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

Joel Robinson

Abadeen unveils signature penthouse at Park Residences in Cremorne

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

Dalcott targets owner-occupiers with South Brisbane debut Marrone

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

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

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

ODUS releases $18 million penthouse crowning La Mer Main Beach

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

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

Perth

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Buyers in Perth paid a median price of $547,000 for houses in the quarter to April, according to the latest RP Data Rismark index.
Property Observer looks to recent sales in the West Australian capital to see just what $547,000 will buy you.
<ol>
<li>
<a href="https://www.realestate.com.au/property-house-wa-forrestfield-116312443" target="_blank">8 CHERRY TREE ROAD, FORRESTFIELD <img src="/images/2014/05/12/1.jpg" alt=""></a> This four bedroom house sold for $542,000 last month through Frank Mills of Centurion Real Estate, High Wycombe. Set on a 600 square metre block, it also includes two bathrooms and a kitchen and dining area with separate lounge. Outside, there is also a covered entertaining area and an underground pool. Price: $542,000 Bedrooms: four Drive to CBD: 24 minutes 
</li>
<li>
<a href="https://www.realestate.com.au/property-house-wa-currambine-115851527" target="_blank">67 CALEDONIA AVENUE, CURRAMBINE <img src="/images/2014/05/12/2.jpg" alt=""> </a>Another four bedroom Perth home sold that weekend for $535,000. The house in Currambine is located in the <a href="/expert-insights/buying/suburb-spotlight-joondalup-adjusting-to-moderating-market">Joondalup region, north of the Perth CBD</a>. The suburb had a median house price of $540,000 in March. The master bedroom of this house has a walk in wardrobe and en suite. There is ducted air conditioning throughout the home and a formal lounge and dining in addition to the open plan kitchen and living area. Price: $535,000 Bedrooms: four Drive to CBD: 25 minutes 
</li>
<li>
<a href="https://www.realestate.com.au/property-house-wa-stirling-115774427" target="_blank">4/13 SANTAROSA WAY, STIRLING <img src="/images/2014/05/12/3.jpg" alt=""> </a>
Vendors sold this home for $545,000 earlier this year. The townhouse has three bedrooms and two bathrooms, with a dining and living area and a separate formal lounge. Tenanted at the time of sale, the home was last advertised to renters at $500 per week. The vendors purchased the house on a block of six for $300,000 in 2005.
Price: $545,000
Bedrooms: Three
Drive to CBD: 14 minutes
</li>
<li>
 <a href="https://www.realestate.com.au/property-house-wa-morley-116369795" target="_blank">30 HARROWSHILL ROAD, MORLEY </a> <img src="/images/2014/05/12/4.jpg" alt=""> 
Set on 728 square metres, this home in the north eastern suburb of Morley sold for $547,000 in March. The suburb, 10 kilometres from the Perth CBD, had a median house price of $515,000 for the month. This home has three bedrooms and there’s a powered workshop on the plot. When it was on the market, agents Natasha Harwood and Shane Stewart of Midland Real Estate Plus Australia pushed the property’s subdivision and development potential.<a href="https://www.realestate.com.au/property-house-wa-morley-116369795" target="_blank"> </a>
Price: $547,000
Bedrooms: three
Drive to CBD: 19 minutes
</li>
<li>
<a href="https://www.realestate.com.au/property-house-wa-canning+vale-115761715" target="_blank">68 BIRNAM ROAD, CANNING VALE <img src="/images/2014/05/12/5.jpg" alt=""></a>
The vendors got more than double their purchase price when they sold this home in Canning Vale. The house sold for $550,000 – it was purchased for only $215,000 less than six years earlier. The four bedder south of the river was advertised by the new owners for $500 per week in March.
Price: $550,000
Bedrooms: Four
Drive to CBD: 22 minutes
</li>
</ol>
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jrichardson-uRX5hFdKfN

What can you get for Perth's $547,000 median house price?

