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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The NSW state government is resuming its sell-off of public housing at Millers Point, listing more terraces for December auction.
The Georgian-style properties were built by local publican William Cole in the 1840s.
The properties at 24 Argyle Place and 28 Argyle Place and 32 Argyle Place will go to <a href="https://www.mcgrath.com.au/buying/search/?region=&amp;suburbList=millers+point&amp;from=&amp;to=&amp;hidden_priceRangeTo=&amp;currency=1&amp;type=&amp;beds=&amp;baths=&amp;parking=&amp;listingType=1&amp;keyword=&amp;searchLarge.x=79&amp;searchLarge.y=5&amp;searchLarge=search&amp;landSize=" target="_blank">4 December auction </a>through Peter Starr at McGrath Estate Agents.
The price guides are not publicly available but one will be pricier given its views of the Harbour Bridge.
In October, $1.71 million was paid for the uninhabitable terrace at 30 Argyle Place.
The initial six properties sold at Millers Point netted the state government around $15 million.
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jchancellor-FAypfDUnLy

Millers Point terrace selloff by NSW government resumes

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A former electrical sub-station at 42 Philpott Street, Marrickville failed to sell at weekend auction.
The three-bedroom designer home was passed in at $1,005,000 <a href="https://www.sydneysiderealestate.com.au/listings/42-philpott-st/a" target="_blank">through Dani Chahine of Sydneyside Real Estate</a>. Higher offers are being sought.
It last traded as a decommissioned sub-station in 2011 for $515,000.
The redundant electricity substation on a 77-square-metre block at Marrickville<a href="/news"> </a>ranks as one of the 1,000 substations that were built across Sydney from the late 1870s as the demand for electricity grew throughout the city.
There were approved plans by Tanner Architects (pictured below) for conversion the <a href="/news">Marrickville </a>property into a 159-square-metre, three-bedroom, two-bathroom abode with roof terrace with louvered pergola on its 2011 offering which had been subdivided off the neighbouring Globe Mills apartment development.
 
<img src="/images/stories/philpottflicker.jpg">
 
While many are simple designs, the Marrickville substation was built to fit into the architecture of its factory surroundings. It comes with three high steel roller shutter doors.
<img src="/images/stories/philpottplans.gif">
The initial weekend auction clearance rate dipped to 75.5%, according the Australian Property Monitors, down on the previous weekend’s revised 77.8% result.
The inner west hosted the most auctions with 164 followed by the upper north shore with 135, the city and east 121, the south 112, the lower north 110, the west 65, Canterbury Bankstown 60 and the northern beaches with 50 auctions scheduled.
The most popular suburbs for auctions was Mosman on the lower north and Maroubra in the city and east each with 14 auctions listed. 
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Marrickville substation conversion fails to ignite weekend auction buyer interest

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GDI Funds Management Limited has entered into a conditional put and call option deed for the sale of 233 Castlereagh Street, Sydney for $156 million.
The B-grade office price represents an increase of $27 million compared to the June 2014 independent valuation. It is a 31 level 1976-built commercial office tower located in the southern end of the Sydney CBD within close proximity to the Downing Centre. 
It has been speculated Asian development interests were the intending buyers.
GDI Property Group recently leased a 1,800-square-metre office suite for the filming of the upcoming political drama Truth, starring Robert Redford and Cate Blanchett.
The film is based on the 2005 memoir Truth and Duty: The Press, the President, and the Privilege of Power.
Based on 60 Minutes producer Mary Mapes' 2005 memoir, the movie centres on the 2004 scandal that erupted after US news anchor Dan Rather reported that then president George W Bush received preferential treatment to avoid the Vietnam War draft.
Robert Redford will play the famous American anchor, while Cate Blanchett will portray producer Mary, who was subsequently fired over the story. 
The short-term lease was negotiated by Brendan Shipp and Thomas Fredriksen of Knight Frank, who said the movie directors needed nondescript views, as the movie is based in New York City.
Filming was expected to take eight weeks with the tenant paying about $100,000 a square metre gross for the space.
The GDI Property Group Steve Gillard said the sale was a great result and validated the GDI Property Group business model of buying well‐located CBD office properties with multiple exit options.
The option deed is conditional upon GDI Property Group procuring by September 2015 amendment of the covenanted restriction in relation to the allowable gross floor area.
GDI Property Group is confident that it will approve the amendment or replacement of the restriction on use.
Other key terms of the option deed include a $1 million call option fee has been paid.
GDA had previously advised in the GDI Property Group prospectus that it had been investigating the feasibility of alternative redevelopment options, including residential conversion, for its property at 233 Castlereagh Street, also known as 324 Pitt Street. 
In 2006 Leighton Properties Pty Limited (LPPL) and Lend Lease Real Estate Partners 1 Limited announced that they had exchanged contracts with SAITeysMcMahon, an Orchard Funds Management entity, for the sale of 233 Castlereagh Street at a price of $120 million.
It was transferred again in 2010 at $102 million. 
Quality office tenants over the years have included Moray and Agnew and more recently Copyright Agency, Carlson Wagonlit Travel and General Pants Co. The property known as Telstra House was owned by Telstra until selling at $55 million in 2002.
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More mid-town residential looms as GDI secure 233 Castlereagh Street, Sydney deal

