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 weekend's cheapest sale in Sydney was a 23 square metre Surry Hills studio apartment. The dearest at Sans Souci at $6.5 million.
The median Sydney house price was at $1.26 million and the median apartment price sold at $755,000.
These were two results among the record 87.5% election day auction success rate as Sydney’s supercharged housing market was on the brink of breaking the all-time record listings.
It has been eight weeks now above 80%, probably the hottest auction market since Sydney held its first auctions in the colonial 1800s.
Around 1128 homes were scheduled to go under the hammer with the results in accounting for 872 offerings.
Final numbers are likely to break the previous record of 1111 recorded on the same pre-Easter Saturday last year.
Maroubra was the most popular Sydney suburb for auctions with 17, which included 45/77 Broome Street at $822,500. The price guide had been $725,000 plus.
Randwick had 15, Pymble and Mosman each with 14 and Redfern, Hornsby and Strathfield each with 13 auctions scheduled.
Cooley Auctions secured two Randwick sales - at $780,000 and $1.2 million - and two Redfern sales - at $915,000 and $1.2 million.
Cooley Auctions had 129 properties selling 107, in what auctioneer Damien Cooley described as the strongest market he have seen in his 15 years in real estate.
The auction of 9 Shadforth St, Mosman saw a $1.82 million with auctioneer Robert Klaric, from Auction Services, knocking it down for Chris Dale First National North Sydney who had the five registered bidders.
The upper north shore hosted the most auctions this weekend with 166 closely followed by the city and east with 163 and the inner west with 161. The south has 153 auctions listed with the lower north the next highest with 113, Canterbury Bankstown 85, the west 77, northern beaches 74, the south west 55, the north west 35 and the central coast with 27.
"Auction numbers have been rising this year as the market enters its third year of boom-time conditions," APM senior economist Dr Andrew Wilson said.
After the auctions he tweeted: "Incredible result from amazing market."
He has previously noted the February cut in official interest rates – the first move in rates since August 2013 – had improved confidence with rising buyer activity being reported in most capital city markets."
Last weekend Sydney hosted 715 home auctions which was higher than the 682 listed over the same weekend last year. Last weekend’s initial record result of 86.1%was adjusted down to 84.3%, according to the latest APM results.
The Surry Hills apartment pictured above sold pre-auction to an investor through Oz Combined Realty agent Peter Ozerskis, who suggested its rental return could be around $420 per week as a permanent rental or $650 plus as a casual executive rental. He said it was 23 square metres, plus a four square metre storage space.
The ground floor unit had strata levies of $773 per quarter; council rates of $242 per quarter and water rates of $180 per quarter.
The weekend's highest sale notification was $6.5 million through McGrath of 73 Vista Street, a 2,121 square metre waterfront estate at Sans Souci with views across Kogarah Bay and the Georges River.
The property (below) with 34 metre waterfrontage level lawns had been tightly-held by the same family since 1942. 
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jchancellor-FAypfDUnLy

Surry Hills $330,000 studio the cheapest as Sydney soars to 87.5% record auction success rate

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The heat of the apartment market in the Sydney suburb of St Leonards is apparent in new research from PRDnationwide when it comes to days on market.
Vendors only required 16 days on the market during the fourth quarter of 2014, down from 43 in the previous quarter and a high of 78 days in 2014's second quarter.
But the vendors appear to be over-reaching in price expectation, with the private treaty discount required to secure a sale going up in the December 2014 quarter. 
Rental yields appear to have peaked. 
<img src="/images/2015/03/26/st-leonards-mar-26-one.jpg" alt="">
<img src="/images/2015/03/26/st-leonards-mar-26-two.jpg" alt="">
<img src="/images/2015/03/26/st-leonards-mar-26-three.jpg" alt="">
Source: PRDNationwide
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po-LsXgBTHBmX