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Northern Perth’s Joondalup region is adjusting to the moderating market of the city.
The northern beaches Joondalup region includes Burns Beach, Edgewater, Joondalup, Connolly, Heathridge, Kinroos, Currambine, Iluka and Ocean Reef. The suburb of Joondalup itself acts as a hub to Perth’s outer northern suburbs.
The push to establish Joondalup as an urban centre extends back to 1970, with the Corridor Plan for Perth. A number of retail and transport infrastructure initiatives have been implemented around the area in the past 40 years to facilitate urban development and direct activity to Joondalup. Joondalup was highlighted in the West Australian state government’s Directions 2031 strategy as one of two primary centres in the Perth metropolitan area, along with Rockingham.
The area’s CBD has a strong retail focus and has seen considerable residential development in recent years, with a relatively high density of townhouses and apartments. With the presence of Edith Cowan University, a healthy retail and entertainment district, established parks and in close proximity to the beach and Lake Joondalup, the area has attracted demand from the middle class lifestyle market.
The greater region of Joondalup had a median house price of $588,750 in March, while units in the area sold for a median price of $415,000. A <a href="https://www.realestate.com.au/property-apartment-wa-joondalup-115477939" target="_blank">two bedroom Joondalup apartment</a> in the block pictured below sold for $408,000 in February.
<img src="/images/2014/05/07/joondalup%20unit.jpg" width="800" height="600">
According to Australian Property Monitors senior economist Andrew Wilson, Joondalup’s appeal to middle income earners has lent the area some resilience against the changes seen in Perth’s market.
“Joondalup is in the middle price range area,” said Wilson.
“There’s a bit of a lifestyle market there. With all the new developments that have been established in that area, we’re seeing middle price bracket, executive type buyers.
“Because of that nature of the market, it tends to be quite resilient. The big picture is that Perth is moderating. The latest data shows that Perth’s market has plateaued.
“We’re seeing quite a significant upward shift in unemployment in Perth, which has moderated lately.”
According to data from the Real Estate Institute of Western Australia, listings in Joondalup and the neighbouring Wanneroo <a href="/news/wa/perth-vacancies-highest-in-years-rentals-on-market-56-up-on-2013">jumped earlier this year</a>, up 28% in the March quarter from December.
Despite Joondalup’s relative strength, its property market must still deal with exposure to Perth’s labour market, said Wilson.
“The Perth labour market has seen some difficulties with absorbing eastern state migration, which saw rents get pushed up quite sharply in some suburbs of Perth. Perth prices rose 10% last year, and with rising unemployment, we’re starting to see some affordability issues.
“And the lifestyle market can certainly be affected by job security and affordability issues. But as the economy does pick up and absorb that unemployment, incomes will grow.”
The slowing mining sector in Western Australia has seen a shift in focus for the region, with the city of Joondalup launching new initiatives to market the region as Perth’s “knowledge capital”. How well the region responds to the state’s shifting economy remains to be seen, but strong infrastructure investment in the area in the past and extending into the future ensures that it will remain a significant urban centre for Perth’s northern corridor.
Photo courtesy of Wikipedia/Creative Commons.
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Suburb spotlight: Joondalup adjusting to moderating market

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Agent: Andrew Fife <img src="/images/2014/05/05/fife-may-5-breakout.jpg" alt="" style="float: right;">
Position: Industrial sales and leasing executive
Company: Colliers International
Office location: Perth
How long have you been in the industry?
Six years.
What’s happening in the area you specialise in?
We are seeing a correction in the market as a result of more stock, both for sale and for lease, becoming available.  Leasing is steady and deals are still being done with some incentives creeping into offers, but this is coming off an incentive base of nil. The sales sector is still being dominated by the owner-occupier market, as most properties are being offered for sale with vacant possession. Enquiry is very solid for investment-grade stock.
Describe the most interesting property you have sold?
Probably an irregular-shaped parcel of land which was directly under the flight path of approximately one commercial plane every 15 minutes. The planes flew directly overhead and so close to the property we had to wear ear plugs during inspections.
What are the ingredients to being successful in your job?
Doing the basics right all the time – managing relationships with existing clients, but always looking to develop new relationships to instigate new business. Delivering on what you say, understanding the market and your client’s needs. 
What aspects of your role do you enjoy the most?
Doing deals, but also delivering a result where you can see the client is pleased with what you have been able to achieve.
Where would you invest a spare $750,000?
I’d give it to PrimeWest – a property syndicator.
Which football team do you support?
West Coast.
What’s your favourite app or techno gadget? 
Footy Live
How do you use social media?
<a href="https://www.propertyobserver.com.au/https://au.linkedin.com/pub/andrew-fife/64/812/856" target="_blank">LinkedIn</a> to see what shenanigans Shane Warne is up to.
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kjiminez-eaYKfU7qd2

