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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Louis Chrisopher, SQM Research's managing director, had the most bullish Sydney 2014 forecast.
In late 2013, Christopher predicted that Sydney's prices would rise <a href="/expert-insights/buying/sydney-to-jump-up-15-20-act-to-fall">15%-20% over the 2014 calendar year</a>.
While prices weren't that strong, he was closest to the pin, now that the annual figure are in.
Other experts were notably more subdued, with many tipping that prices would slow significantly in 2014: Domain Group senior economist Andrew Wilson and Property Observer's <a href="/news/slowing-home-price-growth-sydneys-tentative-early-2014-capital-city-trend">Jonathan Chancellor</a> both predicted 2013's growth would halve to around 7%. Observer Pete Wargent tipped Sydney prices to increase by 6% to 9%. McGrath Estate Agent founder John McGrath <a href="/expert-insights/buying/john-mcgrath-lowers-his-2014-sydney-forecast-to-5-8-price-growth">downgraded his 2014 Sydney forecast </a>from 10% to 5-8% in June.
We now know that Sydney recorded around 12.4% price growth in 2014 across all dwellings, according to CoreLogic RP Data. House prices were up 13.4% to $858,000, while unit prices increased by 8.3% over the year to $615,000.
The median house price for Sydney is now $873,786, after a 14% rise in prices during 2014, according to Fairfax's The Domain Group.
Christopher's confidence in the Sydney market remains, particularly given the Reserve Bank's February announcement that it would cut rates by 25 basis points to a record low of 2.25%.
"We believe Tuesday's interest rate cut will further stimulate the Sydney housing market through the full calendar year 2015," Christopher told Property Observer.
"Our forecast for this current year, made back in September 2014, would be a rise of between 8-12%.
"This assumed a stable interest rate environment. With this rate cut we believe the market will now likely increase by the upper end of this range.
"Sydney on top of the 30% gains we have had since the start of 2013 will mean the market may well be up by over 50% in Sydney in just three years."
His price prediction is once again more bullish than those made by many of his contemporaries. Wilson this year has forecast 7-10% growth, while NAB's Residential Property Survey respondents predict 4.1% gains. Wargent has pitched his forecast slightly lower than last year, this time predicting <a href="https://petewargent.blogspot.com.au/2014/12/2015-capital-city-property-market" target="_blank">5-8% price growth in 2015</a>.
Whether yesterday's rate cut will cause experts to revise their forecasts remains to be seen. Meanwhile, the <a href="https://www.sqmresearch.com.au/" target="_blank">SQM Research</a> founder's confidence is not reserved for just the Sydney market:
"We are also rather bullish now on holiday locations on the east coast of Australia given that the lower Australian Dollar should further assist local tourism economies," Christopher said.
 {mijopolls 86}
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jrichardson-uRX5hFdKfN

Bullish Louis Christopher forecasts strong gains for Sydney in 2015

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Lakemba had the cheapest of Sydney's 70% weekend auction success rate, according to the results from Domain Group's Australian Property Monitors.
There were 97 offerings in Sydney ranging from $417,000 at Lakemba to $2 million at Lane Cove North.
<a href="https://www.domain.com.au/property/for-sale/apartment-unit-flat/nsw/lakemba/?adid=2011679420" target="_blank" style="line-height: 1.3em;">The 5/41 Sproule Street, Lakemba</a> offering was a two bedroom unit sold through Ralph RE which sold for $417,000. Agent Mark Dissinger says it was a suburb record for a two bedroom without a garage. The modernised 82 square metre last sold at $163,000 in 2001. It came with carport. Mark Dissinger said $476,000 was the top two bedroom price with garaging. It sold to an owner occupier.
The 36 Kara Street, Lane Cove North offerings was a recently refurbished four bedroom house.
McGrath agent Brent Courtney had the house listed for December auction last year with $1.8 million hopes, but the occupation certificate didn't come through in time. 
So as soon as it became available in January, Courtney organised an impromptu auction.
There were nine registered bidders, around half having been there on the property in the lead up to the thwarted December auction.
 
