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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The Wentworth Courier quickly cottoned onto the mooted purchase in Woollahra by a then mystery Channel 7 Sunrise identity after Di Jones Woollahra sold a three-bedroom terrace for around $3.7 million at recent auction.
The View Street property had sold through Jane Schumann and Gary Sands who tipped offers around $3.5 million.
The 32-year-old, Sunrise EP Michael Pell has now emerged as having bought from designer Tim Dyroff, who'd spent perhaps close to $200,000 on renovations after buying it for $2,825,000 in May last year.
It had also sold for $3.03 million in 2005, having been built with 216 square metre living space in 2000.
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<div><img src="https://resources3.news.com.au/images/2015/07/26/1227457/591211-48a7ea72-333e-11e5-8361-c04dc8d2464e.jpg" alt="Sunrise EP Michael Pell's new abode in Woollahra." width="650" height="488"></div>
 Title Tattle suggests Michael Pell could perhaps assist Di Jones with doing something about their <a href="https://www.youtube.com/watch?v=1HluZgHpaI4" target="_blank">underwhelming video promotion</a> for their property listings.
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jchancellor-FAypfDUnLy

Sunrise's Michael Pell buys $3.7 million Woollahra home 

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Sydney recorded a 79.7% weekend auction clearance rate - a year low.
The weekend result came after the unsettling suggestion Sydney's median house price had hit $1 million.
Domain Group's Australian Property Monitors had tabulated 590 of the 715 expected results, with late results expected to see the final figure even lower.
Last weekend's revised result was 78.3%.
Barring holiday weekends, the clearance rate for Sydney has sat above 80% since the February 7 weekend, when the auction season got underway.
Below 80% results were recorded on the January 31, 2015 and December 20, 2014 weekends. 
The same weekend last year had a 73% success rate across Sydney.
<img src="https://i1.au.reastatic.net/800x600/45ab77ea64bb5f3c0f5269a636e25449208799b85250d66ea295ceac3bef4b9d/image2.jpg" alt="1 &amp; 2/10 Bruce Avenue, Manly" title="1 &amp; 2/10 Bruce Avenue, Manly" data-index="1">
A clearance rate of 79 per cent was recorded this weekend in Melbourne compared to 75 per cent last weekend and 70 per cent this weekend last year, <a href="https://www.reiv.com.au/Property-Research" target="_blank">with 671 auctions reported to the REIV today</a>.
The highest sale of the day was in Sydney where a three level Manly harbourfront duplex (above) sold at $4.55 million to expats through Cherie Humel-Clarke of Clarke &amp; Humel who had just the three registered bidders for 10 Bruce Avenue.
Sydney's cheapest was $338,000 at Regents Park - which had sold pre-renovation at $217,000 in 2012.
Melbourne's dearest reported result was <a href="https://8ferdinandav.com/" target="_blank">8 Ferdinand Avenue, Balwyn North</a> which sold for $3,600,000, a near new home in the prized Balwyn High School zone.
APM's weekend cheapest 
<table style="width: 470px; height: 146px;" border="0" cellspacing="0" cellpadding="5"><tbody>
<tr id="ecxrpMostAffordable_trMostAffordableRow_0">
<td id="ecxrpMostAffordable_tdMostAffordableCity_0" align="left">Sydney</td>
<td id="ecxrpMostAffordable_tdMostAffordableLocation_0" colspan="2">11/8 Edwin St, Regents Park NSW 2143, 1 br Unit, Town &amp; Country</td>
<td id="ecxrpMostAffordable_tdMostAffordableSold_0">$338,000</td>
</tr>
<tr id="ecxrpMostAffordable_trMostAffordableRow_1">
<td id="ecxrpMostAffordable_tdMostAffordableCity_1" align="left">Melbourne</td>
<td id="ecxrpMostAffordable_tdMostAffordableLocation_1" colspan="2">2/17 Abercarn Av, Craigieburn VIC 3064, 3 br Unit, Ray White</td>
<td id="ecxrpMostAffordable_tdMostAffordableSold_1">$280,000</td>
</tr>
<tr id="ecxrpMostAffordable_trMostAffordableRow_2">
<td id="ecxrpMostAffordable_tdMostAffordableCity_2" align="left">Adelaide</td>
<td id="ecxrpMostAffordable_tdMostAffordableLocation_2" colspan="2">23 Lorna Rd, Para Hills SA 5096, 3 br House, Professionals </td>
<td id="ecxrpMostAffordable_tdMostAffordableSold_2">$310,000</td>
</tr>
<tr id="ecxrpMostAffordable_trMostAffordableRow_3">
<td id="ecxrpMostAffordable_tdMostAffordableCity_3" align="left">Brisbane</td>
<td id="ecxrpMostAffordable_tdMostAffordableLocation_3" colspan="2">19 James St, Lowood QLD 4311, 4 br House, LJH </td>
<td id="ecxrpMostAffordable_tdMostAffordableSold_3">$172,500</td>
</tr>
<tr id="ecxrpMostAffordable_trMostAffordableRow_4">
<td id="ecxrpMostAffordable_tdMostAffordableCity_4" align="left">Canberra</td>
<td id="ecxrpMostAffordable_tdMostAffordableLocation_4" colspan="2">5/30 Watson St, Turner ACT 2612, 2 br Unit, McGrath </td>
<td id="ecxrpMostAffordable_tdMostAffordableSold_4">$525,000</td>
</tr>
</tbody></table>
Interestingly Saturday's $1.15 million Sydney auction median was the lowest since June 6, which could most probably reflect that listings across the more traditional pricier suburbs are on hold until the spring sales season.
"The market is creaking under record winter listings," said Domain's senior economist, Dr Andrew Wilson, a more sober assessment than the mid-week exuberance when Fairfax Media gushingly reported the median house price "smash through the magic $1 million mark for the first time."
<a href="/news/sydneys-1-million-house-median-arrives-326-days-early">It was $1,000,616</a>.
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Sydney's weekend clearance rate dips below 80% - year low result 

