Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

[smartcode_project:default project_id=110291 project_image_fid=302785]

<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

[smartcode_project:default project_id=148957 project_image_fid=364102]

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Joel Robinson

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

&nbsp;

Lanevick to cater for Hunters Hill downsizers with new Gladesville apartment development

Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

WM Residences fills gap in Mordialloc townhouse market

Prahran

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A penthouse-style apartment in the Pran Central Apartments building has been listed for sale.
It comes with <a href="https://www.realestate.com.au/property-apartment-vic-prahran-128268210" target="_blank">northerly views to the city skyline</a>.
The fifth-floor, three-bedroom, two-bathroom apartment spans 128 square metres.
There’s a granite kitchen in the open-plan living spaces.
It has parking for two cars.
Expressions of interest close May 29 with Michael Tynan of Biggin &amp; Scott Prahran who is offering $1.4 million to $1.54 million price guidance.
The Pran Central Apartments building at the corner of 325 Chapel Street and 220 Commercial Road, the former Reads Building, influenced by the English Baroque Revival period.
The building’s oval windows, domed towers and giant Corinthian columns have combined to make it a visual landmark that was intended of department stores in the 1910s and 1920s.
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j.ballantyne1990-6AQqhLzZaK

Pran Central penthouse-style apartment listed with $1.5 million hopes

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<div>A boutique Prahran retail space of 50 square metres, opposite the $60 million Cato Square urban park development, has been sold for $505,000, reflecting $10,100 per square metre.</div>
Shop 2 at 119 Izett Street, Prahran was sold to a local investor.
Fitzroys agent James Lockwood said its new owner intends to hold the property as an investment and potentially occupy in the future.
Cato Square development is currently under construction, transforming a car park site in almost 10,000 square metres of urban parkland and underground parking.
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jonathanchancellor-7SQnKwU6yx

Boutique Prahran retail space fetches $505,000

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A host of planned ‘new arrival’ developments in Chapel Street will help to revive the retail strip, according to Director of Beller Commercial, Fred Nucara.

Every year, Beller Commercial conducts retail strip research: a manual foot walk and count of shop vacancies. From this unique research, Beller has a clear view on the changing fortunes of Melbourne’s various “high streets”.

Chapel Street is divided into three precincts: South Yarra, Prahran and Windsor. Whilst Windsor is now a pumping food and hospitality destination, Prahran and South Yarra sadly present a different story with a record number of vacancies, 17 in South Yarra and 24 in Prahran.

Fred took time out of his schedule to have a chat with me via phone as we discussed some of the factors that are currently impacting the strip now and into the future. 

<blockquote>
Chapel Street is at the bottom of a bell curve at the moment. These major developments within the precinct are detracting from the usual vibrancy, because of the inconvenience, noise and distraction of the construction.

On a positive note, these major infrastructure investments are scheduled for completion in 2019 and 2020.

- Fred Nucara
</blockquote>

For more, listen below:

<iframe allow="autoplay" frameborder="no" height="300" scrolling="no" src="https://w.soundcloud.com/player/?url=https%3A//api.soundcloud.com/tracks/445161288&amp;color=%23ff5500&amp;auto_play=false&amp;hide_related=false&amp;show_comments=true&amp;show_user=true&amp;show_reposts=false&amp;show_teaser=true&amp;visual=true" width="100%"></iframe>
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Laurence Dragomir

Chapel Street Podcast: On the phone with Beller Commercial's Fred Nucara 

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Having now lived in Prahran for the better part of 6 months, I've developed a greater appreciation for the area, in particular the public spaces which I pass on my walk to and from Prahran Station on my way to walk and those I pass on my daily evening runs.

One space which has always stood out, because I pass it multiple times a day and is rather unique in terms of the provision of both active and passive recreation areas, is Princes Gardens. 

With basketball courts, playgrounds, skating half pipe, a mix of hard and soft scape areas, the Prahran Aquatic Centre and the Chapel off Chapel events and function space, Princes Gardens appeals to a number of demographics and users.

It is, however, looking a bit tired and could do with a bit of love. Which brings us to the topic of today's piece; the City of Stonnington's Master Plan for the Gardens.