In profile: Colliers International's industrial sales and leasing executive, Andrew Fife

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AMP Capital has been given the green light to construct in Booragoon what will be Western Australia's largest shopping centre.
AMP confirmed today that it had received planning approval from the Western Australian Planning Commission’s for its proposed $750 million redevelopment for Garden City Booragoon, a structure that will allow the centre to grow to 120,000 square metres in size.
AMP Capital head of shopping centres, Bryan Hynes, said the vote to approve the plan was another step forward for AMP Capital’s proposition to redevelop an integrated Garden City Booragoon.
“Our proposed development will further enrich the retail offer of Perth’s iconic shopping centre to include enhanced retail, leisure and lifestyle precincts as well as residential development to create an iconic activity centre for Perth,” he said.
Garden City is managed by AMP Capital and owned by AMP Capital managed funds.
The proposed redevelopment is valued at up to $750 million and will include a new full line David Jones, a new full line supermarket and fresh food precinct, allowance for an additional discount department store and an outdoor dining precinct linked to the cinema.
The redevelopment is expected to create 5,000 construction associated jobs and 5,000 new retail jobs.
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Green light for AMP Capital's Booragoon, WA shopping centre $750 million redevelopment

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The ANZ Australian Housing Market Update has found that Perth remains out of step with the rest of Australian cities, recording price weakness where other capitals are recording an uptick.
ANZ Research’s David Cannington and Stephanie Wong reported that “home prices continued to trend higher across all reported capital cities, except Perth."
Prices in Perth have been easing moderately since the commencement of this year, despite solid increases being recorded in Sydney and Brisbane.
Upticks were recorded by RP Data and ANZ in Sydney, Melbourne, Brisbane and Adelaide, while the other states and territories are not recorded.
<img src="/images/2014/04/29/perth-graph-april-29.jpg" alt="">
Source: RP Data, ANZ Research
Auction sales have remained low, due to public holidays, yet despite this sales are expected to rebound in coming weeks, providing a timely read.
Cannington and Wong noted that when this data comes through after this seasonally-affected period, a more accurate picture of housing strength and momentum, as well as a growth outlook, should be ascertainable.
Year on year, the percentage growth trend is still a positive for Perth, despite being down 0.2% over the month since a gradual softening from the end of 2013.
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ANZ points to Perth price weakness as out of step with other capitals

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A warehouse unit in the Bibra Lake industrial precinct south of Perth has been sold for $240,000. 
The 4/84 Barberry Way property offered total floor space of about 144 square metres, including a mezzanine level and was built in 2008. The vendor was Belregis Pty Ltd.
Chad Parham and Mathew Garbin of Ray White Commercial Perth were the selling agents.  
The purchaser was a local owner/occupier. 
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Local owner-occupier buys Bibra Lake, Perth warehouse unit

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Oil and gas exploration giant, Carnarvon Petroleum Limited has secured 281 square metres in an office building in West Perth. 
The lease occupies part of the office space, at 2/76 Kings Park Road and runs for five years with a further five year option. It is understood that the net rent per annum is about $400 per square metre. 
The leasing agent was Lachlan Ottley of Savills Leasing WA. 
The office space features a combination of office fit-out and open plan with ample parking, and was close to local amenity, public transport and the CBD, said Mr Ottley. 
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Carnarvon Petroleum Limited lease West Perth office

