<p><strong>IN BRIEF</strong></p>

<ul>
	<li>
	<p>Just three double-storey Sky Homes sit at the top of The Waterline, each with its own private marina berth and rooftop terrace.</p>
	</li>
	<li>
	<p>Construction on The Waterline is complete, with the first residents expected to move in from mid-October.</p>
	</li>
	<li>
	<p>Sky Homes range from 282 sqm to 367 sqm and are priced from $3.65 million.</p>
	</li>
</ul>

<hr />
<p>Lewis Land has opened the first completed sky home for inspection at Harbour Shores, giving buyers their first opportunity to step inside one of just three double-storey residences crowning The Waterline.</p>

<p>Each sky home comes with its own private marina berth, rooftop terrace and Broadwater views, combining the scale of a larger home with direct access to the boating lifestyle that underpins the wider <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan.</p>

<p>[smartcode_project:default project_id=113271 project_image_fid=366708]</p>

<p>Lewis Land Head of Development Michael Long said the inclusion of a berth with every Sky Home had become increasingly valuable as marina access across the Gold Coast tightened.</p>

<p>“Marina berths are becoming increasingly difficult to secure across the Gold Coast, so including one with every Sky Home makes this a genuinely rare offering,” Long said.</p>

<p>“The private 70-berth marina will accommodate boats up to 12 metres in length and is positioned just 2.5 kilometres from the Broadwater, placing the open ocean only 15 minutes away.</p>

<p>“Being able to step out of your home onto your boat is a rare luxury, and it’s something residents here can look forward to when it opens later this year.”</p>

<p>[smartcode_project:default project_id=113271 project_image_fid=366709]</p>

<p>The display opening comes as construction completes on The Waterline, with the first residents expected to move in from mid-October.</p>

<p>The three Sky Homes range from 282 sqm to 367 sqm and each feature three bedrooms, three bathrooms, multiple living zones, expansive kitchens with butler's pantries and large balconies taking in the Broadwater outlook.</p>

<p>Each residence also has three secure basement car spaces and additional storage.</p>

<p>“This is the first opportunity the Gold Coast has had to step into Harbour Shores and see, touch and feel what we’re bringing to life here,” Long said.</p>

<p>“There are only three Sky Homes within The Waterline, ranging in size from 282sqm to 367sqm, with each residence featuring three large bedrooms, three bathrooms, multiple living zones, expansive custom-built kitchens with butler’s pantry, and large balconies capturing Broadwater views.”</p>

<p><img alt="Harbour Shores" data-entity-type="file" data-entity-uuid="bab65e10-4fab-45e1-92d8-fc56e2ab98ff" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%202.00.16%E2%80%AFPM.png?VersionId=XT8q76LsPkw3cYTsvN3JfFDaPLud90PN" /></p>

<p>Residents of The Waterline will have access to a private pool, along with Harbour Shores' wider collection of amenity including a lagoon pool, social clubhouse, tennis court, gym, yoga facilities and sauna.</p>

<p>Lewis Land partnered with Studio Collective to furnish the completed display, with the interiors designed to demonstrate how the residences could function as permanent homes rather than simply as show apartments.</p>

<p>Studio Collective Director Melissa Park said the surrounding waterways informed the interiors, but in a more restrained way than a traditional coastal scheme.</p>

<p>“We drew inspiration from the canals and coastal surrounds, but our approach was to interpret that subtly through layered materials and a grounded palette of earthy tones, rather than literal coastal references,” Park said.</p>

<p>“We introduced hero moments of green and teal to reference the surrounding waterways, while mirrored elements help reflect natural light.</p>

<p>“The result is a residence that feels elevated yet comfortable, somewhere buyers can genuinely imagine themselves living, entertaining and unwinding.”</p>

<p>Sky Homes are priced from $3.65 million.</p>

<p>Lewis Land is also offering private marina berths with The Residences, its limited collection of three and four-bedroom villas positioned directly along the Harbour Shores waterfront boardwalk.</p>

<p>Three-bedroom villas are priced from $2.99 million, while four-bedroom residences start from $3.19 million.</p>

<p>Harbour Shores is being marketed by Colliers International.</p>

<p data-end="555" data-start="341">[smartcode_project_cta:default project_id=113271]</p>