A draft Master Plan - which will be finalised by the middle of the year - was developed by Hansen Partnership to "ensure Princes Gardens continues to offer open space and facilities that are safe, accessible and contribute to maintaining a healthy and vibrant community", according to the City of Stonnington.

<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/princes_gardens_draft_master_plan.jpg" rel="gallery-all" title="Princes Gardens Draft Master Plan. Image: Hansen Partnership"><img alt="" class="image-article-full-width-580px" height="617" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/princes_gardens_draft_master_plan.jpg?itok=gu4nxV18" title="Princes Gardens Draft Master Plan. Image: Hansen Partnership" width="580"></a>

<figcaption>Princes Gardens Draft Master Plan. Image: Hansen Partnership</figcaption></figure>Among the key objectives sought through the draft Master Plan are;

Short-Term Objectives

<ul>
<li>Establish a central pedestrian avenue as a key north-south axis, connecting Malvern Road in the north with Princes Close in the south. This pedestrian avenue will comprise a generously-dimensioned walkway, with opportunities for feature paving, street and park furniture, lighting and wayfinding. The pedestrian avenue will provide clear and open sightlines, improving amenity and safety for all users. Avenue planting of large, deciduous canopy trees along either side of the avenue will assist in making it a strong visual element of the Gardens.</li>
	<li>Remove the easternmost tennis court and create more green space.</li>
	<li>Reconfigure the forecourt area to the east of Chapel off Chapel such that this space is a plaza integrated into the central pedestrian avenue, with improved access and sightlines. The intention is to establish a more prominent address for Chapel off Chapel as a key attraction within Princes Gardens. The plaza will act as a key meeting space within the Gardens in a central location which is readily accessible from all surrounding streets.</li>
	<li>Establish a generous formal entry to Princes Gardens from Princes Close, at the southern end of the proposed pedestrian avenue. The northern entry on Malvern Road is already accessed via historic entry gates, and an opportunity exists at the southern end for a contemporary entry treatment.</li>
	<li>Remove the majority of the existing under-utilised pavement between Chapel off Chapel and Malvern Road and replace it with grass and trees, as means of providing more 'green space' in the northern part of the Gardens and improving the frontage to Malvern Road. </li>
	<li>Demolish 22 Little Chapel Street and relocate Council services elsewhere. Reconfigure car park further north to allow for an entryway/forecourt and event space to the entrance of Chapel off Chapel.</li>
	<li>Demolish the majority of the existing car park to create a new civic space to include expanded green space and a central footpath connecting Chapel off Chapel to Little Chapel Street. The space can be utilised for events associated with Chapel off Chapel, as well as other complementary activities associated with arts &amp; culture.</li>
	<li>Retain two existing tennis courts and reconfigure to become multi-use courts.</li>
	<li>Formalise and enhance the east-west connection from Little Chapel Street into the Gardens by replacing the existing goat track through the grass with a paved pathway and lighting.</li>
	<li>Establish a new picnic/bbq area in a highly visible, central location close to main pedestrian thoroughfares and the existing playground. The bbq/picnic area should comprise all facilities required  for such a use, including shelter structures, seating, tables and bbq.</li>
	<li>Retain the existing basketball courts.</li>
	<li>Retain the existing Prahran Aquatic Centre.</li>
	<li>Retain the existing passive recreation spaces in the southern part of the Gardens, including the sunken lawn.</li>
	<li>Retain the existing playground.</li>
	<li>Retain existing heritage tree    </li>
</ul>
Long-Term Objectives

<ul>
<li>Retain the existing 50-metre outdoor pool, with an expanded and improved pool deck, complete with custom-designed shade structures and expansive areas of usable recreation space. Replace the existing utilitarian fence at the perimeter of the Aquatic Centre with a new fence which is more architecturally-sensitive and complements the public domain of Princes Gardens.</li>
	<li>Provide a signalised pedestrian crossing on Malvern Road, on the alignment of the central pedestrian avenue, in anticipation of the redevelopment of the Horace Petty Housing Estate.   </li>
</ul>
The project builds on the City of Stonnington's pipeline of public realm improvement projects for Prahran including a significant upgrade of iconic Greville Street which is being completed in stages.