Sharp drop in days on market in St Leonards: PRDNationwide

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A Cherrybrook six-bedroom home with a tennis court has sold for a reported $1.72 million record.
The cul de sac 1990s property at 20 Rossian Place was inspected by 65 groups with 13 contracts issued through David Choy from McGrath Estate Agents.
It last sold at $990,000 in 2004, having failed to sell when listed for 20 December auction late last year. It sits on a 1,227 square metre holding.
The previous record was $1.68 million for 8 Norwich Place in October 2014. It was a 1995 built five bedroom house on 1,000 square metres that previously sold in 2005 at $945,000.
Set within the Cherrybrook Technology High zone, it was bought by a family seeking the school.
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Cherrybrook record as school zoning underpins price growth

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Even if they are struggling to buy a house, Generation Y may have more of an impact on the property market than they think.
While many presume a link between the proximity of train stations and property values, research firm Onthehouse believes that the positive impact of railway infrastructure on property prices is amplified by the presence of so-called 'millennials'.
According to Onthehouse's research, suburbs with a train station generally recorded capital growth rates above the Sydney region's 10 year average. However, suburbs where the median age of residents was below 37 years – the national average – showed a stronger relationship between train stations and price growth.
In Lidcombe, for example, properties within a kilometre of Lidcombe station are valued 2.1% higher than those more than a kilometre from the station, according to Onthehouse. Eliza Owen, Onthehouse market analyst, noted that the suburb has a median age of 33, and more than 22% of the workforce are professionals.
Click to open in a new window:
<a href="/images/2015/03/27/graph.JPG" target="_blank"><img src="/images/2015/03/27/graph.JPG" alt=""></a>
"Lidcombe is a great example of how millennials are driving up the change in property values in suburbs that have train stations," Owen said.
Onthehouse has picked seven suburbs to watch, based on upcoming rail construction. By 2019, planned railway developments will connect the north western suburbs to the Chatswood line.
<a href="/images/2015/03/27/table-mar-27-one.jpg" target="_blank"><img src="/images/2015/03/27/table-mar-27-one.jpg" alt=""></a>
Source: Onthehouse.com.au
According to Owen, the new stations set for the seven suburbs will allow younger residents to access the CBD, and will create thousands of jobs.
"In Kellyville, the building and maintenance of the station, increased dwelling construction and new commercial establishments are expected to create over 3,000 jobs in the area. Whereas in Kingsford, where one third of the residents fall between 20-29 years old, the light rail is expected to be popular with young people and students travelling to the city for entertainment and work outside of study hours," she said.
The house at <a href="https://www.realestate.com.au/property-house-nsw-kellyville-119208983" target="_blank">28 Ikara Avenue in Kellyville</a> sold for $920,000 earlier this month. The three bedroom house on a 696 square metre plot has polished floorboards throughout and ducted air conditioning. Less than two years ago, in September 2012, the house sold for $580,000, reflecting 58.6% price growth in two years.
In mid July last year, it was advertised to rent at $550 per week. Assuming the rent has remained the same, the house sold at a 3.1% yield.
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jrichardson-uRX5hFdKfN

Sydney's seven suburbs to watch guided by rail and millennials: Onthehouse

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Monarch Mosman, the first residential development in the Centuria property portfolio, has secured an 80% sales success rate in quick time.
The development offers a mix of 62 apartments and townhouses.
There's also four live/work Soho-style units designed by the architects, Bates Smart.
Peter Walsh of <a href="https://www.raywhiteprojects.com.au/nsw/mosman/1972484/" target="_blank">Ray White Projects</a> fielded some 800 enquires intanden with the local Ray White Lower North Shore network (Mosman, Neutral Bay and Crows Nest offices) as well as Ray White Hong Kong.
Property Observer gleans a very limited number of apartments were released in Hong Kong last weekend to sell out within hours.
New stock supply is very limited, but proving popular with both the established mature buyers and new investors.
The project is located at the corner at 116 Belmont Road and 339 Military Road, owned by Centuria Property Funds since paying $13.75 million in 2001.
The project was approved by the Joint Regional Planning Panel.
Jason Huljich of Centuria said Bates Smart were selected for their vision for the bespoke development close to Cremorne Junction.
Outside space including private gardens, loggias and balconies was sought with every apartment having designated spaces for motorbikes and pushbikes and basement storage.
Centuria Property Funds has over $820 million of property under management in 14 unlisted property funds. Centuria Property Funds is a wholly-owned subsidiary of Centuria Capital Limited, an ASX- listed specialist funds manager with $1.6 billion in funds under management.
Many had views across the north shore or over the harbour, and some over on Military Road look towards Chatswood.
Construction for the development will commence in June.
It is expected to take 15 months to complete.
One bedroom apartments are starting at $640,000 and two bedroom apartments from $800,000.
<a href="https://www.youtube.com/watch?v=r3HU44qvnzk" target="_blank">Roger Poole</a>, the Bates Smart chair, said there were generous floor plans and the prospect of being liberated from the car.
For many years the offices were home to Australia's largest retail advertising agency, Ideaworks.
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Centuria's Mosman project Monarch leads the Military Road residential renaissance 

