<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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<div>Frasers Property is auctioning a four-bedroom family home at its master-planned Putney Hill neighbourhood.</div>
<div> </div>
<div>76 Lardelli Drive, a freestanding home designed by Cox Richardson, sits at one end of the picturesque Lardelli Park. </div>
<div> </div>
<div>Styled by Coco Republic, the trophy residence will be auctioned by Vic Lorusso on June 13 with a $1.85 million plus price guidance.</div>
<div> </div>
<div>Frasers Property Sales marketing director Paul Lowe said the decision was taken to sell by auction gave all an equal chance of buying this newly completed house which served as the display suite.</div>
<div> </div>
<div>To date all opportunity to buy from the developer in the <a href="https://putneyhill.com.au" target="_blank">Putney Hill precinct</a> have been initially offered via off the plan private treaty. </div>
<div> </div>
<div>Putney Hill is a 13.9-hectare master-planned community on the border of Putney and Ryde, 13 kilometres from the Sydney CBD.</div>
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jchancellor-FAypfDUnLy

Cox Richardson-designed Putney Hill family home for auction

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<p>Royalla, the glamorous Robertson farm stay, has been listed for sale. </p>
<p>It is a 47 hectare cattle farm that grosses up to $80,000 a year from its visitors. </p>
<p>Derek Leddie, former CEO of The Leading Edge market research firm and co-founder of athlete training outfit Out Of Your Mind, and his wife Nicole Lenord have owned Royalla for 10 years.</p>
<p>It's not the Pearsons Lane pastures that are extraordinary rather the 200 species of plant life with some of the trees 100 plus years old. </p>
<p>Royalla hosted 70 wedding ceremonies last year with 26 already confirmed for 2015, with the property accommodating up to 16 people across three recently renovated dwellings. </p>
<p>David Nolan of Webster Nolan Real Estate, Cameron McKillop of McKillop Property and Ian Rayner Real Estate <a href="https://www.realestate.com.au/property-other-nsw-robertson-7603767" target="_blank">are giving $3.3 million price guidance</a>.</p>
<p>Leddie spent $2.8 million to buy the neglected retreat which comes with extensive dry-stone walls, large trees, paddocks, a creek and a dam.</p>
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Royalla, the highlife Southern Highlands farmstay, listed 

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<p>Chateau de Benelong, the distinctive Bellevue Hill palazzo residence, has sold for close to $6 million.</p>
<p>It didn't sell when auctioned in 2014 having<span> a $7 million plus price indication.</span></p>
<p><span>It had revised $6 million hopes this time, although initially listed last month with renewed $7 million hopes.</span></p>
<p><span>Chateau de Benelong, the private palazzo commands sweeping northerly harbour views from its grand columned terraces.</span></p>
<p>The seven bedroom house has stood out from the crowd since 1977 when it was built by designer Lesley Santy.</p>
<p>It last sold at early 2012 auction at $4,995,000.</p>
<p>The 12 Benelong Crescent property had been renovated after trading for $3.67 million in 2009.</p>
<p>The Hunteleys Point-bound vendors Lynda Giang-Nguyen and Nhi Nguyen bought it in early 2012 from Nare Elio and Makedonka Del Ben.</p>
<p><a href="https://www.biller.com.au/2081136/" target="_blank">Listed with Paul Biller of Biller Property</a> secured the 12 Benelong Crescent, Belleuve Hill sale.</p>
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Bellevue Hill's Chateau de Benelong sold

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<p>60 Winbourne Street is an unassuming West Ryde 1960s three bedroom brick home.</p>
<p>However its sale price rocketed from $940,000 to $1.71 million, between February 2014 and earlier this month.</p>
<p>Little wonder its re-sale has become something of local folklore in the past week after 2GB's Ross Greenwood's came across the stellar price hike.</p>
<p>It is a 961 square metre corner block at <a href="https://www.realestate.com.au/property-house-nsw-west+ryde-119573743" target="_blank">60 Winborne Street</a>, with b<span style="line-height: 1.3em;">uses at the door with easy access to Eastwood and West Ryde stations, TAFE Colleges, Macquarie University and major shopping centres.</span><span style="line-height: 1.3em;"> </span></p>