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jchancellor-FAypfDUnLy

Lakemba record but cheapest among Sydney's opening weekend auction range

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Last week the Domain Group published its house price report for the December quarter 2014 revealing that Sydney house prices rose 4.1% for the quarter up from 3.5% in the previous quarter.
Apartment prices also rose by 2.9% over the quarter which followed the September quarter which was also up 1.4%. Annually, Sydney house prices have increased by 14.1% and apartments have increased by 10.4%. All very interesting, however it means very little given this is the compiled figure for Sydney and is not representative across all households – even though many home owners believe it is.
For the first time that I can remember the top 10 Sydney house sales were all above $10 million mark, which is an amazing feat in itself.
No, I am not about to go into <a href="/expert-insights/sydney-top-end-sales-skewing-median-price-robert-simeon">how the top end sales skew the median prices</a> – given I treat this data with a grain of salt.
My preferred method is to look under the bonnet to see what actually is going on – by looking at the annual number of trades and the total volume of trades in dollar terms. I find this an interesting method which tells me much, much more about what exactly is happening in the marketplace for both apartments and houses.
This week I did just that – I broke down the figures for Mosman which has one of Sydney’s highest property turnover rates, and the figures are very interesting and in some instances quite amazing.
Mosman Houses
<ul>
<li>2014 – 329 recorded sales with a total value of $1,078,328,672 *</li>
<li>2013 – 379 recorded sales with a total value of $1,061,295,721</li>
<li>2012 – 286 recorded sales with a total value of $802,560,700</li>
<li>2011 – 271 recorded sales with a total value of $794,649,292</li>
<li>2010 – 316 recorded sales with a total value of $901,963,149</li>
<li>2009 – 279 recorded sales with a total value of $734,026,251</li>
<li>2008 – 247 recorded sales with a total value of $702,686,112</li>
<li>2007 – 376 recorded sales with a total value of $1,133,609,387</li>
</ul>
*This figure will increase as more sales settle in 2015
What this tells me is that Mosman house sales are getting back to where they were in 2007 (pre-GFC) given 2013 and 2014 both broke the $1 billion sales volume barrier.
Mosman Apartments
<ul>
<li>2014 – 467 recorded sales with a total value of $461,024,250*</li>
<li>2013 – 482 recorded sales with a total value of $478,346,540</li>
<li>2012 – 472 recorded sales with a total value of $396,810,977</li>
<li>2011 – 477 recorded sales with a total value of $387,294,595</li>
<li>2010 – 473 recorded sales with a total value of $391,925,992</li>
<li>2009 – 484 recorded sales with a total value of $411,218,407</li>
<li>2008 – 442 recorded sales with a total value of $323,799,406</li>
<li>2007 – 485 recorded sales with a total value of $400,122,811</li>
</ul>
*This figure will increase as more sales settle in 2015
So for the past eight years the number of apartments sold in Mosman each year has been between 442 and 485. Houses however have ranged from 279 to 379, so it is much easier to predict how many apartments will be sold in 2015 – 473. Now that is what I would call baffling data.
Back in 2007 the cash rate moved from 6.25% to 6.75% where today it sits at 2.50% with many suggesting a strong possibility it will be cut next week when the Reserve Bank of Australia meets – I don’t believe they will cut at this point although further cuts are inevitable.
<img src="/images/2015/02/03/simeon%20feb%203%20one.jpg" alt="">
Source Domain Group
I find this Domain Group graph fascinating as it clearly identifies what many already know: markets are always self-correcting. Brisbane, Adelaide, Darwin and Hobart apartments are identifying value declines and Darwin is the only state/territory identifying house value declines despite a record low cash rate.
Will the Australian property investors start investing in these areas that are in decline? Absolutely not; investors much prefer to invest in areas identifying capital growth over declining markets given concerns that these markets will decline further.
Sydney’s overall vacancy rate sits at a very tight 2.0% despite concerns that the bull run of investors into the market has not even put a dent in the vacancy rate.
Only when you break down the numbers in demographic property markets do we start to clearly identify how the markets speak in volumes.
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robertsimeon-hRNTwJyXkQ

