Abadeen has released the whole-floor penthouse crowning its recently completed <a href="https://www.apartments.com.au/buildings/park-residences-cremorne-2-sutherland-street-cremorne-nsw-2090">Park Residences</a> development in Cremorne, bringing the near-300 sqm residence to market for the first time.

Occupying the entire top floor of the boutique Lower North Shore development, the penthouse includes 221 sqm of internal living and a 74 sqm wraparound terrace, with a prized north-facing aspect taking in views across Middle Harbour.

The residence has been completed and fully furnished following a collaboration between Abadeen Executive Chairman Justin Brown and internationally recognised interior designer Jack Freeman, Founder and Managing Director of FREEMAN &amp; CO.

<a href="https://www.apartments.com.au/developers/abadeen">Abadeen</a> and Freeman approached the penthouse as a finished home, sourcing furniture, artwork, lighting and objects from Australia and overseas.

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[smartcode_project:default project_id=114246 project_image_fid=378718]

Pieces from Parisian design house Pierre Augustin Rose sit alongside contemporary artworks and bespoke lighting, with Freeman drawing on recent visits to PAD Paris and Salone del Mobile Milano for the final collection.

Brown said the aim was to create a penthouse that felt more like a large-scale private home than a traditional apartment.

"The experience begins the moment the lift doors open. You're welcomed into an elegant dining room before the home opens into an extraordinary living space framed by sun-drenched harbour views.

"Every time someone walks through the front door they pause. It's not just the view, it's the incredible sense of space, the warmth created by the northern sunlight that fills the interiors, and the way every room connects so effortlessly.

"It has all the proportions of a luxury home, while delivering the effortless lifestyle and personalised experience of living in a world-class six-star hotel, combined with the simplicity and convenience of apartment living."

&nbsp;

[smartcode_project:default project_id=114246 project_image_fid=378713]

A secure lift provides exclusive access to the penthouse level, opening to a dedicated arrival foyer and dining area before the residence expands into its main living and entertaining spaces.

Floor-to-ceiling glazing runs across the northern side of the home, connecting the interiors with the terrace and Middle Harbour outlook.

The penthouse also features a fireplace and substantial chef's kitchen, while the wraparound terrace has been designed to accommodate both everyday outdoor living and larger-scale entertaining.

[smartcode_project:default project_id=114246 project_image_fid=378720]

Freeman said the interiors had been deliberately kept restrained to complement the scale, natural light and outlook already established by the architecture.

"The penthouse is a serene study in quiet luxury," Freeman said.

"The interior pairs soft, sculptural forms with warm timber, pale stone and a restrained neutral palette. Curated artwork and metallic accents add depth, while abundant natural light creates a calm, effortlessly refined atmosphere. In my world, less is always more."

Freeman said the approach was centred around collecting individual pieces rather than simply decorating the apartment.

"Every material, every object and every piece of furniture has been curated with intention. I am a true believer in collecting versus decorating.

"The architecture already provided extraordinary natural light, remarkable volume and an uninterrupted connection to Middle Harbour. Our role was to complement those qualities with unique one-of-a-kind pieces of fine art and collectible design sourced from recent travels around the world."

[smartcode_project:default project_id=114246 project_image_fid=378694]

Among the collection are solid bronze sculptures by Lorenzo Quinn, alongside a curated crystalware collection and pieces sourced from international design fairs.

Park Residences sits opposite Cammeray Golf Club, Cammeray Croquet Club and Grand Slam Tennis Cammeray, around 300 metres from Neutral Bay Village and its established collection of restaurants, cafés and retail.

Brown said the combination of a whole-floor floorplan, northern aspect and proximity to Neutral Bay was becoming increasingly difficult to find on the Lower North Shore.

"Completed whole-floor penthouses with a sun-drenched north-facing aspect and sweeping Middle Harbour views are exceptionally rare," Brown said.

"Add a quiet position opposite golf, croquet and tennis facilities, a level walk to Neutral Bay Village and only minutes to the CBD, and you have a lifestyle that's incredibly difficult to replicate.

"This is a home that offers the privacy and generosity of a luxury residence together with the convenience of one of Sydney's best-connected harbourside locations."

The penthouse will be exclusively marketed by SRM Residential.

[smartcode_project_cta:default project_id=114246]

Joel Robinson

Abadeen unveils signature penthouse at Park Residences in Cremorne

New Brisbane developer Dalcott has unveiled Marrone, the first of three residential projects it is planning in and around Browning Street in South Brisbane.

