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

Joel Robinson

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

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

Sammut secures approval for debut Brisbane apartment development in Toowong

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

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

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

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

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

WM Residences fills gap in Mordialloc townhouse market

Sydney

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How property prices and growth rates compare across Sydney's train network: Domain

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The vast majority of property owners who sold their home in the December 2015 quarter sold at in excess of their previous purchase price, according the latest CoreLogic RP Data quarterly Pain and Gain Report. 
The Pain &amp; Gain Report found that 91.6 percent of properties resold for profit over the quarter with 31.2 percent of homes selling for more than double their purchase price. The total value of all profit was $17.1 billion with the average gross ‘gain’ $270,842 per sale.
CoreLogic RP Data senior research analyst Mr Kusher said Sydney house values have seen significant increases in values over recent years and therefore, fewer loss-making resales occurred compared with other capital cities.
<a href="https://www.propertyobserver.com.au/images/2016/04/29/Screen%20Shot%202016-04-29%20at%2011.14.38%20AM.png" target="_blank">Click to enlarge</a>
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Fewer loss-making resales in Sydney during Dec 2015 quarter: CoreLogic RP Data Pain & Gain

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Billionaire developer Harry Triguboff says Sydney apartment price growth was flattening.
And the Meriton boss expects some rival developments will stall as the heat came out of the market.
But Meriton, which last week started work on a 200-unit and a 400- unit project in Sydney’s Mascot and 500 units at nearby Rosebery, was still going strong.
“We are going flat out,” Mr Triguboff told The Australian.
However, he warned against the tightening of lending to apartment investors and offshore buyers, with news yesterday of Westpac following rivals ANZ and CBA in restricting lending for foreign buyers.
Westpac will decline all mortgage applications from non-residents, temporary visa holders living overseas and those with foreign self-employed income.
Mr Triguboff warned the banks could create a self-fulfilling prophesy of falling apartment prices by lending less at settlement than indicated when contracts were signed for off-the-plan sales.
In its recent biannual review of financial stability, the RBA noted the dominance of Chinese buyers in Sydney and Melbourne and the risks posed if China’s economy stalled or Beijing clamped down on outbound capital flows.
Melbourne apartments would have a tougher time, Mr Triguboff tipped as prices — and therefore development margins — were lower than in Sydney.
Demand for apartments in Sydney remained strong although price growth was flat, The Australian reported Triguboff saying.
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Harry Triguboff says Sydney apartment price growth was now flat

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The Bondi hoarder’s house has returned to the market once again with the potential to sell for more than $2 million.
More than 14 months after Mary Bobolas and her daughters Elena and Liana came up with the $180,000 to pay Waverly Council’s cleaning and legal bills, the home is once again being forcibly sold.
A statement from Waverley Council said the family now owes $160,000.
The sad case of <a href="https://www.realestate.com.au/property-house-nsw-bondi-118903099" target="_blank">19 Boonara Ave</a> sees the NSW Sheriff’s Office commissioning Raine &amp; Horne Double Bay agent Ric Serrao to sell the property so that clean-up costs can be recovered on behalf of the council.
The 550 sqm property offers proximity to the beach, cafes, restaurants, shops and public transport.
No inspections of the home are scheduled.
When it was listed in 2015, around 63 contracts were issued, but the Bobolas family managed to come up with the money just hours before last year’s auction.
The property is listed for a May 19 auction.
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Bondi hoarders home back for sale

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<h3 class="post-title entry-title"> </h3>
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Looks like someone forgot to tell Sydney's inner west about its alleged oversupply of apartments.
Erko.
 <div class="separator"><a href="/images/2016/04/22/Erko.jpg" target="_blank">Click to enlarge</a></div>
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 St. Peters.</div>
<div class="post-body entry-content"> </div>
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<a href="/images/2016/04/22/St%20Peters.jpg" target="_blank">Click to enlarge</a> <div class="separator"><img src="/images/2016/04/22/St%20Peters.jpg" alt=""></div>
 <div>You can also add to this Haberfield, Stanmore, Sydenham, Five Dock, Canada Bay, Abbotsford, Chiswick, etc. etc. all of which have remarkably tight vacancy rates of 1 per cent or under. </div>
 <div>In fact, stretching the tarp out a bit further, and while on the subject, you might also add Surry Hills, Ultimo, Darlinghurst, Botany, Banksmeadow, Roseberry, Eastlakes, Redfern, Waverley, Bronte, Coogee, South Coogee, Pagewood, Maroubra...</div>
 <div>Heck even Waterloo and Zetland have a vacancy rate of 0.5 per cent (OK, so that one might not a real number).</div>
 <div>Maybe when we start to see some numbers beginning with a 4-handle it might start to get interesting, but if anything, for quality properties at least, the rental market actually seems to be tightening and rents rising. </div>
<div> </div>
<div>Out west? Maybe a different story there, granted. 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>. 
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>.
 
