Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

[smartcode_project:default project_id=110291 project_image_fid=302785]

<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

[smartcode_project:default project_id=148957 project_image_fid=364102]

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Joel Robinson

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

&nbsp;

Lanevick to cater for Hunters Hill downsizers with new Gladesville apartment development

Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

WM Residences fills gap in Mordialloc townhouse market

International

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The $1.425 billion Westfield World Trade Center in New York continues to make good progress, now over 70% pre-leased. 
The landmark project<a href="https://wtc.westfield.com/index" target="_blank"> is expected to open in late 2015</a>. Its aim is 150 global brand tenants.
Westfield, together with the Port Authority of New York and New Jersey, is developing a 365,000 square foot shopping and dining complex in Manhattan’s iconic World Trade Center. 
The project will feature multiple levels including the WTC Transportation Hub and concourses that run throughout the <a href="https://www.westfieldcorp.com/new-developments/" target="_blank">entire World Trade Center site in</a><a href="https://www.westfieldcorp.com/new-developments/" target="_blank"> Lower Manhattan</a>.
The development leasing is being overseen by David Ruddick who sits on the Global Leasing Committee of Westfield. 
His experience in the shopping center industry extends over 25 years, having led leasing in Westfield Sydney. He has also headed the leasing of Westfield Brazil, and held senior roles in London and Italy.
It was 2011 when the Port Authority of New York and New Jersey struck a deal with shopping centre operator Westfield which won the rights to redevelop that retail in mid-2001 but sold its stake in the property back to the Port Authority after the terrorist attack.
The New York leasing advisory was contained within today's half year announcements which indicted the newly formed company outlook and forecasts are consistent with the information contained in the security holder booklet for the recent restructure.
 
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Westfield Corporation was formed on 30 June 2014, following the restructure of the Westfield Group.
“We are very pleased with the performance of both Westfield Corporation and Scentre Group since the announcement and completion of the restructure," Westfield Corporation chairman Frank Lowy said.
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"As of today, with the new entities combined market capitalisation of approximately A$35bn, the restructure has created A$4.5bn of value for the shareholders of the former Westfield Group and Westfield Retail Trust.” 
WFD has assets under management of $27.7 billion, with balance sheet assets of $19.2 billion and a gearing ratio of 35.1% at 30 June 2014.
WFD’s portfolio of 40 shopping centres in the United States and United Kingdom has a strategy to focus on creating and operating iconic assets in major markets that deliver great experiences for consumers and retailers. 
"We aim to achieve this with an increased focus on digital technology and by bringing together the best of fashion, food, entertainment and leisure.”
WFD’s portfolio achieved comparable net operating income growth of 5.3% for the six months ending 30 June 2014. 
WFD’s flagship portfolio of 11 centres representing 66% of the total portfolio (by value), achieved comparable net operating income growth of 5.5% for the six month period. WFD’s Regional portfolio of 23 centres representing 30% of the total portfolio (by value), achieved comparable net operating income growth of 5.0%.
Portfolio specialty sales productivity was $681 per square foot with comparable specialty retail sales up 4.2% for the year ending 30 June 2014. The flagship portfolio achieved specialty retail sales of $954 per square foot, up 5.8% with the Regional portfolio achieving specialty retail sales of $467 per square foot, up 2.1%. 
“Specialty sales performance in our flagship portfolio is pleasing. We continue our focus on investing in high quality assets, introducing a diverse range of global retailers in our portfolio and, through Westfield Labs, digital innovation,” Steven Lowy said. 
At 30 June 2014, the portfolio was 94.4% leased, slightly up from June last year, with the flagship portfolio at 95.9% leased and the regional portfolio at 93.1% leased. 
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jchancellor-FAypfDUnLy

