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

Sydney

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EG Funds Management has spent $20 million on a three-storey office building in the inner-Sydney suburb of Pyrmont.
It was sold by Aveo through Paul Fernandes of Colliers International. 
EG Fund's purchase for its Core Fund was on an initial yield of around 10 per cent.
<a href="https://www.realcommercial.com.au/property-offices-nsw-pyrmont-501091883" target="_blank">The 63 Miller Street property</a> is known as the former Festival Records building, the pale face brick, Interwar Functionalist style facaded building.
It has rounded corners, asymmetry, long spandrels, parapet and metal framed windows - the hallmarks of the late 1930s Functionalist style. 
It was initially known as Wakefield House, built in 1939 by A.W. Edwards and its architects were Crane &amp; Scott.
The former Festival Records building served as a recording studio for artists such as Midnight Oil, Cold Chisel, Silverchair and Peter Allen who recorded I Still Call Australia at the recording studio.
The Sydney city fringe investment was offered earlier this year as 75% leased to the advertising agency.
In 2006 BMF Advertising leased 2,500 square metres for six years at $440 per square metre.
There was some <a href="https://www.mmj.com.au/buying/NSW/Sydney-City/Pyrmont/Office/2P1551" target="_blank">1,250 square metres of refurbished vacant space</a>. 
The offering's passing net income was given as $1.7 million.
In 2003 Sydney's then Lord Mayor, Lucy Turnbull, stepped in to stop Australia's unofficial rock'n'roll headquarters being torn down and replaced with apartments.
It's future looked like demolition after News Ltd, owner of Festival Records, sold to the Glish Holdings development consortium headed by Mike Wrublewski who wanted build a six-storey block of apartments.
Rupert Murdoch's Mirror Newspapers bought Festival Records in 1960.
Glish Holdings had paid $9.5 million. It last sold at $11.9 million in 2005.
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jchancellor-FAypfDUnLy

EG Funds Management spend $20 million on Festival Records, Pyrmont office block

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New York ranks first, with Sydney sitting in second place when it comes to the latest Knight Frank forecast for 2015 luxury residential market price growth.
Rising business confidence and an increasing sense of political stability is helping to attract interest in Sydney from overseas, the Prime Global Cities Forecast report from Knight Frank said.
It tips 5% price growth in 2015 for Sydney luxury property markets.
Click to open in new window:
<a href="/images/2014/12/10/kf%20dec%2010%20two.jpg" target="_blank"><img src="/images/2014/12/10/kf%20dec%2010%20two.jpg" alt=""></a>
"The weak Australian dollar is adding to this momentum and also reviving interest from Australian expats," Knight Frank researcher Kate Everett-Allen said.
Knight Frank’s Global Cities Report has eight cities included in its forecast.
New York is back on top with luxury prices across Manhattan expected to accelerate by 5% to 10% over the course of 2015, with strengthening foreign interest from Chinese, British, Russian and Latin American buyers. 
"Sydney is also on the radar of foreign buyers but here limited luxury supply is pushing prices higher, so we forecast by up to 5% in 2015," Knight Frank wrote. 
The report noted Sydney was a beneficiary of the flow of wealth from economic or political crisis locations into ‘safe-haven’ markets.
"In markets like London, Sydney and New York, these flows tend to reinforce demand for established market neighbourhoods, with buyers focusing on wealth preservation and looking for mature and stable markets," according to Knight Frank.
The report pinpointed Sydney's eastern suburbs and the lower north shore.
But the report noted their was a risk of potential political interventions in the residential property markets given the prospect of "further debates" in Australia.
"The rising level of cross-border investment is likely to contribute to further debates in other parts of the world in 2015 (Canada, Australia, Dubai) on the impact of foreign buyers on local residential market affordability and stability," it said.
It noted the House of Representatives Standing Committee on Economics had delivered its review into foreign investment in Australia’s residential property market. 
"No additional restrictions have been placed on foreign purchasers buying in Australia but a list of recommendations have been made to ensure the rules are more rigorously enforced."
"The Significant Investor Visa program that attracts high net worth individuals will be refined and a Premium Investor Visa will be introduced on 1 July 2015; a more expeditious pathway to permanent residency for those meeting a $15 million threshold."
The Sydney forecast noted low interest rates are forecast with banks keen to lend at competitive rates.
The report noted luxury residential markets face a diverse range of challenges and opportunities in 2015, but now that stimulus measures have all but disappeared in the US and the UK, all eyes are on Europe and Japan and the extent to which they could halt the tentative global recovery.
"Of the eight cities included in our forecast we expect two to experience prices gains, one to see prices remain stable and five to see prices decline."
Dubai sits at the bottom of the Knight Frank forecast with prime prices expected to slip by 5% to 10% as limited supply and a growing appetite from Indian purchasers should cushion the market.
<img src="/images/2014/12/10/kf%20dec%2010%20three.jpg" alt="">
Source: Knight Frank
The full <a href="https://content.knightfrank.com/research/379/documents/en/prime-global-cities-forecast-q4-2014-2541.pdf" target="_blank" title="Prime Global Cities Forecast Q4 2014">Prime Global Cities Forecast </a>for city by city analysis by Kate Everett-Allen, says residential markets in the world’s leading cities are well-positioned to benefit from both the peaks and troughs of the global economy.
 
