A subtropical pair of residential towers are in planning for a key South Brisbane site neighbouring the iconic Expo ’88 Skyneedle, with new documents revealing a vertically layered vision designed to respond to the precinct’s evolving high-density character.

The proposal has been lodged by&nbsp;Darveniza Group, which is also is behind the 400-apartment Station Quarter precinct in Alderley.

Darveniza Group, led by Jane Darveniza, the Brisbane-based investor and Queensland rich-lister and widow of the late property magnate Bojan Darveniza, is seeking approval for a mixed-use project encompassing 204 apartments, ground-level retail, food and drink tenancies, and office space across two architecturally integrated towers at 37–39 Manning Street.

Occupying an 1,822 sqm site, the proposed towers would rise above a sculptural podium base, with a recessed landscaped centre, rooftop communal areas, and a total of 220 car parks and 256 bicycle bays. The apartment mix spans one- to five-bedroom dwellings, with a design emphasis on generous balconies, cross-ventilation, and climate-responsive materials.

<img alt="First look: Twin towers proposed for Manning Street site beside Skyneedle" data-entity-type="file" data-entity-uuid="42c1f501-2afd-440b-af49-67c257123ea7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Manning%20podium.png?VersionId=KFlksfWzmDRD.VIYxd_1q3VAel.nN3TH" />

“The development is conceived as two slender twin buildings that meet at a lushly landscaped central recess,” the Finegrain design report states. “The façade is highly articulated with the plan form stepping back and forth to reduce visual bulk and maximise internal occupants’ access to natural light and air”.

A hallmark of the proposal is its integration of greenery, both visually and functionally. Around 77 per cent of the site’s green plot ratio is delivered through vertical planting spines, a green podium wall, and rooftop amenity. Ground-level deep planting and landscaped communal zones aim to create a shaded, walkable interface along Manning Street.

“The stepped plan form introduces variation in balcony setbacks and enclosed apartment areas, enriching both the façade expression and the resident experience,” the design team notes. “At ground and podium levels, this stepping also enhances permeability, maximising pedestrian view lines to the neighbouring Skyneedle and reinforcing a strong sense of local identity”.

<img alt="First look: Twin towers proposed for Manning Street site beside Skyneedle" data-entity-type="file" data-entity-uuid="b3f26dfc-6b93-465c-9ffb-0a2530372a23" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Manning%20site.png?VersionId=JflvKdqDxcaHTFbb9HL5TwoiRgeQ2LqA" />

The site directly adjoins the heritage-listed Skyneedle at 35 Manning Street, an enduring legacy of World Expo ’88. The accompanying heritage impact report by Pendergast Architects contends that the proposal has been carefully conceived to protect the cultural significance and landmark visibility of the structure.

“The design provides setbacks, tower separation and podium articulation to maintain the visibility and landmark role of the adjoining Skyneedle,” the report states. “The significance of the Skyneedle lies principally in its landmark visibility and cultural symbolism, rather than in detailed fabric or architectural setting”.

The proposal sits within the Kurilpa Sustainable Growth Precinct, under Brisbane’s TLPI 02/2023, where revised planning controls support high-density, mixed-use development integrated with subtropical design and increased public realm contributions.

Finegrain’s design reflects this intent, drawing cues from the site's adjacency to Musgrave Park, the subtropical landscape of South Brisbane, and cultural landmarks such as QPAC and South Bank.

Joel Robinson

Twin green towers proposed for Manning Street, South Brisbane site beside Skyneedle

A first-of-its-kind culinary precinct is coming to <a href="https://www.apartments.com.au/developments/melrose-park-nsw-2114">Melrose Park</a>, inspired by global street-food flavours and best-in-class restaurants and entertainment.

Deicorp’s emerging mid-city precinct, <a href="https://www.apartments.com.au/new-apartments/melrose-central-melrose-park-33-hope-street-melrose-park-nsw-2114">Melrose Central</a>, will become the go-to precinct within the wider Melrose Park community, and at its heart, a first-of-its-kind culinary precinct that brings the buzz of Asia’s most iconic food streets to life.

Spanning more than 4,700 sqm, Melrose Central street food precinct is inspired by the energy and vibrant flavours of street-food neighbourhoods from Hong Kong and Tokyo to Seoul and Singapore.

This new destination will be over three times the size of existing offerings like Burwood Chinatown or Westfield Chatswood’s Hawker Lane, positioning Melrose Central as a must-visit dining hub for all of Sydney.

[smartcode_project:default project_id=134220 project_image_fid=289878]

Designed by Anthony Ho of Basalt Studio, this street food concept blurs the lines between culinary theatre, art, and entertainment, offering an immersive experience. Neon-lit laneways thread between open kitchens and live grill stations, while murals, interactive displays, and light installations will bring the precinct to life, trading until late, a first for the area.

“We’ve imagined our street food concept as a graduated evolution of everything people love about Burwood Chinatown, East Village and Regent Place, elevated by the immersive artistry creating a city-style dining offer,” said Bilinda Turner, Head of Retail at Deicorp.

“By curating the very best tenants from across Australia, we’re creating a fit-for-purpose town centre for 2025 and beyond. It’s something that people truly haven’t seen before."

[smartcode_project:default project_id=134220 project_image_fid=352610]

Melrose Central is far more than a food precinct. Spanning 30,000 sqm across four levels, the shopping centre will be home to approximately 100 retailers, providing a total lifestyle offering from morning until late evening.

Fresh food offerings span a brand new Coles Supermarket, Local Grocer, Korean Supermarket, Bakery and boutique fresh food, as well as a Dan Murphy's, while health needs are covered from a pharmacy, medical centre and allied health. Fitness and wellbeing take centre stage from a dedicated wellbeing hub that includes pilates, recovery, Infrared saunas and a gym, to name a few.

Variety stores will feature throughout, as well as personal care offerings from nail salons to hairdressers, as well as a dedicated early-learning centre on level 1.

[smartcode_project:default project_id=134220 project_image_fid=289888]

Situated above the retail precinct will be 495 Turner Studio-designed apartments that open onto 6,000 sqm of lush podium gardens and rooftop terraces.

Located just six kilometres east of Parramatta’s CBD and 15km from Sydney CBD, Melrose Central forms the retail and lifestyle heart of Melrose Park, an urban-renewal precinct that is set to deliver more than 11,000 homes, 22,000 new residents, and 50,000 sqm of park and open space.