New York's Westfield World Trade Center 70% pre-leased 

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It gets rather tiring reading the commentary on UK house prices from people who have clearly never been here, less still have a modicum of ability to interpret data.
The latest angle has been that London prices have 'crashed' due to a monthly movement in Rightmove's asking price index.
Well, no.
For one thing, even Rightmove themselves warned that their asking price index is volatile and treated with caution, and particularly so in August historically, (not to mention that the very same index increased by well over 10% in October, which should tell you everything you need to know about its reliability on a month to month basis). 
In short, we see the London market cooling back a little over the next 12 months. 
Investors who want to outperform should look at a couple of our recommended suburbs including a couple of those set to benefit from the construction of the Crossrail project.
Away from London the market has never really gotten that hot post financial crisis, and in many areas is actually still very flat, with stock turnover very slow.
Anyway, back in the real world, here's the latest data from the <a href="https://www.ons.gov.uk/ons/rel/hpi/house-price-index/june-2014/stb-june-2014" target="_blank">Office for National Statistics</a> (click chart):
<img src="https://3.bp.blogspot.com/-qWQbQphzoEw/U_bqbsfrLAI/AAAAAAAAPTU/hfcpKOmMhSM/s1600/ONS%2BHPI.jpg">
London is denoted by the red line, recording the highest growth in the nation. 
Key points:
<ul>
<li>"UK house prices increased by 10.2% in the year to June 2014, down from 10.4% in the year to May 2014.</li>
<li>"House price annual inflation was 10.7% in England, 3.5% in Wales, 6.0% in Scotland and 4.9% in Northern Ireland.</li>
<li>"House prices are increasing strongly across most parts of the UK, with prices in London again showing the highest growth.</li>
<li>"Annual house price increases in England were driven by an annual increase in London of 19.3% and to a lesser extent increases in the South East (9.7%) and the East (7.9%).</li>
<li>"Excluding London and the South East, UK house prices increased by 6.3% in the 12 months to June 2014.</li>
<li>"On a seasonally adjusted basis, average house prices increased by 0.5% between May and June 2014."</li>
</ul>
Northern Ireland to reinflate a housing bubble?
The ONS data for Northern Ireland (NI) shows that its house prices are up 4.9% on a year ago raising the interesting question of whether the country will repeat any of the same mistakes of the last decade. It seems unlikely that price will be allowed to run upwards unchecked as they were through to 2007. At the peak of the bubble in June 2007, NI house prices had increased by 55.9% in only a year before eventually reversing.
The worst year in NI was the year to June 2009 when prices fell by 23% in only 12 months, before falling further through 2010 to 2012.
 <img src="https://1.bp.blogspot.com/-Y27_XtDuFJ0/U_bzwrhFSvI/AAAAAAAAPTk/yCbsZfbASeY/s1600/ONS%2BIreland.jpg">
Despite claims to the contrary, London is a very different proposition. 
Quite apart from being a major international financial centre, with a population of more than 8.3 million the ratio of new housing stock to established in such a large city remains immaterial and thus limited in its impact on the market.
The population of Belfast by contrast is only 280,000, so a boom in levels of construction can have a marked impact on housing market economics.
Ireland experienced a perfect, self-perpetuating housing bubble storm of full employment, booming prices and massive overbuilding. 
London has the opposite problem after years of woefully inadequate construction despite rapid population growth.
UK property 'bubble'
I've been back in my home city of Sheffield in Yorkshire the past couple of days.
Listening to some overseas commentary about the UK market, you'd think the property market across Britain was apparently in a bubble. 
Yet surely only someone who doesn't know the meaning of the word could describe the ex-London UK housing market as a bubble.
Speculative mania? Uncontrollable credit growth?
Prices have gone absolutely nowhere for more than seven years - backwards in many cases - and this through a period when inflation has been romping along at a 5% pace at times. In real terms, prices are way down in regional markets across England.