<a href="https://www.apartments.com.au/new-apartments/marrone-south-brisbane-39-browning-street-south-brisbane-qld-4101">Marrone</a> will comprise 97 predominantly two- and three-bedroom apartments, with larger residences aimed squarely at the owner-occupier market.

The project will sit in a quiet pocket of South Brisbane between South Bank and West End, close to the restaurants, cultural attractions and riverfront amenity that have driven the suburb's continued transformation.

Dalcott is targeting buyers looking for more space and amenity than has traditionally been offered in the inner-city apartment market, particularly downsizers and professionals wanting to remain close to the city.

[smartcode_project:default project_id=149951 project_image_fid=377072]

Resident facilities will be concentrated around an extensive rooftop amenity offering, including a swimming pool, spa, infrared sauna, warm and cold magnesium plunge pools, private lounge, dining room and outdoor entertaining areas.

Dalcott Managing Director Lachlan Cottee said South Brisbane's combination of lifestyle, connectivity and established character had been central to the approach to Marrone.

“South Brisbane offers a combination of lifestyle, connectivity and character that’s difficult to replicate elsewhere in Brisbane,” Cottee said.

“Our focus has been on creating homes that feel connected to that environment while providing the level of design, functionality and quality that today's owner-occupiers expect.”

The residences will feature an expressive material palette. Italian Calacatta Viola marble, known for its deep burgundy veining, will be paired with aged brass tapware, Chestnut engineered timber flooring and Tuscan Oak joinery.

<img alt="Marrone" data-entity-type="file" data-entity-uuid="b8d833da-3b30-496a-ae30-07bdff371b50" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%2010.52.35%E2%80%AFAM.png?VersionId=P6DAgOfaQzIXljKKK5j3e5NhWtrHIu9G" />

Bathrooms will feature Nara Japanese ceramics and glass bricks, while clay, walnut and brass lighting will be used throughout the apartments.

Dalcott has appointed Realm Projects, led by Managing Director Shane Foley, to handle sales and marketing following previous sold-out collaborations between the groups.

Foley said the Brisbane apartment buyer had become increasingly focused on the quality of the home itself rather than simply securing an inner-city address.

“We expect to see strong demand from buyers who still want all the advantages of inner-city living but aren’t prepared to compromise on the quality of their home,” Foley said.

“Many will be downsizers looking to leave behind the maintenance of a traditional family home without giving up the space they enjoy, while others are likely to be professionals wanting a residence that reflects the way they live today.”

“Marrone responds directly to that demand, with generous floorplans, exceptional resident amenity and a location that places some of Brisbane’s best dining, entertainment and cultural attractions within walking distance.”

<img alt="Marrone" data-entity-type="file" data-entity-uuid="61f7b22f-899e-4c0f-940a-7d3ab1bfb93a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%2010.52.44%E2%80%AFAM.png?VersionId=PvN1JYxBgUpyCB7efKo52WGdSDs9nmim" />

Marrone will be the first project delivered as part of Dalcott's broader investment in the precinct.

It will be followed by La Terra, a boutique project comprising penthouse-style, single-level apartments on a northeast corner site with extensive resident amenity and city views.

Cottee said Marrone represented the first stage of the group's longer-term plans for the area.

Dalcott was established in 2025 by Lachlan Cottee and Ben Dalgliesh, combining development and construction capability under an integrated model and focusing on architecturally considered residential projects.

Marrone will initially be offered through a pre-release registration campaign ahead of its broader public launch.

Dalcott targets owner-occupiers with South Brisbane debut Marrone

Parnell Developments is the latest to seek significant uplift through the NSW Government's Housing Delivery Authority on a Strathfield site previously approved for a much smaller apartment development.

Parnell has sought approval for a 32-storey mixed use tower across&nbsp;<a href="https://www.apartments.com.au/new-apartments/7-lyons-street-strathfield-nsw-2135">3-7 Lyons Street and 18 Parnell Street</a>, a&nbsp;1,857 sqm site around 400 metres from Strathfield Station. The building would yield 160 apartments, 15 per cent of which will be dedicated affordable as per the government mandate for buildings seeking additional uplift.

Approved previously was a nine-storey building back in 2022 with just over 30 apartments. That approval came prior to the project being&nbsp;progressively reconsidered as planning policy shifted toward greater density around transport hubs.

<img alt="Strathfield" data-entity-type="file" data-entity-uuid="c5af5281-a643-4eb2-b8c4-0081b59c04c7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.16.48%E2%80%AFAM.png?VersionId=37bd3mI7rHNpThOV_75VO8xsGFwWOi1u" />

Turner has designed the latest building that would replace&nbsp;existing detached homes across the four lots.

