Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

Joel Robinson

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

[smartcode_project_cta:default project_id=152737]

<h3 data-end="3697" data-section-id="q3n5ak" data-start="3672">&nbsp;</h3>
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Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.

Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.

Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.

[smartcode_project:default project_id=150999 project_image_fid=374005]

The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.

Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.

Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.

[smartcode_project:default project_id=150999 project_image_fid=374010]

Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.

The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.

“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.

[smartcode_project:default project_id=150999 project_image_fid=374002]

“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”

The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.

[smartcode_project_cta:default project_id=150999]

Maréa Residences brings parkside apartments to Coolangatta

Melbourne developer PDG has secured Victorian Government approval for its $1.5 billion Southbank development <a href="https://www.apartments.com.au/new-apartments/the-one-1-queens-bridge-street-southbank-vic-3006">The One</a>, clearing the way for the long-dormant riverfront site opposite Crown to finally be developed.

The Minister for Planning has approved the project at 1-29 Queens Bridge Street, with the Department of Transport and Planning issuing the planning permit following its assessment.

The approval will allow PDG to develop the prominent 5,059 sqm site with a major mixed-use tower comprising premium apartments, including branded residences, a luxury hotel and boutique office space.

PDG acquired the site in late 2024, with its position directly opposite Crown's main entrance and near Melbourne's Arts Precinct making it one of Southbank's most significant remaining development opportunities.

<img alt="PDG" data-entity-type="file" data-entity-uuid="3933013e-6332-4386-b9be-089df05caf17" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.22%E2%80%AFAM.png?VersionId=sITIgBqDL0N3VNSMwWEmF5UA.uvcsRyu" />

Designed by COX in collaboration with ODO and PDG, the tower's architecture draws on the movement of the Yarra River, with six vertical pleats running the height of the sculpted facade.

The project will also see the heritage-listed Queens Bridge Hotel restored and incorporated into the development&nbsp;with new hospitality and public uses, including a rooftop venue.

A significant component of The One will be its residential amenity.

More than 5,000 sqm of resident facilities will be delivered across a single level, making it one of the largest consolidated residential amenity offerings proposed in an Australian apartment development.

The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.

<img alt="PDG" data-entity-type="file" data-entity-uuid="73167fcd-1031-4b6f-a408-a064cfe45ed1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.17%E2%80%AFAM.png?VersionId=Pf1AEWxw6SNmBqR0zQW5lyEze.MtxgFp" />

The existing square will be revitalised as a new civic and pedestrian space along the Yarra River, strengthening the connection between the project, Southbank and the riverfront.

PDG Founder and Managing Director Vince Giuliano said the approval represented a major milestone for a site which has remained largely underutilised for more than 15 years.

“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.

“For more than 15 years, this site has remained underutilised. This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne.”

The latest approval follows an earlier planning permit issued by the City of Melbourne covering demolition works across part of the site at 9-29 Queens Bridge Street. Those demolition and early works are already underway.

PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.

PDG secures approval for $1.5bn Southbank apartment development, The One

Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

First look: Harridan plans Burke Street transformation beside Boggo Road transport hub

Hobart

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Hobart experienced the highest annual growth in weekly house rents with a 10.8% increase to $410 per week, according to the latest rental report from Domain.
The report found, Hobart was the only capital city to record double-digit rental growth.
Unit rents however declined by 2.8% over the quarter to $350 per week, but remained strong with an annual jump of 9.4%.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/10/10/domain%20hobart.jpg" alt=""> "The significant momentum that built in Hobart’s competitive rental market over the past two years appears to be easing," said Domain Senior Research Analyst, Dr Nicola Powell.
"Available rental stock has marginally increased, which is anticipated as the city has seen an increase in housing developments alongside heightened investor activity.
"Despite recording the strongest annual rate of growth of the Australian capital cities, the pace of growth is now slowing."
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j.ballantyne1990-6AQqhLzZaK