<img src="https://3.bp.blogspot.com/-J_yxXhZKh4I/U_fLUZ53MvI/AAAAAAAAPUY/OfNyv7rNqF4/s1600/UKHPIexlondon.jpg" style="line-height: 1.3em;">
The truth of the matter is that away from London and the south-east most housing markets remain painfully slow. Much of the same housing stock which was for sale when I was over here a year ago and the year before that still remains for sale.
This is a key reason why I don't invest in regional markets. Property is an illiquid enough asset as it is without compounding matters by investing in thin markets where demand is low.
Australia will get a sharp downturn one day, and when we do illiquid, depreciating assets will prove to be very painful for some investors who want to sell.
Being back in Sheffield in northern England it has been very notable how developments like the Hallam Tower have not progressed one iota in more than 10 years, and this is a site with the most spectacular views across the city.
The <a href="https://www.theguardian.com/artanddesign/the-camera-eye/2014/mar/05/park-hill-sheffield-utopian-estate-left-to-die" target="_blank">Park Hill redevelopment</a> has progressed a little over the past decade but much of it is still derelict.
A property bubble? Hardly. Britain's housing market is very much a case of London and the south-east versus the rest.
Article continues on the next page. Please click below.
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Sydney property market...bazinga
We've been suggesting for a couple of years now that low interest rates will keep property investors hammering the Sydney property market, and it's certainly been the case that interest rate cuts have had a marked effect on market activity through recent cycles. 
The chart below shows the correlation between the first rate cut of the most recent easing cycles and auction clearance rates. Through September and October 2008 the official cash rate was cut from 7.25% to 6%. And then in November 2011 the cash rate was cut to 4.50%, heralding the beginning of the latest cycle. You can see below the reaction of Australia's major property markets.
 <img src="https://pbs.twimg.com/media/BvMWrGmCQAA3V24.jpg:large">
For months commentators have been suggesting that the market is fading, but we have had to agree to disagree. Au contraire, with the cash rate now at only 2.50%, demand from investors in particular is exceptionally strong and rising. If you have been following the data, you will know that investor finance in New South Wales is going through the roof.
<img src="https://2.bp.blogspot.com/-HDjRCgTH1rU/U_j2UpeZ7SI/AAAAAAAAPUo/2O_S4n_uoBM/s1600/Lending%2BFinance.jpg">
There is also a theory that investors in the Sydney market have been "pulled forward" and therefore the market has been overdue to reverse. 
Perhaps yes to some extent, but in reality rising dwelling prices in Sydney have created more equity for redraw, low interest rates have led household savings higher allowing potential investors to employ more leverage...and if the Aussie dollar slides further then more foreign capital may find its way into the Sydney and Melbourne markets too.
Weekend - auctions booming
Anyways, it was an absolute rip-snorter of a weekend of auctions despite the rain.
 <img src="https://2.bp.blogspot.com/-pTJtvcW1wYY/U_j49q5WbUI/AAAAAAAAPU0/H43d2jWt1Qk/s1600/BRAD.jpg">
Australian Property Monitors recorded a thumping preliminary auction clearance rate of 83.4%, with the trend over the past five weeks one of a strengthening market as we move towards spring.
<img src="https://1.bp.blogspot.com/-TnANmsToDuw/U_kXfUHs2yI/AAAAAAAAPVQ/simOIqaMAKk/s1600/AU1.jpg">
Source: Australian Property Monitors.
RP Data, which typically records a lower result, came in at 75.8%.
No slowdown there. As for where the market is really firing...one of our favourite suburbs of the past five years just keeps on going, recording a perfect 100% clearance rate this weekend...
<img src="https://1.bp.blogspot.com/-ZRRJ6sETWA4/U_j604fYMgI/AAAAAAAAPVA/knswQxUc8G8/s1600/ERKO.jpg">
You can visit <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) or Pete's <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blog</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" rel="nofollow">Four Green Houses and a Red Hotel</a>' .
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pwargent-M4siyDbqQY