<p><span style="line-height: 1.3em;">Property Observer gathers the windfall came from changes in likely more liberal council consideration of the splayed corner site calculation, rather than all because of the property boom.</span></p>
<p><span style="line-height: 1.3em;">A local developer buyer beat off keen competition with an Asian bidder the underbidder when agent Max Pracey threw the .  </span></p>
<p><a href="https://www.realestate.com.au/photogallery_new.ds;jsessionid=6E5B377CDBD0A5ABCDFC4ABE24CB8856?id=119573743&amp;theme=rea.sold" rel="photos" data-id="119573743"><img src="https://i1.au.reastatic.net/456x342/79c3f86b28ab8287a3dd7d4d796c471df6d185fddb224f093b6ef74647e640e0/main.jpg" alt="60 Winbourne Street, West Ryde" title="60 Winbourne Street, West Ryde" data-index="0"></a></p>
<p>It was marketed by Max Pracy at Tracy Yap Realty as suitable to "e<span>xplore the possibilities of development."</span></p>
<p><span>Max Pracey suggested the block, subject to council approval could possibly hold a duplex or even v</span><span>illas. CoreLogic RP Data suggests the site dimensions of the irregular shaped block are <span>18.29/27.97 X IRR/41.68.</span></span></p>
<p><span><img src="/images/2015/05/25/site_plan.jpg" alt=""></span></p>
<p><span>"Explore the options, make your decision and develop and profit!!," the marketing suggested.</span></p>
<p><span>"Rarely does a property like this become available," it added.</span></p>
<p><span>Held for 1.25 years, during that time, its value has changed at an annual rate of 60%.</span></p>
<p><span>It seems the windfall was all </span>about the City of Ryde development control plan 2014 multi dwelling housing for low density residential zone.</p>
<p>The control plan generally affirms allotments should have a frontage to the road of not less than 20 metres and an area of not less than 900 square metres.</p>
<p><span> </span></p>
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Price for West Ryde 1960s three bedder with potential skyrockets

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<p>A three bedroom townhouse was Sydney's cheapest sale at weekend auctions.</p>
<p><span style="line-height: 1.3em;">It sold through Richardson &amp; Wrench Campbelltown agents Russell Wyer and Michelle Balabka for $310,000 to an investor.</span></p>
<p><span style="line-height: 1.3em;">The three bedroom</span><span style="line-height: 1.3em;"> 1970s townhouse is in need of refurbishment.</span></p>
<p><span style="line-height: 1.3em;">There is s</span><span style="line-height: 1.3em;">ingle undercover car accommodation and f</span><span style="line-height: 1.3em;">ront and rear courtyards.</span></p>
<div id="description" class="stackItem">
<p class="body">It was marketed as suiting builders/renovators looking for a project at <a href="https://www.realestate.com.au/property-townhouse-nsw-campbelltown-119647355" target="_blank">13/107 Broughton Street</a>.</p>
<p class="body">It last sold in 2010 at $195,000, so reflected 10% annual growth.</p>
<p class="body">The agents told Property Observer they <span>recently rented a renovated three bedroom townhouse in the same complex for $355 per week.</span> </p>
</div>
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Campbelltown $310,000 townhouse the weekend's cheapest auction sale

<html><body><p>Australian Property Monitors (APM) has released a list of auction results in Sydney for the weekend of May 23. <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></body></html>

po-LsXgBTHBmX

APM's Sydney auction results for May 23 weekend

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<div class="default">
<span style="line-height: 1.3em;">It was top-down success as apartments went on sale </span>today<span style="line-height: 1.3em;"> at Crown Ashfield's $88 million resort-style development.</span>
</div>
<div class="default"><span style="line-height: 1.3em;"> </span></div>
<div class="default"><span style="line-height: 1.3em;">Sold stickers in the early sales were very dominant among the pricier apartments on offer.</span></div>
<div class="default"> </div>
<div class="default"><img src="/images/2015/05/26/crown.jpg" alt=""></div>