The apartment mix comprises 22 one-bedroom apartments, 107 two-bedroom and two-bedroom-plus configurations, and 31 apartments with three or more bedrooms. The scheme also includes 203 car spaces across six basement levels and 58 bicycle spaces.

The proposal has been designed around a three-storey podium addressing Lyons Street, with the tower rising above and stepping toward its upper levels.

Turner said the podium was deliberately scaled to respond to the existing street, while the taller element has been designed as part of the emerging skyline anticipated around Strathfield Town Centre and the wider Homebush transport-oriented development precinct.

The Lyons Street frontage would have a more active, pedestrian-focused character, incorporating the commercial tenancy, landscaping and a brick-framed podium with an awning.

<img alt="Strathfield" data-entity-type="file" data-entity-uuid="14b20874-b8c3-4ac7-bc03-92be9a69fb78" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.17.48%E2%80%AFAM.png?VersionId=av.9TxtqIRTC6v3PkSuu1rL9rreWoe2h" />

Parnell Street, which faces the railway corridor, has been given a different architectural treatment, with double-height breeze blocks, landscaping and communal areas used to soften the interface with the rail infrastructure.

The tower itself uses curved and recessed facade elements, with wave-like indentations across the northern elevation breaking the building into three vertical forms.

A palette of grey concrete, brick and breeze blocks is complemented by clay and terracotta accents, while the upper tower adopts a lighter expression through articulated slab edges, vertical fins and recessed glazing.

Residents would have access to 467 sqm of communal open space spread across three levels. The ground floor would accommodate the more active resident areas, including barbecue and group gathering spaces and an internal communal room capable of being used for working from home.

A more passive viewing deck is proposed at level three, overlooking the ground-level landscaping and neighbouring tennis courts, while a rooftop "sunset deck" at level 30 would provide another social and relaxation space.

<img alt="Parnell" data-entity-type="file" data-entity-uuid="c3dce401-a80f-4682-8471-4caa01180880" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.17.34%E2%80%AFAM.png?VersionId=Xyo8JVqbOhSJXNy6Ih.1cHL.O6i0bGR." />

&nbsp;

&nbsp;

&nbsp;

Strathfield has been earmarked for substantial change through the Strathfield Town Centre planning work and the nearby Homebush TOD precinct.

Turner's report says the project has been designed to act as a transition between the existing low and mid-rise development surrounding the site and the taller built form expected to emerge across the town centre.

The proposal is being assessed as State Significant Development under the HDA pathway, alongside the concurrent request to amend the Burwood Local Environmental Plan.

First look: New apartment tower pitched for Strathfield Town Centre precinct

An $18 million penthouse has hit the market in Main Beach as construction tops out on La Mer, the $155 million apartment development rising just metres from the beach.

Spanning around 600 sqm across the top two levels of the 29-storey tower on Main Beach Parade, the four-bedroom penthouse is one of the latest eight-figure residences to test the upper end of the Gold Coast apartment market.

Its launch comes amid continued activity at the very top of the market, following the $30 million off-the-plan sale of a Burleigh Heads penthouse earlier this year, which surpassed the Gold Coast's previous $24 million apartment record set in 2023.

The <a href="https://www.apartments.com.au/new-apartments/la-mer-main-beach-3580-main-beach-parade-main-beach-qld-4217">La Mer penthouse</a> has been designed as a private residence in the sky, with 360-degree views spanning the ocean, Broadwater, hinterland and Gold Coast skyline.

[smartcode_project:default project_id=95606 project_image_fid=378731]

All four bedrooms have ensuites, while the ocean-facing master retreat occupies around half of the upper level and includes its own lounge, private balcony, two walk-in wardrobes and an oversized ensuite with a freestanding stone bath positioned to take in the views.

The residence also features a kitchen designed to accommodate a private chef, a 3.6-metre island bench, expansive butler's pantry, wine cellar and integrated bar.

[smartcode_project:default project_id=95606 project_image_fid=378732]

A rooftop pool and substantial outdoor entertaining area with its own kitchen sit above the residence, while a grand staircase connects the two internal levels. The penthouse also has its own express lift.

OTP Group Director James Elliott, who is marketing La Mer, said the penthouse was expected to appeal to high-net-worth buyers seeking either a permanent Main Beach residence or Gold Coast holiday home.

“The La Mer penthouse represents exceptional value, considering its quality design, size, privacy and location, not to mention the 360-degree views capturing the beach and Gold Coast Broadwater,” Elliott said.

“We’re anticipating interest from high-net-worth individuals and couples seeking a residence or holiday home in the sought-after village enclave of Main Beach, taking advantage of the unprecedented growth underway in the area and neighbouring The Spit.”