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Respected economist Dr Andrew Wilson revels in his latest piece of hyperbole.
It is a ticking calculator that gives Sydney's <a href="https://doctorandrewwilson.blogspot.com.au/2015/02/sydney-0-i-str-dollars" target="_blank">estimated real-time capital city median house price</a>... and<a href="https://doctorandrewwilson.blogspot.com.au/2015/02/countdown-to-sydney-1000000-house-price" target="_blank"> when he thinks Sydney will hit the $1 million median house price</a>.
Last month, when it started off, he had Sydney at $892,149.
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Mid-week it was at $895,969 meaning:
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...days until $1 million.
Today March 20 it sits at $898,584, well $898,584.19 and:
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Do we really need it Dr Wilson?
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Only in Sydney - ticker showing countdown to $1 million median house price

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The Garibaldi Inn commercial retail premises at 37 Alexandra Street, Hunters Hill have been sold for $7.8 million.
The landmark property comprises the original sandstone building and two substantial separate retail and commercial buildings. 
The centre has 14 retail and commercial tenants with a total lettable area of approximately 770 square metres and underground parking for 14 cars.
<a href="/expert-insights/investing/sandstone-garibaldi-hunters-hill-commercial-offering">Its full occupied net income was given as $555,885</a>.
It sits within what became known in the 1850s as The French Village, at Hunters Hill, Sydney's smallest and oldest municipality.  
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Sandstone Garibaldi, Hunters Hill commercial offering secures $7.8 million

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In what is billed as a first, <a href="http://www.urbantaskforce.com.au/">Urban Taskforce Australia</a> has released the results of a poll it commissioned specifically targeting the views of apartment dwellers in the city it calls home, Sydney.

The timing of the poll could not be more pertinent with New South Wales heading to the polls at the end of March and perhaps more importantly with a "Battlelines" Prime Minister in the Lodge, the message from the poll is that people who choose urban living have a different worldview to some of the paint-the-electorate-with-the-same-brush policies of the major parties.

As mentioned above, Urban Taskforce Australia is located and most active in Sydney and Sydney-sider apartment dwellers were the sole target of the poll. It would not be outrageous to assume that had a poll been conducted with similar parameters on a Melburnian sample then there would be a similar outcome given our nation-leading position in the urban development stakes.

On some of the highlights: urban dwellers are generally happy to see more urban growth whereas suburban dwellers are not; across the political spectrum, urban dwellers responded with little enthusiasm when asked the question "I actively fight growth and development plans".

Perhaps the fascinating snippet of the poll is the voting intentions. Again, we must look at this from an outsiders point of view in light of the sample's location and the upcoming state election however this poll smashes the stereotype that urban dwellers generally lean left.

Urban dwellers value lower-car ownership and use, more attractive streetscapes &amp; walkability and 51% of NSW Liberal voters living in an urban dwelling think it's important to live close to Public Transport.

On the importance of car parking in apartment developments there's a clear gap between those who provide the capital - investors - and those who are the clientele - the renters. 81% of Sydney apartment investors think private car parking is important yet only 56% of renters agree - the question must be asked: is there scope to place even less emphasis on car parking in new developments?

The ResearchNow poll splits urban dwellers into four groups: renters, owners, investors and intenders. The first three are self-explanatory, and the 'intenders' are those that aim to live in an apartment.