<div class="default"><span style="line-height: 1.3em;"> </span></div>
<div class="default">
<span style="line-height: 1.3em;">Located nine kilometres from the Sydney CBD, six kilometres from the University of Sydney, 10 kilometres from the airport, 300 meters from Ashfield Mall and 750 metres from the railway station Ashfield, </span><span style="line-height: 1.3em;">sales were underway at same-day launch events in Sydney, Indonesia and Singapore.</span>
</div>
<div class="default"><span style="line-height: 1.3em;"> </span></div>
<div class="default"><span style="line-height: 1.3em;"><span>Crown Group chief executive Iwan Sunito tweeted his delight at the early morning buyer queues as it represents an important milestone for Crown Group as its brand continues to gain momentum around the world.</span></span></div>
<div class="default">
<p><img src="/images/2015/04/22/Crown%20Ashfield%20Interior%20%20-%20Dark.jpg" alt=""><br> </p>
<p><span>Crown Group chief executive Iwan Sunito said Crown Ashfield will feature a forest interior concept along with the development’s internal atrium.</span></p>
<p><span>"The common areas will be bathed in natural light, lush greenery and first-class residents’ amenities," Sunito said.</span></p>
<p><span>The starting price mark was around $700,000 for a one bedroom apartment.</span></p>
<p><span>Crown Ashfield was designed by Surry Hills architects Turner featuring natural, organic elements throughout including an internal atrium, abundant natural light, a flowing sculpted water feature and lush greenery at 168 Liverpool Road.</span></p>
<p><span>The sold stickers were being quickly posted for the apartments in the modern nine-storey development comprising 79 boutique apartments, four exclusive retail spaces, resident and visitors’ car parking, grand lobby lounge, theatrette, piano room and rooftop communal facilities including a terrace and a recreational area with city views. </span><span style="line-height: 1.3em;"> </span></p>
<p><span>Crown Group achieved an impressive $173 million in sales within four hours at the launch of Sydney by Crown in November last year for its Clarence Street project.</span></p>
<p><span style="line-height: 1.3em;">Closer to town, strong sale were also achieved as 581 apartments (below) were offered at the Lend Lease launch of the Darling Square project.</span></p>
<p><span>The two penthouses sold at more than $10 million each.</span></p>
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Crown Ashfield secures top down sales success at its tree-house inspired Liverpool Road offering

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<p>The Sydney weekend auction market weakened a tad on Saturday from its record-breaking run of the past few months.</p>
<p>There was a preliminary 84.2% auction success rate today, the second last week of the Autumn selling season.</p>
<p><span style="line-height: 1.3em;">The peak was the all-time record clearance rate of 89.2% on May 9. It eased to a preliminary 84.4% result last weekend, May 16.</span></p>
<p><span style="line-height: 1.3em;">But the May 16 result was revised down to 81%, suggesting it won't be long before heading back into the still strong 70s.</span></p>
<p><span style="line-height: 1.3em;"><span>Dr Andrew Wilson, senior economist for the Domain Group, noted the 84.2% preliminary result today was "<span>strong but again below record levels of past month</span>."</span></span></p>
<p><span><span style="line-height: 1.3em;">Despite the slight overall weakening, auctioneers </span>reported<span style="line-height: 1.3em;"> suburbs of intensity.</span></span></p>
<p><span style="line-height: 1.3em;"><span><span>"Property market has been red hot today," auctioneer Damien Cooley tweeted. His brother Andrew tweeted the #South#market is flying today! Everything selling <span>#</span>overreserve - buyers everywhere!!</span></span></span></p>
<p>This weekend Sydney was scheduled to host over 750 auctions, well ahead of the 556 auctioned last weekend but below the 809 auctioned over the same weekend last year.</p>
