidder will have the right to run NSW's land titles registry for the next 35 years, forecast to be worth more than $2 billion. Fairfax Media said LPI generates $130 million in profit each year.</p>
<p>QSuper is no stranger to Australian infrastructure auctions. It has invested about $5 billion in the asset class, including stakes in the Port of Brisbane, NSW Ports (Port Botany and Port Kembla), Brisbane Airport and the QIC/AMP Capital-owned utility Powerco.</p>
<p>QSuper has traditionally participated in such auctions via fellow Queensland firm QIC or under the guidance of the US-based but increasingly Australian-focused Global Infrastructure Partners.</p>
<p>MIRA's group is expected to come up against three other bids at the auction; Hastings Funds Management and its partners including First State Super; Canada's Teranet with parent Borealis Infrastructure and Computershare; and private equity giant The Carlyle Group.</p>
<p>Should QSuper write a cheque as expected, it would be a significant financial boost for MIRA and Link. While there is no doubting in the pair's expertise in such technology upgrade and registry-type projects, there were some doubts about funding and whether they could compete with the deeper pockets of rival consortiums. </p>
<p>JPMorgan is running the auction on behalf of the NSW government after undertaking a scoping study on the sale.</p>
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QSuper to back Macquarie arm's bid for New South Wales' land titles registry

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<p>Residential vacancy rates in the Sydney metropolitan market have fallen 0.2 percent to 1.9 percent, according to the REINSW.</p>
<p>The February 2017 REINSW Vacancy Rate Survey from REINSW found Inner Sydney led the fall in rental listings with a 0.2 percent decline at 1.7 percent, similar to levels of 9 months ago.</p>
<p>John Cunningham, president, REINSW said Middle Sydney fell 0.3 percent at 1.8 percent while Outer Sydney remained steady at 2.2 percent.</p>
<p>"The Hunter slipped 0.2 percent with a 0.7 percent rise in Newcastle to 2.7 percent offset by a fall of 0.9 percent at 1.6 percent in the rest of the region," he said.</p>
<p>"In the Illawarra, vacancy rates fell 0.3 percent at 1.1 percent with Wollongong falling from 2.1 percent to 1.1 percent.</p>
<p>"Across regional areas, Albury was down 0.8 percent at 3.2 percent, the South Coast fell 0.2 percent at 2.1 percent and Northern Rivers slipped 0.5 percent at 1.1 percent.</p>
<p>"Coffs Harbour rose 1.1 percent to 3.7 percent and Central Coast gained 0.3 percent to 2.8 percent."</p>
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Residential vacancy rates fall across NSW: REINSW

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<p>GUEST OBSERVER</p>
<p>NAB Economics have partnered with NSW Trade and Investment in utilising the NAB Quarterly Business Survey (QBS) to gain a better understanding of foreign multinationals operating in Australia, and especially NSW.</p>
<p>Commencing from the December quarter 2016, the NAB QBS asked firms an additional question on the location of their parent company.</p>
<p>That has allowed us to single out the performance of foreign multinationals operating within Australian borders, based on the numerous metrics available from the Survey. Attempts are currently underway to extrapolate a time series of business indicators for these firms, but for now available outcomes are restricted to Q4 2016.</p>
<p>In the final quarter of 2016, the NAB Multinational Business Survey revealed that business conditions – a composite of trading/sales conditions, profitability and employment – were strong for foreign multinationals, at +13 index points, and were higher than for those with an Australian-based headquarters (although conditions were quite positive despite ownership) (Chart 1, Table 1).</p>
<p>Given the importance of attracting foreign investment to the local economy, it is encouraging to see that foreign multinationals already operating within Australia are performing so well – and are especially strong in NSW (see below). Business confidence on the other hand is looking more balanced, at reasonably positive levels (+6 index points for all ownership types).</p>
<p><a href="https://www.propertyobserver.com.au/images/2017/03/14/Screen%20Shot%202017-03-15%20at%208.14.10%20AM.png" target="_blank">Click to enlarge</a></p>
<p><img src="https://www.urban.com.au/images/2017/03/14/Screen%20Shot%202017-03-15%20at%208.14.10%20AM.png" alt=""></p>
