<a href="https://www.apartments.com.au/developers/consolidated-properties">Consolidated Properties Group</a> (CPG) is approaching the launch of its latest Brisbane riverfront development, Castile, on the dress circle Skyring Terrace in Newstead.

VIP buyers are now being engaged, with a full public sales launch coming later this year.

Positioned as the final opportunity to secure a new absolute riverfront residence on the East bank of Newstead, Teneriffe or New Farm, Castile at 47 Skyring Terrace has been designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> as a timeless addition to the Brisbane skyline.&nbsp;

[smartcode_project:default project_id=150489 project_image_fid=371113]

The name Castile draws on themes of permanence, sophistication and legacy, reflecting a broader vision centred on enduring architecture and timelessness in the rarest of riverfront positions.&nbsp;

CPG Chairman and CEO Don O’Rorke said the project had been envisioned as a future Brisbane icon.&nbsp;

“With 47 metres of direct river frontage and never to be built out views, 47 Skyring Terrace is the definitive address on the Brisbane River,” O’Rorke said.&nbsp;

[smartcode_project:default project_id=150489 project_image_fid=371114]

“Rather than following trend-based apartment design, Castile draws inspiration from Brisbane’s great heritage buildings, reinterpreting classical architecture into a contemporary riverfront landmark designed to stand proudly for the next 100 years,” he said.&nbsp;

The approved development will comprise 227 apartments across a 25-storey tower alongside a boutique six-storey riverfront building of just 12 residences.&nbsp;

Construction is scheduled to commence in September 2026.

[smartcode_project_cta:default project_id=150489]

Joel Robinson

CPG unveils Castile Newstead ahead of upcoming sales launch

Australia’s online shopping habits have shifted dramatically over the last decade. As eCommerce volumes surged, so too did the frustrations that came with traditional parcel delivery: missed deliveries, long Post Office queues, parcel theft and the challenge of being home during business hours.

Australia Post’s Parcel Lockers emerged as one of the more practical responses to that changing consumer behaviour.

What started as a relatively niche delivery option has evolved into a nationwide network of more than 1,400 self-service Parcel Lockers positioned at train stations, shopping centres, supermarkets and Post Offices across the country. The system allows Australians to send, collect and return parcels 24 hours a day, fundamentally changing how many people interact with deliveries.

The appeal is relatively straightforward: flexibility.

Instead of waiting at home for a delivery driver or rushing to a Post Office before closing time, users can direct eligible parcels to a Parcel Locker location of their choice. Once the parcel arrives, Australia Post sends a notification with a collection code or QR access through the AusPost app, allowing customers to retrieve their package at any time within the collection window.

For apartment residents in particular, the system has become increasingly valuable.

Higher-density living has created logistical challenges around deliveries, especially in buildings without concierge services or secure parcel rooms. Missed deliveries are common, while parcel theft has become an increasing concern as online shopping volumes continue to rise.

Australia Post itself has repeatedly highlighted the growing issue of “porch pirates” during peak shopping periods, encouraging customers to use Parcel Lockers as a safer alternative to unattended home deliveries.

That security aspect is one of the key reasons the Australia Post Parcel Locker network has grown so rapidly.

Parcel Lockers are positioned as secure, monitored collection points that reduce the risk of theft while also improving delivery efficiency for Australia Post. Instead of multiple redelivery attempts, parcels can be consolidated into a single secure destination.

The Parcel Lockers themselves are free to use through a MyPost account and support a range of parcel sizes up to 16 kilograms and dimensions of approximately 35 x 44 x 61 centimetres.

Beyond receiving parcels, the system has increasingly become integrated into the broader eCommerce ecosystem.

Customers can now use Parcel Lockers to return online purchases, while retailers have embraced the model as a way to improve delivery success rates and reduce friction in the shopping process. Australia Post has actively expanded partnerships with major retailers and promoted Parcel Lockers as part of a broader out-of-home strategy.

The timing of that expansion aligns with broader changes in Australian shopping behaviour.

The acceleration of online retail during and after the pandemic placed enormous pressure on delivery infrastructure. Parcel volumes reached record highs, particularly during Black Friday and Christmas periods, with Australia Post delivering more than 100 million parcels during peak festive seasons.

That growth forced logistics providers to rethink the “last mile” of delivery, widely regarded as the most expensive and operationally difficult stage of the process.