How the markets speak in volumes: Robert Simeon

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The Lim family have sold their clinker brick Wolseley Road Point Piper property, kicking off the 2015 prestige sales with a reputed, unconfirmed deal at close to $28 million.
It comes with U-shaped feng shui-inspired building plans, so the bullish price effectively represented lucky land value. A very bullish $41,000 a square metre. 
The hillside near harbour side offering which was<a href="/news/u-turn-as-lim-family-list-hillside-wolseley-road-point-piper-offering"> listed last July</a> came with approved plans for <a href="https://www.raywhite.com/nsw/point-piper/1170391/" target="_blank">a massive Alex Tzannes designed harbour-side home</a> offering 648 square metre of internal living space across three levels with sweeping Sydney Harbour views.
The recent sale, which has yet to be identified on listing websites, came after LJ Hooker Double Bay agent Alain Waitsman seemingly introduced the buyer. 
Elliott Placks at Ray White had the listing which last sold at a hefty $20.55 million in 2008. Apparently they wanted as close to $30 million as the market would offer.
<a href="https://oceaniaproperty.com.au/point-piper.php" target="_blank">The plans had</a> five bedroom suites, each with bathroom and walk-in robe, plus self-contained studio, office, and a state of the art kitchen, butler's pantry, theatre, gym and garaging for four cars.
The property is a 678 square metre holding.
The development application was secured despite the opposition of entrepreneur Phil Green, the Vogliotti family and Bill Webb from across the road.
Julina Lim is from the<a href="https://oceaniaproperty.com.au/about-us.php" target="_blank"> Oceania Property Corporation</a>.
It was 2010 when the Lim family secured Land and Environment Court approval to proceed with the new $3.8 million four-storey home, though they have yet to proceed.
It was easy to lose count but there were six prestige sale in Point Piper last year after the backlog's first sale in June 2014 when the daughter of the late Peter and Ruth Simon, Marion Richmond, sold to Global Renewables chief David Singh and his wife Belinda
Just a week later Ron Medich sold his home, which the Lim's look down on, to the aged-care industry boss Peter Wohl and his wife Jennifer.
Another four sales took place in the second half of 2014.
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Point Piper resumes trophy home sales momentum into 2015 

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John McGrath has always been passionate about the property prospects of Sydney's inner ring suburbs.
But last week he went a little further saying suburbs close to the city are becoming so desirable that they will be "hot forever".
The high profile agent stopped short of declaring inner city property prices were immune from price falls.
But the chief executive of McGrath Estate Agents told Fairfax Media these areas would always be attractive to buyers. 
"There is just no end of demand from overseas and local buyers who want to live in those precincts," McGrath said.
McGrath pointed to their proximity to the city, beaches and lifestyle amenities such as art galleries and restaurants.
Interest in the topic was illustrated on the trendolizer<a href="https://australia.trendolizer.com/2015/01/sydney-inner-ring-property-may-be-hot-forever-says-john-mcgrath" target="_blank"> trend </a><a href="https://australia.trendolizer.com/2015/01/sydney-inner-ring-property-may-be-hot-forever-says-john-mcgrath" target="_blank">graph</a>.
"There is sometimes a very minor [price] correction for a small amount of time but generally speaking Sydney is becoming a New York," McGrath suggested.
"It's a big international city and people want to live in it ... and there's very limited stock available. It's always going to be blue-chip and a market leader."
The commentary came with a caveat as McGrath tips price growth in the inner ring will actually lag other suburbs in 2015 because much of it had already "outperformed" other areas in 2013 and 2014.
Bill Randolph, director of the City Futures Research Centre at the University of NSW, warned over-densifying the inner circle will make the suburbs less desirable.
AMP Capital chief economist Shane Oliver the inner ring was affected by "interest rate cycles, recessions, building booms and busts", but felt the impact tended to be far less than the outer suburbs.
Analysis of the past decade by Domain Group's senior economist Andrew Wilson found properties within Sydney's inner 10 kilometre radius had risen 71.5%, compared with 48.4% further out.
From its Paddington origins, McGrath Estate Agents reported December sales figures of $1.02 billion from 1,018 sales for its 62 office network, directly on the back of its 25-year record in November 2014 with $1.27 billion from 1,237 sales. 
McGrath advised that eight offices clocked record sales figures for December.
Sales activity was diverse with 274 sales over $1 million; 65 sales over $2 million and 9 sales over $5 million.
“When we look at the property landscape compared with twelve months ago, property has well and truly rebounded along the Eastern Seaboard, with very strong activity across metropolitan Sydney from Epping in the northwest to Sylvania and Brighton-Le-Sands in the south. The Central Coast is also benefiting from an upsurge in upgraders and investors across all price brackets.
“The strong growth recorded from our Mosman office is in line with our view that the prestige market will perform very well this year off the back of a relatively quiet year in 2014 compared to the rest of the market.”
The top five McGrath offices for growth in the past 12 months were:
<ul>
<li>Brighton-Le-Sands reports $34.6 million (+ 174% on December 2013)</li>
<li>Mosman reports $60.3 million (+167% on December 2013)</li>
<li>Palm Beach (QLD) reports $11 million (+145% on December 2013)</li>
<li>Epping reports $48.4 million (+88% on December 2013)</li>
<li>Warners Bay reports $15.2 million (+87% on December 2013)</li>
<li>Other offices in the group that posted record sales performances for December were:</li>
<li>Sylvania ($25.5 million), Belconnen/Gungahlin in ACT ($23.9 million) and Gosford ($13.6 million).</li>
</ul>
{mijopolls 85}
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John McGrath ignites Sydney's "hot forever" inner ring debate

