Fresh off completing Pienza Neutral Bay, developer <a href="https://www.apartments.com.au/developers/central-element">Central Element</a> is preparing its next move in the coveted Lower North Shore suburb.&nbsp;

Central Element (CE) has lodged plans for an eight-storey apartment building at <a href="https://www.apartments.com.au/new-apartments/54-64-barry-street-neutral-bay-nsw-2089">54–64 Barry Street</a>, a 1,659 sqm site just south of Military Road and the Neutral Bay town centre.

The $52 million development will involve the demolition of four detached homes across four lots to deliver 45 apartments, including eight affordable housing units to be managed by Bridge Housing. The mix will comprise six one-bedroom apartments, 24 two-beds, and 15 three-beds. The apartments will sit above three basement levels with 62 car parking spaces and 50 bicycle spaces.

<a href="https://www.apartments.com.au/architects/mhn-design-union">MHN Design Union</a> (MHNDU) has returned as architect following its work on Pienza, again shaping a mid-rise form with a clear street presence. The design features a lower four-storey podium element that responds to surrounding context, with upper levels recessed to reduce perceived bulk. Communal open space is proposed both at ground level and on the rooftop, the latter including an outdoor kitchen and swimming pool.

“The building has been designed with a lower four-storey element and with building materials commensurate with the character of the area,” Beam Planning noted in its submission to the North Sydney Council.

<img alt="Barry Street, Neutral Bay Nsw 2089" data-entity-type="file" data-entity-uuid="3a28ab3a-b8ba-4476-81cd-e4a8bb84f3a7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Barry-Street-Neutral-Bay-1327x742.png?VersionId=hlgvxszAWXIHgHtdR5HiwIKiSli2lLZV" />

Bridge Housing will manage the affordable units for a period of 15 years, as required under the Housing SEPP’s incentive provisions.

MHNDU’s design report further highlights the site's strategic location just 250 metres from key bus stops and 1.3 kilometres from North Sydney CBD, positioning it for transit-accessible housing supply. In their planning justification, the design team emphasised the site’s compatibility with emerging local character and scale.

Central Element has a solid apartment pipeline spread all over Sydney. They recently completed&nbsp;Pienza, 37 apartments just 500 metres away from the new project, and are currently building Ethos Chatswood, Ballamac House in Coogee, and Bianca on the harbour in Drummoyne.

They have plans for future projects in Mosman, Bondi Beach, Greenwich, Lavender Bay, along with a tower on the edge of Hyde Park.

Joel Robinson

First look: Central Element unveils second Neutral Bay apartment project

Real estate investment fund Wentworth Wentworth Equities is soon to launch a "Los Angeles-inspired" residential, leisure and lifestyle precinct in Brisbane’s Hamilton riverside ahead of the predicted Olympic-led population explosion for the city.

Drawing its style inspiration and name from Los Angeles’ renowned The Grove, <a href="https://www.apartments.com.au/new-apartments/hamilton-grove-19-hercules-street-hamilton-qld-4007">Hamilton Grove</a> will feature three residential towers and a vibrant street-level public precinct with curated luxury lifestyle, retail and dining offerings.

The first of the three towers, to launch in March 2026, will comprise 61 apartments, in the same building as a premium hotel.<img alt="Hamilton Grove" data-entity-type="file" data-entity-uuid="d227fe61-8392-45b7-b386-9133f29a249f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-01-19%20at%209.10.56%E2%80%AFAM.png?VersionId=HTCV35HZ4h84jQCmHwhsdIPN0ctO5d7Z" />

Wentworth Equities Executive Chairman Sameh Ibrahim said the precinct will be unique in its appeal to both residents and the wider community.

“Hamilton is already one of Brisbane’s most sought-after riverside suburbs and for good reason,” Ibrahim said.

“Where else in the world can you walk out of your front door and have everything you could possibly need at your fingertips? The city is just around the corner, the airport is only ten minutes away, you have the river and green spaces right there and premium retail and dining on your doorstep."