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No inner west Sydney rental oversupply: Pete Wargent

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GUEST OBSERVER
In March this year, investigation from the City Futures Research Centre at the University of New South Wales suggested that vacant properties across Sydney were constricting supply and adding to unaffordability.
The number of unoccupied dwellings in Sydney was derived from 2011 Census data, and researchers found that approximately 120,000 dwellings across Sydney were unoccupied on the night of the Census. It was also found that a higher concentration of vacant properties were found in inner-city suburbs, where rental yields are low.
The study concluded that the ability to negatively gear investment properties and receive large capital gains tax concessions incentivised investors to hold properties empty. This would explain why vacancies were higher where the capital gains on an untouched property exceeded the benefit of renting it out.
However, the evidence found may not support this conclusion, partly because properties have to be rented out or at least available for rent in order to receive benefits from negative gearing.
Representatives from the real estate sector claimed that the figure of vacant properties and its impact on affordability was overstated, as the data did not take into account properties that were vacant because they were on the market and people were in between moving homes. However, Residex data shows that on the night of the Census, there were approximately 6,100 properties listed for rent and approximately 14,200 properties listed for sale in Sydney. Listed properties are not necessarily vacant, but assuming they are, this would account for just 17% of the vacant properties estimated across the greater Sydney region on Census night.
It would seem that market activity cannot account for the majority of the vacant properties in Sydney’s metropolitan.
Eliza Owen is the market analyst for Onthehouse.com.au. She can be contacted <a href="https://www.onthehouse.com.au/" target="_blank">here.</a>
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Vacant properties: are the figures overstated? Onthehouse.com.au's Eliza Owen

