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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Guriganya, a pavilion-style residence in Paddington, Sydney, has been sold, but at nowhere near its desired selling price.
Last October the top bid was $5.2 million. It has since sold quietly at $4.8 million. It previously sold for slightly more - $4.83 million in 2006.
Not a huge drop, but it went backwards over an eight year period.
While not the first pavilion-style house built in Sydney, Guriganya’s design received <a href="/news/paddingtons-guriganya-and-the-pavilion-trend-he-said-she-said">much acclaim when it was built in the late 1970s</a> including a merit award in 1980 from the Royal Australian Institute of Architects.
Designed by architect Terry Dorrough and his wife, artist and interior designer Helen, the three-pavilion abode was built on the site of Sydney's fourth progressive school, Guriganya Community School.
The single storey pavilion style residence, with a mezzanine level over the garage, surrounds a courtyard garden on its 443 square metre block. 
At its 2006 auction through Ray White Double Bay agents Michael Finger and Kim Hayes, Guriganya sold for $4.83 million to insurance guru John Mills and his partner Greg Clark.
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jchancellor-FAypfDUnLy

Pavilion-style trophy home Guriganya's price fall highlights Paddington's problems

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Held by the one family for nearly 100 years, the latest Paddington cottage listing fetched $1.2 million tonight.
Close to Five Ways, the 6 <a href="https://bradfieldcleary.com.au/4862721/6-Broughton-Street-Paddington" target="_blank">Broughton Street offering</a> is as Paddington was back in 1915 within the two bedroom cottage.
The time capsule went auction through BradfieldCleary agent Georgia Cleary.
It was too hard for picky Paddington home buyers it seems.
Instead it was left to three builders to compete for the Victorian workers' cottage when it was auctioned by Damien Cooley who was reluctant to accept the $900,000 opening bid.
They could probably undertake the necessary works for around $400,000, whereas non-builders would probably face $800,000 easily spent.
More than $1 million was tipped to be pocketed by the current day Christensen family members.
Title records show it last traded when a tramway worker purchased it from a local labourer for £400 around 100 years ago.
 
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Paddington's 1915 time capsule sells for $1.2 million

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Ultimo topped Australian Property Monitors' (APM) list of the eight slowest Sydney selling suburbs.
It typically took 113 days for private treaty sellers to find a buyer in the suburb. Neighbouring Haymarket wasn't that much quicker, averaging 99 days.
The eight slowest Sydney selling suburbs
<ol>
<li>Ultimo 113 days</li>
<li>Rosehill 103 days.</li>
<li>Rhodes 102 days.</li>
<li>Haymarket 99 days.</li>
<li>Vaucluse 96 days.</li>
<li>Blakehurst 94 days.</li>
<li>Darling Point 91 days.</li>
<li>Avalon 88 days.</li>
</ol>
Source: Australian Property Monitors
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Ultimo heads Sydney's slowest selling suburbs list: APM

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An old-time Longueville boat shed with a $3 million plus bayside home has been listed for March 21 McGrath auction.
The view from the <a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house-longueville-nsw-2066/249649" target="_blank">14 Dunois Street offering</a> are towards the yachts on Woodford Bay.
There is a 31 metre frontage to the Lane Cove River.
<img src="/images/2015/03/17/logueville_0000_1.jpg.jpg" alt="">
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Idyllic old-time Longueville, Sydney boat shed listed for auction

