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" />

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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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WeWork is set to further expand its Sydney holdings after securing 11,000 sqm of space in a 12 year leasing deal.
The tenancy negotiated by JLL and Knight Frank marks WeWork’s first lease with building owner ARA Australia.  
JLL’s Justin Hayes, Director, Office Leasing – NSW, and Alex Wong, Director, Office Leasing – NSW, managed the deal on behalf of ARA Australia. 
Rohan Neville, Head of Asset Management at ARA Australia, said, “320 Pitt Street provides a unique accommodation solution for WeWork with a dedicated ground-floor entry and exclusive use of the low rise of the building.
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The 32-storey A-grade building has a net lettable area of 29,000 sqm.
Major upgrade works are underway and include an expanded new lobby and end-of-trip facilities. 
Tina Raftopoulos, Director, Office Leasing at Knight Frank, said: "The floor plates at 320 Pitt Street have natural light on all four sides and the column-free, efficient space enhances the options for vertical connectivity throughout the 320 Pitt Street WeWork facility.”
The building is close to Museum station, the new light rail route along George Street and the future Pitt Street Station on the Sydney Metro rail network. 
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j.ballantyne1990-6AQqhLzZaK

WeWork lease further 11,000 square metres of Sydney CBD office space

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EXPERT OBSERVER
The three cities of Sydney, the Harbour City, the River City and the Parkland City will need a vision to have robust growth over the next 20 to 30 years.
With concerns being expressed across Sydney’s suburbs, that medium density could destroy the character of the detached house suburbs, it would seem that major development should occur inSydney’s three cities.
The Urban Taskforce has developed 20 to 30 year visions for the three cities of the Harbour City, the River City and the Parkland City at the Aerotropolis, to give a futuristic feel for how Sydney’s centres could look from 2040 onwards.
We were asked to produce these visions by the Sunday Telegraph and the Daily Telegraph so that their readers could get a glimpse of the future form of the three cities. 
To develop the visions, the Urban Taskforce has worked with Sydney 3D modelling firm Arterra Interactive, Sydney architects LAVA who provided futuristic building forms, and architects Bates Smart who provided a base form for growth aroundCircular Quay.
The Urban Taskforce supports the Greater Sydney Commission’s approach to the three cities, but we are concerned that there seems to be a very suburban approach to Sydney’s character that is beingpromoted particularly in relation to local character. 
The best way to preserve local character is to ensure that most new development occurs in more urban locations in city centres and around railway stations.
 Soour visions for Sydney’s three cities are deliberately robust with significant height and the incorporation of greenery within the urban cores.
It is good to see that the Lord Mayor of Parramatta, Andrew Wilson, is a supporter of a robust city for Parramatta, with building forms that are not just boxes. And that Sam Sangster, the CEO of the Aerotropolis Authority supports the futuristic vision for the Aerotropolis while expressing some concerns about the heights illustrated.
For the Harbour City, Sydney Lord Mayor, Clover Moore, supports more height but is concernedthat her plans are being held up by the state government.
An essential part of the Urban Taskforce vision for the three cities is that they are connected by fast rail and that they work as a connected economic system. 
Cities around the world are now becoming polycentric networks of economic power, where urban centres with quality jobs, retail and urban livingbecome cosmopolitan hubs for local communities.
Here are futuristic and current views of the three major cities for Sydney.
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CHRIS JOHNSON is the Urban Taskforce CEO
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cjohnson-8xfqfuuCSq

Sydney's three city policy needs a vision for robust growth: Chris Johnson

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After an estimated 18% decline in the median house price in Sydney in the two years to June 2019, house price growth is expected to stabilise through 2019/20 as affordability improves and credit conditions ease, a new report said.
A strong supply pipeline will see dwelling completions remaining relatively high in 2019/20 after peaking at record levels in 2018/19, which in turn will dampen price growth, according to the BIS Oxford Economics Residential Property Prospects 2019 to 2022 report.
A total rise of 6% is forecast for Sydney’s median house price in the three years to June 2022.
With investor demand being more negatively impacted by tightened credit, and supply concentrated in the unit sector, the median unit price is forecast to rise by only 1% in this time.
However, with supply falling away sharply from 2020/21, the market is expected to tighten quickly and see price growth accelerate beyond the forecast period.
<a href="https://www.propertyobserver.com.au/images/2019/7/15/BIS%201.jpg" target="_blank">Click here</a> to enlarge:
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Sydney median house price expected to rise 6% by 2022: BIS Oxford Economics 