Hobart records double-digit housing rental growth: Domain

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Hobart resales of properties over the June 2018 quarter generated $134.3 million in profits and $1.595 million in losses, according to the latest CoreLogic Pain and Gain report.
The report noted that, based on these figures Hobart accounted for 0.9% of profits nationally over the quarter and 0.3% of losses.
<img src="https://www.urban.com.au/images/2018/9/18/CL%20PG%20HOB%201.JPG" alt="">
Value growth has slowed over the quarter and as a result the share of resales at a loss has increased.
Kingborough, Brighton and Sorell had the fewest resales at a loss while Derwent Valley, Glenorchy and Hobart had the highest share of resales at a loss.
<a href="https://www.propertyobserver.com.au/images/2018/9/18/CL%20PG%20HOB%202.JPG" target="_blank">Click here to enlarge</a>
<img src="https://www.urban.com.au/images/2018/9/18/CL%20PG%20HOB%202.JPG" alt="">
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Kingborough, Brighton and Sorell return Hobart's most profitable resales: CoreLogic Pain & Gain

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Hobart recorded quarterly gains of just 0.1% these past three months, extremely low considering the city has had an annual growth of 10.7%.
In fact, Adelaide just beat out Hobart this quarter as the best performing capital city.
Dwelling values in Hobart have posted two consecutive months of slight falls culminating in that shift of just 0.1%. 
<img src="https://www.urban.com.au/images/2018/9/3/CL%20Dwelling%20Values%20over%20time.JPG" alt="">
CoreLogic found that the median house price in Hobart was $459,997 and an example of this was the sale of 1/72 Warwick Street Hobart (pictured above). 
The one bedroom, one bathroom cottage, sold for $480,000 after less than three weeks on the market this July.
The holding is set on 146 square metres and the sale was just short of a 400,000 improvement on its most recent sale price of $93,000 in 2000.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/9/6/HOBART%202.jpg" alt="">
Another example of this median price being accurate is 110 Campbell Street Hobart (pictured above).
The four bedroom, one bathroom one storey house sold for $505,000 in mid June.
It was sold after only 23 days on the market.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/9/6/HOBART%203.jpg" alt="">
The median unit price in Hobart is just under $100,000 less, sitting at $366,126.
Indicative of this 2/92 Barrack Street Hobart (pictured above) sold for $358,5000 last month after 134 days on the market.
This two bedroom one bathroom apartment has 71 square metre of floor space and was most recently rented at $360 per week in late 2017.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/9/6/HOBART%204.jpg" alt="">
The apartment at 8/77-79 Molle Street Hobart (pictured above) was recently sold.
The one bedroom one bathroom property sold for $385,000 in early March.
It was on the market for just nine days and had a rental listing of $350 per week in May.
<img src="https://www.urban.com.au/images/2018/9/3/CL%20Dwelling%20Value%20Index.JPG" alt="">
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Hobart dwelling values lagging behind this quarter despite 10% annual growth

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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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ckusher-ujnxiKuFQs

Expensive home sales volume in decline, with Hobart going against the capital city trend: Cameron Kusher

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Hobart has seen the highest annual growth in median weekly house rental prices with a 13.9% increase to $410 per week, despite a decline over the quarter of 2.4%, according to the latest report from Domain.com.au.
Unit rents increased in Hobart to $360 per week, a 2.9% quarterly jump and a 12.5% annual increase, recording the highest increase both quarterly and annually across all capital cities. Domain data analyst, Nicola Powell says that annual house rents continue to rise with 2018 providing the strongest surge in rental prices in the city’s history.
"Although Hobart did see a decline over the quarter, it is likely to be a pullback from the seasonally strong first three months of the year," Powell said.  "In under two years, Hobart has moved from being one of the most affordable capital cities in Australia for tenants to now trailing behind Perth, Adelaide and Brisbane.
"Unit rental prices have followed a similar pattern remaining more expensive than Adelaide and Perth, as well as closing the price gap on Brisbane. "These conditions are indicative of the current affordability issues facing Hobart. While supply continues to deplete, the substantial declines in rental listings appear to have eased. As investor activity picks up, we’ve started to see a slight improvement to the deterioration previously seen in listing volumes."
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/7/17/hobart.jpg" alt="">
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This quarter saw Hobart's "strongest surge in rental prices in the city’s history": Domain

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The resale of Hobart residential properties over the March 2018 quarter generated $137.2 million in profits and just $1.161 million in losses.
Based on these figures, Hobart accounted for 0.9% of profits nationally over the quarter and 0.3% of losses, according to the CoreLogic pain and gain report.
With strong value growth continuing in Hobart, all council regions recorded less than 7% of resales at a loss.
<img src="https://www.urban.com.au/images/2018/7/5/PG%20Hobart%202.JPG" alt="">
There were no resales at a loss in Brighton and very few in Kingborough and Glenorchy while Sorell was the only council region with more than 5% of resales at a loss.
Although growth rates may moderate from their recent highs, it’s likely such strong growth conditions over recent years will continue to see a relatively low proportion of loss making sales.
<img src="https://www.urban.com.au/images/2018/7/5/PG%20Hobart.JPG" alt="">
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Hobart made up less than 1% of resale profits this quarter: CoreLogic Pain & Gain