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When Treasurer Joe Hockey announced the divestment order for Villa del Mare with fanfare and hoopla, we were left hanging on the words that there was a high expectation of more to come. 
Well there have been no more ‘big’ announcements on that front which is not that big a surprise given their top end property infatuation will in all probability reveal no further indiscretions.
Of course we are now seeing a different acquisition scenario being painted with the Australian Crime Commission reportedly investigating Melbourne real estate agents with regard to foreign buyers laundering monies in the form of real estate acquisitions. Last December, I wrote <a href="/expert-insights/investing/foreign-buyers-inquiry-leaves-many-questions-unanswered">Foreign buyer inquiry leaves many questions</a> – “Of course it is just a mere coincidence that the Chinese government requested a bipartisan arrangement with the Australian government to process the identities of all Chinese buyers who purchase Australian real estate.”
At present China only permits a resident to transfer a maximum of US$50,000 per annum, so the current investigations simply add to the intrigue of how these supposed mystery funds end up on our shores? At the heart of the problem is just how the current and previous governments have been so hopeless in monitoring real estate transactions and that not only applies to residential but commercial and agricultural as well.
Whilst these inquiries are simply a distraction that quite possibly may lead to nothing the Sydney property market today faces an unprecedented challenge.
The latest data from the Reserve Bank of Australia (RBA) shows home lending is now at $1.43 trillion at the end of January – and steadily climbing. Following last week’s meeting of the RBA where the cash rate remained steady, RateCity calculated that the average standard variable home loan has dropped to 5.07% – which happens to be the lowest in 60 years.
Given the Sydney residential market continues to run amok it is worth noting that when we witnessed these markets previously in 2003 and 2010 the cash rate was rising yet this time around the cash rate is reducing. The Australian economy grew by 0.5% in the December quarter, to then post 2.5% growth for 2014. This week, ANZ chief economist Warren Hogan suggested that a third rate cut in 2015 may be required for the Australian economy.
Last week I read with interest comments made by David Murray, who is also heading – up the Abbott government’s financial systems inquiry. David Murray said: “It is a serious issue and if interest rates continue to fall, there will have to be prudential offsets to limit the risks in the housing market.”
The trouble as I see it at the moment is that we have “too many chiefs and not enough Indians” pontificating about just exactly what is the “best practice” to manage this property dilemma. For quite some time now the RBA have telegraphed their concerns and now we see the Australian Prudential Regulation Authority (APRA) being suggested as the likely weapon to closely look at loan to value ratios. The only problem with all this is that investors have become addicted to negative gearing so any action to slow them down would only increase their tax breaks.
I am a big fan of abolishing the blanket cash rate by then introducing individual suburb cash rates that would be determined by the RBA. Presently all the major lenders analyse data daily on the suburb trends so it would make sense that all new lending be determined by the individual strength of that suburb when applying the suburb cash rate.
Of course the higher the rate for an investor the higher the negative gearing so the Abbott government needs to look at just how many properties can an individual investor have in a property portfolio? We have anecdotal evidence that investors have smashed first home buyers when they are competing against each other – with the investors winning in nearly every instance.
It has been well documented that David Murray is not a fan of negative gearing, which is stated in his report that still sits with the Treasurer Joe Hockey – so don’t expect a release anytime soon.On top of that the government is now pursuing releasing superannuation to first home buyers – which is a dumb idea. How about releasing the Murray Inquiry and let’s see what recommendations are contained within that report. I’ll guarantee a superannuation release does not crack a mention.
In the meantime we can expect the Sydney property juggernaut to surpass all previous records and the federal government to do next to nothing about it due to their galvanisation of popularity polls.
The government will be focused on media distractions as against working to correct the imbalances that are so obvious and confronting to Australia’s residential property markets.
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robertsimeon-hRNTwJyXkQ

The Sydney property conundrum: Robert Simeon

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Just 440 of a survey 9,300 properties currently advertised with price indications around Sydney come with prices below $300,000.
The CoreLogic RP Data survey shows 168 houses at $299,000 or under and 271 units at $299,000 or under.
Finding them on the websites realestateview.com.au, realestate.com.au and domain.com.au is like a needle in the haystack.
There are certainly plenty in the regions and a few retirement home rooms on Sydney's outskirts.
There was 11B Mangariva Avenue Lethbridge Park with price guide over $289,950, but that's gone under contract. Ditto 11/174 Lindesay Street, Campbelltown and 20D/541 Pembroke Road, Leumeah.
Offers are being sought above $295,000 for 235/2 City View Road, Pennant Hills.
At weekend auction, there was a $345,000 Gorokan sale outside of Sydney on the Central Coast, but the cheapest within Sydney was <a href="https://www.realestate.com.au/property-house-nsw-camden-119108795" target="_blank">a three bedroom house snapped up pre-auction for $396,000 at Camden</a> (pictured above) through One Agency Stuart Davies.
There are around 1,200 houses and 1,200 units available in the $300,000 to $499,000 price bracket.
There are around 19,000 properties currently available for sale, with the survey covering the 9,300 declaring prices or price ranges.
The busiest Sydney price bracket is between $500,000 and $699,000 with some 1,489 houses and 1,290 units for sale.
CoreLogic puts the median at $750,000 for Sydney houses and $580,000 for units.
In the price bracket $700,000 to $999,000, there are 1263 houses and 657 units for sale.
Above $1 million, CoreLogic puts the offerings at 1289 houses and $375 units.
The general time on market is 46 days.
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Just 440 properties with sub-$300,000 prices across Sydney: CoreLogic RP Data