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Two new giant gangways have arrived at the Overseas Passenger Terminal. 
The custom-built walkways have been designed to better support visits from larger cruise ships, some which carry over 5,000 passengers.
Arriving fully assembled, the gangways were unloaded by crane and installed on the wharf over two days. 
Minister for Transport and Roads Andrew Constance said the two new gangways will improve the terminal’s efficiency. 
“These new passenger bridges will move over 1,200 people every 30 minutes. The great thing is they increase capacity and speed up boarding and disembarking, making it a much more enjoyable experience for the hundreds of thousands of passengers welcomed at the Overseas Passenger Terminal every year,” Mr Constance said.
Following a period of testing and commissioning, the new gangways will be operational in time for the 2019/20 cruise season.
The installation of the new gangways builds on the NSW Government’s significant investments in Sydney’s cruise terminal facilities to ensure the city is the leading cruise tourism destination in Australia.
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Over 1.6 million cruise passengers transit through Sydney’s two cruise terminals: the Overseas Passenger Terminal and White Bay Cruise Terminal, making New South Wales the home of cruise in Australia.
The 300-plus cruise ships visiting New South Wales each year generate $2.75 billion for the state’s economy, support almost 10,000 jobs and generate $800 million in wages.
New vision: <a id="LPlnk419060" href="https://www.propertyobserver.com.au/https://vimeo.com/348085583" target="_blank" data-auth="NotApplicable">https://vimeo.com/348085583</a>
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Major upgrade for Sydney's cruise terminal

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Over the month of June, house prices in both Sydney and Melbourne didn't record losses for the first time in nearly two years, according to CoreLogic.
The end of the housing downturn in the two major capital city markets has been forecasted since the Coalition won parliamentary honours over Labor in May.
The declines slowed down drastically since.
The month of May saw Sydney houses dropping just 0.4 percent and Melbourne 0.6 percent.
The latest figures from CoreLogic, who analyse the housing markets every month, saw Sydney house prices unmoved in June, with Melbourne scoring a 0.1% increase.
Nationally dwelling values are down just 0.2%, with house values down 0.1% and unit values up 0.2%.
To enlarge, <a href="https://www.propertyobserver.com.au/images/2019/7/1/Capital%20City%20markets%20June%20CoreLogic.jpg" target="_blank">click here</a>.
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Hobart's cooling off period only lasted a few months, with house values increasing by 0.1% in June.
The biggest house value declines were felt in Darwin (-1.7%) and Canberra (-0.9%).
Perth saw its house values drop 0.7%, followed by Brisbane 0.6% decline and Adelaide at 0.5%
CoreLogic head of research Tim Lawless believes that the June housing market results provide further evidence that the downturn is running out of steam.
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“The improvement in housing market conditions over the first five months of the year has largely been organic, however since mid-May there has been a raft of announcements that should provide a further positive flow through to housing demand", Lawless said. 
“Stability within the federal government, along with the removal of uncertainty surrounding changes to negative gearing and capital gains tax discounts, has brought about increased certainty and boosted confidence in the housing market.
To enlarge, <a href="https://www.propertyobserver.com.au/images/2019/7/1/CoreLogic%20June%2030%20Capital%20City.jpg" target="_blank">click here</a>.
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“Aided by the housing downturn, we have also seen an improvement around housing affordability, although dwelling values remain high relative to household incomes in Sydney and Melbourne.
"Add to this lower mortgage rates and the high likelihood that interest rate serviceability tests are set to improve.”
The last time Sydney and Melbourne houses didn't record losses in the same month was August 2017 when Sydney's housing downturn began, some six months before Melbourne started declining.
 