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A keenly contested bidding process saw two hotel investments owned by Coles in Queensland and Western Australia sell for a total of $13.22 million.
The Old Bundy Tavern in Bundaberg, Queensland, sold for $7.7 million to a  Brisbane-based family. The sale reflected a yield of 8.18 %. 
A Sydney-based doctor was the end buyer of the Victoria Park Hotel in Perth (pictured above) for $5.525 million - equalling a yield of 5.79%. 
CBRE’s Joel Fisher, Glenn Price and Ryan McGinnity, in conjunction with Billy Holderhead of Burgess Rawson handled the sale. 
The Old Bundy Tavern and First Choice Liquor outlet is leased to Liquorland for a 15-year term with five 10-year options. 
The refurbished hotel is on a 3,380 square metre site and includes an 886 square metre freestanding First Choice Liquor store. The hotel includes four bars, a large bistro, gaming lounge with 30 machines, function room and on-site parking for 28 cars. 
The Victoria Park Hotel also has a 15-year lease to Liquorland and features four bars, a function centre, underground cellar, drive-through bottle shop and alfresco area. 
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Coles sells off two hotels for total of $13.22 million

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There were 2,669 auctions held across the combined capital cities last week, having fallen from 3,039 over the previous week.
While volumes were down when compared to the previous week, it is expected that this coming week will change that with auction volumes set to rise by 23%. Last week the preliminary auction clearance rate was recorded at 67.3% across the capital cities, compared to a final auction clearance rate of 67.7% the previous week.
At the same time last year, there were 1,308 capital city auctions and the final auction clearance rate was recorded at 61.7%.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Capital-city.jpg" target="_blank"><img class="alignnone size-full wp-image-3082" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Capital-city.jpg" alt="20140406 Capital city" width="1003" height="729"></a>
In similar fashion to previous weeks, Sydney has recorded the strongest capital city auction clearance rate at 75.4% based on preliminary collection. There were 1,124 auctions held across the city last week, compared to 1,163 the previous week when the final auction clearance rate was recorded at 75.9%.
It is probably a good time to make mention of the fact that we have noticed over the past few weeks that we are seeing some downward revision each week when Sydney’s final results are being calculated. This is more than likely due to the reporting culture of auctions, where agents hold off on reporting their successful auction until they can confirm that no after auction result has been obtained. Over the same week last year, there were 528 Sydney properties taken to auction with 66.4% of these recording a successful result.
While Sydney’s auction market showed significant strength over the first quarter of 2014, it is interesting to see that this aligned with overall market performance. According to the RP Data-Rismark Daily Home Value Index, Sydney dwelling values increased by 4.4% over the March 2014 quarter. Based on the most recent weekly update, across the private treaty market, Sydney homes are currently selling at the fastest rate of any capital city.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Sydney.jpg" target="_blank"><img class="alignnone size-full wp-image-3084" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Sydney.jpg" alt="20140406 Sydney" width="1000" height="654"></a>
For Melbourne there were 1,204 auctions across the city last week with a preliminary clearance rate of 63.4% recorded from 960 auction results compared to 66.9% recorded last weekend and 63.2% this weekend last year. Over March 2014 the clearance rate was 69.9% from 5,322 auctions.
House and unit values are definitely rising but the high auction volumes are continuing to provide buyers with increased opportunity which is also likely contributing to a lower clearance rates as buyers have a greater number of auction properties to choose from.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Melbourne.jpg" target="_blank"><img class="alignnone size-full wp-image-3083" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Melbourne.jpg" alt="20140406 Melbourne" width="1002" height="651"></a>
Last week across the Brisbane auction market we saw conditions improve with the preliminary auction clearance rate recorded at 57.9%, with 122 Brisbane auctions held over the week.
Despite the strengthening clearance rate, last week was a sharp fall in Brisbane auction volumes after the busy week prior when there were 238 auctions held and a clearance rate of 47.1%, however, over the coming week volumes are set to ramp up again, with 218 Brisbane auction scheduled so far.
When we look at the Brisbane auction market at the same time last year, there were significantly less auctions (92) while the clearance rate was recorded at 49.3%, which is generally on par with the current market performance.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Brisbane.jpg" target="_blank"><img class="alignnone size-full wp-image-3081" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Brisbane.jpg" alt="20140406 Brisbane" width="996" height="653"></a>
There were 98 Adelaide properties taken to auction last week, with the preliminary clearance rate coming in at 67.3%, compared to the previous week when the final clearance rate was recorded at 55.6% across 107 auctions.
At the same time last year, there were 54 Adelaide properties auctioned over the week, with half of the properties recording a successful result at the time of reporting.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Adelaide.jpg" target="_blank"><img class="alignnone size-full wp-image-3080" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Adelaide.jpg" alt="20140406 Adelaide" width="989" height="652"></a>
Once again, auction activity across the other capital cities was much more subdued and again, results were mixed.
There were 33 auctions held in Perth last week and the preliminary clearance rate was recorded at 26.7%. Across Hobart, 22 properties went to auction with a clearance rate of 50.0% and a 43.8% clearance rate in Canberra across 66 auctions.
There were 8 auctions held in Darwin last week and so far RP Data has captured a result for 5 of these auctions. At this point, no successful results have been recorded.
There are currently 3,271 auctions being tracked by RP Data over the coming week, in what is set to be a busy week leading up to Easter.
*Melbourne auction commentary provided by Robert Larocca, RP Data’s Victorian housing market specialist
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Melbourne's preliminary clearance rate the lowest of the year so far: RP Data's national auction market wrap