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Sydney auctions stayed above 80% for the sixth consecutive weekend.
There was an 84% preliminary success rate at auction today, according to Australian Property Monitors.
Last weekend's revised figure was 81%.
A Kent Road, Rose Bay house (pictured above) at $6.5 million was the top notified sale amid the 525 results.
It was the first time it had been offered in 25 years when it sold through Hamish Robertson and Joe Aboud at McGrath Estate Agents.
The 22 Kent Road house had been updated by John Crawford in 1970s, then Michael Suttor in the early 1990s.
The Domain Group's senior economist Andrew Wilson described the weekend results as "Sydney's unstoppable auction market".
The Sydney market with 628 auctions scheduled was similar to the 625 conducted over the same weekend last year.
The most popular Sydney suburb for auctions this weekend is Surry Hills with 13 followed by Mosman 12, Maroubra and Epping each with 9, Drummoyne and Yagoona 7 each and Chatswood, Redfern, Baulkham Hills and Alexandria each with 6 auctions listed this weekend.
Auction listings will continue to rise with the pre-Easter Super Saturday of auctions now looming for the 28 March election day.
Well over 1,000 auctions are likely that day which might go close to challenge the all-time Saturday record of 1,111 set over the same weekend last year under threat. 
"Big auction numbers however are likely to continue to be a snack for a ravenous Sydney home buying public," Wilson suggested.
Strong weekend results included 1 Stansell Street, Gladesville which sold at $2.85 million through Paul Tassone &amp; Ahmad Malas of Professionals Ermington
Auctioneer Rob Trovato of Auction Services saw a huge crowd of around 300 people with 28 registered bidders for the small cottage nestled between a unit block and a service station.
It had a zoning of R4 Mixed Use for its 714 square metre holding.
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Ravenous Sydney buyers keep auctions above 80% for sixth consecutive weekend

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Entering its third year of boom-time conditions, the resilient Sydney market continues to produce extraordinary results, according to the Domain Group senior economist, Andrew Wilson.
Prices growth continues to track at decade high levels with a market characterised by high levels of confidence and enthusiasm, he advised.
"Sydney’s continued strong housing market activity is due largely to the nation-leading performance of the local economy.
"High levels of migration are also keeping demand well ahead of supply, which remains significantly below underlying requirements.
"Investor activity in the Sydney market remains at record levels and is another key driver of prices growth."
<img src="/images/2015/03/12/sydney-mar-12-one.jpg" alt="">
Source: Domain Group
Low vacancy rates, rising rents and prices growth will continue to attract investors into the market this year, Wilson tipped.
"Lower interest rates will also activate investors who will have increased capacity to borrow and an enhanced “bricks and mortar” comparison with falling term deposit rates.," he said.
<img src="/images/2015/03/12/sydney-mar-12-two.jpg" alt="">
Source: Domain Group
Wilson said the Sydney housing market had commenced 2015 strongly with record level auction clearance rates for the late summer season.
First home buyer activity, however, remains at near record low levels as a proportion of market share.
"The prestige market revived over 2014 and although prices growth of 6.0% was below other market sectors, the increase in volumes and the prospect of a higher share market through 2015 will continue to activate buyers and restore confidence in this sector," he said.
<img src="/images/2015/03/12/sydney-mar-12-three.jpg" alt="">
Source: Domain Group
Sydney’s median house price increased by 14% over 2014, a similar result to the 15.4% recorded over 2013. 
Wilson forecast that Sydney was on track to record prices growth of between 7 and 10% over 2015, which will again be the best result of all capital cities. 
The coastal based eastern suburbs agency, Phillips Pantzer Donnelley reported today that it had sold 16 properties valued at $33 million with a mean price of $2.1 million in the past few weeks.
The properties ranged from a one-bedroom apartment at 12/57 Gilderthorpe Avenue, Randwick selling after just four days by Nick Quilkey and Debbie Donnelley for $685,000 up to Alexander Phillips’ sale of 10 Mirimar Avenue, Bronte selling for $5.6 million.
Property Observer gleans an expat family returning to Australia purchased the Bronte beach house planning a $4 million renovation project to create their dream home.
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Middle Sydney 10% price growth tipped: Domain Group's Andrew Wilson

