ASX-listed developer Cedar Woods is progressing its plans for its Southbank arts precinct site.&nbsp;

The developer has filed plans, which are now with the&nbsp;Department of Transport and Planning, for a new 20-level tower at&nbsp;<a href="https://www.apartments.com.au/new-apartments/141-151-sturt-street-southbank-vic-3006">141–151 Sturt Street</a>, a 2,718 sqm block opposite the Habitat Filter sculpture.

The proposal seeks to demolish the two-level&nbsp;commercial building, including a small supermarket and medical tenancies, and create a new building with 180 apartments and a focus on an&nbsp;active public realm and arts integration.

&nbsp;

<img alt="Southbank site" data-entity-type="file" data-entity-uuid="76a72db6-91ef-43ae-827d-a9cfa72893d2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Site.png?VersionId=DZgtB4K6BswVh0QtCs3iLjXaLp0CbcEb" />

&nbsp;

There will be a full mix of apartment configurations, including 28 studio apartments, 16 one-bedroom, 104 two-bedroom, and 32 three-bedroom units.

Retail, creative arts, and residential amenity functions are integrated across the lower levels. A food and drink tenancy is planned to front Dodds Street, while a retail tenancy fronting Sturt Street will be accessed via an elevated walkway. The first floor includes a substantial 734 sqm creative arts space, envisioned to support Melbourne’s growing cultural and digital industries.

Architecture firm <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has put together the plans. In their&nbsp;Urban Design Report they highlighted the project’s ambition to embed itself within Southbank’s evolving cultural fabric.

A central feature of the design is a through-block link connecting Sturt and Dodds Streets, landscaped with native plantings and embedded with universal access ramps.

“The ramp has been thoughtfully integrated as the primary access point, ensuring universal accessibility for all users,” the report noted, with the link offering “a direct response to the urban planning scheme of creating more green spaces within our communities”.

<img alt="Southbank podium" data-entity-type="file" data-entity-uuid="4d24b1b2-d69c-4a11-a11d-ec6df432221c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium.png?VersionId=geWoJyZDmPSLODZ_.PNJ0LvpOmyyCdpo" />

The building’s podium form responds to the mandatory height limits along Dodds Street and maintains a fine-grain interface to adjoining developments. Above the podium, the tower is articulated with recessed balconies and a focus on views toward the CBD and surrounding arts institutions. A communal rooftop recreation deck and indoor lounge are positioned on level four, adjoining seven apartments and providing over 900 sqm of resident amenity space.

Vehicle access and loading will be provided via Dodds Street, with 155 resident car spaces located across two basement levels and the first three above-ground floors. Bicycle storage is more generous, with 226 spaces distributed across resident, staff and visitor needs.

Rothelowman describes the architecture as “humanist,” with ground-level interfaces designed to encourage social interaction and provide a dignified entry for both residents and passers-by. “All street interfaces are crafted to invite and nurture human connections,” the design report states. “The façade transitions to a human scale, providing an approachable and engaging streetscape”.

Cedar Woods, while well-known for its large communities it develops outside of Australia's capital cities, they have recently developed in Melbourne's inner-ring before. They are approaching completion at <a href="https://www.apartments.com.au/new-townhouses/88-leveson-north-melbourne-88-leveson-street-north-melbourne-vic-3051">88 Leveson</a>, just 15 townhouses in the heart of North Melbourne.

Joel Robinson

Cedar Woods progresses with new apartment plans in Southbank arts precinct

Brisbane developers Core Property Partners and Vector Property Australia has teamed up for Brisbane's newest apartment development.

The duo identified <a href="https://www.apartments.com.au/developments/east-brisbane-qld-4169">East Brisbane</a> as their preferred suburb, on the fringe of the Gabba Precinct, where they've just revealed BANKSII, 72 apartments opposite Raymond Park.

[smartcode_project:default project_id=136432 project_image_fid=5481]

The one-, two-, and three-bedroom apartments will sit in a glass-wrapped building that will also feature a rooftop with an&nbsp;infinity-edge pool, a BBQ area and alfresco dining spaces, sun lounges, and a sauna, as well as a resident-only gym and a ground-floor cafe.

