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;

&nbsp;

Strathfield has been earmarked for substantial change through the Strathfield Town Centre planning work and the nearby Homebush TOD precinct.

Turner's report says the project has been designed to act as a transition between the existing low and mid-rise development surrounding the site and the taller built form expected to emerge across the town centre.

The proposal is being assessed as State Significant Development under the HDA pathway, alongside the concurrent request to amend the Burwood Local Environmental Plan.

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

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

ODUS releases $18 million penthouse crowning La Mer Main Beach

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

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

Perth

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Perth’s median house price and median rent have both remained stable in the three months to August 2017.
The median house price is sitting at $515,000, and the overall median rent resting at $350 for the fourth month in a row.
REIWA President Hayden Groves said it was encouraging to see the median price remain firm across both sectors of the Perth property market.
“The stable medians are good news and indicate that seller’s and landlord’s expectations are matching those of buyers and tenants,” said Mr Groves.
According to the latest reiwa.com data, listings for sale have continued to trend marginally lower over the past month, by one per cent.
However, in comparison to three months ago, listings levels are lower by 10 per cent.
“The reduction of properties for sale should create a better balance between the supply and demand of Perth’s overall housing stock.
<a href="https://www.propertyobserver.com.au/images/2017/09/06/Screen%20Shot%202017-09-06%20at%2010.39.25%20am.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/09/06/Screen%20Shot%202017-09-06%20at%2010.39.25%20am.jpg" alt="">
“Traditionally in spring, there tends to be a lift in sales activity which means there is potential for the median house price to increase in the coming months as we see more demand for housing and increased competition from buyers,” said Mr Groves.
In the residential rental market, reiwa.com data shows stock has reduced by six per cent to 10,046 properties for rent, with leasing activity up by eight per cent during the month of August.
“The boost in leasing activity is pleasing to see and has contributed to the declining trend in listings levels as rental stock gets absorbed due to the demand from tenants.
“This improved activity is also helping to keep the overall median rent in check at $350 per week, stable for the fourth consecutive month, which is welcome news for landlords and property managers alike.
“With the warmer weather ahead, we should typically see both buyer and tenant activity levels increase.
“Together with the stabilising trends in median house and rent prices, the Perth property market is showing positive signs as we head into spring and summer,” said Mr Groves.
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j.ballantyne1990-6AQqhLzZaK