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Sydney’s median house price fell below $1 million, declining like most Australian capital cities except Melbourne and Hobart, as the real estate sector feels the pinch of a weakening economy, says the March Quarter Domain House Price Report. 
 Unit prices also fell across the board following a record number of apartments being built in most capitals over recent years.  
The national median has now fallen over two consecutive quarters for the first time since June 2011.
<a href="/images/2016/04/21/Screen%20Shot%202016-04-21%20at%2011.57.02%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/21/Screen%20Shot%202016-04-21%20at%2011.57.02%20AM.png" alt="">
Commenting on the report, Domain's chief economist, Dr Andrew Wilson, said:  “Weakening economic activity and growing uncertainty is impacting fragile consumer and investment sentiment, leading to falling house and unit prices in most capital cities.
 The outlook for house prices is not bright either with capital city growth likely to track at best just above the inflation rate for the remainder of 2016, he added. However, weaker house price growth could be a boon for prospective first home buyers.
<a href="/images/2016/04/21/Screen%20Shot%202016-04-21%20at%2011.58.17%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/21/Screen%20Shot%202016-04-21%20at%2011.58.17%20AM.png" alt="">
 Sydney
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<img src="/images/2016/04/21/Screen%20Shot%202016-04-21%20at%2012.00.11%20PM.png" alt="">
 Sydney’s median house price fell again over the March quarter, recording a 1.5 per cent drop down to $995,804. This followed the record decline over the previous December quarter. 
The $1 million median was touched in the June quarter of 2015, 326 days earlier than expected, with Domain's Dr Wilson calculating it to be $1,000,616 then.
Sydney’s unit prices also fell for the second consecutive quarter, down by 0.7 per cent to $656,166. 
Despite both experiencing declines over the March quarter, Sydney house prices increased by 6.9 per cent over the year while unit prices rose by 5.8 per cent.
 “The Sydney market’s rate of decline slowed after the dramatic drop recorded in the previous quarter, experiencing a consecutive quarterly price decline for the first time since December 2011. We can expect subdued conditions to continue over the remainder of the year, with any price growth unlikely before spring,” said Wilson.   
<a href="/images/2016/04/21/Screen%20Shot%202016-04-21%20at%2012.02.32%20PM.png" target="_blank">Melbourne</a>
<img src="/images/2016/04/21/Screen%20Shot%202016-04-21%20at%2012.02.32%20PM.png" alt="">
 Melbourne was the only mainland capital to buck the trend of falling house prices, recording an increase of 1.2 per cent over the March quarter, reaching a median of $726,962. Melbourne house prices increased by 11.8 per cent over the year ending March — the strongest result of all the capitals. Melbourne unit prices fell by 1.7 per cent over the March quarter to $444,370 for an annual increase of 3.8 per cent.  
 “Melbourne has now overtaken Sydney as the fastest growing capital city housing market in Australia. Melbourne has recorded 14 consecutive quarters of house price growth, the longest sequence since June 2008,” said Wilson. 
<a href="/images/2016/04/21/Screen%20Shot%202016-04-21%20at%2012.01.22%20PM.png" target="_blank"> Brisbane </a>
<img src="/images/2016/04/21/Screen%20Shot%202016-04-21%20at%2012.01.22%20PM.png" alt="">
 Brisbane house prices fell marginally over the March quarter for the first decrease since the September quarter 2014, with a median price of $512,809. Brisbane unit prices were also down over the quarter, falling by 0.8 per cent to $367,058.  Across the year, Brisbane house prices increased by 4.1 per cent with unit prices falling by 3.2 per cent.
“Brisbane has now recorded seven consecutive quarters of falling unit prices with the recent apartment building boom having pushed supply ahead of demand. The local house market has also failed to build on a solid finish to 2015, with the median house price falling to $512,809,” said Wilson. 
 Adelaide
<a href="/images/2016/04/21/Screen%20Shot%202016-04-21%20at%2012.03.52%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/21/Screen%20Shot%202016-04-21%20at%2012.03.52%20PM.png" alt="">
 The Adelaide housing market reversed its consistent growth performance of last year with the median house price falling by 0.5 per cent to $491,422. The March quarter decrease followed the strong result recorded over the previous December quarter and was the sharpest decline since September 2012. 
Adelaide unit prices were steady over the March quarter with a median of $303,537, making Adelaide the only capital not to experience a decline this quarter. Unit prices increased by 2.2 per cent over the year with house prices up by 3.4 per cent. 
 “A consolidating result for Adelaide after a strong finish last year. Similar to other capitals, Adelaide has experienced a flattening of price growth with future growth likely at a slower rate than recent years,” said Wilson. 
 Perth
<a href="/images/2016/04/21/Screen%20Shot%202016-04-21%20at%2012.05.01%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/21/Screen%20Shot%202016-04-21%20at%2012.05.01%20PM.png" alt="">
 The revival of Perth’s house prices was short-lived with the median falling by 1.3 per cent over the March quarter to $579,914. The weaker result followed an increase over the previous December quarter, which was the first rise in a year. Perth house prices fell by 4.7 per cent over the year ending the March quarter, which was the strongest decline of all the capitals.
Perth unit prices also fell over the March quarter following the increase recorded over the previous December quarter. Unit prices decreased by 3.7 percent to $379,975 and have fallen by 5.1 percent over the past year – the sharpest annual decline since December 2011.
 “Although Perth house prices increased marginally over the previous quarter following a year of falls, the median again fell in the March quarter and it will be a slow journey back to price growth,” said Wilson. 
 Hobart
<a href="/images/2016/04/21/Screen%20Shot%202016-04-21%20at%2012.06.18%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/21/Screen%20Shot%202016-04-21%20at%2012.06.18%20PM.png" alt="">
 Hobart house prices continue to rise strongly with the median increasing by 4.3 percent over the March quarter to $360,212. The March result follows the 3.5 percent increase recorded over the previous December quarter with annual prices now up by 7.6 percent – the second best performance of all the capitals. 
Hobart unit prices fell sharply by 6.2 percent over the March quarter to $251,633 for a fall of 3.3 percent over the year.
 “After a lengthy period of subdued growth, Hobart continues to play catch up, recording the strongest price increase of all capitals across the March quarter. Despite further likely rises, Hobart remains the most affordable Australian capital city,” said Wilson.
 Canberra
 
<a href="/images/2016/04/21/Screen%20Shot%202016-04-21%20at%2012.07.14%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/21/Screen%20Shot%202016-04-21%20at%2012.07.14%20PM.png" alt="">
Canberra house prices fell over the March quarter following five consecutive quarters of growth. The median house price decreased by 1.4 percent to $638,696 over the quarter but has increased by 4.8 percent over the past year.  Canberra unit prices reversed the rise of the previous quarter, falling by 2.8 percent to $400,637 for an annual decrease of 4.7 percent.  
“An oversupply of new apartments is affecting unit prices in Canberra. A rebound in Canberra house prices will be dependant on the performance of the local economy with all eyes as usual on the upcoming federal budget,” said Wilson.
Darwin
<a href="/images/2016/04/21/Screen%20Shot%202016-04-21%20at%2012.08.15%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/21/Screen%20Shot%202016-04-21%20at%2012.08.15%20PM.png" alt="">
 Darwin house prices fell sharply over the March quarter, down by 4.9 percent to $610,305 and the third consecutive quarter of falling house prices. Unit prices were also down over the quarter, decreasing by 4.1 percent to $448,416. Darwin house prices have declined by 3.3 percent over the past year with unit prices down by 8.3 percent - the weakest performance of all the capitals.
 “The Darwin market continues to adjust to the downturn of the mining sector and reduced demand from fly-in-fly-outs. Lower prices, however, are good news for homebuyers. The Darwin unit market remains vulnerable to further price falls as a result of a recent spike in the the development of new apartment complexes,” said Wilson.
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House prices falling as Sydney drops below $1 million median: Domain