What we can learn from the UK property 'bubble'

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The world's first kilometre tall highrise is to set to start construction later this year. 
Saudi Arabia's Kingdom Tower in Jeddah, Saudi Arabia designed by Adrian Smith + Gordon Gill Architecture, will boast a number of world firsts, including 56 of the world's fastest elevators. It's expected to be completed in 2018 at a cost of $US1.23 billion.
It will overtake the Burj Khalifa, in Dubai and which Adrian Smith had previously worked on, as the tallest building by 173 metres.
The Kingdom Tower will include hotels, offices, apartments and an observation spot and will be cheaper per square metre than its tallest predecessor.
<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/2014/08/14/140707%20Kingdom%20Tower%20versus%20the%20London%20skyline%20graphic.jpg" alt="">
In an interview with Saudi Arabian newspaper Al Sharq, Prince Al-Waleed bin Talal said that it will be part of a larger 3,500,000 square metres of real estate.
"The Kingdom Tower will be a milestone in this project, because it will boost the value of the rest of the property," he said. Bin Talal said that they expect a return on investment over a period of 10 years.  
Asked by Al Sharq about Burj Khalifa's difficulty in finding tenants, bin Talal said that the development sold out and the developers got their money.
"It is the new owners who are not able to find tenants. The hotel there does very well," he said. "The problem is that Dubai faced a crisis of its own excess, add to that the crisis that hit the global banking sector in 2008, and add a new economic crisis faced by many countries around the world such as Greece, Italy and others. All these factors weighed heavily on the shoulders of the real estate market in Dubai."
Kingdom Tower continues the trend of “supertall” highrises over 300 metres. 
More than 50% of buildings over 300 metres in height have been built in the last four years, with just one, the Gold Coast's Q1, in Australia. The Eureka Tower in Melbourne falls just short of the classification at 297 metres.
The Middle East and Asia accounts for 90% of "supertall" projects, including the Kingdom Tower.
By 2020, the average total height of the top 20 tallest buildings globally is expected to be around 600 metres. 
Interestingly, these highrises bring their own challenges. In Australia, <a href="/expert-insights/building/numerous-sydney-areas-rezoned-to-allow-for-higher-density-developments">n</a><a href="/expert-insights/building/numerous-sydney-areas-rezoned-to-allow-for-higher-density-developments">ew multi storey towers were recently suggested for a number of areas of Sydney under zoning changes</a>. This is likely to prompt plenty of community opposition, despite no suggestion they will be one kilometre tall, record breaking offerings.
Insurance is also a challenge when it comes to the super highrises. Allianz Global Corporate &amp; Speciality (AGCS), who were also the insurer of the Gold Coast’s Q1, have created a Supertall Buildings Risk Bulletin detailing the challenges.
AGCS regional manager engineering, Ronan Gallgher, said that insurance has a huge role in managing the complex risks of these projects.
“One of the biggest challenges of such developments relates to safety and the success of the design because many materials are being used at the limits of their performance capability,” he said.
Photos courtesy of Adrian Smith + Gordon Gill Architecture.
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Kingdom Tower, one kilometre into the sky: New tallest highrise, new challenges

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Costly trophy homes and expensive purchases are a source of fascination for real estate fans across Australia.
Daily, our trophy homes section is filled with new tales of multi-million dollar homes in prestige Point Piper, Sandy Bay, Vaucluse, Peppermint Bay and any other number of top dollar properties. They’re often beautiful, and sometimes gaudy, but always worth a look.
Interestingly, despite the record-breaking sales seen by some of these homes, they don’t rate a mention on this infographic detailing the world’s most expensive homes.
Unsurprisingly, <a href="/news/worlds-tallest-house-in-mumbai-getting-new-neighbours">Antilia</a> tops the list, with a staggering price over $1 billion.
<img src="/images/2014/08/12/Do%20My%20Own%20Home%20Loan%20IG%20FINAL.jpg" alt="">
Source: <a href="https://domyownhomeloan.com.au/" target="_blank">Do My Own Home Loan</a>
Photo courtesy of Wikimedia Commons.
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The world’s most expensive homes and their owners: Infographic

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Makeup businessman Napoleon Perdis is off to Athens, according to the SMH columnist Andrew Hornery, so his two homes in the United States are up for sale.
Perdis told Hornery's PS column that he and wife Soula Marie, along with their four daughters, would be moving to Athens next year.
He has listed his two existing homes in America, one with a $6 million plus price tag in the Hollywood Hills. 
The other is the family's weekender, up for sale for $4 million in the desert resort of Palm Springs.
The two homes are located <a href="https://www.realtor.com/realestateandhomes-detail/7218-Mulholland-Dr_Los-Angeles_CA_90068_M11741-85515" target="_blank">on Mulholland Drive</a> in Los Angeles (pictured above) and <a href="https://www.realtor.com/realestateandhomes-detail/700-Tamarisk-Ln_Palm-Springs_CA_92262_M29261-29038" target="_blank">on Tamarisk Drive</a> in Palm Springs (pictured below).
The four storey Napoleon Perdis home in Los Angeles is a lavish Mediterranean-style home set in the Hollywood Hills. The six-bedroom, eight bathroom  home has 7,200 square feet of space. opulent, drenched-in-grandeur extravagance.
It is for sale at $6 million. The Hollywood Hills home last traded at $3.8 million in 2005. 
South of Los Angeles, in the getaway town of Palm Springs, is the five-bedroom, six bathroom contemporary structure covering 5,000 square feet with mountain view. It traded in 2008 at $1,805,000.
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Athens-bound Aussie Napoleon Perdis lists Hollywood and Palm Springs homes

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Comedian Andy Samberg and musician Joanna Newsom have bought an expansive LA home that once housed Hollywood legends.