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At the start of every New Year the first things we see for some strange reason are predictions.
 Even stranger when it comes to property there are only two possible outcomes: boom or crash. What exactly happened to the glass half full or half empty philosophy?
So my prediction for 2015 is that the Australian property markets will see some half full and others half empty movements. One would have thought that many real estate commentators were embarrassed and fooled by the Australian property markets in 2014 given their out of control ‘bubble’ declarations, only to find out it was investors driving the market not households (as they incorrectly reported).
So let’s move to the nitty gritty facing 2015 – a record low cash rate, low inflation and low GDP. This means again that investors will be faced with just the two alternate options; equities or the residential real estate markets. Real estate will again be the preferred investment strategy of choice in 2015 – more particularly as they continue to propel their self-managed superannuation funds.
After all it’s much easier to monitor the idiosyncrasies of the real estate markets than it is with equities – the latter are global markets where real estate is much more local orientated. Of course an argument will pop up that the global financial crisis (GFC) was global where property prices fell 25% on average approximately. In the vast majority of cases prices are now back (or close to) the 2007 benchmark prices.
When one then looks at the RUOK markets in 2015 – NSW looks like being the star performer again. Western Australia held the mantle for the last three years although with the mining decline and a working population shift it finds itself in correction mode having slipped to third place, with Victoria in fourth and Queensland fifth spot. NSW has now posted constant strong jobs growth which then ricochets to job security which then ricochets to consumer spending.
As a natural progression the high profile debating team of boom and bust will be front and centre in 2015 with the usual ‘Australia has the most expensive housing prices in the world’. Well one would have thought that if the situation was that dire the GFC average correction should have been much more severe – but it wasn’t.
Yes, Sydney prices over the last two years are reportedly up 30% but what conveniently keeps being omitted is that the formula applied is a ‘median’ price and Sydney has the most expensive top end residential real estate in Australia, so this figure is actually inconsequential given Sydney’s top sale for 2014 was $39 million. 
Housing markets can be irresponsibly skewed when you have Australia’s number one top end market or, better still, Sydney is using a top end steroid to drive up its median price. A shame this is not pointed out.
He’s baaaack! <a href="/news/steve-keen-says-the-australian-property-bubble-could-keep-going-through-2015">Steve Keen says the Australian property bubble could keep going through 2015 </a>– For some strange reason (again) I struggled to follow his line of reasoning as to what would prompt a decline in property prices. That nasty four letter word keeps popping up – debt. However, we should remember the word that always precedes debt is managed.
As I predicted last year we will see two 0.25% cash rate reductions in the first half of 2015 with the cash rate sitting at 2% as at 30 June 2015. Of course when the cash rate starts firming back up only then will we see some corrections in property prices as many will struggle to ‘manage their debt’.
We need to look closely at the DNA of those commentating on the Australian real estate markets – and I can’t go past Steve ‘Headline’ Keen. 
Back in September 2008, he told Jonathan Chancellor that he was listing his Surry Hills, Sydney apartment with $500,000 expectations. His reason for selling at the time, “partly to put my money where my mouth is and partly due to changed personal circumstances.” 
I’m sure based on current comparable sales he wouldn’t be that happy to observe that if he had held on, he would be up approximately 50% today from when he sold.
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Sydney top end sales skewing median price: Robert Simeon

