<a href="https://www.apartments.com.au/developers/sunland-group">Sunland Group</a> has officially lodged plans for its first Gold Coast apartment project since the departure of the Abedian family from the company three years ago, unveiling a new high-rise proposal for a prominent Broadbeach corner site on Old Burleigh Road.

The application was submitted by an entity directed by Tom Jamieson, stepson of longtime Sunland leader Soheil Abedian, and Riaz Rezvanipour, brother-in-law of Sahba Abedian, Soheil’s son.

Sunland acquired the 1,283 sqm site on the corner of Old Burleigh Road and Armrick Avenue for $9.5 million late last year and is now seeking approval for a <a href="https://www.apartments.com.au/new-apartments/99-101-old-burleigh-road-broadbeach-qld-4218">42-storey tower with 81 apartments</a>.

<img alt="First look: Sunland Group returns to Broadbeach with new Old Burleigh Road tower plans" data-entity-type="file" data-entity-uuid="fea2946d-90ee-4cfc-babe-2a8ad5db2cb6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers.png?VersionId=BV0fihJw31nDIQ8ozY_h3GbS8mxDyhnm" />

Designed by <a href="https://www.apartments.com.au/architects/contreras-earl-architecture">Contreras Earl Architecture</a>, the proposed tower at 99-101 Old Burleigh Road would deliver a predominantly larger-format apartment mix aimed at the owner-occupier market. Plans include 17 two-bedroom apartments, 55 three-bedroom apartments, and nine four-bedroom residences across 35 residential levels.

The development also incorporates three basement levels, four podium parking levels, two levels of communal recreation facilities, and rooftop plant and equipment. A total of 189 car spaces are proposed, significantly exceeding the 90 spaces required under the planning scheme.

The architecture adopts a sculpted, curvilinear form, with deep wraparound balconies and integrated landscaping intended to soften the tower’s vertical expression. The planning report states the building’s “slender footprint/form provides a complimentary yet varied built form within the local streetscape” and contributes to “a varied, yet ordered skyline.”

Contreras Earl noted in its Architectural Statement that from the early stages, the project addressed a fundamental challenge: how to accommodate the required residential yield while avoiding the conventional model of a tower sitting on a rigid, fully resolved parking podium.

“The most direct response would have been to consolidate parking into a singular, flat podium and extrude a repetitive tower above,” the statement said. “While efficient, this approach would result in a consolidated built form with limited engagement with the surrounding landscape and public realm.”

Instead, the conventional podium model was “deliberately rejected”. The architects described the base of the building as “a landscaped architectural condition where structure, planting and circulation are integrated”.

“Rather than presenting a continuous built mass, the base of the building is articulated through a series of concrete planter elements that organise the podium into a fragmented system,” the statement said. “This approach reduces the perceived bulk of the lower levels while establishing a more permeable interface with the streetscape and adjacent open space.”

<img alt="Sunland" data-entity-type="file" data-entity-uuid="923fad8d-c960-4527-8fbe-975cf1ddf88d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%2010.32.03%E2%80%AFAM.png?VersionId=pngwb0hYOIUpq9vDw6F2EsOiVuHF3DiX" />

&nbsp;

The site sits within the High Density Residential Zone and inside the City of Gold Coast’s unrestricted “HX” building height area, where the planning framework anticipates intensified residential development tied to the expanding light rail corridor. The planning report notes the area is undergoing “transition toward more intense development forms” given its proximity to Broadbeach, Surfers Paradise, and high-frequency public transport infrastructure.

Positioned directly opposite Broadbeach Park and within walking distance of Florida Gardens light rail station, the development would sit among a rapidly evolving stretch of Old Burleigh Road that has become one of the Gold Coast’s most active apartment development corridors.

The application joins a growing pipeline of luxury residential projects reshaping Broadbeach, including nearby developments by 5Point Projects, Polycell, and Graya.

The planning report argues the project contributes toward the Gold Coast’s long-term housing targets under the South East Queensland Regional Plan, which forecasts the need for more than 100,000 additional high-rise dwellings across the city by 2046.