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Does the Sydney property bubble exist?
This could really be a yes or no answer. A bubble depends on so many factors, and we don’t really know what defines a bubble. However, what we DO know can be seen in the current housing market.
Why I think ‘yes – we are in a bubble situation’: 
1. Bubbles are characterised by low interest rates
Interest rates in Australia are currently low, and the official cash rate is at a historically low 2%. The Australian Prudential Regulation Authority (APRA) has had a slow, weak response to banks’ lending to investors. Rather than the loan-to-value ratio cap employed in New Zealand, the APRA has been encouraging ‘stress tests’. Under this policy, banks have the responsibility of making sure borrowers can cope with mortgage repayments for interest rates of up to 7%.
2. Bubbles are characterised by 'speculative investment'.
Speculative investment is when you invest in something because you think it is going to deliver a high return quickly. The NAB Quarterly Australian Residential Property Survey for the first quarter of 2015 revealed that investors are making up a larger portion of those taking out home loans to purchase houses. Investors are further incentivised to purchase properties through negative gearing and capital gains concessions.  In documents released by the RBA under the freedom of information act, the amount of investors receiving home loans was growing by an annual rate of over 10% in 2014. The ideal growth rate in investor home loans was specified at around 6%.
3. Bubbles are characterised by rapid growth.
The median house in Sydney has increased in value by approximately $160,000 in the year to May 2015.
At the same time, I could also answer ‘no – we are not in a bubble situation’, because: 
1. I'm afraid of commitment
2. Evidence from the past.
The Sydney market has never really ‘popped’. We can see this by looking at the ‘House Price Index’ (HPI) for the median house in Sydney:
<ul>
<li>The HPI is a number that represents how much house prices have increased at any point in time since our first point of data collection in January 1979.At April 2015, the HPI for the median house in Sydney was 20.70. This means that the median house value in Sydney has increased by 20.70 times the house value in 1979.</li>
</ul>
<ul>
<li>The circles in Graph 2 highlights the big housing booms throughout the last 30 years (1987-88, 2003-04 and 2013-14). The slope of the HPI represents the rate of growth in this indicator. This data shows that Sydney houses are currently in their largest, longest housing boom. But you can also see that the HPI rarely goes down, and when it does go down it doesn’t stay down for very long.</li>
<li>For example, in 2003, Sydney houses experienced a peak growth rate of 24%.</li>
<li>The correction that followed between 2004 and 2007 saw a contraction of just 3%. A mere 3% contraction of what houses were worth at the end of a housing boom does not seem like a drastic correction, although this contraction continued for several quarters. Such growth patterns prompt me to view the Sydney market as an anomaly that could well stabilise at high prices. </li>
</ul>
<a href="/images/2015/07/24/G2_HPI.jpg" target="_blank">Click to enlarge</a> - Sydney HPI
<img src="/images/2015/07/24/G2_HPI.jpg" alt="">
The bubble could pop if the institutional conditions that affect demand are changed. These could include a crack-down on foreign investment, reform to negative gearing and capital gains, an increase in interest rates and/or a serious reform to lending rules for banks.
It could also pop if people decide the money they are paying is not worth the quality of life they are getting. Sydney is becoming very dense, some of our transport options are at capacity, and what expansion is happening out west is further and further from employment opportunities and entertainment.
Eliza Owen is the market analyst for Onthehouse.com.au. She can be contacted <a href="https://www.propertyobserver.com.au/https://au.linkedin.com/pub/eliza-owen/65/4ab/255" target="_blank">here.</a> 
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Does the Sydney housing bubble exist? Onthehouse's Eliza Owen

