Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

[smartcode_project:default project_id=110291 project_image_fid=302785]

<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

[smartcode_project:default project_id=148957 project_image_fid=364102]

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Joel Robinson

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

&nbsp;

Lanevick to cater for Hunters Hill downsizers with new Gladesville apartment development

Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

WM Residences fills gap in Mordialloc townhouse market

Sydney

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<div class="cq-article-content-paras section">
The heritage space leased to the Rockpool Dining Group on Sydney's Bridge Street is up for sale again, this time with expectations of about $11 million expected for its March 15 tender.
It was bought by the I-Fung family investment vehicle for $8.5 million in 2015.
It is back for sale through Knight Frank's Andy Hu and JLL's Steven Tsang and James Aroney.
The property was previously home to a Rockpool franchise called Eleven Bridge, it is now rebranded as a high-end Chinese restaurant Jade Temple.
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The 490sq m property at Lot 2, 7-11 Bridge Street is in the historic Burns Philp &amp; Co building. The heritage-listed building with soaring ceilings also has a basement, ground level, mezzanine level and three upper levels of commercial space.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/2/7/perry2.jpg" alt="">
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<div class="related-quotes section">The lease to Rockpool Dining Group is in place until July 2023, with 5 plus 5 options.</div>
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<div class="related-quotes section">“The city’s current infrastructure upgrades surrounding the Burns Philp &amp; Co. building is set to benefit from an unprecedented level of development in the Sydney CBD, including the new Light Rail, George Street pedestrianisation and the underground Sydney Metro Rail," Hu said.</div>
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"These developments will improve connectivity and increase patrons and diners in the immediate location due to the increased number of CBD-based workers.”
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j.ballantyne1990-6AQqhLzZaK

Jade Temple, Bridge Street Sydney premises listed in quick flip

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<div class="cq-article-content-paras section">
Sydney has 600,000 bedrooms not being used according to data compiled by EY from 2016 Census estimates.
Unlocking the additional capacity within 30 minutes of the Sydney CBD could boost New South Wales’ GDP by $750 million annually, it suggests.
<div>The greatest numbers of unused bedrooms are North Sydney/Hornsby, Outer West/Blue Mountains and the Inner South West.</div>
<div class="cq-article-content-paras section">
The Eastern Suburbs, the Inner West, the Inner South West and Parramatta have a high number of available rooms that could meet accommodation needs between one and five times over.
The most acute shortage – where the number of surplus bedrooms is insufficient to meet demand – is in the City/Inner South.
</div>
The number of spare bedrooms equates to 190,000 unused dwellings, EY said in its report Sydney housing conversations: moving from affordability to accessibility.
The EY Sydney managing partner Andrew Price suggested better questions needed to be asked about solving affordability problems in housing.
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"There is a need for an additional 135,000 bedrooms in the greater Sydney area, with the biggest demand in the belt stretching from the CBD to Parramatta; to comfortably house all residents in Parramatta an additional 22,000 rooms are required, while for the Inner South West this gure rises to 25,000. 
"While the largest untapped supply is in the outer ring and northern suburbs, there are nevertheless plenty of rooms in the population belt described: 40,000 in Parramatta, 60,000 in the Inner South West and 16,000 in the CBD/ Inner South." 
Click here <a href="https://www.propertyobserver.com.au/images/2018/1/23/PAGE%207%20BEDROOM.jpg" target="_blank">to enlarge.</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/2018/1/23/PAGE%207%20BEDROOM.jpg" alt="">
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He suggests the existing underutilised supply of housing stock could hypothetically meet the forecast demand for new stock for the next five years. 
It estimated if all unused bedrooms within 30 minutes of Sydney's CBD were to house a working adult, that the boost to productivity would equate to an additional $750 million injected each year into the NSW economy.
</div>
<div class="cq-article-content-paras section">
The report noted Sydney actually had an estimated 1.5 million unused bedrooms spread across 900,000 dwellings, but for the purpose of EY's analysis under-utilised properties are defined as those properties which had two or more vacant bedrooms on census night in 2016 because a single vacant bedroom is often used for other purposes.
Click here <a href="https://www.propertyobserver.com.au/images/2018/1/23/PAGE%208%20BEDROOM.jpg" target="_blank">to enlarge.</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/2018/1/23/PAGE%208%20BEDROOM.jpg" alt="">
"Of course in reality, the housing problem is not just about bedrooms," Price acknowledges.
"Households want to live in a self-contained way, and not share utilities such as kitchens and bathrooms.
"However if a small number of households with spare room capacity were prepared to move to more appropriate sized accommodation, this could make a signifcant contribution to addressing the problem.
"A redistribution of housing stock that saw surplus bedroom capacity in key hotspots utilised more fully would go a long way to easing housing pressures," he says.
Sydney vacancy rates have hit a four year high.
 