 
 
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jrobinson-rf4aSBido9

Sydney and Melbourne housing downturn weakening to a halt

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Office rents in Sydney and Melbourne will continue to grow over the next three years despite rising vacancy on the back of strong net supply, according to independent valuer and advisor m3property’s latest national office market report. 
Adelaide and Brisbane will see some welcome tightening of vacancy and Perth will remain stubbornly high, the firm said. 
The Australian Office Insight: Winter 2019  report forecasts a vacancy rate of 6.3% for Sydney by December 2021 with an average annual net supply of circa 74,000 square metres, while Melbourne’s vacancy will rise to just under 5% with average annual net supply of circa 125,000 square metres. 
National Director Research, Jennifer Williams, said while challenging economic conditions threatened white collar employment levels, massive infrastructure spending and a resurgence in the mining sector would help to stabilise vacancy rates nationally.  
“Generally most markets are in the upward phase and performing well with Sydney and Melbourne heading towards a peak, Adelaide in a stable growth phase, Brisbane and Canberra in early upturn and Perth at the nadir of its cycle,’’ Williams said. 
“Over the outlook period to December 2021 there are risks associated with the adoption of new technology and the impact on white-collar employment, falling domestic consumption and dwelling construction, global trade issues, and supply cycles gaining momentum, particularly in Sydney and Melbourne. 
“On the positive side any further interest rate cuts should provide some economic stimulus along with proposed tax cuts, as should infrastructure projects and an uptick in the mining sector, particularly for the Perth and Brisbane markets.’’
Williams said government policies, particularly federally, would be critical to addressing the weakness in household consumption.  
“Household consumption, which accounts for nearly 60% of GDP, is critical to overall economic health.
“While employment is reasonably low at around 5%, it has not translated into the sort of wages growth required to drive an increase in consumption, stimulate the economy and underpin ongoing employment growth, especially at a time when consumers are also faced with falling dwelling values.’’
<a href="https://www.propertyobserver.com.au/images/2019/6/25/m3property.jpg" target="_blank">Click here</a> to enlarge: 
<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/2019/6/25/m3property.jpg" alt="">
National Director Office, Andrew Duguid, said while rents continued to rise in Melbourne and Sydney, tenants were getting more for their money. 
“New generation buildings, the evolving nature of landlord services, and improved infrastructure and connectivity have very much added to tenant amenity and are driving growth in most markets,’’ Duguid said. 
He said while Sydney’s prime office vacancy would soften, secondary grade buildings would likely see a greater rise in vacancy with the result that landlords would come under pressure to maintain rents. 
“New supply will continue to drive mobility of tenants to new and refurbished buildings, resulting in increased demand and growth in prime stock and retraction in demand for secondary buildings. We expect this trend to continue as the supply cycle unfolds over the next few years,’’ Duguid said.  
He said the outlook for Melbourne was very positive as the limited availability of key development sites would keep a lid on any rise in vacancy. 
“Delivery of new buildings during the current construction cycle will partly alleviate availability pressures but forecast strong tenant demand will ensure vacancy remains low and rents continue to grow.’’
The report found that, with the exception of Melbourne, which has seen 6.5% growth, prime face rents had only risen marginally over the year to March 2019 and were forecast to continue that trend in the short-term.
High vacancy levels in Brisbane, Adelaide and Perth were expected to keep rent growth low in those markets.  
On the investment front, Duguid said demand was strong across all markets, from listed and unlisted funds as well as foreign investors.
He said strong pricing in core CBD markets in Sydney and Melbourne had created opportunities in other locations including Canberra, Adelaide and the metropolitan markets while yields were set to stabilise in most CBDs with Perth and Melbourne the exceptions with a slight firming expected in those markets.
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Sydney office vacancy to top 6% by 2021: m3property