Wentworth Equities acquired the 7637 sqm Hercules St site in 2014, when Ibrahim said he had a "very clear vision" for the precinct, but ultimately it wasn't the right time to develop. He said Hamilton was still very much an "emerging precinct."

“Since then, Hamilton and surrounding suburbs like Ascot and Albion have significantly grown and matured into a precinct that aligns with our vision for Hamilton Grove. Brisbane as a whole has so much to offer in the way of lifestyle appeal, but as it stands it is so widespread – you go to Howard Smith Wharves for fine dining, you go to James Street for shopping, you go to West End to walk along the river – but what if you could go to Hamilton Grove for everything?

“Our vision is a precinct that brings together the best of Brisbane into one central space abundant with culture, class and culinary experience – a place that a lucky few will get to call home, but the rest of Brisbane still get to explore and experience at their leisure.”

<img alt="Hamilton Grove" data-entity-type="file" data-entity-uuid="46550990-8aeb-44d4-bb47-150cdca96529" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-01-19%20at%209.10.50%E2%80%AFAM.png?VersionId=bmCkApPKY_Bj3z02Q8vI7Kyo_caJXOnv" />

Experienced civil engineering contractor Mainland Civil has been appointed to commence early works for the project, adding Hamilton Grove to their extensive portfolio where it will join other iconic Brisbane developments including Queens Wharf, 300 George Street, Infinity Tower and 1 William Street.

Construction on Tower One is scheduled to commence in early 2026 with completion expected in late 2028.

Fast Facts 
 
• Three residential towers and a vibrant street-level public precinct with curated luxury lifestyle, retail and dining offerings. 
• Construction on Tower One is expected to commence in Quarter One 2026, with completion expected in late 2028. 
• 7,637 square metre site at 19 Hercules St, Hamilton (part of Economic Development Queensland’s 304 hectare Northshore Hamilton Priority Development Area). 
• 61 waterfront residences and skyhomes in the first tower, ranging from two to five bedrooms. 
• Hamiton Grove will be officially launched in March 2026.

"LA-inspired" Hamilton Grove to launch on Brisbane riverside

There’s a quiet patch of <a href="https://www.apartments.com.au/developments/hawthorn-vic-3122">Hawthorn</a>, between the bustle of Glenferrie Road and the curve of the Yarra, that rarely sees change, and even more rarely, new apartments. But that’s exactly where <a href="https://www.apartments.com.au/developers/pomeroy-pacific-quattro-corp">PQD</a> is planting Kooyongkoot: a deliberate, 18-residence answer to the question of what downsizers actually want.

“This is something this pocket of Hawthorn has never seen before,” says Fil Gacesa, head of sales at PQD. “<a href="https://www.apartments.com.au/new-apartments/kooyongkoot-hawthorn-1-kooyongkoot-road-hawthorn-vic-3122">Kooyongkoot</a> will deliver just 18 large-scale apartments in the heart of Hawthorn. It is the true definition of resort-style living.”

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/59D7VxzltmM?si=1iCzRD7FRneKryfv" title="YouTube video player" width="560"></iframe>

That scale is central to the story. It’s what allows for two dedicated lift cores, short corridors, and a generous lightcourt that draws natural ventilation and sunlight into every residence. It’s also what makes room for the sort of amenity usually confined to high-density towers: a fully equipped wellness centre with infrared and traditional saunas, yoga and pilates studio, cold therapy shower, and treatment room. There’s a golf simulator, car and dog wash stations, and extensive storage too, not bolted on, but baked in from the start.

But more than the checklist, it’s the design intent that carries weight. “This project has been many years in the making,” says Mark Pomeroy, Director of PQD. “Not just in planning, but in listening, to what our buyers and the local community are looking for”.

