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

<html><body><div id="story-description">
A major slowing trend was emerging internationally with three key real estate markets showing the same nervous signs.
Vancouver, Sydney and Melbourne were the key cities, according to The Australian columnist, Robert Gottliebsen, who pinpointed a reduction in Chinese buying and reluctance by the non-Chinese locals to buy at the high prices.
"The slower real estate sales combined with no rises in non-public servant salaries is causing motor and retail sales to stall," he reported on the local economic consequences.
"The share market is clearly nervous.
"And we are just at the start of the process," he wrote today.
"Traditionally, once dwelling buyers lose the flower of abundant confidence there is a period of much lower volumes because sellers are reluctant to meet the market.
"That’s what we are seeing in Vancouver."
He suggested Vancouver was ahead in timing which would help understand what could happen in Melbourne and Sydney.
"A series of clamps and higher taxes have been imposed on overseas investors in Vancouver.
"Accordingly, Vancouver has seen an easing of prices but, more importantly, volumes have been slashed because sellers can’t move their stock.
"In April the volume of detached Vancouver houses sold fell a staggering 50 per cent."
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j.ballantyne1990-6AQqhLzZaK

Stalled Vancouver house sales offers a signal for Sydney and Melbourne: Robert Gottliebsen

<html><body>
Nowhere more than in Sydney, the city with the most valuable real estate of the nation, does the suburb you live in define you so much.
At Melbourne parties, they ask: "Where did you go to school?" followed by "What footy team do you barrack for?"
In Sydney we want to know "Where do you live?" and then "How much did you pay?"
Residents in Mount Gilead, set to be one of our newest suburbs, will become as aware of the neighbourhood pecking order as are the last few dames of the upper north shore.
It is not so much about class these days, as about perception, about how smart we see ourselves and others in the pursuit of the property prize.
Sydneysiders know their place, wherever it is, from the mountains to the harbour and coastline.
We define ourselves by the suburbs we look up to and look down on.
I was thinking about this last weekend after the sale of the Fairfax publishing dynasty's $70 million plus harbourfront home, Elaine.
For 123 years of its ownership it sat proudly in Double Bay, but for the past three years during its sales marketing campaign it has been inaccurately described as Point Piper.
Granted it sits on Seven Shillings Beach which takes in both suburbs - and doesn't have a demarkation line in the sand.
I rechecked the official Elaine lands title document and it does say Double Bay. Ok probably Point Piper holds aspirational top spot, but is Double Bay that down at heel to be disowned? 
As Sydneysiders we tend not to actually envy too many of the 650 other suburbs, but rather keep the tribal snobbery to the nearest.
There's the infamous split between the Woollahra and Paddington side of Jersey Road. 
Social death can lie on the wrong side of divides such as Old Windsor Road separating The Hills from Blacktown, while Burwood Heights sits on the wrong side of Liverpool Road for most Burwood residents.
Adjoining suburbs such as Palm Beach and Whale Beach, Woolwich and Hunters Hill look down on each other.
East Balmain and East Redfern are more desirable than Balmain or Redfern. 
On the train line east is always better than west on the Upper North Shore.
Tastes do change over time so the eastern suburbs beaches long lagged behind the harbourside suburbs, though in recent years the likes of North Bondi attracted a happening crowd.
There can be snobbery in reverse as when BrickX secured their recent apartment they were happy to rightly embrace it being in Darlinghurst, while most other occupants in the McLachlan Avenue block claim it's Rushcutters Bay.
Of course as we all live in Sydney, we collectively can look down on every other city in Australia.
 