“As there are more purchasers in the prime end of the market, prices are now being achieved closer to the original asking price and in most instances, this was set by the owner several years ago," Knight Frank Australia associate director of residential research Michelle Ciesielski said.
 
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Sydney luxury residential to run second only to New York in 2015: Knight Frank

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A Chinese group has reportedly bought the former Bidura, Glebe juvenile detention centre.
The NSW state government sold 357 Glebe Point Road site for $33 million. 
NSW Minister for Finance and Services Dominic Perrottet said the new undisclosed owners had the potential for new ­residential development. 
“Early analysis indicates the property could house up to 100 units if developed," he said.
Savills agents Stuart Cox and Simon Fenn secured the sale of the 5,556 square metre holding.
“By divesting surplus or underutilised property assets the NSW government is taking a responsible approach to property management, rather than being encumbered with costly maintenance and other expenses," the minister said.
Funds from the sale of 357 Glebe Point Road will go towards sourcing new accommodation for family and community services and Department of Justice. 
The preservation of Bidura House is legislated as part of the City of Sydney’s local environment plan. 
No formal buyer indication has been given, with the Australian Financial Review nominating it as a Chinese property developer. The AFR mistakenly identified it as the Yi Yang group.
 
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Former detention centre Bidura, Glebe sells to Chinese property developer

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Three more surplus government-owned property at Millers Point have been sold for a $6.8 million total.
The three Georgian-style terrace properties at 24, 28 and 32 Argyle Place (pictured above) sold at auction fetching $2.3 million, $2.35 million and $2.15 million respectively
The three level terraces had two bedrooms at 24 and 32, with 28 featuring four bedrooms.
The NSW government is proceeding with plans to sell the remaining 284 properties so funds can be reinvested back into the public housing system.
“There’s been a strong market response to the release of the government-owned properties in Millers Point with a total of $21.9 million raised so far from nine sales," the Minister for Family and Community Services, Gabrielle Upton said.
“It is simply not sustainable for the tax payers of NSW to maintain these properties for a select few while elsewhere throughout the State there are tens of thousands left waiting for a roof over their heads," she said.
The Minister for Finance and Services, Dominic Perrottet is co-odindating the sales with three more properties listed for auction in December.
47 Kent Street will be auctioned on 15 December, while 41 and 43 Kent Street will be auctioned on 16 December.
The Georgian style sandstone terrace properties form part of the row which dates back to the 1860s when built by Sir George Wigram Allen, solicitor, state politician and the inaugural Mayor of Glebe.
Each property spans over three levels, with numbers 41 and 43 containing two bedrooms, with number 47 featuring three bedrooms.
Numbers 41 and 43 on Kent Street are being auctioned by Ray White Double Bay.
47 Kent Street will be auctioned by Di Jones Real Estate.
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State government Millers Point terrace sell-off continues apace