The musical duo reportedly purchased Moorcrest for US$6.25 million in March. The home, formerly rented by Charlie Chaplin, seems a better fit for someone like a boss than a tramp - proving that Andy Samberg may not be such a normal guy after all.

While not <a href="https://www.youtube.com/watch?v=ODz2rUXpKWw">the 'Bu,</a> the house is still <a href="https://www.youtube.com/watch?v=KnuJ0UOn7w4" target="_blank">in California</a>, located in Beachwood Canyon. The home was originally built as part of the Krotona Colony, the national headquarters of the Theosophical Society, an esoteric philosophical group that hopes to "form a nucleaus of the universal brotherhood of humanity".

<img alt="" src="/images/2014/07/22/ac9dc480-0ea9-11e4-b0ef-7bb2bf6cff6e_andy-samberg-joanna-newsom-13-dining.jpg">

The decadent design of the home has Moorish, Gothic, Mission-revivalist and Art Nouveau elements. According to Jewish Business News, the vendors purchased the home for US$900,000 in 1996. They reportedly listed the home with US$9,989,000 million in 2006, then lowered the asking price to US$7.4 million the next year. Newsom and Sandberg apparently bought the home in an off-market deal.

<img alt="" src="/images/2014/07/22/Joanna_Newsom_-_Have_One_On_Me.jpg">

Newsom, a critically acclaimed songwriter, harpist, pianist and singer, may occasionally wish to lounge around among elaborate antiques with a stuffed peacock, as she does on the cover of her three-record release Have One on Me (pictured above). She now has the perfect living room - complete with peacock (below).

 <img alt="" src="/images/2014/07/22/903e6e70-0ea9-11e4-b7c6-ff743a0613c9_andy-samberg-joanna-newsom-9-living-area.jpg">

The four bedroom, six bathroom house was designed by Marie Russak Hotchener and built in 1921, when female architects were a rarity. 
The home also includes a glass-toped dome atrium (pictured below), where the couple can look up at the stars - <a href="https://www.youtube.com/watch?v=QWFsBQcexkg" target="_blank">on a good day</a> (or night, rather), Newsom may even be able to see <a href="https://www.youtube.com/watch?v=UGoNCvoZuYA" target="_blank">the Pleiades</a>.

<img alt="" src="/images/2014/07/22/9dc2d1d0-0ea9-11e4-b39b-e5f776518803_andy-samberg-joanna-newsom-19-atrium-top.jpg">

The huge kitchen has a raised fireplace, wrap around benches and central lonely island for serving boiled goose.

<img alt="" src="/images/2014/07/22/a0e6f530-0ea9-11e4-b39b-e5f776518803_andy-samberg-joanna-newsom-24-kitchen-wide.jpg">

There is also a substantial dressing room, perfect for Newsom's coats of <a href="https://www.youtube.com/watch?v=-LgQhfusf_E" target="_blank">boucle, jacquard and cashmere</a>, and Samberg's <a href="https://www.youtube.com/watch?v=ogG2p_ZUaaQ" target="_blank">turtlenecks and chains</a>. <img alt="" src="/images/2014/07/22/094eab50-0ea9-11e4-816c-17b57f80985f_andy-samberg-joanna-newsom-44-sinks-vanity.jpg">

The listing photos, now removed from their website, show ivy on the walls (<a href="https://www.youtube.com/watch?v=qn7duAZjP8w" target="_blank">but not around the lettering</a>) of the incredible home, with lush gardens providing plenty of room for <a href="https://www.youtube.com/watch?v=47yuiPK01kg" target="_blank">a sprout and a bean</a> to grow.

<img alt="" src="/images/2014/07/22/ivy.jpg">

There is also a pool, with a <a href="https://www.youtube.com/watch?v=nQbgIy2bj9Y" target="_blank">bridge (but no balloons)</a>. The pool area also has a man-made cave, perfect for Hot Rod star Sandberg, who <a href="https://www.youtube.com/watch?v=TbaBoWQSGak" target="_blank">likes to party</a>.

<img alt="" src="/images/2014/07/22/148e00b0-0ea9-11e4-b0ef-7bb2bf6cff6e_andy-samberg-joanna-newsom-47-pool-bridge.jpg">

According to Hollywood lore, Charlie Chaplin rented the home in the early 1920s before it was purchased by the parents of Maltese Falcon star Mary Astor in 1925. They sold the house at auction for $21,500 in 1934.