This article was first published in the Saturday Telegraph
 
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jchancellor-FAypfDUnLy

How snobbery shows in Sydney's property pecking order

<html><body>
Sydney's eastern suburbs prestige home auction market faces testing times.
Estate agents are concerned the top end enters the winter hibernation with a serious overload of unsold stock.
Winter traditionally sees reduced activity as buyers and agents head overseas for holidays.
The eastern suburbs has dozens of stale listings on websites and off market.
There are 12 forlorn offerings sitting on the website of the leading eastern suburbs' listers, Sotheby's International with $10 million plus hopes.
The recent $13 million plus sale of the Bellevue Hill mansion of Japanese developer Kemmori “Alex” Yasumoto and his wife Sacha to the Berger family is hoped as the icebreaker sale on the sales impasse.
Michael Pallier secured the sale of the 2000-square-metre property on Suttie Road after seven months.
But another offering, in Rose Bay has been with its Sotheby's listing agent since 2014.
Another in Vaucluse was listed in late 2015 by agent Michael Pallier.
The home at 70 Wentworth Road had an initial price guide of more than $30 million.
The five-bedroom house on more than 1400sq m of harbour front land was listed by downsizers.
“They are empty nesters, their children have grown up, left home and they’re ready to pass the baton on to next person,” Pallier said at the time of 2015 listing, adding there had been interest from both local and overseas buyers which had buoyed hopes it would sell over the before the 2016 New Year.
“That pocket along there — there’s only a limited number of those prized, deep water front houses and they rarely come onto the market.”
But it was still there when the local paper advised Pallier hasn’t inked a deal yet in February this year, but noted he advised the $33 million five-bedroom waterfront abode at 70 Wentworth Rd had been particularly popular with Chinese buyers here for the Chinese New Year celebrations.
“They dream of being able to fish from the front garden or jetty,” he said.
Pallier was described in the spiel as a "listings machine" by his wife, Lu Lu who said she brings the buyers.
Pallier described this year’s Chinese New Year as "the strongest we’ve ever seen” in terms of inquiry from Chinese buyers and inspections.
But rival agents suggest the level of unsold stock pitched at the Chinese buyer was a sign of trouble in the market.
It is not just harbourside as last October a Tamarama Marine Drive, Tamarama building block was listed by Marco Rossi, chairman and founder of the construction company Built.
There were $15 million expectations for the property Rossi bought back in 2007 for $11 million through the Blacket Agency, setting a record for the suburb at the time.
He demolished the existing building and excavated at a cost of around $1 million.
Plans for the five bedroom home include an eight-car garage and a lift from the street frontage are estimated to cost another $7 million.
They were designed by internationally renowned architect Wallace E. Cunningham.
In March the private auction for the blue blood Hordern family's longheld Bellevue Hill trophy home didn't go ahead.
The Ginaghulla Road home was set for a private auction through Sydney Sotheby's James McCowan, but was pulled and remains for sale.
Heritage-listed, the iconic eight bedroom home was built as a wedding gift to June Baillieu and Samuel Hordern, who united two of Australia's most prominent families.
One of Sydney's most famed architects Professor Leslie Wilkinson was commissioned to design the home some 80 years ago.
The home, still etched with the Hordern family coat of arms, is set behind a walled entry with a forecourt in a church-style.
Another unsold offering is the redundant Point Piper home of BRW Rich Lister Paul Lederer and his wife Eva which was listed last December with $20 million hopes.
The Wyuna Road property was designed by architect John Suttor and purchased by the Lederers in 1992 for $2.8 million from businessman Charles Scarf and his wife Maria.
While the $10 million plus market appears stalled, valuers HTW recently noted the Sydney prestige property market, generally considered to be properties above $3 million, has continued its strong performance into 2017.
It pinpointed Bellevue Hill in Sydney’s east has having a total of 70 dwelling sales in the past 12 months with a median price as at April 2017 of $4.777 million.
HTW noted factors which have been driving the prestige market included a limited supply of quality stock coming on to the market and a sustained period of high auction clearance rates in prestige suburbs.
Savills recently noted prices in Sydney’s luxury eastern suburbs markets continued to increase in the first quarter of 2017, "albeit at a slower rate than seen across Greater Sydney."
The luxury property market increased by 1.2 percent over the three months to March 2017, taking annual growth to 8 percent.
This compares to a quarterly and annual growth of 5 percent and 18.9 percent respectively for Greater Sydney, according to Corelogic.
Savills says this outperformance was partly due to the price differential.
"The median price of properties in the luxury index is over $7 million compared to $795,000 across the wider Sydney market," it noted.
"The luxury eastern suburbs markets are less dependent on affordability - instead, the market is driven by global flows of wealth and a supply versus demand balance," Savills International head of research Sophie Chick said.
Savills calculated across the luxury market in the eastern suburbs the average price per square metre (internal and external) is $16,600.
For a property on the waterfront, that increases to $24,800, a 50 percent premium.
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Sydney's eastern suburbs prestige market enters winter with overpriced oversupply

