<p>There are few property developers nationally that can boast a workbook like the ASX-listed developer Cedar Woods. With eight apartment buildings under construction across four states, Cedar Woods is well positioned to take advantage of what Managing Director Nathan Blackburne says is a “national shortage of apartments.”</p>

<p>Cedar Woods purposefully has a diversified portfolio of apartments, townhouses, commercial, and residential communities across the country, enabling the business to remain resilient through market cycles and respond to shifting buyer demand.</p>

<p>Blackburne says there is a great shortfall of housing of all typologies, none more so for apartments. He says that is the case particularly in Perth, where the lack of new apartment projects has been particularly acute.</p>

<p>“Perth has been more affected than Melbourne,” Blackburne explains, noting that over the past five years, “very few new apartment projects” have been launched in either city. Historically, apartments made up around 20 per cent of new housing nationally. Cedar Woods estimates that figure has fallen to around 10 per cent today, a gap they believe must close.</p>

<h2>Apartment appeal rebounding as supply shrinks</h2>

<p>There are signs the tide is turning however. Blackburne says buyer apartment sentiment really picked up in mid 2025. “In October we saw our strongest sales month for apartments in Perth.” The buyer demand has driven their Subiaco apartment development, Incontro, to nearly 70 per cent sold. The increased buyer sentiment has strengthened Cedar Woods’ confidence in bringing forward the next apartment project in Western Australia, a three tower development planned for the prime site on Upham Street in Subiaco, adjacent to Incontro.</p>

<p>Demand is being driven by several factors; the lack of new apartments coming to the market, the increased demand with migration far outstripping the aforementioned supply, and the appetite to live closer to the city.</p>

<p>“Over the past three years, Perth’s population has grown by around 250,000 people, while only around 50,000 dwellings have been delivered,” Blackburne says, adding that more than twice that number would be needed just to keep up.&nbsp;</p>

<p>He said that many buyers are being forced to the urban fringe because of the greater supply of land product, but that, Blackburne argues, is pushing the fringe further out and motivating a re-evaluation of the value of inner- and middle-suburb apartments.</p>

<p>Demographic shifts are helping drive this rethink. Cedar Woods is seeing more boomers downsizing, young professionals entering the market, and a rising number of single-person households. There’s also a growing trend of parents buying apartments for teenage children, motivated by fears that housing prices will become out of reach. “It’s not only a strong investment now, but it can serve as a first home when their children move out.”</p>

<h2>National diversification strategy</h2>

<p>Cedar Woods’ strategy is not limited to Perth. Blackburne outlines their aim to diversify by price point, product type, and geography, which “gives us a broad customer base and smoother earnings profile.” Throughout their markets, they’re combining apartments, townhouses, and masterplanned communities, allowing flexibility to pivot toward undersupplied segments as demand evolves.</p>

<p>In Victoria, Cedar Woods is pressing ahead with a major site in Fairfield, just northeast of Melbourne’s CBD, a site which Blackburne says the company has had its sights on for many years. They are planning to deliver three towers with over 300 apartments, with the plans likely to be submitted in early 2026.</p>

<p>Blackburne also expresses optimism about broader inner-Melbourne supply dynamics.<br />
<br />
“While Melbourne’s apartment market is better supplied than Perth’s, and population growth remains strong, Cedar Woods believes the current stock will be absorbed quickly,” Blackburne says, however he warns that policy disincentives remain. “In Victoria … there are quite a lot of obstacles for apartment buyers,” he says, adding that the industry is working with the state government to “remove those barriers” and avert prolonged undersupply.</p>

<p>Cedar Woods has plans on the desks of the VIC Government to develop a 20-storey tower in Southbank, in the heart of Melbourne’s arts precinct. Designed by Rothelowman, the proposed tower will deliver 180 apartments, ranging from studios to three-bedrooms, along with creative amenity space devoted to arts and digital industries, a food and drink tenancy at street level, and a 700sqm recreation deck with indoor lounge space will provide a resident amenity hub.</p>

<p>Blackburne frames the project as a response to Melbourne’s growing undersupply of signature inner-city living. “We saw a thematic: a looming undersupply in inner-Melbourne, particularly in high-quality apartments, and wanted to capitalise on that,” he says. The site’s proximity to the Melbourne Arts Precinct, key tram lines, and Southbank’s cultural fabric makes it especially appealing, Blackburne says.</p>

<h2>Charting the course forward</h2>

<p>On top of the apartment developments underway and planned in Perth and Melbourne, Cedar Woods has a multi-stage apartment development in Brisbane’s Woolloowin, and several years remaining on their masterplanned communities in Williams Landing in Melbourne and Glenside in Adelaide, both of which offer a mix of apartments and townhouses.</p>

<p>Blackburne says the developer has been able to mitigate some of the macro risks currently at play in the new development space, particularly in the construction sector.</p>

<p>“Cedar Woods has been able to make many apartment projects work because of good buying of the raw land in the first place, as well as its strong pipeline of apartment projects, enabling the company to attract builders to build deep, multi-year relationships.”&nbsp;</p>

<p>For Cedar Woods, 2026 is set to be significant, with anticipated approvals and submissions laying the groundwork for fresh apartment supply and multiple launches in 2027.</p>

<p>&nbsp;</p>


Joel Robinson

Cedar Woods ramps up apartment development amid Australia’s deepening housing shortfall

<p data-end="524" data-start="374">Rockdale has long been characterized as a suburb on the cusp. Well-located, well-connected, but historically underserved by modern apartment offerings.</p>

<p data-end="956" data-start="526">It has everything going for it: outstanding connectivity to the Sydney CBD, just four train stops to Central Station, strong local amenity anchored by Roc​kdale Plaza and a growing main-street dining scene, and enviable proximity to Brighton-Le-Sands. The six-kilometre beachfront is lined with bayside restaurants, cafés, and walking paths, giving residents a lifestyle typically associated with much more expensive coastal suburbs.</p>

<p data-end="1241" data-start="958">What Rock​dale has lacked is high-quality contemporary apartments. Most existing developments date back several decades, with floorplans that no longer support modern living needs, and buildings constructed long before today’s standards in engineering, efficiency, and sustainability.</p>

<p data-end="1627" data-start="1243">Lender, fund manager and apartment developer Princeton identified the gap early. Seeing all the right ingredients in Rockd​ale, transport, lifestyle, retail, and affordability, they set out to deliver what the suburb was missing. Their answer is <a href="https://www.apartments.com.au/new-apartments/marque-rockdale-602-608-princes-highway-rockdale-nsw-2216">Marque Rockdale</a>, a collection of 58 one-, two-, and three-bedroom apartments now nearing completion just a short walk from Ro​ckdale Plaza, home to over 50 specialist retailers and anchored by&nbsp;Woolworths, Big W and Aldi.</p>

<p data-end="1627" data-start="1243">[smartcode_project:default project_id=136442 project_image_fid=355216]</p>

<p data-end="1847" data-start="1680">Understanding they would be resetting the benchmark for the area, Princeton focused on ensuring buyers received best-in-class quality, longevity, and protection.</p>

<p data-end="2400" data-start="1849">A major step was securing the sought-after Latent Defects Insurance policy from Resilience Insurance. This policy protects apartment buyers from structural or waterproofing defects for the first 10 years of the building’s lifecycle. Crucially, it is first-response insurance, meaning that if an issue arises, the insurer pays immediately for remediation—rather than waiting for lengthy investigations to determine fault before work can begin. For purchasers, it offers an unprecedented layer of security rarely seen in Sydney apartment projects.</p>

