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

Retail

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EXPERT OBSERVER
The changed retail and consumer landscape are driving the boom in the industrial property market. This uprise of activity is resulting in higher property costs for occupiers, however these rising costs will not be a zero-sum game for occupiers. Occupants who are seeking efficiencies within their supply chains will thrive.
The convergence of several influential factors, including the rapid growth in e-commerce and the need to service customers directly, has led to unprecedented levels of heightened activity in the industrial property market. It is forecasted that the market will grow 30-40% per annum for the next three years, according to research by TM Insight, Australia’s leading consultancy to corporate occupiers within the sector. This growth is likely to result in dramatic increases in property values and rents.
Currently online retail sales in Australia accounts for 7.5% of total retail spend and this is predicted to increase by 30% in 2022. This transition in the retail landscape includes grocery, food and beverage, pharmaceutical and FMCG. This is forcing significant change within the entre retail ecosystem to adapt to evolving consumer demand and most importantly be able to service the customer directly. For brands to bypass the traditional bricks and mortar retail stores it requires a complete transformation in their supply chain design and operation. 
Occupiers need property solutions which are built to service direct to customer demand, however there is a significant undersupply of suitable property. TM Insight is currently managing requirements for clients across Australia totalling in excess of 600,000m2 and is in discussions with organisations for a further 500,000m2 of new space. This is leading to a proliferation of greenfield development and the repurposing of antiquated existing property in locations close to where people live.
The sheer demand in industrial property is placing significant pressure on land supply, particularly in Sydney and Melbourne’s south east where land prices have soared over the past 18 months. Even Melbourne’s west which has had no rental growth for 15 years, is increasing. With rising land values and tightening supply, the increases in rents is likely to continue with a downward pressure on occupant incentives. 
Investment yields are at record low levels, and it is hard to imagine any further significant levels of yield compression to prevent cost increases at a real estate level for occupiers along the Eastern Seaboard. While at face value this appears to be good news for property owners and bad news for occupiers, that is not necessarily the case. The current retail landscape and increase in property costs is forcing occupiers to innovate and look upstream in their supply chains to operate far more efficiently and potentially reduce their physical footprint in Australia.  
In order to service customers directly, companies must create efficient supply chains. Many occupiers are managing ever increasing exposure to costs and demands from customers by investing considerable capital into purpose-built warehouses and fully automated supply chains. In some instances, investment levels in automation and purpose-built facilites in excess of $300 million are showing returns on investment in as little as 3 years when compared to current people-intensive methods of operation. Additionally, developers are taking on an active role in the financing of automation and other bespoke tenant elements helping occupiers become far more efficient in the way they operate. 
These changes in industrial property through a focus on efficiencies will create substantial operational savings. This means occupiers will be able to absorb higher property costs when they are considered in the full spectrum of costs from an optimised business case. Additionally, these efficiencies driven by automated and advanced warehouses may lend occupants the ability to work their inventory in smaller spaces and ultimately reduce their footprint. 
Under the rising costs of industrial property, companies will continue to thrive if they optimise their entire supply chain network. However, a company approaching their distribution network with a fragmented property-driven approach will fall victim to rising rents. 
At TM Insight, we have recently assisted with the investigation and implementation of new highly advanced and efficient distribution networks across Australia for brands such as Kmart (5 new facilities and 230,000m2 of development), Bunnings (5 facilities and 190,000m2 of development), Fisher and Paykel (3 facilities and 33,000m2 of development) and PFD Food Services (4 facilities and 60,000m2 of development).
It would be a shame to let the fear of rising property costs prevent companies from exploring other opportunities that may significantly improve operations and lower costs. This isn’t a zero-sum game if occupants know how to leverage the market dynamics in their favour.
Nathan Bingham is the director of property at TM Insight.
 
