<p>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.</p>

<p>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;</p>

<p>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;</p>

<p>“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;</p>

<p>[smartcode_project:default project_id=110291 project_image_fid=302785]</p>

<h2>Affordable product leads, premium demand remains resilient</h2>

<p>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;</p>

<p>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;</p>

<p>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.</p>

<p>Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.</p>

<p>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;</p>

<p>[smartcode_project:default project_id=148957 project_image_fid=364102]</p>

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

<p>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.</p>

<p>David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.</p>

<p>“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;</p>

<p>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.</p>

<p>[smartcode_project:default project_id=108869 project_image_fid=317905]</p>

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

<p>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;</p>

<p>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;</p>

<p>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”.</p>

<p>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;</p>


Joel Robinson

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

<p><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.</p>

<p>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.</p>

<p>Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.</p>

<p>“Brisbane was the right step for Sammut,” Sammut said.</p>

<p>“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.”</p>

<p><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" /></p>

<p>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.</p>

<p>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.</p>

<p>“We are DA approved now which is very exciting,” Sammut said.</p>

<p>“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.”</p>

<p><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" /></p>

<p>Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.</p>

<p>“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.</p>

<p>The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.</p>

<p>“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.”</p>

<p>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.</p>

<p>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.</p>


Sammut secures approval for debut Brisbane apartment development in Toowong

<p>Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.</p>

<p>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.</p>

<p>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.</p>

<p>“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.</p>

<p>“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.</p>

<p>“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.”</p>

<p>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.</p>

<p>“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.”</p>

<p>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.</p>

<p>“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.”</p>

<p>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.</p>

<p>“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.</p>

<p>Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.</p>

<p>“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.</p>

<p>“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”</p>

<p>The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.</p>

<p>“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.</p>

<p>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.</p>

<p>&nbsp;</p>


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

<p>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.</p>

<p>The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.</p>

<p>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.</p>

<p>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.</p>

<p>“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.</p>

<p>“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.”</p>

<p><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" /></p>

<p>GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.</p>

<p>“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.”</p>

<p>Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.</p>

<p>“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.</p>

<p><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" /></p>

<p>&nbsp;</p>

<p>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.</p>

<p>Green praised local policy settings.</p>

<p>“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.”</p>

<p>One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.</p>

<p>“The way we will be able to achieve economies of scale is through size,” Green added.</p>


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

<p>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.</p>

<p>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.</p>

<p>Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be</p>

<p data-end="683" data-start="511">"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.</p>

<p data-end="882" data-start="690">"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."</p>

<p data-end="882" data-start="690">[smartcode_project:default project_id=134646 project_image_fid=6109]</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>[smartcode_project:default project_id=134646 project_image_fid=6110]</p>

<p>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.</p>

<p>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.</p>

<p>[smartcode_project:default project_id=134646 project_image_fid=6116]</p>

<p data-end="247" data-is-last-node="" data-is-only-node="" data-start="0">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.</p>