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CoreLogic RP Data’s head of research Tim Lawless puts Sydney’s current house median at around $900,000 - and approaching its peak for this property cycle.
He doesn't see it getting to $1 million, instead likely to plateau between now and 2016.
“I think growth will moderate based on conditions such as investors now finding it harder to get loans and the general feeling the market has hit its peak,” he told News Ltd this week.
“The big risk is that people continue to buy into this market expecting price growth to continue at the current rate. I just don’t think that will happen.”
He has calculated 3.4% for the June quarter and 17.9% for the year, noting the CoreLogic RP Data method of calculating the value of all houses in the greater Sydney area was more comprehensive than simply focusing on a small sample of properties that had sold over a certain period.
“We have a mathematical algorithm that estimates values based on the number of bedrooms, bathrooms, parking spaces, land size, geographical location, whether the house has a pool and so on,” Mr Lawless said.
“We break all these factors down and give them each a value. This stops the median from moving around a lot based on what stock is being sold.”
CoreLogic RP Data figures show there are 433 Sydney suburbs where house medians are less than $1 million after sales over the past 12 months, compared to 272 with $1 million plus medians.
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$1 million house median not in sight for Sydney: CoreLogic RP Data

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Media entreprenuer Deborah Hutton has listed her Tamarama home which when bought new in 2007 was marketed as cutting edge design and dazzling views.
<img class="js-first-image" src="https://b.domainstatic.com.au/w800-h600-2005893678_1_pi_150216_094338" alt="5 wonderland ave tamarama NSW 2026">
Some $4 million is tipped for the cul-de-sac contemporary beach-house at its August 29 auction through Phillips Pantzer Donnelly agent Debbie Donnelly.
It has double bedrooms, all with robes.
"An artistic approach to luxury living reveals a harmonious connection with the outdoors and its just steps down to Tamarama Beach, marine parkland and the famed coast walk," says the marketing.
<img src="https://b.domainstatic.com.au/w800-h600-2009943933_1_pi_150426_074548" width="603" height="452">
The master suite occupies the entire top floor of <a href="https://ppdre.com.au/buying/listings.php?sid=480239&amp;suid=69c6d071e30da715f0e577a07a4774b9" target="_blank">the Wonderland Avenue location</a>.
Even though it came with a media room, Deborah Hutton wants better video production space in her next home for her Balance enterprise.
No sign where it will be, but she has long tweeted her love of the suburb, most recently while on Tama's sunny shoreline (below).
<img src="/images/2015/07/24/Screen%20Shot%202015-07-24%20at%2011.41.26%20AM.png" alt="">
 