<p>By component, foreign multinationals are reporting very good sales activity, with our trading conditions index at 20 points, which was well above the (also solid) levels seen by other firms. Reflecting the apparently strong demand conditions, profitability was also quite high, at 15 index points, which was again higher than that reported by other firms. Employment conditions, however, were a little less encouraging (albeit still positive). The employment conditions index meanwhile was at +3 index points, which is slightly below the level recorded by firms with headquarters located within Australia.</p>
<p><a href="https://www.propertyobserver.com.au/images/2017/03/14/Screen%20Shot%202017-03-15%20at%208.17.57%20AM.png" target="_blank">Click to enlarge</a></p>
<p><img src="https://www.urban.com.au/images/2017/03/14/Screen%20Shot%202017-03-15%20at%208.17.57%20AM.png" alt=""></p>
<p>Concentrating on NSW, foreign multinationals reported very strong business conditions in Q4 2016 (+16 points), albeit slightly lower than for firms with an Australian-owned headquarters (Charts 2). By component, foreign multinationals saw the best trading conditions, but were noticeably softer on employment conditions relative to other firms in NSW. They also performed better in NSW than in other states (Chart 3), outperforming in two out of three components (employment again being the exception). </p>
<p><a href="https://www.propertyobserver.com.au/images/2017/03/14/Screen%20Shot%202017-03-15%20at%208.18.52%20AM.png" target="_blank">Click to enlarge</a></p>
<p><img src="https://www.urban.com.au/images/2017/03/14/Screen%20Shot%202017-03-15%20at%208.18.52%20AM.png" alt=""></p>
<p>The outperformance of business conditions for foreign multinationals at the national level is not quite replicated across all the other key financial and forward indicators from the Survey (Chart 4). They are, however, leading when it comes to profit margins, which suggests that these firms are experiencing a relatively favourable business environment, both in terms of costs and revenue.</p>
<p>That would tend to suggest that the positive inventory index points to voluntary restocking by firms – although that seems counter to forward orders, which are noticeably lower for foreign multinationals than for other firms. Capacity utilisation outcomes suggest similar levels of spare capacity, regardless of ownership, but investment activity by foreign multinationals appears relatively lower, while their intentions to invest in the next 12 months are significantly lower than for some other firms (more details below).</p>
<p>Focussing on NSW, foreign multinationals are performing better than in other states on a number of measures, including profit margins and forward orders (Chart 5). However, the investment outlook is perhaps not quite as encouraging as it is in other states – despite foreign multinationals enjoying much better demand conditions (business conditions and forward orders) in NSW than elsewhere.</p>
<p>KEY RESULTS BY INDUSTRY</p>
<p>The sample from the Business Survey allows us to deconstruct responses by industry, at the national level. On balance, foreign multinationals within the construction industry experienced the best business conditions in Q4 2016, while conditions in the mining industry look extremely poor (Chart 6).</p>
<p>That said, mining confidence was a clear standout in the quarter, which probably reflects improvements in project viability due to a rally in commodity prices. Transport was the only other industry where foreign multinationals reported negative business conditions (and even weaker confidence). While that may partly reflect mixed conditions in distributional services more generally, higher energy costs are probably contributing to the weak result.</p>
<p>Unsurprisingly, foreign multinationals in services industries have performed relatively well, which is a trend reflected in the broader economy. Solid conditions in retail are also encouraging given mixed indications from other data sources.</p>
<p><a href="https://www.propertyobserver.com.au/images/2017/03/14/Screen%20Shot%202017-03-15%20at%208.20.19%20AM.png" target="_blank">Click to enlarge</a></p>
<p><img src="https://www.urban.com.au/images/2017/03/14/Screen%20Shot%202017-03-15%20at%208.20.19%20AM.png" alt="" width="302" height="768"></p>
<p>Similar to domestically-owned firms, foreign multinationals are reporting capital expenditure intentions that vary significantly across industries (Chart 7). Foreign multinationals appear more keen to invest than other firms in wholesale, construction, retail, and professional services.</p>
<p>Construction is unsurprising given the strength of the residential boom, but the high level for wholesale (and to some extent manufacturing) is interesting given the significant structural changes underway within the industry. Investment intentions are also high for personal services (RPS), just not as high as locally-owned business. </p>