<blockquote>
The new public space on Greville Street includes a cobblestone shared zone, wide bluestone footpaths, more greenery and more space for the local community and visitors to enjoy. Greville Street’s popularity has survived various trends and economic changes and the current upgrade will ensure its popularity for on-street trading and dining grow.

Greville Street is a unique destination within Stonnington thanks to its historic and artistic past and we want to make sure it continues to be a great hub for creatives, professionals, artists, small boutique businesses and locals

- Cr Steve Stefanopoulos, City of Stonnington Mayor via City of Stonnington website
</blockquote>

The next stage of the revitalisation project includes a new Porter Street/Prahran Railway Station shared zone currently under construction. Once completed, the works will include a new cobblestone shared pedestrian and vehicle zone at Prahran train station, footpaths, a pedestrian crossing, new lighting, trees and street furniture.

Construction of these works is estimated to be three months.

Future stages will see part of King Street currently with a temporary pop-up trial, redesigned into a pedestrian zone, the completion of works to the east end of Greville Street adjacent to the Town Hall and the Town Hall forecourt along Chapel Street.

<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/greville_east_city_of_stonnington.jpg" rel="gallery-all" title="The future upgrade plan for Greville Street east. Image: City of Stonnington"><img alt="" class="image-article-full-width-580px" height="322" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/greville_east_city_of_stonnington.jpg?itok=PUvSd_Tu" title="The future upgrade plan for Greville Street east. Image: City of Stonnington" width="580"></a>

<figcaption>The future upgrade plan for Greville Street east. Image: Rush Wright Associates</figcaption></figure>Meanwhile, City of Stonnington's largest and most ambitious project, Cato Square project is progressing following the completion of an archeological investigation, which was undertaken on the basement connected to the Big Store last month.

The +$60m project will create a 10,000 sqm multi-functional urban park with over 500 spaces of underground car parking with a target completion date of 2019.

<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/cato_square_webcam_latest.jpg" rel="gallery-all" title="Webcam photo of construction progress at Cato Square. Image: City of Stonnington"><img alt="" class="image-article-full-width-580px" height="387" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/cato_square_webcam_latest.jpg?itok=gLSU4zkW" title="Webcam photo of construction progress at Cato Square. Image: City of Stonnington" width="580"></a>

<figcaption>Webcam photo of construction progress at Cato Square. Image: City of Stonnington</figcaption></figure>Head contractor Kane Constructions are planning to erect the first crane onsite in coming weeks, which will require closure of Izett St with local off-street car park access available. The erection will take place over one day and will be during the week on a non-market day.

Lead Image: City of Stonnington
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Princes Gardens upgrade adds to Prahran's Public Realm Project Pipeline

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A stylishly renovated 1870 Victorian home in Prahran was sold ahead of its auction scheduled for last weekend at $3.25 million.
Jellis Craig agent Andrew McCann said the sellers accepted a strong offer almost two weeks ahead of the weekend.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/10/27/Prahran1.jpg" alt="">
The vendors has bought the three-bedroom house in a derelict state eight years ago.
The renovation was undertaken in collaboration with March Studio and MCO-llection who transformed the double brick 1870 Victorian home in its cul-de-sac location.
The property at <a href="https://www.realestate.com.au/sold/property-house-vic-prahran-126512698" target="_blank">1 Trinian Street</a> had a price guide of $2.5 million to $2.7 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/2017/10/27/Prahran2.jpg" alt="">
 
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Renovated 1870 Prahran trophy home sells pre-auction