[smartcode_project:default project_id=102717 project_image_fid=355289]

That listening shows up in the materials, oak floors, natural stone, V-ZUG appliances, and in how space is handled. Penthouses feature private rooftop terraces with pools. Terraces and garden residences embrace outdoor connection. Inside, the layouts skew large and open, geared for hosting, not just housing.

Architecturally, <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a>’s approach is grounded. There’s no reaching for spectacle here. Instead, the building offers a sculptural calm, anchored by landscaping from Eckersley Garden Architecture.&nbsp;

“We wanted to create spaces that feel expansive, serene, and meaningfully connected to daily life,” said founding partner Chris Stribley elsewhere.

[smartcode_project:default project_id=102717 project_image_fid=355304]

That sentiment, calm, connection, echoes in the location itself. Kooyongkoot sits just a short stroll from Central Gardens, Fairview Park, and the Rivoli Cinema. Tram lines and schools are close, but the street is tucked, quiet, and leaf-lined.&nbsp;

“Residents of Kooyongkoot will be a short stroll from Fairview Park, Central Gardens, and the Glenferrie Road retail strip," Gacesa notes, "but you're also cocooned in this peaceful pocket behind extensive landscaping by Eckersley Garden Architecture.”

Kooyongkoot is set for completion in late 2026.

[smartcode_project_cta:default project_id=102717]

Staff Writer

The project that said no to compromise: Inside Kooyongkoot, Hawthorn

When long-time Ivanhoe locals Graeme and Catherine, decided it was time to downsize, they weren’t necessarily in a rush.&nbsp;

Like many in their stage of life, they had started thinking about apartment living, but anticipated making the shift in two to three years.

That timeline changed when they visited <a href="https://www.urban.com.au/new-apartments/candela-ivanhoe-40-upper-heidelberg-road-ivanhoe">Candela</a>, a new boutique development by <a href="https://www.urban.com.au/developers/salter-brothers">Salter Brothers</a>. The project ticked all the boxes they were looking for: location, quality design, and long-term lifestyle benefits, which prompted them to bring their decision forward.

“It was the right place at the right time,” they said. “We knew immediately it ticked all the boxes, and we didn’t want to wait.”

[smartcode_project:default project_id=342 project_image_fid=358855]

Their decision to downsize was driven by a combination of practical needs and lifestyle considerations. Their existing home, while much loved, had become increasingly difficult to maintain. It spanned multiple levels, included extensive front and back gardens, and was starting to show the wear that comes with age.&nbsp;

They were looking for a more manageable lifestyle, one with less upkeep and more freedom. A brand-new apartment with no maintenance requirements and the ability to simply “lock up and leave” gave them peace of mind and a greater sense of control over their future.

Financially, the purchase made sense as well. The available stamp duty savings, strong price-to-value offering, and timing of the settlement suited their plans, making the transition smoother and more cost-effective. The apartment's design and inclusions further supported their choice.

[smartcode_project:default project_id=342 project_image_fid=357493]

The layout was both functional and flexible: three bedrooms, a butler’s pantry, a separate laundry, and a large open-plan living area. It gave them the freedom to host a family, accommodate guests, or set up a home office. The expansive balcony and elevated views added to the appeal, providing a sense of openness and connection to the outdoors.

“It just had a really good flow,” Catherine noted, something they found lacking in many other apartments they’d considered, particularly in the established market.

Candela’s boutique scale was another deciding factor. With a smaller number of residences and a top-floor penthouse position, the couple felt the development offered the privacy and space they were looking for, without feeling isolated.

“We liked that it wasn’t a huge development. It felt well-balanced, modern but still with a sense of community, not overwhelming,” they said.

[smartcode_project:default project_id=342 project_image_fid=357508]

Equally important was the ability to remain in Ivanhoe, a suburb they know well and have deep roots in. After 46 years in the area, proximity to local parks, shops, and familiar faces mattered just as much as the apartment itself.

“We didn’t want to give up the community we’ve known for decades. Candela allowed us to upgrade our lifestyle while staying in the place we call home.”