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jrobinson-rf4aSBido9

Rising industrial property costs not a zero-sum game for occupiers: Nathan Bingham

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A Chinese buyer has flown in from Beijing to buy a Hampton retail asset, paying $3.6 million - $200,000 over reserve – on a tight 3.2% yield.
The 2 Small Street property, comprising a 368 square metre shop on a 438 square site, was sold at a healthy $8219 a square metre land rate.
Just 150 metres from Hampton railway station and within a short distance of Hampton Beach, the highly exposed corner site offered dual access points and on-site parking for five cars. The property was sold fully leased, returning $113,500 per annum net.
CBRE Senior Manager, Rorey James, who sold the property with Jing Jun Heng, Nic Hage and Mark Wizel, said the buyer had pointed to Australian commercial real estate as being a safe haven for investment.
"This is another example of the post June 30 trend showing encouraging signs that Chinese money is beginning to flow again," he said.
"Governments may put hurdles in the way but they cannot stop the almost irresistible perception of safety in Australian property.
“How significant that renewed flow is we will see over coming months, particularly towards the end of the year and into the new year with the conclusion of transactions."
Despite the restrictions on off-shore Chinese investors, CBRE has sold 22 properties worth more than $200 million to Asia-linked buyers since the first week of July.
Heng said the property had attracted a strong field of local, interstate and off-shore purchasers, who were also drawn to the potential development upside of a site within Hampton’s prime retail precinct.
"The property offered encouraging value-add growth prospects in the medium to long term based on surrounding heights being achieved and the flexibility of the underutilised landholding in the best location in Hampton," Heng said.
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j.ballantyne1990-6AQqhLzZaK

Buyer flies in from Beijing to swoop on Hampton retail property

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Byron Bay continues to perform well on the back of improving tourist numbers, the relatively compact nature of the CBD and the lack of any large shopping centre facilities, according to the latest Herron Todd White (HTW) commercial report.
The valuation firm took a look at the changing face of the retail sector across the nation in the report. 
"Construction of the new centre at Byron Plaza South is likely to create an additional supply, however the traditional CBD’s proximity to the beach is likely to maintain its strength," the valuer suggested. 
Alternative styles of accommodation for retail uses are being utilised within the industrial area, located approximately three kilometres to the west of the CBD, which are a reflection of affordability and the marrying of unapproved/illegal residential and retail components.
A current listing is a 87 square metre retail space priced at $190,000 (pictured above).
The shop situated at<a href="https://www.realcommercial.com.au/property-retail-nsw-byron+bay-502944882" target="_blank"> 1-3/52 Jonson Street </a>features large shopfront window displays, track lighting throughout and exposure with a constant stream of passing foot traffic. 
<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/2018/10/2/byron%20bay%202.jpg" alt="">
Another 90 square metre retail space located in the Byron Bay Industrial Estate has been listed for lease with the price of $620 per week (pictured above).
Located at <a href="https://www.realcommercial.com.au/property-retail-nsw-byron+bay-502961282" target="_blank">2/1 Banksia Drive</a>, the property consists of lower level open plan with amenities, small storage room, and a good size mezzanine area upstairs with kitchenette and oven.
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Byron Bay retail market continues strong performance: HTW

