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.

[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."

[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 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;

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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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A Perth property manager has been fined $2500 after falling for a Scarborough holiday accommodation booking scam.
The scammer posed as "Colonel Michael Warner" in 2015 when he contacted the Scarborough real estate agency to make a booking for short-term rental residential apartments.
Consumer Protection WA said the name "Colonel Michael Warner" had been used previously in other Nigerian-based scams.
"Mr Warner" asked to make a booking for three groups at the apartments, totalling $53,449.
<div id="plista_widget_outstream_5a3c25c90ad7880" class="plista_widget_outstream" data-widget="">When he attempted to make the booking, the scammer attempted to use seven credit cards, with three declined, but leasing agent Vicki Ms Redfern went ahead with his requests.</div>
<div class="plista_widget_outstream" data-widget="">
At the scammer's request, Ms Redfern then transferred $25,138 and $20,066 from the agency's trust account to third parties in order to pay for "translation and tour guide services" the scammer wanted to use.
Ms Redfern's co-worker told her the requests seemed suspicious, but she went ahead.
The money Ms Redfern transferred has never been recovered, the Stirling Times website advised.
Consumer Protection WA brought disciplinary action against Ms Redfern following the incident, claiming she had:
<ul>
<li>failed to ensure the caller completed and returned agency forms in respect to the booking</li>
<li>failed to follow the agency's practice of holding deposits in the trust account until all guests left the accommodation</li>
<li>​failed to verify the identity of the credit card holders</li>
<li>failed to verify the identities of the third party "translation and tour guide agencies"</li>
<li>and failed to let her agency's owner know about the major transactions.</li>
</ul>
Consumer Protection WA commissioner David Hillyard said it was all due to the "incompetence" of an employee.
"It is disheartening that in this case scammers could use the agency as a vehicle to steal credit card holders' funds with relative ease, with not even the most basic checks being carried out," he said.
"Just a quick internet search of the scammer's name would have uncovered the fact that the name has been used previously in a variety of Nigerian-based scams.
"Then to ignore the concerns from a colleague about the scammer's unusual demands is entirely lacking in diligence.
"All principals of businesses in the property industry in WA must ensure that their staff, particularly those who are entrusted to operate the agency's bank accounts, are well trained in fraud prevention methods and exercise a high degree of vigilance.
"Agencies must have practices and procedures in place to assist staff recognise scam attempts in order to thwart them before the criminals are rewarded and losses are incurred by the business."
</div>
The scam left her real estate agency $45,000 out-of-pocket.
<a href="http://decisions.justice.wa.gov.au/SAT/SATdcsn.nsf/%24%24OpenDominoDocument.xsp?documentId=5EAD1AC4B54E9918482581FA00226ADA&amp;action=openDocument&amp;SessionID=EWMOQ8KVRY" target="_blank">The State Administrative Tribunal</a> found Vicki Redfern had "failed to exercise due skill, care and diligence."
It noted the agency lacked sufficient internal procedures and staff training regarding fraud prevention, including a lack of formal induction training, procedure manuals and use of written instructions.
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j.ballantyne1990-6AQqhLzZaK

Another Colonel Michael Warner accommodation scam triggers fine for incompetent Perth agent 

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The former Dalkeith mansion built for the 1980s entrepreneur Alan Bond ranks has returned to the market.
<a href="https://www.realestate.com.au/property-house-wa-dalkeith-127215174" target="_blank">It is being marketed</a> as among Perth's most expensive houses with $50 million plus hopes.
The Watkins Road mansion sits on the Swan River.
Real estate agent Willie Porteous suggests the four-storey home has gained millions in value since it was bought in 2011 following its extensive renovations, including a complete make-over of the outdoor area.
He has declined to give the address or ownership details in the marketing, but the home is such a trophy offering that most of Perth recognised it immediately in the <a href="https://au.news.yahoo.com/video/watch/38354033/one-of-australias-most-lavish-homes-up-for-sale-in-perth/" target="_blank">Channel 7 Story</a>.
It has been listed by the former partner of the mining entrepreneur Steve Wyatt, Sue Gibson, who is reportedly planning to move east.
Wyatt now resides at Le Fanu House in Cottesloe, where the local paper advised he'd spent almost $11 million restoring the circa-1893 heritage property, making it Perth’s most expensive home renovation.
Wyatt was in a 27-year relationship with Sue Gibson, before splitting in 2014.
<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/2017/12/21/bond2.jpg" alt="">
The property last traded for $39 million sale in 2011 when sold by businessman Barry Patterson, who was Sonic Healthcare chairman from 1999 to 2010 and previously held gold mining interests.
It last traded in 1999 for $9.5 million, which was to stand as Perth’s record until 2006.
The seven-bedroom riverfront mansion is set across six titles totalling 6,400 square metres. The house has 2,930sqm of internal living space over four levels, which with the extensive grounds has all the attributes of a luxury hotel, with the ability to transform from a secluded and private retreat into a fully equipped venue for the grandest of functions.
Wyatt’s business associate Chris Ellison set the WA real estate record when he paid $57.5 million for iron ore heiress Angela Bennett's riverfront compound in Mosman Park in 2009.
Wyatt and Ellison set up Crushing Services International, which built and operated ore-crushing plants for mining companies.
Gold mining magnate Ross Atkins bought the property in 1993 from the Bond family trust company, Armoy Pty Ltd, for $7.3 million, selling it six years later to Patterson after extensive renovation.
 