[smartcode_project:default project_id=27406]

Newsom is known for her albums The Milk Eyed Mender, Ys and Have One On Me. Samberg is a comedian who currently stars in Brooklyn 99, was formerly a cast member on Saturday Night Live and is a member of The Lonely Island.
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From Incredibad to Chaplin's pad - Andy Samberg and Joanna Newsom buy legendary Hollywood home

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Bali… Bucolic Bliss or Beach Bellini? 
The dream of buying a second home in Bali is a reality for many Australians, particularly retirees, people working in the Asia region and those with fly-in, fly-out jobs. 
One of our most popular destinations for a quick and cheap tropical getaway, Bali has a broad range of property options. But prices are not cheap anymore due to strong consumer demand driven by wealthy Indonesians (mostly from Jakarta and Surabaya), buyers from Australia and Europe, and Asian expats from Hong Kong and Singapore. 
During the past five years, Bali has become a major investment opportunity, especially for the luxury property market. Since early 2012 land prices have skyrocketed - particularly in Legian, Seminyak and Petitenget, thriving beachside lifestyle areas with a plethora of luxury villas, upmarket hotels, shopping boutiques, world-class restaurants, bars and clubs.
Given soaring prices around Seminyak, developers and villa buyers have looked further afield. Many moved north up the coast and also inland to areas such as Canggu, Tabanan and Tanah Lot, and in the other direction to Uluwatu, a windswept area on the island's most southern tip.
A <a href="https://www.theguardian.com/world/2013/mar/09/bali-property-frenzy-islanders-boom" target="_blank">report in The Guardian</a> states: “Development can be seen pretty much everywhere along the southern coast, with old buildings bulldozed to make way for new commercial properties, among them glittering cafes and restaurant ventures to cater to the ever-burgeoning market of wealthy clientele.”
“In the upmarket beachfront Canggu area, Echo Beach is now home to an InterContinental hotel and the Sea Sentosa project, a resort that calls itself "the benchmark for unparalleled luxury", while a Sunset Road extension is planned to link the capital, Denpasar, with Bali's more western beaches.”  
Land prices also have surged around seaside Sanur (an area inhabited since the 1960s by bule, the Balinese term for foreigners) and the cultural mountain village of Ubud, known for its yoga retreats, art galleries and brilliant green rice terraces. According to research by Elite Havens, Ubud’s land prices increased by about 55% during 2012. 
There are a range of alternatives for structuring one’s property ownership in Bali, but that is a story for another day.
This week our property contrarians, Jonathan Chancellor and Margie Blok, choose their pick of villas for sale in Bali’s bucolic inland village regions and blissful beachside areas.
HE SAID:<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/2014/03/28/jc-silhouette-7.jpg" style="float: right;">
I prefer Bali’s inland regions for the peace, privacy and traditional village life. For me, this is the real Bali. 
I enjoy waking to crowing roosters, the distinctive sound of gamelan music drifting across rice terraces at sunset, and the ubiquitous village religious ceremonies with temple dancers wearing elaborate head dresses, women balancing enormous offering baskets on their heads, and men carrying umbrellas for the gods. 
All this and more is on offer at a blissfully bucolic villa in the charming village of Buduk in the Canggu region. While it feels miles from nowhere, the beautifully appointed 450 square metre villa is a five minutes minute drive from the new hotel/restaurant precinct of Echo Beach, and 8 kilometres (or 25 minute drive) north-west of the trendy restaurant area of Seminyak.
<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/2014/07/18/bali%20july%2018%20two.jpg" alt="">
Built four years ago, and renovated extensively last year, the villas stands privately on an elevated 1,460 square metre block with picturesque views of surrounding rice fields and a church spire in the distance.
<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/2014/07/18/bali%20july%2018%20three.jpg" alt="">
There are three oversize double bedrooms (each with air-conditioning, bespoke joinery and a limestone ensuite) including the master suite with a separate room suited to an office or television/media room.
Honed marble floors and soaring vaulted ceilings are features of the enormous 20 metre x 7 metre living/dining zone with a custom-designed teak and terrazzo kitchen and bar at one end. Concealed behind the kitchen is second kitchen for staff and caterers. 
<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/2014/07/18/bali%20july%2018%20five.jpg" alt="">
Outside are a 14-metre swimming pool and a luxuriously appointed open-air living/entertainment “bale” with bespoke cabinetry and glorious views. Other features include staff quarters, a double carport, guest parking and a koi pond. 
<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/2014/07/18/bali%20july%2018%20six.jpg" alt="">
The property is for sale at US$895,000<a href="https://www.baliselectproperty.com/Property?PropertyId=7100" target="_blank"> through Adrian Savage at Bali Select Property</a>.
Margie Blok's choice is on the next page. Please click below.
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<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/2014/03/28/mb-silhouette-6.jpg" style="float: left;">
SHE SAID:
It’s the beach for me - but not busy tourist precincts or seaside villages that take hours to reach by car.
I love Bali’s East Coast. In particular, the quiet coastal village of Saba, 15 minutes drive from Sanur, 30 minutes from the airport (via the new Benoa bypass road), 20 minutes from Denpasar and 40 minutes from Ubud.
The Saba property I would buy (if I had US$4 million to throw around) is a <a href="https://www.elitehavenssales.com/property/63/East-coast-luxury" target="_blank">magnificent 5,000 square metres beachfront estate</a> with approximately 70 metres of beach frontage, and a superb five-bedroom villa compound consisting of two dwellings that combine Bali’s traditional elements with western luxury. 
<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/2014/07/18/bali%20july%2018%202%20two.jpg" alt="">
Approached by a scenic drive through rice fields, the property is at the end of very long paved driveway/private road. Surrounded by manicured gardens with vast level lawns and a sparkling swimming pool measuring 18 metres by 7 metres, the two-storey main residence has an enormous master bedroom suite (with a dressing room and stunning bathroom) on the upper level. 
At entry level are an impressive entrance foyer, vast open-plan living and dining areas (flowing to the grounds outside), a large modern kitchen, two bedroom suites (with beach views) and a beautifully appointed guest bathroom. 
<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/2014/07/18/bali%20july%2018%202%20one.jpg" alt="">
Also in the grounds is a spacious wantilan (an outdoor meeting and entertainment pavilion used for lounging and dining) with a bathroom and a kitchen. 
The second dwelling is a self-contained guest house with a living room, two bedrooms and a bathroom. 
<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/2014/07/18/bali%20july%2018%202%20three.jpg" alt="">
Certain to appreciate in value given its size and beachside location, the 5,000 square metre estate includes staff quarters and a 2,000 square metre parcel of vacant land which the owners have kept undeveloped as a green belt for absolute privacy.  The 2,000 sqm parcel could be developed or sold separately.
<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/2014/07/18/bali%20july%2018%202%20four.jpg" alt="">
Since Bali property prices skyrocketed, it is impossible to find a beachfront property of this size with such close proximity to Sanur. When you consider the cost of land in this premium beachfront precinct, you are practically getting the house for nothing in the property’s US$4 million price.
<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/2014/07/18/bali%20july%2018%202%20five.jpg" alt="">
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Bali… Bucolic Bliss or Beach Bellini? He Said/She Said