<p data-end="2845" data-start="2402">During construction, independent building inspection firm SDSS has been providing Technical Inspection Services, bringing highly specialised construction experts on-site at key stages to ensure workmanship meets the highest standards. The project is being built by Coplex, an iCIRT-rated construction company, and throughout the build SDSS has frequently referred to <a href="https://www.apartments.com.au/new-apartments/marque-rockdale-602-608-princes-highway-rockdale-nsw-2216">Marque Rockdale</a> as one of the best projects currently on their books.</p>

<p data-end="3134" data-start="2884">Princeton also doubled down on comfort, acoustics, and livability.&nbsp;As well as being the only building along Princes Highway with a landscaped buffer between the building and the road, Princeton has purposefully included double-glazed windows in all apartments to reduce noise.</p>

<p data-end="3134" data-start="2884">Apartments feature double-glazed, noise-reducing windows and ducted air conditioning in every residence.&nbsp;In addition to the project’s transport convenience, Princeton has partnered with GoGet Car Share to provide a dedicated GoGet vehicle housed permanently within the building. Residents will receive a free annual GoGet membership, paying only usage fees, offering a flexible alternative to owning a second car and enhancing the project’s sustainability credentials.</p>

<p data-end="3134" data-start="2884">[smartcode_project:default project_id=136442 project_image_fid=277075]</p>

<p data-end="3271" data-start="3136">Residents will enjoy an exclusive rooftop oasis, purpose-designed as an extension of their living space. The communal rooftop includes BBQ facilities and outdoor entertaining areas, a&nbsp;pergola-shaded dining zone, a dedicated children’s play space, and a landscaped herb garden.</p>

<p data-end="3558" data-start="3424">Princeton and Coplex is approaching completion of <a href="https://www.apartments.com.au/new-apartments/marque-rockdale-602-608-princes-highway-rockdale-nsw-2216">Marque Rockdale</a>, and are expecting residents to move in early in the new year. The mix of apartment configurations and price points have been a hit with young professionals, those who need to commute to the CBD, and families who appreciate doorstep amenity.</p>

<p>“Marque is a place where residents will be proud to call it home," Princeton Head of Development George Young says.</p>

<p>"We’ve worked really hard with Coplex and our design team to deliver an incredible building for the future home owners to make their own. The homes are all designed to allow the residents to make it their own, a place to belong and live a stylish urban life."</p>

<p data-end="3558" data-start="3424">[smartcode_project_cta:default project_id=136442]</p>


Marque Rockdale sets a new standard of apartment living in Sydney's south

<p>Plans to revitalize the&nbsp;long-established Benowa Gardens Shopping Centre into a mixed-use community combining living, shopping, dining, health and wellbeing facilities, have been proposed to the Gold Coast City Council.</p>

<p>The Benowa Gardens Urban Village proposal by Benowa Gardens Holdings seeks to transform the 17,660 sqm site at <a href="https://www.apartments.com.au/new-apartments/203-ashmore-road-benowa-qld-4217">203 Ashmore Road</a> into a contemporary, sustainable destination that reflects global trends in modern community design while retaining the familiar local character residents value.</p>

<p>The site is bordered by Ashmore and Benowa Roads and Carrara, with ready access to Pindara private hospital, four schools, TAFE, sports fields and the nearby Botanic Gardens.</p>

<p>Benowa Gardens Holdings is seeking a preliminary Council approval only for its proposed masterplan and variations to the site’s Neighbourhood Centre zoning.&nbsp;<br />
Formal Public Exhibition commenced Friday and also marks the start of comprehensive community consultation with surroundings residents, schools, P&amp;Cs, existing retailers, nearby sporting clubs, arts groups and Botanic Gardens volunteers.</p>

<p>Designed by Neylan Architecture, the masterplan envisions around 413 new apartments, complemented by upgraded retail, dining, and wellness amenities as part of 10,000 sqm of retail, and 9,630 sqm of office space/medical suites.</p>

<p>The development will feature green open spaces, shaded promenades, landscaped terraces, pedestrian walkways, and expanded healthcare and lifestyle services in synergy with the neighbouring Pindara Private Hospital and local schools.</p>

<p><img alt="Benowa" data-entity-type="file" data-entity-uuid="244f4d54-2e67-4141-92b8-78d5735f47c2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-11-26%20at%2012.47.34%E2%80%AFPM.png?VersionId=FmF5lzhpwVZc7POsdB770TJ_Bf2c0od8" /></p>

<p>“This concept embraces the way people increasingly want to live - safely, conveniently, and within strong local communities,” said Patrick Lu, Director of Benowa Gardens Holding.</p>

<p>“Benowa Gardens will set a new benchmark for integrated living on the Gold Coast. It’s a thoughtful, community-minded evolution that brings global best practice in urban design to one of the city’s most established areas.”</p>

<p>Lu said this isn’t just a redevelopment, it’s a renewal with purpose.</p>

<p>“Benowa Gardens has served the community for decades. Our goal is to ensure it continues to do so for generations to come, as a lively, connected Urban Village where people can truly live, work and thrive. We’re already talking to school leaders and the community to seek their feedback on our proposal, and have taken on board their ideas to improve student safety with additional “traffic calming” measures on Carrara Street. We’re conducting meaningful and sincere consultations and want to play our role in preserving and enhancing the local community."</p>

<p>The proposed redevelopment aims to deliver tangible benefits across the Benowa and wider Gold Coast community, including:</p>

<ul>
	<li>Improvement of retail amenity, to capture the under-served local market demand and keep the local business at their local shopping centre.</li>
	<li>Housing diversity; offering a range of apartment types for key workers, downsizers, and local families who wish to remain in the area.</li>
	<li>Enhanced shopping and dining; revitalised retail spaces designed to support local businesses and attract more visitors.</li>
	<li>Health and wellbeing access; additional medical and wellness amenities to complement existing local facilities.</li>
	<li>Improved traffic flow and access; two new access points, upgraded intersections, upgrade pedestrian pathway’s signal and proposed upgrade of pedestrian and cycle connections/space to improve safety and convenience, especially for school children.</li>
	<li>Environmental sustainability; energy-efficient design, green rooftops, and water-sensitive landscaping to reduce emissions and enhance comfort.</li>
	<li>Local jobs and investment; supporting hundreds of construction and long-term roles while stimulating local economic growth.</li>
</ul>

<p>The group behind the project boasts extensive experience in the property development industry, both in Australia and international markets. Over the past 23 years, the group has been involved in the development and management of a diverse portfolio of assets including residential dwellings, shopping centres, bulky-goods stores, community and medical facilities, childcare centres, offices, hotels, and taverns, across Brisbane, Ipswich, and the Gold Coast.</p>


Benowa Gardens to become new mixed-use urban village

<p>Demand for townhouses in Melbourne’s inner west has surged as buyers seek the elusive combination of space, affordability, and location.&nbsp;</p>

<p>With family-first apartments increasingly rare and standalone homes often out of reach, townhouses have emerged as the new sweet spot, delivering generous living areas with lower maintenance needs within close proximity to the Melbourne CBD.&nbsp;</p>

<p><a href="https://www.apartments.com.au/new-townhouses/kings-lane-south-kingsville-50-58-new-street-south-kingsville-vic-3015">Kings Lane</a>, the new under-construction townhouse development by the family-owned developer&nbsp;<a href="https://www.apartments.com.au/developers/blue-run">Blue Run</a>&nbsp;in South Kingsville, responds directly to this trend. Comprising just 25 residences designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, the project offers a compelling alternative to both apartment downsizers and family upsizers. With three-bedroom homes priced under $1 million, it presents one of the area’s rare attainable pathways to townhouse living less than eight kilometres from the CBD.</p>