<p>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.</p>

<p>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.</p>

<p>[smartcode_project_cta:default project_id=134646]</p>


WM Residences fills gap in Mordialloc townhouse market

Sydney

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<p class="p1">Vacancy in Sydney’s fringe office market in Sydney has fallen to its lowest in more than a decade, driven by acquisitions for rail projects and an overall supply squeeze, according to latest research from property firm Savills.</p>
<p>The western suburb of Parramatta recorded the lowest fringe market vacancy at 4.5 percent, its lowest in 25 years including zero vacancy in A Grade, and is just ahead of Melbourne’s Southbank at 4.6 percent. </p>
<p class="p1">The falling vacancy is driving growth in net effective rents, and with the NSW government’s announcement of registered projects totalling $390 million in Parramatta last week and Winten Property Group’s acquisition of a development site at 1 Denison St, North Sydney, developers are taking notice, says Savills.</p>
<p>According to Savills senior analyst Research &amp; Consultancy Houssam Yakzan, average prime net face rents have increased by around 8 percent in North Shore markets and 7 per ent in Parramatta, with corresponding falls in incentives.  </p>
<p>The combined North Shore vacancy, including North Sydney, Crows Nest/St Leonards, Chatswood and Macquarie Park-North Ryde stands at 7.2 percent, the lowest since the 5.3 percent figure recorded in 2001. </p>
<p>Of the individual North Shore markets, North Sydney and North Ryde/Macquarie Park recorded their lowest vacancies since 2012, Chatswood since 2007 and Crows Nest/St Leonards since 2001.</p>
<p>Yakzan said in the 12 months to June Savills had identified 73,781 square metres of leasing activity in the North Shore market, up 49 percent on the 12 months prior, while 43,977 square metres of leasing was recorded in the Parramatta market, which was down 32 percent due to the limited availability of space.</p>
<p class="p1"><span class="s1"><a href="/images/2016/08/19/North%20shore%20absorbtion.jpg" target="_blank">Click here to enlarge</a> </span></p>
<p class="p1"><span class="s1">North Shore's net absorption</span></p>
<p class="p1"><span class="s1"><img src="/images/2016/08/19/North%20shore%20absorbtion.jpg" alt="" width="312" height="197"></span></p>
<p class="p1"><span class="s1"><a href="/images/2016/08/19/Parramatta%20absorbtion.jpg" target="_blank">Click here to enlarge</a> Parramatta's net absorption</span></p>
<p class="p1"><span class="s1"><img src="/images/2016/08/19/Parramatta%20absorbtion.jpg" alt="" width="294" height="187"></span></p>
<p class="p1"> </p>
<p>Savills director of office leasing, Simon Van Grootel, said while there was no doubt the Sydney non-CBD office markets had picked up over the last 12 to 18 months, withdrawals for the compulsory metro rail acquisitions, residential and hotel conversion, and the lack of new supply, were key contributors to the lower vacancy rates.</p>
<p>He said more than 42,500 square metres of stock had been withdrawn from the North Shore market alone in the 12 months to June and further withdrawals were already slated for 2017.</p>
<p>"Vacancy rates have fallen across the board, indeed Parramatta has a zero vacancy in A Grade, and that is very pleasing, indicating perhaps the strongest market we have seen post-GFC.</p>
<p>"That has seen rental growth and incentives decline and those factors along with continued withdrawals and continued falls in vacancy are going to drive new construction but in the current market, that is likely to require pre-commitment,’’ Van Grootel said.</p>
<p>The state figure of $390 million in registered office projects for Parramatta would not dent vacancy rates in the short to medium term, he added.</p>
<p>Senior analyst Yakzan said of 220,000 square metres of new commercial development in the Parramatta market, 155,000 square metres was subject to pre-commitment and the remainder was already leased. </p>
<p>Parramatta is the fifth largest suburban office market in Australia with 682,469 square metres of stock while the combined North Shore market totals 2,288,399 square metres including North Sydney (792,482sqm), Crows Nest/ St Leonards (333,631sqm), Chatswood (278,919sqm) and North Ryde/ Macquarie Park (883,367sqm).</p>
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jonathanchancellor-7SQnKwU6yx