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Using Sydney's 600,000 vacant bedrooms could boost productivity: EY

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Sydney house renters are targeting the beach.
Sydney vacancy rates have edged to a four year high, according to the REINSW.
The three most in demand suburbs for house renters on realestate.com.au in the second half of 2017 were North Narrabeen, Freshwater and Caringbah.
The median rental price for a three bedroom house in North Narrabeen is $800. The median for a two bedder would cost $650 a week.
A three bedroom home on <a href="https://www.realestate.com.au/property-house-nsw-north+narrabeen-422899202" target="_blank">The Crescent</a> (above and below) recently leased at $750 a week. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/1/23/narra.jpg" alt="">
As for apartments, renters were seeking affordability in Sydney's west.
The most popular suburbs were Padstow, Concord and Lilyfield. 
Padstow's median rental price for a two bedroom apartment is $450.
A two bedroom <a href="https://www.realestate.com.au/property-unit-nsw-padstow-422705270" target="_blank">Padstow Parade apartment</a> is available for $400 a week.
 
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jrobinson-rf4aSBido9

Where renters are looking in Sydney

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Adelaide has overtaken Sydney as the mainland capital with the second strongest growth in property values.
Sydney house values are down 0.2 percent in the quiet first two weeks of the new year, Corelogic data shows.
There was no movement for the other major markets, Melbourne, Brisbane and Adelaide in the year to date.<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/1/15/VALUE%20CHANGES.jpg" alt="">
Perth was also down 0.2 percent.
Sydney's annualised growth sits at 2.5 percent.
 The last time Sydney posted such a low level of growth was at the start of the boom in mid-2012.
There was a 70.8 per cent rise since 2012, Corelogic says.
Adelaide's annualised growth sits at 2.7 percent.
Melbourne is still the market leader.
In December Sydney house prices fell 0.5 percent.
The start of the year is always quiet, but last January (below) saw Sydney prices sitting at an annualised 15.6 percent growth, with 0.7 percent growth just in January, according to CoreLogic.
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Sydney's price decline continues into 2018

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2017 saw a continued trend across Sydney's inner city suburbs where dilapidated terraces hit the market.
Some with no internal walls or ceilings, the DIY and small time developers were primed to pay top dollar purely for the location and land size.
Property Observer has given a run down of the top five run down inner city terrace sales of 2017.
  
1. <a href="https://www.realestate.com.au/sold/property-terrace-nsw-surry+hills-124937998" target="_blank">102 Reservoir Street</a>, Surry Hills - $2,111,000.
<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/2017/12/8/res1.jpg" alt="">
Kicking off the year of the run down terraces was a windfall result at Reservoir Street.
In slightly better shape than some of the others, the four bedroom terrace sold for over $2.1 million.
BresicWhitney's Michael Kirk and Lincoln Westerman sold the home.
They said the old terrace was a project home to suit the true visionaries, however suggested its perhaps dilapidated enough to deter any dreamers.
There was a north-facing courtyard on the 123 sqm corner block.
 
2. <a href="https://www.realestate.com.au/sold/property-house-nsw-darlinghurst-126288502" target="_blank" style="font-size: 12.16px;">141 Womerah Avenue</a>, Darlinghurst - $1,885,000.
<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/2017/12/8/dump10.jpg" alt="">
The dilapidated Darlinghurst terraces saw potential buyers carefully streaming over its slightly perilous wooden floorboards before during the inspections.
The four bedroom home, that dates back to the 1890s, was listed with $1.75 million hopes through James Peach at Ray White.
It features an original floorplan spanning two levels on the 108 sq m block.
It last sold in 1955 when machinist Humbert Teuma paid £3,150.
Aspiring owner-builder Luke Hickel inspected the Darlinghurst offering, but just to research values and costs.
He agreed with the estimate from the listing agent James Peach that $500,000 plus would be needed to bring the terrace up to scratch.
We have a video from the auction here.
 
3. <a href="https://www.realestate.com.au/sold/property-house-nsw-surry+hills-126699394" target="_blank">148 Reservoir Street</a>, Surry Hills - $1.7 million.
<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/2017/12/8/dump1.jpg" alt="">
The terrace on Reservoir Street hadn't traded in over three decades before its November sale.
A transformation of the home had begun but was never finished, so there were newer elements to the attic and staircase.
BresicWhitney Darlinghurst agents Lincoln Westerman and William Phillips had a buyers guide of $1.5 million.
The home last sold for $85,000 in 1985.
 