Rhett Williams, Director of Vector Property Australia, said the project will lift the quality of the East Brisbane community and set a new benchmark.

"In Brisbane’s current property landscape, <a href="https://www.apartments.com.au/new-apartments/banksii-east-brisbane-169-wellington-road-east-brisbane-qld-4169">BANKSII</a> stands out through its emphasis on lifestyle-oriented living, connectivity and sophisticated design," Williams says.

[smartcode_project:default project_id=136432 project_image_fid=5479]

The 10-level building has been designed by MAS Architecture. Their designs were inspired by the native Banksia flower, with the architecture and interiors reflecting the organic symmetry of its namesake flora. MAS has interpreted this throughout the building’s curved form, façade detailing and interior palette.&nbsp;

The building’s flowing geometry and natural tones are complemented by large balconies and floor-to-ceiling glazing, maximising cross-breezes, daylight and views over the city, parklands and river.

“Having a strong narrative for a building helps us architecturally,” MAS noted. "We can choose colours that come off that species of flowers. The trunk and the trees and the flower elements all are now visible in our joinery on the inside and in our architectural finishes on the outside."

[smartcode_project:default project_id=136432 project_image_fid=5485]

Apartments will feature timber floors, soft porcelain tiles, brushed bronze fittings, and stone benchtops with warm veining.&nbsp;

Kitchens feature premium SMEG appliances and generous storage, while bathrooms have been designed as calming retreats with curved cabinetry and twin sinks in the master ensuites.

The building will feature a suite of rooftop and wellness amenities. Residents will have access to an infinity-edge pool, BBQ and alfresco dining areas, sun lounges and a rooftop sauna.&nbsp;

A residents-only gym will be located on the podium level, while a ground-floor café and landscaped laneway will further activate the site and improve neighbourhood connectivity.

[smartcode_project:default project_id=136432 project_image_fid=5488]

BANKSII will rise from a prime Wellington Road site, with the building oriented to overlook the adjacent Raymond Park and take in extensive city views. It is also on the doorstep of key&nbsp;lifestyle infrastructure, including the future Kangaroo Point Green Bridge, The Gabba stadium, and the planned Brisbane Live arena.&nbsp;

Public transport options, including ferry, bus and rail - including the future Cross River Rail Woolloongabba station - are all nearby, supporting a car-optional lifestyle just minutes from the CBD.

Williams said the team spent over a year searching for the ideal site before securing this location.

"We were attracted to <a href="https://www.apartments.com.au/developments/east-brisbane-qld-4169">East Brisbane</a> as it is a vibrant and growing community that offers a perfect balance of urban convenience and natural beauty with the parklands and river on our doorstep.”

The project is part of the broader Woolloongabba Games precinct, which is undergoing significant investment in the lead-up to the 2032 Brisbane Olympics. This urban renewal, coupled with infrastructure upgrades, is expected to enhance long-term liveability and capital growth in the area.

Given the wide max of configurations, BANKSII is expected to suit everyone from first home buyers and investors to families and downsizers.

[smartcode_project_cta:default project_id=136432]

BANKSII sales launch in booming East Brisbane apartment market

The Minns Labor Government will deliver Sydney’s first new heavy rail station in more than a decade – enabling up to 10,000 new homes by rezoning land around Woollahra and Edgecliff stations, right next to the CBD, to tackle the housing crisis and rebalance growth across the city.

Recent reports by the NSW Productivity Commission have warned that Sydney is losing twice as many young people as it is gaining, while also finding that Woollahra is the most feasible Local Government Area (LGA) in New South Wales to build new housing.

Despite this, housing approvals in Woollahra consistently lag well behind other LGAs, and the population has declined by 11 per cent over the past 50 years while Greater Sydney as a whole has grown by 74 per cent.

The new station that will be an eight-minute trip from Sydney CBD, will be located on the Eastern Suburbs train line in Woollahra, where a station build was started in the 1970s but never completed.

To enable the delivery of new homes the NSW Government will lead a rezoning of Woollahra and Edgecliff stations similar to other state led rezonings to allow additional homes to be built around the stations.

Affordable housing will also make up a proportion of development on the site with the final amount of affordable housing required, to be determined as part of the rezoning process.