A dedicated stop on Parramatta Light Rail Stage 2 will arrive at the precinct’s Hope Street entrance, and the forthcoming Parramatta Gateway Bridge will link directly to Sydney Olympic Park and Wentworth Point.&nbsp;

Supported by a 10-minute drive, this growing catchment of 200,000 people, which is projected to grow to 279,000 by 2026, and an average household income above the Greater Sydney average, Melrose Central embodies Deicorp’s vision for transport-oriented, community-focused placemaking.&nbsp;

Melrose Central street food precinct and the wider Melrose Central retail town centre are both slated to open in mid-2026.

[smartcode_project_cta:default project_id=134220]

Melrose Central: First-of-its-kind culinary precinct coming to Sydney’s West

<a href="https://www.apartments.com.au/developers/sekisui-house-australia">Sekisui House Australia</a> has unveiled the fifth and final stage of its $1 billion Norwest community, The Orchards.

The final stage, <a href="https://www.apartments.com.au/new-apartments/zeste-at-the-orchards-norwest-104-fairway-drive-norwest-nsw-2153">Zeste</a>, will deliver 209 apartments across two distinctive buildings, Essence and Eden. The 135 apartments in Essence will be the first to be released to the market, which will bring to an end the decade-long vision to create a&nbsp;neighbourhood defined by design excellence, sustainability, and community engagement.

&nbsp;

&nbsp;

&nbsp;

[smartcode_project:default project_id=150510 project_image_fid=351878]

David Lee, Sales Manager at Sekisui House Australia said, Zeste's oversized living spaces and diverse apartment mix, which includes the introduction of&nbsp;Breezeway Sky Homes for the first time, deliver a unique lifestyle offering.

Early purchasers will benefit from exclusive VIP pricing as well as the choice of one premium upgrade, which Lee says is a "thank you" for their commitment to the project.

[smartcode_project:default project_id=150510 project_image_fid=351876]

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, Zeste embodies Sekisui House’s global design philosophy of creating harmony between people, homes and nature. Principal Ben Pomroy explained that Zeste is about living within the landscape.

“With two large courtyards, the lagoon pool precinct for the wider community and a central courtyard with pavilion exclusively for Zeste residents, the architecture frames an experience of living in a park," Pomroy said.

“Over 50 per cent of the site is landscaped, ensuring a deep connection to nature at every stage of daily life. The buildings are designed as a collection of smaller, finer-grain forms, with over 85% of apartments enjoying dual aspects.

“The focus on natural ventilation, generous layouts and communal interaction creates a residential environment that is both sustainable and socially connected.”

&nbsp;

[smartcode_project:default project_id=150510 project_image_fid=351886]

Natalie Shalala, a member of Rothelowman’s interiors team said they reimagined the former site’s Orchard homestead with a contemporary twist. &nbsp;

“The design draws on the nostalgia of the past orchard – timber floors, the warmth of a fireplace, the rituals of the homestead and reinvents them for modern apartment living,"&nbsp;Shalala said.

“We have created two tonal palettes, one with pale honey undertones and another with a soft blush inspired by nectar. A highlight feature is the cathedral glass light box, a bespoke design element that re-interprets the classic lantern. It is both beautiful and functional, tying kitchen and bathroom spaces together in a way that feels entirely unique."

Shalala said the&nbsp;day-to-day liveability has been carefully considered, with abundant storage solutions, butler’s pantries, bike storage and joinery designed to simplify routines and enhance comfort.

&nbsp;

[smartcode_project:default project_id=150510 project_image_fid=352090]

Apartments in Zeste start from $715,000 for one-bedrooms and extend through to expansive three-bedroom Sky Homes priced from $2.25 million. Floorplans range from 59 sqm to 144sqm.

The mix in Essence comprises 41 one-bedroom, seven one-bedroom + Max space, 39 two-bedroom, 40 two-bedroom Breezeway Sky Homes (24 of which include additional Max spaces), and eight three-bedroom residences.&nbsp;

Max spaces are integrated into select residences, offering a flexible room that can be tailored to individual needs, ideal as a home office, children’s play area, or additional storage.

[smartcode_project:default project_id=150510 project_image_fid=351881]

Zeste continues Sekisui House Australia’s partnership with Altogether Group, providing sustainable water, power and data services to residents. Passive design strategies include cross-ventilation, deep landscaping and water features that encourage evaporative cooling, aligning with The Orchards long-term environmental goals.&nbsp;

Construction is set to commence on the Zeste buildings in early 2026, with completion anticipated in late 2027 to early 2028.&nbsp;

More than 850 apartments have been sold across the masterplan, contributing to The Orchards community of 1,300 apartments when complete.

[smartcode_project_cta:default project_id=150510]

Sekisui House Australia launches Zeste, the final stage of its $1 billion Norwest masterplan

A significant addition to the Bella Vista Station Precinct is in the pipeline, with <a href="https://www.apartments.com.au/developers/landen-property">Landen</a> formally lodging a State Significant Development Application for a <a href="https://www.apartments.com.au/new-apartments/40-memorial-avenue-bella-vista-40-memorial-avenue-nsw-2153">new apartment community on Memorial Avenue</a>.

Positioned beside the Elizabeth Macarthur Creek corridor, the project is among the first major transit-oriented residential proposals within the Metro precinct.

The masterplan, designed by&nbsp;<a href="https://www.apartments.com.au/architects/turner-studio">Turner Architects</a>,&nbsp;outlines a four-stage delivery, comprising four buildings between four and fifteen storeys, and includes a mix of one-, two-, and three-bedroom apartments, alongside a limited selection of four-bedroom penthouses and terraces.

The project places a strong emphasis on housing diversity and liveability, with apartment sizes ranging from 50 to 180 sqm. The first stage will deliver 213 dwellings, followed by 231 in the second stage. Construction is expected to commence in 2026, pending approvals.

<img alt="Bella Vista Apartments" data-entity-type="file" data-entity-uuid="bb3d84b1-d2df-4e26-915a-31b27faf9b1a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/View02_01-scaled.jpg?VersionId=Gb0AUtZ3VXsLxrqUaw_AwT_vcBwQ_FJu" />

As the first transit-oriented development (TOD) in the precinct, Landen’s Bella Vista community has been designed to align closely with the surrounding Metro infrastructure. The proposal integrates new pedestrian and cycling paths, a new bridge over Elizabeth Macarthur Creek, and direct access to Bella Vista Metro Station.

