<p>Repeat buyers are one of the strongest measures of confidence in any apartment development.</p>

<p>At <a href="https://www.apartments.com.au/new-apartments/era-newcastle-west-124-126-bull-street-newcastle-west-nsw-2302">ERA</a> in Newcastle West, some purchasers are returning to <a href="https://www.apartments.com.au/developers/gwh">GWH</a> after living at the developer's One Apartments. Their decision to purchase again was driven by the quality of life they found after moving into their first GWH home.</p>

<p>Keith Wilton had spent years living in a house in East Maitland before deciding it was time for a change. Apartment living had always been on his radar, but he was selective about what he wanted.</p>

<p><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/FH_1EzB-1vs?si=XScVlP1ERsTDJoME" title="YouTube video player" width="560"></iframe></p>

<p>"I had some boxes I wanted to tick," he says.</p>

<p>Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.</p>

<p>“One of those things was a nice indoor open plan area, but also I wanted a nice outdoor open area that I could entertain on in summer or Christmases or birthdays,” he says.</p>

<p>He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=356818]</p>

<p>After comparing several developments, he chose One Apartments because of GWH's longstanding local reputation and his own experience working with the developer on a commercial project more than a decade earlier.</p>

<p>"I knew that they were local, that the quality of the build was going to be up there. I'd looked at other apartment complexes around and close by, and I just knew that here was a better decision location wise."</p>

<p>Today, Keith says the move has completely changed how he experiences Newcastle.</p>

<p>"I enjoy living in this location because it's more of a lifestyle change. That Newcastle city living where you can walk to restaurants and bars and even beaches and parks and even shopping across the road."</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=356828]</p>

<p>Beyond the location, he says it's the sense of community that has surprised him most.</p>

<p>"Everyone loves living here because they chose to live here, but everyone looks out for each other. It's a real great community feel here."</p>

<p>For Aimee and Lyle Goodman, the journey started almost by chance.</p>

<p><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/tsioMLcnjas?si=zq-ys3JuWpfa5hFv" title="YouTube video player" width="560"></iframe></p>

<p>The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.</p>

<p>"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."</p>

<p>As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.</p>

<p>"We actually catch up more as a family now," Aimee says.</p>

<p>"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=356829]</p>

<p>Lyle says their confidence came from GWH's reputation within Newcastle's building industry.</p>

<p>"I know people who've worked across different apartment projects, and whenever GWH came up the feedback was always the same. They're rock solid. They're quality."</p>

<p>That confidence only grew throughout the buying process.</p>

<p>"One of the things that really impressed us with GWH was the whole process, was the communication," Lyle says. "It was consistent, it was regular, there was no problem if we had some weird questions, there was no problems in getting answers."</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=351104]</p>

<p>Aimee says one moment stood out.</p>

<p>"The project actually finished on time. We realised we needed to hurry up and sell our house because everything was happening exactly when they said it would."</p>

<p>The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.</p>

<p>Their confidence reflects what many buyers are seeking in today's apartment market. Location remains important, but so too does certainty around delivery, quality and long-term liveability.</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=356822]</p>

<p>ERA builds on those foundations with 280 one, two and three-bedroom apartments across two landmark towers in <a href="https://www.apartments.com.au/developments/newcastle-west-nsw-2302">Newcastle West</a>.&nbsp;</p>

<p>Designed by <a href="https://www.apartments.com.au/architects/fk-australia">Fender Katsalidis</a>, the project will include more than 2,000 square metres of resident amenities, including a resort-style pool, gym, sauna, private cinema and rooftop entertaining spaces overlooking the harbour and coastline.&nbsp;</p>

<p>The development is also within walking distance of the Newcastle Interchange, Honeysuckle, Darby Street, the harbour foreshore, restaurants, retail and the city’s beaches, continuing the walkable lifestyle that existing GWH buyers say has transformed how they live.</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=356826]</p>

<p>For Keith, the appeal remains straightforward.</p>

<p>"You feel at home even before you've moved into your home."</p>

<p>For Aimee, the change is measured in time.</p>

<p>“I just felt like I had more time,” she says.</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=351102]</p>

<p>Construction at ERA is now underway, with more than half of the residences already sold and limited two and three-bedroom apartments remaining in the East Tower release. Priced from $980,000 for two-bedroom residences and $1.46 million for three-bedroom residences, buyers can secure an apartment with a 10 per cent deposit, with premium homes offering ocean views from Level 8 and harbour views from Level 10.</p>

<p>ERA is also backed by Resilience Insurance's 10-year Latent Defects Insurance policy, providing protection against structural or waterproofing defects for 10 years after completion. The project is anticipated to be completed in early 2028.</p>