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There was a $4.5 million vendor bid when the Georgian-era Paddington residence, Menzies House went to weekend auction.
It was redesigned in the late 1990s by Allen Jack+Cottier commissioned by Mary and Paul Menzies, after they bought it and the adjoining lot in 1994.
The Underwood Street five-bedroom property (pictured above) is set over 700 square metres.
It was auctioned through <a href="https://www.mcgrath.com.au/buy/house-paddington-nsw-2021/245424/?searchID=45314349" target="_blank">McGrath agent Ben Collier</a>.
A $4.31 million Clovelly sale was the weekend's highest reported sale.
The cheapest auction was a two bedroom unit at <a href="https://www.realestateview.com.au/Real-Estate/9-55-59-goulburn-street-liverpool/Property-Details-buy-residential-7883858" target="_blank">9/55-59 Goulburn St, Liverpool</a> selling for $278,000 to the one registered investor. It last sold 30 years ago for $34,000 in 1984, so reflected 7% annual price growth through Pat Bugge, the LJ Hooker Liverpool selling agent. 
Sydney's initial clearance rate was 70.5% – its weakest in 18 months. The revised figure now hovers in the high 60s.
Sydney’s central coast reported the highest clearance regional rate at the weekend with 81.3% with the south-west the next best with 81.1%.
The inner west sat at 73.4%. The north-west's 59.2% was the weakest region.
Auction buyer numbers at auction have been mixed with some properties having in excess of 12 registered bidders, however the average buyer number per property was at five buyers which is down one buyer from the same period last month and November/December 2013, according to Rocky Bartolotto from Auction Services.
"December auction volumes continued to increase with bookings last week coming in," he noted.
"Many vendors/agents are comfortable running a shorter two week auction campaign compared to the usual four weeks with some properties having their initial open house over the weekend with the auction scheduled for 20 December," said Bartolotto.
Andrew Wilson, the senior economist at the Domain Group, said the weakening stemmed from the "unrelenting tidal wave of record end of year auction listings".
"The 70.5% result is the fourth consecutive weekend below 75% for the first time since 15 December, 2012 and its lowest full weekend clearance rate since 6 March 2013."
Sydney broke the record for summer weekend auctions on Saturday with 1,028 homes going under the hammer. This followed last weekend’s spring record of 1,058.
"It was also the first time Sydney has hosted back to back 1,000 auction weekends," Wilson added.
"The market will reach an astonishing end of year crescendo next weekend with yet another Saturday of record-level 1,000 plus auction activity set to test the fast fading Sydney market.
"The current Sydney four-weekend average clearance rate now stands at 73.2% which is well down on the 79.5% average recorded over the previous four-weekend period."
Sydney broke the record for summer weekend auctions on Saturday with 1,028 homes going under the hammer. This followed last weekend’s spring record of 1,058 and was the third highest auction weekend on record. It was also the first time Sydney has hosted back to back 1,000 auction weekends.
The market will reach an astonishing end of year crescendo next weekend with yet another Saturday of record-level 1,000 plus auction activity set to test the fast fading Sydney market.
The current Sydney four-weekend average clearance rate now stands at 73.2% which is well down on the 79.5% average recorded over the previous four-weekend period.
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Menzies House, Paddington fails to sell amid weakest weekend result for 18 months

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Sydney’s residential market has experienced substantial growth over the past 12 months and for Western Sydney, in particular, this is expected to continue, according to latest December 2014 report from Herron Todd White.
Considering properties under $1 million, the clear expectation is for growth in the lower priced brackets to continue unabated. Earlier this year, their report signalled that they expected a cooling towards the end of the year if interest rates increased. As no rate increase eventuated, growth has continued.
The main drivers that continue to push the market include high demand, limited stock and low interest rates. Herron Todd White point to local indicators such as long lines at open homes and camp outs to secure land releases in some areas.
They note this has been particularly evident in Sydney’s fringe suburbs, from Camden to Blacktown’s The Ponds – which was <a href="/expert-insights/building/most-successful-masterplanned-project-in-nsw-history-sells-out-the-ponds">yesterday reported as the fastest selling Masterplanned estate in New South Wales history</a>.
Their lower priced areas of note include:
<ul>
<li><a href="/news">Seven Hills</a></li>
<li><a href="/news">Oran Park</a></li>
<li><a href="/news">Gregory Hills</a></li>
<li><a href="/news">Leppington</a></li>
</ul>
The construction of a second Sydney airport at Badgerys Creek, the south-west railway and associated employment are expected to drive demand.
 “The supply of land is controlled by developers and they will continue to monitor supply and demand to ensure the continued success of their estates,” the report notes.
Slightly higher, but worthwhile considerations when looking at $700,000 to $1 million property, include:
<ul>
<li><a href="/news">North Rocks</a></li>
<li><a href="/news">Cherrybrook</a></li>
<li><a href="/news">Castle Hill</a></li>
</ul>
All three of these higher priced areas have been strong performers this year.
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The sub-$1 million Sydney areas expected to perform: Herron Todd White

