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

Commercial Sale

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A three-storey Bourke Street, Melbourne retail building, home for many years to jewellers Kozminsky, has been bought by the Giannarelli family for $7.6 million.
They are well known in Melbourne for its stonemason business.
Bidding began at $5 million from Grant Cohen, whose family own The Block arcade with the property called on the market at $6.5 million.
The corner 421 Bourke Street building, which dates back more than 150 years, last traded in 1976 at $295,000.
It was sold at a building rate of more than $25,000 per square metre.
It followed the closure of tenants, Kozminsky in March this year after 165 years in business. 
The building was listed by the Shaw family through CBRE.
The property was built as as a single-storey bluestone office for the stock and station agents Kaye Butchart &amp; Co in 1859.
Bourke Street's last sale was earlier this year when the vacated home of Society restaurant sold for $8.07 million.
The vacant three-level building, listed as notable under city planning laws, was sold by the Codognotto family who had owned it since 1981.
The 23-29 Bourke Street premises sold through Gross Waddell's Raoul Salter.
The Italian-themed Society restaurant was first opened by immigrant Guiseppe Codognotto in 1924 closing just last year.
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j.ballantyne1990-6AQqhLzZaK

Kozminsky building on Bourke Street, Melbourne sold

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After-school and vacation care service OSHCare Pty Ltd has leased a heritage building in a waterfront location at Balmain in inner western Sydney where an Australian cult movie was shot.
The historic, two-storey sandstone building at <a href="https://raywhitecommercialinnerwest.com.au/nsw/balmain/937521/" target="_blank">101 Mort Street</a> was used to film parts of the 1974 Australian biker movie ‘Stone’. 
OSHCare has taken out a three-year lease with a five-year option. The net rental is $125,000 per annum.
The deal was negotiated by Ray White Commercial’s Tim Morrison on behalf of a private investor owner.
The 300 sqm building is a heritage-listed property.
“This property was originally the Forth &amp; Clyde Hotel, an integral part of the ship building and industrial heritage of this Balmain waterfront location,” said Morrison.
The building is now used as professional offices, he said.
“The building is close to Mort Bay Park, Thames Street Wharf as well as Balmain's well-known pubs, restaurants and retail shopping precinct with easy access to bus and ferry.”
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jonathanchancellor-7SQnKwU6yx

Afterschool service OSHCare leases Balmain building

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The rural property market around in far north New South Wales remains strong across most categories according to Herron Todd White's July report.
According to HTW, good quality avocado farms are in strong demand, with one example being the sale of Green Pigeon avocado farm, north-east of Kyogle, selling for around $5.12 million.
"This is a partly timbered 113 hectare red sandy loam soil farm in a high rainfall area with back up irrigation planted to about 5,720 mature Hass avocado trees," HTW said.
"Structural improvements include a dwelling, packing shed, machinery sheds and pump shed. The sale is understood to include plant and equipment. 
"The macadamia farm market remains strong.
"There appears to be a shortage of listings for sale of medium to large macadamia farms.
"Some small to medium size farms have been sold or are under negotiation on the Alstonville plateau in the general analysed value range of $65,000 to $85,000 per planted macadamia nut tree hectare.
"A 544.43 hectare beef cattle grazing property aggregation north-west of Kyogle with Eden and Chestnut Creek frontage has been sold for $3 million.
"The property has a stated carrying capacity of 450 breeding cows.
"This indicates a sale price of $5,510 per hectare or $6,667 per breeding cow overall. The property’s structural improvements include a main dwelling, machinery sheds, storage sheds and cattle yards. 
"Dry seasonal conditions in the Central West and Western NSW have affected the total area planned to sow to winter crops.
"Earlier sown crops require immediate rainfall to develop and the later planted crops will need a rain event to germinate.
"Some unusually cold weather and subsequent frosts have also weighed heavily on moisture levels in the area. 
"Irrigated and dryland cotton crops in the Macquarie Valley and Lachlan Valley have mostly been picked and have had below average results, mostly due to the extreme heat experienced earlier in the year during the growing period."
Property Observer found a property at <a href="https://www.realestate.com.au/property-lifestyle-nsw-kyogle-7909338" target="_blank">540 Gradys Creek Road, Kyogle</a> on the market for $475,000.
The 7.5 acre property (above) with a 3 bedroom country cottage has 400 metres of Gradys Creek frontage and riverbank soil.
The property on <a href="https://www.realestate.com.au/property-lifestyle-nsw-kyogle-7907182" target="_blank">365 Killaloe Road in Green Pigeon, Kyogle</a> (below), is on the market for $419,000. It is 25 acres and comes with a 4 bedroom home.
<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/2017/07/17/700_kyogle3.jpg" alt="">
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Far north NSW rural property market strong