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Charter Hall Group is in exclusive due diligence to acquire the 100 per cent leasehold interest in Macquarie Group's headquarters on Sydney's King Street Wharf precinct for more than $500 million from Brookfield Office Properties. 
The sale of 1 Shelley Street could be one of the most closely watched commercial sales this year and is expected to set new benchmark yields for core property in the CBD. The office tower, next to the Barangaroo development, could sell on a yield of close to 5 per cent, according to a report in the Australian Financial Review.
Charter Hall is likely to tip the 11-storey building into its $2.6 billion wholesale Core Plus Office Fund. CPOF was the top performing unlisted office fund in 2015 with a 20 per cent return and earlier this week bought 130 Lonsdale Street in Melbourne, the AFR said.
The deal, if it goes through, will be the second major office property in Sydney's CBD to sell to a local institutional player this month after the Investa Commercial Property Fund paid $443 million for a majority stake in 420 George Street earlier this month.
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<div>One of the key reasons for Sydney's appeal is the strengthening office market. In the Sydney CBD, the vacancy rate in the March quarter dropped to just 6.8 per cent - the first shift under 8 per cent since the financial crisis, according to global real estate group, JLL </div>
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A Charter Hall spokesman declined to comment when contacted but it is understood to be in the early stages of due diligence. CBRE and Savills, who marketed the property, did not comment. 
Charter Hall beat the competition, including UOL out of Singapore and AMP's wholesale office fund, for the deal.
The Macquarie headquarters is one of two Sydney assets Brookfield put on the market to fund its development pipeline. The other is a half stake in KPMG Tower at 10 Shelley Street but it is understood no party is in due diligence yet, the AFR said.
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Charter Hall Group enters due diligence on Sydney's Macquarie HQ for $500 million

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A new generation of 'urban escapists' are choosing to build in a new area rather than live in inner ring suburbs, according to developer Rawson Communities.
Rawson Communities general manager Ben Hogan, said this demographic, between 25-40 years of age was a key driver of outer urban growth in areas like Sydney’s burgeoning Marsden Park, with this precinct has recently been highlighted as the fastest growing residential postcode in New South Wales.
“These Urban Escapists are seeking a contemporary lifestyle and family-orientated neighbourhood in a great location with accessible connections to shopping and community hubs, schools and recreation areas," he said.
“We are seeing huge growth in this demographic and expect it to drive sustainable development in the local area over the next 18 months.”
Rawson Communities are the developers of Horizon in Marsden Park, 12 kilometres to the west of Rouse Hill Town Centre and six kilometres from Schofields Station, with direct trains into the CBD with  lot sizes ranging from 225 sqm to 450 sqm, with price points starting from $614,300.
For more information <a href="https://horizonmarsdenpark.com.au" target="_blank">click here</a>.  
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Urban escapists eyeing off western Sydney developments

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GUEST OBSERVER
Recent statements from the Reserve Bank of Australia about a potential oversupply of apartments in Sydney will act as a brake on bank loans for new housing when much more supply is needed.
The NSW Department of Planning says that 33,200 new homes are needed each year for 20 years in Sydney but last financial year only 27,348 new homes were completed.
With a shortfall of nearly 6,000 new homes during the boom times it is essential that more homes are built across Sydney. Our concern is that the RBAs warnings will encourage banks to tighten up on lending for new homes particularly for apartments. Sydney already has housing approvals slowing down due to the council amalgamation process. The amalgamations mean that developers must obtain approval from two councils for planning agreements, a situation which slows down approvals.
Our members believe the market is still strong for new apartments in key parts of Sydney where cosmopolitan living is becoming the norm. They are concerned however that the market could be destabilised by a series of negative actions that combine to lower confidence in the industry.
As well as banks being tighter on lending there is a slow-down in investment from China due to local issues, the local government amalgamations are making approvals more difficult, statements from federal and state governments that hefty value capture taxes will be added to residential development in the near future, all will lessen confidence in the housing industry despite the clear need for more supply. 
Chris Johnson is chief executive officer of property development industry group Urban Taskforce and can be contacted <a href="https://www.urbantaskforce.com.au/index.php?option=com_content&amp;view=article&amp;id=97&amp;Itemid=126#.Vdaart55dFI" target="_blank">here</a>.
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