<p>CoreLogic RP Data reported t<span style="line-height: 1.3em;">he overall clearance rate over the entire week increased in Sydney to 86.9 per cent, based on </span><span style="line-height: 1.3em;">preliminary results to May 24, signifying that Sydney’s clearance rate of 85.0 per cent last </span><span style="line-height: 1.3em;">week was a "brief dip," after the four previous weeks where Sydney’s clearance </span><span style="line-height: 1.3em;">rate was recorded above the 87 per cent mark. </span></p>
<div>
<span style="line-height: 1.3em;">The CoreLogic results were based on 770 Sydney </span><span style="line-height: 1.3em;">auction results reported so far this week, with 950 homes taken to auction. </span>
</div>
<div> </div>
<div>"Volumes are higher than last week, when 885 residential auctions were held, <span>and lower than last year, when there were 1,115 auctions," CoreLogic RP Data advised.</span>
</div>
<div><span> </span></div>
<div>
<span>"One year ago, </span><span>Sydney’s auction clearance rate was 73.1 per cent, more than 10 percentage </span><span>points lower than the current level." </span>
</div>
<div><span> </span></div>
<div>
<span>Across Sydney’s individual sub-regions, the i</span><span>nner west region recorded the strongest result with a preliminary clearance </span><span>rate of 94.7 per cent across 76 results. </span>
</div>
<div> </div>
<table style="width: 605px;" border="0" cellspacing="0" cellpadding="5"><tbody>
<tr>
<td colspan="2">
<p>Most expensive</p>
</td>
<td colspan="2"> </td>
</tr>
<tr id="rpMostExpensive_trMostExpensiveRow_0">
<td id="rpMostExpensive_tdMostExpensiveCity_0" align="left">Sydney</td>
<td id="rpMostExpensive_tdMostExpensiveLocation_0" colspan="2">9 King Av, Balgowlah NSW 2093, 5 br House, Max Walls International</td>
<td id="rpMostExpensive_tdMostExpensiveSold_0">$6,000,000</td>
</tr>
<tr id="rpMostExpensive_trMostExpensiveRow_1">
<td id="rpMostExpensive_tdMostExpensiveCity_1" align="left">Melbourne</td>
<td id="rpMostExpensive_tdMostExpensiveLocation_1" colspan="2">46 Canberra Gr, Brighton East VIC 3187, 4 br House, Hocking Stuart Brighton</td>
<td id="rpMostExpensive_tdMostExpensiveSold_1">$4,010,000</td>
</tr>
<tr id="rpMostExpensive_trMostExpensiveRow_2">
<td id="rpMostExpensive_tdMostExpensiveCity_2" align="left">Adelaide</td>
<td id="rpMostExpensive_tdMostExpensiveLocation_2" colspan="2">41 Grandview Gr, Toorak Gardens SA 5065, 5 br House, Klemich Real Estate Henley Beach</td>
<td id="rpMostExpensive_tdMostExpensiveSold_2">$1,320,000</td>
</tr>
<tr id="rpMostExpensive_trMostExpensiveRow_3">
<td id="rpMostExpensive_tdMostExpensiveCity_3" align="left">Brisbane</td>
<td id="rpMostExpensive_tdMostExpensiveLocation_3" colspan="2">15 Abercrombie St, Newstead QLD 4006, 3 br House, RW - New Farm</td>
<td id="rpMostExpensive_tdMostExpensiveSold_3">$2,675,000</td>
</tr>
<tr id="rpMostExpensive_trMostExpensiveRow_4">
<td id="rpMostExpensive_tdMostExpensiveCity_4" align="left">Canberra</td>
<td id="rpMostExpensive_tdMostExpensiveLocation_4" colspan="2">57 MacAlister Cr, Curtin ACT 2605, 5 br House, Peter Blackshaw Real Estate Woden &amp;</td>
<td id="rpMostExpensive_tdMostExpensiveSold_4">$1,342,500</td>
</tr>
<tr>
<td colspan="2">
<p>Most affordable</p>
</td>
<td colspan="2"> </td>
</tr>
<tr id="rpMostAffordable_trMostAffordableRow_0">
<td id="rpMostAffordable_tdMostAffordableCity_0" align="left">Sydney</td>
<td id="rpMostAffordable_tdMostAffordableLocation_0" colspan="2">13/107 Broughton St, Campbelltown NSW 2560, 3 br Townhouse, R&amp;W Campbelltown</td>
<td id="rpMostAffordable_tdMostAffordableSold_0">$310,000</td>
</tr>
<tr id="rpMostAffordable_trMostAffordableRow_1">
<td id="rpMostAffordable_tdMostAffordableCity_1" align="left">Melbourne</td>
<td id="rpMostAffordable_tdMostAffordableLocation_1" colspan="2">3/117 Anderson Rd, Albion VIC 3020, 1 br Unit, Douglas Kay Sunshine</td>
<td id="rpMostAffordable_tdMostAffordableSold_1">$146,500</td>
</tr>
<tr id="rpMostAffordable_trMostAffordableRow_2">
<td id="rpMostAffordable_tdMostAffordableCity_2" align="left">Adelaide</td>
<td id="rpMostAffordable_tdMostAffordableLocation_2" colspan="2">144 Wills St, Peterhead SA 5016, 2 br House, LJH West Lakes</td>
<td id="rpMostAffordable_tdMostAffordableSold_2">$250,000</td>
</tr>
<tr id="rpMostAffordable_trMostAffordableRow_3">
<td id="rpMostAffordable_tdMostAffordableCity_3" align="left">Brisbane</td>
<td id="rpMostAffordable_tdMostAffordableLocation_3" colspan="2">15 Woodburn St, Marsden QLD 4132, 3 br House, PRD Marsden</td>