The area surrounding the new station is within walking distance of major green and recreational space including Cooper, Trumper, Rushcutters Bay and Centennial Parks.

The Eastern Suburbs train line between Bondi Junction and Sydney CBD also has the lowest passenger usage rates during the AM peak of any line on the Sydney network, with only 43 per cent of operating capacity during the AM peak currently being utilised by passengers.

Sydney Water and Infrastructure NSW have confirmed there is capacity in the water and wastewater systems to accommodate the proposed 10,000 dwellings without major upgrades.

The rezoning is expected to take around two years and will further support the Government’s housing targets that rebalance the delivery of new homes around existing infrastructure.

&nbsp;

&nbsp;

Next stop Woollahra train station - delivering up to 10,000 new homes in the heart of Sydney

<section data-element_type="section" data-id="b086848">
Fresh off completing its mixed-use Malvern project Malvern Collective, Kokoda Property Group has acquired a prime site on Richmond's Bridge Road.

They are planning a mid-rise residential development with&nbsp;integrated wellness amenities and a vibrant ground-floor retail and dining offering.

The site, at&nbsp;487–495 Bridge Road, spans&nbsp;1,650 sqm with 50 metres of dual frontage across Bridge Road and Palmer Street. It is currently leased to Adairs, and has a large retail building and 20 onsite car parks.
</section>

<section data-element_type="section" data-id="534a164">
Kokoda Property Group’s acquisition forms part of a broader phase of growth in Melbourne, building on momentum from the completion of Malvern Collective and the recent purchase of a Burnley Street site for the developer’s first commercial project.&nbsp;

Mark Stevens, Kokoda Property Group’s Founder and Managing Director, said that the company’s Bridge Road site acquisition signals confidence in a city that is re-accelerating.

“Melbourne is regaining momentum,"&nbsp;Stevens said.

"After a cautious period post-COVID, we’re seeing buyer sentiment stabilise and capital leaning back into well-located, quality projects. Victoria now benefits from deep builder capacity and competitive delivery pricing, creating a rare opportunity to bring design-led inner-city developments to market without compromising on craftsmanship.

“Richmond ticks all the boxes for us – connectivity, culture and everyday amenity – making Bridge Road the perfect address for an amenity-rich, multi-use development."

<img alt="Kokoda" data-entity-type="file" data-entity-uuid="9a8de51d-8092-480a-8b7e-e081816692c2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-08-29%20at%208.54.27%E2%80%AFAM.png?VersionId=VRHpV5.6beOu2cieKHWrw3ErMPuVOAuj" />

Envisioned as an “urban lantern” the building will bring a distinctive new presence to Bridge Road with a sculptural retail frontage, designed to honour the street’s heritage character while contributing to its renewal.

Stevens said the acquisition reflects the developer’s commitment to design-led addresses in Melbourne’s inner city.

“Drawing on Richmond’s rich heritage and dynamic character, we’ve envisioned a contemporary building that respects the past while elevating the way people live today. With dual frontages, curated ground-floor spaces, and a focus on wellness, this project will contribute to the neighbourhood’s evolution, appealing to both downsizers and a new generation of professionals.”

Kokoda Property will now progress concept design ahead of a future planning process.
</section>

Mark Stevens, Kokoda Property Group’s Founder and Managing Director, said that the company’s Bridge Road site acquisition signals confidence in a city that is re-accelerating

First look: Kokoda secures Richmond site for new apartment development

Gold Coast developer Drew Group is fast approaching sell-out at its Main Beach apartment development, Lagoon Main Beach.

In the last nine months, Drew Group and sales partner Pezet Matheson have secured 31 sales totalling over $75 million, as the two-tower development advances towards completion under the expert eye of Hutchinson Builders.

“Today's buyers are more discerning than ever," Drew Group Managing Director Jon Drew says.

"It's essential to provide something truly unique that sets a development apart, and we believe Lagoon has achieved just that."

[smartcode_project:default project_id=108747 project_image_fid=193023]

Just over 50 per cent of recent&nbsp;sales have been to local buyers, reflecting the deep trust and connection within the Gold Coast community that Drew Group has developed over the years.