Parcel Locker systems have increasingly been viewed as part of the long-term solution.

The concept itself is not unique to Australia. Parcel Locker networks have become common globally, particularly across Europe and Asia, where dense urban environments and apartment living create similar logistical challenges. But Australia’s geography and suburban sprawl made adoption slower initially.

Now, however, the convenience factor is driving mainstream usage.

For commuters, Parcel Lockers near train stations allow parcels to be collected on the way home from work. For apartment dwellers, they remove the uncertainty around access and missed deliveries.

The rise of the AusPost app has also streamlined the experience, centralising notifications, tracking and Parcel Locker access into a single platform. Australia Post has increasingly pushed customers toward app-based delivery management, partly as a way to combat phishing scams and fake delivery notifications, which have become more sophisticated in recent years.

The Parcel Locker model is also beginning to influence property development itself.

Parcel management has become a growing consideration in apartment building design, particularly as online shopping becomes embedded in everyday life. Many new residential developments are now incorporating dedicated parcel rooms or Parcel Locker systems into foyers and communal spaces.

For developers, parcel management is increasingly viewed as part of the broader resident amenity offering, alongside gyms, wellness spaces and communal work areas.

That reflects a wider evolution in how residential buildings are designed.

Apartment buyers are placing greater emphasis on convenience, security and operational functionality, particularly in higher-density urban environments. Parcel delivery, once considered a minor operational detail, has become an increasingly important part of that equation.

Australia Post’s Parcel Locker network sits at the centre of that behavioural shift.

What began as a simple alternative delivery option has evolved into a key piece of infrastructure supporting Australia’s growing eCommerce economy and changing urban lifestyles.

And as online shopping continues to expand, the role of Parcel Lockers is likely to become even more embedded in how Australians live, shop and receive goods.

How Australia Post Parcel Lockers changed parcel delivery convenience in Australia

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;

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

Sydney

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Next month will see the release of seventy new apartments in the Crimson Hill master planned community development, located 15 kilometres from the Sydney CBD in Lindfield.
The Canopy Release, launching 17 May, will offer one, two and three bedroom apartments in the development’s Dunstan Grove precinct.
So named for its canopy views over the Lane Cove National Park, prices of apartments in the Canopy release will start from $575,000.
The <a href="https://www.crimsonhill.com.au/" target="_blank">Dunstan Grove precinct of Crimson Hill</a>, to be sold over a number of stages, will comprise a total of 14 one bedroom apartments, 50 two bedroom apartments, and 65 three bedroom apartments. The Defence Housing Australia developed residences are being marketed towards owner occupiers, with no obligation for owners to lease the properties back to Defence Force members.
<img src="/images/2014/04/28/DHA_CH_DG_Interior_Living2_Small.jpg" alt="">
Each precinct in the development is named after a war hero, with Dunstan Grove taking its name from Victoria Cross recipient William Dunstan, who fought in World War I.
Surrounded by Lane Cove National Park on Sydney’s North Shore, Crimson Hill will comprise 345 residences upon completion, with a mix of apartments, terraces and free standing homes available.
The 700 expected residents will have access to a large community centre and a FIFA two-star accredited synthetic soccer field, both operated by the Ku-ring-gai council. The new Charles Bean Sportsfield was developed by DHA with the Ku-Ring-Gai council and the Northern Suburbs Football Association and opened in December last year. According to DHA managing director Peter Howman, the precinct’s existing fields presented an opportunity to enhance facilities for the community.
“The fields have long been a well-patronised part of this area. We’re excited that as part of the new development, we’ve been able to improve something that has such a clear community benefit,” he said.
Duncan Tweed, chief executive of the Northern Suburbs Football Association said that the field’s synthetic pitch allows play to continue despite wet weather.
“We’ve been waiting for a field like this for a long time. It is fantastic – the best surface we have in our association,” he said.
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jrichardson-uRX5hFdKfN