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A new strata retail space in one of Melbourne’s eating hotspots is up for auction on October 27 through Colliers International. 
The <a href="https://www.realcommercial.com.au/property-retail-vic-prahran-502570970" target="_blank">18 &amp; 20 Chatham Street Prahran</a> space is leased to Lillie Espresso Eatery, the operators from the team behind Denis the Menace, St Edmonds and the Grange Road Egg shop.
They have an eight-year lease for the shop. It earns a net income of $140,608 p.a.
“Situated in the heart of the thriving Chapel Street retail precinct, these brand-new ground floor retail premises represent an exceptional opportunity for all levels of investors,” said listing agent Jeremy Gruzewski of Colliers International. He is selling the property with his colleague Ben Baines.
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“Prahran is renowned for being one of Melbourne’s most in demand eating precincts, and is supported by a high number of residents and businesses who take advantage of the immense variety of retail.”
The property is situated next to the Cato Street car park, which is due to undergo a $60 million redevelopment, which once completed will deliver more than 9,000 sqm of open spaces.  
“An investment right opposite this open-air plaza is sure to thrive now, and well into the future, ensuring your investment dollar will grow,” said Ben Baines. 
Prahran is in one of Melbourne’s sought-after suburbs, situated in the heart of the Chapel Street retail/ entertainment precinct approximately 4 kilometres South East of the Melbourne CBD.
 
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Lillie Espresso Eatery in Melbourne's Prahran on the market

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There's whispers Telstra CEO Andrew Penn and wife Kallie Blauhorn have bought in Prahran.
The pinpointed $3.5 million purchase would represent an interesting move as its a warehouse advertised by Teska Carson as a blank canvas for a state of the art home office. There's talk an art gallery residence could be on the drawing board.
Set on 500 sqm, the warehouse came with permit for 10 luxury apartments. 
The couple have listed in South Yarra where their contemporary townhouse comes with price expectations between $3 million to $3.3 million.
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It cost $2.35 million new some seven years ago.
The UK-born executive migrated to Melbourne in 1992 and joined Telstra in 2012 as their chief financial officer.
This article first appeared in The Weekend Australian Mansions Australia section.
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Whispers Telstra CEO Andrew Penn has bought Prahran warehouse

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A recently renovated Spanish-style house at Prahran has sold at weekend auction, with no price disclosure.
It had been listed with expectations between $3.5 million to $3.7 million.
Located at <a href="https://www.realestate.com.au/property-house-vic-prahran-125362434" target="_blank">11 Jessamine Avenue</a>, Leuwin was last sold in 2014 for $3.1 million. It sold in 2003 for $1.071 million.
Featuring classical sitting and dining rooms that includes an integrated BBQ and private spa retreat.
Sky-lit kitchen features stone benches and European appliances as well as room-sized separate pantry.
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Featuring four bedrooms and two bathrooms with main bedroom consisting of ensuite and dressing room.
Close proximity to Lumley Park and Prahran East cafes on High Street.
Other feature includes parking for two cars.
The property was scheduled for May 27 auction through Jellis Craig agents Andrew McCann and Jessica Lander.
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Spanish-style Prahran house, Leuwin sold

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A double-fronted High Street, Prahran retail property has sold for $2.83 million under the hammer.
The 278 square metre Commercial 1-zoned property with a building area of 200 square metres, was sold subject to a four plus five year lease to restauraunt The Seasonal Kitchen from February 2015.
The property comprises two shops and the final sale price reflected a 3 percent yield.
Fitzroys agents Chris Kombi and Michael Ryan said the auction featured competition between five bidders.
Ryan said the property’s development and subdivision potential was key to buyer interest.
“Prahran’s vibrancy and popularity as a lifestyle location has spurred an increase in the level of high and medium density housing, which has had a hugely beneficial impact on its retail and hospitality precinct,” he said.
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Double-fronted High Street, Prahran site sells under the hammer

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A student-only apartment at Prahran - listed with a disclosed $65,000 reserve - sold at weekend auction for $113,000.
But the vendor had paid $219,500 in 2009 when it was bought from Urban Studio Axiom.  
Located at <a href="https://www.realestate.com.au/property-apartment-vic-prahran-124859358" target="_blank">G01/8 Porter Street</a>, the tiny property has its own garden and courtyard.
It is leased for another 12 months for $245 per week - its sale price reflecting an 11 rental yield.
The apartment was marketed as suitable for a couple or individual.
Prahran station is in close proximity as well as tram lines and eateries and bars.
The property was offered through Purplebricks agent Andrew Leung who took a $65,000 opening bid.
There were six bidders.
It is not the first resale at huge discount to prior sale price in the block.
There was a $100,000 sale last March having previously sold at $179,500 in 2009, with banks having a clear aversion to student housing lending.
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