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 Surry Hills Shopping Village has been sold for around $100 million.
The vendor bought it for $6.3 million 30 years ago when it was a mall on the old Wunderlich factory site.
The redevelopment potential of the village at 2-40 Baptist Street and 397-399 Cleveland Street saw strong buyer interest, the Sydney Morning Herald commercial property editor Carolyn Cummins reported.
It was listed through Scott Timbrell and Jeff Moxham of <a href="https://www.realcommercial.com.au/property-land+development-nsw-surry+hills-501482783" target="_blank">Ray White Commercial</a> with a current gross passing income from a number of tenancies of $4.3 million a year.
It was marketed as a significantly underdeveloped parcel of land totalling approximately 12,322 square metres.
Sydney Local Environment Plan (LEP) 2012 provides for mixed use development (STCA) with a floor space ratio (FSR) of 2:1 for 2-38 Baptist St and 397-399 Cleveland St with an FSR of 1.25:1 for 40 Baptist St at the rear of the site anchored by a Coles supermarket.
It was 1992 when the shop owners at Redfern Mall voted to change the name to Surry Hills Shopping Village.
Although the site is technically in Redfern, shop owners believed they were missing out on business because of geographical confusion.
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jchancellor-FAypfDUnLy

Surry Hills Shopping Village sells for around $100 million

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Another day, another media article about over-building in Sydney which will apparently lead property prices to come crashing down.
This is something I discussed very <a href="https://petewargent.blogspot.com.au/2015/04/zinged" target="_blank">briefly here previously</a>, in response to an article on ABC which referenced my data. 
The problem in cities such as Sydney, is not an necessarily an undersupply of total dwellings per se.
We'll always manage to shoe-horn in enough new 50 square metre flats, no worries at all.
Rather, the issue is one of a gross <a href="https://petewargent.blogspot.com.au/2015/04/zinged" target="_blank">mismatch of supply</a>, and an <a href="https://petewargent.blogspot.com.au/2015/04/zinged" target="_blank">utterly chronic shortage</a> of land being made for development in relation to the demand for it.
Over the short term, nobody can say with any certainty what will happen to prices - there have certainly been enough dreadful predictions over the past 15 years to prove that to be true.
The longer term problem is that with so little land being made available for development, the replacement cost of housing is set to continue rising faster than household incomes growth. 
Land supply bites down hard in 2014
Indeed, a biting undersupply of land being made available for development is already launching land prices across Australia's capital cities into orbit. 
CoreLogic-RP Data released its excellent property capital cities markets report which you can read <a href="https://corelogic.com.au/resources/pdf/reports/capital-markets-report-march2015-online.pdf" target="_blank">here</a>.
It showed that over 2014 the median land price increased by a ripsnorting 17.4% to $283,000.
<img src="https://2.bp.blogspot.com/-tKOcqSbXJcY/VTh-65dEEHI/AAAAAAAAUw4/aGfTlmGDOoQ/s1600/land%2Bvalues.jpg"> 
Compounding land prices
CoreLogic-RP Data's analysis shows that land prices have continued to rise at a compounding annual rate of 8.2% per annum over the past two decades.
The nature of compounding growth is such that these increases over time can become outlandish, and in fact land prices have increased by 382% over the past 20 years, while median lot sizes are declining. 
This is partly a consequence of Australia's strong population growth, and also of employment growth which is focussed so overwhelmingly upon four capital cities plus regional Queensland.
20 years ago 684 square metres of land for residential development in a capital city would on average have cost you $58,750. 
Today, that same 684 square metre lot would set you back $365,256.
Not typically the dynamic one would associate with a longer term easing of dwelling prices, but you never know.
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 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.
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pwargent-M4siyDbqQY

There's a biting undersupply of land being made available for development: Pete Wargent

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Any vendor on Sydney's lower north shore on the weekend would have been virtually guaranteed of finding a buyer.
50 of the 51 homes in the region sold, which APM's senior economist Dr Andrew Wilson noted amounted to a staggering 98% clearance rate. 
It is the awakening sleeping giant, as it was quite slow in recovering from the global financial crisis slowdown.
The three reported Mosman sale were all small apartments, not the trophy homes that dominate the market. The three apartments sold for between $552,000 and $891,000.
Neutral Bay had a pricier $2.5 million apartment sale within the prestigious Residenza La Mare complex.
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/apartment-neutral-bay-nsw-2089/255739" target="_blank">The two level sub penthouse </a>with harbour views (pictured above) sold through McGrath agent Adrian Rae. The 253 square metre sold at $2,125,000 in late 2013 and $2,066,000 in 2009 off the plan with two year delayed settlement terms by Luxcon Developments.
The 43 Kurraba Road complex was initially marketed during construction as the Lower North Shore’s newest, most exclusive and privileged new address.
The next best weekend auction region in Sydney after the lower north shore was the regular engine room, the inner west with 92%, from the most sales at 102. 
This was followed by the northern beaches with 91%, the upper north shore with 89%, the city and east with 88%, the south with 87%, the north west with 86%, the west with 85%, Canterbury Bankstown with 83%, the south west with 81% and the Central Coast with 70%. 
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The lower north shore: Sydney's awakening property giant

