<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>Bishopscourt, the Anglican Church's redundant Darling Point trophy home after being perceived by church activists to be too grand, has been sold for just $18 million.</p>
<p>Bishopscourt, at 11 Greenoaks Avenue, is one of Sydney's most historic sandstone mansions. Details of an independent valuation of Bishopscourt by Colliers International obtained by Property Observer assessed the market value of the property as $24 million in 2009, when Sydney's $420,000 median dwelling price was almost half the current $810,000.</p>
<p>The sale price of the 6100 sqm holding reflected $2900 a square metre. Albeit nearer the harbour, Atherfield, another Gothic home listed currently with Christies International, comes with price hopes of more than $15 million, reflecting $13,000 per sqm. The $15 million Bellevue Hill Yoorami estate sold at $5200 a sqm last week. Darling Point's top sale remains last December's $23.2 million price secured for a contemporary home through the Agency by Coopes on Eastbourne Road at $25,000 a sqm.</p>
<p>Eastern suburbs estate agents always gave it a probable $25 million sale price, but the church spokesman Russell Powell recently sought to dampen expectations saying: “It is a very unique property but it isn’t the sort of place that a rock star would want to live in.” </p>
<p>It was instead sold with lengthy delayed settlement terms to a buyer who fell in love with its gardens.</p>
<p>The $18 million sale price fell short of entry onto <a href="/news/james-packers-la-mer-unchallenged-atop-sydneys-top-10-trophy-home-sales-in-2015">Sydney's top 10 house sales on 2015.</a></p>
<p>The property has been on and off the market for several years, with Craig Pontey at Ray White Double Bay coming up with the difficult sale. It was suppose to happen Tuesday with the church press release issuance delayed until today, Wednesday.</p>
<p>Millions will now likely be spent on its modernisation by the local buyers who will keep it as a residence.</p>
<p>The iconic 1840s Darling Point property had been expected to attract enormous local and international attention, but in the end Craig Pontey had just two local buyers for the heritage listed offering.</p>
<p>Neighbouring school Ascham wasn't that interested. The Moran family seem content with their nearby castellated abode, The Swifts, another Gothic home for archbishops in Darling Point, which was sold by Catholic Church in 1986 for $9 million.</p>
<p>"Not since the sale of Swifts has a similar property been brought to market," Craig Pontey said on its initial 2012 offering. </p>
<p>The picturesque 1850s Darling Point mansion has been with the church since it paid £6,750 in 1910, so by next year's settlement some 106 years.</p>
<p>It's been home to eight archbishops, including Sir Marcus Loane, Donald Robinson, Harry Goodhew and its present occupant, the 12th archbishop of Sydney, Glenn N Davies, who recently called upon Sydney Anglicans to not only to pray for Syrian refugees but to prepare to provide a warm and generous welcome, coupled with practical assistance.</p>
<p>In the past the church has baulked at selling Bishopscourt, having contemplated it in 1963, 1982, 1991, 2001, and most recently in 2010 when defeated by the narrowest of margins.</p>
<p>In April 1993 Bishop Goodhew, when he was Archbishop-elect, stated “I think the time has come for the diocese to build a new residence for the bishop; one which is functional but not opulent”. No further action, however, was taken and Archbishop Goodhew moved in.</p>
<p>The latest decision to sell falls against the backdrop of the synod's reduced financial capacity after shocking stock market losses following the 2008 global financial crisis. It also poored fairly in its neighbouring residential apartment project.</p>
<p>Many of its parishes have revenues below the requisite amount so face the threat of ceasing to be a parish and becoming a provisional parish. The parishes of Willoughby East, Leichhardt and South Sydney have been among those on notice in recent times, along with the parishes of Auburn, Balmain, Bankstown, Coogee, Enmore/Stanmore, Kingsford, Mulgoa, Mt Druitt and Watsons Bay. </p>
<p>Some church members argued that Bishopscourt produced no income, but cost at least $100,000 annually to keep in good repair. The Rector of Fairfield, Peter Lin, advised the synod in 2012 that $2 million dollars had been spent on the chimneys. He added some members of his congregation had been "scarred" by their visits there because the opulence contrasted with the way Christians lived in other countries, the Anglican press report of the 2012 sale debate noted.</p>
<p>Both something of exaggerations, as Property Observer understands maintenance and conservation work (excluding staff wages) undertaken at Bishopscourt in the a recent eight year period totalled $2.94 million, averaging therefore $368,000 per year.</p>
<p>Bishopscourt, which could revert to its earlier names of Percyville or Greenoaks, sits among the handful of pioneer homes to have survived from the 1850s.</p>
<p>Flowered in sandstone Gothic extravagances, it was built for the pioneer Thomas Sutcliffe Mort, who built an empire on wool, dairy, meat, mining and shipping.</p>
<p>The residence - mostly obscured by the fig trees on its 6216 square metre holding - was designed by architects John Hilly in the 1850s and Edmund Blacket in the 1860s. It was built around an original three-roomed 1835 cottage built for an ironmonger, Thomas Woolley.</p>
<p>Mort was a great supporter of the church, giving it the nearby land to build St Marks.</p>
<p>The church bought the estate from a land speculator in 1910, 32 years after Mort's death in 1878 and the departure of his family.</p>
<p align="left">Prior to the purchase of Bishopscourt previous Bishops of Sydney had lived in a rented house in Darlinghurst (1837-1852), a rented house in Millers Point (1855-1857), and then a new house built in Randwick (on land exchanged for a site in Newtown) (1858-1911).</p>
<p align="left">Shortly after his consecration in 1909, Bishop Wright had observed that the property in Randwick that had served as the residence of the Bishop of Sydney for over 50 years was “too far from the centre of things to be a city dwelling; not far enough out to be a country retreat”. The next year the Diocese bought the Greenoaks property in Darling Point. </p>
<p align="left">The Bishopscourt Sale Ordinance 2012 authorised the sale of Bishopscourt at any time within five years after the date of assent to the ordinance, ie by October 2017.</p>
<p align="left">The 2012 synod was told an real estate agent familiar with Bishopscourt had indicated that there were buyers who are interested in such rare ‘icon’ properties, and that buyers in this market are not unduly concerned by the heritage issues involved.</p>
<p align="left">"This view has been confirmed more recently by some other property professionals with a good knowledge of the current market for properties in the relevant price range in the Eastern Suburbs.</p>
<p align="left">"It is considered that given the prevailing market and the ‘uniqueness’ of Bishopscourt its true value will not be known until expressions of interest are sought."</p>
<p align="left">The sales subcommittee received indication from the real estate agent familiar with Bishopscourt that a number of potential residences would be available in the price range of $5 million to $7 million, subject to whatever requirements the Diocese may wish to include for entertainment areas and guest accommodation.</p>
<p align="left">"Several of these properties have been viewed and deemed suitable," it noted, but no purchase has yet been advised.</p>
<p align="left">Bishopscourt, symbolic of the Anglican Church’s historical place in the city of Sydney, includes sizeable gardens, accommodation for up to 12 guests, a conference room for 20, dining room seating up to 36, and off-street parking for 10-15 cars.</p>
<p align="left">"Attempting to replicate these in an alternative residence would be difficult and the cost would be prohibitive," the synod was warned.</p>
<p align="left">"The Archbishop’s ministry will always involve hospitality and entertainment, and the facilities for this should be available in a new residence.</p>
<p align="left">"While recognising the potential any sale and purchase has to attract unwelcome publicity, the Standing Committee does not see that issue as sufficient to warrant the retention of the present property.</p>
<p align="left">"Indeed, if well handled the sale of Bishopscourt should be seen for what it is, the most responsible course of action." </p>
<p align="left">Bishopscourt is one of the assets held by the Anglican Church Property Trust in the EOS’s capital fund. The Endowment of the See (EOS) - the fund from which distributions are made to support the office of the Archbishop - has been under financial pressure for some years despite making considerable savings in its expenditure, with a reduction from $7 million in 2008 to approximately $3 million per annum in 2012.</p>
<p align="left">It was largely achieved by a reduction in staffing from 27 to 17.</p>
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jchancellor-FAypfDUnLy