<td id="rpMostAffordable_tdMostAffordableSold_3">$275,500</td>
</tr>
<tr id="rpMostAffordable_trMostAffordableRow_4">
<td id="rpMostAffordable_tdMostAffordableCity_4" align="left">Canberra</td>
<td id="rpMostAffordable_tdMostAffordableLocation_4" colspan="2">99 Florey Dr, MacGregor ACT 2615, 3 br House, LJH Belconnen</td>
<td id="rpMostAffordable_tdMostAffordableSold_4">$385,000</td>
</tr>
</tbody></table>
<p>Source APM</p>
<p>Sydney’s south hosted the most number of auctions with 121 listing.</p>
<p>The upper north shore followed with 106, the inner west 100, the city and east 79, the lower north 66, south west 60, the north west 54, the west 53, the northern beaches 47, Canterbury Bankstown 39, central coast 18 and the Blue Mountains with 1 auction scheduled this weekend.</p>
<p>Randwick and Mosman were the most popular suburbs for auctions with 11 auctions each including<span> 6 Dick Street, Randwick where Damien Cooley secured a $3.55 million sale through BHR Bickmore-Hutt Realty, </span><span>a trophy family home for sale for the first time in 39 years. The three-bedroom house at 6 Dick Street had a reserve price of $3.25 million and five registered bidders. </span>Cooley Auctions also secured the sale of <span style="line-height: 1.3em;">8 Coogee Street, Randwick at $1.85 million and 72 Canberra Street, Randwick at $1.69 </span>million.</p>
<p><span style="line-height: 1.3em;">Strathfield </span>foliowed <span style="line-height: 1.3em;">with 10, including 25 Arthur Street (below) which fetched $1,783,000.</span></p>
<p class="TweetTextSize TweetTextSize--28px js-tweet-text tweet-text" lang="en" data-aria-label-part="4">It sold with 11 registrations, auctioneer <span style="line-height: 1.3em;">Ricky Briggs advised.</span></p>
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<span style="line-height: 1.3em;">Surry Hills, Eastwood and Baulkham Hills had nine each.</span><span style="line-height: 1.3em;"> </span>
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<div class="QuoteTweet-authorAndText u-alignTop"><span style="line-height: 1.3em;"> </span></div>
<div class="QuoteTweet-authorAndText u-alignTop"><span style="line-height: 1.3em;">A narrow 1870s Surry Hills terrace fetched $965,000 at auction this afternoon, with its price reflecting recent 20% boomtime price growth.</span></div>
<div class="QuoteTweet-authorAndText u-alignTop">
<p>It was a <a href="https://www.spencerservi.com.au/index.cfm?page=for_sale.property&amp;id=3588&amp;utm_content=bufferf1321&amp;utm_medium=social&amp;utm_source=linkedin.com&amp;utm_campaign=buffer" target="_blank">2.85 metre wide terrace on Terry Street, Surry Hills</a>.</p>
<p>It has been billed as possibly Sydney's skinniest terrace, located near Central Station between Foveaux Street and Kippax Street.</p>
<p>The Spencer &amp; Servi sale was of a two bedroom, one bathroom, two storey terrace on a 38 square metre block.</p>
<p>The weekend auctions resulted in a $1,273,000 median house price sale, which was reflected in a sale by Auctions Services auctioneer Rob Trovato at <span>10 Blackburn Street, North Rocks which fetched $1.271 million through (below) NNW Property.</span></p>
<p><span><img src="https://i1.au.reastatic.net/456x342/c29e97d6c5b6ccc9be4b27cb6bfac37060aca08031692614c9058f3ab1e6902d/main.jpg" alt="10 Blackburn Avenue, North Rocks" title="10 Blackburn Avenue, North Rocks" data-index="0"></span></p>
<p><span style="line-height: 1.3em;">NNW Property</span><span style="line-height: 1.3em;"> has</span><span style="line-height: 1.3em;"> had 10 Hermington Street, Epping sell at $1.1 million, some $70,000 over reserve with 17 registered bidders, 11 of whom took part.</span></p>
<p>Some 60 plus bids were recorded by Rocky Ba<span><span>rtolotto</span><span>, a</span>uctioneer at Auction Services.</span></p>
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Still in the 80s, but Sydney auction success rate in decline as winter approaches

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<p>A narrow 1870s Sydney terrace fetched $965,000 at auction this afternoon, with its price reflecting recent 20% boomtime price growth.</p>
