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

Joel Robinson

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

By the time S&amp;S Projects began planning <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia</a>, the developer already had three Rainbow Bay projects from which to draw.

Flow, Awaken and Esprit had given <a href="https://www.apartments.com.au/developers/ss-projects">S&amp;S Projects</a> experience developing in the southern Gold Coast enclave, as well as buyer feedback that could be carried into its fourth project, a boutique collection of 38 residences at 271 Boundary Street.

“We have experienced a lot of success in this location and as this was our fourth building we had taken all of the learnings and buyer feedback from previous projects to arrive at a design and apartment mix that we believe had captured all of that experience and remained a true S&amp;S Project in its design and amenity,” the developer said.

That experience has translated into a collection of two, three, four and five-bedroom residences including two penthouses positioned on an elevated corner in Rainbow Bay, where the site opens to multiple coastal view corridors and the area's distinctive north-facing bay.

[smartcode_project:default project_id=140491 project_image_fid=284542]

S&amp;S Projects says the Boundary Street site took years to assemble, having previously comprised six units, a house and a duplex. The developer worked individually with the existing owners to bring the properties together after an earlier attempt to sell the site had been complicated by the number of parties involved.

“We are constantly looking for properties that meet our brand standards of location, views, and sites that are rare with unique aspects that we can develop to maximise the lifestyle of residents who live in our buildings,” S&amp;S Projects said.

The Boundary Street site gave <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a> a different set of conditions to work with.&nbsp;

“Our design brief was to design a building that took advantage of its unique elevated corner siting offering a range of spectacular view corridor opportunities,” Cottee Parker said.

“The design had to reinforce the strong brand pillars of S&amp;S which are quality, luxury and superior resident amenity.”

[smartcode_project:default project_id=140491 project_image_fid=284543]

Cottee Parker responded with a sculptural floorplate and strong horizontal banding, with continuous balconies and landscaped planters wrapping the building. Operable screens along the balcony edges allow residents to manage light and shade while creating an additional layer of pattern across the facade.

The tower rises above a heavily landscaped podium incorporating the entry lobby and recreational level, while the broader architectural expression takes cues from Rainbow Bay's coastal environment through its organic forms and light material palette.

Cottee Parker says the design has also been developed to complement S&amp;S Projects’ three previous Rainbow Bay developments while retaining its own architectural identity.

Inside, the residences continue that coastal response through two interior schemes centred on warm timbers and neutral tones, alongside patterned natural stone and fluted detailing.

Floor-to-ceiling sliding glass doors connect open-plan living areas to wraparound balconies, while natural stone is used across benchtops, splashbacks and bathroom walls. Specifications also include light-washed timber flooring, gas fireplaces, integrated bar and wine fridges, freestanding stone baths and 100 per cent wool carpet.

[smartcode_project:default project_id=140491 project_image_fid=284559]

Cottee Parker Director Sandra Brown said the intention was to create an architectural response closely connected to its surroundings.

“Imagine architecture that breathes with the rhythm of nature, where every curve and line flows seamlessly – creating spaces that dance with the elements, where sunlight kisses every surface and the gentle sea breeze fills every space,” Brown said.

The lessons S&amp;S Projects carried into Radia also extend to its resident amenity, with a substantial collection of shared facilities planned for just 38 residences.

A dedicated Residents Club will include a lap pool and spa, gymnasium, ice bath, sauna, steam room and hot rocks sauna. A residents' lounge, private dining room, outdoor dining and barbecue area and business centre are also planned, along with storage and dedicated surfboard and beach lockers.

S&amp;S Projects Founding Director Paul Gedoun said the facilities were also designed around the project's Rainbow Bay setting.

“Each amenity is designed to capitalise on the lifestyle of Rainbow Bay, ensuring residents can enjoy the relaxed coastal experience the enclave is famous for,” Gedoun said.

[smartcode_project:default project_id=140491 project_image_fid=284555]

<a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a> says purchasers to date have predominantly included local downsizers, interstate lifestyle investors and families, alongside a strong contingent of repeat S&amp;S purchasers.&nbsp;

According to the project sales team, feedback has centred on the natural stone and joinery, generous floorplans, natural light and the ability for residences to capture views in multiple directions. The completed Flow, Awaken and Esprit developments have also provided prospective purchasers with an existing reference point for S&amp;S Projects' delivery in Rainbow Bay.

There has also been interest from high-profile surfers and people connected to the surf community, with the elevated building providing outlooks towards several of the area's recognised surf breaks.

Radia continues S&amp;S Projects' concentration of development in a tightly held part of the southern Gold Coast, close to Rainbow Bay Beach, Snapper Rocks, Duranbah Beach, Greenmount Beach and the Tweed River. The neighbourhood also includes a growing collection of hospitality venues, while Coolangatta Airport provides connections beyond the southern Gold Coast.

Hutchinson Builders is now delivering Radia, continuing the project from early works privately funded by S&amp;S Projects. The $250 million development is expected to reach completion in the third quarter of 2027.

“With our history in Rainbow Bay, we have been fortunate to be heavily involved in how the development landscape has unfolded and this project slides into the property landscape comfortably and will feel like it was always there,” the developer said.

[smartcode_project_cta:default project_id=140491]

How three Rainbow Bay projects shaped S&S Projects' fourth, Radia

Nearly 40 years after <a href="https://www.apartments.com.au/developers/sheida-group">The Sheida Group</a> began working on the northern Gold Coast, the family-owned developer is continuing its involvement in Hope Island with Marina Point Apartments, where apartment scale has been a central part of the development.

Across the 235-apartment waterfront community, the developer has prioritised larger floorplans, substantial open space and marina access, responding to a purchaser base that has predominantly comprised local owner-occupiers and downsizers moving from larger homes.

"Having already delivered Anchorage nearby, we also understood this particular market and how people live here," developer Rick Sheida said.

"<a href="https://www.apartments.com.au/new-apartments/marina-point-apartments-hope-island-66-view-line-terrace-hope-island-qld-4212">Marina Point&nbsp;Apartments</a> gave us the opportunity to build on those lessons and create the next evolution of our work in Hope Island."

[smartcode_project:default project_id=136992 project_image_fid=293151]

The Sheida Group acquired the Marina Point land around 2018. Its appeal, Sheida says, went beyond having a waterfront address.

"What attracted us was not simply that the site was waterfront, but the way it meets the water," he said.

"It sits at the junction of broad waterways, creating long sightlines, changing views and a sense of movement throughout the day. Its shape also allowed us to orient the buildings outward, improve privacy between residences and make better use of natural light and breezes."

The buildings have subsequently been positioned around the perimeter of the site, allowing most apartments to take in water views while others look across the resort amenity or hinterland. Once all four buildings are complete, approximately one hectare of the site is expected to remain as open space.

The waterfront also provides the potential for up to 50 marina berths, with berths ranging from 15 to 24 metres and options designed to accommodate wider vessels including catamarans. Access from the marina to the Gold Coast Seaway is bridge-free.