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GUEST OBSERVATION
Conventional real estate wisdom says you should always sell your home first then buy. The wisdom follows that you need to know exactly what price you will achieve for your home to be able to set your budget for the next home.
This has been our advice in the past to ensure that clients don’t get caught out having two mortgages or require bridging finance during the changeover period in selling houses.
However, in the current Sydney property market, convention does not apply. The market is exceptionally strong and finding a suitable buyer at a solid price is almost assured. 
Sydney’s auction clearance rate on the weekend was 83% from 677 auctions, according to CoreLogic RP Data, and the clearance rate has been running at above 80% since the market re-ignited in February.   
There are frequent reports of properties going well over the reserve price at auctions in Sydney and we have witnessed many sales going above a reasonable price as two or more bidders battle it out.  With continuing low interest rates and Sydney’s chronic undersupply situation, there is nothing to suggest that the market will slow down anytime soon.
Buying a property first is a strategy that only works in a hot market.  It will give you certainty about your next address and will also help motivate you to get out there and find something suitable. As for selling your existing place, you can have confidence that there are plenty of other frustrated buyers out there looking for a home.  
The latest figures show that it takes just 29 days to sell a house in Sydney and 26 days for apartments. Compare this with Melbourne at 43 days for houses and 61 days for apartments (or Darwin with 106 days for houses and 117 days for apartments).
Which leads us to the next question: What happens if you just stay out of the market for now and wait till the buying frenzy subsides? 
Many buyers are no doubt questioning what will happen to prices in the future and wistfully hoping prices will drop at some point.  Over the past 25 years, research by Residex has shown that Sydney’s median house price has increased from $175,000 to $911,500 which represents an average rate of growth of almost 7% per annum.
Sydney tends to have very strong spurts of growth followed by slow growth or flat line pricing.  Even massive external shocks like the global financial crisis only put a small dent in Sydney’s long term upward trajectory – prices retracted just 5% then recovered significantly in subsequent years.
The frustration of Sydney home buyers is widespread.  A quality home in the inner and middle rings of Sydney may attract 50 to 100 groups inspecting and 10 to 15 registered bidders on auction day.  Yet just one of them will walk away smiling, while the others feel despondent wondering if they will ever find a property. 
The hassle of organising your solicitor to review the contract, getting pest and building inspections completed in time and arranging finance all goes to waste each time you miss out.  Then, you may well come up against other frustrated buyers on the next property.
Buyers are getting “buyer fatigue” having to inspect so many properties that end up out of reach. It’s tough out there!  Here’s my perspective on the range of emotions that buyers are feeling at the moment: it can be a roller coaster ride.
We are also seeing some buyers having to re-think their original plan.  If you have been out of the market for over a year, you may be very surprised to see just how much prices have moved.  Buyers and sellers are having to re-calibrate their expectations on pricing.  If you had your heart set on a specific suburb close to the kids’ schools and walk to shops, you may have to compromise now as the market has jumped (or find those extra dollars).
Our team of buyers agents have recently helped a number of clients find their next home and navigate this hot Sydney property market.  The common thread in their feedback was that they would not have been able to find the number of properties we shortlisted, work out fair value and then exchange with speed without our help.
The message is clear; Don’t be afraid to enter the market, do your research and be cautious about what you buy and how much you pay.  Many people are forward paying capital growth now just to get a foothold.  Think about the long term value of the property and who will buy it after you.
Rich Harvey is founder and managing director of <a href="https://www.propertybuyer.com.au/" target="_blank">www.propertybuyer.com.au</a>.
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In this Sydney market you need to rethink your strategy: Rich Harvey