<p>It was a <a href="https://www.spencerservi.com.au/index.cfm?page=for_sale.property&amp;id=3588&amp;utm_content=bufferf1321&amp;utm_medium=social&amp;utm_source=linkedin.com&amp;utm_campaign=buffer" target="_blank">2.85 metre wide terrace on Terry Street, Surry Hills</a>. <span>The winning bidder was the buyer's agent Raymond Hung bidding on behalf of his client in China.</span></p>
<p>It has been billed as possibly Sydney's skinniest terrace, l<span>ocated near Central Station between Foveaux Street and Kippax Street</span>.</p>
<p>The Spencer &amp; Servi sale was of a two bedroom, one bathroom, two storey terrace on a 38 square metre block.</p>
<p><span>First National Spencer &amp; Servi’s selling agent Annie Hodgson, who had issued more than six contracts, was quoting $750,000 plus.</span></p>
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<p>It had 48 square metre space.</p>
<p><span>The property was last sold in March 1981 for $54,000, reflecting 8.75% annual growth over the 34 years.</span></p>
<p><span>A renovated 38 square metre terrace three doors away sold at $633,000 in May two years ago, so the annual price growth sits at around 22% over the past two years.</span></p>
<p><span><img src="https://images-2.domain.com.au/2015/05/20/6546581/Article%20Lead%20-%20narrow996273431gh5liyimage.related.articleLeadNarrow.353x0.gh5lhz.png1432103860898.jpg-300x0.jpg" alt="29 Terry Street, Surry Hills."></span></p>
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Narrow Surry Hills terrace fetches $965,000

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<div>People seem to love the idea of "macro-prudential" measures. </div>
<div> </div>
<div>It all sounds new and rather exciting, but in truth the term simply refers to financial regulation and approaches to managing systemic risks.<br><br>
</div>
<div>In respect of the housing market, the more popular ideas tend to include caps on loan-to-value ratios or restrictions on the level of debt that can be taken on by a borrower expressed as a multiple of income.</div>
<div> </div>
<div>The Reserve Bank of New Zealand (RBNZ) has taken the approach of limiting lending to investors in Auckland, while investor loans will attract additional capital charges.</div>
<div> </div>
<div>While such a targeted approach has seemed unlikely to date in Australia, lenders do already use similar methods to weed out high-risk loans, for example through restrictions on lending in mining towns, or on certain property types which are perceived to be of higher risk.</div>
<div> </div>
<div>The Reserve Bank of Australia (RBA) has announced on multiple occasions that it is working with APRA in order to monitor lending standards, with APRA already having indicated an advisory 10 per cent cap on the growth of investment mortgage lending books.</div>
<div> </div>
<div>Some banks are now insisting on 20 per cent deposits for investment loans. Others are tweaking borrowing rates, and others still have banned mortgage lending against property investments in self-managed superannuation funds (SMSFs).</div>
<div> </div>
<div>Eventually these measures will begin to take hold of Australia's property markets, even if through perception alone. </div>
<div> </div>
<div>Whether or not more robust measures are taken to target specifically the rampant Sydney market remains to be seen.</div>
<div> </div>
<div>Let's take a look in three parts at the termination of the last Sydney housing market boom in 2003/4 to see what we can learn.<br><br>
</div>
<p><strong><span style="text-decoration: underline;">1 - The "double tap"</span></strong><br><br></p>
<div>Just as has been the case lately in this cycle, APRA began to discuss privately and publicly its concerns with the Sydney housing market through 2003.</div>
<div> </div>
<div>The regulator also took additional steps to collect data on mortgage lenders in order to identify the outliers, and held discussions with boards in order to seek assurance that prudent lending standards were being maintained.</div>
<div> </div>
<div>This alone did not have the desired effect, and APRA consequently ramped up capital requirements and adjustments to mortgage insurance in order to moderate the market.</div>
<div> </div>
<div>Arguably, however, a bigger factor in snapping off the Sydney boom of just over a decade ago was the "double tap" on the brakes applied by the Reserve Bank, hiking rates from 4.75 per cent to 5.25 per cent through two rapid-fire tightening shots in November and December 2003.</div>