With a Walk Score of 90, the village location supports a convenient, connected lifestyle. <a href="https://www.apartments.com.au/developments/ivanhoe-vic-3079">Ivanhoe</a> Station is just a eight-minute walk away, and the neighbourhood offers access to parks, cafes, restaurants, and schools along Upper Heidelberg Road, all within easy reach.

Beyond the apartment, the couple also saw value in the broader vision for Candela, one that integrates residential living with public spaces and local amenities.&nbsp;

The development introduces 58 new apartments as well as a mix of commercial and social spaces that integrate contemporary architecture with the suburb’s existing character.&nbsp;

At ground level, residents will find a charming café and a lifestyle wellness centre, perfect for unwinding and rejuvenating. Meanwhile, the rooftop garden offers a stunning vantage point for residents to enjoy breathtaking sunsets, host gatherings, or enjoy barbecues with family and friends. It's not just a place to live; it's a vibrant community where every moment is an opportunity to connect and create lasting memories.

[smartcode_project_cta:default project_id=342]

Why Ivanhoe locals are choosing to downsize to Candela

Mark and Roy Makari are expanding their presence in Sydney’s South West with a second major proposal for Leppington, this time envisioning a 900-dwelling mixed-use development just 850 metres from their previously lodged tower trio on Fifth Avenue.

Project management and construction management firm Creative Vision filed the plans for the&nbsp;multi-building project at <a href="https://www.apartments.com.au/new-apartments/230-rickard-road-leppington-nsw-2179">230 Rickard Road, Leppington</a>. The proposal seeks to establish a new focal point for the precinct through a high-density, transit-oriented development supported by diverse land uses.

According to the Scoping Report prepared for the Department of Planning, the scheme includes around 900 apartments across multiple towers, including 135 dwellings designated for affordable housing. A mix of market and subsidised apartments will be supported by ground-level activation through retail and office space, a childcare centre, and a hotel, forming a comprehensive urban precinct.

<img alt="Mixed Use Development 230 Rickard Rd Leppington" data-entity-type="file" data-entity-uuid="34797362-f3dc-4d84-8235-2657fc5f3bde" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Plan.png?VersionId=Uzckrz9tUpDQl5lX1_WMhjnv16bsr8wG" />

The Design Report by <a href="https://www.apartments.com.au/architects/studiosc-0">Studio SC</a> notes that the project “intends to deliver a high-quality, high-density built form that supports the vision for the Leppington Town Centre, integrating mixed-use outcomes and public domain upgrades.” The development is expected to be delivered in stages, although a precise timeline is yet to be confirmed.

The project will be assessed through a future State Significant Development Application, with the Scoping Report indicating the team will seek design excellence via a competitive process or through an expert design review panel. Early massing diagrams suggest a series of mid- to high-rise buildings framing a central landscaped spine, with emphasis on pedestrian permeability and public space.

The planning documentation flags a strong sustainability agenda, stating that the development will “respond to the urban heat island effect, incorporate water sensitive urban design, and prioritise active transport”.

<img alt="Mixed Use Development 230 Rickard Rd Leppington" data-entity-type="file" data-entity-uuid="369d7b54-1279-4cde-88ec-dcb215594414" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Podium_1.png?VersionId=QArL7B2kkLt63vl5xvL0FNV_ardAlez4" />

The proposal follows in the footsteps of the Makaris’ nearby Fifth Avenue site, where they’ve submitted plans for three towers comprising nearly 500 apartments, with 10 per cent dedicated to affordable housing. That project features commercial podiums, a childcare centre, and a new public park that would occupy more than a third of the site.

Both developments are situated within walking distance of Leppington Train Station and fall under strategic precinct plans promoting higher density housing. The town centre is undergoing substantial transformation, driven by state government planning reforms aimed at fast-tracking housing delivery.