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GUEST OBSERVATION
With enthusiasm for Sydney property seemingly indestructible, a new wave of activity is sweeping through the inner-city. First-timers, changeover-buyers and investors all want a piece of the action. But where will the smart money go?
Sure, we can look at growth rates and rental yields. But above all, there are people — movers and shakers — transforming their neighbourhoods with tomorrow’s must-visit haunts, and propagating new micro-markets along the way. This is where future value will be unearthed, the trick is knowing how to find it.
To get you started, here are three pockets worth getting amongst, and why.
<ul>
<li>Chippendale</li>
</ul>
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The area bounded by Broadway, Cleveland, Regent and Abercrombie is seriously on the move.
“If you think of New York’s Chelsea district,” says architect William Smart, “you’ll come pretty close to understanding the pocket of Chippendale anchored around Kensington Street. There is an incredible energy, and a desire for excellence in these parts, it’s extremely exciting.”
Smart should know — he designed the genre-bending White Rabbit Gallery, on neighbouring Balfour Street, as well as the interiors of Jean Nouvel’s Central Park apartment complex. But the most thrilling new development in this precinct is the <a class="markup--anchor markup--p-anchor" href="https://www.theoldclarehotel.com.au/" target="_blank" rel="nofollow" data-href="https://www.theoldclarehotel.com.au">Old Clare Hotel</a> on Kensington Street.
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The White Rabbit Gallery — Sydney’s home for contemporary Chinese art.
Upping the style ante, the Old Clare bows to the district’s rather raunchy past, while thrusting it into a more glamorous future. Housed in the former Carlton &amp; United Brewery building, the 62-room hotel will not only be a place for visitors to stay, but also a hangout for locals. With a rooftop pool and slick eateries, it’s set to have all the allure of East London’s Shoreditch House, or New York’s Soho House. She’ll be ready to open her doors later this year.
Old Clare hotspots in the making:
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Automata — helmed by Clayton Wells (formerly of Momofuku).
Silvereye — under the control of Sam Miller (formerly of Noma, Copenhagen, World’s Best Restaurant according to the judges at S. Pellegrino).
Kensington Street Social — under the eagle eye of British bad boy, Jason Atherton.
So why should home-hunters care? This food precinct is set to tilt Sydney’s cultural axis towards the inner west. The once uninspiring line between Inner East and West is being reinvigorated.
This is more than the ‘wow’ of new cafes. We’re talking cultural institutions. And that breeds new value.
<ul>
<li>Enmore</li>
</ul>
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No longer aspiring to be Newtown, Enmore has stepped out of the shadows. To food critic Terry Durack, Enmore “is increasingly the Brooklyn to Sydney’s Manhattan”. It’s where grit still kicks charm in the ass. Osteria di Russo &amp; Russo has become a nucleus, with the swinging small bar scene giving Enmore wider appeal.
Young Henry’s know all about it, brewing beer at the base of an old grain silo, they’re now part of the area’s proud identity. Their brews are served all across Enmore Road — in pubs with evocative monikers like The Secret Garden or The Stinking Bishop. It’s a neighbourhood in transition, and a place in which to get a toehold now.
“I saw the potential for growth in this neighbourhood,” says Andrei Meintjes, whose Collectika warehouse on Enmore Road showcases the very best of mid-century modern design. “It’s got more grit than the King Street stretch of Newtown.” Plenty of locals would raise a Young Henry’s to that.
<ul>
<li>Erskineville</li>
</ul>
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The Imperial Hotel — long-committed to the eclecticism of the surrounding areas.
Erskineville Road village is the poster child for the mid-century Aussie strip mall — an intriguing corridor of ferociously independent businesses that pump the lifeblood into the area.
<div class="aspectRatioPlaceholder is-locked"><img class="graf-image" src="https://d262ilb51hltx0.cloudfront.net/max/1200/1*djr3JlqvWjwqlBI5FXEA8Q.jpeg" data-image-id="1*djr3JlqvWjwqlBI5FXEA8Q.jpeg" data-width="1280" data-height="853" data-action="zoom" data-action-value="1*djr3JlqvWjwqlBI5FXEA8Q.jpeg"></div>
Pure &amp; General — a hub of homely exoticism in an already diverse neighbourhood.
“It’s an interesting neighbourhood,” says Linda Gregoriou, owner operator of Pure &amp; General lifestyle store. “It is right in the process of being gentrified, repurposed with precision and taste.” She points to the council street plantings, the brickwork of the curbs, and the many micro-parks — former block-through properties that have been bequeathed to the Erko Council for public use, as signs of a true community spirit. “It feels like Woollhara, twenty years ago,” Linda says.
But down the road from Erko village, is Swanson Street and its vibrant enclave facing Erskineville Park with its fantastic Aussie Deco stadium. This is where the Swanson Hotel opened just a month ago, the relooking of the old Kurrajong pub. Now all old cigar and cognac tones, it’s gentle manly in the best possible way. An old dog, yet still learning new tricks.
There we have three neighbourhoods on the move. Three diverse ways of living in the city. Three pockets offering new value.
Don’t get caught in the headlights. The energy across inner Sydney is unmistakable, but the smartest buying always takes a little more perception.
<a href="https://www.bresicwhitney.com.au/" target="_blank">BRESICWHITNEY</a> is a boutique real estate group founded in Darlinghurst in 2003.
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