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The wider Melbourne retail leasing market continues to see varied results, according to the latest Herron Todd White (HTW) commercial report.
The valuation firm took a look at the changing face of the retail sector across the nation. 
It suggests Melbourne CBD and inner suburban retail strips have continued to evolve throughout 2018, underpinned by population growth, changes in consumer behaviour and varied consumer confidence.
While some segments of the market continue to experience strong results, likely a reflection of the limited quality stock available, other areas have seen declining rents and tenant demand.
There are a number of factors driving the current trends and changes within the CBD’s retail leasing market.
HTW noted Melbourne City Council has forecast that the population of the CBD will grow by over 50% in the next 10 years, driven predominantly by overseas migration.
"The implementation of vertical suburbs, incorporating ground floor and podium retail uses and upper level residential apartments, is becoming more popular as developers seek to maximise site utilisation and amenity for residents," the report said.
National and international retails are taking advantage of population growth and the centralisation of retailers through the establishment of flagship stores in prime locations, it noted.
Luxury retailers such as Longines, Fendi and Brooks Brothers opened new flagship stores within the CBD in 2018 and Apple’s plans for a global flagship store within Federation Square continue to take shape.
"These retailers appear to be opting for a more centralised model of retailing appealing to consumers demanding a more convenient and interactive shopping experience," HTW advised.
"For larger national and international retailers, this new approach does appear to be working."
It noted demand for retail space within regional and super regional shopping centres has strengthened throughout 2018.
Conversely, smaller retailers unable to sustain the higher rental rates demanded by these centres have struggled with these effects, compounded by the vacating anchor tenants along older retail strips unable to provide the convenient experience modern consumers demand.
"Retail strips such as Chapel Street, South Yarra and Bridge Road, Richmond are continuing to experience a shift away from traditional retailing such as clothing towards service and food based uses," HTW noted. 
<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/2018/10/3/SMAK.jpg" alt="">
Indicative of this shift towards food based services is 6c Daly Street, South Yarra.
The SMÄK Food House (pictured above) only opened in 2016 and joined several other cafe's on Daly Street including Little Frankie's and Fancy Nance.
This is due to numerous factors including retailers now preferring to be located within the Melbourne CBD and major shopping centres such as Chadstone together with increased online shopping for fashion items which reduces the need for a physical store presence.
With the ongoing increase in population due to numerous apartment projects there will likely still be demand for retail space within these precincts for various types of uses, particularly food and service based, on a longer term basis.
"We have been advised by local leasing agents that tenant demand within these precincts has declined in recent years for various reasons. For example, in previous years Bridge Road incorporated a large number of discount clothing and footwear outlets, however many tenants have now relocated to enclosed discount outlet centres such as Direct Factory Outlets (DFO) in South Wharf and Essendon, " the HTW report said. 
Landlords have continued to seek increasing rentals and these have generally become unaffordable for tenants. Retail rents have declined substantially over the last few years and in some instances by over 40%.
Local leasing agents have advised that quantum of money and affordability are major considerations for tenants within these strips, particularly local retail operators.
<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/2018/10/2/south%20yarra.jpg" alt="">
A South Yarra corner property with dual street frontage is now on the rental market with the price of $60,000 per annum. 
Located at<a href="https://www.realcommercial.com.au/property-retail-vic-south+yarra-502961782" target="_blank"> 448 Chapel Street</a> (pictured above) it features 163 square metre floor area and rear access from Elllis Street.
<img src="https://www.urban.com.au/images/2018/10/3/Chapel%20hunt.JPG" alt="">
Another example on the Chapel Street strip is 352 Chapel Street, South Yarra.
Set on 320 sqm it is a fully fitted cafe/restaurant ready for a new tenant.
The two floor rental listing is held by James Spencer of Fitzroys and was previously tenanted by the restaurant Chinacy.
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Melbourne retail leasing market sees varied results: HTW

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Investors and owner occupiers continue to seek retail properties in Melbourne’s inner north in big numbers, with another High Street shop and dwelling in Thornbury changing hands under the hammer.
Fitzroys agents Chris Kombi, Ervin Niyaz and Terence Yeh sold 917 High Street for $1.255 million, on behalf of a family that had held the asset for more than 50 years.
An owner occupier purchased the two-storey building of 240sqm, which has a ground floor shop with a short-term lease and first-floor, two-bedroom apartment, on a 224sqm site.
Kombi said the campaign, which attracted more than 120 enquiries, and fierce competition between five bidders at the auction reflected the ongoing demand for assets in the area.
“The building was offered in its original condition, presenting prospective buyers the chance to make their mark on one of inner Melbourne’s fastest-growing retail and lifestyle precincts, or refurbish and capitalise on rental uplifts.”
Shop and dwelling properties on High Street have been trading at healthy numbers. Kombi, Niyaz and Yeh recently sold the 785 High Street corner site for $1.805 million at a 2.4% yield at auction, following a campaign that saw 150 enquiries; as well as 740 High Street for $1.385 million at a 2.9% yield, which netted more than 100 enquiries.
Yeh said ongoing gentrification of Melbourne’s inner north had brought multiple medium and high-density developments, bringing excellent rental growth potential as the immediate residential catchment grows, as well as creating heightened demand for retail services.
“Growth of the immediate catchment has also accentuated the extended trading cycles of these centres, adding to their vibrancy, and Thornbury has enhanced its reputation as a trendy and popular destination for eateries and bars.”
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Fitzroys say blooming prospects for roses among Thornbury

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The former English, Scottish and Australian Bank premises on Camberwell Junction, built in 1885, has been sold for $4.75 million.
The property, at 482 Riversdale Road, is home to The Meat &amp; Wine Co.
The auction started with a $3.9 million bid.
The buyer liked the idea of the trophy property.
It last sold in 2013 at $3.6 million.
The holding, on the Hawthorn East corner, is currently returning $231,164 P.A. and is set on a 250 sqm block.
It is a fully refurbished two storey building with nine secure undercover car parking spaces on title.
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The Meat & Wine Co premises sold on Camberwell Junction