Lush communal amenities are also central to the design. 'The Grove' and the 'Garden Link' will create landscaped community areas that reflect the area's agricultural heritage and provide direct access to the creekside.&nbsp;

The ‘Garden Patio’ is conceived as a multi-use indoor-outdoor facility offering a gym, study nooks, and communal lounge spaces.&nbsp;Rooftop terraces across the buildings will offer views to the Blue Mountains and Parramatta skyline.

<img alt="Bella Vista Apartments" data-entity-type="file" data-entity-uuid="778da409-d5cf-4e7d-9ba9-0c36990bf0b4" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/landen-bella-property-image.jpg?VersionId=ukPpmVcHF71xRc7U3MUT5rtGwOsntMMz" />

Landen’s Head of Property, Shane Harding, said the proposal highlights the developer’s precinct-scale ambition.

“As the first TOD proposal in Bella Vista, it highlights Landen’s ability to pioneer precinct-scale projects, integrate housing with infrastructure, and deliver outcomes that align with government priorities,” Harding told the Daily Telegraph.

The project arrives at a time of rapid growth in Western Sydney, with Bella Vista alone forecast to more than double in population by 2046. The development’s location, between the Bella Vista and Kellyville Metro stations, positions it as a connected lifestyle hub for families, professionals and downsizers seeking access to transport, schools, and employment centres.

Pending approval, the development is slated for completion in 2028.

Landen plans 444-apartment community in Bella Vista Metro zone

Developer <a href="https://www.apartments.com.au/developers/equicentia">Equicentia</a>, together with joint venture partners Wingala Capital and Monark Property Partners, has become the first in Manly to secure Resilience Insurance’s Latent Defects Insurance.

The trio has recently launched <a href="https://www.apartments.com.au/new-apartments/de-ville-manly-11-victoria-parade-manly-nsw-2095">De Ville</a>, a new luxury project on a long-dormant yet prime site at 9–11 Victoria Parade, positioned between East Esplanade and South Steyne.

<img alt="De Ville" data-entity-type="file" data-entity-uuid="b2639bb1-d72c-4f28-b4dc-33190655e147" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-10-12%20at%209.38.37%E2%80%AFAM.png?VersionId=orUAk2m2tTKAAasLvZg0IaGQyDaZcKYI" />

The site was originally earmarked for a 26-apartment scheme, but following its $25 million acquisition of the near-1,200 sqm parcel, the development team opted for a more refined approach, reducing the yield to just 12 two- and three-bedroom residences across a six-level building.

Among them will be three full-floor penthouses boasting panoramic views across Manly Beach, North Harbour, and the city skyline. The apartments will sit above four ground-floor retail and commercial tenancies, designed to help activate Victoria Parade, an area long defined by its beachside character and interwar brick architecture.

<img alt="De Ville" data-entity-type="file" data-entity-uuid="d6922f4a-21fb-4a07-8e40-241d594c2538" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/int3.jpg?VersionId=7U1Qw79_YT3bOZKr7.H03JHOFm3QVYlE" />

Designed by <a href="https://www.apartments.com.au/architects/platform-architects">Platform Architects</a>, De Ville’s sculpted form takes cues from the ebb and flow of Manly’s dual waterfronts, the ocean to one side and the harbour to the other.&nbsp;

The architecture’s soft curvature and rhythmic vertical brickwork reflect the natural patterns of the tide, while a refined palette of Lohas brick, sandy render and glass detailing allows the building to harmonise with its coastal context.&nbsp; Cascading greenery and deep balconies bring texture and shadow to the facade, reinforcing the building’s connection to nature and the street.

Buyers have a choice of two different colour palettes, Taj Mahal and Brescia Green, each layering soft tones and organic finishes to capture the coastal light.

<img alt="De Ville" data-entity-type="file" data-entity-uuid="be78b114-88ed-4d33-a4ef-50e14d2f9064" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/int6a.jpg?VersionId=hBrZPvs1L2LwThSatcNMXTg0tltfEn4a" />

De Ville is the first development in Manly to fully protect its buyers with 10-year Latent Defects Insurance offered by Resilience Insurance.

The policy covers buyers for 10-years post-completion of the building, a first-resort cover again&nbsp;major structural or waterproofing defects.&nbsp;

Unlike traditional statutory warranties, which often require complex and lengthy claims processes, LDI ensures that if a covered defect arises, the insurer responds immediately - without the need to prove fault or pursue the builder or developer.

This new model of protection has been gaining traction among forward-thinking developers and financiers alike. For buyers, it offers tangible assurance of quality and accountability; for lenders and insurers, it reflects a measurable reduction in long-term risk.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/what-is-latent-defects-insurance-and-is-it-bringing-confidence-to-the-off-the-plan-apartment-market">What is Latent Defects Insurance and is it bringing confidence to the off the plan apartment market?</a>

[smartcode_project_cta:default project_id=151559]

Equicentia launches Manly's first new development with 10-year Latent Defects Insurance

Hobart

The Melbourne-based developer Bensons Property Group has purchased a Battery Point development site.

It intends to build a $50 million apartment project with a penthouse with $10 million sale prospects.

Close to Sullivan&rsquo;s Cove, the boutique project is set to be 30 apartments with a $1 million staring price.

The site cost about $7 million through Knight Frank with The Australian reporting the move was driven by the company&rsquo;s &shy;chairman and founder Elias Jreissati and wife Colleen, who want to add to the company&rsquo;s luxury interstate projects.

Completion is expected in late 2023.

Bensons chief executive Rick Curtis said they will work closely with Hobart City Council and the local community on revised plans for the site.

It spans 1442 sqm on the corner of Knopwood St and Montpelier Retreat.

The approved DA allows for the construction of 30 luxury apartments, basement carparking for 46 cars.

The site set 200m from the Salamanca Place and Hobart waterfront was offered with a short term lease to Care Park.

The Jreissati family have owned a Hobart apartment for more than five years in Battery Point.

The Jreissati family supports the arts in Hobart.

The site will include a public open space embedded with art created by Tasmanian artists.

Bensons Property Group is set to create the first high-rise residential tower on Chevron Island, minutes from the beaches of Surfers Paradise.

Its Chevron One project will form part of the new arts and cultural precinct for the Gold Coast.

Melbourne-based developer Bensons Property Group has snapped up the development site close to Sullivan’s Cove

jchancellor

$10m Hobart penthouse in Bensons Property Group project

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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

Apartment vendors selling at close to asking prices: CoreLogic

<html><body>The city of Hobart has again seen a very high rate of profit making sales with 97.2% of resales making money for their vendors in the last quester of 2020.