Sydney fringe office market records lowest vacancy in a decade: Savills

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<p>When it comes to office investment yields, Sydney is the standout leader. The harbour city leads a list of 11 gateway cities across the world tracked by real estate firm Savills and Deakin University.</p>
<p>Even as global yields slip, Sydney offers an investment yield at 5.62 percent, according to the World Office Yield Spectrum, with LA West and San Francisco the only other gateway cities offering yields above 4.5 per cent. </p>
<p>The research, which compares 54 cities across Asia, Europe, the United States and Australia, is confirmation that office property is the asset of choice for investors looking for the most attractive yields in secure markets.</p>
<p>The report found yields had firmed by an average 32 basis points across the 11 gateway cities since December 2014 with both Munich and Tokyo’s yield falling 55 basis points, Hong Kong 40 basis points and Sydney a whopping 100 basis points. Singapore, at 4 per cent, saw yields soften 15 basis points in response to slower economic conditions.</p>
<p>Of the 54 cities, London’s West End, at 2.82 per cent, was the only other city to record a sub 3 per cent yield with Hong Kong, while Ho Chi Minh City (9.36 per cent) and Hanoi (9.00 per cent) offered the highest yield, however those yields reflected a perception of greater investment risk.</p>
<p>Report editor, Savills’ national head of Research in Australia, Tony Crabb, said 10-year bond yields had fallen by an average of 50 basis points around the world in the past six months, averaging around 1 per cent with negative rates in Japan and Germany.</p>
<p>“Property yields have continued to firm but bond yields are falling faster and, in that context, investors are viewing risk premiums of between 2 and 3 per cent in most office investment markets as fair value,’’ Crabb said.</p>
<p>The uncertain economic environment in most markets globally means office risk premiums would offer better value and hence drive greater demand and even firmer office yields, he added.</p>
<p><a href="/images/2016/08/18/Screen%20Shot%202016-08-17%20at%2010.50.20%20PM.png" target="_blank">Click to enlarge</a></p>
<p> <img src="/images/2016/08/18/Screen%20Shot%202016-08-17%20at%2010.50.20%20PM.png" alt=""></p>
<p>“Much of what happens in 2017 and beyond will depend on the course the US Federal Reserve takes with regards to interest rates. Chairman Yellen has made it perfectly clear that movements will be ‘data dependent’, so we wait.”</p>
<p>“The movements in US interest rates will determine how currencies behave, how trade flows and how capital moves around the world,’’ Crabb said.</p>
<p>He said the outlook for office yields was likely to be one of further compression, particularly in cities like Sydney where strengthening fundamentals were beginning to drive rental growth.</p>
<p>“Firming yields in many instances could be viewed as counter-intuitive as soft leasing markets have resulted in very high incentives and correspondingly low net rents, and so any growth in net effective rents, and thus returns, is certainly going to drive even greater demand for office property and ultimately firmer yields,” he said.</p>
<p>In Australia, large capital from overseas had encouraged many investors to dispose of property, rebalance portfolios and change their exposure which had led to a record 12 months turnover of nearly $33.4 billion in commercial property sales, said Crabb.</p>
<p>However, market fundamentals show the two-tone nature of the Australian economy with some indicators deteriorating in Perth and Brisbane, in contrast to improvements in Melbourne and Sydney. </p>
<p>“Commercial property investment yields have firmed across the board but we still do not believe it has fully run its course. In some markets, fundamentals are improving rapidly and that improvement will lead to further tightening in yields as investment capital starts to price in expectations of future NOI growth. This part of the yield cycle is just beginning.’’</p>
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prateek24-ezbwHMbNAk

Sydney leads world on office yields: Savills/Deakin Uni research

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<p>Sekisui House, the world's largest residential construction company, support the latest industry forecasting for growth in Sydney's south west region.</p>
<p>Sydney's property prices have increased by more than $350,000 in just three years.</p>
<p>However, Sekisui House's new development, The Hermitage at Gledswood, is offering homes well below Sydney's $1,013,000 median house price.</p>
<p>Their new, two-storey, turn-key homes are selling from $738,000.</p>
<p>The Hermitage is a 307 hectare masterplanned community which will include Gledswood Village, a mixed-use precinct spanning over seven hectares that will include residential, retail, commercial, leisure and entertainment opportunities and a primary school slated for 2020.</p>
<p>There's 120 hectares of golf course and a future Greg Norman designed and constructed course, scheduled to be playable in 2018, and 35 hectares of parkland and open green spaces.</p>
<p>Westpac highlighted a report that reveals the state government’s ‘First Home Owner Grant’ (New Home) and stamp duty concessions under the ‘First Home–New Home Scheme’ make purchasing in south west Sydney one of the most affordable areas in metropolitan Sydney for first home buyers.</p>
<p>Sekisui House project director Craig D'Costa said Gledswood Hills experienced a considerable price growth of 15.5 percent between 2014 and 2015.</p>
<p>“In the year since the South West Rail Link opened, demand for property within our development The Hermitage has increased dramatically," he said.</p>
<p>"As one of the NSW Government's 'Priority Growth Precincts,' south west Sydney has received a great boost thanks to several large public works programs.</p>
<p>"Key government works like the M5 widening, WestConnex and the new airport at Badgerys Creek have combined to create a tremendous investment opportunity in the southwest growth corridor."</p>
<p>D'Costa noted a recent shift in the buyer demographic in the last 12 months.</p>
<p>"It is fast becoming a preferred precinct destination for buyers from all over Sydney, not just residents already residing in the local South West region”.</p>
<p><span> </span></p>
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j.ballantyne1990-6AQqhLzZaK