[smartcode_project:default project_id=95606 project_image_fid=378736]

La Mer is being developed by developer-builder ODUS and Nazero, in partnership with funder Metrics Credit Partners.

ODUS Director Byron Sakha said topping out the tower had provided the opportunity to release the project's most significant residence.

“We’ve worked with internationally-recognised studio Sici Design on the penthouse interiors, with a focus on ensuring it isn’t luxury for luxury’s sake. Every element has been thoughtfully designed to enhance quality of life for those who call it home,” Sakha said.

“The views are the hero of virtually every space, but we’ve given equal attention to the fittings and finishes, so every detail exudes elegance and refinement.”

Sici Design Founder and Director Maria Papadopoulos said the extensive views became an integral part of the interior design rather than simply something the residence was designed around.

“The views weren't something we designed around, they became part of the design itself, with the true luxury of La Mer in its feeling of peace, calm and wellbeing,” Papadopoulos said.

“Luxury isn't defined by how something looks, but how it makes you feel, and we believe a luxurious home should be beautiful to live in, not stressful to maintain.”

The interiors combine Austral Dream Dolomite natural stone and travertine with timber flooring and a restrained coastal palette.

[smartcode_project:default project_id=95606 project_image_fid=378734]

Designed by Plus Studio, La Mer is one of the more boutique additions to the rapidly changing Main Beach apartment market.

The tower comprises just 24 full-floor, three-bedroom plus multipurpose room apartments below the two-level penthouse, giving the project a considerably lower density than many of the larger towers being developed across the Gold Coast.

Residents will have access to a pool and spa, gym, sauna, barbecue facilities, private sun lounges, yoga lawn and outdoor beach shower.

The penthouse has been released as part of the final collection of residences at La Mer, with remaining apartments priced from $4.3 million.

Construction is expected to complete later this year, with a fully furnished display apartment now open on level four.

[smartcode_project_cta:default project_id=95606]

ODUS releases $18 million penthouse crowning La Mer Main Beach

<a href="https://www.apartments.com.au/developers/far-east-consortium">Far East Consortium</a> is preparing to commence construction on <a href="https://www.apartments.com.au/new-apartments/640-bourke-street-melbourne-640-bourke-street-melbourne-vic-3000">640 Bourke Street</a> this October, marking the next milestone for the Melbourne CBD development and its higher-end Eliza Collection.

Spanning levels 44 to 68 of the 68-storey <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>-designed tower, the Eliza Collection has been conceived as a lower-density offering within the broader development, with only five apartments on each floor, dedicated lift access and a collection of resident spaces reserved exclusively for Eliza Collection residents.

The Eliza Collection forms part of Far East Consortium's broader move toward larger-format residences at 640 Bourke Street, where the number of apartments was reduced from earlier plans as apartment sizes increased.

[smartcode_project:default project_id=509 project_image_fid=365685]

"What it's meant for 640 Bourke is we've actually reduced the number of apartments. We've increased the overall size of the apartments. We don't have any studios in here, and what that does for a project is it elevates it," Far East Consortium Director of Sales and Marketing Lauren Sheldon said.

Rothelowman Associate Jun Chang said the design process provided an opportunity to create more generous floorplans.

"We were given the opportunity to be more generous. The apartments became bigger and squarer than any other apartments which had been designed in the CBD before that."

[smartcode_project:default project_id=509 project_image_fid=368869]

That thinking carries through to the Eliza Collection, where the residences have been designed around the space and functionality associated with a larger home, but positioned high above the centre of Melbourne.

Kitchens are equipped with Gaggenau appliances, a butler's pantry, temperature-controlled wine cabinet and sculptural pendant lighting, while engineered timber flooring, stone and porcelain finishes and custom cabinetry feature throughout the broader interiors.

Privacy and security are another point of distinction. Eliza Collection residents have dedicated lift access, while 640 Bourke Street will provide concierge services and secure resident parking. Short-stay accommodation, including Airbnb, will not be permitted within the development.

[smartcode_project:default project_id=509 project_image_fid=365689]

Eliza Collection residents will also have exclusive access to selected amenity spaces across levels one and three of the restored Eliza Tinsley building. These include the Salon with grand piano, an art therapy room, private dining rooms and treatment rooms.

They sit within more than 3,000 sqm of amenity planned across 640 Bourke Street, alongside facilities including a pool, gym, whisky lounge and further social and wellness spaces.

The Eliza Tinsley building itself is central to the wider project's identity. Rather than treating the existing Eliza Tinsley façade as a separate element, Rothelowman used it as a starting point for the architecture of the new tower, with the historic building to accommodate the project's gallery and lobby.