<section data-scroll-anchor="false" data-testid="conversation-turn-4" data-turn="assistant" data-turn-id="request-WEB:84a2af5e-d7cf-4ddf-922a-f4d44d6c6caa-1" data-turn-id-container="request-WEB:84a2af5e-d7cf-4ddf-922a-f4d44d6c6caa-1" dir="auto">
The Abedian family departed Sunland Group in late 2023, ending a four-decade association with the company, and subsequently established the private development firm Abedian &amp; Co. The group is currently delivering <a href="https://www.apartments.com.au/new-apartments/greenmount-residences-cnr-hill-street-and-marine-parade-coolangatta-qld-4225">Greenmount Residences</a> at Rainbow Bay and recently launched <a href="https://www.apartments.com.au/new-apartments/18-mary-avenue-14-18-mary-avenue-broadbeach-qld-4218">18 Mary Avenue</a> in Broadbeach.
</section>

Joel Robinson

First look: Sunland Group returns to Broadbeach new apartment market with new Old Burleigh Road tower plans

The Minns Labor Government has established the new Bays West Delivery Authority to lead the development&nbsp;of the Bays West Precinct and Blackwattle Bay Precinct.&nbsp;

The Authority is charged with creating Sydney’s newest precinct, a thriving, connected, sustainable hub with White Bay Power Station as its cultural heart. Its vision is to build on the area’s natural, cultural and industrial history to shape a vibrant new neighbourhood.

The precinct will deliver up to 8,500 well-located homes, including a minimum of 10 per cent affordable and essential worker homes. Combine new housing with public open space, opening public access to the waterfront for the first time in more than 100 years, while retaining important deep-water facilities to support Sydney’s working harbour.

Located just minutes from the Sydney CBD and connected to a world-class metro, ferry, walking and cycling links, the Bays West precinct will rebalance housing growth towards well-serviced inner-city locations and help tackle the state’s housing crisis.

The Bays West Delivery Authority,&nbsp;an agency of the Department of Planning, Housing and Infrastructure, will report to the NSW Minister for Lands and Property who already has oversight of major precinct renewal projects including at Blackwattle Bay and Barangaroo.

As part of the broader Bays West transformation, the Minns Government recently announced that a proposal from Lendlease to redevelop part of the Bays West Precinct has progressed to Stage 2 of the NSW Government’s unsolicited proposals process.

<img alt="Sydney" data-entity-type="file" data-entity-uuid="2ed71eb9-d8e8-4fa7-b9d1-de4531dcf2f3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%209.42.31%E2%80%AFAM.png?VersionId=IDryFIbped9SNDg72LEN_EecvhUsOPvp" />

The Minns Labor Government has also confirmed the Bays West precinct will have a new suburb name. This will be the first major suburb built in close proximity to Sydney’s CBD in decades and will encompass the area currently being referred to as Bays West, including Glebe Island and the White Bay Power Station. Served by a new Metro station just five minutes from the CBD, it will become one of the most populous suburbs in the Inner West and one of Sydney’s premier cultural destinations.

An early works program is taking shape, which&nbsp;includes the first stages of an international design competition.&nbsp;

The aim of the Bays West&nbsp;International&nbsp;Design Competition is to&nbsp;ensure design excellence is embedded in the project from the start. The competition will deliver an&nbsp;urban framework that defines the character, ambition and long-term identity of&nbsp;this&nbsp;former industrial precinct as it transitions to a vibrant, inclusive and sustainable residential&nbsp;neighbourhood.

The competition will be led by the Bays West Delivery Authority in partnership with Government Architect NSW.&nbsp;

It will launch with an invitation for a global Expressions of Interest, before moving to an invitation-only stage that will be assessed by a panel that&nbsp;will provide advice to Cabinet who will select a winner.

Premier of NSW, Chris Minns said the establishment of the new Authority is the first step in transforming the Bays West precinct into a vibrant, livable suburb minutes from the Sydney CBD and two stops from Hunter St Station on the Metro West line.

“The Authority will deliver well-located homes close to the heart of the city and integrate the new precinct with Blackwattle Bay and the new Sydney Fish Market.

“This is a generational opportunity to build a new suburb on the city’s edge and open the harbour foreshore to the public for the first time in a century.”&nbsp;

Minister for Lands and Property Steve Kamper said the new Bays West Delivery Authority established by the Minns Government will turbocharge the development of Sydney’s newest suburb.

“The Authority is working at a record pace to deliver an international design competition, planning pathways and a financial model so that this development benefits Sydney with well-designed homes in a central location, close to public transport, jobs, entertainment and essential services.

“If we want Sydney to stay liveable and affordable, we need to be bold about using underutilised government-owned land to deliver homes for the future while making sure essential working harbour functions can be accommodated.”

Bays West Delivery Authority established to "turbocharge" Sydney’s newest suburb

Around 400 additional homes could be built at Southwark Grounds on Port Road, lifting total site capacity from 1300 to around 1700 dwellings.

A recently approved code amendment would allow apartment towers of up to 14 storeys in some areas of Renewal SA’s redevelopment of the former West End Brewery.

Renewal SA Acting Chief Executive Shane Wingard said he welcomed the code amendment, with the increase in heights and homes making a positive impact on the supply of high-quality, well-connected housing close to the city.

“By going higher across some parts of Southwark Grounds, we are adding a substantial number of very well-located homes with little impact on project delivery time or planned open space,” Mr Wingard said.