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firstname1-iYD4UYzvBa

Perth's record setting former Bond home at Dalkeith listed at $50 million plus   

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Nearly 40 per cent of Perth suburbs have a limited supply of houses for sale, a recent analysis by the Real Estate Institute of Western Australia found. 
The analysis of 244 suburbs in the Perth metro region found 95 had limited choice for buyers, REIWA president Hayden Groves said.
“1.3 per cent of the 818,000 properties across Perth are listed for sale, however, when take a closer look, 95 suburbs have listing levels below this. While some of these suburbs have marginally less choice than the overall Perth average, others have significantly less,” Groves said. 
Nedlands and Greenwood are the most undersupplied suburbs, with just 0.4 per cent of housing in their areas up for sale. Heathridge, Ocean Reef and City Beach follow closely with 0.5 per cent. 
For example in Nedlands, where the median house price is $1,445,000, a recent example of a house that sold was at <a href="https://reiwa.com.au/83-bruce-street-nedlands-4002614/%20" target="_blank">83 Bruce Street</a>. The listed price was $1,395,000, having been advertised on August 23, 2017. It sold for $1,360,000 on September 13, according to CoreLogic RP Data.
The difference between the advert date and sale date implies it was snapped up in just three weeks.
<img src="https://www.urban.com.au/images/2017/11/22/Nedlands.png" alt=""> 
In Greenwood, where the median house price is $510,000, a four-bedroom house at <a href="https://reiwa.com.au/5-leaside-way-greenwood-3962825/" target="_blank">5 Leaside Way</a> (picture above) was listed for $530,000 and is under offer currently, according to REIWA’s website and CoreLogic RP Data.
Of the 95 undersupplied suburbs, 45 have less than one per cent of their homes for sale. 
 <img src="https://www.urban.com.au/images/2017/11/22/Perth15main.png" alt="">
<img src="https://www.urban.com.au/images/2017/11/22/Perth15-2.png" alt="">
“The recent narrative surrounding the Perth property market is that we have abundant listing stock, but we have found that whilst some suburbs provide buyers with plentiful choice, a substantial proportion do not,” Groves said. 
Further analysis of Perth’s 15 most undersupplied suburbs found all but one had significantly faster average selling days than the Perth average. 
On average, it takes 72 days to sell a home across the Perth metro area, but in the undersupplied suburbs such as Heathridge, a property can sell in 29 days. 
“It’s apparent there is stronger buyer demand in those suburbs with fewer listings,” Groves said. 
“Home owners in these undersupplied suburbs who are thinking of selling are in a very good position. With less stock to choose from, buyers have more competition, meaning there is a better chance for sellers to achieve a quicker sale at a competitive price in these markets.” 
 
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jonathanchancellor-7SQnKwU6yx

Nedlands slim pickings as Perth buyers face limited choice in almost 40 per cent of Perth suburbs: REIWA

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Perth bargains are harder to find, according to the valuation firm, Herron Todd White.
"All in all, the market is ripe for owner occupiers to make a purchasing decision," a recent report to clients advised.
"Many speculators have already called the bottom of the market and they may well be right – just not in all areas.
"Many areas remain price sensitive, but the ability to snag a bargain is becoming harder by the week," it suggested.
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<div>
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"There are definite signs things are changing.
"Discussions with selling agents reveal more frequent incidents of multiple offers on properties and a higher level of open home attendance at lower price levels.
"The number of properties advertised for sale has declined over the previous 12 months, from 14,000 to 13,200 – with the market commonly interpreting 12,000 as a balanced market.
"Given that in an average week, 500 sales are recorded in the Perth metro area, a short period of undersupply could lead to a market correction in a very short period of time," it suggested.
The market appears to be at the stage of understanding that the window of opportunity to pick the bottom of the market is narrowing, with a level of optimism becoming apparent.
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Perth property bargains harder to find: HTW

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CoreLogic's head of research Tim Lawless talks the Adelaide's housing market.
 