<img src="/images/2015/07/24/Screen%20Shot%202015-07-24%20at%2011.22.40%20AM.png" alt="">
This one <a href="https://www.propertyobserver.com.au/https://m.domain.com.au/listing/2006407587" target="_blank">cost $3,375,000 in 2007</a>.
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Deborah Hutton lists Tamarama home

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<div>Low interest rates have helped to spark one of the biggest housing booms Sydney has seen. Sydney's median house price was up 22.9% or approximately $200,000 in the year to June 2015, following a massive 8.4% rise in the second quarter of the year.</div>
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Domain Group's data:</div>
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<div><a href="/images/2015/07/23/Sydney.jpg" target="_blank">Click to enlarge</a></div>
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<div><img src="/images/2015/07/23/Sydney.jpg" alt=""></div>
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<div>
<div id="post-body-569318625860302453" class="post-body entry-content">Media reports a few viewpoints: Dr Andrew Wilson: <div>"The double-whammy of the lowest interest rates since the 1960s and an investor frenzy has seen Sydney's median house price smash through the magic $1 million mark for the first time.</div>
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<div>Domain's senior economist, Dr Andrew Wilson, says house prices leapt an extraordinary 8.4% over the June quarter to $1,000,616.</div>
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<div>"It's the highest rate of growth since the late 1980s," Dr Wilson said.</div>
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<div>"And it's because of low interest rates and they're going lower, lower and lower."</div>
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<div>The median house price has increased by almost $200,000 in a year or 22.9%, which is one of the highest annual growth rates ever recorded by the city.  Dr Wilson said it exceeded the boom time results of 2001 and 2002.</div>
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<div>He attributed the huge growth to the high level of investor activity, with the $6.4 billion in loans approved over May – a record.  "Sixty-two per cent of the housing market loan share is now investors – another record – and an increase of 27 per cent over the first five months of this year compared with the first five months of last year."</div>
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<div>Will Hampson:</div>
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<div>"Auctioneer Will Hampson has presided at auctions going $200,000, $300,000 and even $500,000 over reserve this year with suburb records often being smashed."</div>
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<div>But even he described the $1 million median house price and the rate of growth as "incredible".</div>
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<div>"Each year for the past three years the auction market has been so strong," Mr Hampson said.</div>
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<div>He says auction listings are up 50 per cent up on last year for August and he's also tipping a strong spring.</div>
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<div>"Conditions are perfect because interest rates are at record lows and there's a shortage of supply in many pockets," Mr Hampson said.</div>
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<div>"A lot of buyers want to buy in a particular suburb – so perhaps Balmain, Mosman or Double Bay ... if they want to buy in those suburbs they are going to have to pay the price."</div>
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<div>The rate of growth is sure to spark fresh suggestions that the market is overheating but Mr Hampson hosed down such talk. "The market is not going to collapse ... even if it does adjust slightly, there's a massive amount of both local and foreign investment."</div>
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<div>...&amp; McGrath:</div>
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<div>"McGrath chief executive John McGrath said Sydney had proven itself to be one of the most resilient property markets in the world, with long-term fundamentals underpinning the market.</div>
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<div>"The boom will end at some point, but that doesn't mean price growth will end, but rather continue in a more moderate fashion," Mr McGrath said."</div>
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<div class="post-footer">
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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Sydney boom accelerates: Pete Wargent