<p>OTHER INDICATORS OF BUSINESS EXPECTATIONS</p>
<p>Aside from capital expenditure expectations, the Survey also asks firms about their outlook for factors such as sales, profits and employment. On balance, foreign multinationals are noticeably more upbeat on their 12-month outlook for sales and profits than they are for employment (Chart 8).</p>
<p>This might normally suggest that firms are looking to undertake a more capital intensive expansion of their operations, and/or reduce spare capacity, but also in this instance is hard to square away with current levels of capacity utilisation and capex expectations (discussed above). Therefore, this outcome may point to an anticipated improvement in efficiency/productivity?</p>
<p>In terms of the outlook for foreign multinationals operating in NSW, these firms tended to point to a better outlook for the next 12 months than foreign multinationals in other states. Sales, profit and employment expectations (12-months ahead) were all higher for these firms (Chart 9). Once again, employment conditions are lagging behind, although the net balance is still quite positive at +20 index points.</p>
<p>BORROWING &amp; REQUIRED RETURNS</p>
<p>To get a better idea of what is affecting decisions on capital expenditure, the Survey asks about credit conditions and the required rate of return for potential investments. On credit demand, the Survey shows that foreign multinationals tended to require less borrowing in the quarter than other types of firms (Chart 10, black bars). A similar observation can be made for foreign multinationals operating in NSW (Chart 11, black bars).</p>
<p>The lower demand for credit could reflect a number of potential factors. Perhaps foreign multinationals have greater access to other sources of finance. Another possibility is that foreign multinationals are still more reluctant to take on debt than solely domestic firms, given the higher degree of disruption in foreign debt markets over recent years.</p>
<p>Overall borrowing conditions (i.e. supply side constraints) might be another factor that is limiting firms borrowing. Differences in regulation and risk assessment can affect the willingness of banks to lend to foreign firms relative to solely domestic ones.</p>
<p>To measure this, the Survey produces a borrowing index, which compares those firms who found it easier to borrow versus those who found it harder. Interestingly, at the national level, foreign multinationals found it no harder than other firms to borrow, but they did find it harder in NSW (Charts 9 &amp; 10, grey lines).</p>
<p>Finally, required rates of return on investment appear to be a little higher for foreign multinationals, which could be a limiting factor on capex given the uncertain growth outlook for the economy (Charts 10 &amp; 11, red lines). </p>
<p>CONSTRAINTS ON BUSINESS OUTPUT</p>
<p>When asked about the main constraints on the firm’s output, aggregate demand tends to be the most common response. Foreign multinationals are no different, with more than half of these firms indicating that demand was either a minor or major constraint on their output (Chart 13, red bars).</p>
<p><a href="https://www.propertyobserver.com.au/images/2017/03/14/Screen%20Shot%202017-03-15%20at%208.21.35%20AM.png" target="_blank">Click to enlarge</a></p>
<p><img src="https://www.urban.com.au/images/2017/03/14/Screen%20Shot%202017-03-15%20at%208.21.35%20AM.png" alt=""></p>
<p>However, a significant proportion of foreign multinationals (more than a third), also indicated that a lack of suitable labour is playing a role as well. Given that the unemployment rate is elevated in Australia (5.8%), and the underemployment rate is close to record highs, there certainly seems to be an adequate supply of workers in the market. Therefore, this result could suggest that firms consider the available workers to be underqualified, inexperienced or not qualified in the skills that are required. The availability of materials and physical capital is much less of a concern, but around 10% of foreign multinationals consider them a minor constraint.</p>
<p>At the state level, similar observations can be made for NSW, although the availability of suitable labour features more prominently – nearly half of foreign multinationals see it as a minor constraint (Chart 13, black bars). Additionally, although demand is still the largest constraint for NSW foreign multinationals, a smaller proportion see it as a significant constraint compared to foreign multinationals in other states (Chart 13, red bars). </p>
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<p><em><span>Alan Oster is group chief economist, National Australia Bank, and </span>can<span> be contacted <a href="https://business.nab.com.au/author/alan-oster/" target="_blank">here</a>.</span></em></p>