<p> </p>
<div class="separator"><a href="https://2.bp.blogspot.com/-pgA6kSfQOLQ/VV8GFNlad7I/AAAAAAAAVjo/EKsxZSpHm1s/s1600/jc1.jpg" target="_blank"><img src="https://2.bp.blogspot.com/-pgA6kSfQOLQ/VV8GFNlad7I/AAAAAAAAVjo/EKsxZSpHm1s/s640/jc1.jpg" width="640" height="274"></a></div>
<p><span style="line-height: 1.3em;">Click to enlarge all charts</span></p>
<p><span style="line-height: 1.3em;"> </span></p>
<p><span style="line-height: 1.3em;">Given that Sydney dwelling price growth was all but cooked within the next quarter, this was arguably the most important factor, with the standard variable mortgage rate (SVR) thereafter remaining above 7 per cent all the way through until the financial crisis.</span></p>
<div> </div>
<div>One troubling matter for the regulator this time around is that the odds of standard variable rates heading to 7 per cent again any time soon are nil, while new borrowers are able to fix borrowing rates at levels close to 4 per cent.</div>
<div> </div>
<div>Futures markets are pricing an inverted yield curve for the remainder of this calendar year, and no rate hikes are priced for 2016 either, with the cash rate expected to remain at historic lows for at least the next 18 months.</div>
<div> </div>
<div class="separator"><a href="https://2.bp.blogspot.com/-R30idufUauE/VV8GGE8h5KI/AAAAAAAAVj8/42KD_MqTwKk/s1600/jc2.jpg" target="_blank"><img src="https://2.bp.blogspot.com/-R30idufUauE/VV8GGE8h5KI/AAAAAAAAVj8/42KD_MqTwKk/s640/jc2.jpg" width="640" height="260"></a></div>
<p><br><span>Ergo, higher lending rates will not be the dampener.</span><br><br><strong><span style="text-decoration: underline;">Part 2 - Supply and underlying demand</span></strong><br><br></p>
<div>Another factor which will be different through this Sydney cycle is interstate migration.<br><br>In the year to September 2003, nearly 33,000 persons fled New South Wales for pastures new.<br><br>As you can see from my chart below, the mirror image movement in the line denoting Queensland in 2003 shows you that they were heading for a cheaper lifestyle in the Sunshine State.</div>
<div> </div>
<div class="separator"><a href="https://1.bp.blogspot.com/-PMeyYwjJH_E/VV8OQGujGAI/AAAAAAAAVk0/gDyBlT9ayf8/s1600/JC9.jpg" target="_blank"><img src="https://1.bp.blogspot.com/-PMeyYwjJH_E/VV8OQGujGAI/AAAAAAAAVk0/gDyBlT9ayf8/s640/JC9.jpg" width="640" height="262"></a></div>
<p><br><span>However, interstate migration is not going to be a factor to slow the Sydney market in 2015.</span></p>
<p><span style="line-height: 1.3em;">In fact, interstate migration from New South Wales has fallen to its lowest level on record, and is set to decline yet further in the months ahead as Sydneysiders stay put for the superior employment prospects.</span></p>
<p><span style="line-height: 1.3em;">This is putting intense pressure on the Sydney property market, its rail, roads, public transport and infrastructure.</span></p>
<p><span style="line-height: 1.3em;">The below chart says it all. We are constructing far fewer houses than in decades gone by with the supply of shovel-ready land in Sydney falling to almost zero, but population growth in New South Wales has exploded higher.</span></p>
<div> </div>
<div class="separator"><a href="https://2.bp.blogspot.com/-LvQKaqLVW6Y/VV8GGBbmiUI/AAAAAAAAVkE/0NpsNRJCW3M/s1600/jc3.jpg" target="_blank"><img src="https://2.bp.blogspot.com/-LvQKaqLVW6Y/VV8GGBbmiUI/AAAAAAAAVkE/0NpsNRJCW3M/s640/jc3.jpg" width="640" height="268"></a></div>
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<div>My <a href="https://petewargent.blogspot.com.au/2015/05/construction-boom-to-break-all-manner" target="_blank">chart packs</a> have shown that rolling annual apartment approvals have ramped up to around 27,000 in Greater Sydney, which is a start, but is hardly going to be enough in itself to pull up the property boom.</div>
<div> </div>
<div>The Real Estate Institute of New South Wales (REINSW) figures showed that at the end of the 2003/4 property boom Sydney had a vacancy rate of 4.4 per cent, and 5.3 per cent on the outer.</div>
<div> </div>
<div>If a property market "in equilibrium" is said to have a vacancy rate of 3 per cent, then Sydney has got some building to do before we get back to that level, at least in the suburbs I visit, which are largely close to the city.</div>