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Perth's market update for November: CoreLogic

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WA's housing market may not have turned the corner yet, CLSA analyst Michael Vincent has told Fairfax Media. 
He noted ANZ home loan figures showing WA accounted for just 14% of its lending portfolio, but half of the bank's home loan losses.
Delinquent loans that were more than 90 days overdue accounted for 30% of its total.  
This time last year Westpac's financial results show that the bank had experienced a sharp rise in mortgage arrears in Western Australia.
The state accounted for 10% of Westpac's mortgage book, and it contributed to a 21 basis point rise in the proportion of borrowers overall who are 90 days behind in their mortgage repayments.
CEO Brian Hartzer noted in late 2016 that the downturn in the mining boom had prompted Westpac to scale back its mortgage lending in WA.
Hartzer this week suggested the Perth situation was now turning for the better.
Despite the more positive/neutral commentary recently on WA, Vincent wrote this month that he "couldn't help but notice how bad the 90+ day past due chart in ANZ's pack looks for the state".
"I still believe WA is going to deteriorate," Vincent wrote in a market note this week.
In August, CBA noted Western Australia led its portfolio of home-loan arrears, at a rate that was twice the national average. 
CoreLogic this week reported some signs of a pickup in sentiment in the Perth market. 
Perth unit values fell 2.7% in the year to September and house values shed 2.9%, CoreLogic figures last month showed. 
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Perth downturn still has more to come: CLSA's Michael Vincent

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Quest Apartment Hotels recently opened an apartment hotel in Perth, Quest Innaloo at 1 Sunray Drive, adding 80 rooms to its offering.
The new apartment hotel, which is part of the mixed-use Stirling Cross development comprising 154 residential and 80 serviced apartments, is targeted towards the corporate traveller.
Developed by Fini Group, Quest Innaloo has 80 apartments – a mix of studio, one and two-bedroom apartments. The purpose-built property provides the perfect “home away from home” with fully-equipped kitchen, business lounge and on site gymnasium. 
Quest CEO Zed Sanjana expressed confidence in the future of tourism in WA, with the year ending June 2017 seeing more than 10.4 million overnight domestic and international visitors.
“Growing our base in Western Australia is a key priority for Quest with two more properties in the pipeline for the next year – Quest Midland and Quest on Mends Street in South Perth,” said Santana.
He added that Stirling was becoming a business centre for surrounding suburbs.
“We are pleased to be opening Quest Innaloo. The quality of the property is of the highest standard and the team are looking forward to delivering the best service to ensure each guest has the premium experience they expect from a Quest Apartment Hotel,” he said. 
Quest Apartment Hotels has opened seven new properties within the past 12 months including: Quest East Perth, Quest Fremantle (WA), Quest Griffith, Quest Macquarie Park, Quest Newcastle West (NSW), Quest Port Adelaide (SA) and Quest Dandenong Central (VIC). 
This time last year the pipeline of new property openings for Quest across Australia, anticipated the opening in 10 new locations. The list included Eight Mile Plains (QLD).
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Quest adds 80 rooms to West Australian market – opens doors in Innaloo

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A leading Perth-based aged care organisation, Hall &amp; Prior, and a local superannuation fund have jointly paid $13 million for the heritage-listed former Woodside Maternity Hospital in Perth’s East Fremantle.
The joint venture aims to develop and repurpose the <a href="https://www.realcommercial.com.au/property-land+development-wa-east+fremantle-502237526" target="_blank">18 Dalgety Street</a> property into a world-class aged care facility to serve the Fremantle community. 
Woodside House, comprising 1979 sqm of buildings, sits on a 10,000 sqm site overlooking the Fremantle Port and Town Centre. It was constructed in 1902 and is a classic example of Victorian Italianate architecture.
The hospital belonged to the WA Department of Health.
The deal was negotiated by Savills’ Barney Dear and and Chas Moore.
Hall &amp; Prior CEO Graeme Prior said the project would be a foundation asset for the joint venture. The development will be in addition to Hall &amp; Prior’s current infrastructure development programme set to deliver 400 beds across three facilities in Western Australia and New South Wales, worth over $160 million.
It is one of the WA’s largest providers of care for supported and financially disadvantaged Western Australians. 
In WA, the company cares for almost 2,000 people across 14 residential aged care homes and two home care services, predominantly in metropolitan Perth. Nationally, Hall &amp; Prior operates over 1,500 beds across 25 residential aged care homes in Western Australia and New South Wales, employing over 2,000 staff. 
“This is an exceptional result for a building that has played a very important part in providing care for the Fremantle and surrounds community for nearly 100 years. The purchaser’s proposed use will continue that service to the community,” Savills’ Dear said. 
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Moore added that Perth’s property market is currently in a post-mining investment boom transition that offers opportunities for investors and developers.
“The sort of robust level of enquiry we had for this property illustrated just how seriously the investment and development community has recognized, and in this instance, grasped that opportunity,’’ Moore said.   
 