Since the project officially launched in 2025, Mr Wingard said more than 12,000 enquiries had been received about living at Southwark Grounds.

“The very strong early interest we’ve seen since homes were first released in the precinct reinforces our plans to create more housing opportunities,” he said.

The Southwark Grounds code amendment was launched in December last year, with community engagement undertaken over five weeks from January.

It proposed increasing maximum building heights from eight to 14 storeys on the eastern section of Southwark Grounds, and to 12 storeys across the remainder of the site, with minimum building heights ranging from two to four storeys.

The code amendment was implemented through an Early Commencement policy in late January, allowing developers to quickly explore the viability of increased height and housing yield while other planning processes continue.

One of the first developers delivering apartment sites have already finalised redesigns to increase the number of apartments following the code amendment.

Samaras’ development adjacent to the future Colonel Light Park is now planning to deliver 125 apartments across 11 storeys, significantly greater than original plans of around 50 apartments across four storeys.

The developer is also exploring the potential for additional affordable housing outcomes.

Most of the apartments at Southwark Grounds will be delivered within a master-planned precinct on a large parcel of land on the eastern portion of the site, covering around two-thirds of its 8.4 hectares.

Wingard said detailed precinct planning over the coming months may identify further opportunities to increase yield further that could see total apartment numbers at Southwark Grounds, exceed this number.

Affordable homes at Southwark Grounds will also see a net increase, with Renewal SA maintaining its commitment to a minimum of 20 per cent affordable housing across the development.

&nbsp;

&nbsp;

Civil works have begun across the site, with construction under way on the first new roads surrounding a townhouse precinct in the south‑west corner of Southwark Grounds. This includes Renewal SA’s 17 Founder’s Row homes, which are on track for completion by Christmas.

“We expect to have people living at Southwark Grounds by the end of the year, so delivering roads and public spaces for those residents is among our highest priorities.”

Construction of 40 townhouses off Anderson Street, known as West Village and being delivered by Contour, is forecast to begin in mid‑2026. Kolabb’s Anderson Lane development will follow shortly after, delivering a further 26 townhouses.

Southwark Grounds is a state government‑led urban renewal project now set to deliver around 1,700 homes over the next decade.

Homes will be supported by a supermarket, a range of retail and hospitality offerings anchored by a revitalised Walkerville Brew Tower, a childcare centre, car parking and well‑connected public spaces.

400 new homes planned for Adelaide's former West End Brewery site

Brisbane developer&nbsp;<a href="https://www.apartments.com.au/developers/cavcorp">Cavcorp</a> has lodged plans for a new mixed-use residential development at <a href="https://www.apartments.com.au/new-apartments/55-wyandra-street-teneriffe-qld-4005">55 Wyandra Street</a>, Teneriffe, anchored by an 85-metre public laneway designed to reconnect the suburb’s riverfront with the Gasworks precinct.

The buildings, known as Teneriffe House and Teneriffe Lane, would replace the existing Queensland Cotton head office site with a 15-storey residential tower transitioning to eight storeys toward Helen Street. The project has been designed by Plazibat Architects and lodged as a code assessable development application for 93 apartments across a 3,401 sqm mixed-use site within the Newstead and Teneriffe Waterfront neighbourhood plan.

Central to the scheme is the transformation of an existing service easement into a publicly accessible cross-block connection linking Wyandra and Helen Streets. Cavcorp says the new laneway will act as both a pedestrian shortcut and a landscaped civic space between the Teneriffe Riverwalk, ferry terminal, and Gasworks precinct.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="26e7f058-b065-4de8-b13d-a2b8cb64dfcc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/bldg.png?VersionId=sELS0ZKYi361oYipUa1BIKfe_.DLZoFV" />

“The revised proposal delivers a legacy public-realm cross-block link, permanently secured for community use, transforming an existing private easement into a safe, high-quality pedestrian connection between the Teneriffe heritage riverwalk and the Gasworks–Long Island precinct,” the planning report states.

The laneway will sit beneath a large subtropical loggia integrated into the podium levels of the development. The design incorporates deep landscaping, water gardens, lobby spaces, business lounges, and ground-floor apartments to create what Cavcorp describes as a climate-responsive “urban verandah.”

The tower itself has been designed as a slender form with recessed floorplates and curved translucent corners inspired by contemporary Japanese architecture. The building height aligns with the Commercial Road precinct controls, which permit towers up to 15 storeys within proximity to Longland Street.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="a8a17d40-43b6-4718-b3fd-67676fcbb485" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers%202_1.png?VersionId=i3VwDtp5AmL_8InW7w4qRbDFEpb744Jt" />

The project will comprise a mix of larger-format apartments aimed at owner-occupiers, downsizers, and families. The proposed apartment mix includes 11 loggia apartments across the lower levels, 50 four-bedroom Sky-Terrace apartments from levels three to seven, and 32 Sky-Pool Homes occupying the upper tower levels. The Sky-Pool Homes will feature private thermal plunge pools integrated into oversized balconies.

