A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.

Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.

Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.

[smartcode_project:default project_id=150999 project_image_fid=374005]

The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.

Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.

Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.

[smartcode_project:default project_id=150999 project_image_fid=374010]

Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.

The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.

“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.

[smartcode_project:default project_id=150999 project_image_fid=374002]

“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”

The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.

[smartcode_project_cta:default project_id=150999]

Joel Robinson

Maréa Residences brings parkside apartments to Coolangatta

Melbourne developer PDG has secured Victorian Government approval for its $1.5 billion Southbank development <a href="https://www.apartments.com.au/new-apartments/the-one-1-queens-bridge-street-southbank-vic-3006">The One</a>, clearing the way for the long-dormant riverfront site opposite Crown to finally be developed.

The Minister for Planning has approved the project at 1-29 Queens Bridge Street, with the Department of Transport and Planning issuing the planning permit following its assessment.

The approval will allow PDG to develop the prominent 5,059 sqm site with a major mixed-use tower comprising premium apartments, including branded residences, a luxury hotel and boutique office space.

PDG acquired the site in late 2024, with its position directly opposite Crown's main entrance and near Melbourne's Arts Precinct making it one of Southbank's most significant remaining development opportunities.

<img alt="PDG" data-entity-type="file" data-entity-uuid="3933013e-6332-4386-b9be-089df05caf17" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.22%E2%80%AFAM.png?VersionId=sITIgBqDL0N3VNSMwWEmF5UA.uvcsRyu" />

Designed by COX in collaboration with ODO and PDG, the tower's architecture draws on the movement of the Yarra River, with six vertical pleats running the height of the sculpted facade.

The project will also see the heritage-listed Queens Bridge Hotel restored and incorporated into the development&nbsp;with new hospitality and public uses, including a rooftop venue.

A significant component of The One will be its residential amenity.

More than 5,000 sqm of resident facilities will be delivered across a single level, making it one of the largest consolidated residential amenity offerings proposed in an Australian apartment development.

The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.

<img alt="PDG" data-entity-type="file" data-entity-uuid="73167fcd-1031-4b6f-a408-a064cfe45ed1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.17%E2%80%AFAM.png?VersionId=Pf1AEWxw6SNmBqR0zQW5lyEze.MtxgFp" />

The existing square will be revitalised as a new civic and pedestrian space along the Yarra River, strengthening the connection between the project, Southbank and the riverfront.

PDG Founder and Managing Director Vince Giuliano said the approval represented a major milestone for a site which has remained largely underutilised for more than 15 years.

“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.

“For more than 15 years, this site has remained underutilised. This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne.”

The latest approval follows an earlier planning permit issued by the City of Melbourne covering demolition works across part of the site at 9-29 Queens Bridge Street. Those demolition and early works are already underway.

PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.

PDG secures approval for $1.5bn Southbank apartment development, The One

Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

First look: Harridan plans Burke Street transformation beside Boggo Road transport hub

IN BRIEF

<ul>
	<li>
	Just three double-storey Sky Homes sit at the top of The Waterline, each with its own private marina berth and rooftop terrace.
	</li>
	<li>
	Construction on The Waterline is complete, with the first residents expected to move in from mid-October.
	</li>
	<li>
	Sky Homes range from 282 sqm to 367 sqm and are priced from $3.65 million.
	</li>
</ul>

<hr />
Lewis Land has opened the first completed sky home for inspection at Harbour Shores, giving buyers their first opportunity to step inside one of just three double-storey residences crowning The Waterline.

Each sky home comes with its own private marina berth, rooftop terrace and Broadwater views, combining the scale of a larger home with direct access to the boating lifestyle that underpins the wider <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan.

[smartcode_project:default project_id=113271 project_image_fid=366708]

Lewis Land Head of Development Michael Long said the inclusion of a berth with every Sky Home had become increasingly valuable as marina access across the Gold Coast tightened.

“Marina berths are becoming increasingly difficult to secure across the Gold Coast, so including one with every Sky Home makes this a genuinely rare offering,” Long said.

“The private 70-berth marina will accommodate boats up to 12 metres in length and is positioned just 2.5 kilometres from the Broadwater, placing the open ocean only 15 minutes away.