"It's a significant asset and wants to be celebrated and experienced by all residents every single time they go in and out of the building," Rothelowman Principal Stuart Marsland said.

[smartcode_project:default project_id=509 project_image_fid=368872]

The tower will rise behind the retained heritage building at 640 Bourke Street, placing residents within walking distance of Southern Cross Station, Flagstaff Gardens, Queen Victoria Market and the Docklands waterfront.

With construction scheduled to begin in October, Far East Consortium has established an onsite display gallery at 640 Bourke Street, including fully built apartments that allow the project's layouts, materials and finishes to be inspected at full scale.

A fully built Eliza Collection apartment is also available to view at the display suite by appointment ahead of the planned October construction commencement.

Eligible purchasers who buy before construction commences can secure the full available off-the-plan stamp duty savings, subject to eligibility and applicable conditions.

[smartcode_project_cta:default project_id=509]

Far East Consortium brings Eliza Collection to 640 Bourke Street ahead of October construction start

Perth

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Perth retains its title as the most affordable capital city rental market with no changes to house and unit rents over the quarter or year, according to the latest rental report from Domain.
The report found Perth’s median house rent is sitting at $350 while units are also flat at $300 per week.
This is the sixth consecutive quarter of flat unit price movement for the capital city.
Gross rental yields for houses continued to improve over the quarter and over the year at 4.26%.
Gross rental yields for units declined over the quarter to 4.58% but continued to improve year-on-year.
<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/2018/10/10/domain%20perth.jpg" alt=""> Domain Senior Research Analyst, Dr Nicola Powell said:
"Perth tenants will find themselves with less rental choice as advertised rental listings have been dwindling for over a year.
"A broader tightening of the rental market appears to be occurring due to a slowdown in dwelling commencements and investor activity remaining relatively stagnant.
"This has seen tenants absorb the existing rental stock.
"Rental prices have been deteriorating since 2014 following the state’s challenging economic conditions.
"However, this is the first time both property types have displayed a more positive sign with rents holding steady over the quarter and year." 
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j.ballantyne1990-6AQqhLzZaK

Positive signs for Perth as rental prices holding steady: Domain

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Of all the capital cities, Perth remains the one with the weakest clearance rate.
The initial results came in at 13 percent of the homes listed for weekend auction.
Some 32 homes were taken to auction in Perth but only two were confirmed as sold in the 15 available auction results.
There were some 17 auction results still unavailable.
<img src="https://www.urban.com.au/images/2018/10/15/CL%20OCT%2014%20AUCTIONS%201.JPG" alt="">
This compares to an overall clearance rate of 50 percent on the 1,850 homes taken to auction across the combined capital cities this week.
Compared to last week, where the final auction clearance rate came in at 49.5 per cent across a slightly lower 1,817 auctions.
<img src="https://www.urban.com.au/images/2018/10/15/CL%20OCT%2014%20AUCTIONS%203%20uncut.JPG" alt="">
In Perth <a href="https://www.realestate.com.au/property-house-wa-subiaco-129364294" target="_blank">10 Allora Avenue, Subiaco</a> (pictured above in title), did not sell despite the listing stating "MUST BE SOLD."
The four bedroom two bathroom house is set on a 309 sqm parcel and had no available asking price.
Last sold in 2015 for $1,475,000, the home has been on and off market since 2017 and was listed for rent at $1000 per week as recently as September.
<img src="https://www.urban.com.au/images/2018/10/15/CL%20OCT%2014%20AUCTIONS%205.JPG" alt="">
Another home that was unsuccessful at auction in Perth this weekend is <a href="https://www.realestate.com.au/property-unit-wa-highgate-129322870" target="_blank">24/288 Lord Street, Highgate</a> (pictured above).
The "brand new" two bedroom, 1 bathroom unit built in 2015 was asking for offers around $369,000.
Set on 85 sqm the apartment that previously held that space sold for $485,000 in 2013, making this asking price a drop of over $100,000.
<img src="https://www.urban.com.au/images/2018/10/15/CL%20OCT%2014%20AUCTIONS%206.JPG" alt="">
Even one of the properties that sold couldn't be classified as a success, <a href="https://www.realestate.com.au/property-house-wa-ascot-129333214" target="_blank">28 The Riverwalk, Ascot</a> (pictured above) was sold by the mortgagees for a loss.
The home sold for $900,000 a loss of $220,000 from its sale price of $1.12 million in 2007.
The four bedroom one bathroom house is set on a 495 sqm block and has been listed on and off since 2010.
<img src="https://www.urban.com.au/images/2018/10/15/CL%20OCT%2014%20AUCTIONS%207.JPG" alt="">
The only other home to succeed in selling was a deceased estate located at <a href="https://www.realestate.com.au/sold/property-house-wa-marangaroo-129344830" target="_blank">39 Mereworth Way, Marangaroo</a> (pictured above).
Set on 720 sqm, the three bedroom one bathroom home is zoned R20/40 and according to the listing has potential for 3 townhouse/units.
Last sold for $99,000 in 1989 the home was sold via an online auction.
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jchancellor-FAypfDUnLy