Sydney’s Crimson Hill development to launch Canopy Release next month

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"It’s been almost impossible to give accurate price guidance when potential purchasers are prepared to fight and bid aggressively, resulting in some delighted vendors," the Ray White chairman Brian White recently noted.
The admission accompanied the Ray White Group achieving $3.2 billion in March sales nationally.
"How wise are vendors to have embraced auction in this cycle," <a href="https://www.raywhitegroup.com/white-paper/" target="_blank">he said in his latest monthly advisory</a>, The White Paper.
"All of the talk in Australia is about Sydney.
"But it went much broader than Sydney," he said earlier this month.
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"It’s always a good sign for Australia when New South Wales is powering.
"It becomes a catalyst for confidence across the nation," he said. 
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"Ray White in Victoria set a new record reflecting a dramatically improved Melbourne market," he said.
He pinpointed a number of offices that "showed just how big some real estate agencies can become.
"For example, <a href="https://rwdbgroup.com/" style="line-height: 1.3em;">Double Bay</a> did $120 million, <a href="https://rwremuera.co.nz/" style="line-height: 1.3em;">Remuera</a> in Auckland did $55 million, <a href="https://raywhitegw.com/" style="line-height: 1.3em;">Glen Waverley</a> in Melbourne also did close to $50 million.
"All massive increases over any previous level."
Last November he noted New South Wales was the standout with its first $1billion month, adding the experience at Ray White Balmain where Sam Kelso and Emily Sim opened a new business and were profitable in the first year, was "inspiring." 
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"We’re seeing record auction clearance rates," he wrote in late 2013.
"Property prices are increasing in most markets, particularly the big cities. 
"The highest percentage of property is now being taken to auction. 
"Confidence to upgrade one’s home is being backed by enthusiasm of a cycle a-go.
"Sooner or later, the cycle will lose intensity," he acknowledged. 
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Mr White likes to call markets as accurately as possible, and in the past weaker markets once noted "There's a terrible statistic in the industry that shows about half of sales are made at a price that is less than the owner was previously offered."
And he had also advised the only softness was the confidence hit that resource regions in Australia are now experiencing. 
"On a bearish note, prices are dropping in resource areas.
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"A reminder of how closely linked property prices are to economic activity," he said. 
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Brian White has said the continued focus on China had resulted in the company being recently invited to present at a key investment conference being held by CCPIT – the arm of the Chinese Government promoting investment within and outside of China.  
But adding that while project sales continued at remarkable levels - "what would this market look like if it no longer had Asian interest?" 
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jchancellor-FAypfDUnLy

Ray White chief says auction price guidance "almost impossible" in aggressive Sydney market

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Mercedes, the 1886 Rustic Gothic Revival residence at Lavender Bay, has been finally sold.
<a href="https://www.homehound.com.au/listing/sold/nsw/sydney-region/north-shore-lower/lavender-bay-north-shore-lower/9-walker-street-lavender-bay-nsw-2060/" target="_blank">Its $6.95 million buyer last month was to the Graham family</a>, who secured it at almost half its ambitious 2011 asking price of $13 million.
It had previously sold by the Sisters of Mercy, Goulburn,<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house-north-sydney-nsw-2060/43612" target="_blank"> in July 2006 for $5 million</a>, and then renovated by Trivest property developer Albert Bertini. He had obstetrician Keith Hartman and hospital industry entrepreneur Shane Moran briefly making up an investment syndicate threesome.
After North Sydney Council approved its $450,000 refurbishment into short-term convalescent accommodation, it was presumably Hartman's passion that briefly had it becoming a $1,300 a night luxury retreat for new mothers and their babies. 
The 1,180 square metres Walker Street property overlooking Lavender Bay had six bedrooms, operating as The Mothers Retreat. But it ceased operating in 2008.
The sale last month was by the company, Lavender Bay Investments of which Albert Bertini was its sole director and shareholder.
The sandstone mansion was built by Broken Hill engineer James Atchison, who sold it in 1893 to the Harcourt family, and then it was owned by the Cahill family, known as Cardigan.
From 1908 until 1944 it was owned by hotelier William Cahill and his wife, Bridget Durack, who sold it to the sisters who gave it its current name.
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No Mercy as Mercedes, Lavender Bay fetches around half ambitious asking price