Together, the two projects represent a combined ambition of nearly 1,400 new homes across just under two kilometres of central Leppington.

First look: 900-home mixed-use precinct planned for Leppington

Housing Collapse

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EXPERT OBSERVER
The recent release of median housing sale prices across Australia by the Domain Group demonstrates different results for Eastern seaboard cities compared to the west and for apartments compared to houses.
The Domain data over the last year shows a collapse in Sydney house median prices of 9.9 percent compared to a median apartment reduction of 5.8 percent.
Apartments are now $350,000 cheaper than the median house and this is making apartments more affordable and therefore more attractive to more people in the market.
The interesting result from the Domain data is that Australia has two quite different profiles. The eastern seaboard cities are clearly having major drops in both housing and apartment median prices but Adelaide is amazingly seeing median house and apartment prices going up not down.
The big message for Sydney from the Domain data is that apartments have lost value at half the rate of houses. This seems to be driven by the fact that apartments are generally around $350,000 cheaper on average than a house. Clearly many Sydney families and couples are still looking to buy an apartment rather than a house due to its affordability.
Even during a time of major contraction in the housing markets the swing to apartment living is tracking well.
The Urban Taskforce is concerned that the large drop in the value of houses and apartments has been partly driven by the pre-election negative attitude to so called over development by politicians harnessing votes by championing a stop to growth.
Sydney is still growing and the housing industry needs a steady supply process to maintain jobs rather than a major drop partly driven by scaremongering at election time.
CHRIS JOHNSON is the Urban Taskforce CEO
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cjohnson-8xfqfuuCSq

Domain housing sales collapse applies more to houses than apartments: Chris Johnson

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GUEST OBSERVATION
This is an email McGrath sent to his estate agents on Tuesday.
There was a piece on 60 Minutes that was particularly misleading in my opinion and unsurprisingly melodramatic in its depiction of a property market that could shortly spiral out of control.  It’s simply not the case.
In fact, barring any macro-economic disaster like we saw when the GFC took us all by surprise, I believe the property market has seen most of the value declines it is going to see this cycle (in many markets there has been a 5% to 10% decline in values this year and I think we may see another 5% to 7% in some areas) and at the end of that there will either be a steady state period of market stability or even a small positive rebound back by a few percent.  I say this having now experienced five property cycles in my 35 years real estate career and each time, often at around this stage of the cycle, hearing the same old headline grabbing commentary by one of two so-called experts saying something like “the Australian property market is in a bubble and when it bursts will fall by 40% etc.!” Which of course has never happened and unless we see a total financial catastrophe engulf the entire world is never going to happen.  Two questions that I get asked when I have this discussion.  “Why then do they say this and why do you think they are they wrong?” So the first one is the easiest one. Generally speaking the sponsors of such theories are seeking self-promotion.  They put their views forward in some form of press release aimed to grab media attention (the 60 Minutes story was called 'Bricks and Slaughter!') and inevitably are looking to promote a book or attract eyeballs to their website.  Steve Keen predicted a 40% drop in 2010, Johnathan Tepper predicted a 30% to 50% drop in 2016. Of course, none have even been close to accurate.  In fact, they have been ridiculously inaccurate on every occasion. And why are they going to be wrong again this time?  Well firstly you would have to interrogate what would have to happen for their theory would have any validity whatsoever. Firstly, two out of three Australians own their own home or are living in a home with the owner and one in three are in a rented place. Of the 66% who own their home, half of these homes are fully paid off with no loan whatsoever. Just park that fact for the moment but it should make you feel that property is on a very solid footing. Next let’s look at the generational change occurring – where many Baby Boomers (aged 60 to 75 approximately) are assisting their children secure a first home and of course as the life cycle turns, many will also be leaving their often-considerable assets to their kids.  And in the main most Australians are wealthier than ever before through their property, other assets or indeed inheritance. Statistically, the average Australian is worth around $395,000 which is at record highs. Next, let’s look at the underlying factors that we are experiencing today that may affect property, negatively or positively. We are enjoying a robust economy, low levels of unemployment, record low interest rates and significant overseas immigration and investment. None of these are likely to change significantly into the future. After all, we are the lucky country. So, when you combine the strong levels of home ownership with the robust economic and social markers it’s easy to see why the negative pundits have consistently got it wrong. Australian real estate is one of the best investments on the planet and that isn’t changing. Now I do have concern with housing affordability however. Despite the average Australian being technically wealthier than ever before there is no doubt that the ability for many Australians to buy their own property and in many instances even rent their own property is challenging. And this situation needs to be addresses urgently by both the Governments (Federal and State) as well as the private sector. What has been and will continue to be most Australians’ best financial freedom strategy, residential property, does have another side which must be addressed. Every Australian should have a path to securing shelter for themselves and their family and this issue will need strong collaboration by both private and public sectors to ensure we achieve this.  And at McGrath we are in a great position to assist and influence positive outcomes in this space. And we will.
John McGrath is the founder of McGrath Estate Agents.
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j.ballantyne1990-6AQqhLzZaK