Perth median house price holds firm in August: REIWA

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Residents in Perth are very careful when upgrading or renovating their homes, according to a recent Herron Todd White report.
The property investment firm says that this is due to lack of consumer confidence.
“The Western Australian economy has been haunted by a lack of consumer confidence over the past couple of years, hence home owners have utilised a high degree of caution when it comes to upgrading or extending their homes.
“Similarly, the prospect of paying stamp duty in a subdued economy has stalled transactions of established dwellings unless the product is highly desired by the market.
“The problem with undertaking a renovation project in a subdued market is that there is always a risk that the expenditure will not reflect a direct increase in capital value.
“This has definitely been an issue in the Perth residential market in previous years and also extends to the new housing market.
“The issue is however exacerbated in the established housing market given the proportionately higher costs involved in extension or renovation works.
“As an example, new construction typically occurs for rates of $1,000 to $1,500 per square metre of living area.
In the situation of an extension or renovation, these rates quite commonly start at $2,000 and rise rapidly towards $3,000 per square metre for single level properties,” the report stated.
Decisions for renovations are usually done due to emotional choices Herron Todd White comments.
“Hence in the current market, decisions made to extend or renovate are most often based on emotional choices rather than financial common sense.
“They commonly occur with families in well located, established areas offering little housing variety, where the location is not willing to be sacrificed regardless of the cost of the works involved to transfer the dwelling into something more modern and comfortable,” the report commented.
Herron Todd White warns that renovating a property in a unpopular area will be particularly challenging.
“In the current market, undertaking such a project in an outlying, potentially less desirable area is likely to be particularly challenging.
“We have seen several investors follow the flip method and come unstuck, either due to the higher holding costs associated with longer selling periods or by simply mistiming the market and the market corrects downwards as money is invested into the project. Hence these projects are not for the faint hearted.
“Some typical areas that are still seeing a decent level of extension or renovation work include Duncraig in the north where a renovator’s delight can be obtained for a little over $500,000, but well renovated properties can achieve in the $800,000s.
“The suburb is well located, being close to the coast but with good transport links to the CBD.
“An example in the south is Parkwood, where entry level housing sits at around $400,000 and good product can nudge past $600,000.
“The area offers little variety of housing but is well established with good sporting, shopping and employment centres in close proximity.
“Also in the south, the suburb of Melville has seen a significant amount of redevelopment along with restoration of the original cottages.
“The suburb is garnering interest due to its proximity to the Swan River and Fremantle and proximity to more upmarket and sought after suburbs such as Alfred Cove and Attadale,” the report warns.
A four bedroom house renovation-ready at <a href="https://www.realestate.com.au/property-house-wa-duncraig-125713754" target="_blank">6 Griffell Way</a>, Duncraig (above) has been listed for $699,000.
Similarly a renovation-ready three bedroom house at <a href="https://www.realestate.com.au/property-house-wa-melville-123699462" target="_blank">29 Shelshaw Street</a>, Melville (below) has been listed from $769,000.
<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/2017/06/20/29%20Shelshaw%20Street.jpg" alt="">
Being careful is a top priority for home owners that plans on renovations in the near future Herron Todd White says.
“All in all, we would urge caution for any home owner considering undertaking an extension or renovation project in the current market place.
“It would be wise to speak to multiple builders to ensure you are getting the most competitive quote and seek the advice of a local property valuer to ensure that you understand the risk and reward equation prior to committing to anything,” the report stated.
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Perth residents careful when upgrading or renovating properties: HTW

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Online property marketplace iBuyNew Group Limited has expanded into Western Australia by acquiring assets from Perth-based real estate project marketing business Indo-Pacific Group Pty Ltd for $625,000.
The company said it had entered into an Asset Sale Agreement with IPG, owned by the Clough family’s investment arm McRae Investments. 
IPG operates Indo-Pacific Property and focuses on new property sales and property management throughout Australia. 
The acquisition will allow IBN to expand into property management and grow its national footprint.
IPG has sold more than 300 new properties since April 2015 across Australia with a total value of $250 million and more than $6 million in commissions. 
The deal creates a combined gross future receivables book of $6.58 million, and will be accretive to IBN’s revenue and earnings.
As part of the deal, IBN will also pay the vendors 50% of the commissions received by IBN from the future commissions receivable book in excess of $250,000. 
As part of the transaction, executive chairman of IPG and McRae Investments, Stephen Quantrill, will join the IBN board, while McRae Investments will take a 10 percent stake in the company. 
Assets purchased from IPG include a $2.6 million future commissions receivable book, a property management business and rent roll and all associated brand and intellectual property. 
iBuyNew CEO Alex Caraco said the company was looking to acquire strategic-fit assets that “will work well within our network and capabilities”.
Caraco took over as CEO from founder Mark Mendel earlier this year and said the company wanted to expand its presence with plans to install sales teams in all mainland state capitals as well as on the Gold Coast.
Last year, it acquired Melbourne-based property research advisers Nyko Property Pty Ltd.  
“I also feel the WA market is at a turning point and provides great real estate value and the mining industry is now beginning to slowly recover,” said Caraco.
He said it was the right time to invest in the west.
Quantrill said the deal would provide the platform to continue growing the Indo-Pacific Property operations and brands.
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jonathanchancellor-7SQnKwU6yx

iBuyNew looks west for growth, buys Perth-based real estate business

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Perth is the only locality where home values have declined over the past year, according to CoreLogic’s latest report.
The property data firm says that in the past 12 months Perth’s home values has declined by 3.2%.
This is not helped by the weekly decline of 0.6% or its monthly decline of 0.7%.
<a href="https://www.propertyobserver.com.au/images/2017/08/28/Screen%20Shot%202017-08-28%20at%201.23.03%20pm.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/08/28/Screen%20Shot%202017-08-28%20at%201.23.03%20pm.jpg" alt="">
Melbourne scores the highest 12 month growth in home values with an increase of 15.4%.
Sydney trails behind Melbourne with a 12 month growth of 11.6%.
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Perth home values decline by 3% over past 12 months: CoreLogic