[smartcode_project:default project_id=136992 project_image_fid=293149]

The developer says purchasers to date have predominantly been owner-occupiers and downsizers from <a href="https://www.apartments.com.au/new-apartments/marina-point-apartments-hope-island-66-view-line-terrace-hope-island-qld-4212">Hope Island</a> and elsewhere on the Gold Coast, generally aged between 45 and 70. Many have sold larger family homes or properties requiring significant upkeep.

That purchaser profile informed a design brief centred on retaining the space and functionality of a larger home within an apartment format.

"Many of our buyers are coming from large, well-appointed homes in Sanctuary Cove and the surrounding area," the project team said.

"They are accustomed to generous spaces and thoughtful design, so it was important that the apartments delivered the same sense of comfort and functionality.

"Every room needed to feel well proportioned, every space needed a clear purpose and nothing could feel compromised."

Residences range from 139 sqm through to 319 sqm penthouses, with two car spaces provided to apartments and three to penthouses. Minimum 2.7-metre ceilings, floor-to-ceiling glazing, entertainer's kitchens with butler's pantries, substantial storage and balconies ranging from 18 sqm to 37 sqm further reflect the emphasis on space.

One purchaser from Sanctuary Cove has taken the concept further, combining two of Marina Point's largest apartments to create a 552 sqm residence with raked ceilings reaching up to 4.5 metres.

[smartcode_project:default project_id=136992 project_image_fid=293155]

With Building 1 now complete, the developer is also seeing its original design assumptions tested against purchaser feedback.

Three completed display residences allow prospective purchasers to compare apartment sizes, layouts, finishes and outlooks in person. The sales team says one of the most consistent responses has been to the scale of the apartments, with visitors describing them as feeling more like homes than conventional apartments.

The first stage of resident amenity is also operational, including a 25-metre heated lap pool, Technogym-equipped gym, infrared sauna, golf simulator and yoga room. Future facilities are set to include a resort-style pool and spa, waterfront barbecue area and a residents' lounge with a library, fireplace, pool table, kitchen and bar.

Rather than treating the four buildings independently, the design brief called for a complete waterfront neighbourhood, balancing private residences with landscaping, open space, marina access and shared amenity.

[smartcode_project:default project_id=136992 project_image_fid=293152]

For Sheida, Marina Point Apartments is ultimately an extension of the developer's longer-term involvement in Hope Island and its view of how the suburb is evolving.

"We were equally interested in the long-term future of Hope Island," he said.

"Its position between Brisbane and the central Gold Coast gives residents access to both, while improving transport connections are making the northern Gold Coast increasingly attractive as a permanent place to live."

Hope Island Marketplace is 1.3 kilometres from Marina Point, while Sanctuary Cove and Paradise Point are within six kilometres. Links Hope Island, The Pines and The Palms golf courses are also nearby, and the new Hope Island train station is under construction around five kilometres from the development.

Building 2 is under construction, with completion scheduled for 2027.

[smartcode_project_cta:default project_id=136992]

Marina Point Apartments continues The Sheida Group's 40-year Hope Island story

Perth

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The retail property market in Perth continues to face challenging conditions, according to the latest report from valuation firm Herron Todd White.
“Demand for retail space remains hampered by restrained consumer spending coinciding with the state’s sluggish economic performance”, the March report found.
“Additionally, online retail spending continues to grow rapidly and apply further pressure on the Perth retail market.”
Overall, despite some renewed optimism in the resource sector, confidence in general remains depressed.
The above has translated generally speaking to rental rates for retail premises experiencing a downward trend over the past 12 months with incentives in the form of net rent-free periods or fit-out contributions prevalent.
Landlords are being faced with the option of renegotiating lease terms to maintain occupancy or alternatively, risk extended periods of vacancy.
These conditions are more prevalent in secondary and suburban strip locations, although it appears that prime CBD mall and high street locations including Oxford Street, Leederville, Beaufort Street, Mount Lawley and Bay View Terrace, Claremont are now beginning to experience a similar situation with vacancies becoming commonplace.
Investment grade retail property such as neighbourhood shopping centres however remain a highly sought-after asset.
Yield compression is evident, largely driven by the low prevailing cost of funds in the current debt finance market and despite the general malaise that continues to impact the wider Western Australian economy including softening rentals and a steady stream of business failures and receiverships.
“Regardless, there are a number of key metrics that informed investors consider, relating to length of remaining lease term, financial strength of the tenant(s) and locational attributes, as investors take advantage of the spread between the low cost of debt and large format retail investment yields,” the report added.
“Where all or a majority of these metrics are satisfied, very tight yields are being achieved in the current market. Assets that do not possess these key criteria are however less sought after and often transact at a much higher yield reflecting the greater tenancy risk. In defiance of the above however, sites in the aforementioned high street locations remain keenly sought after despite the level of tenancy risk.”
This is a function of the scarcity of sites offered to the market in these locations and the high underlying land value. Yields for similar sites below 5.5% are not uncommon.
In respect to investment grade retail transactions, there were a number of such sales of late within the Perth metropolitan area. All were hotly contested and attracted offers between 5.00% and 6.25%.
“Interestingly, the yield differential between Coles or Woolworths anchored centres and those anchored by IGA or Metcash (or even Aldi) remains pronounced and in the order of 0.75% to 1.25%.”
Despite this, institutional owned major regional and subregional shopping centres within Western Australia have pushed ahead with expansions following the removal of the cap on maximum retail floor space and the state government’s push to create activity centres.
“These expansion projects will have a focus on delivering a better retail experience for shoppers with the creation of food hubs, entertainment options (such as cinemas), health care and in some cases, residential apartments.”
In summary, the Herron Todd White report found that the existing malaise in retail market conditions continuing at least in the short term as rental values remain under increased pressure and vacancy levels and tenant delinquency persist.
“Opportunity does exist for investors with an increased risk appetite to acquire some of the less sought-after assets in the market place at yield premiums, or assets which would benefit from repositioning or capital expenditure,” it concluded.
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Perth retail continues to struggle amid challenging market conditions: HTW Commercial