Demand has been particularly robust at the top end, with two of the three exclusive penthouses already sold, alongside five sub-penthouses. Only seven apartments remain in Lagoon's Signature Series — one&nbsp;penthouse and six sub-penthouses.

[smartcode_project:default project_id=108747 project_image_fid=284864]

Drew Group has also removed the much-maligned sunset clause from all contracts at Lagoon. The sunset clause — although rarely invoked, yet on occasion known to have been — allows developers to take back contracts on apartments should the building not be completed within the timeframe specified in the contract.

Pezet Matheson Co-Director Jayde Pezet says the fact Lagoon is&nbsp;within a year of completion, and has no sunset clause in contracts, provides certainty to buyers.

"This is paramount in the current market," Pezet says.

Drew Group has committed to providing the highest level of security inclusions — none more impressive than the Ubiquity Access Control System, a cutting-edge facial recognition technology that is one of the most state-of-the-art keyless entry systems on the market.

[smartcode_project:default project_id=108747 project_image_fid=190743]

One of the biggest drawcards to Lagoon has been the size of the apartments.

"It is unlikely that any future new development in Main Beach will be able to offer such spacious living at this price point," Drew says.

"Today's buyers are more discerning than ever, carefully evaluating amenities like gyms, spas, workspaces, and beach lockers, along with quality finishes. It's essential to provide something truly unique that sets a development apart, and we believe Lagoon has achieved just that."

Lagoon is set to complete construction in mid-2026.

[smartcode_project_cta:default project_id=108747]

Lagoon Main Beach approaches sell-out as local buyers drive $75m in sales

Asking Prices

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Apartment vendors across the major capital cities have been securing close to their asking prices, according to CoreLogic

The latest data shows that Canberra is the apartment market where vendors do not need to discount their asking prices by that much.

The median required discount in Canberra is 1.7 percent.

Across the other capital cities there is a prospect that apartment vendors require to adjust their asking prices by between 2.2 percent to 2.6 percent in order to secure a sale.

[smartcode_project:default project_id=2772]

Hobart is the fastest selling city for both apartments and houses.

<img alt="" height="458" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/cl_2021_apt_vendors.jpg" width="643">

House vendors are a little more ambitious in their asking prices with the required discount needing to be offered to buyers sitting in the range of 2.2 percent to 3 percent.
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Apartment vendors across the major capital cities have been securing close to their asking prices, according to CoreLogic

jchancellor

Apartment vendors selling at close to asking prices: CoreLogic

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EXPERT OBSERVER
<div>New listings fell in March according to SQM Research as more potential vendors decided not to list.</div>
<div> </div>
<div>However, total listings had already begun to increase (+3.7 per cent) as more 30-60 day stock banked up, having failed to sell. </div>
<img src="https://1.bp.blogspot.com/-d2CQt-N3jio/XowhwDv7zpI/AAAAAAAA1IM/83eJ9Qa8bz0i2eCpwC4KlueT4ghuvHaLgCNcBGAsYHQ/s640/SQM1.jpg" width="640" height="388" data-original-height="830" data-original-width="1368">
 
From a year ago total property listings remained -13 per cent lower than year earlier, mainly due to Sydney where listings were still -23 per cent below March 2019 levels, with Hobart also down -19 per cent year-on-year.
<div><img src="https://1.bp.blogspot.com/-LrJvfUcx3w0/XowhwMrVFKI/AAAAAAAA1IQ/2u2tYMooKcsELebZ2QC6lyCKmpIAn6IGwCNcBGAsYHQ/s640/SQm2.jpg" width="640" height="388" data-original-height="827" data-original-width="1359"></div>
<div class="separator"> </div>
<div class="separator"> </div>
<div>SQM reported that asking prices increased further in March, driven by increases in Sydney, Melbourne, and Perth, suggesting that vendors have not yet adjusted their price expectations, despite the effective shutdown of the economy.</div>
PETE WARGENT is the co-founder of AllenWargent property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank">blogger</a>.
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pwargent-M4siyDbqQY