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A record $2.8 billion worth of residential, commercial and hotel developments was approved by the City of Sydney’s chief planning body last year.
Some of the biggest developments approved include the $660 million AMP Circular Quay Precinct, two residential developments in the heart of the city that will be over 230 metres high, and the University of Sydney’s $97 million stage-one campus masterplan. 
Other developments approved by the committee in 2014 included a $100 million hotel-residential development on Kent Street, a 25-storey mixed-use development on Clarence Street worth $89 million, and a $50 million hotel-to-residential conversion in Potts Point.
Lord Mayor Clover Moore said these major building projects would help increase residential and commercial floor space.
“Sydney is thriving and in 2014 the Central Sydney Planning Committee approved 20 development applications worth a combined $2,792,972,230," she said.
Moore was particularly pleased a $25 million creative hub is being built as part of Greenland’s Bathurst Street residential development, and two new childcare centres will be built at a new development at 505 George Street in the city centre.
“This record year of private investment and development comes ahead of work beginning on the extension of the light rail network. The City has committed $220 million to this project, which will be the biggest change to Sydney’s transport in generations.
“The light rail project will give Sydney a world-class main street and support new flagship retail outlets, premium-grade office buildings, and cafés and outdoor dining. We’re already seeing businesses flock to George Street in anticipation of the benefits it will bring,” the Lord Mayor said.
In the City’s south, the Green Square urban renewal area saw a suite of development approvals worth $530 million, including a $142 million high rise building.
In the next four years, an estimated 10,000 apartments will be built at Green Square and the area will become home to 54,000 residents and 20,000 workers.
"We will invest $440 million in building a new town centre, a plaza and library, a new aquatic centre, a new childcare centre as well as parks and playgrounds,” the Lord Mayor said.
The Central Sydney Planning Committee meets monthly and determines major development applications worth more than $50 million.
The committee has seven members, including chair Lord Mayor Clover Moore, Councillors John Mant and Robert Kok, and NSW government representatives Gabrielle Trainor, Carolyn McNally and NSW government architect Peter Poulet.
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Sydney's $2.8 billion development pipeline approvals in 2014