Joel Robinson

Lewis Land opens sky home display as The Waterline completes at Harbour Shores

<p data-end="387" data-start="97">St Vincent de Paul Society Housing Australia has filed plans for a major mixed-use housing precinct on the southern edge of the North Sydney CBD, adding another significant proposal to a pocket around North Sydn​ey Station that is quickly becoming one of the LGA's busiest development zones.</p>

<p data-end="697" data-start="389">The State Significant Development Application covers a 5,990 sqm site at <a href="https://www.apartments.com.au/new-apartments/1-19-mackenzie-street-lavender-bay-nsw-2060">1-19 MacKenzie Street and 211 Blues Point Road in Lavender Bay</a>, immediately south of Nor​th Sydney Station and between the commercial core and the lower-rise Lavender Bay Heritage Conservation Area.</p>

<p data-end="925" data-start="699">Designed by Wardle, the proposal would deliver a new residential tower comprising 88 build-to-sell apartments and 19 affordable apartments, alongside a separate co-living building with 57 rooms and a building manager's studio.</p>

<p data-end="1217" data-start="927">It would also see the significant restoration and upgrade of St Francis Xavier Catholic Church, the adaptive reuse of the former school building, new parish facilities, retail, a new public square and around 1,000 sqm of publicly accessible open space.</p>

<p data-end="1217" data-start="927"><img alt="Vinnies North Sydney" data-entity-type="file" data-entity-uuid="d5dd7f87-a617-463e-b577-17541e01f0e9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.13%E2%80%AFAM.png?VersionId=4R8TsFN3P_LrrXO2HswTOIrx2blil8lh" /></p>

<p data-end="1538" data-start="1219">The project is seeking a concurrent rezoning of the site to R4 High Density Residential and an increase in the maximum building height to allow a tower reaching RL120, or up to 20 storeys. The proposal was progressed through the NSW Government's Housing Delivery Authority pathway.</p>

<p data-end="1723" data-start="1540">The build-to-sell component will be weighted toward larger apartments, with just six one-bedroom apartments compared with 31 two-beds, 43 three-beds and eight four-bedroom residences.</p>

<p data-end="2063" data-start="1725">The 19 affordable apartments will comprise two studios, 15 one-bedroom apartments and two two-bedroom apartments, taking the total apartment component to 107 residences before the 58 co-living rooms are included.</p>

<p data-end="2063" data-start="1725"><img alt="Vnnies" data-entity-type="file" data-entity-uuid="7d568ca5-cb90-4e18-96c6-d9795dba0c56" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.05%E2%80%AFAM.png?VersionId=GY2R5M9VtQh0EKy1vajaea19PSLOPuRD" /></p>

<p data-end="2205" data-start="2065">Wardle's design for the Vinnies site has sought to negotiate that emerging high-rise context while retaining the lower-scale character of MacKenzie Street and the adjoining heritage conservation area.</p>

<p data-end="4244" data-start="4087">The main building adopts a three-storey podium and tower arrangement, with the podium aligned to the ridgeline and front setback of St Francis Xavier Church.&nbsp;Wardle has designed the podium with colonnades, seating, recessed entries and active ground-floor frontages, with sandstone-toned precast concrete and face brick referencing the materiality of the existing church.</p>

<p data-end="4598" data-start="4246">The tower then steps back eight metres to the south and six metres to the north before rising in a sculpted form comprising four interlocking quadrants. Wardle has also introduced rounded forms and chamfered corners to reduce the tower's perceived bulk and improve view sharing with neighbouring development sites.</p>

<p data-end="4798" data-start="4600">Resident facilities and outdoor areas are planned at the separation between the podium and tower at Level 3, oriented toward Sydney Harbour and the CBD skyline.</p>

<p data-end="4798" data-start="4600">The tower itself will feature a glass reinforced concrete facade, with recessed balconies and deep reveals used both to provide shading and privacy and frame views toward the harbour and city. The lower levels take a different architectural approach, using brick and sandstone-toned finishes intended to establish a stronger relationship with St Francis Xavier Church. The Church itself will be conserved and upgraded for its continued use, while the former school building will be adaptively reused as part of the co-living component.</p>