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Sydney’s three years of price growth has dragged the city up the capital city rankings for long-term capital growth, but only as high as fourth. 
Six months ago, it ranked sixth among the eight capital cities and still lags behind Perth, Melbourne and Darwin. This is for average annual growth in house prices over the past 10 years, which we survey regularly for the Capital Growth Superstars report.
Fourteen of Sydney’s Top 20 suburbs have long-term growth rates below 8% per year - not nearly good enough to make the Top 20 lists for Melbourne, Perth or Darwin.
No suburb in the vast Sydney metropolitan area has a double-digit growth rate. The best is Pemulwuy (median price $720,000) in the city’s western suburbs, with a long-term growth rate of 9.5% per year. Most of the suburbs in the Top 20 have growth rates in the 7.0% to 8.0% range.
At first glance, it appears that the Top End suburbs dominate Sydney’s Top 20 list, as 19 of the Top 20 (all except Pemulwuy) have median prices above $1 million. But, in fact, these are mostly suburbs a tier below the top end. 
In Sydney, the 15 most expensive suburbs all have median house prices above $2 million. None of the 20 most expensive suburbs (all with median prices above $1.9 million) make the Sydney’s Top 20 list for long-term capital growth. Most of them have growth rates below 5% per year.
Sydney’s Top 20 is dominated by 15 suburbs in the $1 million to $1.5 million range, which is Sydney’s second tier market.
This is a change from other surveys in the past three years, which have strongly featured the cheaper end of the Sydney metropolitan market. The growth of the past 2-3 years has elevated some of the more expensive areas.
The outstanding precinct is the Ryde LGA on the lower North Shore, which has four suburbs in the city Top 20. Ryde is the only municipality with more than two suburbs in the Top 20. Its four top suburbs are Eastwood, Ryde, Denistone East and West Ryde, all with median prices in the $1.1 million to $1.3 million range.
The prestige end of the market, suburbs with median house prices above $2 million, continues to deliver poor capital growth rates. Indeed, three of the most expensive suburbs of Sydney are included in the Bottom 20 list of suburbs with the worst growth rates in the city.
Vaucluse (median $3.4 million), Palm Beach (median $2.6 million) and Clontarf (median $2.5 million) all have growth rates of 2.1% per year or less. Clontarf’s 1.3% grow rate means it would take 55 years for property to double in value (compared to eight years for Pemulwuy, which has Sydney’s best growth rate).
There are four other million-dollar suburbs on the Bottom 20 list.
The worst precinct in Sydney for capital growth is the Sutherland LGA in the south of the metropolitan area – it has four suburbs (Burraneer, Bundeena, Lilli Pilli and Illawong) on the Bottom 20 list, all with growth rates below 2% per year.
Sydney’s Top 10 for long-term capital growth is:-
1 Pemulwuy 9.5%
2 Waitara 9.2%
3 Homebush 8.7%
4 Burwood 8.6%
5 Bondi 8.0%
6 Darlington 8.0%
7 Hurstville 7.8%
8 North Willoughby 7.8%
9 Haberfield 7.6%
10 Hurlstone Park 7.6%
TERRY RYDER is the founder of <a href="https://www.hotspotting.com.au/" target="_blank">hotspotting.com.au</a>. You can <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email him</a> or follow him on <a href="https://twitter.com/hotspotting" target="_blank">Twitter.</a> 
Terry was recently joined by Property Observer editor at large Jonathan Chancellor for a webinar on why research is the key to successful property investing in 2015. You can download slides and audio from the webinar here.
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Sydney's top 20 suburbs for growth rates: Terry Ryder

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Putney Hill reached a big milestone earlier this month when the first stage of the Victoria Road precinct of the Frasers Property development was sold out.
Frasers Property secured some $349 million in sales, as stage 1 comprised 85 luxury freestanding houses and terraces and 448 apartments.
<img src="/images/2015/07/20/700_putney_exterior.jpg" alt="" width="580" height="352">
All were designed on the 14 hectare site by Cox Richardson Architects – "which have proven extremely popular with homebuyers," Frasers Property sales and marketing director, Paul Lowe said.
<img src="/images/2015/07/20/700_putney_bedroom.jpg" alt="" width="547" height="332">
Located 13 kilometres from the Sydney CBD, the sales results had taken place since its launch in 2011.
Each of the five apartment buildings and 85 houses within Stage 1 has sold out prior to construction completion.  
"The community’s luxury homes and apartments have been positioned within a natural bush land setting around Lardelli Park and its pond, with lifestyle benefits including the nearby recreation circle facilities,” said Mr Lowe.
“Over 50 per cent of Putney Hill is dedicated to green space – the built form integrates with the natural landscape to create a sense of harmony.
"We’ve found this unique point of difference is a very appealing prospect for homebuyers that have been looking to find something of an urban oasis, a retreat from the hustle and bustle but still within easy reach of the CBD,” Mr Lowe added.
“The sales success of Stage 1 is continuing now with the Stage 2, Morrison Road Precinct. We’ve had 15 homes sell out in EOI phase in August 2014 and our current apartment release, Canopy, is almost sold out with only 15 apartments remaining.
"As a result, we are fast tracking the next release to market – set to be another exceptional apartment development, situated at the highest point of Putney Hill commanding district, water and city views.”
<img src="/images/2015/07/20/700_putney_interior.jpg" alt="" width="550" height="334">
For more information on Putney Hill, visit <a href="https://www.putneyhill.com.au/" target="_blank">www.putneyhill.com.au</a>.
Buyers had been from first homebuyers, downsizers, young professionals families, to investors, said Mr Lowe.
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Frasers Property Putney Hill powers into stage two