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Eastern suburb house rentals are Sydney's strongest rental market, in the most recent March quarter and historically, according to CoreLogic RP Data.
And they'd have to be to keep up for the land tax bills.
Sydney's northern beaches has the next strongest quarterly rental growth with its summer surge.
Click to open in new window:
<a href="/images/2015/04/10/sydney-april-13-one.jpg" target="_blank"><img src="/images/2015/04/10/sydney-april-13-one.jpg" alt=""></a>
<a href="/images/2015/04/10/sydney-april-13-two.jpg" target="_blank"><img src="/images/2015/04/10/sydney-april-13-two.jpg" alt=""></a>
Source: CoreLogic RP Data.
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po-LsXgBTHBmX

Eastern suburb house Sydney's strongest rental market: CoreLogic RP Data

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Sydney Swans player Daniel Hannebery has his North Bondi home listed for 7 May auction.
Ric Serrao of Raine &amp; Horne Double Bay/Bondi has the two-storey home listing.
It was bought in August 2012 pre-auction for $1.48 million.
News Ltd report about $2.2 million is tipped for the four-bedroom semi, so while not quite the actual millionaire or billionaire he has ridden the coastal eastern suburbs wave.
The previous owner of the 1930s semi had it too for three years, but only made $150,000.
<a href="/news">CoreLogic RP Data </a>suggest the median house price has moved within the period from about $1.55 million to $2 million currently. 
There is a nearby single storey offering going to 23 April which ought provide some price indications.
It was the home of the late Luigi Coluzzi, whose cafe in Darlinghurst was a place for decades where artists rubbed shoulders with politicians, actors, leading lawyers and late night taxi drivers.
Luigi Coluzzi died last year, aged 84, with his two-bedroom home last traded in 2000 for $571,700.
It goes to auction on 23 April through McGrath agent Peter Starr in conjunction with Raine &amp; Horne's Ric Serreo.
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Near Bondi millioniare Daniel Hannebery lists North Bondi semi

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Sydney's auction market scaled new heights on Saturday to a record clearance rate of 88.2 per cent.
The current boom was responsible for the previous record when a month ago an initial 87.5 per cent clearance was notched from a record number of listings.
There were 737 auctions scheduled this weekend, with the initial results by Australian Property Monitors including 626 results.
Briggs Auction Services secured 10 from 10 sales with the highlight 18 Highgate Street, Strathfield selling for $4,420,000 with 25 registrations.
It was the weekend's highest sale, having last sold in 1992 at $1,046,000. 
The price six-bedroom estate which sold through Strathfield Partners included a tennis court, pool and granny flat on its 1483 square metre offering.
CoreLogic RP Data records show it languished on the market unsold from mid-2011 to mid-2014.
Cooley Auctions achieved a "very strong clearance of 94%, when the team sold 49 of 52," auctioneer Damien Cooley advised Property Observer with highlights including 33 Parer Street, Maroubra at $1.460 million. Some 13 registered bidders took it well beyond the $1 million paid in March 2013.
Sydney vendors pocketed a $1.18 median house price and a $760,000 median apartment price.
There were sales from A to Z across Sydney.
This Annandale house (below) fetched $1.81 million through Julie Hatch at Cobden &amp; Hayson. Cooley Auctions took 35 bidder registrations.
It is a three bedroom renovated terrace at 213 Johnston Street. It sold at at $602,000 in 2004.
<img src="https://i1.au.reastatic.net/456x342/c9504eade76b58e9ffa4391c1042d4c39d7181d9dbe1d1d98e61da2da926c863/image4.jpg" alt="213 Johnston Street, Annandale" title="213 Johnston Street, Annandale" data-index="3">
At Zetland $828,000 was paid through EE Real Estate agent Ken Lin for 69/22 Gadigal Avenue.
<img src="https://i4.au.reastatic.net/456x342/07a47139d9f980142946c74b3430525d2d4a18a1d9e4dc015565553d508e3887/image7.jpg" alt="69/22 Gadigal Avenue, Zetland" title="69/22 Gadigal Avenue, Zetland" data-index="6">
It was a 12th floor, two bedroom apartment (above) in the Elite complex. It had 88 square metre internal space, plus 12 square eyre balcony, plus car space and storage.
Huge crowds are flocking to weekend auctions with Auction Services opting around 150 attended their auction of 14 Cobham Avenue, Melrose Park that sold for $1,410,000, some $210,000 over reserve after the opening bid of $1 million through Michael Green at Green Real Estate Agency.  Auctioneer Rob Trovato said there were four bidders, slightly below their regular number.
"It has increased week to week and year to year, totalling nine per property on the weekend (up 1 week to week and up 2 to 3 from April 2014)," he said.
Last weekend's initial 86.8% success rate was revised down to 83.6% after late results were supplied to APM.
Other than the subdued Easter weekend, the Sydney auction clearance rate has remained above 80% - both initial and revised results - since the 2015 auction season began in early February 2015.
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Stellar 88% weekend Sydney auction success rate ensures sales from A to Z