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A local developer has bought a development site for $9 million in Melbourne’s leafy inner eastern suburb of Hawthorn with plans for a mixed use/apartment and retail project.
The <a href="https://www.realestate.com.au/property-residential+land-vic-hawthorn-201789426" target="_blank">2-4 Roche Street</a> property was sold through Savills after an expressions of interest campaign.
Selling agent Clinton Baxter, who brokered the deal with Nick Peden and Jesse Radisich, said the sold for close to $7500 a square metre, well above expectations.
Baxter said the competition for the property reflected the strong competition for a development opportunity in one of Melbourne’s highly regarded residential pockets.
“The sale is a demonstration of the voracious appetite of developers seeking to secure sites suitable for boutique apartment projects in the leafy inner eastern suburbs,’’ Baxter said.
The property was sold subject to monthly leases to two tenants, who occupy the two double storey buildings, at a current annual rental of $105,000, with vacant possession available on 60 days notice. 
The 1,209 sqm corner site is Zoned Commercial 1. It close to public transport and retail places.
Peden said plans for a proposed redevelopment of the property included 54 apartments and ground floor retail.
The vendor was a Melbourne-based investor. 
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Developer pays $9 million for development site in Melbourne's Hawthorn

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Developer couple Lance Chu and Chenghan Tan, who run SC Land, have sold off their South Yarra, Melbourne, headquarters for $9.5 million.
It was on a tight 4 per cent yield.
The <a href="https://www.realcommercial.com.au/property-offices-vic-south+yarra-502399498" target="_blank">36-40 Toorak Road</a> property, which the couple bought in 2007 for $3.7 million, was redeveloped, according to The Australian Financial Review.
It has a two-storey office on top while leasing out the two ground- floor retail spaces.
The office premises, designed by architects BURO, won the Master Builders Association (Victoria) 2010 Excellence in Construction Award for commercial buildings under $5 million.
The 800 sqm building, which retains its original Victorian heritage facade, sits on a 432 sqm land parcel.
It earns an annual rental income of $383,000.
Jeremy Gruzewski and Ben Baines of Colliers International brokered the deal.
Hong Kong-born Chu and his Singapore-born wife founded SC Land in 2000. They have worked on several high-end apartment and townhouse developments in Melbourne with one of their most recent on the Esplanade in Brighton.
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Developer duo sell their South Yarra office on a tight 4 percent yield

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The headquarters of auction house Mossgreen in Melbourne has been listed for sale with price expectations of more than $10 million.
The 926-930 High Street property in Melbourne’s inner suburb of Armadale is in a high-profile retail strip and close to affluent suburbs. 
The seven-day trading nature of the area are expected to be key drawcards for investors, according to agents Josh Rutman, Rorey James and Lewis Tong of CBRE, who are marketing the property.
The property sits across two separate titles and is positioned on a 1,221 sqm site.
Mossgreen Auctions has committed to a long-term, 12-year lease for the property with options.
“Long-term, secure leases are hard to find in the current market, with many economists taking a ‘lower for longer’ view on investment returns. The fixed annual rental increases will prove highly attractive to prospective investors looking to house their funds in bricks and mortar assets,” Rutman said.
Interestingly, the property was earlier occupied by Sotheby’s for two decades before being put up for auction in 2012.
The property is being offered through an international expressions of interest campaign closing on June 28.
Built in 1912, the former Armadale Picture Theatre has been extensively restored and renovated to become a successful exhibition and entertainment venue.
The building comprises several auction rooms, art galleries and tea-rooms, and has 20 metres of dual frontage.
Founded in 2004, Mossgreen is a combined auction house and art gallery and has become Australia’s leading auction service – overtaking Sotheby’s. Notable artists associated with Mossgreen include Charles Blackman, Brett Whiteley and Russel Drysdale. 
It is understood Mossgreen have additionally taken leases over several buildings to expand its business.
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Auction house Mossgreen's headquarters in Melbourne listed