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The Mariana Hardwick bridal shop has taken a six-year lease in South Melbourne, having previously been on Sydney Road, Brunswick, one of Melbourne's great bridal shop strips.
It is at 234 Coventry Street (pictured above), next door to restaurant Lume and opposite the new Coles building.
She's paying $100,000 a year at $260 a sqm, according to Fairfax Media.
The bridal retailer plans to transform the 387 sqm Victorian building into a new showroom with a studio and production space, according to agent Paul Pellegrino from Knight Frank who brokered the deal.
Murals by street artist Peter Seaton, who was commissioned by then landlord Gary Brill, lined the exterior of the building.
Hardwick had moved out of the long-held Brunswick Street, Fitzroy, address in 2006 into a store at 459-475 Sydney Road Brunswick. 
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Mariana Hardwick moves bridal shop to South Melbourne

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A corner property with development potential in Prahran will be auctioned September 13.
Located at 182-194 Commercial Road on the corner of Izett Street, the property is situated opposite Prahran Market.
The property comprises three double storey, double fronted Tudor style commercial buildings, with a variety of retail and office tenancies in excellent condition which benefit from outstanding street exposure.
The building sits on an 1126 square metre site, zoned Activity Centre, with three separate titles offering a combined frontage of 28 metres to Commercial Road and 40 metres to Izett Street as well as a rear laneway boundary of 28 metres.
Activity Centre zoning encourages intensive development as a focus for business, shopping, working, housing, leisure, transport and community facilities.
The property will be sold subject to multiple tenancies on lease expiries returning a combined $365,808 per annum net.
According to marketing agents, Teska Carson’s Adrian Boutsakis and Michael Ludski, the property offers "exceptional" development upside.
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Corner Prahran retail with development potential to go under the hammer

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A retail property in Richmond has been sold for $965,000 at auction.
The 140 square metre property at 432 Bridge Road is currently set up as a restaurant with a first floor three bedroom dwelling.
It is located between Hunter and Fraser streets and has nearly five metres frontage to Bridge Road.
According to marketing agents, Teska Carson’s Luke Bisset and Fergus Evans, the property is of interest to both owner-occupiers and investors.
“This is a sought after retail location which will continue to benefit from population growth and the demand for inner-city apartment living, indeed several new apartment buildings have been completed in close proximity with others under construction providing a rapidly expanding retail catchment,” Evans said.
“Properties such as this have been very popular with small investors and owner-occupiers alike with demand growing as an alternative investment as global economic conditions have negatively impacted share markets.”
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Bridge Road, Richmond restaurant space sells for $965,000

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Homeware giant, Victoria’s Basement, has moved to sell three of its five Sydney stores.
It seeks to redirect capital towards business expansion across Australia and grow its online presence.
The Sydney-based retailer has appointed CBRE to market for sale its outlets in Castle Hill and Auburn, while Hugh Anderson and Brad Sutton of Sutton Anderson are marketing its Artarmon store.
The properties, which are all being offered for sale with opportunity for short to medium term leaseback to Victoria’s Basement, are expected to attract strong investment interest from local and overseas investors or owner occupiers.
Victoria’s Basement director, Sam Kalanderian said it had owned and occupied some of these iconic locations for over 15 years with very successful trading.
"We are now seeking to capitalise on these valuable properties and their development potential to expand the business across the country into every state, with the purchase of new, strategically located retail and distribution centres,” Kalanderian said.
Located in the heart of Castle Hill’s large format retail precinct, the 5 Victoria Avenue property comprises a substantial freestanding building spanning close to 8,000 square metres on an underdeveloped 17,200 square metre site.   
The Auburn property, located at 99-101 Parramatta Road, consists of over 4,000 square metre building on a 4,330 square metre parcel of land.
Surrounded by major retailers, the property benefits from exposure to one of Sydney’s busiest intersections - Parramatta and Silverwater roads - and offers future development potential, as earmarked by the Greater Sydney Commission.   
The third property, located at 89-93 Reserve Road, Artarmon, comprises approximately 2,818 square metre over three floors.
It is understood the sale of Artarmon, Castle Hill and Auburn will fetch about $100 million.
This follows the group's plans to develop its store on Euston Road in Alexandria in Sydney's inner city into a 27-unit build-to-rent apartment block.
The plans were lodged with the City of Sydney council last month.
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