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Confusao...
A lot of confusing property market commentary around at the moment...perhaps even more so than usual!
I read one article from a US pundit stating that "Australia's property prices are rising faster than ever". That makes for an interesting headline, but none of the real data shows anything remotely close to that. 
RP Data's figures instead demonstrate that, Sydney aside, Australian dwelling prices have essentially done absolutely diddly squat since their previous peak in 2010.
<div class="separator"><a href="https://3.bp.blogspot.com/-qFV8NloyU9I/U1ri3dno2RI/AAAAAAAAMww/EODYFg432kU/s1600/RPD2010.jpg"><img src="https://3.bp.blogspot.com/-qFV8NloyU9I/U1ri3dno2RI/AAAAAAAAMww/EODYFg432kU/s1600/RPD2010.jpg"></a></div>
Source: RP Data
Price changes in real terms
Of course, the above figures are in actual or nominal terms.
In real terms, when adjusted for incomes dwelling prices have gone backwards everywhere except for Sydney over the past four years or so.
Pundits often state that "asset prices can't outpace inflation", but since wages can outpace inflation, so too can dwelling prices. 
<blockquote>
Sydney has been one of the weakest performing property markets over the past decade, with house prices lagging incomes significantly since 2003.
</blockquote>
Given that incomes tend to increase over time, and given that the speed limit on asset valuations largely boil down to the availability of credit and borrowers' ability to service that credit, you might expect that over time dwelling prices could mirror household income growth, while acknowledging that interest rates and the make-up of the average households will also shift.
Sydney
It's now around a decade since Sydney's preceding property boom finished.
Here is what has happened to rents over the time since December 2003 as compared to average weekly earnings ordinary time earnings.
<div class="separator"><img src="https://3.bp.blogspot.com/-1bGJXjrEpn0/U1rkAErYQ-I/AAAAAAAAMw8/ZJTrxkoyy7Q/s1600/Rentsvhouseprices.jpg"></div>
The earnings figures I've used here are the average weekly ordinary time earnings (AWOTE) from the Reserve Bank which increased by a little over 50% over the past decade, which is, of course, well ahead of the rate of inflation, as noted in previous posts.
The recently released <a href="https://www.propertyobserver.com.au/https://www.abs.gov.au/ausstats/abs@.nsf/mf/6401.0?OpenDocument" target="_blank">inflation data from the </a><a href="https://www.propertyobserver.com.au/https://www.abs.gov.au/ausstats/abs@.nsf/mf/6401.0?OpenDocument" target="_blank">Australian Bureau of Statistic</a>s showed that Sydney rents mirrored earnings growth remarkably closely in the harbour city over the past decade, also increasing by around 54%.
As for house prices, contrary to the incendiary commentary from our well-meaning but misguided US friends, Sydney has been one of the weakest performing property markets over the past decade, with house prices lagging incomes significantly since 2003.
<div class="separator"><a href="https://4.bp.blogspot.com/-Z7SkqXRKdDY/U1rk8ixUhYI/AAAAAAAAMxQ/CnMZzX7rghE/s1600/wagesvhouseprices.jpg"><img src="https://4.bp.blogspot.com/-Z7SkqXRKdDY/U1rk8ixUhYI/AAAAAAAAMxQ/CnMZzX7rghE/s1600/wagesvhouseprices.jpg"></a></div>
The chart above explains why I've long suggested Sydney as being the best risk-adjusted bet for investors in Australia over the past five years, since I believe that over the medium term eventually prices would catch up again sending the market up to its next cyclical and irrational peak.
The chart also explains why SQM Research felt that Sydney could show 15-20% growth in 2014.
Recall also that the official cash rate in Australia in the boom years 2000 to 2003 hovered between 4.25% and 6.25%.
Today the cash rate is only 2.50% which is a nontrivial 275 basic points below where it was in December 2003, so it is not unfeasible that we even might yet see the red light overshoot the blue.
<div class="separator"><a href="https://2.bp.blogspot.com/-YWdThY4Q_sU/U1s74tMMJ3I/AAAAAAAAMxg/LnvvnbFOsIM/s1600/OCR2014.jpg"><img src="https://2.bp.blogspot.com/-YWdThY4Q_sU/U1s74tMMJ3I/AAAAAAAAMxg/LnvvnbFOsIM/s1600/OCR2014.jpg"></a></div>
Since average earnings might grow, say conservatively, by say another 2.50% or so in 2014, this would mean Sydney dwelling prices would have to record exceptionally strong growth in the ABS house price index of around 20% to again hit their previous eye-wateringly high levels.
Historically the most expensive city
Sydney has historically been Australia's most expensive city.
Louis Christopher of SQM Research said that "Sydney is like a high PE stock. It trades at high levels because people expect prices to continue performing in the future".
He's right.
Throw in record low interest rates, Sydney's massive population growth, the new impact of self-managed super funds (SMSFs) being able to invest directly in residential property and the fact that the great stock market crashes around the world have seen a global shift from equities to prime location real estate, and I'd take a bet that some time in the coming decade the red line will again have crept closer to the blue.
Global shift
We opined a long time ago that there has been a global shift towards storing wealth in real estate in prime locations, one which has been accelerated by the financial crisis, rock bottom interest rates and a trend towards capital flight from countries across eastern Europe and Asia.
Note that as foreign funds wind their way to these shores, rarely will they be invested in remote or rural areas. 
On the contrary funds will flow to the inner suburbs of Sydney and Melbourne.
It's no coincidence that I've been heavily invested in real estate in cities like Sydney and London, and nor is it any coincidence that we have offices in those two cities. 
Reports <a href="https://in.reuters.com/article/2014/04/25/us-realestate-china-internet-idINBREA3O12120140425" target="_blank">Reuters</a>:
"As property prices cool in Hong Kong and Singapore, which have long been magnets for Chinese investment, more money is flowing to real estate markets such as New York, London and Sydney. 
"Chinese have overtaken Russians for the first time as the biggest buyers of apartments in Manhattan, according to real estate brokers."
<a href="https://www.theaustralian.com.au/business/property/chinese-look-to-australia-for-their-overseas-home/story-fniz9vg9-1226893718109#mm-premium" target="_blank">Juwai also reported</a> this week that Chinese investors are unsurprisingly focusing on Sydney and are buying in suburbs such as Chatswood, Epping, Camperdown, Epping, Mosman and East Sydney.
You can visit <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) or Pete's <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blog</a>.
His new book '<a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>' is out now.
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What's going on in Sydney's property market?