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A development site in Sydney’s inner-city suburb of Darlinghurst has sold under the hammer at  CBRE auction.
The <a href="https://www.realcommercial.com.au/property-land+development-nsw-darlinghurst-502333694" target="_blank">54-56 Riley Street</a> property, sold by Rainbow Lane apartments, was sold tenanted.
The property was auctioned off at AuctionWORKS in Sydney.
It last traded in 2016 for $4.55 million, according to CoreLogic. 
The site has a building height limit of 22 metres and it has three street frontages (Riley Street, Yurong Lane and Crown Lane), apart from its desirable city fringe location.
The selling agents were Nicholas Heaton, Gemma Isgro and Michael Khouri of CBRE.
The land area is 358 sqm and the zoning is for mixed use development.
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Tenanted property in Sydney's Darlinghurst sells under the hammer

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Almost 500 people turned out to bid on a redevelopment site in Sydney's Haberfield that eventually sold at auction for just over $13 million.
The former motel sits 2000 sqm of land at 169-173 Parramatta Road, Haberfield and was sold to a private investment company.
Ray White Commercial Inner West Principal Tim Morrison said the auction lasted for more than an hour with 461 separate bids as three buyers battled hard. 
“A final bid of $1,000 was enough to win an intense struggle with the final price of $13,003,000 well above reserve,” he said 
"The site has an approval in place for an aged care facility and offers an outstanding opportunity to re-use or redevelop (STCA). 
“This site is strategically located approximately 6.5km from the Sydney CBD with easy access to surrounding arterials including Victoria Road and The City West Link.
“There is approximately 30m of frontage to Parramatta Rd and the building offers a total area of approximately 2400 sqm over three levels.
“There is basement and onsite parking so the building offered plenty for an owner-occupier, and, alternatively, its size and prominent position attracted strong interest from motel and other accommodation providers.”
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Parramatta Road, Haberfield development site sold for $13 million

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A four storey retail and commercial building with three street frontages in the Sydney northern suburb of Hornsby is on the market.
The 108 George Street property features 4,397 sqm of lettable space and has a ground floor retail showroom, three levels of commercial or office accommodation and three levels of basement parking for 86 vehicles.
Retail and office space is currently 100 percent occupied, with leases to Officeworks, the NSW State Government, United Protestant Association of NSW and Australian Unity. Midas Australia has a10 year lease on neighbouring land.
The property is represented through Matthew Dunn and Tim Grosmann of Savills and Talbot and Dominic Ong of Knight Frank.
Tyler Talbot said the site has been approved for B4 Mixed Use zoning under the Hornsby Local Environmental Plan 2013, and could lend itself to a significant mixed use development. 
“It is feasible to achieve a high quality mixed use development comprising a 12 storey mixed use tower with approximately 100 marketable apartments and 2,500 sqm commercial/retail space,” he said.
108 George Street is being sold via expressions of interest through Savills and Knight Frank, closing Thursday, 1 June.
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Hornsby retail building to hit the market

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One of the largest single-hold pieces of land in Crows Nest in Sydney’s North Shore precinct has been snapped up by a locally-based Chinese developer for $22 million.
The 39-47 Albany Street property is currently the headquarters of Warner Music Australia Pty Ltd until 2022.
It was sold on a yield of nearly 4 percent.
The medium-term development site sold at a yield of circa 4%. 
The sale was managed by Knight Frank on behalf of a local fund manager Pindan Capital to Sun Property.
The state government’s proposed new train station will only increase the density and development of the area, added Hu.
The property is zoned B4 Mixed Use, with a Weighted Average Lease Expiry of 4.5 years, and has a net lettable area of 3,286 square metres.
The property is also situated within minutes’ walk to the Crows Nest retail precinct; the proposed railway station; Crows Nest Plaza and Woolworths supermarket. 
Established in 2010, Sun Property focuses on development projects in Sydney’s Lower North Shore is currently working on nine projects. 
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