<p>[smartcode_project:default project_id=145042 project_image_fid=355147]</p>

<p><a href="https://www.apartments.com.au/developments/south-kingsville-vic-3015">South Kingsville</a> itself is quietly becoming one of Melbourne’s most dynamic pockets of urban renewal. Flanked by the established appeal of Yarraville, Newport and Williamstown, the suburb balances quiet, village-like streetscapes with major infrastructure upgrades and a growing slate of retail, dining and lifestyle amenity.&nbsp;</p>

<p>Kings Lane occupies a well-connected site at 50–58 New Street, just off Blackshaws Road and within walking distance of the emerging Union Quarter precinct, a major retail destination anchored by Woolworths, specialty food outlets and wellness services.</p>

<p>A 400-metre stroll brings residents to the Vernon Street shops, a local favourite known for its mix of independent grocers, cafes and family-run eateries. For broader shopping options, Altona Gate Shopping Centre and Yarraville Square are both within a short drive. Spotswood IGA and the Williamstown retail strip further broaden the convenience of daily essentials.</p>

<p>[smartcode_project:default project_id=145042 project_image_fid=355139]</p>

<p>Dining options in the area lean toward eclectic and community-driven, with standouts like Rocco’s Deli, Dad and Dave’s, and Pizza d’ASPORTO offering a range of casual and elevated menus. Cafés such as Hudson Road Wine &amp; Beer and Blacksheep Coffee add to the lively yet local feel of the neighbourhood.</p>

<p>Green space is another hallmark of life at Kings Lane. Edwards Reserve is close enough for morning walks or casual sport, while larger parks like Newport Lakes, Yarraville Gardens, and Cruickshank Park are all a few minutes’ drive away. More than half of the nine-hectares of new green space or parkland being created as part of the West Gate tunnel works is located just at the end of New Street, the same street as Kings Lane.</p>

<p>&nbsp;</p>

<p>For those with school-age children, South Kingsville is home to a range of quality childcare centres and schools, including Kingsville Primary, Spotswood Primary, and Williamstown North Primary. Community Children’s childcare and South Kingsville Preschool are nearby, making the suburb particularly attractive to young families.</p>

<p>Transport links continue to improve, with Spotswood Station and the West Gate Freeway both within a five-minute radius. Future upgrades, including the proposed sky rail for Newport and Spotswood, and the delivery of the West Gate Tunnel project, promise even better access to the CBD and Melbourne Airport in the years to come.</p>

<p>Kings Lane's 25 all-electric townhouses are currently under construction, and will complete in late 2026.</p>

<p>[smartcode_project_cta:default project_id=145042]</p>


Staff Writer

Kings Lane townhouses offers rare value in Melbourne's thriving inner west

<p>Developer-builder <a href="https://www.apartments.com.au/developers/billbergia">Billbergia</a> has set a new apartment price record for <a href="https://www.apartments.com.au/developments/rhodes-nsw-2138">Rhodes</a>, a suburb the company has been instrumental in transforming over the past two decades.</p>

<p>The milestone follows the delivery of thousands of apartments across the harbourside peninsula, culminating in the $4.5 million sale of a 220 sqm penthouse in the <a href="https://www.apartments.com.au/buildings/rhodes-central-oasis-39-marquet-street-rhodes-nsw-2138">Rhodes Central Oasis</a> building, which Billbergia completed earlier this year. It is the first apartment in Rhodes to surpass not only the $4 million mark for settled sales, but also the $3 million mark, eclipsing the previous $2.75 million record set in 2021.</p>

<p>The purchaser had originally secured several apartments in the 40-storey tower off the plan as investments. During settlement, she spent more time in the Rhodes area and was so impressed with the building that she decided to downsize from her Northbridge home into the four-bedroom plus MPR penthouse.</p>

<p>The sale underscores the long-term work Billbergia has undertaken in Rhodes since the early 2000s. The company, rated 4.5 Gold Stars under the NSW iCIRT system, identifying it as one of the state’s most trustworthy and financially secure developers, was a pioneer of the area’s urban renewal. What was once a heavily industrial waterfront has become one of Sydney’s most successful examples of transit-oriented development.</p>

<p><img alt="Billbergia" data-entity-type="file" data-entity-uuid="56093d7f-db18-42f4-bf9b-115bdf76f5f3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-11-26%20at%2011.10.06%E2%80%AFAM.png?VersionId=pca77Mr.H83nwXbJexmaLUAqBewtQ7d9" /></p>

<p>Billbergia is now driving the peninsula’s next major evolution: the most ambitious project in its nearly four-decade history. They are planning the Rhodes Bay Masterplan, an eight-tower, mixed-use precinct on Leeds Street. Currently with the NSW Government’s Housing Delivery Authority which is now championing large-scale projects across the state, the Rhodes Bay Masterplan lays the groundwork for a generational reshaping of this important pocket of Sydney’s Inner West.</p>

<p>The masterplan spans more than 31,000 sqm of amalgamated industrial land along the foreshore, land that has been privately held and inaccessible to the community for more than a century. According to Billbergia’s Development Director, Saul Moran, reclaiming this land for public use is central to the company’s vision.<br />
<br />
“What’s so exciting is that we have over 300 metres of privately-held industrialised waterfront, land that’s been locked away for more than 100 years, which we’re bringing back to the community,” he says. “It’s taken many years to assemble sites like these, and the goal now is to transform them into meaningful public space where new homes can be built in an integrated, amenity-rich setting.”</p>

<p>At full completion, the Rhodes Bay Masterplan is expected to deliver over 2000 apartments, with the first 1000 to be completed by 2029. Billbergia’s design focused on nine slender towers, so they could give back more to the ground plane. There will be more than 16,000sq m of new parkland and recreation space, including sports fields, a foreshore play area and waterfront green links. Around 14,600 sqm of retail is also proposed, extending the precinct’s role as a true mixed-use hub.</p>

<p><img alt="Rhodes Bay" data-entity-type="file" data-entity-uuid="240ffc41-4f26-421a-9606-5c56f6fc2d93" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-11-26%20at%2011.05.48%E2%80%AFAM.png?VersionId=BkBxZr7S8CAt1vgNa8AF3zjdc3YuVh0L" /></p>

<p>“Density only works when it’s paired with amenity, transport and open space, and that’s what’s made Rhodes such an amazing success story,” Moran says, adding that the demographic shift Billbergia has seen over the last two decades has informed their future development pipeline in the suburb.</p>

<p>“Rhodes has moved from being largely an investor market to a strong owner-occupier community,” Moran says. “There’s real demand for three-bedroom homes, flexible intergenerational layouts, and apartments people can grow into.”</p>

<p>&nbsp;“We’re designing taller, more slender towers to free up the ground level for sport, recreation and green space. High-density communities thrive when people have the best backyards in Australia, and that’s what we want to create here.”</p>

<p>Demand remains robust, evidenced by Billbergia’s recent results. “We achieved a record sale across the entirety of Rhodes Central just last week,” Moran says. “It shows the depth of confidence buyers have in what’s being built here.”</p>

<p>Billbergia’s vertically integrated model allows them to overcome the recent cost escalation and challenges in the build environment. “Having an in-house construction team lets us control feasibility, value management and quality from day one,” Moran says. “It’s critical in the current market, where construction escalation is at the forefront of every project’s viability.”</p>