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Hong Kong Chinese nationals paid around $7 million for a dress circle waterfront property in Seaforth.
The home is set on on 1,200 square metre deep waterfront block complete with jetty and marina pen.
The buyers saw 55 Seaforth Crescent on the Juwai website, then contacting Glen Wirth of LJ Hooker Seaforth.
“It took three weeks for their application to go through the Foreign Investment Review Board,” Wirth told the Manly Daily.
The architect-designed trophy home has floor to ceiling glass walls and 180 degree views of the Spit at Middle Harbour.
It was advertised for sale at $7.8 million.
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Chinese boaties secure Seaforth, Middle Harbour waterfront

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Sydney purchasers need to be very careful, because at some point there has to be some correction, HSBC Australia chief economist Paul Bloxham has again warned.
"Sydney house prices are running at an unsustainable pace," he told AAP.
Following recent strong gains that are set to continue, HSBC is forecasting Sydney house prices will be broadly flat in 2016, though not experiencing a big fall.
"The more Sydney house prices go up, the more likely it is that they will have to correct, and that's not necessarily a bubble," the former RBA economist said.
Earlier this year, after the February rate cute, he noted he was worried about the Sydney property market.
Speaking at the Australian Mortgage Innovation Summit, HSBC’s chief economist, Paul Bloxham, said the only housing market that the RBA and APRA needed to be cautious of was Sydney.  "In Sydney, this is going to be quite a challenge.
"The rest of the market doesn’t look over inflated. 
"I don’t think there is a housing bubble in Australia. 
"I think that if Sydney sees the same trends as we have seen over the last year or two, that is house prices is running at an annual inflation rate of 13% year on year, then if that continues for very much longer than you will need to see prices at some point will come down.”
The summit was hosted by Asia-Pacific Banking &amp; Finance.
 
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Not necessarily a bubble: HSBC's Paul Bloxham on Sydney house prices

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GUEST OBSERVATION
New Sydney flats will have to be bigger, <a href="https://www.afr.com/real-estate/residential/ruling-could-make-sydney-apartments-bigger-and-more-expensive-20150414-1mjpmk" target="_blank">the NSW Land and Environment Court ruled last week,</a> overturning long accepted common practice allowing minimum one-bedroom unit sizes at 50 square metres.
Dual-aspect flats must be a minimum 58 square metres and more common single-aspect flats 73.4 square metres.
Property observers have been watching the steady shrinking of highrise flats with some alarm. This isn’t about dizzy planners imposing costs on struggling home buyers, this is about permanent additions to our housing stock and how useful they are.
Highrise reinforced concrete buildings are <a href="https://www.theage.com.au/victoria/melbournes-new-wave-of-skyscrapers-could-survive-100-years-20150318-1m1dmx" target="_blank">very hard if not impossible to change</a>.
The one bedroom flats are mostly being sold to investors who have no intention of living in them. They are the developers’ customers, not the occupants.
In theory, two cramped flats could be amalgamated to make a single spacious one. Sadly the numbers go against this. Putting two $350,000 flats into one worth $600,000 makes no financial sense. The next buyer will simply reverse this and pocket the sacrifice. This is why minimum standards are so important.
Meanwhile, the average size of a <a href="https://www.oliverhume.com.au/news/melbourne-new-apartment-sizes-shrinking-again" target="_blank">new one bedroom flat in Melbourne</a> has fallen to 44 square metres and two bedders to 59 square metre. Smaller flats aren’t cheaper – the savings are simply capitalised into higher land prices on all future developments.
There were moves last year to establish minimum standards in Melbourne, with former Coalition Planning Minister, now Opposition Leader, <a href="https://www.theage.com.au/victoria/strict-new-rules-for-highrise-apartments-on-table-20140723-zw4qk">Matthew Guy making encouraging noises</a>, however implausably, but vanished with the election of the Andrews ALP government.
There is a democracy lesson in all this. If the bureaucracy can’t act and the parliament won’t, the judiciary must – which is why the NSW Land and Environment Court ruled on minimum flat sizes.
David Collyer is policy director of <a href="https://www.prosper.org.au/" target="_blank">Prosper Australia</a>.
David ran as a Senate candidate for the Australian Democrats in the 2013 federal election.
This article first appeared on Prosper's website.
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Sydney apartment size ruling a lesson in democracy: David Collyer