The rate of profit making sales increased further over the December quarter, up from 96% in the three months to September, the CoreLogic pain and gain report noted.

The lowest typical hold period associated with a profit making sales across the nation was across regional Tasmanian units, where the median hold period on a profit-making sale was just 6.7 years.

The report noted that in the 6.7 years to December 2020, regional Tasmania unit values increased around 40%, compared to an increase in unit values across the Australia-wide market of approximately 7%.

Hobart continued as the most profitable capital city across Australia in terms of the portion of resales with 97.2% of observed resales making a nominal gain in the December 2020 quarter, up from 96.7% in the three months to September.

Hobart houses saw a slightly higher rate of profit making sales (97%) than units (95.2%) in the December quarter. 

It was 97.7% in the rest of Tasmania for houses and 96.2% for rest of Tasmania units. 

"Interestingly, the rate of profit making unit sales increased 80 basis points in the quarter while the portion of unit profit making sales actually declined 80 basis points," the report noted.

Each local government area of Hobart saw a high level of profitability in the December quarter, ranging from 93.3% across Sorrell, to 98.3% across Brighton. 

Hobart has seen a renewed surge in values off the back of the cash rate reduction in November, and will likely see continued increases in profitability through the March 2021 quarter, CoreLogic forecast.

Eliza Owen, Core Logic’s Head of Research noted the lowest incidence of profit making sales across the capital cities was across Darwin, where 51.4% of properties sold for a loss.</body></html>

The city of Hobart once again saw the highest rate of profit making sales at 97%. 

Hobart and regional Tasmania units are selling quick and at big profits

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EXPERT INSIGHT

Hobart and regional Victoria profit most, shows latest CoreLogic Pain and Gain report

CoreLogic’s Pain and Gain report for the September 2020 quarter released today has revealed Hobart retained its position as the capital city with the highest rate of profit making resales at 96.6%, while regional Victoria was the most profitable ‘rest of state’ region with 97.5% of dwellings sold for a profit in the three months to September.

Nationally, the proportion of resales that made a profit was 88.1% or $24.8 billion in profits, up from 87.2% or $19.8 billion in the June 2020 quarter. However, the amount of losses also deepened on non-profitable sales, from -$885 million in the June quarter to -$1.2 billion in September.

The Pain and Gain analysis for the September quarter reflects the resilience seen in the property market throughout 2020.

Each of the greater capital city markets, with the exception of Melbourne, saw an increase in the rate of profit making sales over the September quarter. The highest rate of profit making sales was across Hobart, which has been the case since March 2018.

Coastal regional markets were also particularly profitable for sellers, with profit making sales representing over 95% of resales across six major coastal markets: Geelong, Illawarra, the Mid North Coast, the Newcastle Lake Macquarie region, the Richmond Tweed region and the Sunshine Coast. The Sunshine Coast hit a record high rate of profit making sales in the September quarter at 96.4%.

Comparing the capital cities to regional Australia, the portion of profit-making sales increased more rapidly across the regions than capitals.

The combined regional Australian market saw the rate of profit making sales increase 150 basis points, to 89.2% in the September quarter, while the rate of profitability across capital city markets expanded 30 basis points, to 87.2%. This also reflects the divergent performance between regional and capital city real estate markets through 2020.

Houses vs Units

The report also demonstrates that there was generally a higher rate of return for houses ($225,000) than units ($125,000).

Profitability across both houses and units rose across Australia in the September 2020 quarter. The portion of properties sold at a loss among houses fell from 10.2% in the three months to June to 9.6%, while the portion of loss making unit sales fell from 21.4% to 19.6%.

The differential between house and unit profitability narrowed to 10 percentage points in the September quarter, down from 11.2 percentage points in the three months to June. The narrowed differential was a result of unit profitability rising faster than that of houses. Even though the rate of loss making sales declined faster across the unit segment, units were still about 2 times more likely to sell for a loss than houses in the September quarter.

Investors vs Owner Occupiers

A higher portion of property investors sold their dwelling at a loss during the September quarter compared with owner occupiers. Investor sales in the September quarter saw 17.1% of properties sell for a loss, compared with 10.4% of owner occupied sales.

Despite the higher rate of loss observed in investor sales in the quarter, the rate of properties re-sold at a loss was down from 18.0% in the June quarter, while the rate of loss making sales among owner occupiers was down from 11.1%.

The only region where there was a higher incidence of loss making sales among owner occupiers was across Hobart. This has been a consistent trend across the past few quarters. In the three months to September, 3.2% of owner occupied resales saw a nominal loss, compared with just 1% of investor sales.

The relatively low level of loss making sales among both cohorts reflects the exceptional capital growth across the Hobart market. CoreLogic home value indices show dwelling values across Hobart have seen annualised growth of 7.9% for the 5 years to December 2020, the highest annualised growth rate of the capital city markets.

Hold periods

Analysing returns by hold period suggests a greater amount of gain comes from more time in the market.

Over the September 2020 quarter, the median hold period of re-sale events across Australia was approximately 8.5 years. For profit making sales, the median hold period was 9 years, while loss making sales were typically held for 6.7 years. For houses and units, typical hold periods were longer across profit making resales.

The Australian housing market is expected to improve further in the coming months. With record low mortgage rates, a faster than expected economic recovery and relatively low cases of COVID-19, profitability is tipped to trend upwards over the coming quarters.

Eliza Owen is CoreLogic’s Head of Research Australia
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Regional Victoria and Hobart homes profited most in Q4 2020: CoreLogic's Eliza Owen

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Listings rose 3 percent in June, driven mainly by a 7 percent jump in Brisbane.
Higher listings in the month mirror recent softening auction trends, reported SQM Research. 
Over the year, listings are still 3.3 percent lower, with Melbourne (-12.7 percent) and Hobart (-14,8 percent) recording excessive declines. 
<a href="https://www.propertyobserver.com.au/images/2017/07/05/SQM1.jpg" target="_blank">Click 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/2017/07/05/SQM1.jpg" alt="">
Melbourne house prices have exploded 
The Hobart market is very tight, with a total of only 2912 listings, sending rents and house prices higher. 
With the other exception of Melbourne, listings are generally higher this year than last.
Listings in Brisbane jumped by 7 percent in June, as vendors struggle gamely to offload a glut of apartment stock.  
<a href="https://www.propertyobserver.com.au/images/2017/07/05/SQM2.jpg" target="_blank">Click 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/2017/07/05/SQM2.jpg" alt="">
Meanwhile SQM reported that median asking prices in Melbourne have exploded, rising by 22 percent over the year to June. 
Indeed, Melbourne asking prices for houses have increased by a massive 48 percent over the past three years, now comfortably outstripping growth in all other capital cities, including house prices in Sydney at 39 percent. 
 
PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank">blogger</a>.
His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank">Four Green Houses and a Red Hotel</a>.
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pwargent-M4siyDbqQY

Hobart property market tight

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Entrenched habits die hard and it’s difficult to shake people’s rigid views about certain locations.
This, despite everything that’s happened recently, applies to the hottest market in Australia right now, Hobart.
Hobart has been leading city Australia for some time on a number of parameters, including highest price growth, fastest-selling locations, lowest vacancy rates and highest rental yields, as well as having the lowest prices among the state and territory capitals.
Many remain unconvinced for a host of entrenched but out-of-date reasons: it’s not sustainable, the economy is weak, there’s no population growth, the city is too small, no one wants to live there, etc.
The reality is that much has changed. And it’s because of these fundamental changes that Hobart has a booming property market. It also provides clues as to which city will rise next.
Tasmania previously ranked as the weakest economy in the nation. It consistently ranked last or second last on most of the key parameters. But that’s old news. Tasmania’s economy has improved markedly and it now is entrenched in fourth ranking among the eight state and territory economies, according to CommSec.
Previously Tasmania generated little or no population growth, because of the once weak economy, but that has changed too. Now Tasmania is a net gainer from interstate migration and overseas migration – not with the big numbers of Victoria or Queensland, but now growing again.
Housing affordability is partly the cause. Hobart has been easily the cheapest of the capital cities for houses and apartments, but perhaps not for much longer. Such has been the strength of its price growth that it may soon overtake cities like Adelaide and Darwin in terms of its median house price.
According to one source, Hobart has been the price growth leader for 10 consecutive months. Its median prices now are around $450,000 for houses and $350,000 for units.
Price growth has been underpinned by that strong state economy and an increased level of spending on infrastructure, as well as growing numbers of buyers attracted by the relatively low prices.
Recent research suggested that Hobart is now the most unaffordable capital city for renters – that’s typical rents relative to typical local incomes (May Rental Affordability Index). This is bad news for local tenants but good news for investor owners.
Hobart rents have been rising because vacancies have been well under 1 percent for a long time – the lowest among the capital cities, challenged only by Canberra.
A recent survey found 40 Hobart suburbs with no rentals available at all, while another 31 suburbs had only three or fewer available for rent. It’s been suggested that local councils have been very slow to approve new dwellings, creating a shortage of rental supply.
So should you be rushing off to buy in Hobart? Not necessarily. Two years ago would have been a great time to buy there but there’s already been a lot of growth. There’s a case for building new dwellings there, if you have high levels of patience.
The smartest of investors will look at what’s happened in Hobart, understand why it’s risen and then ask the core question: where next?
Given that Hobart’s run has been driven by affordable prices, low vacancies, a strengthening economy and elevated infrastructure spending, I’d suggest the next place to look for uplift is Adelaide.
But, like Hobart, Adelaide is a hard sell. Many people have entrenched negative views about Adelaide, as they do about Hobart. And no level of change in circumstances will change the unshakeable views.
But I’m increasingly bullish about Adelaide, with its improving economy, strengthening confidence levels, growing status as the national capital for hi-tech innovation and alternative energy - and all that’s coming up in the construction pipeline, including those big contracts to building submarines and other vessels for the Navy.
Terry Ryder is the founder of hotspotting.com.au
<a href="https://mailto:ryder@hotspotting.com.au">ryder@hotspotting.com.au</a>
twitter.com/hotspotting
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terryryder-YECXbqmri2

Australia's hottest property market - and where's next?