South West Sydney primed for real growth

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<div>After years of under-building from about 2005 forth in Sydney, between July 2012 and April 2016 a vastly improved 163,500 dwelling approvals have been recorded for the Greater Sydney region (inclusive of the Central Coast and the Blue Mountains) and the Illawarra.</div>
<div> </div>
<div>As Australia's densest capital city, Sydney approvals today are mostly of the attached or dwelling multi-unit type. </div>
<p><a href="/images/2016/08/16/A1.jpg" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/08/16/A1.jpg" alt=""> </p>
<div class="separator"> </div>
<div> </div>
<div>There has been report after report concerned with the record number of units and apartments under construction.</div>
<div> </div>
<div>Yet to date vacancy rates have barely budged at the city level, and apartment rents have kept rising.<br><br><strong><span style="text-decoration: underline;">Bottleneck</span></strong>
</div>
<div> </div>
<div>The reason for this - and indeed the reason that so many dwellings are under construction - as I've looked at previously <a href="https://petewargent.blogspot.co.uk/2016/07/making-sense-of-australias-super-duper" target="_blank">here</a>, is that multi-unit dwellings generally take considerably longer to proceed from approval, to commencement, and then to completion (perhaps up to several years from start to finish) than detached houses on greenfield sites, at typically just a matter of months. </div>
<div>As a result, over the year to April 2016, after accounting for demolitions there were just 11,937 net detached dwelling completions, and 18,370 multi-unit dwellings. </div>
<div> </div>
<div>Not only has this rate of net completions after accounting for demolitions not been making up for the years of under-building, it has barely even been keeping pace with <em><strong>current</strong></em> annual Greater Sydney population growth of an estimated 83,500 per annum.<br><br>This is particularly so given that so many small apartments are being built, typically housing only two persons (not to mention those apartments left vacant by offshore investors), contributing to a mismatch of supply increasingly characterised by a surfeit of high rise apartment stock.<br><br>It's worth noting that this completions data doesn't easily capture the addition of granny flats, but the point still stands - completions in Sydney just haven't been that high...to date.</div>
<div> </div>
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<div><img src="/images/2016/08/16/A3.jpg" alt=""></div>
<p> </p>
<div>From July 2012 to April 2016, after accounting for demolitions, there were net dwelling completions of only 101,300, just 62 percent of the number of dwelling approvals over the same time period. </div>
<div> </div>
<div>The population of Greater Sydney increased by somewhere in the region of 307,000 heads over that time, so it's a little wonder that population growth has been absorbing new supply.</div>
<div> </div>
<div>This dynamic is finally about to change, though, as the record pipeline of new apartments under construction begins to come online, although the industry being stretched to full capacity will inevitably see construction costs rising henceforth. </div>
<div><strong><span style="text-decoration: underline;">Local Government Authorities (LGAs)</span></strong></div>
<div> </div>
<div>At the LGA level we can see that up to April 2016 there have been few regions that have really been hammering out unduly high net dwelling completions. </div>
<div>
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</div>
<div>However, looking at the LGA dwelling approvals figures split out by financial year helps to identify the areas at risk of emerging oversupply (as well as certain upmarket localities such as Manly, Mosman, and Woollahra, where the total stock of dwellings has remained all but fixed).<br><br>
</div>
<div>The City of Sydney LGA covers a large central area of 25 square kilometres and comprises a great many hugely popular suburbs, and in that context its 13,700 approvals from July 2012 represent relatively slim pickings. </div>
<div> </div>
<div>However, the volume of dwelling approvals - especially for apartments - in certain other areas is abnormally high in historical terms, in turn suggesting an elevated level of risk: Blacktown, Parramatta, the Hills District, Liverpool, and to some extent Camden and Ryde.<br><br>The Canada Bay approvals figures don't really capture the volume of building that has already taken place at Wentworth Point and some surrounding suburbs.</div>
<div> </div>
<div class="separator"><a href="/images/2016/08/16/A3-1.jpg" target="_blank">Click to enlarge</a></div>
<div class="separator"><img src="/images/2016/08/16/A3-1.jpg" alt=""></div>
<p><br><strong><span style="text-decoration: underline;">Case study: Parra</span></strong></p>
<div class="separator">I don't quite have the space here (read: can't be bothered) to discuss apartment supply in detail across every Sydney LGA, but a quick look at the Parramatta data is instructive. </div>
<div class="separator"> </div>
<div class="separator">Parramatta has seen several years of abnormally high apartment approvals figures, yet until relatively recently net dwelling completions had not lifted too dramatically.</div>
<div class="separator"> </div>
<div class="separator">This rapidly changed in September 2015 as a slew of new projects began to come onstream, and there is plenty more to come in the pipeline, with yet another 3,339 multi-unit dwellings approved over the 12 months to April 2016. Wow-wee!</div>
<div class="separator"> </div>
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<div class="separator"><img src="/images/2016/08/16/A2.jpg" alt=""></div>
<div class="separator"> </div>
<div>I took a drive around Parramatta a fortnight or so ago, and the amount of building still underway is really quite eye-popping. </div>
<div> </div>
<div>This may result in valuation challenges at settlement for off-the-plan apartment purchases, rising vacancy rates, declining rents, and widespread instances of weak capital growth over the coming years (by which, of course, I mean negative).</div>
<div>
<br><em>Caveat emptor!</em><br><br>Regular readers may recall I spent a joy-filled afternoon driving around looking at a number of apartment construction hotspots recently, and I wrote a bit about it.<br><br>
</div>
<div>
<p><span><em>PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>.</em><br></span></p>
<p><em>His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.</em></p>
</div>
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Sydney's construction pipeline: Pete Wargent