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jchancellor-FAypfDUnLy

Multinationals operating in NSW a clear standout: NAB's Alan Oster

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<p>The NSW service station market has seen resurgence in both new sites being constructed and investor interest, according to Knight Frank’s latest Research report, NSW Service Station Insight: February 2017.</p>
<p>Findings of the report were discussed by a panel of experts at a Knight Frank event in Sydney last night.</p>
<p>The panel included members from Rostron Carlyle, Consara, Holden Capital Finance and UCB, alongside Knight Frank’s Director, Service Stations Jason March and Director, Research &amp; Consulting Paul Savitz.</p>
<p>According to Mr March, “There is a strong appetite for service stations in Australia.</p>
<p>This asset class is no longer just for mum and dad investors.</p>
<p>They have evolved and have a diverse range of buyers now seeking to add service stations to their investment portfolios and superannuation funds.</p>
<p>“The appeal to investors in recent years has been underpinned by long-term lease covenants, with fuel companies providing stable income with relatively low costs associated with these assets.</p>
<p>“The demand for service stations will remain high, as competition in the sector continues to grow and investment yields remain attractive to developers and investors alike,” said Mr March.</p>
<p>According to the report, service station sales in NSW totalled $175.5 million in 2016 – 48 per cent above 2015 levels.</p>
<p>“The development of new service stations in NSW is increasing with 38 new-to-industry (NTI) sites established in 2015 and 2016.</p>
<p>Development has been concentrated in key growth corridors where population growth has been significant,” said Mr March.</p>
<p>In the latest deal negotiated by Mr March, a Junction Hill service station in Northern NSW has sold for $1.3 million plus GST to Shane Punton PTY LTD.</p>
<p>Located on 5 Casino Road, Junction Hill, the 1,255 square metre Caltex station received strong interest with multiple offers. Mr March said that multiple offers were received for the property.</p>
<p>Prior to this, recent sales by Knight Frank further up the coast in south-east Queensland include Puma Loganlea, which sold for $6 million; BP Capalaba East for $3.65 million; Neumanns Alexandra Headlands for $2.5 million; Choice Coopers Plains for $2.2 million and BP Kilcoy for $2.5 million.</p>
<p>According to Mr Savitz, the rationalisation of sites and industry amalgamations have been significant over the past decade, as traditional operators began to focus on upstream activities – making way for the entry of the supermarket chains in the early 2000s.</p>
<p>“With secure, globally-recognised tenants offering solid leasing covenants and long-term cash flow, interest in the service station sector has grown rapidly in recent years.</p>
<p>Over the past two decades, the service station industry has changed markedly with traditional fuel providers reducing retail operations to focus on the more profitable upstream oil and gas sector.</p>
<p>“Once dominated by the likes of Shell, BP, Mobil and Caltex, the entry of supermarket brands raised the stakes – ultimately increasing competition and altering the traditional model of what consumers</p>
<p>are being provided.”</p>
<p>Mr Savitz said that in line with the population, NSW accounts for the largest number of service stations in Australia at 30 per cent; moderately above VIC and QLD at 22 per cent respectively.</p>
<p>“Service station ownership in NSW is highly concentrated within a select group of operators, with the four largest providers by brand accounting for 50 per cent of NSW service stations.</p>
<p>Caltex, BP, Shell-Coles Express and 7Eleven are the largest players.</p>
<p>“Through industry amalgamations, the rationalisation of sites and a larger volume of fuel being sold from each site, the number of petrol stations in operation within Australia has declined to approximately 6,400 – down from 8,370 in 2000 and around 20,000 in the 1970s.” </p>
<p>Mr March said the ownership structure of the service station sector is anticipated to change further over the next five years.</p>
<p>“Coles and other independent operators are expected to increase their presence in the industry.</p>
<p>In the short term however, an interesting period lies ahead as BP’s purchase of the Woolworths service station business flows through and both established and new industry entrants look to gain market share,” said Mr March.</p>