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Hall & Prior JV shells out $13 million for heritage-listed Perth hospital: Savills 

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With negative growth easing, is it time to get confident in Perth’s office market?
The latest national accounts data indicates that the Western Australian economy is on the rebound. Each quarter, the ABS releases state final demand (SFD) data alongside national GDP figures. SFD is the value of goods and services sold to the public sector, private sector and households in a state. 
In seasonally adjusted, chain volume measures, annual growth in private demand in Western Australia eased for the first time since September 2015. While still negative at -10%, the growth rate is higher than the annual growth rate in March (-10.7%). Coupled with a ramp up in public expenditure, growth rates of domestic demand in Western Australia are starting to lift. 
This could be good news for the commercial real estate sector. Perth CBD office market vacancy fell for the first time in 5 years, according to the Property Council Australian Office Market Report, released by the Property Council of Australia (PCA) in July 2017. 
The portion of vacant, available office space in Perth fell by 1.4 percentage points in the 6 months to July 2017. The PCA also reported net CBD office demand in Perth increased by over 20,000 m2 in this period. This demand increase is three times the historic average. It suggests that tightening vacancy rates in Perth can be attributed to local business expansion, or businesses being drawn to the city.
However, Perth still has the highest office vacancy rate at 21.1%, up from around 1% vacancy ten years ago. Australian CBD office vacancy is less than half the current Perth rate, at 10.2%. The end of a ‘one in one-hundred year’ mining boom, cemented by negative demand shock from China, drastically reduced demand for office space in the Perth CBD. This is because the demand shock bled into secondary and tertiary industries across the state.
In the current, uncertain economic environment globally, it is difficult to anticipate future demand shocks. Is it really time to get confident in Perth’s office market?  Looking closely at the private sector SFD figures, there are some areas of demand on the rise. Cultivated biological resources (a technical term for things like beef, cheese and wine) increased 4%, and expenditure on intellectual property products was up 2%. 
Commodity values partially recovered over the past 12 months. Iron Ore, which in 2016 accounted for 57% of the value of commodity sales, has rebounded approximately 22% in value in the year to September 2017, despite heavy falls last week. 
Perhaps the most important, highly correlated statistic with office demand is employment growth. According to last week’s labour force data, the seasonally adjusted unemployment rate in Western Australia rose 0.4 percentage points over the month to 5.9% in August, despite following a downward trajectory over the last 12 months. The participation rate was up 0.3%, and the number of people employed remained largely unchanged, suggesting part of the rise in unemployment may have been the result of unemployed people entering the labour force.  The latest dataset reveals a loss in some full time jobs also contributed to a higher unemployment rate. 
Importantly, Western Australia has seen a rapid rise in full time jobs over the year to August. The latest ABS seasonally adjusted employment figures show full time employment was up 4% in the last 12 months. This compares to annual full time employment growth of 3.1% across Australia. Full time employment signals a willingness of businesses to invest more in people – including the investment of work space. Assuming the global economic environment remains stable enough to nurture private investment, the next six months could see further office demand across Perth.
This article was written by Eliza Owen, researcher at <a href="https://www.corelogic.com.au/news/it-time-get-confident-perths-office-market#.WddLPBOCxo5" target="_blank">CoreLogic</a>.   
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Is it time to get confident in Perth’s office market?

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Perth’s median house price would need to increase by 4.3 per cent every year over the next 10 years for a house purchase to be considered profitable over renting at the median rent, according to a new index.
The Buy-Rent Index, developed by the Real Estate Institute of Western Australia and Curtin University, will help determine the best time to buy or rent in the Perth metro region, based on past and current trends.
The quarterly index is based on economic models that help identify the annual house price growth rate required for home ownership to be financially advantageous over renting. 
The 4.3 percent figure for the increase in house prices was taken for the June quarter 2017. Since 2002, Perth’s annual growth rate in the median house price has been 6.9 per cent. 
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REIWA CEO Neville Pozzi said the index would provide prospective home owners and renters with an insight into whether it is a good time to buy or rent based on trends in the current market. 
“In the current economic and property climate, we recognise it can be difficult for West Australians to determine whether or not they should buy or rent,” he said.
<a href="https://www.propertyobserver.com.au/images/2017/09/29/PerthIndex3.png" target="_blank">Click to enlarge</a>
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J-Han Ho, a property researcher and senior lecturer in the School of Economics and Finance at Curtin Business School, said the index aimed to help Perth households make an informed decision about buying or renting a home. 
“Many households only focus on the location and price of the property when looking to buy, but this shows there are many other factors that need to be considered including interest rates, opportunity cost of capital and the property being a long-term investment. Buying at the right time can achieve a superior outcome to buying in the right location,” Ho said. 
Figures for the September quarter Buy-Rent Index will be released late December 2017. 
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