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Units within the western sydney suburb of Constitution Hill were on market an average of nine days over the past 12 months at a median price of $503,500 for the year ending April 2015.
This marks a 19.9% year-on-year change for the <a href="/news">Constitution Hill area</a>.
Recent suburb sales include this villa, for comparison, <a href="https://www.realestateview.com.au/Real-Estate/1-67-constitution-road-constitution-hill/Property-Details-buy-residential-7794392" target="_blank">under offer above $585,000</a>.
According to the CoreLogic RP Data Top 5 Capital city suburbs with the shortest days on market, the Sydney suburbs of Jannali and Heathcote, both in the Sutherland Shire came third and fourth respectively on the list under Rosemeadow.
Croydon South in Melbourne topped the Melbourne list with 21 units sold over 30 days on the market for a median of $457,000 and Herston the Brisbane list with 20 units sold over 24 days at a median of $516,000.
CoreLogic RP Data senior research analyst Cameron Kusher said with home values continuing to rise and interest rates remaining low it is reasonable to expect that homes will continue to sell relatively quickly over the coming months. 
"The amount of stock for sale in most cities is lower than at the same time last year which also tends to create a level of urgency in the market for buyers," Mr Kusher said.
 
<a href="/images/2015/07/20/core_logic_units.jpg">Click to enlarge</a>
<img src="/images/2015/07/20/core_logic_units.jpg" alt=""> 
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Constitution Hill units sell fastest in nation: CoreLogic RP Data

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Team NSW won House Rules 2015. Some 1.99 million nationally watched the Channel 7 series grand final, with 1.29 million across the five metro cities, Oztam ratings noted.
Viewers would have expected the Sydney contestants to have the highest mortgage but Steve Falzon - of the <a href="https://au.tv.yahoo.com/house-rules/teams/steve-and-tiana/#page1">father and Tiana, daughter team </a>- bought his Shalvey house, near Mt Druitt for $130,000 around 23 years ago. 
He has a $250,000 mortgage that will now be wiped as they won the Johanna Griggs' hosted series. Shalvey prices have meanwhile soared during the filming from $366,000 earlier this year to $391,500.
<img src="/images/2015/05/20/700_steve_tiana.jpg" alt="">
The Brisbane couple grand finalists Ben and Danielle's mortgage was $405,000. They are the newlywed who bought the Brisbane home four years ago.
House Rules premiered in May 2013 with the state-versus-state renovation series.
Steve's wife Danielle died 19 years ago, leaving him, then 28, to raise Tiana and son Andrew.
Being a single dad, there was no extra money to do work on the house. 
He lives in the house with his new partner, Deanne and their son, Rory, 6.
Steve, a metal fabricator, admitted to feeling embarrassed by the unrenovated state of his home.
"I would like to feel proud of this house again. It's been a long-time dream to have this house renovated. And to have my mortgage paid off would be mind-blowing."
Tiana, a childcare director, now lives 20 minutes away with husband Dean.
Shalvey is located 48 kilometres west of the Sydney central business district, <a href="/news">with around a $391,500 median house price</a>, according to CoreLogic RP Data.
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