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Many factors have driven this upturn, culminating in growth totaling 35 per cent in a period of 3 years.
Resulting in the estimated median house price of $485,000 at June 2018, according to a report released this week by BIS Oxford Economics.
Population growth has accelerated as net interstate migration outflows became net inflows, with Hobart gaining the lion’s share of this reversal the economists found.
Vacancy rates are tight and were at a of low 1.4 per cent at December 2017.
Economic conditions have also strengthened, with the lower dollar in this period driving strong growth in export sectors such as tourism and agriculture.
“In previous periods of net interstate migration inflows, the population movement has come from the demographic of people over 50 looking to downsize and experience a ‘tree change’,” noted Angie Zigomanis head of BIS Oxford Economics' residential research unit.
“However, the current migration inflows largely comprise younger adults and families with children, suggesting people moving for Hobart’s affordability or expats coming back to raise a family.”
With Hobart still having lowest median house price of the state capitals, this suggests that prices remain affordable, although price growth is unlikely to be as strong as it has been, suggests this report.
This report forecasts that, the median house price in Hobart will rise by five per cent in 2018/19, although it will slow in subsequent years as rising supply begins to take some of the pressure off prices.
Total growth of eight per cent is forecast in the three yeas to June 2021, with a similar rise forecast for units given the overall tightness in the market.
This equates to flat prices in real terms, i.e. factoring inflation.
For a look at our take on the BIS Oxford Economics report for the national market check out, "<a href="/expert-insights/buying/melbourne-house-prices-forecast-to-tread-water-through-to-2020-21-bis">Melbourne house prices forecast to tread water through to 2020/21</a>".
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Hobart housing price growth is unlikely to be as strong as it has been: BIS Oxford Economics