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The first half of 2019 confronted a unique set of circumstances in that both a state and federal election were held, according to the latest Herron Todd White (HTW) residential report. 
This has provided a further brake on the Sydney property market, particularly in the case of the federal election with property at the forefront of the campaign given the negative gearing and capital gains tax changes proposed, the report noted.
In general, auction rates have improved on the back of vendor expectations meeting the market, the number of property transactions is down compared to 2018 and price declines have been slowing but are still down 4.3% from the start of the year to mid-May, with an 11.2% decline over the past 12 months, according to Corelogic. 
"There have been mixed results across Sydney however with different areas performing better than others," the valuation firm said. 
The tables below show the five best and five worst performing Sydney regions in regard to change in dwelling values.
Median prices in the Blue Mountains and upper northern beaches showed greater resilience over the past 12 months while Epping and southern Sydney appear to have experienced the greatest falls.
Capital city SA2 regions with greatest annual change in dwelling values, 12 months to Apr-19
<table cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top">
SA2 Region 
</td>
<td valign="top">
Capital city region
</td>
<td valign="top">
Change 12 mths to April-19
</td>
</tr>
<tr>
<td valign="top">
Blue Mountains -North
</td>
<td valign="top">
Sydney
</td>
<td valign="top">
1.1%
</td>
</tr>
<tr>
<td valign="top">
Wentworth Falls
</td>
<td valign="top">
Sydney
</td>
<td valign="top">
0.1%
</td>
</tr>
<tr>
<td valign="top">
Bayview - Elanora Heights 
</td>
<td valign="top">
Sydney
</td>
<td valign="top">
-1.8%
</td>
</tr>
<tr>
<td valign="top">
Lawson - Hazelbrook Linden
</td>
<td valign="top">
Sydney
</td>
<td valign="top">
-2.1%
</td>
</tr>
<tr>
<td valign="top">
Newport - Bilgla
</td>
<td valign="top">
Sydney
</td>
<td valign="top">
-2.6%
</td>
</tr>
</tbody></table>
A three bedroom house with original features at Katoomba has been sold for $515,000 (pictured below).
The elevated character home at<a href="https://www.realestate.com.au/sold/property-house-nsw-katoomba-131222054" target="_blank"> 34 Freelander Avenue </a>comprises formal lounge room, open plan kitchen, large living area, three bedrooms, sunroom and established garden.
It's close to local schools, park and bus stop.
<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/2019/6/13/katoomba%20.jpg" alt="">
Capital city SA2 regions with largest annual fall in dwelling values, 12 months to Apr-19
<table cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top">
SA2 Region 
</td>
<td valign="top">
Capital city region
</td>
<td valign="top">
Change 12 mths to April-19
</td>
</tr>
<tr>
<td valign="top">
Bass Hill - Georges Hall
</td>
<td valign="top">
Sydney
</td>
<td valign="top">
-19.4%
</td>
</tr>
<tr>
<td valign="top">
Epping - North Epping
</td>
<td valign="top">
Sydney
</td>
<td valign="top">
-19.1%
</td>
</tr>
<tr>
<td valign="top">
Panania - Milperra - Picnic point
</td>
<td valign="top">
Sydney
</td>
<td valign="top">
-18.9%
</td>
</tr>
<tr>
<td valign="top">
Revesby
</td>
<td valign="top">
Sydney
</td>
<td valign="top">
-18.5%
</td>
</tr>
<tr>
<td valign="top">
Miranda - Yowie Bay
</td>
<td valign="top">
Sydney
</td>
<td valign="top">
-17.8%
</td>
</tr>
</tbody></table>
A five bedroom house at Bass Hill recently sold for $1.03 million (pictured below).
Set on a 645 square metre block, the family home at<a href="https://www.realestate.com.au/sold/property-house-nsw-bass+hill-131175086" target="_blank"> 41 Broad Street</a> comes with multiple living areas, five bedrooms, timber kitchen and outdoor entertainment area.
Other features include security alarm system, air conditioning, video intercom, and wood fireplace.
<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/2019/6/13/bass%20hill.jpg" alt="">
The report suggest house prices still appear to be falling at a faster rate than units, with the Sydney median house price down 3.1% in the March quarter to $1,027,962.
This compares to the Sydney median unit price which is down 2% in the March quarter to $696,935 (source: Domain).
"A likely interest rate cut, an increased appetite for new loans by major lenders and more certainty after the elections are likely to see market conditions continuing to improve in the second half of the year, with prices beginning to stabilise," the report said. 
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Sydney house prices falling faster than units: HTW residential 

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Developed by Investa for Oxford Investa Property Partners (OIPP), Barrack Place at 151 Clarence Street in Sydney, has been awarded the Urban Land Insitute (ULI) Asia Pacific 2019 Award for Excellence.
The full development process of a project is reviewed as part of the award criteria, in particular the architecture and design of the building is considered along with its community impact, level of innovation and environmental protection and enhancement.
Mark Tait, Group Executive &amp; Head of Commercial Development at Investa said, “Investa is extremely proud of the excellent achievements and continued recognition received by Barrack Place. We would like to convey our appreciation to all of our consultants, contractors and stakeholders on the project, for their contribution and shared vision in bringing Barrack Place to life.”
Nicholas Brooke, ULI Asia Pacific Chairman said “Asia Pacific is home to many exemplary projects and all the winners of this year’s award demonstrate best practice in land use and continue to push the industry forward, while putting people first.”
<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/2019/6/18/Barrack%20Place%202.jpg" alt="">
The award ceremony took place in Shanghai, as part of the ULI’s 2019 ULI Asia Pacific Summit.
Representatives of both Investa and Architectus attended the Summit to accept the award on behalf of Barrack Place.
Architectus’ Managing Principal, Colin Odbert, said “it is an honour to receive this ULI Asia Pacific Award for Excellence for Barrack Place. The award represents both Architectus’ and Investa’s commitment to delivering developments that exceed expectations and showcase superior quality in design and architecture. Drawing inspiration from the heritage of the precinct, our focus was on creating a contemporary, commercial space that creatively reflects the history of the area, while providing a design solution that meets the needs of modern workers.”
The ULI Asia Pacific Awards for Excellence is the latest recognition received by Barrack Place, having recently been awarded the WELL Certified Platinum Rating.
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Barrack Place wins Urban Land Institute Asia Pacific Award for Excellence 2019