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There’s been plenty of pain throughout Western Australia, but in many regions it appears that consumer confidence is on the up and consumers are spending again, according to a recent Herron Todd White (HTW) residential report. 
The valuation firm asked their valuers to give an educated outlook on the residential market in their service areas.
"We’re starting 2020 with a positive mindset. It’s been a hard slog over the past seven years as market conditions contracted in line with construction activity in the resources industry.
"We believe that 2020 will be an educational year for many market participants on several fronts and in different markets. We also believe that the market will once again be influenced by activity in the state’s resources sector. Both of these points should see investors return to the market, particularly in the second half of the year. 
"In fact, we consider that late in 2020, many market participants will either have or be actively looking to purchase, but will come to realise that the choice of stock has become more limited throughout the year," the valuation firm said. 
The report suggests a big driver this year is expected to be the resources industry.
 2019 was a relatively positive year in the industry. After a long period of routine maintenance, a construction phase has commenced, albeit not to the same extent as what occurred between 2006 and 2013. Increased activity throughout Karratha in particular, but also Port and South Hedland, are lead indicators of demand.
Values in Karratha surged by double digits in 2019, with several suburbs in the town experiencing growth in excess of 20 percent for the year and the rental market being stripped of stock. 
Construction projects in the inland Pilbara are expected to have further flow on effects to Port Hedland, Newman and Tom Price, and the manpower required for these projects will positively affect net migration statistics.
"The big question this cycle is what will happen to wages? With extensive reconstruction projects occurring throughout many areas in the eastern states, will Western Australia attract enough skilled tradespeople to fill the order books? If so, what will that do to vacancy rates both in the Pilbara, but also in the fly in fly out base of Perth? What flow on effect will this create if and when investors return to the Perth housing market?
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"By the end of the year, we should have a decent indication of the scale this cycle will be," the valuation firm said. 
The rental vacancy rate in Perth peaked in 2016 at 5.5 percent according to SQM Research and has been steadily declining since. 
The rental vacancy rate stayed below three percent throughout 2019, reaching a low of 2.5 percent, which coincided with a slight increase in the median rental amount.
According to REIWA, such a rate is representative of demand slowly outstripping supply and a good indicator that the median rental rate may continue to rise, subject to any increase in supply.
"Whilst a rate of 2.5 percent is somewhat high historically for Perth, we need to keep in mind that the majority of supply in the past seven years has been in outlying suburbs, hence we would expect that the actual rental vacancy rate in inner Perth is much lower and would be starting to look quite attractive to investors," the valuation firm said. 
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"The outer suburbs are also interesting though and we do expect to see an increase in investor activity in these areas as well, but for a different reason," the valuation firm noted. 
These oversupplied areas such as Ellenbrook, Baldivis, Clarkson and Piara Waters offer relatively new properties that may be more attractive from a depreciation point of view and given the distinct lack of demand in recent years for near new dwellings in such locations, values have declined significantly.
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Ellenbrook currently has a median sale price of $346,000 and attracts a median rental of $330 per week, but there are more attractive offerings for bargain hunters.
For example, the property at <a href="https://www.realestate.com.au/sold/property-house-wa-ellenbrook-131681290" target="_blank">15 Boyagarring Gardens, Ellenbrook</a> recently sold for $335,000, comprising a 2013 built brick and tile dwelling on a 452 square metre allotment.
Prior to its sale, it was rented for $380 per week whilst offering attractive depreciation benefits.
<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/2020/3/16/ellenbrook.jpg" alt=""> 
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The report notes similar examples can be found in Clarkson, a modern suburb in Perth’s northern coastal corridor. 
The following property at <a href="https://www.realestate.com.au/sold/property-house-wa-clarkson-131547870" target="_blank">18 Walpole Place</a> sold for $350,000 in September, below Clarkson’s median house price of $363,500.
 The property comprises of a 1995 built four-bedroom, two-bathroom dwelling on a 648 square metre allotment and is subject to a lease of $400 per week.
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Similar examples are found throughout many of the establishing outlying areas of the Perth metropolitan area, where for several years the market has been dominated by first home buyer house and land packages, with minimal demandfor used dwellings placing continuous downward pressure on values.
"It will be interesting to see what happens in this space given the returns currently on offer for properties offering attractive depreciation benefits in a market where there are signs of an impending increase in demand. Watch this space! 
"To be clear, we do not expect to see much capital growth in such suburbs throughout 2020, but there are other factors that may influence the purchasing decisions for market participants keen to buy in subdued market conditions, as opposed to the returns currently available in most other capital cities. Choice can play a large part in the buying decision and with stock on the market sitting at circa 12,000 properties, a quarter less than the same time last year, it’s obvious that the choice of stock available is on the decline," the valuation firm said. 
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"At the other end of the scale, we have seen an increase in market activity in many more sought after areas. These markets seemed to surge and pause throughout 2019 and caused a great deal of confusion as to where the market was at. What did become clear though, is that many market participants believed they had ample time to find the perfect property and quickly realised they had misread the market.
"We expect this to continue throughout 2020 as a sense of urgency returns to the market from those who missed out on previous offerings. In locations such as Nedlands, we are hearing (and witnessing) various surges in demand where the market will pause for a period of time, listings on the market slowly build and then a surge of demand will see multiple offers on many properties in a short period of time, or buyers who previously missed out on a property act swiftly with strong offers during the very early stages of a marketing campaign," the valuation firm said. 
The report notes whilst the average property in Perth takes 84 days to transact, the median to achieve a sale in Nedlands is currently 26 days – not bad for a suburb with a median sale price of $1.63 million.
"Returning to the more affordable end of the scale, we do expect that we will start to see an increase in activity in established secondary markets as the rental market tightens and rental values start to rise later in the year. 
"We expect to see an increased sense of urgency from those who have been renting as they watch the availability of decent stock dissipate, forcing them into a return to the housing market. We also expect to see an increase in upgrade and exchange buyers – those buyers who have been considering relocating and the dwindling stock supply creates a sense of urgency. With transactions comes discussions between friends, colleagues and the like and real estate becomes the topic of choice at barbecues."
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In the apartment market, government intervention has resulted in a period of concern, the report noted.
 In 2019, the Western Australian government announced stamp duty exemptions for off the plan apartments on the proviso that construction of the development had not commenced yet.
 Whilst there is method to the madness (build demand that will lead to a construction boom at some point in the future), the immediate effect was that demand for established complexes or those currently under construction declined overnight. 
It also placed an additional level of caution over the long-suffering apartment market, at the lower to middle value ranges anyway.
"We expect this to persist throughout 2020 as developers secure pre-sales prior to committing to commencement of construction," the valuation firm said.
"All in all, we see a fairly mixed bag for 2020, but largely a positive one. We think that the market will educate itself that there is a finite time to bargain hunt and that trying to pinpoint where the bottom of the market is or was is a futile exercise, especially whilst above average returns are on offer.
"We see 2020 as a solid year for buyers ready to act on the choice of stock currently available, with the buying decision becoming harder later in the year and into 2021 as stock levels retract." 
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j.ballantyne1990-6AQqhLzZaK