60 Minutes property segment was misleading and melodramatic: John McGrath

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Martin North says 60 Minutes took the worst case from his four scenarios as the basis of the alarming segment which went to air last night on Channel 9.
"It is not my central scenario, rated only a 20 percent chance, as I made clear when interviewed," he said noting this caveat did not make it to the final cut.
North suggested a fall of 45 percent in home prices would be over three years or so, and require the US financial markets to react to rising US Fed rates.
Click here <a href="https://www.propertyobserver.com.au/images/2018/9/17/north-forecast.jpg" target="_blank">to enlarge.</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/9/17/north-forecast.jpg" alt="">
"This creates a GFC 2.0." North, a finance sector analyst and principal Digital Finance Analytics, suggested.
The 60 Minutes reporter Tom Steinfort advised "several of the experts we interviewed for this story estimate it could be as much as 40 percent in Melbourne and Sydney, while even the most optimistic property analysts concede there will be a drop of at least 10-15 percent."
Steinfort says he's been spooked by the downturn, holding off his desired property purchase with fiancee Claudia Jukic.
His 60 Minutes report kicked off with a serious inaccuracy.
"For as long as most of us care to remember, or perhaps only as long as we want to remember, property prices in Australia have only gone in one direction, at least in our big cities," Steinfort claimed.
CoreLogic's Cameron Kusher recently wrote <a href="/expert-insights/buying/2018-housing-declines-hit-melbournes-inner-east-and-sydneys-hills-district-hardest-corelogic">a detailed research analysis tracking the current downturn</a> with three downturns since 2003.
North said the figures used in the program did not reflect his “central scenario” and that Channel Nine “chose not to cover” the more likely alternatives.
“My best call would be [property value falls] in the region of 15-20 per cent from top, over two to three years,” he said.
You can read North's full analysis <a href="http://digitalfinanceanalytics.com/blog/updated-finance-and-property-scenarios-summary-findings/" target="_blank">here</a>. 
 
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jchancellor-FAypfDUnLy

45 percent housing price collapse was least likely scenario: Martin North's 60 Minutes postscript