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A two bedroom apartment in one of Sydney’s tightly-held apartment blocks sold for $8.715 million - making it Sydney’s most expensive weekend auction sale.
Located at <a href="https://www.realestate.com.au/property-apartment-nsw-sydney-125351338" target="_blank">2502/2 Philip St</a>, the property has views of Circular Quay, Botanic Gardens and North Head.
It was last sold in 2009 for $7 million and before that in 1998 for $4 million.
It had been partially refurbished with potential for further enhancements with an interior size of 253 sqm.
<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/2017/05/28/2502_2%20Phillip%20Street-2.jpg" alt="">
With a northern perspective there is the possibility of a third bedroom alongside open plan entertainment area.
Other features includes wraparound balcony and double garage.
The property was sold through Morton agents Ettiene West and Laura Lloyd-Cairns.
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Two bedroom Circular Quay, Sydney apartment fetches $8.715 million

<html><body>
<img src="https://counter.theconversation.edu.au/content/78030/count.gif?distributor=republish-lightbox-advanced" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Sydney is frequently placed in the top ten of global “liveability” rankings. But despite the growing popularity of the buzzword liveability, questions remain about what it actually entails. What does a liveable city look like? How do we measure liveability? And, most importantly, liveable for whom? 
The idea of liveability and liveability rankings has some usefulness. However, such rankings mask the disadvantaged, marginalised and excluded within cities, including Sydney. 
In yet-to-be-published research, our analysis of Australian Bureau of Statistics (ABS) data from 1991, 2001 and 2011 indicates there are clear “winners” and “losers” in Sydney. Despite the strong economic growth in the 1990s, there is still a clear divide between eastern and western Sydney. 
<h2>Who defines and rates liveability?</h2>
The term liveability has proliferated in planning and public discussions, but few definitions are provided. 
Liveability is usually captured by published indices. Broadly speaking, there are three categories of indices: those that focus on decision-making from the perspective of individual lifestyle preferences, the firm, and policymakers. 
The best-known liveability indices are developed commercially. These include the Economist Intelligence Unit’s Global Liveability Index, the Mercer Quality of Life Survey, PricewaterhouseCoopers’ Cities of Opportunity Quality of Life, and the Global Liveable Cities Index. 
More recently, Sydney suburbs have been ranked according to various liveability indices (such as Domain Liveable Sydney 2016 and the Urban Living Index). However, overall these liveability indices tend to simplify or disregard crucial factors.
These indices tell a particular and incomplete story about the city. When viewed through the lens of spatial geography, it is clear that Sydney’s ranking as a liveable city requires greater recognition of the ways in which some Sydneysiders experience inequality and disadvantage.
<h2>What did our study find?</h2>
We compared ABS data from 1991 or 2001 to the data from 2011, focusing on four issues: income, unemployment, travel to work, and housing tenure. 
Our analysis of employment found that the proportion of people employed in Greater Sydney slightly increased (94% in 2001 compared with 94.3% in 2011) and the unemployed decreased (6% in 2001 compared with 5.7% in 2011). People in full-time employment decreased while the number of people working part-time increased, bringing it almost on par with the Australian figure. 
However, the data does not reveal the disparities in people’s incomes according to where they live. When we viewed the data spatially, it was evident that people who live in the central city, inner east, inner west and the north shore of Sydney have higher weekly incomes than those living in the western parts of Sydney.
Income levels in Sydney
<a href="https://www.propertyobserver.com.au/images/2017/05/28/file-20170525-31761-yiq0xt.jpg" target="_blank">Click 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/2017/05/28/file-20170525-31761-yiq0xt.jpg" alt="">
Highest-income areas are shown in red, with lowest-income areas in blue. Author provided
Our analysis also found spatial disparities in the way people commute to work. Driving remained the main form of travel (49.2% in 1991 compared to 53.8% in 2011), demonstrating continued car dependence in Sydney. 
The disparity between east and west was evident in people’s opinions and preferences about travel. People in eastern Sydney felt more able to live close to where they work (72% compared with 62% in western Sydney). 
People in western Sydney were less likely to feel they had the transport they needed (86% compared with 91% in eastern Sydney). But, interestingly, they also felt that transport was less important than eastern Sydney residents. 
Finally, our analysis of housing tenure over the 20 years to 2011 found the level of outright home ownership fell by almost 10%. The proportion of people with mortgages increased (26.6% in 1991 compared with 33.2% in 2011), as did the number of people renting (28% in 1991 compared to 30.4% in 2011). 
Housing tenure in Sydney
<a href="https://www.propertyobserver.com.au/images/2017/05/28/file-20170525-31756-1qgbl4f.jpg" target="_blank">Click 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/2017/05/28/file-20170525-31756-1qgbl4f.jpg" alt=""> 
Areas with highest rates of outright home ownership are shown in blue, with areas of highest rates of mortgages in red.Author provided
To sum up, the winners: live in the city, inner east, inner west and parts of northern suburbs, have relatively easy access to well-paid work, and own their homes. 
The losers: live further from the concentrations of economic activity (jobs), have higher job insecurity, longer travel-to-work times, poorer transport choices and connections, lower incomes, more rental stress, less time with families, and poorer reported wellbeing.
Our analysis aligns with other recent research – see, for example, findings by the Grattan Institute, the Australian Department of Infrastructure and Regional Development and the Australian Housing Urban Research Institute. 
<h2>How can liveability be better shared?</h2>
How then do the various liveability indices account for spatial inequality and disadvantage? In 2012, the Economist Intelligence Unit added a category based on “spatial adjustments”. The Spatial Adjusted Liveability Index now makes up 25% of the Economist Intelligence Unit’s liveability score. 
Various programs and policies have also been designed to tackle liveability. These are helpful initiatives, but a more holistic and interdisciplinary approach is needed. Approaches to liveability need to be integrated (both place-based and people-based).
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First, to be effective, institutions need to decrease fragmented responses. 
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Second, greater social inclusion is vital. This includes participatory approaches to planning and equitable access to jobs, services and amenity.
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Third, cities need co-operative governance whereby citizens can affect decision-making through legitimate involvement. 
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A greater focus on these recommendations might bring Sydney a little closer to being a liveable city for all.
<a href="https://theconversation.com/profiles/roberta-ryan-172068" target="_blank">Roberta Ryan</a> is professor and director, UTS Institute for Public Policy and Governance and UTS Centre for Local Government, University of Technology Sydney.
<a href="https://theconversation.com/profiles/yvette-selim-365400" target="_blank">Yvette Selim</a> is senior researcher and lecturer, UTS Institute for Public Policy and Governance, University of Technology Sydney.
Both are authors for The Conversation.
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‘Liveable’ Sydney has clear winners and losers