<p data-end="5032" data-start="4800"><img alt="Lavendar Bay" data-entity-type="file" data-entity-uuid="2d4418ad-90aa-4d49-af93-c80b140aea80" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.09.47%E2%80%AFAM.png?VersionId=Kv4gzbsACaGvZSRuaqcfGC54jEJRXIDJ" /></p>

<p data-end="5486" data-start="5211">&nbsp;</p>

<p data-end="2205" data-start="2065">The proposal adds to an increasingly concentrated pipeline of residential development around Blue Street, MacKenzie Street and Lavender Bay.</p>

<p data-end="2375" data-start="2207">Just west of the site, Central Element lodged plans earlier this year for one of the most significant residential developments proposed in Lavender Bay in recent years.</p>

<p data-end="2712" data-start="2377">Central Element's SJB-designed scheme at 64-66 Lavender Street and 3-7 Middlemiss Street would deliver 163 apartments across two towers rising 23 and 32 storeys, replacing five existing apartment buildings containing 32 homes. The project also forms part of the Housing Delivery Authority pathway.</p>

<p data-end="2751" data-start="2714"><em><a href="https://www.apartments.com.au/news/nsw/first-look-central-element-reveals-lavender-bay-apartment-plans?utm_source=chatgpt.com" rel="noopener" target="_blank">First look: Central Element reveals Lavender Bay apartment plans</a></em></p>

<p data-end="2865" data-start="2753">Immediately around North Sy​dney Station, another two significant proposals have emerged at 5 and 15 Blue Street.</p>

<p data-end="3067" data-start="2867">Zurich Australian Insurance Properties is seeking to adaptively reuse its longstanding commercial building at 5 Blue Street, directly above North Sydney Station, rather than demolishing the structure.</p>

<p data-end="3379" data-start="3069">Its SSDA proposes converting the building into a 14-storey mixed-use development with 62 apartments and 86 co-living rooms, together with ground-floor retail and a major refurbishment of Blue Street Plaza. The application is currently at the Response to Submissions stage.</p>

<p data-end="3379" data-start="3069"><a href="https://www.apartments.com.au/news/nsw/first-look-zurich-targets-north-sydney-office-conversion-with-148-unit-proposal-above-metro-station"><em>First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station</em></a></p>

<p data-end="3883" data-start="3659">&nbsp;</p>


First look: Vinnies files for 20-storey Lavender Bay apartment tower as North Sydney housing pocket heats up

<p data-end="540" data-start="324">When the opportunity arose for South Australian developer Palumbo to return to Kent Town, where it had previously delivered East Park Apartments and the East<br />
Rundle Apartments, it wasn't one the longstanding developer-builder was going to pass up.</p>

<p data-end="680" data-start="542">The decision was quickly vindicated, with more than 30 apartments sold within the first month of launching <a href="https://www.apartments.com.au/new-apartments/royal-apartments-kent-town-2-8-north-terrace-kent-town-sa-5067">Royal Apartments</a> to the market.</p>

<p data-end="909" data-start="682">The 206-apartment development, which will bring significant new supply to Adelaide's tightly held eastern city fringe, also gives <a href="https://www.apartments.com.au/developers/palumbo">Palumbo</a> the opportunity to bring new life to one of Kent Town's most recognisable watering holes.</p>

<p data-end="909" data-start="682">[smartcode_project:default project_id=6109 project_image_fid=376073]</p>

<p data-end="1076" data-start="911">Royal Apartments incorporates the historic Royal Hotel, a venue Palumbo Managing Director Daniel Palumbo said has a longstanding connection with the local community.</p>

<p data-end="1166" data-start="1078">"Everyone in the area has history with the Royal Hotel," Palumbo told Apartments.com.au.</p>

<p data-end="1257" data-start="1168">"It was quite an active pub and social gathering place for locals. We want to bring it back to its former glory."</p>

<p data-end="1257" data-start="1168">[smartcode_project:default project_id=6109 project_image_fid=376072]</p>

<p data-end="1406" data-start="1259">The wider development will comprise two residential towers alongside the restored hotel, sitting on North Terrace opposite the Adelaide Park Lands.</p>