Perth agents secure just two sales in 13 percent weekend auction success rate

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Woolworths Group Limited has sold its Woolworths Aveley shopping centre located in Western Australia for $26,925,000 to a private investor.
The sale of Woolworths Aveley represents the sharpest initial yield ever recorded for a neighbourhood shopping centre in Western Australia over $20 million, at 5.81%, claimed selling agents Cushman &amp; Wakefield.
Completed in 2016, Woolworths Aveley is a 4,919-square-metre centre with a near 100% occupancy rate, anchored by a full-line Woolworths supermarket with a 12 year lease term, BWS on a long-term lease, plus eight specialty stores, two kiosks, one ATM and a pad site medical centre.
The asset attracted strong levels of interest due to its location within an award-winning masterplanned residential community known as Vale Aveley, developed by Stockland.
The campaign attracted over 100 enquiries from local and off-shore investors with several offers received at the close of campaign. The terms of sale included an unconditional exchange with seven days due diligence period.
Neighbourhood shopping centres remain one of the most liquid asset classes, with 16 transactions completed during Q2 and Q3 2018 totalling more than $505 million.
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Perth neighbourhood shopping centre sells for nearly $27 million

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Over the June 2018 quarter, resales of residential properties in Perth created $876 million worth of resale profits which accounted for 5.6% of resale profits nationally, according to the latest Pain and Gain report from CoreLogic.
The report noted, Perth also created $109.8 million in loss making resales accounting for 23.4% of all losses nationally.
<img src="https://www.urban.com.au/images/2018/9/18/CL%20PG%20PERTH%201.JPG" alt="">
The regions of the city with the fewest resales at a loss over the quarter were: Cottesloe, Fremantle and Bassendean, while the highest share of resale losses were in Peppermint Grove (based on only one sale), Perth and Kwinana.
Perth has continued to see values fall over the quarter and subsequently resale losses have also risen.
<a href="https://www.propertyobserver.com.au/images/2018/9/18/CL%20PG%20PERTH%202.JPG" target="_blank">Click here to enlarge</a>
<img src="https://www.urban.com.au/images/2018/9/18/CL%20PG%20PERTH%202.JPG" alt="">
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Perth accounts for almost a quarter of all losses among Australian sellers: CoreLogic

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A West Perth office building is being marketed via a Savills roadshow to Asia.
The property 76 Kings Park Road, set on the corner of Kings Park Road and Thomas Street, has been under the same ownership for more than 18 years.
The Robert Cann &amp; Associates-designed five-level property has a net lettable area of 3,640 square metres.
It is 76% leased with tenants including DownUnder GeoSolutions (DUG).
"We estimate a fully leased net income of about $1.53 million per annum,” Savills agent Nick Charlton said.
West Perth office vacancy rates have dropped from 16.7% in December 2017 to 15.8% in June 2018.
“The re-centralisation of tenants from suburban locations and recent stock withdrawals in West Perth will continue to drive this trend through the remainder of 2018,” Savills agent Barney Dear said.
“This uptick in leasing demand is flowing through to transaction activity, as local and offshore buyers increasingly adopt a positive view on the precinct.
Savills have noted more than $70 million of property transact in West Perth in the third quarter of 2018, including 1 Havelock Street and 18-32 Parliament Place, which are both in due diligence, along with the recent sale of 87 Colin Street.
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Savills to market West Perth office with Asian roadshow

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The Perth market is showing signs of improvement, says REIWA.
The vacancy rate has dipped to 4.5% - the lowest since April 2015, says REIWA President Hayden Groves.
“What we are seeing is a steady yet healthy improvement in tenant activity,” Groves said.
“Steady rents, easing supply as listings for rent continue to fall and stronger demand with more leasing activity all point to the rental market leading Perth’s property market recovery.”
REIWA’s data also shows that leasing activity is up 17% in August, while the media rent remained steady for the 17th consecutive month at $350 per week.
Groves said that the rental market across the city is stabilising, while he suburbs of Leederville, Glendalough and Secret Harbour experienced the most significant growth in leasing activity during August.
“Leederville had more than double the amount of properties leased from July to August, with the volumes increasing by an impressive 18%,” Groves said.
“Typically, as we move into these warmer spring months, the property market should see an overall uplift in activity, and historically the sales market follows the rental market during a recovery.”
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Perth rental market improves in August: REIWA