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Billionaire investor Robert Millner has completed his upgrade within Sydney’s Observatory Tower.
His longtime two-bedroom-plus-study apartment, which had a $2.65 million price guide through Vanguarde Sydney agent Tim Breckell, has been sold.
The garden apartment cost $530,000 in 1998.
The Washington H Soul Pattinson chairman has bought on the 25th floor for $5.2 million from Elsa Morgan, widow of hotelier Maurice Morgan.
Miller retains links with Cowra, where his family has farmed for about 60 years.
He joined the family business in 1984.
This article was first published in the Saturday Daily Telegraph. 
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firstname1-iYD4UYzvBa

Billionaire Robert Millner sells Millers Point apartment

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EXPERT OBSERVATION
Newspapers and other forms of mainstream media add to the great seething mass of misinformation when they publish a single figure to describe price trends in a major capital city.
When they declare that Sydney prices have dropped 10% or 12% in the past 12 months, it paints a picture of a market where there is universal decline in prices right across the Sydney metropolitan area - which includes hundreds of suburbs as diverse as Bondi v Penrith or Manly v Campbelltown.
The proposition that a city so big, with all its diverse elements and situations, can be described with one figure depicting a single homogeneous market, is quite ludicrous. And when we dig a little deeper, we finds all kinds of different scenarios in play.
Our suburb-by-suburb analysis shows that there are close to 100 Sydney markets where median prices are higher than a year ago.
Many of the markets where prices have continued to grow are apartment precincts – it’s not happening across the board, but it’s a significant sub-plot in the Sydney market.
A feature of this scenario is the number of suburbs where the unit market is out-performing the house market.
Suburbs where the median house price has dropped in the past 12 months, but the median unit market has risen, include Lindfield, Annandale, Jannali, Matraville, North Bondi, Peakhurst, Roseville, Rozelle, Turramurra, Bondi Junction, Burwood, Dulwich Hill, Hurstville, Manly, Naremburn, Newport, Seaforth and Stanmore, among others.
In North Bondi, the median house price has dropped 18% but the median apartment price has increased 19%.
In Peakhurst, the median house price is down 16% but the median price for apartments is up 8%.
In Jannali, the median house price has dropped 10% over 12 months, but the median apartment price has risen 22%.
We believe this reflects buyers seeking affordability in an expensive market.
Sydney’s prolonged boom peaked in terms of buyer activity in 2015-16 and sales volumes started to reduce from that point – but it wasn’t until 2017 that it started to show up noticeably in the published price data.
After several years of strong growth, buyers in all market sectors began to resist the high pricing levels. Essentially, the Sydney market hit an affordability wall.
Since then, demand for the cheaper unit product has helped to boost price levels in some suburbs, while demand for houses in the same suburb has declined.
In Hurstville, the median price differential is $1.43 million for houses and $730,000 for units - i.e. the typical apartment is half the price of the average house.
There’s an even greater variance in Annandale, where the median house price of $1.6 million is more than double the apartment median of $755,000.
In upmarket Roseville, the median comparison is $2.85 million for houses and $1.08 million for units.
Those numbers help to explain why unit prices are defying the house price trend, in some areas.
Another part of the equation is the preference among younger buyers for the apartment lifestyle, rejecting the house-on-land in the 'burbs choice made by their parents and grandparents.
Terry Ryder is the founder of hotspotting.com.au
<a href="https://mailto:ryder@hotspotting.com.au" target="_blank">ryder@hotspotting.com.au</a>
twitter.com/hotspotting
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