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Houses in Sydney sold for a median price of $792,000 in the October quarter, according to the RP Data-Rismark Index.
Sydney has the most expensive median house price of all capital cities. It comes in front of Melbourne, which has a median house price of $615,000. For the month, Sydney's house values were up 1.6%.
Property Observer looks at recent sales to see just what a $792,000 house looks like in Sydney.
<ol>
<li>
<a href="https://www.realestateview.com.au/Real-Estate/louis-street-merrylands/Property-Details-sold-residential-7707288" target="_blank">119 Louis Street, Merrylands, 2160 </a><img src="/images/2014/11/07/1.jpg" alt=""> This three bedroom house sold for $800,000 on the first of November. It is located within walking distance of Merrylands or Granville train station, bus depots, shopping centres, schools and Grantville TAFE. The fibro home is set on 695 square metres and includes a large lounge room and dining room, and a family room which could be converted to a fourth bedroom. Overlooking the outdoor entertainment area is a sun room. Price: $800,000 Bedrooms: Three Drive to CBD: 34 minutes     
</li>
<li>
<a href="https://www.realestateview.com.au/Real-Estate/arthur-street-bexley/Property-Details-sold-residential-7694282" target="_blank">Arthur Street, Bexley, 2207</a> <img src="/images/2014/11/07/2.jpg" alt=""> This three bedroom house secured $786,000 when sold in October. This residence is in close proximity to Bexley Public School and several transport services. The kitchen and main bathroom have both been updated and the bedrooms all boast built in wardrobes. The level block contains a pool, outdoor timber decking and a backyard. Price: $786,000 Bedrooms: Three Drive to CBD: 35 minutes 
</li>
<li>
<a href="https://www.realestateview.com.au/Real-Estate/ludgate-street-roselands/Property-Details-sold-residential-7744864" target="_blank">Ludgate Street, Roselands, 2196</a> <img src="/images/2014/11/07/3.jpg" alt=""> After 60 years in the same family, this home sold for $800,000 late last month. It has extra large landscaped gardens and the listing describes the bathroom as "immaculate". The house is located in Roselands, 16 kilometres south west of Sydney's CBD Price: $800,000 Bedrooms: Four Drive to CBD:  28 minutes 
</li>
<li>
<a href="https://www.realestateview.com.au/Real-Estate/307-windsor-road-baulkham-hills/Property-Details-sold-residential-7713276" target="_blank">307 Windsor Road, Baulkham Hills, 2153 <img src="/images/2014/11/07/4.jpg" alt=""> </a> This Baulkham Hills house sold for $790,000. The single level home has DA approval to build a duplex. The house is a short walk from the Stockland Mall shopping centre and public transport that has direct access to Sydney's CBD. It has a large living area and a modern kitchen. Price: $790,000 Bedroom: Three Drive to CBD: 28 minutes 
</li>
<li>
<a href="https://www.realestateview.com.au/Real-Estate/bardia-place-bossley-park/Property-Details-sold-residential-7737810" target="_blank">Bardia Place, Bossley Park, 2176 </a><img src="/images/2014/11/07/5.jpg" alt=""> This two storey, four bedroom house in Bossley Park has a double lock up garage with electronic gate at the front entry. The brick veneer home was sold on 1 November for $780,000. The property features four large bedrooms with and ensuite in the main. Price: $780,000 Bedrooms: Four Drive to CBD: 42 minutes</li>
</ol>
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owisniewski-RiYLqnXfKH

What can you buy for Sydney’s median house price?