Perth property market to be driven by resources sector in 2020: HTW residential 

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EXPERT OBSERVER
The Perth market is – at last - showing solid signs of recovery from five years of dogged downturn. Hotspotting's Autumn survey of sales activity has found 51 suburbs with rising demand, up from 34 six months ago.
In the five years we have been conducting our quarterly surveys, there has been only one other quarter with more rising markets.
This occurred early in 2019, when Perth appeared on the road to revival before it was snuffed out by the impending Federal Election, the Banking Royal Commission and overwhelming media negativity.
Now the recovery in the WA capital is back on track, with the city's middle market leading strongly and some of the first-home-buyer markets starting to show vitality. A significant reduction in vacancies and consequent uplift in rents is underpinning the resurgence.
Three precincts stand-out as the market leaders – the municipalities of Stirling, Joondalup and Wanneroo, which jointly have half of Perth's 51 rising markets. These areas have been among the most resistant to the prolonged downturn and it's not surprising to see them at the forefront of the upturn.
We have previously commented that the Stirling LGA has been a "sterling performer" amid Perth's down market. And now it is the leading precinct in the recovery: our Autumn survey had identified nine suburbs with rising sales activity and numerous others with steady demand. The suburb of Dianella (median price $555,000) has lifted quarterly sales from 99 to 101 to 108 to 110 to 121 to 126 over the past 18 months.
In the north of the city, regular leader Joondalup and neighbouring Wanneroo both have eight suburbs with rising momentum. Joondalup is consistently among the most resilient of the Perth markets, boosted by excellent infrastructure and a cluster of good suburbs with attractive pricing. Quarterly sales in Hillarys have been 47-50-50-54-55-58-63.
Wanneroo is one of WA's leading population growth areas and a provider of new suburbs and housing estates which attract younger buyers. The evolving suburb of Alkimos has recorded quarterly sales of 32-35-38-46 over the past year.
Closer to the inner city, Cockburn continues to stand out as a solid performer. It has six rising suburbs and seven others with consistent buyer demand.
One precinct that is usually prominent but currently less so is the Melville LGA. It currently has just three rising suburbs and there has been a noticeable falloff in some of the more upmarket suburbs in this precinct. Median prices have dropped in million-dollar suburbs like Applecross (down 11%), Bicton (down 16%) and Ardross (down 14%).
We're starting to see some revival towards the bottom end of the market. Wanneroo is one of the market leaders and the Rockingham LGA in the south, which has not featured in any major way in our reports over the past couple of years, is now showing signs of rising.
Other affordable precincts, however, are yet to spark to life. LGAs like Canning, Gosnells and Armadale have lots of plateau markets – where sales activity is steady but well below the peak levels – and as yet no suburbs with rising sales activity. And prices remain down.
Overall, the Perth is showing strong indications of recovery in terms of sales activity, vacancies and rental growth – but it has yet to translate into widespread uplift in prices.
Only 22% of suburbs have recorded annual growth in median house prices and just 30% of suburbs have had annual increases in median apartment prices.
The areas where the best growth has occurred are largely middle market areas, with the Stirling LGA particularly prominent.
Stirling suburbs with annual median price growth well above average for Perth include Carine (up 6%), Woodlands (7%) and Inglewood units (9%), but the market leader is Wembley Downs (up 16%).
Prices are still dropping in downmarket areas like the LGAs of Canning, Gosnells, Kwinana and Armadale. Examples include the suburbs of Armadale (-11%), Bentley (-11%), Cannington (-11%), Ferndale (-10%), Gosnells (-10%), Kelmscott (-15%), Leda (-10%) and Medina (-15%).
TERRY RYDER is the founder of hotspotting.com.au ryder@hotspotting.com.au twitter.com/hotspotting
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terryryder-YECXbqmri2

Perth property market finally showing signs of recovery in 2020: Hotspotting's Terry Ryder

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The retail property market in Perth continues to face challenging conditions, according to the latest report from valuation firm Herron Todd White.
"Demand for retail space remains hampered by restrained consumer spending coinciding with the state’s sluggish economic performance," the firm found.
Additionally, online retail spending continues to grow rapidly and apply further pressure on the Perth retail market.
Despite some renewed optimism in the resource sector, confidence in general remains depressed, according to the March report.
The above has translated generally speaking to rental rates for retail premises experiencing a downward trend over the past 12 months with incentives in the form of net rent-free periods or fit-out contributions prevalent.
Landlords are being faced with the option of renegotiating lease terms to maintain occupancy or alternatively, risk extended periods of vacancy.
"These conditions are more prevalent in secondary and suburban strip locations, although it appears that prime CBD mall and high street locations including Oxford Street, Leederville, Beaufort Street, Mount Lawley and Bay View Terrace, Claremont are now beginning to experience a similar situation with vacancies becoming commonplace," the firm said.
"Investment grade retail property such as neighbourhood shopping centres however remain a highly sought-after asset. Yield compression is evident, largely driven by the low prevailing cost of funds in the current debt finance market and despite the general malaise that continues to impact the wider Western Australian economy including softening rentals and a steady stream of business failures and receiverships, the report found.
"However, there are a certain number of key metrics that informed investors consider, relating to length of remaining lease term, financial strength of the tenant(s) and locational attributes, as investors take advantage of the spread between the low cost of debt and large format retail investment yields."
Where all or a majority of these metrics are satisfied, very tight yields are being achieved in the current market. Assets that do not possess these key criteria are however less sought after and often transact at a much higher yield reflecting the greater tenancy risk.
In defiance of the above however, sites in the aforementioned high street locations remain keenly sought after despite the level of tenancy risk.
This is a function of the scarcity of sites offered to the market in these locations and the high underlying land value. Yields for similar sites below 5.5% are not uncommon.
In respect to investment grade retail transactions, there were a number of such sales of late within the Perth metropolitan area. All were hotly contested and attracted offers between 5.00% and 6.25%. Interestingly, the yield differential between Coles or Woolworths anchored centres and those anchored by IGA or Metcash (or even Aldi) remains pronounced and in the order of 0.75% to 1.25%.
Despite the conditions described above, institutional owned major regional and subregional shopping centres within Western Australia have pushed ahead with expansions following the removal of the cap on maximum retail floor space and the state government’s push to create activity centres.
These expansion projects will have a focus on delivering a better retail experience for shoppers with the creation of food hubs, entertainment options (such as cinemas), health care and in some cases, residential apartments.
As a result, some envisage these centres becoming community centres as opposed to traditional shopping centres in the future.
Herron Todd White's report concluded that opportunity does exist for investors with an increased risk appetite to acquire some of the less sought-after assets in the market place at yield premiums, or assets which would benefit from repositioning or capital expenditure.
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Perth retail property continues to battle challenging conditions: Herron Todd White

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Perth’s median rent increased to $360 per week in February and is the first increase the Western Australian property market has seen since January 2017.
REIWA President Damian Collins said median rents had remained stable for the longest period since reiwa.com first started capturing rental data in 2001.
“While the overall increase in median rent was up by $10 per week in February, this is a significant step in the WA property market and one we have been waiting a long time for."
“This increase can be attributed to Perth’s vacancy rate dropping to 2.2 per cent, which is the lowest it has been since March 2013, coupled with listings for rent on reiwa.com being down compared to January.”
The top suburbs by median rent price growth for February include Stirling, Shenton Park, Ocean Reef, Thornlie and Bertram.
Mr Collins said, “leasing activity dropped nine per cent compared to January and days to lease has improved by one day to take on average only 28 days."
“As we head into March, which is usually one of the busiest months of the year for the rental market, it will be interesting to see how the market performs and if rents continue to rise, which is possible given the low vacancy rates,” he concluded.
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Perth rents up for the first time in over 3 years: REIWA

