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

Development Site

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A corner apartment site in St Kilda is on the market for the first time in 80 years with numerous potential options including redevelopment, refurbishment and subdivision.
The 2370 sqm property at <a href="https://www.realestate.com.au/property-residential+land-vic-st+kilda-201542786" target="_blank">6 Tennyson Street</a> is zoned General Residential Zone Schedule 1 and comprises three apartment buildings with 50 units.
According to marketing agents, Teska Carson Director, Larry Takis with Anthony Choi, the property is one of the best opportunities presented to the market in St Kilda in years.
"This is a rare find providing developers with options galore in terms of the potential for redevelopment and refurbishment, while subdivision of the property into individual titles provides even more options," Takis said.
"The location provides access to every amenity in one of Melbourne’s most popular inner suburbs and offers exceptional access from a development point of view being on the corner of Bundalohn Court providing very generous frontages, with additional access via a right of way."
The property could accomodate up to 47 one, two and three bedroom residences and two townhouses over three or four levels, according to a feasibility study presented by architects Hayball.
Takis said the property also presented the potential for subdivision into several townhouse sites.
He said St Kilda had been a favorite destination for Melburnians for decades based on its outstanding location and access to and from all parts of Melbourne.
"St Kilda has long been regarded as one of Melbourne’s most prestigious and hip locations, offering an abundance of lifestyle amenities including beaches, some of Melbourne’s best live entertainment venues and features such as Luna Park."
"This particular Tennyson Street location, benefits from a long list of amenities in close proximity including first rate public transport and major arterial routes, and numerous state and private, primary and secondary schools and colleges including Caulfield Grammar, as well as health and community care facilities, sporting facilities including Elsternwick Park tennis and golf."
He said the property’s key attributes included:
<ul>
<li>A substantial land holding of 2370 square metres; </li>
<li>The central location close to all amenities including Acland and Barkly Streets retail precinct, St Kilda Botanical Gardens and St Kilda foreshore;</li>
<li>The potential to redevelop, refurbish or subdivide (STCA); </li>
<li>The close proximity to public transport and major arterials; and,</li>
<li>The availability of short term income during planning stages. </li>
</ul>
The property will be sold by Expressions of Interest closing Monday, August 8 at 3pm.
 
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St Kilda's best site offered for the first time in 80 years

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Aqualand has emerged as the buyer of a heritage site at Sydney’s Millers Point near the $6 billion Barangaroo redevelopment.
Backed by Shanghai-based Shenglong Group, Aqualand is taking a long-term view on the Australian market after acquisitions over the past two years that takes its pipeline to well over $1 billion, The Australian noted.
Aqualand paid $40 million for the 1-3 Munn Street site, a boutique five-storey commercial office building, sold by Primary Health Care.
The Chinese residential developer has also snapped up a 13,215sq m office and warehouse property in Macquarie Park in Sydney's north shore for $54 million.
With plans to hold the property for rental income, the B7 Business Park property will net Aqualand $3.1 million annually.
Real estate investment house Altis Property Partners sold the property through Colliers International's Roger Miller, Gavin Bishop and Jon Chomley.
<div>
On another front Aqualand has been given the nod to convert the office tower at 168 Walker Street, North Sydney into 415 luxury apartments.
The 7435sq m site at the corner of McLaren and Walker streets will be developed into four residential towers ranging from 22 to 28 storeys to a design by architect Woods Bagot.
Aqualand is currently completing the REVY apartment project in Pyrmont.
It also settled on a residential development site in the upper northern Sydney suburb of Turramurra for $15 million.
</div>
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jchancellor-FAypfDUnLy