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A working Paddington garage has been listed for sale, with the prospect it could become a residential abode.
The almost 100 year old building was once the site of a fire station, complete with horses and water-laden carts.
Three generations of auto mechanics later took the reins, <a href="https://goodyer.com.au/1P2727" target="_blank">the Goodyer marketing advised</a>.
The hillside 1a Ormond Street property has the potential to match the adjoining three and four-storey Paddington home.
There is a heritage listed facade.
It has a 5.8 metre wide by 12.6 metre deep footprint. Owner Les Rechnitzer is selling up after 17 years. Initial buying interest has been expressed at easily over $1 million.
It's listing comes after the recent successful conversion of a private garage in nearby Hopewell Street.
The former Paddington garage transformed into a two bedroom terrace with parking fetched $1.415 million. It had the issue of a de-serviced petrol pit.
The then single storey lock-up garage<a href="https://www.realestate.com.au/property-house-nsw-paddington-113013491" target="_blank"> sold at $822,500</a> in July last year. Positioned between <a href="/expert-insights/buying/transformed-paddington-garage-now-with-residence-atop">adjoining terraces</a>, the then lock up garage occupied its 76 square metre block with a width of 4.6 metres.
<a href="https://www.realestate.com.au/photogallery_new.ds;jsessionid=AD5F9A0E1C4DFC4221F5BDA19ECB4AD6?id=113013491&amp;theme=rea.sold" rel="photos" data-id="113013491"><img src="https://i1.au.reastatic.net/456x342/471c7d6ef95c494be7037f09057f5a8409447d6482edc9286f3754348d813452/main.jpg" alt="19 Hopewell St, Paddington" title="19 Hopewell St, Paddington" data-index="0"></a>
Above: The garage before its renovation.
<a href="/expert-insights/buying/transformed-paddington-garage-now-with-residence-atop">It now has 93 square metres of living space</a>, plus 23 square metres of courtyard along with Centrepoint Tower views.
<img src="/images/phocagallery/2014/09/paddington-sept-23/paddington_0000_j1.jpg.jpg">
Above: The garage after its renovation.
The <a href="/news">Paddington</a> house price median sits at $1.55 million according to RP Data.
The Hopewell Street offering sold through Position Realty agent Deborah Terley with development approval last July and again last month.
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Former fire station turned Paddington mechanics garage listed for auction

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Sydney’s historic Griffiths Teas building are likely to be converted into New York-style converted warehouse apartments, offices and retail space.
Boutique residential developer Cornerstone Property Group has paid $22.22 million through JLL agent James Aroney for the factory that was sold by the property investors Isaac and Susan Wakil.
The Commonwealth and Wentworth Street, Surry Hills acquisition is part of a broader strategy to carve a niche transforming aging industrial buildings into stylish retail spaces and innovative warehouse style apartments, Cornerstone chief executive Michael Grant said.
<img src="https://www.urban.com.au/images/2014/11/05/surry-hills-nov-5-two.png" alt="">
The Cornerstone group recouped $37 million when all 39 apartments in its soon to be redeveloped Classic sportswear ­factory on Cleveland Street sold in May.
An historic mixed-use development at 119-121 Kippax Street is its latest project.
Isaac and Susan Wakil have also offloaded Key College House in Sydney to a ­consortium associated with property developer Michael Teplitsky.
Key College at 49-53 Wentworth Avenue is set to become a hotel and apartment tower with 98 hotel rooms and 35 apartments with hotelier Paul Fischmann’s Eight Hotels group.
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Historic Griffiths Teas, Surry Hills building set for mixed-use conversion

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The brand new penthouse apartment in Claremont House, in Sydney’s The Rocks, has hit the market with a price guide of $2.5 million.
Claremont House is located in the original Cadbury’s Chocolate Factory, and former Lawson Menzies House, on Cumberland Street.
The 197 square metre luxury penthouse, designed by TKD Architects, mixes a raw brick and masonry style with modern benches and fittings.
The three bedroom apartment consists of two large balconies with prime city views and three contemporary bathrooms. It offers private, off street parking and is a five minute walk from Circular Quay and close to public transport services.
The apartment is for sale through Sam Elbanna of CPM Realty and Gavin Rubenstein of Ray White Double Bay.
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Penthouse in converted warehouse in The Rocks hits the market