Bishopscourt, Darling Point given away at $18 million by cash strapped Anglicans

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<p><span>Sydney's CBD office market saw positive growth during 2015 with the </span>third quarter showing a positive net absorption of 25,600 sqm, the seventh consecutive quarter  of positive net absorption in the CBD office market, according to Herron Todd White.</p>
<p>Herron Todd White's December December Month in Review said the strong tenant activity across the Sydney CBD has seen vacancy further tighten, with the Sydney CBD being the only national CBD office market with a total vacancy below 10%.</p>
<p><span>"Prime and secondary gross effective rents increased over the year, with a recorded increase of 2.7% at the end of the third quarter," it noted.</span></p>
<p><span style="line-height: 1.3em;">"From a supply perspective, a key development underway in Sydney is Barangaroo. </span><span style="line-height: 1.3em;">The first practical completion, Barangaroo South, was recorded in quarter three. The International Towers Sydney (T2) is being completed in stages, with the low and mid- rise components completed, offering 59,385 square  </span><span style="line-height: 1.3em;">metres of lettable area.</span></p>
<p><span style="line-height: 1.3em;">"Nine other commercial office projects are currently under construction across the Sydney CBD, including 200 George Street and 333 George Street. While a number of these projects comprise tenant pre-commitments, it is expected that the shifting tenant profile down to Barangaroo will result in increased available office space in the vacated buildings."</span></p>
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mick.cee-iDmgDDAmu8