New listings and sales are falling but asking prices rose in March: Pete Wargent

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<div>The days of the successful greedy vendor are almost done.</div>
The five year surge in Sydney prices is now coming off, as the Reserve Bank wished.
The biggest gap I've seen between asking price and selling price was over 20 percent. They wanted $27 million and took $21 million in Sydney's pricey east.
Long after the ambitious public asking prices, the more sombre secret sales outcome becomes known.
Any neighbours up the street thinking of selling are then forced to come back in expectation. The new pricing mood becomes contagious.
There is nothing too distressing around pricing really for most sellers, although the emerging slowdown captures almost all, even thoughtful asking prices.
South Sydney Rabbitohs star George Burgess recently made a mild adjustment to the price hopes of his <a href="https://www.realestate.com.au/property-house-nsw-chifley-126771326" target="_blank">Chifley offering</a> (above and below).
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/3/19/chifley2.jpg" alt="">
Having initially sought $1.8 million, there's now guidance between $1,725,000 to $1,775,000, with Burgess and wife Joanne expecting a second child in August.
But first home buyers should pay extra careful attention to market conditions, not just the incentives on offer.
While the price declines may be minor, first home buyers ought be wary of over paying and potentially going straight into negative equity.
The weekend auction success rates that kicked off unexpectedly well with 70 percent selling, have weakened in the pre-Easter auction period with the clearance rate back in the 50s.
The market does seems set to continue to deteriorate further.
Most analysts tip the decline will be moderate, somewhere in the order of five to 10 percent over the next two or so years.
They don't see any trigger such as high unemployment that would escalate into more substantial price falls across all markets.
Certainly unexpected quick rate rises - rather than possibly a few extended over years - could be devastating for many households. 
There are extreme calls such as the US forecaster Harry Dent who forecasts a halving in values.
But demand for property arising from population growth, arising both internally and from migration, is expected to provide a floor.
This article was first published in the Saturday Daily Telegraph.
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jchancellor-FAypfDUnLy

The Sydney property downturn starts with asking price mismatch

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The NSW Government has said it will spend another $400 million to make land for housing shovel-ready and $19 million to create a planning body to oversee a plan to build 664,000 homes in 15 years. 
This addition to the Housing Acceleration Fund adds to the $566 million invested since its inception in 2012 and suggests the State Government subscribes to the shortage theory. 
But there’s another perspective on dwelling supply in Sydney – one that points to looming oversupply because of an overbuilding of apartments, a syndrome that’s rapidly spreading to all the capital cities of Australia.
Dr Nigel Stapledon of the University of NSW is one of those who believes Sydney is building too many apartments. Stapledon’s views deserve respect as someone who has comprehensively researched real estate in Australia, including one vast assignment which examined prices and rents going back more than a century. 
In a recent report, Stapledon said Sydney is about to be hit by a wave of new units, resulting in falling prices and rents in 2016. 
Stapledon said 13,000 new units will hit the market in Sydney before the end of the year. And an average of 28,000 new units will be completed each year for the next three years. Stapledon said that figure is more than double the historical average – between 2005 and 2014 an average of 15,700 new units were completed each year. 
The increase in supply could result in prices falling "north of 10%" within the next nine months, he said. The first sign of the slowdown will be an increase in rental vacancies followed by lower rent prices and a decline in investor demand.
His views make sense to me as recent history around Australia has shown that the one factor that can cause prices to fall significantly is an oversupply of dwellings. We’ve seen it recently in Gladstone in Queensland, the Hunter region in NSW and Port Hedland in WA, where a major lift in supply has been the big factor is sending a former boom into reverse. We’ve seen it in the past in apartment markets, including the Gold Coast and Melbourne.
If Stapledon is right, Sydney will join Melbourne, Brisbane, Perth and Darwin as capital cities which already have, or will soon have, serious gluts of inner-city apartments.
It seems every research entity relevant to Melbourne real estate has joined me in warning about the overbuilding of inner-city units. But new projects keep on coming. 
The latest mega project is an application for six towers in Fishermans Bend, with 1,580 units in a $600 million development south of the West Gate Freeway. Meanwhile, a 600-unit project has been proposed for South Kingsville and VCAT has approved a 450-unit project at South Yarra.
Melbourne may be the population growth capital (Melbourne added 95,600 to its population in 2014, compared to Sydney’s 84,200) but there are limits to how many units are needed – and to how many can be flogged to Asian investors.
The issue with Melbourne’s unit over-kill is not just the number being built – it’s also the size of them. On 5 July, The Age reported that “units with not enough space for basic activities such as eating at a dinner table” are planned for a new CBD tower. The 250m tower at 280 Queen Street by Brady Group has been branded too tall and bulky by council planners, who also found many of its 589 units were under-sized. 
The planners’ report said: "Many of the units are too small to allow for basic daily activities and functions such as eating at a dining table, or having a dressing table in the bedroom whilst maintaining access to the wardrobe." 
Although there will be 46 three-bedroom units, the planners said most were less than 70m2 - the minimum size for a two-bedroom unit in Sydney. 
According to council research, many bedrooms in Melbourne's high-rises do not have natural light. There’s a growing trend towards small floor plans, with 40% of the city's units less than 50m2. 
For all the above reasons, Melbourne inner-city apartments are shaping as very bad investments. You have wonder about the mentality of the investors who are lining up to buy them. Research is clearly not part of their process.
And it looks like Sydney is heading down the same slippery slope to surplus.
TERRY RYDER is the founder of <a href="https://www.hotspotting.com.au/" target="_blank">hotspotting.com.au</a>. You can <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email him</a> or follow him on <a href="https://twitter.com/hotspotting" target="_blank">Twitter.</a> 
Terry was recently joined by Property Observer editor at large Jonathan Chancellor for a webinar on why research is the key to successful property investing in 2015. You can download slides and audio from the webinar here.
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terryryder-YECXbqmri2