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The Hobart housing market has been the nation’s weakest performing capital city housing market for more than a decade.
There are now signs that the Hobart (and Tasmania’s) housing market may be in line for a steady improvement.
<a href="/images/2016/04/27/Chart-1-2-580x208.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/27/Chart-1-2-580x208.jpg" alt="">
Over the 12 months to March 2016, home values in Hobart have increased by 4.8 percent while over the past two years values are only 4.5 percent higher highlighting that the value growth performance has been much stronger over the past year relative to the previous year.
The above chart shows the annual change in home values across all capital cities, with Hobart and the combined capital cities highlighted and the other cities in grey.  Although Hobart values have increased over the past year, the recent rise must be put in context, over the past decade home values in Hobart have increased at an annual rate of 1.5 percent with values falling at an annual rate of -0.7 percent over the past five years.  Hobart’s decade growth performance is well behind Perth which has recorded the second lowest annual rate of growth over the period at 3.1 percent.
<a href="/images/2016/04/27/Chart-2-2-580x207.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/27/Chart-2-2-580x207.jpg" alt="">
It is interesting to look at the performance of the Hobart housing market in context with the performance of the Melbourne market. The previous chart shows that in 2003 and 2004 home value growth in Hobart surged. The rate of growth reached a peak of 57.9 percent annual growth in November 2003 and very shortly thereafter the growth performance in Hobart stalled and has been limited ever since.
The surge in Hobart dwellings came following a surge in Melbourne home values and at a similar time to which the rate of growth in Melbourne values began to slow.  Ever since the end of the last surge in home values in Hobart, Melbourne has recorded strong rises in home values while growth in Hobart has been minimal.
Melbourne has obviously recently seen a large surge in home values meaning that many home owners have substantial levels of equity in their property. Investment in the Tasmanian housing market which offers much lower home values and superior yields may be looking attractive for those in Melbourne looking for a lifestyle investment.
<a href="/images/2016/04/27/Chart-3-2-580x207.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/27/Chart-3-2-580x207.jpg" alt="">
While value growth in Hobart is picking up, transaction volumes are relatively steady from where they were at the end of last year and virtually unchanged from a year ago.  In comparison, most other capital city housing markets are actually recording fewer property transactions than they were a year ago.
<a href="/images/2016/04/27/Chart-4-2-580x206.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/27/Chart-4-2-580x206.jpg" alt="">
Looking at the current market, listings provides one of the best guides about the balance between buyers and sellers.  As listings move lower, buyers have less choice and vendors can be less flexible on their price expectations which can push values higher.  Over the 28 days to 17 April 2016 there were 376 newly advertised properties added to the Hobart housing market and 2,189 total property listings. 
New listings are 1.3 percent higher than they were a year ago and fairly flat over recent weeks.  Meanwhile, total listings are -26.2 percent lower than they were a year ago and as the table shows they are trending lower.  In fact, the number of listings is at its lowest level since October 2010.  With new listings slightly higher than a year ago and total listing much lower it suggests that there is limited new supply coming to the market with increasing demand which is causing total listing volumes to trend much lower.
<a href="/images/2016/04/27/Chart-5-2-580x210.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/27/Chart-5-2-580x210.jpg" alt="">
One of the main drivers of the surge in Hobart home values in 2003 and 2004 was the positive migration trends for Tasmania.  The above table shows that in 2003 and early 2004 both net overseas and net interstate migration were positive.  The chart also shows that typically there is an outflow of residents of Tasmania to other states and territories while net overseas migration is usually positive.  Over the past few quarters, for the first time in a number of years, net interstate migration to Tasmania has been positive.  It is still early days but should this trend continue over the coming quarters it could be a positive for the Tasmania housing market.
<a href="/images/2016/04/27/Chart-6-1-580x208.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/27/Chart-6-1-580x208.jpg" alt="">
People will generally only move to a new region if they are reasonably comfortable that they can find employment.  The unemployment rate in Tasmania has ticked up over recent months and job creation has slowed which may act as a deterrent to make the move to a market like Hobart.  However, if we look at 2003 and 2004 when home values were surging and migration to Tasmania was quite strong, job creation was stronger although the unemployment rate was in the high 6% to low 7% range compared to a similar 6.9% currently.  Keep in mind that some people will move to Tasmania and Hobart as a lifestyle choice so they may be able to do their current job remotely or may commute back to the mainland a few days a week / each month.  Furthermore, a proportion of people that move interstate would be retirees and therefore their decision is not reliant upon securing employment.
<a href="/images/2016/04/27/Chart-7-1-580x213.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/27/Chart-7-1-580x213.jpg" alt="">
Tourism is likely to be a growing source of employment for those living in Tasmania.  According to data from Tourism Research Australia, international visitor numbers to Tasmania increased by 19.6 percent in 2015 and have increased by 53 percent over the past five years. Meanwhile, domestic overnight trips to Tasmania increased by 17.3 percent in 2015 and have increased by 40 percent over the past five years.  Should the ramp-up in tourism continue it will create even more employment opportunities in the local economy.
When you look at the housing and economic indicators for Hobart it looks like the market is well positioned to see an increase in the rate of housing demand and subsequently home values over the coming year.  Of course Hobart also has the advantage of being a substantially more affordable housing market than all of the other capital cities.  Any of these indicators could change and most importantly if job creation picked up pace and the unemployment rate fell it would provide further positives for the local market.  Nevertheless, it looks as if the fundamentals are in place for a long-awaited improvement in value growth for the Hobart housing market.
 Cameron Kusher is research analyst for CoreLogic RP Data. You can contact him <a href="https://blog.corelogic.com.au/about/">here</a>.
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ckusher-ujnxiKuFQs

Hobart's time to shine: Cameron Kusher

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<h3 class="post-title entry-title">Sydney and Canberra listings crept higher in the lead-up to the spring selling season, taking national listings a little north over the month of August from 316,748 to 318,825, according to SQM Research. </h3>
<div id="post-body-7780315564848738704" class="post-body entry-content">
Asking prices in Sydney nevertheless moved higher than a month earlier, both for houses and units. 
Nationally total listings are -4.3 per cent lower than a year ago, however, driven by excessive annual declines in the firing Melbourne and Hobart housing markets. 
<a href="https://www.propertyobserver.com.au/images/2017/09/07/newb.jpg" target="_blank">Click 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/2017/09/07/newb.jpg" alt="">
Both monthly and annual listing numbers are also now in decline in Perth, suggesting that it's only a matter of time now before prices begin rising again in Western Australia, especially in light of the commodity markets rebound. 
Listings in Melbourne have now broadly fallen from ~50,000 to ~30,000 since 2012, with listings a massive -15.3 per cent lower year-on-year, suggesting that house prices will continue to surge in the Victorian capital. 
<a href="https://www.propertyobserver.com.au/images/2017/09/07/newB2.jpg" target="_blank">Click 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/2017/09/07/newB2.jpg" alt="">
In Hobart listings have plummeted some -20.2 per cent lower since August 2016, with now just 2,520 listings across the entire capital city market and a surfeit of willing buyers, both locally and from interstate.
House prices are recording gains of ~15 per cent per annum across Greater Hobart.
Simon Pressley, founder of Propertyology, notes that gains in inner metropolitan Hobart have been tracking at closer to ~20 per cent per annum.  
Supply sluggish
Hobart is a relatively small capital city of about 225,000 persons. 
<a href="https://www.propertyobserver.com.au/images/2017/09/07/newB3.jpg" target="_blank">Click 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/2017/09/07/newB3.jpg" alt="">
Normally, one would associate such a rapid run-up in demand and house prices with a decisive supply response.
Hobart is not a mainland city, however, and some larger developers may be a little more reluctant to get involved, due to logistics and cost.
To date the increase in dwelling approvals has been muted to say the least, suggesting that the Hobart price boom will likely continue well into 2018. 
SQM sees more first homebuyers entering the market in New South Wales and Victoria, drawn in by first homebuyer grants, but more stock likely to be hitting the market too.
GDP to be solid
In other news, the current account deficit widened in the second quarter to $9.6 billion on weaker commodity prices - albeit from a tremendously improved position - while net foreign debt declined for another quarter. 
Exports exceeded imports, however, and are expected add +0.3 percentage points to GDP growth when the national accounts are released today.
Furthermore there was a very strong +2.2 per cent increase in public demand, set to add another +0.5 percentage points to GDP. 
<a href="https://www.propertyobserver.com.au/images/2017/09/07/A1.jpg" target="_blank">Click 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/2017/09/07/A1.jpg" alt="">
Thus, despite the significant drag from inventories, Westpac now expects quarterly GDP growth to be around +1 per cent. 
And with a negative quarterly print to drop off in due course, GDP growth now seems likely to surge into the end of 2017.
One other interesting point of note for the phantom rate hike brigade to take note of, the Reserve Bank Governor noted in his dinner speech that the Board had considered the merits of lower rates still, but appears to have held off to allow the heat in the Sydney housing market to ease (which it now has). 
PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank">blogger</a>.
His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank">Four Green Houses and a Red Hotel</a>.
</div>
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Hobart mounts full-scale property boom