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High volumes continue in the Sydney weekend auction market.
This Saturday 992 auctions are scheduled which is just below the 995 December Saturday record set last year on 14 December.
Sydney will also host around 1,000 auctions next weekend when the December auctions record clearly will be broken, according to Australian Property Monitors.
The upper north shore will again host the most number of auctions this weekend with 146 closely followed by the inner west with 144, the south 145, the city and east 129, the lower north 99, the west 88, Canterbury Bankstown 65 and the northern beaches with 57 auctions scheduled.
The most popular suburb for auctions this weekend in Sydney is Mosman on the lower north shore with 20, followed by Carlingford in the north west and Eastwood on the upper north shore each with 12, Hurstville in the south with 11, Drummoyne in the inner west with 10 and a number of suburbs with 9 auctions scheduled including St Ives on the upper north shore, Blacktown in the west and Castle Hill in the north west.
"Sydney’s weekend auction market has tracked backwards over the past month with falling clearance rates reflecting supply catching up with demand," APM senior economist Andrew Wilson said.
"The past three weekends have recorded consecutive clearance rates below 75% for the first time since March 2013," he noted.
Sydney commenced the spring selling season this year with nine consecutive clearance rates above 80%. 
"The current four-weekend average clearance rate has fallen below 75% to 74.5% which is well down on the 80.4% average recorded over the previous four-weekend period," he said.
Last weekend Sydney broke the record for the most number of homes auctioned on a Spring Saturday with 1058 listings, just below the all-time Saturday auction record of 1,111 set on the pre-Easter Saturday earlier this year.
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Busiest December ever for Sydney auctions

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There were three bidders when 37/89-91 Hughes Street, Cabramatta went to weekend auction.
The first floor recently renovated 61 square metre two bedroom apartment fetched $351,000.
The 1974 built apartment was marketed as an entry level perfect home for first home buyers or an ideal investment with potential rent of $320 per week.
<a href="https://www.domain.com.au/property/for-sale/apartment-unit-flat/nsw/cabramatta/?adid=2011571207" target="_blank">Peter Ly of Raine &amp; Horne Cabramatta</a> told Property Observer it sold to an investor. 
It last sold in 1998 at $66,000, reflecting 10% annual growth over the 16 years.
 <img src="/images/2014/12/02/cabramatta-dec-2-two.jpg" alt="">
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10% annual growth as Cabramatta unit sells as $351,000 weekend cheapie

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We know the rate of price growth continues to slow, but the most telling data in the latest November figures CoreLogic RP Data, was the slowing in growth for Sydney apartments.
Sydney continued to drive capital city growth in November, with house values up 14.3% on an annualised basis.
It was running at 14.9% two months ago. It was 15.2% during 2013.
But the apartment segment is nowhere near as strong.
Apartment values in November were up 8.7% over the past year.
But two months it was running at 11.5%. It was 11.6% during 2013.
It is fair to say most Australian cities have now passed their cyclical peak periods.
Sydney's house median sits at $825,000, up from $775,000 at the end of 2013.
Apartment median sits in Sydney at $605,000, up from $557,000 at the end of 2013.
Overall the national capital city average annualised growth for houses has been 8.9% compared to 5.9% for apartments.
Of course let's not forget that just three year ago units were the faster movers in 2012, which was overall pretty ordinary for growth with Sydney house prices up 1.3% annually and units up 2.3% annually.
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Sydney apartments the weaker link for late 2014 price growth: CoreLogic RP Data

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The terrace house at 53 Wells Street, Redfern - double-fronted terrace on 200 square metres - sold at weekend auction for $1.18 million.
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The deceased estate sold through <a href="https://www.mcgrath.com.au/buy/house-redfern-nsw-2016/235841/?searchID=45087408" target="_blank">Ben Forsyth of McGrath Edgecliff</a> who had issued 13 contracts.
It was formerly an artist’s home, but left empty for five years. 
The two bedroom home was bought by a young couple.
Redfern house prices have jumped by 16.2%, according to CoreLogic RP Data. Forsyth was quoting $850,000 plus.
At <a href="https://redir.aspx?C=79zFc25QqEGnZ6JTcfBKWf6KkeEd4NEIyAHetFn24ibN4isqe1s859cfUt3vGLzH9VNGxccgBAY.&amp;URL=http%3a%2f%2fwww.realestate.com.au%2fproperty-house-nsw-ashfield-118348847" target="_blank" style="line-height: 1.3em;">12 John St Ashfield</a> about 100 spectators saw two bidders go all the way at each other from start to end when offered through Domenic Bucciarelli of LJ Hooker Ashfield. 
The auctioneer Rob Trovato of Auction Services secured $1,122,000 which was $142,000 over reserve for the house which was a heritage listed, in need of repair, and offered with the potential of building a granny flat.
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