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EXPERT OBSERVER
With economic activity in Western Australia well below its 10-year average and effective unemployment significantly above the 10-year benchmark, the property market, particularly units, continues to experience weakness.
However, according to the latest RiskWise Property Research Risks &amp; Opportunities Report, buyer confidence is on the increase in the state, particularly Perth with housing finance increasing 15.1 per cent since February 2019 after a reduction of 2.4 per cent relative to August 2018.
With low economic activity and high unemployment, Western Australia’s annual population growth of 1 per cent was the third lowest in the country.
As a result, the housing market, particularly units, has experienced continued weakness in recent years. According to CoreLogic, house and unit prices in Perth have declined by 8.6 per cent and 9 per cent in the past year, respectively.
Western Australia is still in a long transition process from a mining-oriented economy and while unemployment has slightly improved from 6.1 per cent in April to 5.7 per cent in October, it is still projected to deliver low economic growth, a soft job market and low population growth.
Mortgage arrears are at an alarming level with the delinquency rate sitting at 2.75 per cent. While this has improved from 3.05 per cent as reported in August, this number has grown over the course of several years and is now well above the Australian average. The relatively high unemployment rate also increases the risk of credit defaults.
Negative equity also remains a major risk especially for lenders who have a concentration of loans in this market. These risks are compounded by this high rate of arrears. High-risk borrowers, combined with properties that suffer from low demand, require special attention in relation to credit provisioning.
While Perth was ‘very affordable’, there were a small number of suburbs where houses delivered reasonable capital growth in recent years. However, these were exceptions only.
Despite lower interest rates (with another expected in the new year) and some loosening of credit restrictions, houses still carried a medium level of risk due to Western Australia’s economic conditions.
House prices have declined by 9 per cent in the past year and in Perth, house and unit prices declined by 8.6 per cent and 9 per cent, respectively.
Low-performing areas for houses in the past year include Perth - North East (with -8.8 per cent capital growth), Perth – Inner (-8.4 per cent) and Perth - South West (-7.3 per cent).
However, the risks associated with units is even higher as they are expected to deliver poor or negative capital growth due to the combination of oversupply, lending restrictions and low demand as they are generally not attractive to families or owner-occupiers.
Also, units in some suburbs are subject to voluntary lending restrictions by the major lenders, such as lower loan-to-value ratio (i.e. higher deposit). In addition, the state government tax on overseas investors further decreases the demand for new units as investment properties.
Perth – South East has the highest rate of unit oversupply in the state with 1900 units in the pipeline (a 6.7 per cent increase to the current stock).
The issues with construction defects in NSW and Victoria and the publicity they have received in the media mean this situation is unlikely to materially improve in the short term.
While there have been no major construction defects reported in relation to high-rise buildings in Perth, the events in Sydney and Melbourne increase the risk of reputational damage and, consequently, lower demand for both existing and off-the-plan high-rise units.
DORON PELEG is the CEO of RiskWise
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WA property market remains in the doldrums: RiskWise's Doron Peleg

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Cars have become a basic necessity of life. While many Australians are opting for public transport, cars are still required for many industries such as taxi and delivery services, as well as for those where other modes of transport are not easily accessible or a viable option.

While the phasing out of disposable coffee cups is quickly becoming a reality, the likelihood of phasing out car-use is proving to be a far trickier challenge.  

Accessibility of car parking in the CBD is becoming an increasing problem throughout Australia, both the lack of parking spaces available, as well as the impact idle cars and empty parking lots have on a city – both aesthetically and environmentally.

Focusing particularly on the environmental impact, perhaps we need to consider how we can better utilise parking space in the city.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/mark-boss-kjzdedputke-unsplash.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="812" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/mark-boss-kjzdedputke-unsplash.jpg?itok=Egr7_vvd" width="580"></a></figure><h2>Are the car parks in our cities even being used?</h2>

While we may feel there are never enough parking spaces, Australian census data tells us that there are. 

Cities are abundant with parking spaces because minimum parking policies exist. These policies specify the minimum number of parking spaces a dwelling can include with any property sale. For example, the Western Australian State Planning Policy specifies that for every one-bedroom apartment, there must be <a href="https://www.dplh.wa.gov.au/getmedia/5926602c-ab14-46f0-be6f-56dc31c45902/SPP-7-3-R-Codes-Apartments">at least 0.75-1 parking bays</a>. The policy also states that there must be at least one visitor parking space for every four dwellings. 

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2019-12-17_at_1.31.25_pm.png" rel="gallery-all" title="Credit: Western Australia Planning Commission"><img alt="" class="image-article-full-width-580px" height="277" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/screen_shot_2019-12-17_at_1.31.25_pm.png?itok=xJJq2P0S" title="Credit: Western Australia Planning Commission" width="580"></a>

<figcaption>Credit: Western Australia Planning Commission</figcaption></figure>In Perth, only <a href="https://profile.id.com.au/perth/car-ownership">18% of residents</a> have access to at least one vehicle, resulting in many car parking spaces left unused. In the City of Melbourne, despite having more than 215,000 parking spaces available, approximately <a href="https://profile.id.com.au/perth/car-ownership">one-third are not used every day</a>. 

As well as taking up what could be better-utilised space, empty car parking spaces add to a city’s urban heat, known as Urban Heat Island Effect (UHIE). UHIE refers to the amount of heat emitted by man-made structures such as concrete and asphalt. Car parks are a major contributor to a city’s urban heat rating and the higher the rating, the hotter the city. 

Public transport in most inner-city suburbs of Australia’s capital cities is well established and reliable. To help mitigate the impact of the UHIE and challenges faced by empty car parking spaces, developers can reconsider including car parking in their developments, encouraging the use of public transport instead. Leading the change is <a href="/architects/breathe-architecture">Breathe Architecture</a>, with their subsidiary project <a href="/developers/nightingale-housing">Nightingale Housing</a>. Their innovative approach to removing a minimum parking requirement for their housing developments was supported by the City of Moreland.

<blockquote>
Council’s recent decision to continue support of the planning scheme amendment is a positive step as we work to address the challenges of population growth impacts for our community, including traffic congestion and maintaining the liveability of Moreland. 

The amendment is an important part of the implementation of the Moreland Integrated Transport Strategy actions. The expert independent panel, appointed by the Minister for Planning, will now consider this groundbreaking initiative, which has the potential to discourage oversupply of onsite parking in Moreland’s Activity Centres. 