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Property buyer's agent Pete Wargent gets a <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2015-04-15/housing-shortage-not-as-certain-as-we-think/6395326" target="_blank">zinging</a> from Michael Janda of ABC News today. No probs with that, I've been a long-time fan of Mike's work.
Below is my chart which initiated the debate on Sydney's housing shortage (or otherwise), which shows that over the past nine years, population growth in New South Wales has accelerated while dwelling completions have remained at or below their long run averages.
<img src="https://1.bp.blogspot.com/-Qyzz354APPQ/VRPWZSpyqyI/AAAAAAAAT-o/RgOP6BmiWes/s640/Dem9.jpg">
What Mike is arguing is that over the long run, New South Wales has built enough homes, and he has the <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2015-04-15/housing-shortage-not-as-certain-as-we-think/6395326" target="_blank">data</a> to back this up. 
Of course, in one sense this is inarguable - there aren't tens of thousands of people living on the streets in Sydney, so by definition the market has coped, and there is no easily quantifiable "housing shortage".
Housing markets are complex beasts, however, and my point is rather more nuanced.
In the simplest terms if Greater Sydney's population growth continues as it has been of late (<a href="https://petewargent.blogspot.com.au/2015/04/the-decline-of-regional-australia" target="_blank">massively outstripping regional New South Wales</a>), and as is projected, then based on historical dwelling completions data the market is likely stuffed, particularly at the granular level.
As I'll explore below, the reason is related to a mismatch of supply within Sydney's relatively confined boundaries.
<img src="https://4.bp.blogspot.com/-MxJUxCxWRI4/VRoinS4zV7I/AAAAAAAAUFc/c3Oq6k4IoXI/s640/RPG.jpg">
As alluded to above, the notion of a housing shortage is something of a nebulous concept, but here are three shortages that I believe do exist.
Shortage 1 - Land available for development
Over the past six years, in aggregate residential land values in New South Wales have increased by <a href="https://petewargent.blogspot.com.au/2015/02/sydney-land-it-goes-ballistic-supply-is" target="_blank">37%</a>.
<img src="https://3.bp.blogspot.com/--1QHYuB7c8Q/VS5BVDTdqTI/AAAAAAAAUkY/WuE-soJgDjA/s1600/Janda1.jpg">
But as Mike points out in his ABC piece, the use of averages can lead one to very average conclusions, and this figure disguises the intense pressure on Sydney's drip-fed land supply.
While regional Australia has generally only experienced benign land price inflation, lot prices in Sydney have been going ballistic, exploding <a href="https://petewargent.blogspot.com.au/2015/02/sydney-land-it-goes-ballistic-supply-is" target="_blank">19.7% higher in 2014</a>.
In some suburbs such as Kellyville land price inflation is bordering upon out of control, with prices rising 38.2% in 2014 alone, up to $912 per square metre. Median prices in Glenmore Park rose by 30.6%, in Riverstone by 20.2%, and in Pitt Town 26.4%. The median price of land in the south west soared by 25% to $350,000, while prices in Sydney's west, where lot sizes can be larger, rose by 8.3% to $410,500. Extrapolating existing trends Dr. Andrew Wilson of Domain Group expects Sydney's median land prices to increase by another $40,000 in 2015 until "the chronic undersupply of residential development land is effectively addressed". The system is not functioning as it should. Land supply in Sydney is in dire straits <a href="https://petewargent.blogspot.com.au/2015/02/sydney-land-it-goes-ballistic-supply-is" target="_blank">as I considered in more detail here</a>. Shortage 2 - Appropriate dwelling stock
Over FY14 Greater Sydney saw a measly 6,793 dwelling approvals in its inner suburbs, and only 18,610 in the middle ring suburbs (5 kilometres to 20 kilometres radius from the Central Business District).
There were a further 13,670 approvals in the outer and fringe suburbs, but as highlighted by the <a href="https://petewargent.blogspot.com.au/2014/05/rba-on-housing" target="_blank">Reserve Bank</a>, job density is increasing faster in the inner city areas, and thus so too is demand for residential property.