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The median national house price was up 2% for the March quarter and 11.3% over the year, with Melbourne and Sydney remaining the clear market leaders for price growth according to the latest House Price report from Australian Property Monitors (APM).
Price growth rates slowed across all capital cities for the March quarter, with no growth in Perth’s median house price and APM recording falling prices in Hobart, Darwin and Canberra.
The biggest quarterly increase in median price was seen in Sydney, up 3.1% to a median house price of $669,845 for March. However, these results were markedly softer than those recorded in the previous quarter. Median house price recorded in the city for the December quarter was at 5.1%.
APM senior economist Andrew Wilson commented that Sydney’s median house price showed its lowest rate of quarterly growth since March 2013.
“The Sydney house price boom has faded fast as all capital city housing markets recorded waning house price growth over the March quarter,” noted Wilson, who cited affordability barriers in the city’s market resulting from underperforming local economies.
“Other capital city markets have recorded, at best, modest growth which clearly reflects the disparity of the multi-speed recovery profile of the current growth cycle.”
The <a href="https://www.realestate.com.au/property-house-nsw-punchbowl-115014075" target="_blank">three bedroom Punchbowl home</a> pictured below sold for $690,000 last month. 
<img src="/images/2014/04/23/main%205.jpg" width="460" height="345">
The second biggest jump recorded by APM was in Melbourne, where the median price for March was $540,747, up 2.8% for the quarter.
APM’s results for the quarter are more conservative than those posted by RP Data, which recorded a 4.8% median house price increase over the March quarter for Sydney and a 5.8% increase in Melbourne.
Data from APM shows that Sydney’s house market has seen a 16.9% year on year increase in median price, while Melbourne’s median house price is up 11.7% from March 2013.
The greatest drop in median house prices was seen in Canberra, where median house price was recorded at $566,863, down 2.6% for the quarter. Canberra was also the only capital city market that saw a year on year decline, with the median house price falling 1.6% from March last year.
This <a href="https://www.realestate.com.au/property-house-act-mckellar-116248543" target="_blank">three bedroom house</a> on 776 square metres of land in Canberra’s Belconen district sold for $565,000 in March. 
<img src="/images/2014/04/23/image9.jpg" width="460" height="345">
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Melbourne price growth the second strongest capital city, with softening Sydney prices: APM