<p>The company is also leveraging the NSW Government’s new Housing Delivery Authority process, which Moran describes as a more efficient pathway without compromising design standards.<br />
<br />
“We’re really applauding the NSW Government for its efforts to increase housing supply. There’s been a remarkable improvement in how they’re helping deliver more homes, more quickly.”</p>

<p>Billbergia has already commenced construction of Stage One of the Rhodes Bay masterplan. They will be lodging the State Significant Development Application before Christmas.</p>

<p>“We’re moving quickly, but with due care,” Moran says. “This is a generational precinct, and it needs to be done right.”</p>


Billbergia smashes suburb record as Rhodes transformation continues

Median Price

<html><body>
<p>Median prices and price indexes are very blunt instruments for measuring real estate markets.</p>
<p>When it comes to charting what’s happening in property markets, price data is a long way behind the game and prone to all kinds of statistical absurdities.</p>
<p>Price statistics are part of a chain reaction which means most investors get into markets too late to buy well. After something fundamental changes in a market, causing activity to start rising, it can be six months before it starts to be reflected in prices and even longer before it comes to attention of consumers via the media.</p>
<p>If you’re reading there’s a price boom somewhere, you’ve already missed the best time to purchase by at least 12 months. But that’s the signal that sparks most investors into action.</p>
<p>Fortunately, there’s a better way.</p>
<p>It’s one of clear patterns of real estate that changes in sales activity translates into price reactions, all other things being equal. It’s sounds simplistic but it’s not - it’s merely simple. There’s a correlation between sales volumes and prices rises/falls. But the change in activity comes first and the price reaction follows later.</p>
<p>So there are plenty of lessons to be seen in what’s happening to sales activity in major markets around the country.</p>
<p>Our latest edition of The Price Predictor Index shows quite starkly how much the Sydney and Melbourne markets have declined in terms of activity. </p>
<p>Boom markets seldom extend beyond three years and Sydney’s cycle has inevitably passed its peak and turned south. The vast Sydney metropolitan area, with over 700 suburbs, is bereft of suburbs with forward momentum. Many suburbs now display patterns of sharply declining sales levels – and many of those areas are now experiencing price stagnation or decline.</p>
<p>Melbourne has followed Sydney into the post-boom phase of the property cycle. There has been a marked downturn in the number of growth suburbs in the Greater Melbourne area, down from 105 in our previous quarterly survey to 28. Most of the ranked suburbs now have <em>Plateau</em> markets (sales tapering off at levels below their peak).</p>
<p>While Melbourne generally is fading, one region that continues to pump is the Mornington Peninsula LGA. Bayside suburbs at opposite ends of the price spectrum - Rosebud West (median house price $425,000) and Sorrento ($900,000), and several others in between - have markets where sales activity is rising steadily.</p>
<p>Meanwhile, the City of Greater Geelong is the No.1 market in Victoria. It has plenty of upwardly-mobile suburbs, more than any other LGA in the state and fourth best in the nation (behind three municipalities in South-East Queensland). A standout feature is the growing sales activity in cheaper suburbs such as Norlane, Corio, Belmont and Clifton Springs. This doesn’t surprise, as Geelong thrives on being an affordable alternative to Melbourne.</p>
<p>Torquay on the Surf Coast south of Geelong and the towns of the Bass Coast LGA - including Inverloch, Wonthaggi and Cowes – are also travelling well.</p>
<p>Meanwhile, and this will surprise many people, Adelaide ranks as the leading capital city market now. It has more suburbs with rising sales activity (47) than all other cities. Brisbane is the only serious challenger, with 41 growth suburbs. </p>
<p>Adelaide’s No.1 municipality is the Port Adelaide Enfield LGA. This is one of the largest municipalities in Adelaide, covering the inner north and north-west of the city. Eight suburbs in this LGA have forward momentum, mostly suburbs with median house prices in the range from $380,000 to $510,000. They include Broadview, Northgate, Windsor Gardens and Largs Bay. </p>
<p>Also chugging along nicely is the City of Charles Sturt, one of those solid middle-market areas that have strong property markets amid the steady rise of Adelaide.</p>
<p>The Charles Sturt LGA includes bayside suburbs west of the Adelaide CBD, including rising markets such as Henley Beach (median house price $690,000) and Henley Beach South ($830,000), as well as some more affordable locations such as Findon ($475,000), Kidman Park ($555,000), Semaphore Park ($480,000) and Seaton ($455,000).</p>
<p>Brisbane and South-East Queensland still have good activity happening. The Gold Coast remains the No.1 municipality in the nation in terms of the number of suburbs with growing sales activitity and the No.2 and No.2 LGAs in that regard are found in the Brisbane metropolitan area. </p>
<p>The Greater Brisbane area has a smaller number of growth markets than three months ago, but remains considerably stronger than Sydney and Melbourne. Its leading precincts are two fringe areas on the periphery of the metropolitan area – the Moreton Bay Region in the far north and Logan City in the far south. This suggests the Brisbane cycle is at or close to its peak. But, for now, it remains one of the strongest cities.</p>
<p>The other standout city is Hobart. The last time Hobart captured the national imagination for property investment was in 2003/2004. Most the intervening period has been characterised by economic and population stagnation and an enduring status as the basket case of the national economy.</p>
<p>But all that has changed. Tasmania is a contender again and this has translated into rising performance in the Hobart property market. Sales numbers are up, prices and rents are responding, and investors are starting to take action.</p>
<p>It helps that Hobart has the lowest prices, high rental yields and lowest vacancies among the eight capital cities.</p>
<p> </p>
<p class="Body"><em>Terry Ryder is the founder of <a href="https://www.hotspotting.com.au/" target="_blank">hotspotting.com.au</a>. You can <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email him</a> or follow him on <a href="https://twitter.com/hotspotting" target="_blank">Twitter.</a></em></p>
</body></html>