Third quarter positive growth in Sydney's CBD office market: HTW

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<div>There are multiple data sources for tracking property markets, but the ABS Residential Property Price Indexes series is always one worth analysing, particularly since the Reserve Bank of Australia (RBA) itself follows it closely.</div>
<div> </div>
<div>Established house prices rose by +2.2% in the third quarter to be +11.4% higher over the past 12 months, while attached dwellings rose by +1.4% to be +8.7 % higher over the year. </div>
<div> </div>
<div>While averages mask endless underlying trends, the long run data implies that on average over the past dozen years established house prices (+5.6% per annum) have been outperforming attached dwellings (+4.8% per annum), commensurate with lower initial spot yields. </div>
<div> </div>
<div><a href="/images/2015/12/15/Resi1.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/12/15/Resi1.jpg" alt=""></div>
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<span>Let's step today's the key figures in three short parts.</span><br><br><strong><span style="text-decoration: underline;">Part 1 - Price indexes</span></strong><br><br><div>The star performers over the past year have been established houses in Sydney (+21.9%) and attached dwellings in the same city (+15.8%).</div>
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<br>Established house prices in Melbourne have also performed strongly to be up by +11.5% over the year, but on average attached dwellings price growth in the Victorian capital has been more contained at +4.5%, reflective of the volume of new supply. </div>
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<div>Dwelling prices over the year have performed solidly in Brisbane (+3.8 per cent), Canberra (+4.0 per cent), Adelaide (+3.5 per cent), and Hobart (+1.7 per cent).</div>
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<div>On the other hand there have been moderate declines to date in Darwin (-2.0 per cent) and Perth (-3.3 per cent), although interestingly Domain Group forecasts moderate price growth to return to both cities in 2016, whereas I have previously argued that prices may follow rents down in the next calendar year. </div>
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<div>Since the end of 2008 Sydney (+83 per cent) and Melbourne (+51 per cent) have outperformed impressively, while prices are also now rising in Brisbane, Adelaide, Canberra, and Hobart. </div>
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<strong><span style="text-decoration: underline;">Part 2 - Stock value</span></strong><br><br><div>Over the past three years the total value of dwelling stock has surged +32 per cent or +$1.42 trillion higher, to a total stock value of $5.86 trillion.</div>
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<div><span>More than 90 per cent of the gains in the value of dwelling stock over those three years have been accounted for by New South Wales (+$756 billion), Victoria (+$390 billion), and Queensland (+$131 billion), with the other states and territories accounting for the remaining +$141 billion. </span></div>
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<div><span>Mean dwelling prices over the past three years have exploded in New South Wales (+$236,000), and increased strongly in Victoria (+$133,000). </span></div>
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<div>In fact, despite the recent declines in Western Australia and the Northern Territory noted above, the mean dwelling price has moved some way higher across all states and territories across a three year timeframe.</div>
<br><strong><span style="text-decoration: underline;">Part 3 - Volume of dwelling stock</span></strong><br><br><div>The final chart below helps to explain why although an increase in the dwelling supply can accentuate market downturns - particularly in smaller towns and cities - in the larger cities an increase in building activity on its own can take years to dampen prices. </div>
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<div>One reason for this is that new builds only ever account for a fraction of transactions in a given year, and therefore the level of available supply at any point in time is rather driven by the established or "second hand" market (another reason is that over-simplified views of the market fail to take account of how well the new supply matches demand at the LGA, suburb, and household formation level).</div>
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<div>Over the past four years, while the Australian Capital Territory (+10.9 per cent) and the Northern Territory (+10.1 per cent) have increased their respective number of dwellings materially, this is of course somewhat harder to achieve when you are starting from a higher base figure.</div>
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<br>Despite this, Western Australia (+8.6 per cent) and Victoria (+7.9 per cent) have made valiant attempts to increase the total supply of dwellings since the the equivalent quarter 2011 according to the ABS data series.</div>
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<div>On the other hand, the ABS figures show that the number of New South Wales dwellings has increased by only +4.4 per cent over the past four years, which may go some of the way to explaining why Sydney's rental market has remained relatively tight to date, despite alleged overbuilding.</div>
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<div>Over the past three years the population of Greater Sydney has increased by around +230,000, and thus while it is easy enough to find localised areas of oversupply, after accounting for stock obsolescence, demolitions, and dwelling approvals that never make it to completion, at the city level at least the market remains relatively balanced in terms of dwelling supply (at least, for now).</div>
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<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>
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pwargent-M4siyDbqQY