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A Hurstville Hungry Jacks premises sold for $6.65 million at auction last week.
It reflected a yield of around 2% for the Forest Road premises. 
The vendor’s reserve was $3.15 million according to William Gunning from Gunning Commercial.
Strong buyer interest from local buyers and mainland Chinese investors meant the Hurstville retail market was strong with yields sometimes under 5%.
Late last year the Huaxing Supermarket premises at 198 Forest Road fetched $2.23 million when sold to L &amp; J Zhang Pty Ltd. The premises are 209 square metres.
The last big sale was $11.65 million last June when 124 Forest Road was sold to Shanghai Lihua Hurstville Pty Ltd by Smart Giant (Aust) Pty Ltd.
In 2012 the refurbished two-storey retail strip property leased to NAB sold for $9.013 million equating to a yield of 5.85%.
The bank branch sits on a 418-square-metre site at 252 Forest Road.
On the office front, earlier this year Centuria sold a 4,800 square metre commercial office building at 8 Woodville Street, Hurstville for $17.35 million ($3,615/m²), reflecting a yield of 8.3%.
It last sold for $13.38 million in 2008 when bought from Immer (169) Pty Ltd. 
The office market is being watched closely as the NSW Office of State Revenue is moving from Hurstville to Parramatta premises.
The decision was part of the push which will see more than 3,000 public servants head west under the proposal of then Premier and Minister for Western Sydney Barry O’Farrell “decade of decentralisation” policy.
The Office of Environment and Heritage is also moving Hurstville to Parramatta.
The Australian Taxation Office’s announced last year that it would close its Hurstville office in early 2015, with the relocation or loss of about 500 jobs.
Gunning have listed an investment opportunity in a central location in the shopping strip and commercial precinct .
The 227-229 Forest Road building comprises four levels – with the upper three commercial space. 
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The property has multiple tenancies, and a rental income of $1,011,812 gross. The building size is 1,776 square metres.
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Retail investors hungry for Hurstville despite office market unrest

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The veteran ABC sports commentator Peter Wilkins, best known as "Wilko" has listed his two storey five bedroom Elanora Heights home.
It has been his Sydney home since paying $835,000 in 2003 with wife, Susie. They have two children.
Some $1.3 million plus is being sought for the 1975-built Kalang Road house that sits on a 703 square metre property.
It goes to 1 May auction <a href="https://www.ljhooker.com.au/HCSF6Q/5-bedroom-house-for-sale-elanora-heights" target="_blank">through LJ Hooker Collaroy agent Gordon Spring</a>.
Apparently the couple are seeking a sea-change after its sale. He loves golf, the guitar and surfing.
Currently presenting Grandstand on ABC TV News24, he ranks the radio broadcast of the Socceroos qualification for the 2006 World Cup as a career highlight of the past 32 years.
RP Data puts the median house price at <a href="/news">Elanora Heights</a> at $975,000.
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Peter "Wilko" Wilkins, ABC sports veteran, lists Elanora Heights home

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Finally the sales marketing, including video, has appeared on Belle Property websites for 18 Molong Street, Curl Curl North.
Of course it's the redundant home of the Sydney glamour couple Jennifer Hawkins and builder model husband Jake Wall.
Last week the estate agents posted a <a href="https://www.youtube.com/watch?v=RhPFKHOoc5I" target="_blank">1.40 minute You Tube drone video</a> on the "sublime sanctuary" where Jen and Jake have watched whales cruising across the horizon.
{qtube vid:=RhPFKHOoc5I}
Gotta love the curtains fluttering in the breeze!
There had been just the 179 video views in its first four days.
The house is also featured with <a href="https://www.belleproperty.com/buying/NSW/Northern-Beaches/North-Curl-Curl/House/12P4639-18-molong-street-north-curl-curl-nsw-2099" target="_blank">photos on the Belle website</a>. 
The whisper marketing campaign began early April with the local paper Manly Daily exclusive.
There's still no official price guidance from agent, Steve Thomas at Belle Property who has had a hand in two prior sales in the Windy Drop Down gated community.
Property Observer noted sales have ranged from $2.7 million to $6.7 million over the past four years.
Another non-cliff front designer property fetched $3.15 million two doors away in late 2012 when Thomas sold the 2007 built four bedroom house.
The couple have lived in the Molong Street home for the past three years since they built on a former tennis court block that cost $1.375 million in 2010.
It comes with <a href="https://www.darrenpalmer.com/north-curl-curl.php" target="_blank">Darren Palmer interiors</a>.
<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/2014/04/11/curl%20curl%20april%2011%20one.jpg" alt="">
They are soon off to their next nearby Koichi Takada-designed (below) home.
<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/2014/04/11/hawkins%20instagram.jpg" alt="">
Source: Instagram
Before Hawkins made the move to the northern beaches, The BRW rich lister who ranks number 22 on the Top 50 Entertainers list owned a townhouse in Coogee, which cost $2.27 million in 2009 for $2.27 million and was sold for $2.3 million in 2012.
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Inside Jennifer Hawkins and Jake Wall's North Curl Curl, Sydney listed home