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The high price of parking has discouraged shoppers from coming into the CBD, exacerbating the issues faced by the city’s retail industry including low foot traffic and a dwindling economy. 
Lino Iacomella, Property Council WA executive director said the State Government must do everything it can to increase the number of people shopping in the Perth CBD and should commit to not increasing the Perth Parking Levy in the upcoming State Budget.
“The Perth Parking Levy raised an estimated $34 million in 2012/13 with a $365 per bay increase announced in the 2014/15 Budget (despite the $48 million of funds unspent)," he said.
“The city centre is facing significant economic challenges following the decline of the investment boom with CBD office vacancies now at 21%. The decline in the number of people working in the CBD has led to a jump in retail vacancies to 16%.
‘If less people now work in the CBD, we must look at ways to attract people in from the suburbs. The Perth Parking Levy has driven up the cost of parking, making the city not competitive, compared to the suburban shopping centre that all offer free parking.
“The parking levy is highly inequitable as it only captures a small portion of the cars that contribute to Perth’s congestion issues.
“The Levy also applies to all commercial buildings’ parking bays, which makes investors less likely to purchase property in the CBD, stagnating the market and doing nothing to increase Perth’s worker population.
“Perth CBD is in urgent need of revitalisation. The State Government must commit to not increasing the Perth Parking Levy to spur the inner-city economy and keep WA growing."
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Perth parking levy driving shoppers out of CBD: Property Council WA

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Perth home buyers looking to trade up are now seeing more opportunity in areas such as Peppermint Grove, Applecross and North Coogee, which topped reiwa.com’s list of affluent suburbs that have become more affordable.
REIWA President Hayden Groves said while prices in these suburbs were still well above the Perth median house price, they had become more affordable for buyers looking to trade up into those million dollar suburbs.
Peppermint Grove saw the biggest annual average change in its median house price over the past five years, shifting from $3,750,000 (year to April 2012) to $3,350,000 (year to April 2017).
“Buyers are looking for opportunities in areas with a good lifestyle scene, cafes and restaurants. In particular, we are seeing buyers placing more importance on proximity to good public schools.
“Suburbs such as Applecross, Nedlands and Peppermint Grove are within the catchment for some of Perth’s best public schools.
<a href="https://www.propertyobserver.com.au/images/2017/08/02/Screen%20Shot%202017-08-02%20at%2011.27.30%20am.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/08/02/Screen%20Shot%202017-08-02%20at%2011.27.30%20am.jpg" alt="">
“Due to the easing off in median house prices of these suburbs, the opportunity is there to secure your ideal family home if you have the means,” said Mr Groves.
There’s also good news for sellers in Applecross, City Beach, Nedlands and Peppermint Grove, as properties are selling quicker in comparison to five years ago.
“In 2012, it took on average 120 days to sell a property in Peppermint Grove for instance. In more recent figures, the average selling days for the suburb sits at 90 days.
“We are also seeing sellers willing to negotiate and discount their initial asking price to achieve a sale,” said Mr Groves.
The average discount sellers in the five suburbs are applying to their asking price is around the eight to 10 per cent mark in the year to April 2017 data.
“Both buyers and sellers are benefitting from the current market conditions in these million dollar suburbs,” said Mr Groves.
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Buyers experiencing improved affordability in some of Perth’s million dollar suburbs