The slippery slope to Sydney and Melbourne apartment surplus: Terry Ryder

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Average asking prices in capital cities only increase marginally in December 2019 according to SQM Research.
The capital city asking prices have increased by 2.4 per cent for houses and 0.8 per cent for units in December 2019 with the average asking price at the year end being $977,900 for houses and $577,600 for units. This is significantly lower than a year ago with the capital asking prices showing an increase of 5.8 per cent for houses and 1 per cent for units. 
Over December 2019, Sydney and Hobart were the only capital cities to show increases in both house and unit prices. 
Meanwhile, all other capital cities recorded increases in house prices but saw marginal declines in unit prices over the month. Perth, in particular, saw the greatest fall in the unit market with a 1.6 per cent decline while the city's house price increased by 0.3 per cent. Hobart's unit prices recorded the strongest growth of 2 per cent. Darwin continues to record declines in both house and unit prices of 2 per cent and 1.2 per cent respectively.
<img src="https://www.urban.com.au/images/2020/1/9/N3_Asking%20Price.jpeg" alt="" width="915" height="693">
Weekly Asking Prices Index, SQM Research.
Overall, Melbourne shows the strongest price growth of 4.2 per cent for houses despite its decline in the unit market at 0.6 percent. Melbourne's median house asking price has now returned back to over one million dollars. This was last seen between the period of April and June 2018. The city's median asking price is currently sitting at $1,027,600. Following behind, the Sydney house market similarly climbed back to its 2017/2018 highs of over $1.3 million, records show a 2.4 per cent increase in asking house prices over December 2019. The current median asking house price in Sydney is $1,341,400.
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j.ballantyne1990-6AQqhLzZaK