<p>To meet the growing demand for service stations across Australia, Knight Frank has recently expanded its service stations team, with Knight Frank’s Associate Director, Service Stations, Kim Munro joining the firm at the start of this month.</p>
<p>“Kim comes to Knight Frank with extensive experience in the fuel industry and we’re confident he’ll help us continue to be one of the leaders in service station sales in Australia,” concluded Mr March.</p>
<p>A retail service station at <a href="https://www.realcommercial.com.au/property-retail-nsw-finley-502249202" target="_blank">16 Murray Street</a>, Finley (above) has been listed for auction.</p>
<p>Similarly a retail service station at <a href="https://www.realcommercial.com.au/property-retail-nsw-ingleburn-502246638" target="_blank">Lot 8, 24-30 Lagonda Drive</a>, Ingleburn (below) has been listed for sale.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/02/22/Lot%208%2024-30%20Lagonda%20Drive.jpg" alt=""></p>
<p>A retail service station at <a href="https://www.realcommercial.com.au/property-retail-nsw-forster-502249198" target="_blank">86 Macintosh Street</a>, Forster (below) was sold.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/02/22/86%20Macintosh%20Street.jpg" alt=""></p>
<p>Similarly a service station at <a href="https://www.realcommercial.com.au/property-retail-nsw-towradgi-502174362" target="_blank">162-166 Pioneer Road</a>, Towradgi (below) was sold for $5,615,000.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/02/22/162-166%20Pioneer%20Road.jpg" alt=""></p>
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NSW service station market sees resurgence

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<p>The NSW economy has continued to outperform the rest of Australia by a wide margin, but the state’s economic strength is placing pressure on housing affordability, said Westpac’s Red Book January 2017 report.</p>
<p>The state recorded 3.5 percent growth for the 2015/16 financial year, the strongest result since the pre-Olympic boom in 1999/2000.</p>
<p>The more recent performance has been more mixed with state demand stalling in Q3 and consumers reining in spending growth in line with slow incomes.</p>
<p>The consumer mood has also been toned down a little but remains more upbeat than the rest of Australia.</p>
<p>At 102.8 the average NSW sentiment index read over the last 3 months is not particularly strong but is comfortably above the 98.5 reading for the rest of Australia.</p>
<p>The biggest wedge is around views on the economy which remain less pessimistic in NSW (i.e. above the rest of Australia but still sub-100).</p>
<p><a href="https://www.propertyobserver.com.au/images/2017/02/03/wes-6.jpg" target="_blank">Click to enlarge</a></p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/02/03/wes-6.jpg" alt=""></p>
<p>Unemployment expectations are also materially better in NSW – the only state recording responses below its long run average.</p>
<p>The picture is less constructive around housing. Deteriorating affordability continues to weigh on assessments of ‘time to buy a dwelling’, the state index still 18 points below the rest of Australia and firmly in negative territory.</p>
<p>Notably, NSW consumers also appear to be becoming warier of risk, the state risk aversion index converging with the national measure in December.</p>
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NSW's economic strength straining housing affordability: Westpac

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<p>Will Rogers probably didn't have Sydney's inner west in mind when he famously said "don't wait to buy land; buy land and wait", but it would have been an apt observation if this has been the case.  </p>
<p>The New South Wales Valuer General reported that total land values had risen yet again by 11.3 percent in the 2016 financial year to $1.5 trillion.</p>
<p>The value of the state's land is up by more than 57 percent in only four financial years.</p>
<p><a href="https://www.propertyobserver.com.au/images/2017/01/17/NSW4.jpg" target="_blank">Click to enlarge</a></p>
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<br><div>Unsurprisingly the gains were driven by residential land values which rose by 11.1 percent to $1.2 trillion.</div>
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<div><strong><span style="text-decoration: underline;">Inner west land pressures</span></strong></div>
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<div>Caution should always be exercised when interpreting residential land value figures, which were calculated from a sample of more than 38,000 sales in the 2016 financial year. </div>
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<div>This is particularly so at the Local Government Area (LGA) level, where median values can be skewed higher by sites with development potential, particularly at this advanced stage in the cycle.</div>