Nightingale projects and other affordable housing projects are located in Council’s Major Activity Centres, which are well served by public transport. Removing existing minimum parking requirements and adopting maximum parking provisions provides increased housing choice in Moreland, offering a new housing opportunity that relies on sustainable transport instead of car parking.
</blockquote>

Kirsten Coster, Director <a href="https://www.moreland.vic.gov.au/about-us/future-moreland/">City Futures</a>

<h2>Future Focus: How can we mitigate the negative impacts of car use in our cities?</h2>

We recently spoke with urban planning students from the University of Western Australia who shared their thoughts on the future of car parking in Perth. Many voiced the need to improve public transport accessibility and increase green spaces in the city.

One student commented that while there is a minimum limit on parking spaces, a maximum should be implemented too. 

<blockquote>
“Definitely place a maximum limit on parking spaces. Developers should think more broadly about how people get to places rather than assuming vehicles are the default method. Developments should only be undertaken when a robust understanding of the transport network is complete and high-density projects should only occur along major public transport corridors.”
</blockquote>

Another student commented that block parking is unattractive and should be reconsidered.

<blockquote>
“Vacant block parking is ugly, cars look like they've been abandoned and are not nearly parked in bays…”
</blockquote>

This argument was countered by another student who believed block parking was the best way to avoid parking sprawl within the city.

<blockquote>
“Multi-storey would be most practical, as it would use a small block footprint.” 
</blockquote>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/seb-zurcher-eoq4dj33g_u-unsplash.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="435" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/seb-zurcher-eoq4dj33g_u-unsplash.jpg?itok=EZ0jtq9H" width="580"></a></figure>Improved public transport infrastructure reduces the number of cars on the road and increases foot traffic. More green spaces can also help mitigate the UHIE and offers inviting spaces for community cohesion. 

<blockquote>
“Ideally cities (including Perth) shouldn’t be subject to massive urban sprawl, and driving wouldn’t be the main form of transportation; public transport would be more accessible and easier.”
</blockquote>

These are great steps, but we still need parking spaces, as many are reliant on them to conduct their daily activities. Parking spaces are especially important for individuals with disabilities, families with small children and those in the delivery service industry. Therefore, rather than removing car parking altogether, perhaps it is time to consider alternative uses for car parking spaces?

<h2>Electric car charging stations</h2>

Electric vehicles are not only cheaper to run (approximately <a href="https://electricvehiclecouncil.com.au/">$0.33 per e-litre</a> as compared to approximately $1.50 per litre for fuel) but are significantly better for the environment. According to the Electric Vehicle Council, if everyone in Australia drove an electric car, we <a href="https://electricvehiclecouncil.com.au/about-ev/key-facts/">could reduce our greenhouse emissions by 6%</a>. 

Charging stations for electric cars are slowly becoming more widely available. New apartment developments could consider adding charging stations to their car parking spaces in order to encourage residents to make the switch to electricity-powered vehicles. Many apartments already offer this service successfully, including some <a href="/buildings/east-brunswick-village-3-bluestone-way-brunswick-east">currently under construction</a> that will be incorporating charging stations into their plans. There aren’t many newly built apartments in Western Australia with charging stations, but the state offers a <a href="https://rac.com.au/travel-touring/maps-and-guides/ev-chargers">wealth of charging stations</a>, particularly in Perth. 

<h2>Car sharing</h2>

Many Australians are opting to not own a car, turning to car sharing alternatives for the occasions where they need a car. Car sharing services such as <a href="/guides/weekly-podcast-episode-28-gogets-justin-passaportis-and-joshua-brydges">GoGet</a>, Flexicar and Car Next Door are increasing in popularity as they are perfect for short and occasional trips. 

<blockquote>
“[Cars will not be] required since all cars will be ‘taxis’ that is not privately owned but a shared resource - readily available and in constant use.”
</blockquote>

Car sharing pods are constantly popping up throughout Australian cities, with some parking stations converting two or three spaces into car share only parks. Apartment developments are doing this too. When purchasing off-the-plan, buyers have the option to purchase a parking space. By opting in or out of a car park, more spaces are made available for alternative options such as car sharing. In conjunction with the car-sharing company, developers offer residents a generous discount to encourage its usage. 

In a double win for car-sharing and electric vehicle use, ICD Property is leading the charge, <a href="/news/australia-welcomes-first-ever-electric-car-sharing-service">offering Australia’s first electric car-sharing service</a> in their Eq. Tower in Melbourne. 

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/eq_tower_setup_plus_cars.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="435" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/eq_tower_setup_plus_cars.jpg?itok=-JWi52mm" width="580"></a></figure><h2>Repurposing existing/disused spaces</h2>

As apartment living becomes more popular, accessibility to green spaces is also essential to the health and wellbeing of residents. By repurposing completely empty car parks into green spaces, a city’s air quality could improve, reducing its urban heat rating and boost community cohesion. Recently, following <a href="https://www.stonnington.vic.gov.au/Development/Council-Projects/Prahran-Square/About-the-project">extensive community consultation</a>, the City of Stonnington in Melbourne <a href="https://landscapeaustralia.com/articles/lyons-and-aspect-studios-to-transform-melbourne-carpark-into-public-park-1/#">converted a 9,000 square-metre car park</a> into a vibrant public park, Cato Square – delivered by Kane Constructions. Whilst car parking spaces are still available, the conversion has enabled Stonnington residents to meet and engage with one another, fostering a stronger community spirit.

<div class="rtecenter"><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/UimGE1sqQyg" width="560"></iframe></div>

The University of Western Australia students also commented on the importance of prioritising the environment and human health over parking and car-use and suggested repurposing disused parking spaces for green infrastructure.

<blockquote>
“The benefits are clean air, cooler temperature, increased mental health and wellbeing. Jobs growth in the horticultural sector.”
</blockquote>

<blockquote>
“[Plant] more local flora and [create] tiny public parks; better for us and the environment. Having small cafes along the sidewalks allowing for more local businesses to flourish and a variety of food and drink to be presented to the public.”
</blockquote>

Car parks, especially single- or multi-storey parking stations, aren’t necessarily empty all the time. Those situated in the city may be full during the working day and vacant after 5 pm or over the weekend. These can become multi-use spaces, becoming a vibrant music scene at night or a bustling market on a Saturday. For example, located in the heart of Melbourne’s Fitzroy, The Fitzroy Mills is a farmer’s market located in a car park left empty over the weekend. 

<blockquote>
“Turning parking spaces into temporary event spaces - movies, food trucks, markets etc. Increases the vibrancy of the city as things are happening.”
</blockquote>

Owners corporations could also consider opening unused private parking spaces to the public, reducing on-street parking*.

Ultimately, if the takeaway coffee industry can disrupt the status-quo with reusable cups that we now faithfully carry, then cities can rethink how parking spaces are utilised in order to improve our environment and better our sense of community.

*Would you consider renting your carpark? Let us know in the comments below.