Aqualand expands Sydney property projects again 

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A development site at Baulkham Hills in Sydney’s north-western corridor, currently undergoing gentrification in line with the infrastructure spending push by the NSW government, is up for sale.
The nearly 10,702 sqm site at 67 Windsor Road is being marketed via expressions of interest closing July 29 by Ray White Commercial's Scott Timbrell and Nic George.
Timbrell said there was strong demand for land subdivision sites in the Hills District, with many developers looking past unit sites because of apprehensions of saturation. He also brokered a recent sale at 91 Windsor Road.
The 67 Windsor Road site is zoned R3 Medium Density Residential and SP2 Infrastructure.
“The M7 and M2 motorways are easily accessible via Windsor Road which provides direct access to the Sydney CBD and western suburbs. The M7 motorway also gives access on the M5 Motorway,” said Timbrell.
The $8.3 billion North West Rail Link will also provide eight new railway stations for the region, added George. 
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Development site in Sydney's Baulkham Hills up for sale

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The Obeid family is offloading a development site in Ultimo. 
The 488 square metre site at 129-135 Broadway, owned by former Labor minister Eddie Obeid's sons, Paul and Damian, is being marketed as a mixed-use opportunity with its position next to the University of Technology Sydney.
CBRE have been appointed to market the site. The Australian reports it will fetch $10 million plus.
It is expected to be popular with developers as well as pub operators and restaurateurs.
The B4-mixed use commercial building is leased to the Notre Dame University and Essen Restaurant &amp; Beer Cafe for a net annual income of $396,000.
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jonathanchancellor-7SQnKwU6yx

The Obeid's list Ultimo commercial site

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A corner development site close to the CBD in West Melbourne is on the market with expectations of more than $17 million.  
The 127-153 Stanley Street &amp; 212-224 Rosslyn Street property, comprising five adjoining sites totalling 2,820 square metres and ranging in size from 320 to 788 sqm, would be sold individually, in any combination, or as a whole. 
The sites are being marketed by Savills’ Jesse Radisich, Nick Peden and Clinton Baxter, along with AlexKarbon Real Estate.
Radisich said the sites would ideally suit apartments or town houses given the mixed-used zoning and proximity to the CBD and public transport.
The properties are being sold through expressions of interest closing Wednesday 8 June at 2pm
 
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West Melbourne sites expected to fetch $17 million

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The proposed relocation of Warringah Golf Club’s clubhouse facilities has prompted an expressions of interest (EOI) campaign for the sale of a 4,071 sqm landholding in North Manly - one of Sydney’s most sought after residential locations.
The property at 397 Condamine Street is being offered for sale for the first time since the Warringah Golf Club acquired the site and established its first clubhouse in 1939.
Warringah Council is supportive of the strategy, having promoted the move in its new ‘District Park Plan of Management’, which includes the development of a combined sports club, lease of the golf course and other associated sports facilities.
The listing agents are CBRE’s Aaron Arias and Richard Gell.
CBRE residential development manager Gell said the property is expected to draw good interest as “the site benefits from strong residential market fundamentals, including proximity to Westfield Warringah Mall, schools and public transport into the Sydney CBD”.
The property is being offered for sale as a raw site.
 
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Warringah Golf Clubhouse site in Sydney's Manly on sale 

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Property developer Dyldam has purchased another North-West Sydney site, this time Parklea Markets in Parklea. 
At 21.6 hectares, the Parklea Markets site includes Australia’s largest indoor market and its surrounding carpark area, a main road service centre, a free-standing residence and vacant land.
The site has significant frontages on both Sunnyholt Road (861m) and Old Windsor Road (244m) and is located in North-West Sydney’s key growth corridors.
Just 12 km from Parramatta’s CBD and 30 km from the Sydney CBD,
The site benefits from proximity to transport, with both the Westlink M7 and M2 Motorways are located south of the site. It is near the proposed Bella Vista Train Station and adjacent to the proposed Sydney Metro Northwest rail link
Existing tenancies, in addition to Parklea Markets, include the Service Centre - a Caltex Woolworths service station with convenience store, along with Outback Steakhouse restaurant, Hungry Jacks food outlet and a car wash. In addition, the markets will continue to operate 'business as usual' under existing management for the next 3-5 years.
Dyldam will then look to invite existing tenants to participate in the vibrant commercial mix at the new development.
Dyldam intends to spend the next few years in planning proposal stage to ensure a world-class mixed use development worthy of the iconic site.
“We are looking forward to working closely with Blacktown Council and the relevant authorities to bring this significant landmark site to its full potential. We plan to create a vibrant mixed use precinct of commercial, retail and residential that will promote positive social and economic outcomes for North-West Sydney” stated Sam Fayad, managing director of Dyldam.
The acquisition of the Parklea Markets site complements Dyldam’s existing land bank portfolio which includes the Bull n Bush Hotel site, the former Bonds Spinning Mills in Pendle Hill, both Samantha Riley and Balmoral Road sites in Kellyville and key Parramatta sites Auto Alley and the former Cumberland Newspaper site at 142 Macquarie Street.
 