<p data-end="1475" data-start="1408">For Palumbo, the project also marks a return to familiar territory.</p>

<p data-end="1671" data-start="1477">The developer completed East Park Apartments next door more than a decade ago and jumped at the opportunity to develop in Kent Town again when the Royal Hotel site became available.</p>

<p data-end="1726" data-start="1673">"The opportunity emerged, and we moved to secure the site," Palumbo said.</p>

<p data-end="1874" data-start="1728">"We were approached by the previous landowner, who said they had extensive commitments in Sydney and weren't in a position to deliver the project.</p>

<p data-end="2025" data-start="1876">"We took over the site and within six months recut the design scheme to be more in keeping with the type of development we want to bring to Adelaide.</p>

<p data-end="2111" data-start="2027">"Now we're on the market and those changes have really resonated with local buyers."</p>

<p data-end="2225" data-start="2113">That has translated into a strong start to sales, with 33 apartments transacting in the project's first 35 days.</p>

<p data-end="2383" data-start="2227">Palumbo said the early purchaser profile had been consistent with the group's traditional focus on owner-occupiers rather than investor-led apartment stock.</p>

<p data-end="2446" data-start="2385">"Local owner-occupiers have always been our market," he said.</p>

<p data-end="2602" data-start="2448">"There are always some investors, but we've never developed what would be called traditional development stock. Owner-occupiers are very much our market."</p>

<p data-end="2602" data-start="2448">[smartcode_project:default project_id=6109 project_image_fid=376068]</p>

<p data-end="2742" data-start="2604">The buyer mix has been diverse so far, with downsizers and younger professionals both accounting for a significant portion of early sales.</p>

<p data-end="3013" data-start="2744">South Australia's current stamp duty settings, which allow&nbsp;eligible homeowners in South Australia aged 60 savings of up to $103,830 on stamp duty when they downsize to a new property valued at up to $2 million,&nbsp;have helped encourage downsizer activity, while younger buyers in their late 20s and early 30s have been attracted to the opportunity to live immediately outside the CBD while still being able to walk into the city.</p>

<p data-end="3013" data-start="2744"></p>

<p data-end="3065" data-start="3015">Location has been a major part of the proposition for both buyer cohorts.</p>

<p data-end="3065" data-start="3015">[smartcode_project:default project_id=6109 project_image_fid=376075]</p>

<p data-end="3250" data-start="3067">Royal Apartments sits on North Terrace directly opposite the Adelaide Park Lands, with residents able to walk through the parklands toward the East End, Rundle Street and Rundle Mall.</p>

<p data-end="3376" data-start="3252">Apartments have been positioned to capture views across the parklands, Adelaide skyline, Botanic Gardens and Adelaide Hills.</p>

<p data-end="3516" data-start="3378">Palumbo believes the scarcity of developable land along this section of the Park Lands makes the site particularly difficult to replicate.</p>

<p data-end="3592" data-start="3518">"There's very few allotments on that side that can be developed," he said.</p>

<p data-end="3714" data-start="3594">"If this location was in New York and you were sitting on Central Park, you'd be talking about a $60 million apartments."</p>

<p data-end="3861" data-start="3716">Royal Apartments will offer a broad mix of residences, ranging from one-bedroom apartments through to four-bedroom sub-penthouses and penthouses.</p>

<p data-end="4004" data-start="3863">Current listings include one-bedroom apartments from $680,000, while larger three and four-bedroom residences are priced around $2.5 million.</p>

<p data-end="4145" data-start="4006">Residents will have access to a swimming pool, gym, barbecue and recreation areas, residents' lounge and dining space, and a communal deck.</p>

<p data-end="4145" data-start="4006">[smartcode_project:default project_id=6109 project_image_fid=376067]</p>

<p data-end="4273" data-start="4147">The apartments will feature generous balconies, while secure parking, bicycle storage and storage cages will also be provided.</p>

<p data-end="4480" data-start="4275">A porte-cochère-style arrival and drop-off area has also resonated with buyers, particularly those attracted to being able to walk into the CBD during the day while retaining secure vehicle access at home.</p>

<p data-end="4650" data-start="4482">Palumbo is acting as developer, architect and builder on Royal Apartments, continuing the vertically integrated model it has used across its South Australian portfolio.</p>