Thank you to the University of Western Australia students who shared their thoughts on the future of car parking in Perth. Australia is in excellent hands with you as our future urban planners.
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University of Western Australia students discuss disrupting the car parking status quo in Perth

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The latest Herron Todd White (HTW) residential report says there's been an upswing in buyer activity. 
There were 13,830 total listings as at mid-October 2019 - 15% lower than the same week in 2018 - with the majority of the activity is in the sub-$1 million range.
It noted while the market has been subdued overall, there have been some spectacular properties sold throughout the year across the state.
"To get some perspective on the magnitude of the properties we are about to discuss, the median house price in Perth is currently $485,000," the report said. 
Some extraordinary properties have traded in 2019 in Perth, HTW noted.
This 1,428 square metre riverfront estate at <a href="https://www.realestate.com.au/sold/property-house-wa-mosman+park-129708566https://www.realestate.com.au/sold/property-house-wa-mosman+park-129708566" target="_blank">1 Chidley Way </a>in Mosman Park (pictured below) is named Anuket, the original Egyptian goddess of the River Nile.
It went under contract in April 2019 for $12.05 million.
<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/2019/12/2/1%20childley%20way.jpg" alt="">
In comparison, the median house price in Mosman Park settled at $1,277,000 for the June quarter 2019.
The property was on the market for 183 days, taking expressions of interest at around $16 million and was previously owned by the owner of a Perth-based commercial and residential development group with completed projects valued in excess of $1.5 billion.
Originally built in 1987, this limestone wonder has since had a number of restorations and alterations both internally and externally.
It features five bedrooms, six bathrooms, four living areas, a four car garage with extra parking spaces, grand entry lobby and an infinity lap pool overlooking the Swan River.
"Applecross is known as an affluent riverside suburb situated six kilometres from the CBD on the Swan River," the valuation firm said.
"The median house price in Applecross settled at $1.525 million for the June quarter 2019, the eighth highest suburb median in greater Perth."
This property at 22 Duncraig Road (pictured below) sold for $10.5 million in November 2018 after 151 days on the market.
<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/2019/12/2/22%20duncraig%20rd.jpg" alt="">
On a 1,839 square metre allotment, this gated estate is situated at the highest point of Duncraig Road, providing expansive views of the Swan River and Perth CBD.
Originally built in 1988 its features include a double staircase entry, formal quarter with large void up to the coffered ceilings, dining and wine room, four bedrooms, each with an en suite, a detached one-bedroom maid’s quarters, gourmet kitchen, large terrace, pool and spa, basement level four car garage and private media room
The property was previously purchased in 2001 for $6.5 million by a Perth couple who won $30 million in what was then the country’s biggest lotto jackpot.
The new purchasers are not new to the area as they also own a property at The Strand, Applecross which was bought in May 2017 for $6.9 million.
They also sold another property in November 2018 at Flanagan Road, Applecross for $3 million.
"Another notable sale this year was this Margaret Street property in Cottesloe," the valuation firm added. 
Built in 2011 on a 652 square metre allotment, it comprises five bedrooms, five bathrooms and a double garage.
It was purchased in June 2019 for $8.5 million by a West Australian billionaire.
"The new owner also owns multiple properties in Mosman Park, Peppermint Grove and Swanbourne with an estimated total spend of just under $30 million – not a bad portfolio!" the valuation firm said. 
The median house price in Cottesloe settled at $2.225 million for the June quarter 2019, the third highest suburb median in Western Australia.
This property at 167 Waratah Place, Dalkeith sold for $7.25 million in December 2018.
Originally built in 1985, this three-level Tuscan inspired residence has been substantially renovated since and comprises five bedrooms, four bathrooms, an infinity pool, wine cellar, and panoramic views of Freshwater Bay.
<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/2019/12/2/167%20waratah%20pl.jpg" alt="">
Dalkeith’s median house price settled at $2,265,000 for the June quarter 2019, coming in as the second highest suburb median in Western Australia.
"The Elizabeth Quay Towers has been one of Perth’s most talked about development projects over the past few years," the valuation firm said. 
Situated along Geoffrey Bolton Avenue and Barrack Square at Elizabeth Quay, the first completed tower encompasses 105 apartments over 28 floors with views of Perth City, Kings Park, Langley Park and the Swan River.
Prices range from about $650,000 all the way up to $12.5 million for the penthouse suite.
Some of the amenities include multiple pools, private lounges and a gym.
The neighbouring tower also includes the Ritz-Carlton Hotel with over 200 rooms due for completion in November 2019.
The complex features operable walls whereby a panel in the external wall is able to be opened as a tilt panel window – a unique feature for apartments in Perth.
The most recent sale in the Towers was actually one of its better apartments on offer.
On floor 26, the 289 square metre suite is currently under contract for $4,046,000 and has expansive views reaching around 240 degrees.
"One notable sale our valuers recall was back in May 2017 and it remains a topic of discussion!" the valuation firm said. 
A 1920s renovated character dwelling in Wembley sold for $2.5 million comprising four bedrooms, three bathrooms, a three-car garage, self- contained studio and the most interesting feature – an underground half-size basketball court! Not something that our valuers come across every day.
"If you happen to be in the market for a multi- million-dollar property, then do not fret, there is still a plethora of prestige stock ready for a willing buyer."
A Dalkeith vacant allotment of 1,600 square metres is on offer by Mack Hall Real Estate for a cool $9 million or $5,625 per square metre and backs directly onto the Swan River.
A Cottesloe home was originally built in 1893 and has recently been extensively restored by the renowned Zorzi Homes.
According to the realestate.com.au listing, this three-storey Federation Queen Anne style property comprises five bedrooms, five bathrooms, lift access, custom-made cornices, architraves, mouldings and skirtings, a restored original fireplace, full home automation and security system, manicured front garden, bar room, games room, alfresco entertaining area, ten car below ground garage and a wine cellar.
<img src="blob:https://www.urban.com.au/965d4fb2-1e51-459b-aeb2-874faee0780b" alt="page38image5816672" width="0.500000" height="0.500000">On offer by The Agency, this property is currently taking offers of interest and has been on the market for 237 days.
It was last purchased in 2009 (before its restoration) for $4.25 million.
Brown Street, East Perth is a mammoth penthouse apartment.
The listing currently displays price upon application, however there was a previous price guide listing back in September 2018 for a whopping $20 million.
It had been on the market for 544 days when this article was being written.
Built in 2014, the two-storey penthouse comprises eight bedrooms, eight bathrooms, three kitchens, maid’s quarters, lap pool, Bali inspired alfresco, steam room, outdoor spa bath, gym, home office with a fireplace, wine cellar, private lift access, secure eight car accommodation and cinema room. The terrace has views of the city, Claisebrook Cove, Optus Stadium and Crown Casino.
With a living area of 898 square metres, balcony and terrace of 774 square metres, storeroom of five square metres and car accommodation equalling 220 square metres, the floor area comes to a total of 1,897 square metres!
"We thought we would save one of our favourite listings for last. This waterfront property is situated at the end of Watkins Road in Dalkeith and has quite an interesting history, but before we get into the history let’s go over the luxurious features," the valuation firm said. 
Spanning over six separate titles and situated on a 6,406 square metre allotment, this dwelling at <a href="https://www.realestate.com.au/property-house-wa-dalkeith-132131590" target="_blank">89 Watkins Road</a> (pictured below) has 2,930 square metres of internal living space over four levels.
Features include six bedrooms, eight bathrooms, a 21-seat cinema, function room for 400 plus guests, two caterers’ kitchens, walk-in cool room, separate pizza, teppanyaki and bbq house, commercial bar and games room, full sized gym with pummel massage shower room and sauna, full size squash court, floodlit tennis court, 230 square metre swimming pool with a 12-seat swim-up bar, 10,000 bottle cellar and tasting room, designer gardens, boat storage and private boat launch with private boat mooring available and underground parking for 12 cars.
<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/2019/12/2/89%20watkins%20road.jpg" alt="">
The property has been on the market for 541 days.
"As you would imagine, the pool of potential buyers is somewhat limited," the valuation firm added. 
According to an article by Domain.com.au, the property was designed by Perth architect Geoffrey Summerhayes in 1978 and originally built for the late Alan Bond in time for the 1983 America’s Cup. 
CoreLogic’s property data suite, RP Data, shows that a gold mining magnate purchased the property in 1995 from the Bond family trust company for $7.3 million. He then sold it four years later after extensive renovations. The property was then sold in 2011 with a price tag of $39 million and is again available for purchase.
"To wrap up, there have been some impressive transactions over the past couple of years and as the recovery phase gathers pace, we would expect to see many more such transactions," HTW said. 
"There is a feeling of pent up demand in the market place as the majority of potential buyers have been sitting on their hands for the past few years.
"Our valuers are reporting surges of activity in sought after localities at most value bands, however these surges are often short lived and fail to maintain traction.
"Further improvement in consumer sentiment could lead to the traction the market has been expecting for some time." 
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Upswing in Perth prestige market activity: HTW residential 