<div> </div>
<div class="separator"><a href="https://4.bp.blogspot.com/-03guB3XyK8M/VV8GFR2giGI/AAAAAAAAVjs/d3qOL8mNbP4/s1600/JC5.jpg" target="_blank"><img src="https://4.bp.blogspot.com/-03guB3XyK8M/VV8GFR2giGI/AAAAAAAAVjs/d3qOL8mNbP4/s640/JC5.jpg" width="640" height="278"></a></div>
<p><span style="line-height: 1.3em;">A handful of urban precincts are starting to become "well supplied", particularly to the north of the famous coat-hanger, but as I've shown here previously, the new supply is predominantly of the high rise unit variety.</span></p>
<div class="separator"><a href="https://3.bp.blogspot.com/-ms2EMUJ1vDk/VV8GFL8VBTI/AAAAAAAAVjw/yzDxHUzND2U/s1600/JC6.jpg" target="_blank"><img src="https://3.bp.blogspot.com/-ms2EMUJ1vDk/VV8GFL8VBTI/AAAAAAAAVjw/yzDxHUzND2U/s640/JC6.jpg" width="640" height="272"></a></div>
<p><span style="line-height: 1.3em;">With population growth in New South Wales tracking at above 105,000 per annum, there is a huge and growing demand for property in the harbour city.</span></p>
<p><br><strong><span style="text-decoration: underline;">Part 3 - The pipeline</span></strong><br><br></p>
<div>One final point is that there is an enormous volume of pent-up buyers in the pipeline already, with record loan volumes written prior to the newly-announced lending measures.</div>
<div> </div>
<div>In March, there were $5.9 billion of investor loans written in NSW, the highest figure ever recorded in Australia.</div>
<div> </div>
<div class="separator"><a href="https://4.bp.blogspot.com/-0a3mBnK3X4g/VV8HM4KJ-sI/AAAAAAAAVkc/1JzdeXswOBg/s1600/JC7.jpg" target="_blank"><img src="https://4.bp.blogspot.com/-0a3mBnK3X4g/VV8HM4KJ-sI/AAAAAAAAVkc/1JzdeXswOBg/s640/JC7.jpg" width="640" height="270"></a></div>
<p><span style="line-height: 1.3em;">The clincher for mine, though, is that now this has become by no means an investor boom alone - owner-occupiers are piling into the market too, for fear of missing out.</span></p>
<div>Rolling annual lending to owner-occupiers in New South Wales has leapt to its highest ever level at more than $70 billion...and rising fast.</div>
<div> </div>
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<p><span style="line-height: 1.3em;">I note that some commentators have called "fading demand" in Sydney based on transaction volumes. I can see why you might think that if you haven't actually been here lately, or attended any viewings, or auctions, but this is to be wrong-footed by the data.</span></p>
<p><span style="line-height: 1.3em;">The principal reason for the diminished number of transactions is that vendors have held back in anticipation of higher prices.</span></p>
<p><span style="line-height: 1.3em;">The level of stock on market in Sydney is almost unthinkably low at the present time, and until this changes the number of buyers will continue to massively outweigh available stock, and prices will continue to rise, confounding the critics.</span></p>
<p><br><a href="https://1.bp.blogspot.com/-wkeCVDQ5tRI/VV8GGJdUvMI/AAAAAAAAVkA/34hWNZwdNWI/s1600/jc4.jpg" target="_blank"><img src="https://1.bp.blogspot.com/-wkeCVDQ5tRI/VV8GGJdUvMI/AAAAAAAAVkA/34hWNZwdNWI/s640/jc4.jpg" width="640" height="276"></a><br><br></p>
<div>If you stop to do the numbers, you will see what I mean. In March 2015 $12.5 billion of mortgage finance was written in the state (as compared to less than $7.5 billion in March 2013). And there is hardly anything listed for sale; at least not for very long.</div>
<div> </div>
<div>And this is before we begin to account for the impact of foreign capital, which every single auction I have attended this year leads me to believe is material, if not game-changing.</div>
<div> </div>
<div>I have no doubt that macro-prudential measures will serve to slow the market eventually - and there may be many more tools deployed that we have not been made aware of - but not before Sydney's median house price has been pushed up towards $1 million and investors have bid gross apartment yields all the way down into the mid 3 per cent range.</div>
<div> </div>
<div>
<em style="line-height: 1.3em;"><strong>PETE WARGENT</strong> 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><p><em>His book '<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>' is out now.</em></p>
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