<p data-end="4785" data-start="4652">The group was also behind the $150 million Sofitel Adelaide, the 251-room five-star hotel and residential tower which opened in 2021.</p>

<p data-end="4889" data-start="4787">Palumbo said Royal's launch had come at an interesting time for the broader Adelaide apartment market.</p>

<p data-end="5144" data-start="4891">Buyer confidence had initially been impacted by uncertainty surrounding the Federal Budget and broader economic conditions, but Palumbo believes sentiment is beginning to improve against a backdrop of significant investment flowing into South Australia.</p>

<p data-end="5305" data-start="5146">He pointed to increased activity across defence and resources, including Olympic Dam, as potential long-term drivers of the state's economy and housing market.</p>

<p data-end="5378" data-start="5307">"Money is starting to flow into Adeliade, significant amounts as Adelaide bucks the trend of the rest of the country.," Palumbo said.</p>

<p data-end="5495" data-start="5380">"There's a lot of activity in the economy over the next decade. I think more investment will come into this market."</p>

<p data-end="5650" data-start="5497">Early works on Royal Apartments are expected to commence this year, with major construction activity and cranes anticipated on site from early next year.</p>

<p>[smartcode_project_cta:default project_id=6109]</p>

Palumbo's return to Kent Town strikes early chord with buyers

<p>Go-to builder-developer <a href="https://www.apartments.com.au/developers/graya">GRAYA</a> is continuing to bulk out its already impressive and diverse apartment portfolio across South East Queensland. Their latest milestone is securing development approval for Silk, its boutique riverfront apartment development in St Lucia.</p>

<p>The approval clears&nbsp;the way for the team to begin construction planning for the 22-residence project.</p>

<p><a href="https://www.apartments.com.au/new-apartments/silk-st-lucia-16-18-sandford-street-st-lucia-qld-4067">Silk</a> will rise 15 levels from an 810 sqm site at 16-18 Sandford Street, occupying a prominent bend of the Brisbane River with a prized northern aspect across Orleigh Park toward the Brisbane CBD.</p>

<p>The approved scheme will comprise 16 split-floor and six full-floor residences, continuing GRAYA's move into larger-format apartment developments targeting Brisbane's prestige owner-occupier market.</p>

<p>The project has been designed around the site's broad river frontage and dual-direction views, with GRAYA prioritising larger residences, privacy and outlook over apartment yield.</p>

<p><img alt="Silk St Lucia" data-entity-type="file" data-entity-uuid="aa5c2349-f96c-4914-a812-1f2cd6827af8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%208.25.44%E2%80%AFAM.png?VersionId=WY0vEU_7vYjeRJKQHiCwFdMxu8PvFh52" /></p>

<p>GRAYA Co-founder and Chief Executive Officer Rob Gray said the project had been shaped around local homeowners wanting to remain in St Lucia without maintaining a traditional family home.</p>

<p>"St Lucia is one of those suburbs people do not want to leave," Gray said.</p>

<p>"They know the river, the trees, UQ, the golf course, Toowong and Indooroopilly, and that familiarity is hard to replace.</p>

<p>"True riverfront opportunities here are exceptionally scarce. What we have designed at Silk is a way to stay in the suburb people love, with the scale and privacy of a private home and far less to maintain.</p>

<p>"This is not typical apartment product. It is a proper home on the river, and that is exactly what this market has been missing."</p>

<p>The approval comes as new apartment development continues to increase across the St Lucia and neighbouring Toowong corridor, although direct riverfront sites remain considerably more tightly held.</p>

<p>GRAYA Co-founder and Managing Director Andrew Gray said securing the approval had removed a significant element of development risk from Silk.</p>

<p>"Genuine riverfront sites of this quality in St Lucia are not something that comes up regularly," Gray said.</p>

<p>"The approval removes a substantial layer of execution risk, and the location underwrites demand in a way very few inner-city sites can.</p>

<p>"The fundamentals here are as strong as anything we have assessed in Brisbane."</p>