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Price growth in the Top end suburbs can often be a signal for an emerging growth cycle in a city market. 
Certainly, the booms in both Sydney and Melbourne started in the most expensive areas and rippled out to the middle-ring and outer-ring areas over time. 
This is because real estate growth comes from events in the local economy. When the underlying economy in a major city starts to thrive, the first people to benefit are the business owners and others with above-average incomes - and that translates into purchases in the prestige suburbs.
So we think it is significant that, while prices remain suppressed in Perth overall, many of the millionaire suburbs have seen good price growth in the past year. This is also a feature in Adelaide: price growth overall has been moderate but prices have been rising strongly in the Top End suburbs.
It’s much less prevalent in the Brisbane market, which is struck in second gear and struggling to accelerate.
One factor evident in our latest analysis of sales activity and prices is that there is growth in the upper end of the Perth market. The latest data shows that several Perth suburbs with median house prices above $1 million have recorded strong growth in their medians in the past 12 months. 
This trend is widespread across the prestige market. Suburbs with strongly rising prices include Nedlands, Applecross, Cottesloe, Dalkeith and Bicton. 
Confidence that the upturn is sustainable comes from revival in the mining sector and the large numbers of jobs being created. As the WA economy improves, businesses thrive and business people become more confident in their real estate purchases.
This suggests that Perth generally can look forward to a return to price growth in the near future. This is supported by recent reports from Knight Frank, SQM Research and the Real Estate Institute of WA.
In Adelaide, while sources such as CoreLogic and SQM Research report annual growth of only 1-2% in Adelaide house prices, these generalised figures disguise individual areas which have done better.
It’s noteworthy that several millionaire suburbs have recorded major growth in their median house prices in past 12 months.
Glenelg South, Kensington Park, St Georges, Erindale, Henley Beach South, Hyde Park, North Adelaide and Hazelwood Park all have median prices above $1 million and have had median price growth above 20% in the past year. Other upper-level suburbs like Glenunga, Norwood, Parkside, Beaumont and Crafers have had growth above 10%. 
Some suburbs have had median price growth above 35% (and one above 40%) but based on small sales samples so we think this may be misleading.
In Brisbane, however, only a handful of popular inner-ring suburbs (e.g. Ashgrove, Paddington and Bulimba) have recorded double-digit growth in median prices in the past year.
Some examples of rising markets in the Top End of some capital cities:-
Click here <a href="https://www.propertyobserver.com.au/images/2018/8/21/ryder2.jpg" target="_blank">to enlarge.</a>
<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/2018/8/21/ryder2.jpg" alt="">
Terry Ryder is the founder of hotspotting.com.au
<a href="https://mailto:ryder@hotspotting.com.au">ryder@hotspotting.com.au</a>
twitter.com/hotspotting
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terryryder-YECXbqmri2

Prestige markets rising in smaller cities like Perth and Adelaide: Hotspotting's Terry Ryder

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Perth’s median house and unit price increased, according to reiwa.com data.
REIWA President Hayden Groves said reiwa.com data indicated Perth’s median house price would settle at around $520,000 for the June 2018 quarter, which was up 1% compared to the March 2018 quarter and 2% compared to the June 2017 quarter.
“In addition, Perth’s median unit price is expected to lift by 4.9% to $419,500 for the June 2018 quarter, which is 2.3% higher than the same time last year," Groves said. 
"After declining during the March quarter, it’s pleasing to see prices rebound strongly this quarter.
"With the worst of the market downturn appearing over, the improvement in house and unit prices this quarter suggests buyer confidence is returning which should bode well for sellers as we move into spring.”
Sales activity reiwa.com data shows there were 6,900 sales recorded during the June 2018 quarter.
Sales volumes have declined during the June quarter, with the onset of winter having likely contributed to subdued activity levels.
Despite the overall decline in sales, numerous suburbs recorded more sales this quarter than they did last quarter.
The suburbs with the biggest improvement in house sales were North Perth, Queens Park, Singleton, Camillo and Beldon, while West Perth, Balcatta, Rockingham, Claremont and Mount Lawley had the biggest improvement in unit sales.
The composition of sales shifted during the June quarter, with more house sales recorded in the $800,000 and above price range than last quarter.
There were 14,382 properties for sale in Perth at the end of June 2018.
Groves said stock levels across the metro area had declined 1.1% during the quarter.
“We certainly appear to have hit the ceiling as far as listing stock is concerned. Despite fewer sales being recorded this quarter, it is encouraging to see stock levels have continued to be absorbed,” he said.
It took an average of 67 days to sell a house in Perth during the June quarter which is one day faster than both the March 2018 and June 2017 quarters.
Data from reiwa.com shows the proportion of vendors who had to discount their asking price in order to achieve a sale declined by five% between the June 2017 and 2018 quarters.
“With reductions observed in average selling days and discounting, this is a good indicator sellers are listening to the advice of their agents and pricing their property in line with market expectations,” Groves concluded.
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Perth dwelling prices rebound slightly, hinting that downturn may be over