“Being able to step out of your home onto your boat is a rare luxury, and it’s something residents here can look forward to when it opens later this year.”

[smartcode_project:default project_id=113271 project_image_fid=366709]

The display opening comes as construction completes on The Waterline, with the first residents expected to move in from mid-October.

The three Sky Homes range from 282 sqm to 367 sqm and each feature three bedrooms, three bathrooms, multiple living zones, expansive kitchens with butler's pantries and large balconies taking in the Broadwater outlook.

Each residence also has three secure basement car spaces and additional storage.

“This is the first opportunity the Gold Coast has had to step into Harbour Shores and see, touch and feel what we’re bringing to life here,” Long said.

“There are only three Sky Homes within The Waterline, ranging in size from 282sqm to 367sqm, with each residence featuring three large bedrooms, three bathrooms, multiple living zones, expansive custom-built kitchens with butler’s pantry, and large balconies capturing Broadwater views.”

<img alt="Harbour Shores" data-entity-type="file" data-entity-uuid="bab65e10-4fab-45e1-92d8-fc56e2ab98ff" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%202.00.16%E2%80%AFPM.png?VersionId=XT8q76LsPkw3cYTsvN3JfFDaPLud90PN" />

Residents of The Waterline will have access to a private pool, along with Harbour Shores' wider collection of amenity including a lagoon pool, social clubhouse, tennis court, gym, yoga facilities and sauna.

Lewis Land partnered with Studio Collective to furnish the completed display, with the interiors designed to demonstrate how the residences could function as permanent homes rather than simply as show apartments.

Studio Collective Director Melissa Park said the surrounding waterways informed the interiors, but in a more restrained way than a traditional coastal scheme.

“We drew inspiration from the canals and coastal surrounds, but our approach was to interpret that subtly through layered materials and a grounded palette of earthy tones, rather than literal coastal references,” Park said.

“We introduced hero moments of green and teal to reference the surrounding waterways, while mirrored elements help reflect natural light.

“The result is a residence that feels elevated yet comfortable, somewhere buyers can genuinely imagine themselves living, entertaining and unwinding.”

Sky Homes are priced from $3.65 million.

Lewis Land is also offering private marina berths with The Residences, its limited collection of three and four-bedroom villas positioned directly along the Harbour Shores waterfront boardwalk.

Three-bedroom villas are priced from $2.99 million, while four-bedroom residences start from $3.19 million.

Harbour Shores is being marketed by Colliers International.

[smartcode_project_cta:default project_id=113271]

Lewis Land opens sky home display as The Waterline completes at Harbour Shores

St Vincent de Paul Society Housing Australia has filed plans for a major mixed-use housing precinct on the southern edge of the North Sydney CBD, adding another significant proposal to a pocket around North Sydn​ey Station that is quickly becoming one of the LGA's busiest development zones.

The State Significant Development Application covers a 5,990 sqm site at <a href="https://www.apartments.com.au/new-apartments/1-19-mackenzie-street-lavender-bay-nsw-2060">1-19 MacKenzie Street and 211 Blues Point Road in Lavender Bay</a>, immediately south of Nor​th Sydney Station and between the commercial core and the lower-rise Lavender Bay Heritage Conservation Area.

Designed by Wardle, the proposal would deliver a new residential tower comprising 88 build-to-sell apartments and 19 affordable apartments, alongside a separate co-living building with 57 rooms and a building manager's studio.

It would also see the significant restoration and upgrade of St Francis Xavier Catholic Church, the adaptive reuse of the former school building, new parish facilities, retail, a new public square and around 1,000 sqm of publicly accessible open space.

<img alt="Vinnies North Sydney" data-entity-type="file" data-entity-uuid="d5dd7f87-a617-463e-b577-17541e01f0e9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.13%E2%80%AFAM.png?VersionId=4R8TsFN3P_LrrXO2HswTOIrx2blil8lh" />

The project is seeking a concurrent rezoning of the site to R4 High Density Residential and an increase in the maximum building height to allow a tower reaching RL120, or up to 20 storeys. The proposal was progressed through the NSW Government's Housing Delivery Authority pathway.