<table border="1" cellpadding="1" cellspacing="1" style="width: 100%;">
<thead><tr>
<th class="rtecenter">Political Party</th>
			<th class="rtecenter">Renters</th>
			<th class="rtecenter">Owners</th>
			<th class="rtecenter">Investors</th>
			<th class="rtecenter">Intenders</th>
		</tr></thead>
<tbody>
<tr>
<td>Liberal</td>
			<td class="rtecenter">19%</td>
			<td class="rtecenter">33%</td>
			<td class="rtecenter">40%</td>
			<td class="rtecenter">29%</td>
		</tr>
<tr>
<td>Labor</td>
			<td class="rtecenter">25%</td>
			<td class="rtecenter">27%</td>
			<td class="rtecenter">22%</td>
			<td class="rtecenter">27%</td>
		</tr>
<tr>
<td>Greens</td>
			<td class="rtecenter">13%</td>
			<td class="rtecenter">9%</td>
			<td class="rtecenter">11%</td>
			<td class="rtecenter">8%</td>
		</tr>
<tr>
<td>Others</td>
			<td class="rtecenter">8%</td>
			<td class="rtecenter">7%</td>
			<td class="rtecenter">4%</td>
			<td class="rtecenter">8%</td>
		</tr>
<tr>
<td>'Rather not say'</td>
			<td class="rtecenter">35%</td>
			<td class="rtecenter">25%</td>
			<td class="rtecenter">23%</td>
			<td class="rtecenter">23%</td>
		</tr>
</tbody>
</table>
What does this all mean? Well for a start, I look at the data in the table above and see a broad spread of party voting intentions. Assuming a similar result were to be returned on a Melbourne sample, in all the areas outside of the City of Melbourne which are seeing small-scale yet rapid change through apartment development, the North/South of the Yarra blue and red political divide might become more purple in the long run.

The full media release and accompanying poll findings are embedded below (political advisors, influencers and policy-makers would be wise to pay attention to page 2) and be sure to check out <a href="http://www.urbantaskforce.com.au/images/stories/Extras_for_Newsletters/Report_by_Seonaid_Chappell-_ResearchNow.pdf">further poll data</a> from Urban Taskforce Australia's website.

<iframe class="scribd_iframe_embed" data-aspect-ratio="undefined" data-auto-height="false" frameborder="0" height="600" id="doc_18217" scrolling="no" src="https://www.scribd.com/embeds/259106194/content?start_page=1&amp;view_mode=scroll&amp;show_recommendations=true" width="100%"></iframe>

Lead image credit: <a href="https://www.propertyobserver.com.au/https://www.flickr.com/photos/aidan_jones/1859073197">flickr</a>.
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Alastair Taylor

Landmark poll of apartment dwellers' views revealed

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Sydney's Institute Arcade at 332 Darling Street, Balmain has been listed for sale.
The tenanted building has nine shops, five suites and a penthouse. This year, it will gross $527,838, plus GST. Current tenants include Alegrias, a Spanish tapas restaurant, and a hairdresser.
Its penthouse has three bedrooms, with city and harbour views.
<a href="https://www.realcommercial.com.au/property-retail-nsw-balmain-501484715" target="_blank">The Institute Arcade</a> was designed by architect Edward J Bowen to house the Working's Men Institute, which was established in 1965. Construction began on the building in 1887, and it was completed in 1896, reportedly for £6,000.
At the time, the building held a 400-seat lecture hall, a billiard hall, a library, a chess room and a reading room. According to Leichhardt Council, by 1912 the Institute, which aimed to 'improve the education of working men and instruct them in the trades', had 700 members.
Since then, the building has housed the Balmain dole office (during the depression), entertainment venues, and now a mix of offices, retailers and restaurants. Its interiors, renovated since its construction, are reminiscent of the building's history, with moulded arches and a tessellated tile floor in the building's foyer.
The building is currently zoned B2, for mixed residential and commercial use. It has 929 square metres of floor space, on a 645 square metre plot.
The Institute Arcade, being marketed through Steven Zoellner of Laing + Simmons Double Bay and Sonia Leal of Niche Portfolio, will be auctioned on 7 April.
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Balmain's Institute Arcade going under the hammer