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<p><span>The most affordable Sydney property reported sold was a one-bedroom unit at </span>5/6 Warialda Street, Kogarah.</p>
<p>It fetched $400,000 through McGrath Brighton-Le-Sands. The price guidance was <a href="https://www.realestate.com.au/property-apartment-nsw-kogarah-123180894" target="_blank">$380,000 to $400,000</a> for the 46 sqm unit.</p>
<p><span>It last sold at $250,000 in May 2012, reflecting 11 percent annual price growth over the past four years.</span></p>
<p>The median unit price in Kogarah, according to CoreLogic is around $620,000.</p>
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With 11% annual price growth, Kogarah one bedroom apartment Sydney's cheapest

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<p>Sydney<span> had a preliminary clearance rate of 81.6 per cent for the week ending August 12, according to CoreLogic. </span></p>
<p>Clearance rates for the Northern Beaches came in at 89.4 percent and a low of 64.3 percent across the South West.</p>
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Sydney's Northern Beaches a standout for weekend clearance rates

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<p><span>Sydney home values have increased by </span><span>5.6 percent </span><span>over the past three months and are </span><span>9.1 percent </span><span>higher over the past year according to CoreLogic.</span></p>
<p><span><span>CoreLogic's Housing and Economic Chart Pack for August said t</span>he annual rate of value growth has slowed from a peak of </span><span>18.4 percent </span><span>in July 2015 </span></p>
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Sydney home values increase 5.6 percent over the past three months: CoreLogic

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<p><span>Sydney recorded a preliminary auction clearance rate of 80.4 percent for the week ending August 7 according to CoreLogic, marking the </span><span>15th consecutive clearance rate above 70 percent for the city.</span></p>
<p><span>According to CoreLogic the Eastern Suburbs (94.6 percent), City and Inner South (94.3 percent) and Northern Beaches (91.7 percent) were the strongest performing sub-regions by clearance rate.</span></p>
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Eastern suburbs in Sydney leads weekend auction results: CoreLogic