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Lower winter market listings will commence from the Queen’s Birthday holiday break next month, but vendors should really sell their homes whenever it is convenient. 
The unpleasant weather of winter does not dampen interest in the Sydney market as it did in the past. 
Indeed winter can be a great time to sell given that there will be fewer listings competing for buyer attention. 
Over recent years there has been a rising trend of winter auction volumes to record levels. 
REA Group chief economist Nerida Conisbee noted last year winter was the season with the highest clearance rates. 
Average clearance rates across Sydney, Melbourne and Brisbane for winter were 74 percent, while autumn came in second with an average clearance rate of 69.8 percent. Spring, which most think of as the traditional selling season, had an average clearance rate of 61.8 percent, while summer was lower at 61.1 percent.
Ofcourse the property needn't go to auction, rather be for sale by private treaty or discretely for sale off market.
Common sense would tell you that fewer are inclined come to a wet onsite auction, however while the sticky beaks might drop off during the colder months, the percentage of serious bidders among the attendees actually increases. 
There are few reasons why homes can't be put up for sale in the upcoming cooler months, so here's some quick advice on listing.
Winter can make homes much more welcoming so get that great winter light into the home.
Draw back the curtains and blinds on the windows and make the house or apartment feel warm and comfortable. Light the trendy new hanging fire place.
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Decorators would also suggest add some warm reds and oranges to your soft furnishings around the house.
Be sure to instruct your agent about the best time of day to show your home for its open for inspection.
Auction hibernation certainly happens more so in Sydney's higher-priced suburbs through winter as overseas vacations are the escape for owner and agents alike.
Garden suburb vendors tend to hold back too, but not the inner west so much.
The fact is the demographic reasons for buying and selling don't take a pause so growing families still need that extra bedroom.
Those downsizers who've perhaps got their off the plan settlement coming up, will want to lock in their house sale too.
The recent strong autumn sales period ensures there are still plenty of committed buyers who've missed out.
Unsuccessful buyers with approved finance are still out there to buy before they have to re-apply and meet tougher restrictions, so they don’t have time to take three months off over winter.
So this winter, like any market, there are opportunities to make the most for the seller and buyer.
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Winter does not dampen interest in Sydney market