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<div>
Australia's housing is among the four riskiest markets in the world, according to Oxford Economics.
It has a strong prospect of falling prices posing a threat to economic activity, the research paper noted
The housing market dangers were "especially acute" in Sweden, Australia, Canada and Hong Kong, according to Oxford.
Weighing up a range of risk factors, including housing valuations compared to long-term averages, it noted all four valuations were very elevated.
It noted there has been a lengthy housing boom, debt levels were high and there was a significant share of floating rate debt, Oxford's lead economist Adam Slater wrote in a research note.
The risks were relatively limited in key markets including the US, Germany, France, China and Japan.
</div>
<div>
Overall edian OECD house price valuations are below the 2006-07 peak but are higher for the risky markets, according to Oxford.
<div id="article-inline-ad">"Historical experience suggests that high valuations – of 125 per cent or more of the long-term average – point to a 60 per cent chance of prices falling over the next five years," Mr Slater wrote.</div>
</div>
<div> </div>
<div>"This matters because house prices can have a big impact on economic activity, even if the link may have loosened in the G7 in recent years.</div>
<div>
"Looking across a range of housing risk indicators, property market dangers look concentrated in a number of smaller advanced economies and are less severe for the largest economies."
On a valuation index where the long-term average is 100, Australian housing is at 160, while Sweden is at 165, Canada at 173 and Hong Kong at 203.
</div>
<div>Slater wrote rising rates are not strictly necessary for prices to start falling (i.e. Sweden) and in the context of high valuations and debt, even modest increases (i.e. Canada and Hong Kong) "could be a problem."</div>
<div> </div>
<div>Oxford's assessment suggest Australian house prices have another risk factor, with an 82 per cent share of its mortgages held on floating rates.</div>
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Australia's housing among the four riskiest markets in the world, Oxford Economics

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Ray White agents across Australasia achieved $3.4 billion in sales during August, which was the same tally as July.
However it was down on last August.
The last month of winter in 2017 saw the headline sales figure for Australia and New Zealand come at $3.67 billion, which was up nine percent compared to 2016.
At the time it was noted August 2017 "had produced a better result than many might have expected."
This week Brian White noted "while well below the result last year, it supports our view that the market may well have now adjusted."
Brian White, chairman of real estate agency Ray White, said the majority of the market correction had already happened.
“There has been an adjustment and I believe that much of that adjustment has been made,” Mr White said.
“The speed of the growth in Sydney and Melbourne was unsustainable.
"We are experiencing a healthier market.”
Markets outside Sydney and Melbourne had been resilient. 
“Only an explosion in interest rates would pull the market down significantly,” he said.
State based figures were not available for August 2018.
But in August 2017 New South Wales sales had lifted 18 per cent year on year to $1.259 billion. Sales volume in Victoria jumped 30 per cent to $647 million.
In August 2017 Queensland’s sales came in at $696 million, just $2 million shy of the same time in 2016. Tasmania booked $10 million, while Western Australia reported $84 million and South Australian sales came in at $117 million.  Its New Zealand network reported $629 million in August 2017, down 13 per cent on the same period in 2016.
 
 
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Ray White see August 2018 sales dip

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<div class="cq-article-content-paras section">
House price falls in Sydney and Melbourne "will get worse before they get better", Deloitte Access Economics says.
The increasingly higher cost and lower availability of credit will generate a "mini-credit crunch."
"The nation's immigration intake will be cut – perhaps severely – thereby undercutting many of the 'most likely' forecasts underpinning the growth of domestic markets," the report says.
There would also be a "fear-of-fear-itself" momentum, the report adds.
</div>
<div class="cq-article-content-media section">"Lending is down, it's amidst its longest dry spell since the global financial crisis, and investor loans have dropped to a six-year low," the Deloitte report, reported in The Australian Financial Review, says.</div>
<div class="cq-article-content-media section"> </div>
<div class="cq-article-content-media section">"That says housing price falls – now infecting Melbourne – will get worse before they get better," said Deloitte adding they still expect a pretty benign construction cycle.</div>
<div class="cq-article-content-paras section">
"That benign nature owes much to what we don't see in the next couple of years.
"We don't see China falling over and Australian unemployment jumping. And we don't see global and local interest rates rising fast.
"That still sees the current downswing bottoming out in late 2019 but, thanks to continuing population gains, bottoming at levels that are solid compared with the depths plumbed in past cycles."
Deloitte’s latest Business Outlook report projects that state and federal budgets will be hit hard by falling house prices and commodity prices.
</div>
<div class="cq-article-content-paras section">
NSW will bear the brunt of the housing downturn because it has had the biggest rise in house prices among capital cities.
Expensive homes will struggle to sell but there will be "less damage at the lower end", which benefits from first home buyer concessions, the report says.
“House prices are essentially a function of how much people can borrow,” Deloitte economists led by Chris Richardson wrote in their 155-page quarterly report released today.
“Big banks are now running scared,” it suggests.
“Their sudden surge of caution means borrowers with the same characteristics would now get a smaller loan than they would have 18 months ago.”
They predict the current house price falls in Australia will “keep on keeping on”.
 