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<div>EXPERT OBSERVER</div>
<div> </div>
<div>Despite a record investor boom since 2013 vacancy rates are now falling as investment loans are squeezed harder, with the national rental vacancy rate down from 2.3 per cent to 2.1 per cent over the year to September 2018 according to SQM's latest release. </div>
<div> </div>
<div>In absolute terms, that represents a decrease from 72,955 to 70,172 rentals. </div>
<div> </div>
<div>
Every month I'm bombarded with theoretical constructs about how Canberra's land tax experiment won't impact the rental market...and every month the rental vacancy rate falls further, now down from about 2½ per cent to just 0.6 per cent since taxes were initially all but doubled. 
</div>
<div>
 I guess the idea was that people in the ACT earn high incomes so homeowners can afford to pay exorbitant taxes, but unfortunately ludicrously high taxes don't discriminate and it's turning out to be a disaster (especially for asset-rich but income-poor homeowners, and now for renters too).  
</div>
<div>The ABS rental CPI index has more lag than my nanna's boiler, but more timely industry asking rents indices are now pointing to double-digit rental price increases for the nation's capital. </div>
<div> </div>
<div>Indeed, SQM Research's asking rents index shows the median asking rent for houses increasing by 31½ per cent over the past three years.</div>
<div> </div>
<div>
Plotted below are the capital city vacancy rates reported by SQM Research on a 6mMA basis so that you can see the trends. 
</div>
<div>Click here <a href="https://2.bp.blogspot.com/-3RxbEjERnck/W8X2yGCInEI/AAAAAAAAsZY/f4GIMl4KzdAZAGf9ItxZ555CwkI0nYt8wCLcBGAs/s1600/SQM1.jpg" target="_blank">to enlarge.</a>
</div>
<div> </div>
<div class="separator"><img src="https://2.bp.blogspot.com/-3RxbEjERnck/W8X2yGCInEI/AAAAAAAAsZY/f4GIMl4KzdAZAGf9ItxZ555CwkI0nYt8wCLcBGAs/s640/SQM1.jpg" width="640" height="358"></div>
<div class="separator"> </div>
<div class="separator">
Ouch.
</div>
<div>
Hobart rentals evaporate Hobart has increased in popularity over the past few years, but with banks either dithering or knocking back investor loans the rental stock has now totally evaporated.
</div>
<div> </div>
<div>With median asking rents in in the Tasmania capital city already up by 29 per cent over the past 3 years new rental supply should be abounding.</div>
<div> </div>
<div>But instead it has completely crashed to sit close to the lowest level on record for any Australian capital city at just 0.4 per cent. </div>
<div> Asking rents for houses in Hobart were up by more than 6½ per cent over the past quarter alone. </div>
<div>
 With only 108 (!) rental vacancies now remaining - please see the definition of a rental vacancy before emailing me - Hobart rents are now destined to increase by more than 50 per cent through this cycle. Meanwhile kamikaze commentators continue to call for tighter lending criteria for investors and scrapping negative gearing. Before you pile in to Hobart real estate too late in the cycle remember that small markets can be more volatile and building approvals in Hobart are just coming off <a id="LPlnk756867" class="OWAAutoLink" href="http://petewargent.blogspot.com/2018/08/hobart-building-boom" target="_blank">99-month highs</a>.  I suppose a supply shock is one way to get consumer price inflation somewhere closer to the target range, with some forecasters already anticipating another dismal 1¾ per cent CPI print next time around. 
</div>
<div> </div>
<div>Adelaide is heading in a similar direction, with the vacancy rate now down to just 1.1 per cent. </div>
<div> </div>
<div>
Brisbane has considerably more breathing space following its preceding record apartment construction boom, with the vacancy rate down far more comfortably from 3½ per cent to 2.9 per cent over the past year.  As an interesting aside, check out how seasonal Melbourne's rental market these days as population flows become more fluid, partly due to more international students.
</div>
<div> </div>
<div>Click here <a href="https://3.bp.blogspot.com/-0PuL9sCcSUw/W8YW5Itzm4I/AAAAAAAAsZw/NyweL3IoJ1sg6G74P5mzonQMXxuV8F6FwCLcBGAs/s1600/MEL.jpg" target="_blank">to enlarge.</a> 
<div class="separator"><img src="https://3.bp.blogspot.com/-0PuL9sCcSUw/W8YW5Itzm4I/AAAAAAAAsZw/NyweL3IoJ1sg6G74P5mzonQMXxuV8F6FwCLcBGAs/s640/MEL.jpg" width="640" height="380"></div>
 
</div>
<div>
Christmas could be interesting this year. 
</div>
<div>Sydney elevated</div>
<div> </div>
<div>The only major city that's seen a meaningful increase in rental vacancies over the past year is Sydney at 19,469 or 2.8 per cent (largely due to investors that bought off the plan a couple of years ago). </div>
<div> </div>
<div>Unfortunately for these investors that bought new at inflated prices they'll probably be in negative equity as they settle. </div>
<div> </div>
<div>While most of the city doesn't have especially high vacancy rates - for example, the Canterbury-Bankstown region sits only at 2.2 per cent - some parts are experiencing a surge of completions, and thus very high rates of vacancy, including most notably the Hills District.</div>
<div> </div>
<div>Click here <a href="https://4.bp.blogspot.com/-02AnfdeLLGU/W8X2yCqKNjI/AAAAAAAAsZU/DdtwNEpHYrE30_SiNlu0DAQzbAHF-bGdwCLcBGAs/s1600/SQM2.jpg" target="_blank">to enlarge.</a>
</div>
 
<div class="separator"><img src="https://4.bp.blogspot.com/-02AnfdeLLGU/W8X2yCqKNjI/AAAAAAAAsZU/DdtwNEpHYrE30_SiNlu0DAQzbAHF-bGdwCLcBGAs/s640/SQM2.jpg" width="640" height="372"></div>
 