terryryder-YECXbqmri2

The correlation between property sales volumes and prices rises: Terry Ryder

<html><body>
<p>At the end of 2016, 7.6 percent of suburbs nationally had a median house value under $200,000 and 5.9 percent of suburbs had a median unit value below $200,000.</p>
<p>To put these figures into some perspective, 11.4 percent of suburbs had a median house value of at least $1 million and 3.0 percent of suburbs had a median unit value of at least $1 million.</p>
<p>Mr Kusher found that over the five years to the end of 2016, a substantial decline occurred in the proportion of suburbs with a median value below $400,000.</p>
<p>As a comparison, at the end of 2011, 53.5 percent of suburbs had a median house value of less than $400,000 and 69.8 percent of suburbs had a median unit value of less than $400,000. By the end of 2016, the proportion of suburbs with a median value of less than $400,000 fell to 41.0 percent for houses, and 55.3 percent for units.</p>
<p><a href="https://www.propertyobserver.com.au/images/2017/02/16/Screen%20Shot%202017-02-16%20at%2011.20.39%20am.jpg" target="_blank">Click to enlarge</a></p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/02/16/Screen%20Shot%202017-02-16%20at%2011.20.39%20am.jpg" alt=""> </p>
<p>Looking back at the individual capital cities over the past five years highlights a significant shift in the proportion of suburbs with a median value under $400,000, particularly in Sydney and Melbourne.</p>
<p>Today’s analysis revealed that five years ago, with the exception of Darwin and Canberra, every capital city had at least 20 percent of its suburbs with a median house value of less than $400,000.</p>
<p>At the end of last year, it was virtually impossible to find houses for less than $400,000 in Sydney, Darwin and Canberra while less than 7% of suburbs had a median house value below $400,000 in Melbourne.</p>
<p><a href="https://www.propertyobserver.com.au/images/2017/02/16/Screen%20Shot%202017-02-16%20at%2011.20.46%20am.jpg" target="_blank">Click to enlarge</a></p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/02/16/Screen%20Shot%202017-02-16%20at%2011.20.46%20am.jpg" alt=""></p>
<p>We noted that across each city there has been a substantial decline in affordable housing over the past year despite the fact that outside of Sydney and Melbourne there has been only moderate value growth over the period.</p>
<p>Even units recorded a fairly substantial decline in the proportion of suburbs with a median value of less than $400,000 over the past five years.</p>
<p><a href="https://www.propertyobserver.com.au/images/2017/02/16/Screen%20Shot%202017-02-16%20at%2011.20.54%20am.jpg" target="_blank">Click to enlarge</a></p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/02/16/Screen%20Shot%202017-02-16%20at%2011.20.54%20am.jpg" alt=""></p>
<p>For those earning a relatively low income in Sydney and looking to buy a house or unit, they are competing for a rapidly declining pool of housing stock across the city.</p>
<p>The pool is also declining across the remaining capitals, albeit not at the same pace of decline as in Sydney.</p>
<p>Key Findings:</p>
<p>• At the end of 2016, looking at both houses and units, 20.5 percent of Sydney suburbs had a median value of less than $600,000 compared to 38.5 percent of suburbs having a median value of at least $1 million. To further highlight deteriorating housing affordability in Sydney, 34.6 percent of suburbs had a median unit value of less than $600,000 at the end of 2016. In each other capital city, a higher proportion of suburbs had a median house value of less than $600,000 than the proportion of suburbs with a median unit value of less than $600,000.</p>
<p>• In 2011, the proportion of total suburbs with a median house value below $400,000 across each capital city was: 21.2 percent in Sydney, 28.9 percent in Melbourne, 40.9 percent in Brisbane, 40.5 percent in Adelaide, 31.1 percent in Perth, 69.2 percent in Hobart, 2.1 percent in Darwin and 1.1 percent in Canberra.</p>
<p>• Units offered a more affordable option highlighted by the proportions of suburbs values below $400,000 at: 38.8 percent in Sydney, 48.2 percent in Melbourne, 81.7 percent in Brisbane, 94.3 percent in Adelaide, 59.8 percent in Perth, 92.7 percent in Hobart, 53.3 percent in Darwin and 44.6 percent in Canberra.</p>
<p>• The proportion of suburbs with a median house value of less than $400,000 at the end of 2016 was recorded at: 0.1 percent in Sydney, 6.3 percent in Melbourne, 29.2 percent in Brisbane, 28.0 percent in Adelaide, 18.9 percent in Perth, 52.1 percent in Hobart and 0.0 percent in Darwin and Canberra. For units the proportions were recorded at: 6.5 percent in Sydney, 31.8 percent in Melbourne, 62.7 percent in Brisbane, 85.1 percent in Adelaide, 46.4 percent in Perth, 88.4 percent in Hobart, 57.6 percent in Darwin and 45.8 percent in Canberra.</p>
<p><a href="https://www.propertyobserver.com.au/images/2017/02/16/Screen%20Shot%202017-02-16%20at%2011.21.01%20am.jpg" target="_blank">Click to enlarge</a></p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/02/16/Screen%20Shot%202017-02-16%20at%2011.21.01%20am.jpg" alt=""></p>
<p class="p1"><span class="s1"><em>Cameron Kusher is research analyst for CoreLogic. You can contact him </em><a href="https://blog.corelogic.com.au/about/"><span class="s2"><em>here</em></span></a><em>.</em></span></p>
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ckusher-ujnxiKuFQs

The heightened decline in suburbs under the $400,000 median: Cameron Kusher

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<p>Darling Point had a great year. Its 12 sales triggered a $5.6 million best median price place on CoreLogic top list of 2017.</p>
<p>Dawes Point topped the apartments list.</p>
<p>Point Piper was excluded from calculations as it did not see the sale of 10 or more houses, but it did rank third with apartments.</p>
<p>Darling Point house sales included a four bedroom at <a href="https://www.realestate.com.au/sold/property-house-nsw-darling+point-124922942" target="_blank">14 Thornton Street</a> that fetched $7.06 million.</p>
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<p><span>Houses                        Sales Volume Medium Value                                         </span></p>
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</div>
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<p>NSW Darling Point Woollahra 12 $5,682,520        </p>
<p>NSW Vaucluse Woollahra 86 $5,471,853               </p>
<p>NSW Bellevue Hill Woollahra 68 $5,316,587             </p>
<p>Vic Toorak Stonnington 124 $4,761,631                   </p>
<p>NSW Longueville Lane Cove 37 $4,259,644             </p>
<p>NSW Tamarama Waverley 14 $4,254,666                 </p>
<p>NSW Dover Heights Waverley 36 $4,133,440           </p>
<p>NSW Mosman Mosman 259 $4,041,599                    </p>
<p>NSW Double Bay Woollahra 12 $3,994,114               </p>
<p>NSW Mcmahons Point North Sydney 20 $3,980,169  </p>
<p>Units </p>
<p>NSW Dawes Point Sydney 13 $3,176,621</p>
<p>NSW Barangaroo Sydney 12 $3,119,329</p>
<p>NSW Point Piper Woollahra 25 $2,989,216</p>
<p>NSW Darling Point Woollahra 85 $2,292,686</p>
<p>NSW The Rocks Sydney 30 $2,025,499</p>
<p>NSW Millers Point Sydney 41 $1,810,199</p>
<p>NSW Cabarita Canada Bay 15 $1,766,719</p>
<p>NSW Seaforth Manly 18 $1,672,213</p>
<p>NSW Palm Beach Pittwater 11 $1,626,911</p>
<p>NSW Milsons Point North Sydney 42 $1,620,837</p>
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j.ballantyne1990-6AQqhLzZaK

Darling Point had highest median value in CoreLogic's best list in 2017

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<div>Sydney median house prices were up by 1% in October to be up by 21% over the year to $1,058,500.</div>
<div> </div>
<div>Sydney median unit prices were also up by 1% in the month to be up by 15% over the eyar to $684,500.</div>
<div> </div>
<div>There has also been moderate growth over the past year for Brisbane houses (4%) and units (3%).</div>
<div> </div>
<div>Interestingly Melbourne has now picked upp the pace, with house prices in the Victorian capital recording growth of 7% in the last quarter alone to be 11% higher over the year. </div>
<div> </div>
<div>On the other hand, some moderate declines were recorded in other cities and regions. </div>
<div> </div>
<div><a href="/images/2015/12/1/Table_1_October_Statistics_Summary.jpg" target="_blank">Click to enlarge</a></div>
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<div><img src="/images/2015/12/1/Table_1_October_Statistics_Summary.jpg" alt="" width="781" height="579"></div>
<div> </div>
<div><span>In other news, there was a very strong result recorded for the Reserve Bank's Financial Aggregates.</span></div>
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<div>
<p><span><em>PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>.</em><br></span></p>
<p><em>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>.</em></p>
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Residex market update: Pete Wargent