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GUEST OBSERVATION
Popular opinion has it that MONA, Hobart’s Museum of Old and New Art, is <a href="https://www.propertyobserver.com.au/http://www.abc.net.au/news/2018-06-08/mona-effect-ripples-out-to-regional-tasmania/9837626" target="_blank">transforming Tasmania</a>. That the state is no longer the poor and backward cousin, the economy is booming, and we are leaders in contemporary culture.
The buzz on the streets of Hobart during <a href="https://darkmofo.net.au/" target="_blank">this year’s Dark Mofo</a> is unwaning, despite being in its sixth iteration. A tendency to hibernate through Tasmania’s cold midwinter is now a time for vibrancy and a skinny dip – at least for tourists.
However contrary to hype around this “MONA effect”, the museum’s benefits do not seem to be being shared with <a href="https://profile.id.com.au/glenorchy/home" target="_blank">Glenorchy</a>, the municipality it is located in. Glenorchy is ranked eighth most disadvantaged out of 29 municipalities in the state and includes some of the most disadvantaged suburbs nationwide.
More generally, some local artists are <a href="https://www.propertyobserver.com.au/http://www.abc.net.au/news/2018-06-09/mona-dark-mofo-seen-as-blessing-and-curse-for-local-creatives/9770904" target="_blank">struggling to maintain a place</a> as the MONA juggernaut rolls out its festivals, and its power and influence. <a href="https://www.propertyobserver.com.au/http://www.abc.net.au/news/2018-04-03/home-prices-fall-in-cities-rise-in-the-regions/9612534" target="_blank">Hobart’s house prices</a> are rising faster than any other capital city, with increasing scrutiny on how <a href="https://www.propertyobserver.com.au/http://www.abc.net.au/news/2018-06-07/hobart-suburb-battery-point-quarantined-from-airbnb/9845976" target="_blank">visitor housing</a>, such as Airbnb, might be affecting prices. Tasmania is already economically polarised.
Taking a snapshot of <a href="https://tourismtracer.com" target="_blank">tracking data</a> from 472 interstate and overseas tourists in 2016, we analysed where and how tourists travelled before and after they visited MONA. Most of the visitors to MONA were from New South Wales and Victoria. They also had <a href="https://theconversation.com/who-goes-to-mona-peering-behind-the-flannelette-curtain-73369" target="_blank">higher incomes and levels of education</a>. We found that these visitors tend to take the MONA ferry to and from the museum, or drive straight there and back with no stops. Without shopping in Glenorchy or visiting other parts of the municipality, almost no benefits are passed on to this area, whether these are direct economic benefits from shopping or accommodation, or indirect benefits from social interactions and cultural exchange.
In some respects, this is unsurprising. Tourists go to places that have amenities for tourists – such as Hobart’s waterfront. Tourism and art also tends to drive gentrification – an escalation of real estate prices as poor inner city suburbs and post-industrial sites are transformed into creative chic. This wouldn’t be a good outcome for places like Glenorchy, which many of Tasmania’s low income earners call home. These are places imbued with a sense of community that supports many in non-financial ways.
Not all of MONA’s visitors are high income earners with a university education. We also found that it is MONA’s lower socio-economic visitors who are most likely to stop in Glenorchy, to shop and visit family and friends. These are the tourists who could help extend MONA’s benefits into the places most in need, without destroying these communities. To boost the numbers of lower socio-economic tourists, Mona could extend its free museum entry for Tasmanians to all visitors with government concession cards.
But the limited responsibilities of private bodies such as MONA, means that it is governments’ role to distribute the benefits of tourism and economic growth. Tourism Tasmania spends <a href="https://www.themercury.com.au/news/politics/tourism-tasmania-chief-james-cretan-says-marketing-spend-yields-sensational-results/news-story/a72685b7d5c72ec6c8f94d65b7b08e73" target="_blank">millions of dollars on marketing</a>. Directing this towards the lower socioeconomic tourist market could boost visitation to tourism icons and local shopping centres and communities.
More broadly, the government urgently needs to plan for how tourism growth translates into improved health care, education and job prospects. Tourism only matters if it sustains all Tasmanians, and without demonstrated overall improvement, the value of tourism is questionable.
MONA is held in high regard by most Tasmanians. The museum and biannual festivals are described as unprecedented acts of generosity on behalf of owner David Walsh. There is widespread support for MONA initiatives: it’s vision for <a href="https://www.propertyobserver.com.au/http://www.abc.net.au/news/2016-12-11/mona-waterfront-vision-to-take-three-decades/8109566">Macquarie Point</a> and <a href="https://mona.net.au/in-the-works/hotel" target="_blank">Hotel Mona</a>.
<img src="https://counter.theconversation.com/content/98003/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">This goodwill is likely to fade if the MONA effect simply reinforces existing iniquities. To remain relevant, MONA’s presence in Tasmania needs go beyond development proposals and sensationalist art. Government must harness tourism for the benefit of all. High tourist numbers and spending are not ends in and of themselves.
<a href="https://theconversation.com/profiles/kate-isabel-booth-201344" target="_blank">Kate Isabel Booth</a>, Senior Lecturer in Human Geography and Planning, <a href="http://theconversation.com/institutions/university-of-tasmania-888" target="_blank">University of Tasmania</a>
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/hobarts-poorer-suburbs-are-missing-out-on-the-mona-effect-98003" target="_blank">original article</a>.
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Hobart's 'MONA effect' skipping poorer suburbs

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The Elms, a North Hobart Arts and Crafts mansion with views over the extensive gardens and the Derwent River has been sold for $2.05 million.
It was sold by Chris Huxtable from Fall Real Estate.
<a href="https://www.realestate.com.au/sold/property-house-tas-north+hobart-124209686" target="_blank">Located at 452 Elizabeth Street</a>, the interior of the 1917 mansion features dark timber panelling, grand staircase, main reception room with ceiling beams and sandstone fire.
Operating as a visitor accommodation since the mid-1990s, the property has had up to ten suites. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/6/13/north%20hobart%203.jpg" alt="">
Designed by renowned architect Bernard Walker and built in 1917 for Albert Flexmore as a family home, the property was then sold to the Palfreyman family in 1933.
Situated on an over 2000 sqm allotment, it's only a five-minute stroll from popular North Hobart precinct and 3km from Salamanca Place and Hobart's waterfront district.
It was last traded for $1.06 million in 2009. 
The suburb's median house price sits on $658,888, according to CoreLogic. 
 
 
 
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The Elms, North Hobart arts and crafts bed and breakfast sold

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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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