<p><img alt="Silk St Lucia" data-entity-type="file" data-entity-uuid="d0f3d734-65e1-48e8-8ed3-2e0715ffcdd9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%208.25.56%E2%80%AFAM.png?VersionId=sOLSs_jdHkXLWbBKzRyayf5BfTb2vPsD" /></p>

<p>Silk will see GRAYA return to a stretch of the Brisbane River where it already has recent construction experience. The vertically integrated group recently completed ARC in neighbouring Toowong as builder for developer Spyre, delivering the riverfront project on a constrained site.</p>

<p>GRAYA will take a different role at Silk, controlling the project from design and development through construction and aftercare under its vertically integrated model.</p>

<p>The development will include a gym and resident leisure areas at ground level, integrated with the river's edge.</p>

<p>Silk joins a growing pipeline for GRAYA across Brisbane and the Gold Coast, which includes Enclave, The Gallery, Coral and Ripple.</p>

<p>The developer-builder has also recently lodged plans for its largest project to date, <a href="https://www.apartments.com.au/new-apartments/the-silo-19-chester-street-newstead-qld-4006">The Silo</a>, a proposed <a href="https://www.apartments.com.au/news/qld/graya-buys-frasers-newstead-site-plans-the-silo-between-james-street-and-gasworks-precincts">$700 million mixed-use development</a> in Brisbane's James Street precinct.</p>

<p>Silk is expected to predominantly target local owner-occupiers and prestige buyers seeking a permanent riverfront home in Brisbane's inner west.</p>

<p>Registrations of interest are now open, with further details on the project and construction program to be released as it progresses.</p>

<hr />
<h2>SILK PROJECT FACTS</h2>

<p>Developer-builder: GRAYA</p>

<p>Project: Silk</p>

<p>Location: 16-18 Sandford Street, St Lucia</p>

<p>Apartments: 22</p>

<p>Built form: 15 levels</p>

<p>Site: 810 sqm riverfront holding</p>

<p>Mix: 16 split-floor and six full-floor residences</p>

<p>Status: Development approved</p>

<p>Next step: Construction planning underway</p>

<p>[smartcode_project_cta:default project_id=152168]</p>


GRAYA greenlit for riverfront St Lucia apartment development, Silk

<p data-end="568" data-start="388">Abadeen has released the whole-floor penthouse crowning its recently completed <a href="https://www.apartments.com.au/buildings/park-residences-cremorne-2-sutherland-street-cremorne-nsw-2090">Park Residences</a> development in Cremorne, bringing the near-300 sqm residence to market for the first time.</p>

<p data-end="803" data-start="570">Occupying the entire top floor of the boutique Lower North Shore development, the penthouse includes 221 sqm of internal living and a 74 sqm wraparound terrace, with a prized north-facing aspect taking in views across Middle Harbour.</p>

<p data-end="1041" data-start="805">The residence has been completed and fully furnished following a collaboration between Abadeen Executive Chairman Justin Brown and internationally recognised interior designer Jack Freeman, Founder and Managing Director of FREEMAN &amp; CO.</p>

<p data-end="1239" data-start="1043"><a href="https://www.apartments.com.au/developers/abadeen">Abadeen</a> and Freeman approached the penthouse as a finished home, sourcing furniture, artwork, lighting and objects from Australia and overseas.</p>

<p data-end="1239" data-start="1043">[smartcode_project:default project_id=114246 project_image_fid=378718]</p>

<p data-end="1459" data-start="1241">Pieces from Parisian design house Pierre Augustin Rose sit alongside contemporary artworks and bespoke lighting, with Freeman drawing on recent visits to PAD Paris and Salone del Mobile Milano for the final collection.</p>

<p data-end="1582" data-start="1461">Brown said the aim was to create a penthouse that felt more like a large-scale private home than a traditional apartment.</p>

<p data-end="1777" data-start="1584">"The experience begins the moment the lift doors open. You're welcomed into an elegant dining room before the home opens into an extraordinary living space framed by sun-drenched harbour views.</p>

<p data-end="2018" data-start="1779">"Every time someone walks through the front door they pause. It's not just the view, it's the incredible sense of space, the warmth created by the northern sunlight that fills the interiors, and the way every room connects so effortlessly.</p>