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<p><span>A median price is a commonly used measure of pricing in the housing market. It represents the </span><span>‘middle’ </span><span>sale price in a list of transactions arranged in ascending (or descending) order. </span></p>
<p><span>For example, if there were eleven house sales across a suburb, the median would be the sixth most expensive sale which means that there would be an equal number of more expensive and more affordable properties. </span></p>
<p><span>It is valuable to look at other measures such as quartiles from time-to-time as this methodology provides a reflection of the more affordable and more expensive segments of the housing market in a region. If a region had 21 sales over a period the lower quartile would be the 6th cheapest sale and the upper quartile would be the 6th most expensive sale. </span></p>
<p><span>The </span><span>difference across the lower and upper quartiles provides us with more than just a view of range in prices; quartile measures also provide an indication of the diversity of housing stock in a region. A good example of this is the high profile suburb of Point Piper in Sydney which has significantly diverse housing stock due to its harbourside location. The lower quartile price is still hefty at $4,720,000 however, the upper quartile comes in at $30,000,000; more than six times the lower quartile price. </span></p>
<p><span>For </span><span>this analysis we are highlighting the capital city suburbs with the least difference between the bottom and top quartile; or the least amount of diversity in housing </span><span>stock.</span></p>
<p><span>For houses, Strathmore Heights in Melbourne has shown the smallest difference at just 5.6% based on sales over the past year. Across the unit market the suburb with the smallest differential between the lower and upper quartile was Albany Creek in Brisbane at just 1.3%. </span></p>
<p><span>Of surprise is the fact that very few of the suburbs listed for either houses or units are relatively new development areas. </span><span>In </span><span>fact across both product types the areas can generally be classified as established suburbs with relatively few new homes over recent years. This would tend to indicate that at the time of development many of the homes built were fairly similar and since that time relatively little in the way of renovation may have taken place.</span><span><br></span></p>
<p><span>The </span><span>results suggest that these suburbs have very little difference between precincts within the suburb. What this means is there are no areas particularly more or less desirable within these suburbs and this is reflected by the fact there is relatively little price variation throughout the </span><span>suburb</span><span>. </span></p>
<p><span>While using a median price as a measure is common across the property industry, by looking at quartiles it enables us to provide greater insights into the dynamics of a particular market. </span><span>These </span><span>insights simply </span><span>aren’t </span><span>available when medians are the </span><span>focus</span><span>. </span></p>
<p><span>The </span><span>results also reiterate that the median represents the typical housing cost but above and below that figure there can be significant variation in quality and cost or there can be very little </span><span>difference</span><span>. </span></p>
<p><a href="/images/2015/07/30/Screen%20Shot%202015-07-30%20at%201.17.20%20PM.png" target="_blank"><span>Click to enlarge</span></a></p>
<p><span><img src="/images/2015/07/30/Screen%20Shot%202015-07-30%20at%201.17.20%20PM.png" alt=""></span></p>
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<p><a href="/images/2015/07/30/Screen%20Shot%202015-07-30%20at%201.18.38%20PM.png" target="_blank"><span>Click to enlarge</span></a></p>
<p><span><img src="/images/2015/07/30/Screen%20Shot%202015-07-30%20at%201.18.38%20PM.png" alt=""></span></p>
<p><em>Tim Lawless is head of the CoreLogic RP Data research and analytics team and can be contacted <a href="https://blog.corelogic.com.au/author/timlawless/" target="_blank">here</a>.</em></p>
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tlawless-5VLUrbAk9s

Suburbs with the least diversity in housing stock: CoreLogic RP Data's Tim Lawless

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<div class="separator">
<span style="line-height: 1.3em;">I noted</span><span style="line-height: 1.3em;"> recently that it pays to be wary when studies invariably reveal that the "strongest" property price growth over a carefully specified time period proves to be in a random suburb located somewhere to the west of White Cliffs which you've almost inevitably never heard of.</span>
</div>
<div class="separator"> </div>
<div class="separator">Most likely the sample size for the data series is inappropriately miniscule, and the movements in median price are thus inclined to lurch around accordingly.</div>
<div class="separator"> </div>
<div class="separator">There was recently some debate, for example, as to whether property prices have actually been soaring even in regional New South Wales towns where the population has been in decline.</div>
<div class="separator"> </div>
<div>Sure, low interest rates have sparked a boom in Sydney property prices...but out in the sticks and even where the population is declining? <span>I don't believe so - that wouldn't make any sense at all! </span>
</div>
<div class="separator"> </div>
<div class="separator"><strong><span style="text-decoration: underline;">Regional median prices</span></strong></div>
<div class="separator"> </div>
<div>Check out in the two charts below the median price data for Lightning Ridge and Walgett which were two of the quoted suburbs where the median prices have apparently boomed by more than +75 per cent over the past decade despite being home to reportedly declining populations.  </div>
<div> </div>
<div>As you can see there are so few sales in any given month - indeed, there are zero transactions in many instances - that even the smoothed 6mMA average median prices can comfortably more than double (or halve) in the matter of only a few months.<br><br>The median price data is to all intents and purposes meaningless.</div>
<div> </div>
<div><a href="/images/2015/10/06/1%20-%20Lightning%20Ridge%20MEdian%20Prices.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/10/06/1%20-%20Lightning%20Ridge%20MEdian%20Prices.jpg" alt=""></div>
<div> </div>
<div><a href="/images/2015/10/06/2%20-%20Walgett%20Median%20Price.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/10/06/2%20-%20Walgett%20Median%20Price.jpg" alt=""></div>
<div> </div>
<div>
<div>
<strong><span style="text-decoration: underline;">Like-for-like sales</span></strong><br><br>If you want to work out what is really happening to house prices in a suburb, you ideally need to look at resales of the same properties.</div>
<div> </div>
<div>And even then you need to find like-for-like sales or else improvements can skew the data viciously higher. </div>
<div> </div>
<div>Take the below 1,000sqm block in Lightning Ridge which according to my sales history database appears at first blush to have increased in value to by an outlandish 1,400 per cent since 2003! </div>
<div> </div>
<div>Until, that is, you realise that the owner has recently developed the block with two brand new homes - a 4 bedroom house and a 2 bedroom home - with a combined rental of $550/week.<br><br>This is fairly typical of price action which skews the median price data upwards, but it is clearly manufactured rather than endogenous growth.</div>
<div> </div>
<div><a href="/images/2015/10/06/Screen%20Shot%202015-10-06%20at%209.47.04%20AM.png" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/10/06/Screen%20Shot%202015-10-06%20at%209.47.04%20AM.png" alt="" width="861" height="655"></div>
<div> </div>
<div><span>If you look at genuinely like-for-like sales in Lightning Ridge, however, such as the below recent sale on a 1,110sqm block, you'll find that capital growth over the past quarter of a century or so has been much closer to zero per cent. </span></div>
<div><span> </span></div>
<div><a href="/images/2015/10/06/Screen%20Shot%202015-10-06%20at%209.48.32%20AM.png" target="_blank"><span>Click to enlarge</span></a></div>
<div><span><img src="/images/2015/10/06/Screen%20Shot%202015-10-06%20at%209.48.32%20AM.png" alt="" width="786" height="571"></span></div>
<div> </div>
<div><span>And it's a similar story in nearby Walgett, with the below house having achieved capital 'growth' over the past 25 years of negative $1,000.</span></div>
<div><span> </span></div>
<div><a href="/images/2015/10/06/Screen%20Shot%202015-10-06%20at%209.50.55%20AM.png" target="_blank"><span>Click to enlarge</span></a></div>
<div><span><img src="/images/2015/10/06/Screen%20Shot%202015-10-06%20at%209.50.55%20AM.png" alt="" width="771" height="554"></span></div>
<div>
<div>As for booming prices in Hay, which was another suburb quoted as having boomed by more than +70 per cent despite a declining population, there also appears to be very little exciting to see here when you look at like-for-like resales over time, with total capital growth since 2006 on this example property of only $1,000.</div>
<div> </div>
<div>Click to enlarge</div>
<div><img src="/images/2015/10/06/Screen%20Shot%202015-10-06%20at%209.52.21%20AM.png" alt="" width="773" height="516"></div>
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<div><span> </span></div>
<div>
<div class="separator">Yet anothern NSW suburb which is quoted as having soared in value by more than +70 per cent despite its declining population was Brewarinna. </div>
<div class="separator"> </div>
<div class="separator">Over the past year the suburb has recorded median price growth of precisely +25.00 per cent - with the median price having increased to exactly $100,000 - apparently impressive numbers, even if they do appear to be suspiciously round in nature.</div>
<div class="separator"> </div>
<div class="separator">It's only when you realise that the entire data series is based on the grand total of eleven home sales that you realise how meaningless the median price data really can be.  </div>
<div class="separator"> </div>
<div class="separator"><strong><span style="text-decoration: underline;">The wrap</span></strong></div>
<div class="separator"> </div>
<div class="separator">Now don't get me wrong, I am very much on board with the argument that easy credit flows can be and is one of the primary drivers of dwelling prices.</div>
<div class="separator"> </div>
<div class="separator">Indeed, it is the very fact that today folk can borrow money at a 4 per cent cost of capital instead of double digit mortgage rates which is perhaps <em><strong>the</strong> </em>most significant factor in rising dwelling prices. </div>
<div class="separator"> </div>
<div class="separator">What I am saying, however, is that median dwelling prices in regional towns should be treated with a great deal of caution, if not dispensed with altogether.</div>
<div class="separator"> </div>
<div class="separator">As a penultimate point, I would also question whether a Sydney suburb where the population has ticked down by -0.2 per cent really has a "declining" population, when this is more likely to be simply a shift in the composition of households.</div>
<div class="separator"> </div>
<div class="separator"><a href="/images/2015/10/06/Screen%20Shot%202015-10-06%20at%209.53.53%20AM.png" target="_blank">Click to enlarge</a></div>
<div class="separator"><img src="/images/2015/10/06/Screen%20Shot%202015-10-06%20at%209.53.53%20AM.png" alt="" width="773" height="339"></div>
<div class="separator">
<div class="separator">Indeed, it is the very <a href="https://petewargent.blogspot.co.uk/2015/03/population-growth-and-property-price" target="_blank">l</a>ack of population growth in some landlocked suburbs - reflective of the fact that they are fully built out - which makes them more appealing for investment purposes. </div>
<div class="separator"> </div>
<div class="separator">On a related note, you'd have a tough time convincing the residents of, say, Orange, Dubbo, Lismore or Parkes of their supposedly declining populations, whatever the suburb level or LGA stats may say...but that's a debate for another day! </div>
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<div class="separator">
<p><span><em>PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>.</em><br></span></p>
<p><em>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>.</em></p>
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Rubbery suburb median prices: Pete Wargent