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Increasing liberalisation in the Asian insurance market is driving property investment, according to a new report from CBRE.
Historically, there have been strict regulations around insurance company investments in Asia, with limitations on real estate purchses. But CBRE's Liberalization and the Rise of Asian Insurance Investment in Real Estate report claims several Asian countries have begun to allow overseas direct investment with a greater threshold for real estate investment.
Total insurance assets in Asia outstripped the US and UK's insurance assets, according to insurance regulators in 10 Asia jurisdictions. Asia has US$6.7 trillion insurance assets, while the US has $5.8 trillion and the UK US$3 trillion. On the basis of total assets, Japan has the highest insurance market of anywhere in Asia, with US$3.3 trillion of assets. The majority region's other insurance assets are held by China, South Korea and Taiwan, with the four East Asian markets controlling around 90% of Asia's total insurance assets.
According to CBRE, Asian insurance companies generally operate under strict regulations controlling overseas real estate investment. The real estate company found that most of Asia's offshore insurance investments were in liquid assets including bonds, equities, cash and fixed income. It's estimated that only 2% of the continent's insurer's portfolios was made up of real estate at the end of 2013. CBRE claims that real estate generally makes up 4-6% of insurers' assets in "developed markets", with the US tying up 6.7% of their assets in real estate, and the UK 5.1%.
Of Asian countries, Taiwan has one of the highest proportions of real estate investment, with property the asset class making up 4.8% of their total insurance investments. The country only began allowing overseas investments for insurance companies in 2013.
CBRE expects the rapid growth of Asia's insurers and increasing deregulation will see US$75 billion entering the real estate market in between 2013 and 2018, with investment growing from US$130 billion to US$205 billion in five years. The apparent lack of appropriate investment opportunities in Asia and the ongoing liberalisation of Asia's insurance investment practices continues to result in increased offshore investment from Asia, according to CBRE.
The company reports that last year Asian insurers purchased about $2.4 billion in direct commercial real estate purchases outside the Asia Pacific region, with a strong preference for "trophy assets in gateway cities" such as London and New York. According to Ada Choi, senior director for CBRE research, the company expects the increase in real estate investment will be paralleled by total growth in the sector over the next five years.
"Looking ahead to the longer term, liberalization for insurance companies will speed up the pace of international real estate investments by Asian insurance companies," said Choi.
"We expect that further relaxation on overseas real estate investment will take place as regulators gain more confidence about overseeing such investments and insurance firms become savvier about investing globally," she said.
In particular, low yields for local prime core assets have seen Chinese and Taiwanese insurers opt for overseas property investments, with a preference for full ownership. CBRE expects Japanese insurers to continue to primarily invest in their own domestic market, while South Korean insurance companies are expected to use more indirect channels to acquire offshore assets.
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Deregulation of Asian insurers driving investment: CBRE