4. <a href="https://www.realestate.com.au/sold/property-house-nsw-surry+hills-126489002" target="_blank">43 Waterloo Street</a>, Surry Hills - $1.6 million.
<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/2017/12/8/Dump3.jpg" alt="">
One of the most staggering results was another Surry Hills terrace, which sold for $1.6 million after just five days of marketing.
The home, completely dilapidated with missing ceilings and floors, was sold through Bresic Whitney Darlinghurst agents Darren Pearce and Romany Brooks.
The wide terrace, which was a four bedroom, two bathrooms house, is set on a 150 sqm Waterloo Street parcel in the heart of Surry Hills.
It was advertised as having limited access for inspections.
Recently $70,000 was spent on installing beams to support the ceiling and staircase.
Rubbish and household items were also removed in the process.
The home had been vacant for the last decade, with neighbours complaining about rubbish pile up.
 
5. <a href="https://www.realestate.com.au/property-house-nsw-redfern-127020598" target="_blank">544 Elizabeth Street</a>, Redfern - $1.11 million
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The most recent sale of an inner city dump was in Redfern where a terrace fetched $1.1 million at its recent December auction.
Ray White agents James and Teresa Natoli were marketing the home as an exceptional opportunity on a generous footprint in a prime location.
They had an auction guide of $900,000 to $950,000. Teresa said told realestate.com.au that there was no access approved to the site.
"The property is being offered to market in unliveable condition and requires a rebuild," their marketing said.
It last sold for $143,000 in 1991 and has been vacant for the last decade.
 
 
 
 
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The five inner Sydney terrace dumps that all fetched over $1 million in 2017

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The landmark Sirius apartment complex in Sydney's Millers Point has been listed for sale on behalf of the NSW Government.
They have enlisted Savills to market the 11 storey building, built in the late 1970s by architect Tao Gofers.
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A registration of interest process is now open, to be followed by a formal expression of interest stage leading to an invitation to tender for selected applicants. The sale is expected to be finalised in the second half of 2018. 
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Sirius was built to rehouse public tenants who had been displaced after a controversial redevelopment of the historic Rocks suburb during the 1960s and 70s.
A prominent examaple of Brutalist architecture in Australia, Sirius houses 79 one, two, three and four bedroom apartments. Most apartments have harbour and city views, with the rooftop a 360 degree view across both.
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Savills agents Simon Fenn, Stuart Cox, Neil Cooke and Michael Simpson are marketing the property through an international sales campaign with the opportunity for a variety of uses through the flexible zoning application to the 3,650 sqm site.
Savills NSW managing director Simon Fenn said this was a once in a lifetime opportunity.
“Sirius is positioned on some of the most valuable land in Australia and will certainly attract interest from around the globe, with a once in a lifetime opportunity to revitalise this prime site with a range of potential future scenarios including residential, commercial, hotel and retail or a mix of these.”
“Never before has a building with such unobstructed and striking harbour views within the heart of Sydney been offered to the market. A proposal like this is certainly one in a million,” he continued.
Sydney has already seen a major renaissance for the CBD core with approximately $7.9 billion worth of new construction and infrastructure earmarked for the Circular Quay precinct.
Redevelopment at the 3650 sqm site at 2 to 60 Cumberland Street will be limited by a set of rules, the State Significant Precinct State Environmental Planning Policy, which is now on exhibition.
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The new owner is entitled to demolish or adapting the building in its current state for residential, commercial and retail use up to 8420 sqm of gross floor space and across two to four storeys. The height of the building must not exceed the height of the Sydney Harbour Bridge deck.
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It also has to meet design excellence.
Proceeds of the sale of the building will go towards new social housing across the state. More than 700 purpose-built dwellings have been built and there are 372 properties under construction.
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Sydney's iconic Sirius building for sale through Savills