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<p>With home values rising across most capital cities, the proportion of home sales below $400,000 continues to trend lower making it harder for price-sensitive buyers to purchase into capital city markets.</p>
<p>Over the 12 months to July 2015, combined capital city home values have increased by 11.1%. Most capital cities also have median prices which are now above $400,000 resulting in fewer more affordable properties available for sale.</p>
<p>37.4% of all home sales nationally were at less than $400,000 compared to 52.0% between $400,000 and $1 million and 10.6% over $1 million over the 12 months to June 2015. Sales below $400,000 were at a record low over the past year and sales above $1 million were at a record high. Focusing just on capital cities, 25.1% of home sales were under $400,000, 60.1% were between $400,000 and $1 million and 14.8% were in excess of $1 million.</p>
<p><a href="/images/2015/08/31/2015-08-30--01--annual-capital-city-home-sales-price-point-over-time.jpg" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2015/08/31/2015-08-30--01--annual-capital-city-home-sales-price-point-over-time.jpg" alt=""></p>
<p><span>Ten years ago, the proportion of sales under $400,000 had fallen sharply relative to 10 years earlier. At this time, 66.2% of houses and 73.8% of units had sold over the year for less than $400,000. In comparison, 4.0% of houses and 2.3% of units across the capital cities sold for more than $1 million.</span></p>
<p><a href="/images/2015/08/31/2015-08-30--03--sales-price-point-year-june-2005.jpg" target="_blank">Click to enlarge</a></p>
<h3><strong>% of sales by price point – year to June 2005</strong></h3>
<p><img src="/images/2015/08/31/2015-08-30--03--sales-price-point-year-june-2005.jpg" alt=""></p>
<p><span>Five years ago, around a third of all capital city house sales (34.1%) and 46.4% of units sold for less than $400,000. At the same time, 10.1% of capital city houses and 3.8% of units sold for more than $1 million.</span></p>
<p><span>Click to enlarge</span></p>
<h3>% of sales by price point – year to June 2010</h3>
<p><img src="/images/2015/08/31/2015-08-30--04--sales-price-point-year-june-2010.jpg" alt=""></p>
<p><span><span>Over the past year, Canberra (7.4%) and Sydney (7.8%) have recorded the lowest proportion of house sales under $400,000 over the year. Hobart (61.2%) was the only city to have more than half of all house sales over $1 million. The unit market offers more opportunity to purchase below $400,000 however, each of Sydney (16.3%), Melbourne (35.9%), Perth (38.5%), Darwin (29.7%) and Canberra (43.3%) recorded a majority of unit sales above this price point.</span></span></p>
<p> </p>
<p><a href="/images/2015/08/31/Screen%20Shot%202015-08-31%20at%203.35.58%20PM.png" target="_blank">Click to enlarge</a></p>
<h3>% of sales by price point – year to June 2015</h3>
<p><img src="/images/2015/08/31/Screen%20Shot%202015-08-31%20at%203.35.58%20PM.png" alt="" width="763" height="303"></p>
<p>There was a record high proportion of houses and units sold for more than $1 million over the past 12 months. In Sydney, more than a third of all houses (36.8%) sold for more than $1 million. Melbourne had the second highest proportion of sales over $1 million (17.7%). Although Melbourne had a record high proportion of houses sold over $1 million it was less than half the proportion of sales in excess of $1 million recorded in Sydney. For units, Sydney had the highest proportion of sales over $1 million (11.6%) and was the only capital city in which more than 10% of unit sales were in excess of $1 million. In fact, Sydney had a higher proportion of unit sales over $1 million than each of Brisbane, Adelaide, Hobart, Darwin and Canberra had for houses.</p>
<p>Although we anticipate that the rate of capital growth will slow over the coming year we still expect values to generally rise. As a result we would expect a further decline in the proportion of homes selling below $400,000.</p>
<p><em>Tim Lawless is head of the CoreLogic RP Data research and analytics team and can be contacted <a href="https://blog.corelogic.com.au/author/timlawless/" target="_blank">here</a>.</em></p>
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Proportion of sales below $400,000 keeps falling: Tim Lawless