<p data-end="2245" data-start="2020">"It has all the proportions of a luxury home, while delivering the effortless lifestyle and personalised experience of living in a world-class six-star hotel, combined with the simplicity and convenience of apartment living."</p>

<p data-end="2245" data-start="2020">[smartcode_project:default project_id=114246 project_image_fid=378713]</p>

<p data-end="2438" data-start="2247">A secure lift provides exclusive access to the penthouse level, opening to a dedicated arrival foyer and dining area before the residence expands into its main living and entertaining spaces.</p>

<p data-end="2577" data-start="2440">Floor-to-ceiling glazing runs across the northern side of the home, connecting the interiors with the terrace and Middle Harbour outlook.</p>

<p data-end="2772" data-start="2579">The penthouse also features a fireplace and substantial chef's kitchen, while the wraparound terrace has been designed to accommodate both everyday outdoor living and larger-scale entertaining.</p>

<p data-end="2245" data-start="2020">[smartcode_project:default project_id=114246 project_image_fid=378720]</p>

<p data-end="2245" data-start="2020">Freeman said the interiors had been deliberately kept restrained to complement the scale, natural light and outlook already established by the architecture.</p>

<p data-end="2996" data-start="2932">"The penthouse is a serene study in quiet luxury," Freeman said.</p>

<p data-end="3264" data-start="2998">"The interior pairs soft, sculptural forms with warm timber, pale stone and a restrained neutral palette. Curated artwork and metallic accents add depth, while abundant natural light creates a calm, effortlessly refined atmosphere. In my world, less is always more."</p>

<p data-end="3384" data-start="3266">Freeman said the approach was centred around collecting individual pieces rather than simply decorating the apartment.</p>

<p data-end="3531" data-start="3386">"Every material, every object and every piece of furniture has been curated with intention. I am a true believer in collecting versus decorating.</p>

<p data-end="3823" data-start="3533">"The architecture already provided extraordinary natural light, remarkable volume and an uninterrupted connection to Middle Harbour. Our role was to complement those qualities with unique one-of-a-kind pieces of fine art and collectible design sourced from recent travels around the world."</p>

<p data-end="3823" data-start="3533">[smartcode_project:default project_id=114246 project_image_fid=378694]</p>

<p data-end="3986" data-start="3825">Among the collection are solid bronze sculptures by Lorenzo Quinn, alongside a curated crystalware collection and pieces sourced from international design fairs.</p>

<p data-end="4199" data-start="3988">Park Residences sits opposite Cammeray Golf Club, Cammeray Croquet Club and Grand Slam Tennis Cammeray, around 300 metres from Neutral Bay Village and its established collection of restaurants, cafés and retail.</p>

<p data-end="4370" data-start="4201">Brown said the combination of a whole-floor floorplan, northern aspect and proximity to Neutral Bay was becoming increasingly difficult to find on the Lower North Shore.</p>

<p data-end="4516" data-start="4372">"Completed whole-floor penthouses with a sun-drenched north-facing aspect and sweeping Middle Harbour views are exceptionally rare," Brown said.</p>

<p data-end="4717" data-start="4518">"Add a quiet position opposite golf, croquet and tennis facilities, a level walk to Neutral Bay Village and only minutes to the CBD, and you have a lifestyle that's incredibly difficult to replicate.</p>

<p data-end="4883" data-start="4719">"This is a home that offers the privacy and generosity of a luxury residence together with the convenience of one of Sydney's best-connected harbourside locations."</p>

<p data-end="4947" data-start="4885">The penthouse will be exclusively marketed by SRM Residential.</p>

<p data-end="4947" data-start="4885">[smartcode_project_cta:default project_id=114246]</p>


Abadeen unveils penthouse at Park Residences in Cremorne

Median Price

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

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<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>
</div>
</div>
</div>
</div>
<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>
<p> </p>
<p> </p>
<p> </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>
<div> </div>
<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>
<div><span> </span></div>
<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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pwargent-M4siyDbqQY

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><span> </span></p>
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<p><span> </span></p>
<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>
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<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>
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<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 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>
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<div class="separator"><strong><span style="text-decoration: underline;">The wrap</span></strong></div>
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<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>
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<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>
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<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>
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<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>
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<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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<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>
<p> </p>
<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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