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Despite moderate value declines recently, and with a healthy median dwelling value of $904,041 as at November 2017, Sydney is remains the nation’s most expensive capital city housing market and has kept up this pace consistently, excluding a short period during 2006 and 2007 when Perth surpassed the city. 
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A valuable exercise is to look at how over time, Sydney’s premium relative to the other capital city markets has cycled.
(Note: The accompanying charts show the Sydney premium over time with the red line highlighting the average premium over the length of the period shown on each chart). 
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Overview – capital cities performance compared to Sydney: 
• Melbourne – dwelling values currently sit at $718,325 indicating that Sydney values are 25.9% higher. The Sydney premium is currently the lowest it has been since April 2014. Over the long- term Sydney’s average premium has been 39.2%. 
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• Brisbane – with a median dwelling value of $490,915, Sydney dwellings are currently 84.2% more expensive than Brisbane’s. The long-term average premium is 54.1% and the premium has consistently been higher than this average since September 2014 
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• Adelaide – Sydney dwelling values have, on average, been 180.3% higher than Adelaide’s. Adelaide’s current median dwelling value of $432,126 sees the Sydney premium at 109.2%. Sydney has had an above average premium to Adelaide consistently since November 2014. 
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• Perth – the current median dwelling values for the city is recorded at $463,026 which indicates that Sydney’s current median is 95.2% higher compared to a long-term average difference of 60.8%. The premium for Sydney housing has been above the long-term average since August 2015. 
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• Hobart – with a median dwelling value of $398,093, Sydney’s median value is currently 127.1% higher. The long-term average Sydney premium is 105.0% indicating that the gap has been wider than average since December 2013. 
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• Darwin – Sydney dwellings are currently 108.9% more expensive than Darwin’s median dwelling value which sits at $432,774. Over the long-term the average premium for Sydney dwellings has been recorded at 54.9% with the premium consistently above the long- term average since June 2015. 
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• Canberra – the median dwelling value currently sits at $588,788 which means that Sydney has a value premium of 53.5%. The long-term average premium for Sydney is 33.2% with the premium having been above average consistently since April 2014.
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Just because the Sydney premium is currently above the long-term average for most cities, this doesn’t necessarily mean that we will see a reversion to those long term averages.
We acknowledge that dwelling values are beginning to fall in Sydney after a substantial increase over recent years. Assuming these falls continue, the premium relative to the other capital cities is likely to decline.”
Across most capital cities the current Sydney dwelling value premium is similarly large to what it was late in 2002 after a significant period of growth for the city. Following that growth phase, Sydney values peaked in December 2002 and then fell by 8.2% and didn’t eclipse the previous peak until October 2007. Mr Kusher said, “It is reasonable that we could see similar falls over the coming year(s) which would in-turn narrow the gap between the value of housing in other capital cities relative to Sydney.”
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Cameron Kusher is head of research for CoreLogic. You can contact him <a href="https://blog.corelogic.com.au/about/">here</a>. 
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Sydney has consistently kept mantle as nation's most expensive capital city

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Over recent weeks, auction clearance rates across the nation’s two largest housing markets (Sydney and Melbourne) have been significantly lower than they were 12 months ago however, they haven’t necessarily been all that much lower than the previous years.  While comparing auction volumes and clearance rates to a year ago is valuable, it is much more valuable to look at how these metrics compare across a number of years.
<h3>Melbourne</h3>
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Auction clearance rates in Melbourne are currently substantially lower than they were a year ago.  In fact, the clearance rate of 66.9% last week was the lowest since July of last year.  Although clearance rates are lower than they were a year ago, they are at fairly similar levels to what was being recorded at the same time of year in 2013, 2014 and 2015.  The chart really highlights just how much stronger the auction market in Melbourne was a year ago relative to other recent years.
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  The volume of properties being taken to auction, particularly over recent months, has generally been higher than over recent years.  By comparison, in 2016 when clearance rates were much higher than they have been this year, the number of properties being taken to auction was relatively lower than over recent years.  The higher number of properties being taken to auction is likely to be having some impact on the weaker clearance rates this year relative to last however, volumes are also much higher currently than they were in 2013, 2014 and 2015 a time at which clearance rates were fairly similar to current levels. Given this, clearance rates are actually holding up quite well considering much higher volumes of auctions.
<h3>Sydney</h3>
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Auction clearance rate in Sydney have been at their lowest levels since 2012 over recent weeks and have been on a steady decline throughout 2017.  If you exclude the low volumes in January, last week’s auction clearance rate of 54.8% was the cities lowest clearance rate since December 2015.  Clearance rates have not been consistently as low at this time of year since 2012.  Clearance rates are substantially lower than they were a year ago and are also slightly lower than they were two years ago when APRAs first round of macroprudential policies were significantly impacting Sydney housing demand.  If the previous round of macroprudential policies is a guide we can expect a further weakening of clearance rates over the coming weeks.
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  Unlike Melbourne, Sydney is not seeing a substantially higher number of properties being taken to auction compared to recent years.  In fact over recent weeks there has been an equivalent number of auctions across the city to volumes last year when clearance rates were much higher than they are currently, while there have been fewer auctions than in 2015 when clearance rates were similarly weak.  
There has been clear evidence over recent weeks that auction clearance rates have softened in Sydney and Melbourne.  The falling clearance rates in Sydney are occurring on similar volumes of auctions to recent years but matches the recent declines in dwelling values.  In Melbourne, auction clearance rates have slowed and there has also been a moderate slowdown in value growth.  The big difference in Melbourne has been that auction volumes have been much higher so it is difficult to know if the weaker clearance rates are because of the market overall or due to their being too much stock being put up for auction each week. Keep in mind that clearance rates typically soften through Spring as auction volumes increase so we may have to wait until 2018 to truly understand what is driving the apparent weakness in the Melbourne auction market.
Cameron Kusher is head of research for CoreLogic. You can contact him <a href="https://blog.corelogic.com.au/about/">here</a>.
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What is driving the clearance rate weakness in Sydney and Melbourne? Cameron Kusher