According to the application, the apartments are intended to reinterpret the scale and character of Teneriffe’s woolstore conversions and Queensland homes within a vertical residential format.

“The sky-pool homes build on Cavcorp’s previous projects and introduce a distinct apartment typology to Teneriffe, informed by both local and international precedent and responding to an identified market demand for enhanced safety, space and amenity,” the planning submission notes.

A major focus of the proposal is its five-level wellness and lifestyle offering, extending from the basement through to the rooftop.

Amenities proposed include a rooftop Swim &amp; Racquet Club with a 25-metre Olympic lap pool and tennis court, coworking spaces and libraries, golf simulators, wine storage, concierge facilities, business lounges, pet wash areas, and rooftop longevity-focused wellness spaces with spas, outdoor fitness zones, and landscaped terraces.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="944b352c-49b9-4247-a4c6-5967b4b69fda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/amenity.png?VersionId=Ed_qKjAtMwFT.5gfl3jiA9QwdWxSMsaX" />

All parking will be concealed within basement levels accessed from Wyandra and Helen Streets. Cavcorp says the deep-basement engineering approach allows the entire ground plane to prioritise landscaping, pedestrian movement, and active frontage rather than vehicle infrastructure.

The development continues Cavcorp’s concentration in Newstead and Teneriffe, where the Brisbane developer has delivered a number of apartment projects including Lucent, Le Bain, and Luminare, as well as the Long Island Wellness Precinct nearby. Several of those projects have received national design and architecture awards, including recognition under Brisbane’s “Buildings that Breathe” program.

Cavcorp unveils wellness-focused Teneriffe House and Teneriffe Lane apartment buildings

Focus Group Investments has lodged plans for a new apartment development at <a href="https://www.apartments.com.au/new-apartments/64-70-hanover-street-fitzroy-vic-3065">64–70 Hanover Street</a> in Fitzroy, seeking to utilise the Victorian Government’s recently introduced Great Design Fast Track pathway to accelerate approvals for the project.

The proposal is among the latest developments to emerge through the state-led initiative, which was established to fast-track well-designed residential projects in activity centres and transport-connected inner-city locations. The pathway allows qualifying developments that meet elevated design and housing benchmarks to bypass traditional council planning timeframes and instead be assessed directly by the Department of Transport and Planning.

Designed by SJB, the development will comprise a mix of apartments above activated lower levels, with a strong focus on architectural articulation, landscaping, and communal amenity. The design response seeks to balance the industrial character of Richmond’s former warehouse precincts with a more contemporary residential form.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="abea51cc-d85b-479e-9aef-a589f3b37ca7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ground.png?VersionId=e1Kf8EyPWwyiVumtqQ4rM5S4GpOR3CCz" />

Proposed are 63 new dwellings, a wide ranging mix of studio, one-, two-, and three-bedroom apartments, and townhouses and duplexes. They will be spread across a part-three, part-eight storey building.

The Planning and Urban Context Report by Tract says the development is of an "exemplary architectural standard" and has been carefully crafted by SJB Architects.

"Dwellings&nbsp;will benefit from excellent access to natural light, cross-ventilation opportunities and extensive communal space," the report noted.

The architectural material highlights the project’s integration of landscaped elements and communal spaces throughout the building. The proposal also incorporates sustainability initiatives aligned with the Victorian Government’s push for higher-performing apartment developments under the fast-track program.

The Great Design Fast Track was unveiled by the Victorian Government in 2024 as part of a broader housing supply strategy aimed at accelerating the delivery of new homes. Projects assessed through the pathway must demonstrate high-quality architecture, sustainability outcomes, and housing diversity while being located close to public transport and existing infrastructure.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="afdbe834-8dc4-4a77-a943-ba07bc927348" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_11.png?VersionId=0J657j.TaChAZfp93wqJYBTqSsnREJx2" />

Focus Group, founder and led by Paul De Lutiis, is increasingly active across Melbourne’s inner suburbs, targeting well-connected urban renewal locations suited to medium and higher-density residential development. The Fitzroy proposal continues that strategy, leveraging the area’s strong transport links, established retail amenity, and proximity to the CBD.

Fitzroy has been one of the most popular spots for developers and buyers in recent years. The likes of PACE Development Group, SMA Projects, Crema Group and Chapter Group, currently selling projects in the suburb.

First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Fitzroy apartments

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.
<div title="Page 57">
<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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