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A new $120 million luxury boutique hotel to be built in Sydney CBD’s Castlereagh Street has been announced.
AccorHotels has teamed up with real estate developer Shanghai United with an official signing ceremony for the project held on Wednesday 24 May.
The $380 million mixed-use 36-storey tower on the corner block of 110-118 Bathurst and 203 Castlereagh Streets will include a 121 room hotel on levels one to nine with 131 residential apartments above on levels 10-34.
The MGallery by Sofitel hotel is designed by the award-winning Candelapas &amp; Associates architects.
Apartments will interweave the existing 1870s heritage-listed Porter House Hotel adjacent to the tower.
It will feature four levels of additional facilities, including lobby, pool and fitness centre, two restaurants, a fourth floor bar with roving art gallery, meeting and private dining facilities and a business centre.
<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/2017/05/25/The%20Porter%20House%20MGallery%20By%20Sofitel%20render%20guestroom%20-%20low%20res.jpg" alt="">
 “We are thrilled to develop a new strategic partnership with Shanghai United on this landmark development for Sydney’s CBD,” said AccorHotels’ chief operating officer for the Pacific region, Simon McGrath.
“The Sydney hotel sector is the strongest in Australia with consistent occupancy levels in the mid-high 80% range and average rates growing sharply.
“This new MGallery by Sofitel hotel will stand to greatly benefit from the tourism and infrastructure boom we are currently seeing with projects such as the International Convention Centre and light rail development.
“A new boutique hotel such as this will provide both business and leisure travellers with a new luxury boutique experience in Sydney, whether they visit for conferences, events, cultural or sporting events.”
Xu Yangdong, Shanghai United’s CEO, said it marks a new area of luxury hotel and apartments in the Sydney CBD area.
“WithsService contents delivered by the MGallery by Sofitel, Shanghai United will provide residents and guests an extraordinary array of amenities to enjoy,” said Xu.
Construction on The Porter House Hotel, MGallery by Sofitel will commence in early 2018 with completion expected in December 2020.
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New luxury hotel set for Sydney CBD

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Sydney’s 2017 Vivid festival features an installation from design firm The Buchan Group illuminating the Lloyd Rees water fountain in Martin Place.
The feature from Buchan Group, titled, re/FRACTION shoots glittering, refracted light across the fountain, with footage shown continuously over the 20-metre-wide fountain.
Anthony Rawson, senior associate, The Buchan Group, said re/FRACTION would give Vivid visitors the chance to “form a bond” with the installation and become part of the festival itself.
“re/FRACTION plays on the themes of vibrancy, personality and movement, and invites audiences to interact with the amplified light, flowing visual scenes and distinct colour effects,” Mr Rawson said.
“Using cutting edge digital design, extensive light vibrancy technologies and animation expertise, this installation allows viewers to see another side of what an already well-known structure.”
"Creating re/FRACTION had enabled the design firm to experiment with and evolve new methods of light vibrancy and manipulation to reinvent already well-known landmarks."
The Buchan Group will also show two more pieces in the festival; inSIGHT – a low-fidelity render of the human face that will be featured at the Royal Botanic Gardens; and Portholes – a display that captures the viewing experience of explorers on display at The Rocks.
The Buchan Group worked with design studio Propaganda Mill to build Portholes and Precision Engineering and Manufacturing for many aspects of the installations.
Four more pieces will be shown; Uncovered World on display at The Rocks, 100 Ways to Say I Love You, showing at the City Recital Hall, Big Red Button on display at the gardens, and Music Box at The Rocks.
The Buchan Group’s displays will be on show every night throughout Vivid Sydney from 26 May to 17 June. Visit www.vividsydney.com for more details.
 