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EXPERT OBSERVER
Why should property investors care that Perth and the Gold Coast are now considered "regional" towns instead of "metro" cities? 
They should care because the change could have a significant impact on the real estate markets in those two cities, creating both opportunities and risks for investors. Here, I will explain why.
We all know that immigration is one of the reasons Australia's economy has kept growing year after year, for the past 27 years. A provocative professor at the University of Sydney claims that Australia's "economy is addicted to immigration" because —without the constant growth in population— our economy actually would have gone into recession several times over the past three decades.
Saving the country from recession isn't enough anymore, however. The federal government wants immigrants to do more. That's why it's passed its regional immigration plan, which allocates 25,000 visas to immigrants who are willing to live for three years in regional Australia. After that, they can qualify for permanent residency. 
The government billed the plan as a way to boost hardscrabble Australian bush towns.
Now, the government has decided that both Perth and the Gold Coast qualify as "regional" under the regional migration program. While that may be bad news for smaller, dustier towns, for the two cities it is excellent news. It means that they can benefit from thousands of new immigrants, the jobs they help create, the university fees they pay, and the money they invest in housing.
The new regional designation could be the factor that helps many students, workers, and investors from China decide to move to these two cities. It won't mean more transactions tomorrow. Over the next 12 to 24 months, however, this change could add several thousand additional sales to the two markets. 
<h2 class="p1">A 10% TO 20% INCREASE IN TRANSACTION VOLUME?</h2>
These following numbers are an example of how it could play out. In Perth last year, there were about 26,000 sales. An additional 3,000 sales in a year would be more than a 10 per cent increase in annual transactions. An extra 10% in transaction volume would help put a floor under prices and help stimulate new construction. 
On the Gold Coast this year, there will probably be about 15,000 transactions. At that pace, an additional 3,000 sales would mean an increase of about 20% in transactions. That would have a similar impact as in Perth. 
The reclassification sounds like bureaucratic mumbo jumbo, but it has real-life impact. It was subject to a lot of behind-the-scenes lobbying and arm-twisting. This change could mean thousands of new residents coming to these cities and buying property, attending university, or starting businesses. It's an economic gold mine for Perth and the Gold Coast.
There will now be a total of 25,000 visas for foreigners willing to live in regional areas. With their new "regional" classification, the Gold Coast and Perth have become (with Adelaide) the locations by far most likely to attract those immigrants. 
The educational institutions, job markets, infrastructure, and lifestyle in the cities makes smaller regional destinations look less appealing by comparison. Regional areas like Dubbo or Geelong have a lot going for them and can provide excellent opportunities to new migrants. But the Gold Coast, Perth, and Adelaide are more prominent and by most calculations offer better prospects.
<h2 class="p1">WHAT DOES IT MEAN FOR INVESTORS?</h2>
The change will also give the Gold Coast and Perth a boost in the battle to displace Melbourne and Sydney as the top destinations for Chinese migrants, students, and property buyers. 
Both cities are struggling to increase the share of foreigners they attract. Their retailers want more residents, their universities want more students, and their developers want more property buyers.
If I were a property investor in the Gold Coast or Perth today, this new development would reassure me. Population growth has been the primary driver of price growth in Australia over the past several decades. With the regional migration program, Perth and the Gold Coast stand to see their population growth increase above present rates. Investors who can ride that growth to profits should do very well.
Georg Chmiel is the chairman of Juwai.com.
 
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jrobinson-rf4aSBido9

Bureaucratic stroke of pen boosts Perth, Gold Coast 

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Perth has emerged from the doldrums following its long residential property decline after the mining downturn to record increases in values over the month of November, according to CoreLogic.
Dwelling values grew 0.4 per cent over November, the first time the Western Australian capital has seen values grow since the start of 2018 when the downtrend took a pause. 
But the big surprise was <a href="/expert-insights/buying/sydney-house-values-jump-over-three-percent-in-november-corelogic">the Sydney surge, the highest monthly boost in three decades</a>.
Sydney's housing market is on track to recoup the 15 per cent loss in prices suffered during the 18-month downturn by next March, even earlier than last month's CoreLogic forecast.
Sydney surged 2.7 per cent in November, the highest monthly growth rate since 1988, while Melbourne property values grew by 2.2 per cent, according to the latest CoreLogic Home Value Index.
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Perth house values grew by 0.4 per cent and units by 0.3 per cent, CoreLogic's figures show.
Perth dwelling values are still down just over 21 per cent since they started their decline in mid-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/2019/12/2/CL%20cap%20performances.jpg" alt="">
"Over the past thirteen years, Perth has seen house values move from being the most expensive across the capital cities to now be the lowest; great news for first home buyers, however Perth home owners have seen a material reduction in their wealth over the past five and a half years," CoreLogic's head of research Tim Lawless noted.
Perth values are 7.7 per cent down annually and 20.6 per cent down over the last five years.
 
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