Sydney house prices up 21.9% Pete Wargent

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<p><span>Australian cricket vice-captain David Warner and his wife, the iron woman, Candice Falzon have quickly listed their South Coogee home up for 2016 auction.</span></p>
<p><span>It is their home which cost $6.25 million in early 2014 shortly after the birth of their baby daughter Ivy Mae. </span></p>
<p>The three level contemporary home listed by Bethwyn Richards at McGrath Estate Agents comes with 180 degree views across the Pacific Ocean towards Wedding Cake Island from all levels.</p>
<p><span>The home comes with bespoke cabinetry, American Oak and Travertine flooring. There's a state-of-the-art Calcutta marble kitchen, stone tiled swimming pool, sauna/steam room, and large outdoor BBQ entertaining space.</span></p>
<p>The March 2016 auction listing follows<a href="/news/david-warner-buys-knockdown-property-in-maroubra"> their recent Lurline Bay purchase</a> when they bought an oceanfront knock-down for just under $4 million through McGrath agent Simon Exleton.</p>
<p><span>Offered with lapsed Tobias Architect, the couple has instead quickly commissioned architect Rolf Ockert to create their dream home. </span></p>
<p><span>David "The Kaboom Kid" Warner, in unstoppable cricket form, loves his coastal property. "You can't go wrong on bricks and mortar," he told Daily Telegraph columnist Nick Tabakoff recently.</span></p>
<p><span>He was not alone in that thinking having outbid four contract holders to secure the 892sqm Mermaid Avenue.</span></p>
<p><span>In 2014 Warner secured $1.88 million when his renovated four-bedroom Jenner Street, Little Bay home was listed ahead of the purchase in South Coogee from the property developer and former Secret Millionaire star, Carly Crutchfield.</span></p>
<p><span>Warner had an investment property in Maroubra, which cost $562,000 in late 2009. The 1950s Maroubra Road sold in late 2014 at $650,000. His current portfolio includes Matraville investment apartments.</span></p>
<p><span>After breaking onto the international cricket scene in the 2008/09 season with a series of explosive batting performances taking his test runs past 4000, Warner is now a key opening batsman in the Australian Test team.</span></p>
<p><span>More than $7 million is being sought for the listing.</span></p>
<p><span><em>This article was first published in the Sunday Telegraph.</em></span></p>
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$7 million plus sought by cricketer David Warner in South Coogee

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<p>Sydney's Inner West region had the strongest preliminary clearance rate across the region with 74.6% from 55 auctions, according to CoreLogic RP Data.</p>
<p><span style="line-height: 1.3em;">The Inner South West region had the highest volume of auctions at 126.</span></p>
<p>Some 869 auctions were weld across Sydney for the week ending 13 December with a preliminary clearance rate of 55.2%.</p>
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Sydney's Inner West nets 74.6% clearance rate: CoreLogic RP Data 

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<p>Australian Property Monitors (APM) has released a list of auction results in Sydney for Saturday December 12. </p>
<p><a href="https://www.homepriceguide.com.au/saturday_auction_results/Sydney.pdf" target="_blank" rel="nofollow">Click here</a> for the auction results, and click on each street address to see the property's marketing.</p>
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APM's Sydney auction results for 12 December

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<p><span>The most expensive property reported sold at weekend auction was a four-bedroom home at 157a Seaforth Crescent Seaforth sold for $5,700,000 by LJ Hooker Seaforth.</span></p>
<p>The deep waterfront comes with <a href="https://www.realestate.com.au/property-house-nsw-seaforth-121184690" target="_blank">pontoon and jetty</a>.</p>
<p><span>A three-bedroom unit at 21/51-55 Upper Pitt Street Kirribilli sold by LJ Hooker Wahroonga for $5,500,000.</span></p>
<p><span>A four-bedroom unit at 3 Parker Street McMahons Point sold for $4,850,000 by Blues Point Real Estate.</span></p>
<p><span>A seven-bedroom home at 2 Ethel Street Burwood sold for $4,325,000 by Rich+Oliva Croydon Park/Burwood.</span></p>
<p><span>A five-bedroom home at 9 Parkview Road Fairlight sold for $3,035,000 by Stone Real Estate.</span></p>
<p><span>A six-bedroom home at 2 Amiens Street Gladesville sold by Ray White Gladesville and Ryde for $2,890,000.</span></p>
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Seaforth tops Sydney weekend sales