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Buchan design reinvents Lloyd Rees water fountain landmark for Vivid Light Festival

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Sydney's St George area is continuing in its strong growth, according to a recent Herron Todd White (HTW) report.
The property valuation firm says that the St George area is continuing its strong growth period with the hottest price points for houses generally being $1 million to $2 million and $660,000 to $700,000 for units.
For houses, the suburb of Oatley has been a very strong performer, having a 2016 median house price of $1.602 million, up 14.5% from 2015, according to PriceFinder.
"This strong growth in Oatley is mainly driven by locality, with its village-like feel and well positioned homes on comparatively large blocks of land, many with good water views," the report stated.
"An example of a typical Oatley sale within this strong price point is 3 Gungah Bay Road (above) which sold on 04 January 2017 for $1.7 million.
"This property comprised a dated but well maintained, two storey, 5-bedroom, 4-bathroom residence with double garage on 765 square metres of land."
Oatley is also within close proximity of Hurstville which provides a high level of amenities and good public transport infrastructure.
The main buyer profiles within the suburb are owner-occupiers, predominantly families, with minimal investor demand.
“With Oatley being relatively affordable compared to some surrounding suburbs and strong owner-occupier demand, we expect to see sustained and continued growth in this market," the report said.
"In generalising the St George area, we recognize that there is still strong demand for the fixer upper, however there is a growing trend towards completed contemporary dwellings.
"Buyers are currently prepared to pay a premium for the privilege of being the first to occupy a residence and will part with their hard earned when they know they are getting the very latest inclusions and high quality finishes."
Generally these houses will provide good levels of accommodation (four to six bedrooms), home automation, high quality finishes and appliances and multi vehicle garaging (four to six cars).
The strongest results for this style of property are being found in the $2.5 million to $5 million range.
This is mainly being driven by overseas buyers, expats and locally based professionals.
"There could be a softening in this end of the market depending on interest rates, lending policies and exchange rates and overseas market conditions," the report advised.
"However this is seen as unlikely in the short to medium term.
"When analysing the unit market, Brighton Le Sands gets a notable mention as a strong performer with a 2016 median unit price of $680,500, up 4.7% from 2015.
"In a running theme, location has been the main driver of this market being within close proximity of the beach, an increasingly popular restaurant and café scene and good bus services.
"With many 1970s, walk-up style unit complexes within the suburb, it attracts investors and owner-occupiers alike."
A recent sale of a typical unit was 10/32-34 Queens Road (above) which sold in February 2017 for $675,000.
This was a mainly original 1970s unit with two bedrooms, one bathroom and one car garage, located on the top floor.
"Potential for new transport links and hubs within the vicinity of Brighton Le Sands is expected to drive strong growth in the short to medium term," the report advised.
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St George and Oatley residential market strength continues to grow: HTW

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One of the largest single-hold pieces of land in Crows Nest in Sydney’s North Shore precinct has been snapped up by a locally-based Chinese developer for $22 million.
The 39-47 Albany Street property is currently the headquarters of Warner Music Australia Pty Ltd until 2022.
It was sold on a yield of nearly 4 percent.
The medium-term development site sold at a yield of circa 4%. 
The sale was managed by Knight Frank on behalf of a local fund manager Pindan Capital to Sun Property.
The state government’s proposed new train station will only increase the density and development of the area, added Hu.
The property is zoned B4 Mixed Use, with a Weighted Average Lease Expiry of 4.5 years, and has a net lettable area of 3,286 square metres.
The property is also situated within minutes’ walk to the Crows Nest retail precinct; the proposed railway station; Crows Nest Plaza and Woolworths supermarket. 
Established in 2010, Sun Property focuses on development projects in Sydney’s Lower North Shore is currently working on nine projects. 
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