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Sydney's median house price sits at a record $782,973 after the moderating 2014 March quarter price growth, according to one of the property data companies, Australian Property Monitors. 
The record house price median was <a href="/expert-insights/buying/sydney-march-quarter-price-moderation-but-still-far-stronger-than-every-other-capital-city-apm">up 16.9% over the past year to $782,973</a>.
So Property Observer went looking for what house buyers got at around this price. 
Here's our baker's dozen.
<ol>
<li>The nearest to the city was a Surry Hills terrace that fetched $780,000 in an off market sale. The 575 Riley Street terrace on a 127 square metre block had last sold at $400,000 in June 2000. There was 90 square metres living space including three bedrooms in the 1900 built terrace. </li>
<li>
At Kirrawee, $783,000 secured 36 Wylie Street (pictured below), an 1980 built three bedroom house on a 569 square metre block. <a href="https://www.realestate.com.au/property-house-nsw-kirrawee-115790767" target="_blank" style="line-height: 1.3em;">The house</a>, with 126 square metres of living space, previously sold at $679,950 in October 2012. <img src="/images/2014/04/28/kirrawee%20april%2028%20one.jpg" alt=""> 
</li>
<li>
The private treaty vendors at 13 Carmel Close, Baulkham Hills (pictured below) had been looking for $770,000 plus since last November, and took a $780,000 offer in January for the four bedroom 1990 built house through <a href="https://raywhitebaulkhamhills.com.au/nsw/baulkham-hills/1054973/" target="_blank" style="line-height: 1.3em;">Ray White</a>. Set on a large 746 square metre cul de sac parcel of land in a sought after pocket of Crestwood, it was marketed as close to reputable schools, reserves and public transport. <img src="/images/2014/04/28/baulkham%20hills%20apirl%2028%20one.jpg" alt=""> 
</li>
<li>
A one bedroom Enmore semi sold for $780,000, the smallest offering at around the Sydney median house price. The<a href="https://www.realestate.com.au/property-house-nsw-enmore-115458171" target="_blank" style="line-height: 1.3em;"> 29 Gladstone Street</a> (pictured below) offering had previously traded at $600,000 in November 2009. There was 60 square metres living space on the 100 square metre block. The vendors had tried to get $708,000 in early 2011. <img src="/images/2014/04/28/enmore%20april%2028%20one.jpg" alt=""> 
</li>
<li>
There was a nicely <a href="https://www.realestate.com.au/property-terrace-nsw-newtown-115968539" target="_blank" style="line-height: 1.3em;">renovated one bedroom Newtown semi sale</a> at $780,000 through Callagher Real Estate. The 57 Kent Street (pictured below) sale got just 50 square metres living space, the smallest Property Observer came across. It sat on an 89 square metre block. <img src="/images/2014/04/28/newtown%20april%2028%20one.jpg" alt=""> 
</li>
<li>
The $780,000 offer through Century 21 Liverpool for a five bedroom, three bathroom Voyager Point house secured the equal biggest number of bedrooms that Property Observer found. The <a href="https://www.realestate.com.au/property-house-nsw-voyager+point-115709123" target="_blank" style="line-height: 1.3em;">2A Pelorus Avenue house</a> (pictured below) had failed to sell at November auction. It was built in 2001 on its 673 square metre block with 320 square metres of living space. It last sold at $615,000 in January 2012. <img src="/images/2014/04/28/voyager%20point%20apirl%2028%20one.jpg" alt=""> 
</li>
<li>
A five bedroom 1998 Prestons house that sold at $780,000 had a special staircase. <a href="https://www.propertyobserver.com.au/https://www.wiseberry.com.au/property/165030970" target="_blank" style="line-height: 1.3em;">It was marketed by Wiseberry agent Oscar Montes de Oca</a> as a luxury offering. The 6 Mildura Place property (pictured below) came with pool too. Its cinema screen was a tad problematic. Its last sale was $560,000 in June 2009. <img src="/images/2014/04/28/prestons%20april%2028%20one.jpg" alt=""> 