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Sydney’s residential market reflects a trifecta of settings, the seeds of which were sown back in 2002-03 when residential building approvals first started to fall.
Today we have a combination of dynamics characterised by a gap in supply, population growth and cheap money, not only here but also across the world.
There are few ways or policy settings for any of these key market drivers to change, and as a result prices will continue to respond by increasing, and while there are some wider concerns about the local economy that I will visit here, let’s for the time being stay on topic and look at the make up, some history and future trends associated with our trifecta.
Sydney Median House Prices
Sydney’s median house price is clearly heading towards an eye watering $1,000,000, and the rate of increase, although associated prices, have out-paced population growth. In 2011 the median prices was $634,700, and metro Sydney’s population stood around 4,391,674. By the end of 2014 the median price had increased to $873,786 (by some estimates it’s now $1,000,000) and the population 4,657,000.
What we can see is that while the population grew by some 6% over the period, prices increased by 37%.
Population Growth
Population growth continues and between 2006-11 according to the ABS the south-west fringe grew by an estimated 2.9%, and the Inner West by 2.7% – 3.2%.
By 2036 Sydney’s population is predicted to reach 6,140,000 adding some 1,500,000 or 32% over the next 25 years. This growth will see continued demand in the big growth regions in the south and north-west of the metro area but will also see a continued big increase in housing density.
The trend shows that in 2001 15.7% of housing was high-density, but by 2011 that figure had moved close to 21%, led by the City of Sydney at 70.2%.
For the City Of Sydney, as might be expected, that trend is only going to continue. Currently in 2015 its population is around 200,772, and by 2036 the population is expected to increase to 280,964 or an increase of 39.94%.
Sometimes I hear people express surprise that the city’s population is relatively small for a major city, however growth is assured and this is already leading to a demand for a diverse range of city apartments, with clear sub-markets emerging.
It can be expected that the continued emergence of these sub-markets will further drive higher prices as buyers demonstrate a willingness to pay higher prices for premium locations, such as the city’s north.
Supply of New Dwellings
However of the three factors in this discussion, it is the supply of new dwellings that goes a long way to explaining the current pressure on prices, so let’s look at some of the figures to see why.
In 1996-2001 there were 110,000 new dwellings built in Sydney, in 2001-2006 numbers fell to 93,000 and in 2006-2011 numbers continued to fall to just 72,000, and by way of comparison that figure was half of what was built in Melbourne. I think when you look at current prices the beginnings of our under-supply had already been cemented.
A gap in the supply of new dwellings has opened up in the Sydney market since 2001-2002, which was the last time that population growth and the supply of new dwellings was more or less even.
There was a huge gap in 2007-2008 and again in 2008-2009, in both periods population was well in excess of 82,000 and the supply of new dwellings was only at 18-19,000 and ever since supply has not kept pace with population growth.
In 2011-2012 the population grew by 62,500 while only 22,300 new dwellings were approved. And NSW is seeing its population grow again after some slower growth over the last five years, possibly associated with the mining boom in other states.
And while the supply of new dwellings is gaining pace a big gap still remains and to a large degree planning issues for new developments are also hindering a quicker recovery in supply.
Interest Rates
The third factor is cheap money, both here and offshore, only this weekend China’s central bank cut interest rates. The second cut in less than four months. And while domestically this is seen as an aggressive move aimed locally at lifting flagging economic growth, cheaper money in China may well drive more buyers into our local real estate market.
However when the lack of supply and continued strong demand across Sydney is combined with the steep decline in interest rates, the figures are revealing. In 2011, the standard variable home loan rates were near 7.79%. Today in 2015 it is sitting around 4.54% and may even go lower.
I think that the headline figures across the supply gap, the continued growth of our population and the big impact of cheap money all speak volumes about why prices continue to rise.
This then raises questions about the general level of affordability, the potential impact on the market when rates do start to rise again, the sustainability of employment numbers and the further need for tax and economic reform. Each has the potential to impact the market and if all combined the current market dynamics would clearly shift and so these areas will be my next rich source of discussion.
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