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A one per cent decline over the year in Perth’s median house price leaving it at an estimated $520,000 this June, according to a report released this week from BIS Oxford Economics.
This was the lowest since the market peaked in 2013/14.
Between June 2014 and June 2018, Perth’s median house price declined by 13 per cent.
The report notes that , in real terms the Perth median house price is 24 per cent below its peak in March 2007, which highlights the extent of the weakness in the Perth market over the past decade.
“House prices in the Perth market appear to be bottoming out,” said Angie Zigomanis, head of BIS Oxford Economics' residential research unit.
“The rate of price decline has slowed, net overseas migration inflows have returned to growth, while the interstate migration outflow has peaked and is now improving.”
Perth’s vacancy rate peaked at 7.1 per cent in June quarter 2017 and remains high at 5.1 per cent in March quarter 2018, well above the generally accepted balanced market rate of around three per cent.
According to the BIS oxford economists, rental prices have also collapsed with the median three-bedroom house rent, and median two-bedroom unit rent falling by 31 per cent and 29 per cent respectively, from their 2013 peaks.
As well as rising population growth, employment growth looks to have returned in 2017/18 after declines in the prior two years.
Successive years of price declines means that affordability has improved.
Nevertheless the report suggests that despite these positives, any recovery in the Perth market will be a long, slow, grind as the city has to work through a significant oversupply as well as a modest economic recovery.
As a result, minimal growth is forecast in 2018/19 and 2019/20, before some stronger growth emerges toward the end of the forecast period in 2020/21, with total growth in the median house price of ten per cent forecast in the three years to June 2021, or just keeping up with inflation.
A lower rise of five per cent is expected for the median unit price, or a three per cent real decline (factoring inflation).
For a look at our take on the BIS Oxford Economics report for the national market check out, "<a href="/expert-insights/buying/melbourne-house-prices-forecast-to-tread-water-through-to-2020-21-bis">Melbourne house prices forecast to tread water through to 2020/21</a>".
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Perth's decreasing housing prices doggedly slog towards improvement: BIS Oxford Economics

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<div class="page" title="Page 1">The Westin Perth and Aloft Perth, two of Perth's leading hotels, have been listed for sale </div>
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<div class="page" title="Page 1">The Westin Perth (above) is one of Australia's newest five star hotels, east of the Perth CBD in the city's heritage quarter.</div>
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<div class="page" title="Page 1">JLL's Mark Durran, who is marketing the Westin, says an asset of the calibre and size has rarely been seen in Australia.</div>
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<div class="page" title="Page 1">"The hotel sets a benchmark in terms of quality for new 5-star hotels around the country and the Asia Pacific Region."</div>
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<div class="page" title="Page 1">It has 386 hotel rooms, furnished with 55-inch flat TVs and bathrooms with ran showers.</div>
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<div class="page" title="Page 1">The Westin has Perth CBD's largest hotel ballroom, capable of hosting a banquet for 520 people.</div>
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<div class="page" title="Page 1">The sale come with development approval for a 36,545 sqm commercial tower on the site.</div>
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<div class="page" title="Page 1">Celebrity chef Guy Grossi has partnered with The Westin to deliver Garum, an Italian 'osteria' experience set in heritage-listed Hibernian all.</div>
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<div class="page" title="Page 1">The Aloft Perth (below) is being offered with the adjoining office building, 25 Rowe, near the Burswood entertainment area and the newly opened Optus stadium.</div>
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<div class="page" title="Page 1"><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/2018/6/20/aloft.jpg" alt=""></div>
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<div class="page" title="Page 1">The Aloft has 224 rooms and facilities including W XYZ bar and Springs Kitchen, the hotel's all-day dining serving modern Australian cuisine.</div>
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<div class="page" title="Page 1">There's a 150 sqm rooftop deck with 270 degree views of Perth and the Swan River.</div>
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<div class="page" title="Page 1">The sale through JLL includes a nine-storey A-grade commercial office building at 25 Rowe Avenue.</div>
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