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Dyldam buys Parklea Markets site in Sydney for mixed-use development

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A Melbourne-based developer has snapped up a mixed-use Sunbury site for $1.25 million.
The sale of 1-5 Riddell Road was brokered by Fitzroys agent Dean Alexander.
The 2,640 sqm site included three titles each owned by one member of the local family that had owned the property for over 50 years.
Alexander said the corner site was sold with a mixed-use zoning and lent itself to a variety of options.
“The property received strong interest from developers looking to capitalise on the flexibility of the site and the region’s rapid population growth,” he said.
Sunbury is the birthplace of The Ashes cricket trophy and a gateway to the Sunbury Wine region, according to the www.visitvictoria.com website.
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Developer buys Victoria's Sunbury site for $1.25 million

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The private Australian developer Grocon had onsold its Epping, Sydney residential development site for $60 million.
It had paid $56.5 million last September for the residential site which was set to be its first high-density apartment project in Sydney in 15 years. 
The site at 30-42 Oxford Street did not have development approval on its purchase by Grocon who expected to yield around 280 apartments with an end value of $250 million.
It lodged plans with Hornsby Shire Council to build a 16-level tower.
Grocon, which has a big presence in Melbourne, had been trying to get exposure to Sydney's housing market for some time, its head of development Dan McLennan advised on purchase.
But three months on it has been onsold.
The Uniting Church sold its lot to Grocon for $28.25 million which was then sold at $30 million. The three other lots, bought at $9.4 million, were offloaded at $10 million each to Zhengtang Epping Holdings Pty Ltd.
The Epping development site would have been the first time Grocon undertook a high-density apartment development since The Cove project in The Rocks in 2000. 
The site was an amalgamation of four lots, initially brokered by Sam Brewer and Ben Hunter of JLL. 
JLL had sold $166 million worth of development sites in Epping, located in Sydney's north-west, in a six month period last year. The suburb, where large tracts of land have been rezoned, is set for major transformation with the NSW government planning to create 3750 new homes by 2031.
Zhengtang's ony other known Sydney acquistion was late last year when the company headed by Nicho Teng bought the $60 million Skyline development site at St Leonards. It has had an Adelaide project, West Franklin underway, ranked as Adelaide's largest with 500 plus apartments set for construction.
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Grocon sells Epping site to Chinese developer, Zhengtang

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A local Asian developer was successful in outbidding 15 other potential purchasers at a Burwood, Sydney development site offering.
It fetched $7.8 million through Savills agents Stuart Cox and Neil Cooke.
The <a href="https://www.realcommercial.com.au/property-land+development-nsw-burwood-501732202" target="_blank">59 Park Road</a> property in Burwood drew over 140 enquiries.
“This was a phenomenal result, smashing Burwood’s record price for townhouse land with this sale equating to $1,115,000 per townhouse site,” said Mr Cox.
The townhouses, once completed, could achieve $2 million plus .
The 1,833 square metre site comprises three detached dwellings with DA approval.
Zoned R3 Medium Density Residential, the development approval allows for seven luxury four bedroom townhouses situated directly opposite Burwood Park.
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