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The worst is behind the Perth property market after a 3-year cyclical downturn where supply outweighed demand amid record-high housing construction and slower population growth according to a new report by Momentum Wealth.
The report, Residential Property Spotlight: Perth found the number of properties for sale in Perth has hit a 2-year low at around 13,600 and building commencements have returned to normal levels after reaching a record high in 2015.
Damian Collins, Momentum Wealth managing director said supply and demand were starting to rebalance, which would help buoy property prices going forward.
“The research report concludes that the Perth market has bottomed and it’s now in a recovery stage,” he said..
“On the supply side, the report shows that the number of properties for sale has hit a 2-year low, meanwhile the amount of new properties being built has returned to average levels after dwelling starts hit a record high in 2015.
“After 3 years of an imbalance, this tightening of housing stock will allow demand to catch up to supply and subsequently will help underpin property price growth going forward.
“The research report explains that although Perth’s population growth has slowed following the end of the resources construction boom, it’s expected to rebound as the city’s labour market continues to strengthen.
"Perth’s unemployment rate had dropped to a 12-month low recently, and was in line with the national average. 
“Add to this the city’s encouraging housing affordability, which is the second-best in the nation only behind Hobart, and the report explains that more buyers will increasingly return to the market as job stability firms and the economy continues to gain momentum.
“As the jobs market continues to adjust in the aftermath of the resources construction boom, we can expect buyer confidence to return to normal levels and strengthen as the local economy diversifies into tourism, agriculture, technology and education."
 Fort more information from Momentum Wealth, <a href="https://www.momentumwealth.com.au" target="_blank">click here</a>.
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Perth property market recovering

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Perth sellers struggling to sell should look at going to auction, with reiwa.com data revealing it was 42 days faster to sell by auction in the metropolitan area than by private treaty.
REIWA President Hayden Groves said while auctions represented a small component of the Perth property market, those sellers who did choose to list their property for auction were experiencing significantly faster selling times.
“On average, it takes around 70 days to sell by private treaty in Perth, but sellers who go to auction are achieving sales in as quickly as 28 days,” Mr Groves said.
“In this market, when there is plenty of competition between sellers to secure a buyer, standing out from the crowd is paramount.
“Selling at auction has plenty of benefits for the vendor, with a short but high profile marketing campaign bringing serious buyers to the forefront quickly.
“You also have the security of knowing if your home doesn’t sell at the fall of the hammer, you can continue to negotiate a purchase price with those interested buyers after the auction using the more familiar private treaty method.”
reiwa.com data shows auction sales in Perth peaked in December 2016, lifting to 2.31 percent of total sales activity in the metro area for that month, before returning to just below two per cent by March 2017.
“Auctions are still relatively unfamiliar to West Australians, but you only have to look to the East Coast, particularly Sydney and Melbourne, to see how successful this method of selling can be.
“I encourage WA sellers to speak with their real estate agents about whether auctions are the right fit for them,” Mr Groves said.
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Auctions achieve significantly faster selling times in Perth

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Perth’s housing market reported steady performance, according to CoreLogic’s latest update report.
The property data firm says that house values remained unchanged while unit values increased slightly.
For more information see the video below:
<iframe src="https://www.youtube.com/embed/uDmAmOPXaq8" frameborder="0" width="450" height="253"></iframe>
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Perth housing market update: Tim Lawless

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Perth continues to present opportunities for both buyers and investors, according to Domain's latest State of the Market report.
The median house price has fallen to just under $556,000 this quarter, while unit prices grew to almost $378,000.
The mixed market is prime for first home buyers looking to secure something with ocean views, without breaking the bank.
<a href="https://www.propertyobserver.com.au/images/2017/07/20/Screen%20Shot%202017-07-20%20at%2010.07.32%20am.jpg" target="_blank">Click to enlarge</a>
 <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/07/20/Screen%20Shot%202017-07-20%20at%2010.07.32%20am.jpg" alt="">
With unit prices rebounding, Domain suggested now could be the time to secure an investment property as the increasingly stable market points positively toward long-term gains.
 
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