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A beachfront Balmoral residence - one of only five houses with direct beach frontage - has been snapped up within two weeks of its listing.
It is 918 square metres of terraced tropical gardens with home designed by architect builder Ian Reeler.
Offers were due to close 11 November through Richardson &amp; Wrench Mosman agents Stephen Patrick and Robert Simeon.
Inspectees were told more than $11 million would secure <a href="https://www.rwm.com.au/4-wyargine-street-mosman-nsw/1807001/" target="_blank">4 Wyargine Street, Mosman</a>.
It last sold in 1983 for $550,000.
A harbourfront Curraghbeena Road, Mosman, trophy home holds the Mosman mantle for 2014's top sale this far when sold for $16.3 million by Nick Bain, former head of infrastructure at Allco Finance and now chief executive of Graphite Energy, and his wife Katherine.
Hong Kong-based expat Kate Spanton, wife of Brand Loyalty managing director Philip Spanton, was the buyer of the four storey trophy home.
There are $18.5 million-plus hopes on the near neighbour harbourfront listed by former Cockatoo Coal executive chairman Mark Lochtenberg.
The house in-between sold at $11 million in June. It was bought by the <a href="/news/wine-entrepreneurs-buy-on-mosman-harbourfront-title-tattle-top-20-update">w</a><a href="/news/wine-entrepreneurs-buy-on-mosman-harbourfront-title-tattle-top-20-update">ine entrepreneurs Katrina and Russell Leslie</a> who bought from Anne Clarke and Greg Clarke, the former head of Lend Lease.
On Domain's website there are 53 properties listed at $4 million-plus in Mosman.
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Prized Balmoral beachfront snappily sells at $11 million plus

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A 50% stake in North Sydney’s 101 Miller Street/Greenwood Plaza has sold for $300 million plus.
The deal, one of the biggest commercial property transactions for the fourth quarter, was negotiated by Rob Sewell and Simon Rooney of JLL &amp; CBRE.
TIAA Henderson Real Estate, on behalf of TIAA-CREF purchased the half stake from Eureka Funds Management.
The remaining 50% share of the landmark office tower and dominant shopping centre will continue to be owned by the Mirvac Group.
Mirvac will continue to operate 100% of the asset.
Rob Sewell said 101 Miller and Greenwood Plaza was one of Australia’s limited stock of 35 premium grade buildings.
"But more importantly it is the only premium asset across Australia that is outside of a CBD area," he said.
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Half share in North Sydney's 101 Miller Street-Greenwood Plaza sold for $300 million plus

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The final decision on the Western Sydney light rail network route must be looked at in the context of housing supply, says Urban Taskforce’s CEO Chris Johnson.
The NSW government has <a href="/news/parramatta-light-rail-options-down-to-four-routes">narrowed down the options for Western Sydney’s light rail route to four</a> and Johnson says whichever area receives the new infrastructure will see an uptick in supply.
Currently, the four routes under consideration include:
<ol>
<li>
Macquarie Park (via Carlingford) This particular line has the advantage of having land available at present, Johnson said. 
</li>
<li>
Castle Hill (via Old Northern Road) This line, along with the Bankstown line below, would assist rebalancing the current east-west transport focus. 
</li>
<li>
Bankstown 
</li>
<li>
Sydney Olympic Park (with the potential of reaching Strathfield/Burwood) Johnson said that Olympic Park is “crying out” for better public transport connections to Parramatta. This option would traverse through redundant industrial land, and “stimulate new development”.</li>
</ol>
The lines discussed in December 2013 included the following specifics:
Castle Hill Line: Connects Castle Hill, Baulkham Hills town centre, Parramatta CBD, Rydalmere and an interchange to the North West Rail link.
Macquarie Park Line: Connects Westmead health precinct, Parramatta CBD, University of Western Sydney at Rydalmere, Eastwood town centre and Macquarie Park.
“Each of the four options has its own logic and could be great additions to the cities transport network,” said Johnson.
“With metropolitan Sydney needing to double the existing 1.66 million homes over the next 50 years we must find the best locations for these new homes. The city cannot keep spreading outwards and most communities won’t want every suburban street to be doubled in density.
“The best solution to manage this growth will be through apartment living in taller towers at major centres and in mid-rise apartments along light rail routes,” he said.
“Just as the centres along the North West rail will have significant increases in density so too should the centres along Western Sydney’s light rail be places for growth.”
Johnson expects the development of 4,000 or more homes along the route.
The state government hopes that the light rail network will cement Parramatta as Sydney's second CBD and improve connectivity throughout the region.
{mijopolls 59}
Picture of Parramatta skyline courtesy of Gareth Edwards/ <a class="mw-mmv-license cc-license" href="https://www.propertyobserver.com.au/https://creativecommons.org/licenses/by-sa/3.0" target="_blank">CC BY-SA 3.0</a>.
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