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Hotel Palisade in Sydney’s Millers Point has sold to an investment firm for $31.5 million, as hotel transactions keep up their brisk pace in 2017.
The property is in one of the most historic parts of Sydney close to two of the city’s oldest pubs, the Lord Nelson Brewery Hotel and Hero of Waterloo Hotel as well as the Millers Point terrace houses, which are currently being sold off to wealthy occupiers and investors.
The freehold property was sold to First Master Capital, according to hospitality news website The Shout. It is an Epping based company with Chinese born director, Xin He.
Earlier, the Clovelly Hotel in Sydney’s eastern suburbs changed hands for $34 million, while another waterfront pub, the Beach Hotel in Byron Bay, fetched $70 million.
Hotel Palisade was renovated and reopened in late 2015, and enjoys views of Sydney’s Harbour and surrounding areas.
The renovation saw eight boutique accommodation rooms added plus a ground floor public bar, the rooftop Henry Deane Bar and Restaurant as well as some private function rooms.
The property went to the market with expectations of more than $30 million.
The hotel is perched above The Rocks and overlooks Barangaroo Reserve as the multi-storey hotel was originally bought last May by Richard Sapsford, a British entrepreneur, who paid $20 million for it.
He then spent a further $5 million restoring the 1915-built property into a botique hotel and public bar after spending eight years vacant.
In November, the hotel unveiled the Henry Deane rooftop bar and restaurant.
The selling agents were John Musca and Peter Harper of JLL Hotels.
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Hotel Palisade in Miller's Point sells for $31.5 million

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Sydney's North Ryde tops the list of Sydney suburbs with the biggest jump in apartments for sale.
It follows a spurt in construction of apartments and recent completions were investor seek to onsell their apartments.
North Ryde was followed by Narrabeen, Hillsdale and Sydney Olympic Park. For comparison purposes, the list was derived by suburbs with at least 25 apartments for sale.
North Ryde currently has 77 units for sale compared to 29 a year back, marking a percentage growth of 165 percent in one year.
Narrabeen followed with a 164 percent rise in apartments over the last year, while Hillsdale and Sydney Olympic Park showed rises of 150 percent and 130 percent respectively.
The data was taken from the latest Stock on Market data compiled by realestateinvestar.com.au. 
Ryde has over 175 units for sale, but this time last year it was at 130, so the jump was not as high in available stock.
Liverpool has some 200 units available for sale, up from 110 this time last year.
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<td> Hillsdale</td>
<td> 25</td>
<td> 10</td>
<td> 150</td>
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<td> Narrabeen</td>
<td> 37</td>
<td> 14</td>
<td> 164</td>
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<td> North Ryde</td>
<td> 77</td>
<td> 29</td>
<td> 165</td>
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<td> Sydney Olympic Park</td>
<td> 90</td>
<td> 39</td>
<td> 130</td>
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A two bedroom apartment at <a href="https://www.realestate.com.au/property-apartment-nsw-north+ryde-126937294" target="_blank">20/5B Whiteside Street</a> in North Ryde is on the market in the price range $859,500 to $945,450. 
The brand new apartment is part of the recently completed complex "Macquarie Green", picture above.
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Another one-bedroom apartment at <a href="https://www.realestate.com.au/property-apartment-nsw-north+ryde-125687602" target="_blank">A119/5 Whiteside Street</a> is on sale for $720,000 to $740,000.
It has been developed by the TOGA and Gresham Group.
The Sydney CBD has over 120 units for sale.
 
 
 
 
 
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