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<p><span>The veteran yachtie Matt Allen has cleaned the decks of his prestige eastern suburbs property oversupply by selling Yoorami in Bellevue Hill for $15 million plus ahead of this week's scheduled auction.</span></p>
<p><span>It took its time however, having been on the market for just over two years before the Ray White sale of <a href="https://www.realestate.com.au/property-house-nsw-bellevue+hill-121368626" target="_blank"><span>the six bedroom, six bathroom estate</span></a>.</span></p>
<p><span>Allen is now ensconsced on the waterfront in Darling Point after paying $32 million in 2013 for the home of the late Sir William Tyree. Allen is busy lining up for his 26th start in the Sydney to Hobart Yacht Race on Boxing Day in his ocean racer, Ichi Ban.</span></p>
<p><span>The 1920s Victoria Road Yoorami has been restored by architect Michael Suttor with interiors by Thomas Hamel, retaining its grand period detail.</span></p>
<p><span>The private 2903 sqm gardens come with tennis court.</span></p>
<p><span>Matt bought the Yoorami estate for $5.65 million in 1996 from barrister Geraldine Vandeleur, wife of silk Charles Sweeney.</span></p>
<p><span>Of course Yoorami came to prominence when builders Bill Shipton and Zaro Elizov were reinventing Sydney's top-end mansions in the mid-1980s.</span></p>
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Yachtie Matt Allen sells Bellevue Hill trophy home Yoorami 

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<p><span>Melbourne has a record pre-Christmas Saturday auction next weekend with more than 730 scheduled auctions.</span></p>
<p><span>Fairfax Domain senior economist Dr Andrew Wilson told Fairfax Media Melbourne was going to finish the year with a lot of confidence while Sydney buyers were "just over it". </span></p>
<p><span>"Melbourne will have a pre-Christmas bonanza – it is a record Saturday before Christmas and I think that really does capture the divergence between the two cities."</span></p>
<p><span>Dr Wilson suggested the Sydney clearance rate had stabilised with volumes well down from last year.</span></p>
<p><span>"It's a sign it has stopped the precipitous fall."</span></p>
<p><span>"Although clearance rates have fallen sharply over spring, consistent results over the past month with rates averaging 57.9% indicate a consolidation of market activity.</span></p>
<p><span>"This will provide some relief for sellers and a platform for a rebound in confidence next year," he blogged.</span></p>
<p><span>Evident again on the weekend of the continuing stark disparity between higher and lower-priced regional results across Sydney as outer suburban lower-priced markets to the west have been clear underperformers in the Sydney spring market shakeout – an outcome Dr Wilson suggested had been influenced by higher interest rates for residential investors.</span></p>
<p><span>The city and east recorded the highest regional clearance rate at 72.7% followed by the northern beaches at 70.6%, the inner west with 68.8 per cent, and the lower north at 65.1 per cent at weekend auction.</span></p>
<p><span>The overall 58.1% Sydney clearance rate was just above last weekend’s year-low result of 57.5%bbut well below the 75% recorded over the same weekend last year. </span></p>
<p><span>Auction listings have faded over recent weekends following record levels of activity over spring. The 733 auctions listed on Saturday was well below the previous weekend’s 882 and also significantly below the 998 recorded over the same weekend last year.</span></p>
<p><span>Next weekend more than 300 homes are scheduled for auction in Sydney which Dr Wilson said nonetheless presented another challenge to the market just six days before Christmas.</span></p>
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<p><span>Source APM</span></p>
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Sydney over it, but Melbourne set for record pre-Christmas auction offerings

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<p><span>Global residential property developer Greenland Australia has sold an 81st floor sub-penthouse at its flagship Sydney CBD development Greenland Centre for $10.3 million.</span></p>
<p><span>Designed by architects BVN Donovan Hill, the Greenland Centre on Bathurst Street will be the tallest residential tower in Sydney reaching 235 metres in height.</span></p>
<p><span>With interiors designed by acclaimed architects Woods Bagot, the four bedroom penthouse finishes exude elegance featuring rich and rare slab marbles, exquisite limestone, and solid timbers. </span></p>
<p><span>Greenland Australia CEO Sherwood Luo said the sale highlights the market’s sustained appetite for prestige apartments in the inner-city.</span></p>
<p><span>Spanning 328.7 sqm, the apartment becomes the fifth penthouse out of nine to sell in the building. Greenland have already sold 98 per cent of the 478 apartment block.</span></p>
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