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GUEST OBSERVATION
Sydney’s 2015 property market is set to be healthy and buoyant.
In 2014, Sydney’s property market was white hot but the rate of growth was unsustainable.
While the volume of sales last year were impressive, more than half of the transactions made were by investors rather than owner-occupiers and this has started to create a bottleneck in the market. The good news however, is that the market is starting to relax.
With the economy strong, consumer sentiment holding and the Australian dollar balancing against the greenback, I think the 2015 market will go from white hot to red hot and be slightly less frantic for buyers.
Here are my top five trends for Sydney’s property market in 2015:
<ol>
<li>
Increased stability in property prices  The Sydney property market experienced accelerated growth in the past year but this should start easing in 2015. In 2014, average growth rates swelled past 13%. If we continue along this path, I believe that Sydney could be at risk of entering another property bubble, with prices ballooning and competition escalating. As we enter 2015, I expect to see more stability in the market, with growth rates of between 6-8% over the year. With interest rates also likely to remain at low levels and inflation easing, home buyers can take their time in making their biggest life decision without feeling the panic to buy now. 
</li>
<li>
Increased diversity in property portfolios  I think more investors will be ready to spread their wings and generate wealth in 2015. While it’s common for investors to invest in only one property, we are seeing a shift in the investor mindset. Whether it’s mum and dad investors or those planning to retire and live off their rental income, investors are becoming more open minded about how they purchase property and grow their portfolio – such as through structured SMSF investments. More investors are also treating their investments as a business transaction. They are not looking for a property to move into down the track; they are looking for properties in high growth areas where rental vacancies are low, demand is strong, and the property type fits the demographic needs of residents in the area.  
</li>
<li>
Emergence of a genuine commuter belt Sydney is a global city but transport links between the CBD, and the eastern and western suburbs have been sub-optimal when compared to other global cities. With a fragmented transport system, pockets of the city are closed off and this can be a huge detractor for buyers wanting to live outside inner city areas. With new major rail links and road works underway, such as the North West Rail Link, and upgrades to the M2/M7 and M5 motorways, the divide between Sydney’s east and west is starting to close. New railway stations in the Hills District for instance, such as Rouse Hill, Kellyville and Bella Vista, will open up these family friendly areas to dwellers who may have previously only considered living close to the CBD, where properties are typically more expensive and less spacious.  
</li>
<li>
A ‘freezing out’ of first home buyers A worrying trend I see in 2015 is the continued decline in the number of first home buyers entering the market. This, I believe, correlates with an increase in investors snapping up Sydney properties. In a balanced market, around 20% of property transactions should be made by first home buyers. Instead, transactions by this group have dropped as low as seven%. First home buyers are our future generation. They are encouraged to buy property, yet their ability to enter the market and climb the property ladder is becoming increasingly difficult. More incentives will be needed to enable first home buyers to compete against more established or cashed-up investors; otherwise they risk being left behind,” says Doug. 
</li>
<li>
A continued influx of foreign investors The unprecedented rise in foreign investors purchasing Australian property in 2014 is set to continue. While investment from overseas buyers may help stimulate the economy, we need to be mindful that we already have an undersupply in housing and there is no shortage in locals wanting to buy. Many foreign investors are buying off-the-plan developments in bulk, often purchasing up to five properties at a time. Debate over the number of properties bought by this group could reach a climax in mid-2015. Introducing boundaries, such as limiting the number of properties that an overseas investor can acquire, or requiring developers to sell a percentage of their stock to Australian residents, I believe, will help provide more opportunities for local buyers.
</li>
</ol>
Douglas Driscoll is CEO of real estate agency <a href="https://www.starrpartners.com.au/" target="_blank">Starr Partners</a>.
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douglasdriscoll-EkfdEjJSsC

The five Sydney property market trends to watch this year: Douglas Driscoll

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Sydney metropolitian auctions return this weekend.
The Australia Day long weekend is typically dominated by coastal offerings.
But Tracey Yap at Epping has a four bedroom, two bathroom brick auction at 29 Fonti Street (pictured above).
"We have a few buyers, whose holidays are over," she told Property Observer.
Yap's agency also has 29 Benson Street, West Ryde for weekend auction.
Louis Carr has a Castle Hill auction with $1.7 million hopes for the<a href="https://www.realestate.com.au/property-house-nsw-castle+hill-118598203" target="_blank"> five bedroom house on 2,000 square metres</a>.
It does come with a summery aspect, a palm tree next to the back yard pool.
Homebush and Merrylands also have scheduled auctions.
There are coastal auctions are on this weekend at Sussex Inlet, Fingal Bay, Tweed Heads, Mollymook and Brunswick Heads.
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Sydney metro weekend auctions resume early

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The Young Street Terraces, the only Sydney CBD buildings that remain from the original site of Government House, have been leased by the law firm AR Conolly and Company Lawyers.
AR Conolly and Company Lawyers have taken out a five year lease at a gross rental of $630 per square metre per annum.
Constructed in 1875, the heritage buildings at 36-38 Young St, Sydney, were leased in a deal negotiated by Ray White Commercial office leasing director Jeremy Piggin on behalf of the Historic Houses Trust of NSW.
Behind the Victorian Filigree architectural style, the building offers a floor area of 313 square metres.
It consists of four units, each of three storeys and a basement, interconnected on all floors.
The interior detail is largely intact in terms of skirting boards, architraves, doors, windows, staircases and fireplaces.
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