The build-to-sell component will be weighted toward larger apartments, with just six one-bedroom apartments compared with 31 two-beds, 43 three-beds and eight four-bedroom residences.

The 19 affordable apartments will comprise two studios, 15 one-bedroom apartments and two two-bedroom apartments, taking the total apartment component to 107 residences before the 58 co-living rooms are included.

<img alt="Vnnies" data-entity-type="file" data-entity-uuid="7d568ca5-cb90-4e18-96c6-d9795dba0c56" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.05%E2%80%AFAM.png?VersionId=GY2R5M9VtQh0EKy1vajaea19PSLOPuRD" />

Wardle's design for the Vinnies site has sought to negotiate that emerging high-rise context while retaining the lower-scale character of MacKenzie Street and the adjoining heritage conservation area.

The main building adopts a three-storey podium and tower arrangement, with the podium aligned to the ridgeline and front setback of St Francis Xavier Church.&nbsp;Wardle has designed the podium with colonnades, seating, recessed entries and active ground-floor frontages, with sandstone-toned precast concrete and face brick referencing the materiality of the existing church.

The tower then steps back eight metres to the south and six metres to the north before rising in a sculpted form comprising four interlocking quadrants. Wardle has also introduced rounded forms and chamfered corners to reduce the tower's perceived bulk and improve view sharing with neighbouring development sites.

Resident facilities and outdoor areas are planned at the separation between the podium and tower at Level 3, oriented toward Sydney Harbour and the CBD skyline.

The tower itself will feature a glass reinforced concrete facade, with recessed balconies and deep reveals used both to provide shading and privacy and frame views toward the harbour and city. The lower levels take a different architectural approach, using brick and sandstone-toned finishes intended to establish a stronger relationship with St Francis Xavier Church. The Church itself will be conserved and upgraded for its continued use, while the former school building will be adaptively reused as part of the co-living component.

<img alt="Lavendar Bay" data-entity-type="file" data-entity-uuid="2d4418ad-90aa-4d49-af93-c80b140aea80" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.09.47%E2%80%AFAM.png?VersionId=Kv4gzbsACaGvZSRuaqcfGC54jEJRXIDJ" />

&nbsp;

The proposal adds to an increasingly concentrated pipeline of residential development around Blue Street, MacKenzie Street and Lavender Bay.

Just west of the site, Central Element lodged plans earlier this year for one of the most significant residential developments proposed in Lavender Bay in recent years.

Central Element's SJB-designed scheme at 64-66 Lavender Street and 3-7 Middlemiss Street would deliver 163 apartments across two towers rising 23 and 32 storeys, replacing five existing apartment buildings containing 32 homes. The project also forms part of the Housing Delivery Authority pathway.

<a href="https://www.apartments.com.au/news/nsw/first-look-central-element-reveals-lavender-bay-apartment-plans?utm_source=chatgpt.com" rel="noopener" target="_blank">First look: Central Element reveals Lavender Bay apartment plans</a>

Immediately around North Sy​dney Station, another two significant proposals have emerged at 5 and 15 Blue Street.

Zurich Australian Insurance Properties is seeking to adaptively reuse its longstanding commercial building at 5 Blue Street, directly above North Sydney Station, rather than demolishing the structure.

Its SSDA proposes converting the building into a 14-storey mixed-use development with 62 apartments and 86 co-living rooms, together with ground-floor retail and a major refurbishment of Blue Street Plaza. The application is currently at the Response to Submissions stage.

<a href="https://www.apartments.com.au/news/nsw/first-look-zurich-targets-north-sydney-office-conversion-with-148-unit-proposal-above-metro-station">First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station</a>

&nbsp;

First look: Vinnies files for 20-storey Lavender Bay apartment tower as North Sydney housing pocket heats up

Sydney

jchancellor-FAypfDUnLy

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>
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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
<a href="/images/2016/04/21/Screen%20Shot%202016-04-21%20at%2012.00.11%20PM.png" target="_blank">Click to enlarge</a>
<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
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<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
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<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
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<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
 
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<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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