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The number of unique residential properties advertised for sale across the country over the four weeks to 30 March 2014 was recorded at 243,941. 
This figure consists of 47,805 newly listed properties over the four weeks and 196,136 re-listed properties.
As highlighted by the <a href="https://blog.rpdata.com/2014/02/homes-prepared-sale-real-estate-agent-activity-gathers-pace-2014/" target="_blank">RP Data listings index</a>, there has been a surge in the number of new properties listed for sale and they are 18.9% higher than they were at the same time a year ago. Although new listings have surged, total properties advertised for sale are -3.8% lower than they were a year ago which is reflective of the rapid rate of sale we are seeing nationally. Although new listings are way up on a year ago, the rate of sale is much faster and total listings are falling. 
To put it simply, properties are being absorbed by the market faster than they are being listed for sale.
<img class="aligncenter size-full wp-image-3065" src="https://blog.rpdata.com/wp-content/uploads/2014/03/Chart-12.jpg" alt="Chart 1" width="500" height="180">
Looking at the different residential property types; new listings for houses are 20.2% higher than they were a year ago however, total house listings are -4.5% lower.
New unit listings are also significantly higher, up 22.6% while total unit listings are -5.1% lower.  New vacant land listings are -5.4% lower than they were a year ago however, total listings are 2.1% higher.
<img class="aligncenter size-full wp-image-3063" src="https://blog.rpdata.com/wp-content/uploads/2014/03/Chart-21.jpg" alt="Chart 2" width="444" height="262">
Looking across the individual capital cities, each region except for Canberra (-12.0%) is recording a higher number of new properties listed for sale than they were a year ago. 
Sydney and Melbourne, which are also recording the strongest capital growth conditions, have recorded the largest rise in new listings over the year, up 49.7% and 32.0% respectively compared with a year ago.  Clearly new properties are coming to the market in both cities however, evidence suggests that most are selling quite shortly after the listing.
Although new capital city property listings are generally higher than they were a year ago, total listings are generally much lower than they were a year ago. Across the combined capital cities total listings are -8.3% lower than they were a year ago and each city except Hobart (3.3%) and Darwin (25.2%) is recording fewer total listings.  
Although both Sydney and Melbourne are each recording fewer total properties advertised for sale than a year ago, it is interesting to note that total listings in Melbourne (33,144) are significantly higher than in Sydney (22,423).
It is encouraging to see that a greater number of new residential properties are coming to the market than at the same time last year however, it is important to remember that in most regions sales transactions are much higher than they were a year ago. 
Clearly buyer demand has escalated and quality properties are not staying on the market for a long period of time which is highlighted by the fact that total listings both at a national and capital city level are lower than they were a year ago.
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