</div>
<div class="cq-article-content-paras section">
 
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House price falls in Sydney and Melbourne "will get worse before they get better"

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<div>GUEST OBSERVER</div>
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 Australia has roughly “six weeks” to prevent a housing market collapse caused by the banks’ crackdown on foreign investment, a US-based security think tank has warned, according to a News Limited press report.   Quite clearly, you can tell from the website of the think tank, the International Strategic Studies Association, are not exactly experts in the field of Australian housing.   As I tweeted out yesterday, if we are truly six weeks away from a national housing crash, why are most leading indicators such as auction clearance rates and total real estate listings suggesting otherwise?   And surely we would also be already recording a significant rise in non-performing loans? The chart below shows that’s clearly not the case. Such loans, in fact, remain at low levels. <a href="/images/2016/09/15/e7a43fa6-d686-4b6d-b16d-d1e7f2464075.png" target="_blank">Click to enlarge</a>
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<div><img src="/images/2016/09/15/e7a43fa6-d686-4b6d-b16d-d1e7f2464075.png" alt="">   We pretty much have had from the time the national market started to rally in late 2012, a pile of market bears declaring the imminent crash of the Australian housing market. They are, what I call, the boys who cried wolf. And one thing they all have in their favor is a media circus who will give them all a front page and reporters who rarely check their credentials, qualifications or their previous track records, which too often leave little to be desired.   I guess, in the above story at least, News Limited, who had the 'exclusive', asked for a counter view. I am also pleased to say one very major television network opted out of taking the ‘story’ any further when they contacted the SQM Research office for its view.     More than this, I am convinced there is an industry of bear spruikers who earn a living preaching the end of the financial world, and for that matter, the demise of Australian housing. Take this example from Harry Dent -   a very public figure who has repeatedly made trips to Australia preaching the end of our housing market.  No wonder he enjoys coming out here.  You see, if you want to hire out Harry for a speaking engagement, the cost will be US$20,000 to US$40,000. Not bad for a day’s pay!   I’m sure if I were to dig deeper into a number of these very public bears, we would most certainly uncover a prosperous industry. That is, so-called experts making big dollars out of preaching doom.   Now, I have always said that I have no problem with those voicing the risks in the Australian housing market. There are indeed many risks, particularly those associated with the ever-rising level of household debt to GDP and what that would mean if our country just returned to ‘normal’ cash rate settings. That would indeed likely trigger a real rise in bad loans.  </div>
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<div>These risks need to be pointed out to all participants. That, along with particular risks within the housing market, such as a clear oversupply of Brisbane CBD apartments, as the elevated vacancy rate highlights.   And for that matter the ongoing collapse of the Perth rental market, particularly in the Perth CBD itself, where the vacancy rate is over 8 per cent.   But it’s when I see headline-grabbing stories like the one above, with no follow up investigation, that I feel the public are been taken for a ride by sections of the media and by 'experts' out to grab a headline and maybe a quick buck.   Sorry to say, the great Australian housing crash predicted by Harry Dent and other so-called experts in 2014, 2015, 2016 and 2017 is far from a certainty.   There are many other ways our overvalued housing market may return to some sort of sense of fair value, which could include the very ‘boring’ scenario of underperformance for a very long time.</div>
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<div>Louis Christopher is managing director, SQM Research and can be contacted <a href="https://sqmresearch.com.au" target="_blank">here</a>.</div>
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