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<p>Sydney Swans captain Kieren Jack sold his redundant Randwick home at weekend auction for $1,815,000.</p>
<p>Jack, who watched the auction while limbering up, was with partner, Charlotte Goodlet, then headed off to the SCG for the game against Port Adelaide.</p>
<p>He had paid $1.295 million for the 1920s Canberra Street home in 2012. There was bidding from two of the four registered parties after the $1.7 million opening bid.</p>
<p>After the auction Jack told one onlooker who congratulated him that it had been "stressful."</p>
<p>Set on 234 sqm, the dual level family home combines original Federation features and contemporary appointments.</p>
<p>It has two bedrooms, a recently renovated bathroom, modern kitchen and home office.</p>
<p>There's a low maintenance rear garden with barbecue area and treelined courtyard.</p>
<p>The home was sold by Australian Olympian turned estate agent Carl Wilson at Home Estate Agents. Carl represented Australia at the 1988 Summer Olympics in Seoul, competing in the swimming.</p>
<p>Jack has recently moved to his recently renovated Paddington home with Charlotte Goodlet.</p>
<p>He climbed onto the property ladder aged 22 just two years into his Sydney Swans career, buying a two bedroom Randwick apartment in 2009.</p>
<p>Set in a renovated block of nine units, Jack paid $570,000 for the apartment which was listed for rent at $560 a week in 2014. He retains the apartment on Mulwarree Avenue.</p>
<p>The Swans have are in line for another top eight finish, their 13th finals appearance in 14 years, having only missed the cut in 2009.</p>
<p><em>This article was first published in the Sunday Telegraph.</em></p>
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Redundant Randwick home of Sydney Swans captain Kieren Jack sold

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<p>A Victoria Street, Potts Point landmark terrace - one of the few with views over Woolloomooloo Bay - has been sold for $5.55 million.</p>
<p><a href="https://www.domain.com.au/55-victoria-street-potts-point-nsw-2011-2012939166" target="_blank">The historic freestanding four level residence</a> at 55 Victoria Street dates back to the 1870's, set on the side of the McElhone stone stairs that since 1870 have connect Potts Point with Woolloomooloo.</p>
<p>It last sold in 2000 to the Moloney family for $1.5 million when offloaded by film producer Rebel Penfold Russell who paid $465,000 in 1983, then had to battle the adjoining Victoria Point development project.</p>
<p>It is one of Sydney's earliest heritage protected terrace homes. In the 1870s when number 55 was constructed on a steep, narrow parcel of land extending from Victoria Street to Brougham Street the area to the north was still largely covered with gardens and bush.</p>
<p>The area was described at the time as the "Regent's Park of Sydney". <br><br>It was built for Charles Elouis. The rate books indicate that in 1931 the Catholic Women's Association occupied the place. Alice Elouis was still alive but it became a boarding house known as Rosmoyne Flats.</p>
<p>In 1935 the title transfer of John Peza.</p>
<p><a href="https://www.environment.nsw.gov.au/heritageapp/ViewHeritageItemDetails.aspx?ID=5045161" target="_blank">NSW Heritage records</a> show it appears that he continued the use and that the subsequent owners Hamilton (1949-51) and Blok (1951-70) occupied and managed the place as a boarding house and flats.</p>
<p>In 1970 Victoria Point Pty Ltd acquired it for redevelopment. The site then became associated with one of Sydney's most protracted and notorious development disputes involving passionate battles over the rights of tenants and the future of the city fringe. </p>
<p>The six bedroom, three bathrooms had been listed by VanWhite agent Vanessa White and Richardson &amp; Wrench.</p>
<p>It is the street where battles raged against developers.</p>
<p>The historic terraces might have saved, but the high-rise development got built post-green bans.</p>
<p>The magic of Victoria Street - with the sunlight filtering through the plane-tree-lined Parisian-style strip - has pretty much survived.</p>
<p>It was among the first of the inner-city earliest heritage listings, though not until the 1980s. The initial ones were made on the 1962 County Register, including Elizabeth Bay House, University of Sydney Main Building and Victoria Barracks, Paddington and St. Paul’s College at Sydney University.</p>
<p>The earliest Register of the National Estate listings date from 1978, and were mainly a re-listing of the existing National Trust lists, including Tranby in Glebe, Juniper Hall in Paddington, Rockwall in Potts Point and Cleveland House in Surry Hills.</p>
<p>State statutory listing in the inner city began in 1979 with the making of a Permanent Conservation Order No. 6 over Elizabeth Bay House, followed in the same year over Rockwall, Tranby and over Tusculum in Potts Point.</p>
<p>In 1981 a permanent conservation order was applied to Boomerang at Elizabeth Bay, followed by the terraces at 197-201 Albion Street, Surry Hills and over the terrace at 55 Victoria Street, Potts Point. </p>
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