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This Auckland, New Zealand offering is a long bushland setting in the land of the long white cloud.
The Birkenhead Point property is marketed as a "rare and idyllic slice of paradise".
Some 12,329 square metres of native bush, 10 minutes by ferry or car to the Auckland CBD. Birkenhead is located on the north shore of the Waitemata Harbour.
Two properties each with one home make up the offering, one at 95C Hinemoa Street and an adjoining site at 11 Learmonth Avenue.
"Together they present an unprecedented prospect for development, or the canvas for a truly unique, park-like private dwelling," the Bayleys listing agent Malcolm Low said.
The <a href="https://www.propertyobserver.com.au/https://www.bayleys.co.nz/Listings/Auckland/North-Shore-City/Birkenhead-Point/1450228" target="_blank">tender closes July 17. </a>
Lows suggests buyers will construct several high-end residences.
With jobs as well as amenities, the former Reserve Bank chairman and economist Arthur Grimes recently suggested Auckland increasingly drew people from within New Zealand, returning Kiwis and from Australia and elsewhere.
"Other cities were good-looking, but Auckland had jobs as well as amenities," he told the stuff website.
Property prices in Auckland continue to rise despite lending restrictions and higher interest rates withy figures released this week by QV show the Auckland market increased 12.3% year on year.
Values are up 31.4% since 2007 peak.
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Long slice of residential Auckland bushland listed

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The Spanish-style estate of Reese Witherspoon and her husband, talent agent Jim Roth, is on the market.
At just over 0.5 hectares, Witherspoon’s double plot is a fraction of the size of the sprawling grounds that housed her Cruel Intentions character, Annette Hargrove, whose scenes at Mrs Rosemont’s house were filmed at the famous 64.5 hectare Old Westbury Gardens.
Even so, the property’s <a href="https://340northgunston.com/" target="_blank">US$14 million price tag</a> is nothing to sniff at.
Witherspoon’s Brentwood estate, in sweet home California, is situated at the end of a cul de sac in the gated Brentwood Circle community. The home has five bedrooms, each with its own bathroom with shower (which Witherspoon no doubt avoids for 24 hours after a perm) and a powder room. The master bedroom has a vaulted ceiling, fireplace, lavish marble bath, in built robes and a separate gym or office.
The house has a double height entry leading to a formal living room, formal dining room and a cozy library, where one could curl up around a copy of Les Laisons Dangereuses. 
The eat-in kitchen and family home open through French doors to the gardens and lawns, allowing residents to walk the line between the indoors and outdoors.  Outside, there is also a pool, which would hold enough water for elephants, and a spa, perfect for filming an application video for law school. The family friendly gardens hold a sunken trampoline, children’s playground and vegetable gardens.
Australia also makes its mark on Witherspoon’s home, with tall eucalyptus trees on the property.
Witherspoon’s home is selling through David Offer. A 2,682 square metre portion of the property is also available to purchase separately.  
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