Capital cities average asking prices increase marginally: SQM Research  

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EXPERT OBSERVER
Figures released today by SQM Research reveal national residential property listings increased in August by 2.9%, to 325,693 from 316,391 in July 2019.
Compared to 12 months ago, listings were down by 2.1%.
All states experienced an increase in property sales listings over the month, with Melbourne experiencing the highest increase at 6.7% followed by Sydney with a 5.0% increase.
Perth recorded the lowest increase of 1.7% over the month.
Year-on-year Sydney’s listings declined by 15.3%.
Melbourne also declined but by a smaller margin of 1.9%.
Perth and Darwin’s year-on-year listings also saw declines of 4.6% and 3.6% respectively.
All other states recorded increases on their year-on-year listings.
Hobart’s increase was 10.8%, the highest increase in the nation, followed by Canberra with an increase of 10.0%.
August’s counts in part reflect the annual seasonal rise in listings that occur as we enter into the spring period.
It also may represent some return of confidence by vendors especially in the Melbourne and Sydney property markets.
Agents will be pleased to hear the new listings also rose during the month, however, older listings remained fairly stable.
Asking Prices
Capital City asking prices increased marginally by 1.0% for houses but decreased 1.0% for units, over the month to 3 September 2019. Unit asking prices are now $560,500 and houses $928,800.
Compared to a year ago, the capital city asking prices posted declines of 1.5% for houses and declines of 2.3% for units.
Over the month, Melbourne’s house and unit asking prices both increased by 0.1% and 0.4% respectively. Hobart also increased its house and unit prices by 0.5% and 4.2% respectively.
Sydney’s asking prices has increased by 1.7% for houses but declined 1.2% for units. Other states to post asking price increases was Brisbane with a 0.5% for houses but 0.4% decline for units; Perth recorded a 0.6% increase for houses but a 0.8% decline for units. Canberra also managed an increase of 1.6% for houses but a 0.3% decline for units, whilst Adelaide asking prices was stable for houses but declined 0.4% for units.
LOUIS CHRISTOPHER is the CEO of SQM Research.
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louischristopher-TWpYcZDLBK

National residential listings increased in August: SQM's Louis Christopher

<html><body><div class="cq-article-content-paras section">
Revelations by the AFR that Purplebricks agents pushed clients into cutting their asking prices to win a prize from the low commission estate agency are being referred to the NSW Office of Fair Trading by the REINSW.
Its agents had clients cut their asking prices by as much as 20 per cent to potentially win a $5000 cash prize offered by its co-founder Kenny Bruce.
The Real Estate Institute of NSW president Leanne Pilkington said the vendor discounting competition left her "horrified and speechless". 
"Estate agents are paid to act in their clients' best interests by law. How can this be in their best interests?" said Ms Pilkington.
"This is an awesome opportunity to get our customers homes realigned with the market place and make sure we get the job done for them," said the Puplebricks email to agents.
The email advised agents with stock that had been on the market for more than 30 days "needed to realign pricing the most".
The company, founded by brothers Michael and Kenny Bruce, initially threatened to go to court to get an injunction to prevent publication of the newpaper's story about its "NSW Raffle", but has since defended its practices as "entirely normal".
More than 100 NSW Purplebricks vendors cut their asking prices. A seller in Panania agreed to cut their asking price from $1.2 million to $1 million. A Condell Park vendor cut their price from $1.4 million to $1.2 million.
Among the requirements of the NSW Property, Stock and Business Agents Act 2002 (the Act) and the Property, Stock and Business Agents Regulation 2014 (the Regulation) is that an agent "must act in the client's best interests always, unless it would be contrary to the Act, the Regulation or otherwise unlawful to do so".
<div class="cq-article-content-paras section">
However the heightened perception that Purplebricks's fixed-fee model is not working in Australia assisted in its UK share price tumbling to an 18-month low of £2.226
They peaked at £5.145 in August last year.
However Anthony Codling from broker Jefferies International pinpointed last week's decision by Purplebricks to halve the immediately payable upfront commission fee and the rest on settlement as a major catalyst for its share dip.
It also came as major UK estate agency Connells shut down its own hybrid agency Hatched because it was not "economically viable".
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Purplebricks defends reduced asking price competition as working in vendors' interest