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<div>As usual the most valuable residential land was the in the leafy LGAs of Mosman to the north ($1.84 million median) and Woollahra to the east ($1.82 million) which remain very much the domain of the wealthy, but most of the serious gains have been seen in the inner west of Sydney.</div>
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<div>No fewer than 16 LGAs now have a median residential land value of more than $1 million, which will result in hefty land tax levies. </div>
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<br><div>Not everywhere saw large gains in land values, with often only moderate changes in regional and coastal New South Wales, and the Blue Mountains, for example. </div>
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<span>There were declines too in mining locations. </span><br><span><br></span><span>Broken Hill and the mining areas of the Hunter (the LGAs of Muswellbrook, Singleton, and the Upper Hunter) recorded drops in land values ranging from around 8 per cent to 15 percent.</span>
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<br><div>On the other hand, the greatest gains in the financial year were seen in Burwood, with land values up by no less than 37.5 per cent, a location which saw the sale of a number of development sites in both the centre of the suburb and along Parramatta Road. </div>
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<div>Over the past four financial years there have been crunching gains in half a dozen or more LGAs located to the west of the Sydney Central Business District.</div>
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<div><a href="https://www.propertyobserver.com.au/images/2017/01/17/NSW2.jpg" target="_blank">Click to enlarge</a></div>
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<br><div>We live in a nominal world, as the saying goes, and when looking at the greatest dollar value increase in median residential land values, top of the pile was Strathfield which has recorded an astronomical increase of $723,000 since FY2012.</div>
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I can't think of anything pithy to say about these numbers, so I'll leave the last word to Will Rogers:<br><br>"Find out where the people are going and buy the land before they get there."<br><br>Indeed.
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<p><span><em>PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>.</em><br></span></p>
<p><em>His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.</em></p>
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pwargent-M4siyDbqQY

NSW land values rise again to $1.5 trillion: Pete Wargent

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<div>The NSW Department of Planning will be able to step in if councils or other government agencies sit on residential approvals for too long under new laws.</div>
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<div>Aimed at relieving Sydney's chronic housing shortage, the proposed changes will see the Planning Minister also have the right to set up a planning panel on councils that are stalling on a project decision.</div>
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<div>It is a system already operating in South Australia. </div>
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<p>The NSW development approval system has previously been labelled the worst in the world by the Property Council of NSW.</p>
<p>The Daily Telegraph had Prime Minister Malcolm Turnbull last week saying Sydney councils were taking three times as long to approve DAs as their counterparts in Brisbane.</p>
<p>The proposed changes include standardising the format of councils' development control plans, removing 400 formats that exist across the state.</p>
<p>Developers will also be given incentives, yet to be detailed, to resolve objections with neighbours before lodging development approvals.</p>
<p>It is expected to save time and money, and increase harmony, though the Australian Financial Review noted NSW Planning Minister Rob Stokes' department provided details of the legislation to the paper on the condition no groups such as Greens and local councils would be approached for comment. </p>
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<p>NSW Urban Development Institute of Australia chief executive Steve Mann, in comments supplied by the NSW government, said the reforms addressed some long-held frustrations with the planning system by industry, community and local government.</p>
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