</li>
<li>
There was a $784,600 sale at The Ponds, one of Sydney's newest suburbs through Century 21 Rouse Hill. The four bedroom, two bathroom house at <a href="https://www.realestate.com.au/property-house-nsw-the+ponds-115875739" target="_blank">21 Viceroy Avenue</a> (pictured below) came with media room with 84’’ fixed cinema screen. <img src="/images/2014/04/28/the%20ponds%20apirl%2028%20one.jpg" alt=""> 
</li>
<li>A Tempe semi which was listed with $660,000 plus hopes fetched $780,000. It was two bedrooms at 112 Tempe Road. It last sold at $598,000 in May 2010. The 86 square metre space included attic bedroom. <a href="https://www.realestate.com.au/property-house-nsw-tempe-115904435" target="_blank">The 278 square metre block</a> (pictured below) had enough space for veggie garden. <img src="/images/2014/04/28/temple%20april%2028%20one.jpg" alt=""> </li>
<li>
On the well established upper north shore, a 1970s brick house at Wahronga sold in February at $785,000 through McConnell Bourn ahead of its scheduled March auction. The four bedroom home with 144 square metres living space sits on the largest block Property Observer came across, 1,119 square metres <a href="https://www.realestateview.com.au/Real-Estate/10-cooper-crescent-wahroonga/Property-Details-sold-residential-6674307" target="_blank">at 10 Cooper Crescent</a> (pictured below). It had previously sold at $315,000 in 1996 and 1991. <img src="/images/2014/04/28/wahroonga%20paril%2028%20one.jpg" alt=""> 
</li>
<li>
The property needing the most work was 24 London Street, Enmore (pictured below) which was offered by the NSW Public Trustee. <a href="https://www.realestate.com.au/property-house-nsw-enmore-116002687" target="_blank" style="line-height: 1.3em;">It sold at March auction for $780,000</a> through Laing &amp; Simmons Newtown agent Namir Mikha who had been giving a $650,000 plus pre-auction price guidance on the two bedroom house. <img src="/images/2014/04/28/enmore%20april%2028%20two.jpg" alt=""> 
</li>
<li>
Investors secured the $785,000 purchase of 25 Kirkham Road, Auburn. <a href="https://www.rent.com.au/property-house-auburn-2144-924272" target="_blank" style="line-height: 1.3em;">The three bedroom is available for rent at $570 a week</a>. 
</li>
<li>
Interesting that investors have a high presence on the list with this one at Edensor Park rented out at $650 a week after it was bought for $780,000. And <a href="https://www.realestate.com.au/property-house-nsw-edensor+park-115834415" target="_blank" style="line-height: 1.3em;">14 Keesing Street</a> (pictured below) is another five bedder, which has been another strong feature of the list. <img src="/images/2014/04/28/edensor%20park%20april%2028%20one.jpg" alt=""> 
</li>
</ol>
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What buyers actually get for Sydney’s record $782,973 median house price

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Retired rugby league champion Brad Fittler and his partner, Marie Liarris, have listed their Rose Bay investment semi, Salisbury Cottage.
The four-bedroom, three-bathroom semi with two car spaces has reputed $1.7 million expectations for its <a href="https://www.mcgrath.com.au/buy/house-rose-bay-nsw-2029/222433/?searchID=38696325" target="_blank">May 17 McGrath auction</a>.
The Channel 9 commentator bought the 1920s Salisbury Road semi (pictured as on purchase) for $1.67 million in May 2013 <a href="https://www.raywhite.com/nsw/rose-bay/961246/" target="_blank">through Annette Pollak at Ray White Double Bay</a> when offered to the market for the first time in more than 20 years.
Reflecting four percent yield, it was leased after becoming available with an initial weekly $1300 asking rent through Andrew Anastassiou at <a href="https://www.homeestateagents.com.au" target="_blank">Home</a> Estate Agents Bronte. 
It sits on a 304 square metre holding.
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