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National residential listings rose nearly six percent in August, according to SQM Research, however asking house prices fell 1.9 percent and unit prices fell 0.5 percent.
The highest property listing increase was found in Sydney where listings were up 10.9% in the month, and up over 30% percent from this time last year.
Sydney residential property listings are now at the highest level recorded since February 2009, surpassing the peak in listings recorded during the 2010-12 housing downturn.
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In Melbourne, listings jumped 16.3%, to be up 25.3% over the year to August 31. 
Click here <a href="https://www.propertyobserver.com.au/images/2018/9/4/listings.jpg" target="_blank">to enlarge.</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/9/4/listings.jpg" alt="">
Stock on market rose 10.7% in Canberra while even in Hobart, listings rose 4.5%, though they remain sharply down from a year ago, reflecting a shortage of properties available for sale in the Tasmanian capital. 
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Listings rose 5.2% in Brisbane in August from July and by 4.9% in Adelaide. In Perth, stock on market rose 3.8% in August while Darwin’s listings increased by 2.2%. 
SQM Research managing director Louis Christopher said the increase in the supply of properties for sale has emerged in all capitals. However, numbers were inflated by five weekends falling during August, up from four in July. 
“That made a significant difference to stock levels in August, which were boosted by the fifth weekend," Christopher said.
"In addition, some home owners are readying for a sale and want to list their homes sooner rather than later before prices fall any further, especially in Sydney, where asking house prices are down 2.1% over the month to 4 September. 
"That is also true of Melbourne, where the property market has slowed, reflected in a 1.2% drop in asking house prices over the month."
Asking Prices 
Capital city average asking prices fell 1.9% for houses to $942,800 while unit asking prices fell 0.5% to $573,600 over the month to September 4.
Melbourne asking house prices fell to $972,000, back below $1 million, while asking house prices in Sydney fell even more, by 2.1% to $1.32 million. 
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Only in Adelaide did asking house prices rise, up by 0.2% over the month, though prices are down by 1.7% over the year to 4 September. 
Asking house prices were down by 0.2% over the month in Hobart. Canberra prices too dipped, down 1.8% over the year to $799,200.
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Key Points 
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National residential listings rose 5.9% in August 2018 from July. 
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Listings rose by 10.9% in Sydney, up 30.4% higher from a year ago. 
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Sydney residential property listings are now at the highest level recorded since February 2009, surpassing the peak in listings recorded during the 2010-12 housing downturn. 
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Melbourne listings rose 16.3%, to be up 25.3% higher over the year to August 31. 
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Listings rose in Hobart by 4.5% in August but are down 18.8% from a year earlier. 
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Capital city average asking prices fell 1.9% for houses to $942,800 while unit asking prices fell 0.5% to $573,600 over the month to 4 September. 
 
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jrobinson-rf4aSBido9

National listings rise in August but asking prices fall: SQM Research

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Listing a property at too high a price could be a costly mistake in the current Sydney market, especially if you need to sell.
But getting as close to your asking price or even more is important to feeling good about any property listing.
In an emerging slowing or falling market, the mismatch between asking and paid prices is likely to be at its highest, possibly due to pride or naivety.
To arrive at the right listing price, it's wise to research the recent sales.
These were your recent competition, so your estate agent should be able to prepare a comparative market analysis of comparable homes, detailing the initial price, how much the home actually fetched, and how long it took to sell.
Sales so far this year are relevant, but look back to 2017 to understand how prices are trending.
Don't just appraise the prices on the handout or the computer, best also go and see how your offering stacks up against the sold stock.
A drive by the homes provides a curbside appraisal, and you ought be popping in to open houses so you can get a better sense of what buyers are paying.
Pricing was less of a challenge in the recent hot markets when the scarce inventory triggered enthusiasm among overly keen buyers.
Discounting on asking prices is however normal, and CoreLogic currently puts it at 5.6 percent for private treaty sales that are taking around 31 days. This time last year it was a 4.1 percent required discount after just 27 days on market. 
Houses in the UK have been selling at around three percent discount.
The biggest recent Sydney gap I've seen between asking price and selling price was over 20 percent. They wanted $27 million and took $21 million in Sydney's pricey east.
But is is happening in suburbs all over Sydney.
No wonder buyers reckon the market is falling their way, so it might be wise for vendors to marginally underprice to get ahead of the curve.
Especially if you are upsizing and have secured something at say 10 percent off.
Any price indication needs to ensure you gain maximum buyer interest.
Certainly if you don’t get any interest or offers in the first week or so, especially for auction listings, then it's likely you’ve priced too high.
Much of the pricing process relies on trust in your knowledgable estate agent.
You want honest advice from day one, so don't fall for the agent who volunteers an extraordinary potential sale price simply to get your listing.
Check their own asking price to sale price track record as these agents will seek to crunch your expectations sooner or later.
This week saw a forecast that Sydney house prices are likely to fall 4.2 percent this year, although Moody's Analytics said the correction would be short-lived, with prices set to recover a modest 0.9 per cent next year.
It's best remembered that our property market is fluid and complex in actual individual outcomes. Property pricing is, after all, emotional not prescriptively scientific.
This article was first published in the Saturday Daily Telegraph.
 
 
 
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