<div>19,469 sounds like a lot for Sydney vacancies, and it sort of is - arguably about 16,000 would be a rental market in balance - but let's face it, at the present rate of population growth this could turn around into a rental shortage on a dime if investors pull up stumps. The summer months tend to be much busier in Sydney and Melbourne these days, so let's see what happens over the festive period. Finally, the coal price bust and subsequent super-boom has seen the vacancy rate in the Hunter Valley tumble from sky-high levels in 2015 to just 1.3 per cent. There could be an interesting twist in the tail for the coal-mining towns that took such a hit in the aftermath of the resources construction boom. The coking coal price has burned up into the stratosphere at $215/tonne (or about A$300/tonne) which is huge for Queensland. </div>
<div> </div>
<div class="separator">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>.</div>
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Canberra and Hobart are turning into rental disaster zones

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EXPERT OBSERVER
My analysis reveals that over the 2017-18 financial year, annual value growth fell from 10.2% over the previous financial year to a decline of -0.8% this year.
The largest fall in values is occurring for Sydney and Melbourne’s most expensive properties.
This has resulted in the number of sales at, or in excess, of $1 million starting to trend marginally lower across the nation.
<img src="https://www.urban.com.au/images/2018/8/16/CL%20PP%201.JPG" alt="">
As housing market conditions continue to weaken, it is anticipated that there will continue to be fewer sales above the $1 million threshold.
Over the 12 months to June 2018, 16.0% of all houses and 8.8% of all units sold nationally had a price of at least $1 million; the share of house and unit sales at this price point was slightly lower than the previous year when 16.1% of houses and 9.1% of unit sales were at this price point.
The share of $1 million plus sales is also down from the peak of 16.8% for houses in February 2018 and 9.4% for units in October 2017; 24.5% of houses and 10.7% of units were sold for at least $1 million over the 2017-18 financial year.
House sales at this price point were slightly higher than the 24.3% a year ago but down from the recent peak of 25.5% in February 2018.
<img src="https://www.urban.com.au/images/2018/8/16/CL%20PP%202.JPG" alt="">
 
The 10.7% of unit sales for at least $1 million was down from 11.1% a year ago as well as being lower than the 11.5% peak in October 2017.
Across the combined regional markets, 4.7% of all houses sold over the 2017-18 financial year transacted for at least $1 million.
A year earlier, 4.3% of all sales were at that price point however, the share of house sales at or above $1 million has fallen slightly from 4.8% in March 2018.
Four per cent of all units sold over the past year were at least $1 million which was a recordhigh share and up from 3.7% the previous year.
<img src="https://www.urban.com.au/images/2018/8/16/CL%20PP%203.JPG" alt="">
At its peak in March 2018, 50.4% of houses sold over the past year in Sydney transacted for at least $1 million with the figure since falling to 48.8% in June 2018.
The 48.8% share in June 2018 was slightly higher than the 48.6% a year earlier but clearly now trending lower.
Over the 12 months to June 2018, 21.2% of all unit sales were at least $1 million which was both down from a year ago (21.8%) and lower than the October 2017 peak (22.5%).
<img src="https://www.urban.com.au/images/2018/8/16/CL%20PP%20SYdney.JPG" alt="">
Over the 2017-18 financial year, 29.6% of houses and 8.% of units sold in Melbourne sold for at least $1 million.
The share of house sales at this price point was higher than the previous financial year (27.6%) while for units it was slightly lower (8.1%).
The share of sales of at least $1 million in Melbourne peaked in March 2018 for houses at 30.6% and peaked in January 2018 at 8.6% for units.
<img src="https://www.urban.com.au/images/2018/8/16/CL%20PP%205.JPG" alt="">
A historic high of 9.2% of houses and 3.3% of units in Brisbane were sold for at least $1 million over the 12 months to June 2018.
The share of sales of at least $1 million has risen quite considerably over the year from 8.1% for houses and 2.8% for units a year ago.
 
<img src="https://www.urban.com.au/images/2018/8/16/CL%20PP%206.JPG" alt="">
Over the 12 months to June 2017, 5.3% of Adelaide houses and 1.8% of units had been sold for at least $1 million.
12 months later, the share of sales within this price point had increased to new record-highs of 5.9% for houses and 2.0% for units.
<img src="https://www.urban.com.au/images/2018/8/16/CL%20PP%207.JPG" alt="">
Despite ongoing declines in values over recent years the share of sales of properties for at least $1 million in Perth has increased over the year.
In June 2017, 10.9% of houses and 3.8% of units sold for at least $1 million compared to 11.1% and 3.7% respectively in June 2018.
The share of houses sold for at least $1 million peaked in April 2018 at 11.3% while the share of unit sales over $1 million peaked at 5.6% in April 2008.
<img src="https://www.urban.com.au/images/2018/8/16/CL%20PP%208.JPG" alt="">
With Hobart dwelling values having surged over the past year there has been a substantial increase in the share of house sales of at least $1 million.
Over the 12 months to June 2018, 3.7% of all houses sold and 1.2% of all units sold transacted for $1 million or more.
The share of house sales of $1 million or more was a record high and up from 2.6% of all sales a year earlier.
The share of $1 million unit sales increased from 1.0% a year earlier but has eased back from a peak of 1.3% in January 2018.
<img src="https://www.urban.com.au/images/2018/8/16/CL%20PP%209.JPG" alt="">
As Darwin dwelling values have fallen over recent years so too has the share of sales of properties for at least $1 million.
At the peak in February 2015, 5.9% of all house sales were at least $1 million while for units, the peak of 3.1% of all sales occurred in August 2015.
Over the past 12 months, 3.8% of all house sales were at least $1 million which was steady over the year while 0.9% of all unit sales were seven figures over the past year compared to 1.4% a year ago.
<img src="https://www.urban.com.au/images/2018/8/16/CL%20PP%2010.JPG" alt="">
Over the 2017-18 financial year, 14.1% of all house sales and 2.5% of all unit sales in Canberra were at least $1 million.
The 14.1% of house sales for at least $1 million was an historic high while the share of seven figure sales of units peaked in March 2016 at 3.1%.
The share of $1 million house and unit sales both increased over the year from 12.0% and 1.9% respectively.
In closing, with dwelling values declining and much more rapid declines across the most expensive housing stock it is reasonable to expect the share of $1 million sales to trend lower over the coming year.
This will largely be driven by weakening in Sydney and Melbourne. Smaller capital cities are also likely to continue to see the share of $1 million sales climb further too.
<img src="https://www.urban.com.au/images/2018/8/16/CL%20PP%2011.JPG" alt="">
Cameron Kusher is a CoreLogic research analyst 
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