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<p><span>Over the 12 months to June 2016, 14.0 percent of all house sales and 7.3 percent of all unit sales were at a price of at least $1 million. </span></p>
<p><span>To put these figures into perspective, just five years ago 7.5 percent of all house sales and 4.0 percent of all unit sales were within this price point. </span></p>
<p><span>Research shows that the combined capital cities saw a much higher proportion of sales of at least $1 million over the past year. </span></p>
<p><span>Across all house sales, more than 1 in 5 sales (20.9 percent) were for at least $1 million compared to 8.9 percent of all unit sales. </span></p>
<p><span>Within the regional areas, the sale price for houses and units are typically lower than those in capital cities.</span></p>
<p><a href="/images/2016/08/19/Screen%20Shot%202016-08-19%20at%202.57.08%20PM.png" target="_blank"><span>Click to enlarge</span></a></p>
<p><span><img src="/images/2016/08/19/Screen%20Shot%202016-08-19%20at%202.57.08%20PM.png" alt=""></span></p>
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<p><span>An </span><span>emerging trend worth noting is the fact that the difference between the proportion of house and unit sales of at least $1 million is much narrower in regional areas.</span><span><br></span></p>
<p>In regional areas we tend to see that units are only located in larger regional markets and often are positioned in relatively expensive waterfront locations. Often the proportion of unit sales at, or above, $1 million has been above that for houses. Over the past year, 3.3 percent of all regional house sales and 3.0 percent of all unit sales were at least $1 million.</p>
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<p><span>Over </span><span>the past 10 years in particular, </span><span>we’ve </span><span>seen a substantial rise in the proportion of sales of at least $1 </span><span>million.</span></p>
<p><span>CoreLogic data confirms that in Sydney, over the past year more than 2 out of every 5 house sales was at least $1 million, and in Melbourne, 1 in 5 house sales was at least $1 million. Sydney had a higher proportion of total unit sales of at least $1 million than the proportion of house sales at that price point in each city except for Melbourne. </span><span>(Refer adjacent table which highlights the proportion of sales of at least $1 million over the past year, a decade ago and 20 years ago.) </span></p>
<p><span>There is an element of bracket creep in the numbers, however, as the supply of affordable homes selling has declined significantly over recent years, an increasing proportion of stock is selling for a seven figure sum.</span></p>
<p><a href="/images/2016/08/19/Screen%20Shot%202016-08-19%20at%202.58.55%20PM.png" target="_blank"><span>Click to enlarge</span></a></p>
<p><span><img src="/images/2016/08/19/Screen%20Shot%202016-08-19%20at%202.58.55%20PM.png" alt=""></span></p>
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<p><span>Demand </span><span>for premium housing and within the most expensive areas of the country remains buoyant which suggests that over the coming year the proportion of sales at a price point of at least $1 million will continue to </span><span>rise</span><span>. </span></p>
<p><span><em>Cameron Kusher is research analyst for CoreLogic. You can contact him <a href="https://blog.corelogic.com.au/about/">here</a>.</em></span></p>
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$1 million property market sales on the rise: CoreLogic's Cameron Kusher

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<p>Median values reflect an estimate of the middle value of all residential properties within a market.</p>
<p>The median is useful for understanding the middle of the market, however across the metropolitan area of our cities there is great deal of diversity in housing values.</p>
<p>Sydney’s median dwelling value as at October 2018 was $833,876 and the SA4 region closest in median value was the Inner South West at $840,805.</p>
<p>Most of the areas that have a median value lower than that of greater Sydney are located some distance from the city centre while those with higher values are typically the areas closer to the city centre or along the coastline.</p>
<p>The city’s most affordable SA4 region is Outer South West ($602,246) and the most expensive is Northern Beaches ($1,383,461).</p>
<p><img src="https://www.urban.com.au/images/2018/11/8/CL%20OCT%208%20SYD.JPG" alt=""></p>
<p> </p>
<p>Across Greater Melbourne, the median dwelling value is recorded at $665,044.</p>
<p>The city’s most affordable region is West ($578,922) and the most expensive region is Inner East ($1,127,558).</p>
<p>Outside of the highly desirable Eastern and Inner regions values are remarkably similar across the remaining Melbourne regions.</p>
<p>In fact, only the Inner East, Inner South and Outer East have median values that are higher than that of Greater Melbourne.</p>
<p><img src="https://www.urban.com.au/images/2018/11/8/CL%20OCT%208%20MEL.JPG" alt=""></p>
<p>Brisbane’s median dwelling value is currently $491,925.</p>
<p>While that is substantially lower than Sydney and Melbourne you can see that all of the regions relatively close to the city have current median values which are higher than that.</p>
<p>The most expensive region of the city is the West ($659,554) while the most affordable is Ipswich ($350,511).</p>
<p>Only three SA4 regions of the city actually have a median value which is lower than the city-wide median.</p>
<p><img src="https://www.urban.com.au/images/2018/11/8/CL%20OCT%208%20BRIS.JPG" alt=""></p>
<p> </p>
<p>Greater Adelaide’s median dwelling value was recorded at $431,554 as at October making it the nation’s most affordable capital city housing market.</p>
<p>Throughout the city’s four SA4 regions, Central and Hills is noticeably more expensive than the rest and North is noticeably cheaper.</p>
<p>Central and Hills and West are more expensive than the city-wide median and South and North are cheaper.</p>
<p><img src="https://www.urban.com.au/images/2018/11/8/CL%20OCT%208%20ADL.JPG" alt=""></p>
<p>The Inner region of Perth is overwhelmingly the most expensive region of the city while Mandurah is substantially more affordable than all other Perth regions (note it sits on the southern outskirt of the city).</p>
<p>Greater Perth’s median dwelling value is $451,148 and most of the remaining regions of the city have median dwelling values which sit quite close to the city-wide median.</p>
<p><img src="https://www.urban.com.au/images/2018/11/8/CL%20OCT%208%20PER.JPG" alt=""></p>
<p> </p>
<p>Greater Hobart doesn’t have any individual SA4 regions within the capital city boundary, so the chart provides a comparison in median dwelling values between Hobart and the other SA4 regions of the state.</p>
<p>Hobart is substantially more expensive than the rest of the state with the West and North West the most affordable.</p>
<p>The relatively affordable housing costs outside of Hobart are driving demand with the three regional SA4 regions of Tas having seen the highest rates of value growth nationally over the past year.</p>
<p><img src="https://www.urban.com.au/images/2018/11/8/CL%20OCT%208%20TAS.JPG" alt=""></p>
<p>In NT, there are only two SA4 regions; Darwin and NT-Outback. As the accompanying chart shows, outside of Darwin the cost of housing is substantially more affordable.</p>
<p><img src="https://www.urban.com.au/images/2018/11/8/CL%20OCT%208%20NT.JPG" alt=""></p>
<p>Overall, the data provided offers a more granular insight into how median values in each city compare to smaller regions across each city.</p>
<p>It also reiterates the importance of analysing markets within smaller geographic areas as housing costs or the housing market performance can be vastly different when you look at different areas of a city.</p>
<p>The data also highlights that desirable areas close to the city centre typically have much more expensive housing costs than the broad capital city median.</p>
<p>Although it is clichéd; location, location, location holds true and purchasers still pay a significant premium for well-located properties</p>
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There is more to house prices than the median: Cameron Kusher

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<p>Apartments in Neutral Bay have started to stabilise following the end of the downturn.</p>
<p>The <a href="/developments/neutral-bay-nsw-2089">median apartment price</a> in the exclusive lower north shore suburb bucked the trend of the wider Sydney market which began declining in 2017.</p>
<p>Prices rose until mid-2018 when the median unit price hit $1,087,5000, according to CoreLogic.</p>
<p><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/2019/10/14/Neutral%20Bay%20CoreLogic.jpg" alt=""></p>
<p>Two months later the median dropped to $1 million.</p>
<p>There was a bounce back in prices in late 2018 before the longer slower decline began, seeing the median drop down to $950,000.</p>
<p>To find out more about the Neutral Bay property market, <a href="/developments/neutral-bay-nsw-2089">click here</a>.</p>
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