The <a href="https://petewargent.blogspot.com.au/2015/03/grattan" target="_blank">Grattan Institute</a> has arrived at similar conclusions highlighting how although nearly 60% of jobs are created with 10 kilometres of Australia's CBDs, the percentage of jobs which can be reached within 60 minutes by public transport quickly evaporates as one travels outward, making outer suburban living ever less desirable as traffic congestion increases.
The result, as found by both AHURI and the Reserve Bank, is that the <a href="https://petewargent.blogspot.com.au/2015/04/do-house-prices-rise-faster-close-to-cbd" target="_blank">gradient of house price growth</a> has remained skewed towards the inner Sydney suburbs, both over the long term and over the past decade.
Moreever, while there may be "enough" dwellings in aggregate, all that has really happened in terms of the supply response is that since 2010 we have been approving previously unthinkable volumes of "shoebox apartments" in high rise complexes (see the green line in the graphic below).
<img src="https://3.bp.blogspot.com/-rYuFPcmQ3MA/VS5Hj4AZMDI/AAAAAAAAUk4/SdbvE1Qyg00/s1600/Janda3.jpg">
Much of this stock is sold offshore to Asian investors, and in my opinion the underlying demand for it domestically is likely to be weak, both from tenants and home buyers. Meanwhile we are building far fewer houses, two-storey dwellings or stock which is actually like housing than was ever the case before.
The recent experiences of Melbourne suggest that this dynamic may not impact housing markets or housing affordability in the positive way that many expect.
Shortage 3 - A shortage of ideas
What I haven't seen any compelling evidence of is how Sydney is planning to absorb its projected 8 to 9 million population of 2061 effectively. 
<img src="https://4.bp.blogspot.com/-h-IfKvfV-qU/VS5Eb1zNC-I/AAAAAAAAUkk/qt1gvkZmEFg/s1600/Janda2.jpg">
I don't even know where to start with this as the numbers are mind-blowing. Are there realistic plans for public transport or infrastructure? Any encouragement for corporates to relocate their headquarters to regional centres? Or indeed, any genuine investment in regional employment growth at all?
I have believed for years that Sydney will end up as a housing affordability disaster zone, and while the property crash warnings keep coming as regularly as the tides at Bondi (or the traffic congestion reports from the Harbour Bridge), over the longer term I haven't yet seen anything to change my view.
That said, it's not all doom and gloom.
It's not so fashionable now that markets are so much tighter than they once were, but in times past it be said that a market "in equilibrium" should have a vacancy rate of 3% - and Sydney doesn't have anything like that yet, <a href="https://petewargent.blogspot.com.au/2015/04/vacancy-rates-rise-in-darwin-and-perth" target="_blank">sitting at just 1.6%</a>.
<img src="https://4.bp.blogspot.com/-QWGY4ErVhvQ/VRcVTWnxWDI/AAAAAAAAUB4/_7ftk2qsucA/s640/SQM%2Bvr.jpg">
However, vacancy rates are finally being nudged higher around a few key construction hubs, which will ultimately put upwards pressure on apartment vacancy rates and an equivalent downwards pressure on unit rents.
These include certain suburbs in the inner west (Erskineville), the inner south (Mascot, Green Square), north Sydney (Chatswood, North Sydney), and the surrounds of Olympic Park (Homebush Bay, Rhodes), to name a few.
In that sense, then, there is no actual "shortage" of dwellings, which I think on balance is Mike's point - in a downturn some of these investor hotspots could get clobbered, leading in turn to unanticipated adverse outcomes through the wider market.
The wrap
Mike is also correct that the current boom is now being led by demand. No arguments there, it's been largely an investor-led phenomenon through this cycle, although the latest data suggested that owner-occupiers are now gearing up due to a fear of missing out.
 <img src="https://3.bp.blogspot.com/-UP8AnS5iB2Q/VS5RmaVyEqI/AAAAAAAAUlI/tDnWAGJsvjM/s1600/LF1.jpg"> 
Supply can tackle housing affordability over the longer term, though I'm not convinced of how effective this will be. Over the shorter term only restricting credit and curbing or discouraging demand can work quickly. Over to APRA.
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 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.
 
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