<p>[smartcode_project_cta:default project_id=135096]</p>


Joel Robinson

From ONE to ERA: Why buyers are choosing GWH again in Newcastle West

<p>Virgate Property Group is preparing to commence construction of Verdé, its new apartment development in Melbourne's Arts Precinct at Southbank, following a strong run of sales that has seen more than half of the project's 173 apartments secured.</p>

<p>Verdé has attracted a broad mix of first home buyers, owner-occupiers upgrading from nearby inner-city suburbs and investors, with younger owner-occupier couples aged between 28 and 45 accounting for the strongest enquiry. Many are already living in Southbank, South Melbourne, Albert Park, Port Melbourne, South Yarra and the CBD.</p>

<p>"Verdé is located in one of the most desirable pockets of southern Melbourne," Blair Property Group Director Darren Blair, who is managing sales at Verdé, said.</p>

<p>"It's within walking distance of the Arts Centre, Royal Botanic Gardens, Albert Park Lake, and Southbank's restaurants and retail. It's a great lifestyle location with strong amenity and liveability, which made it a very attractive choice for the project."</p>

<p>[smartcode_project:default project_id=4661 project_image_fid=372549]</p>

<p>Virgate was already familiar with the precinct, having previously delivered the successful Domain House development in neighbouring South Melbourne. That experience gave the developer confidence to acquire the Coventry Street site and continue expanding its presence in Melbourne's inner south.</p>

<p>"We had been keeping an eye on the site and the broader precinct for a few months before deciding to move forward with the acquisition," Virgate said.</p>

<p>The project was ultimately secured in 2020 following feasibility studies, planning assessments and due diligence, with the brief centred on delivering "a high-quality, considered design that feels both refined and fit for purpose."</p>

<p>[smartcode_project:default project_id=4661 project_image_fid=314259]</p>

<p>Designed by <a href="https://www.apartments.com.au/architects/bruce-henderson-architects">Bruce Henderson Architects</a>, Verdé comprises 173 one, two and three-bedroom apartments priced from $599,000. The architecture is distinguished by a faceted glass façade that responds to both the site's outlook and Melbourne's changing light conditions.</p>

<p>According to Bruce Henderson Architects, the coloured glazing gives the building a distinctive identity while also providing privacy and solar shading, with residences oriented to capture views across the bay, city skyline and surrounding parklands.</p>

<p>Inside, <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> has created interiors focused on natural light, efficient planning and enduring materials. Apartments feature engineered oak flooring, natural stone benchtops, floor-to-ceiling glazing and SMEG appliances, while a restrained material palette aims to complement the expansive outlooks rather than compete with them.</p>

<p>[smartcode_project:default project_id=4661 project_image_fid=372550]</p>

<p>Resident amenity has also been designed around everyday functionality rather than occasional use. Facilities include a concierge-serviced lobby, residents' lounge with fireplace, library and co-working space, gym, terrace garden with barbecue facilities, ground-floor café, and package delivery management.</p>

<p>The project's location continues to be one of its strongest drawcards. Positioned on Coventry Street, Verdé sits within walking distance of the National Gallery of Victoria, Arts Centre Melbourne, Royal Botanic Gardens and Albert Park Lake, while Southbank's dining precinct, Sturt Street trams and the new ANZAC Station are all nearby. The surrounding education catchment also includes Melbourne Grammar, Melbourne Girls Grammar, Mac.Robertson Girls' High School and several major university campuses.</p>

<p>The sales team says buyers have responded particularly well to the combination of location, design quality and long-term liveability.</p>

<p>"They're responding really positively to the quality of the design, premium resident amenities and the uninterrupted views. Many also appreciate the location and how connected it is to everything they need."</p>

<p>The ability to secure stamp duty savings before completion has also been a key factor for purchasers, alongside the opportunity to personalise finishes ahead of settlement.</p>

<p>With construction set to commence soon and more than half the apartments already sold, Verdé enters its next phase as one of the Arts Precinct's more established apartment developments, offering remaining buyers an opportunity to secure a residence before construction advances further. Expected completion is scheduled for late 2027.</p>

<p>[smartcode_project_cta:default project_id=4661]</p>


Virgate's Verdé Southbank moves toward construction as sales fly past halfway stage

<p>Downsizer-focused apartment development Kooyongkoot in Hawthorn has been recognised at the 2026 Better Future Melbourne Design Awards, taking home Gold and Silver awards in two categories.</p>

<p><a href="https://www.apartments.com.au/new-apartments/kooyongkoot-hawthorn-1-kooyongkoot-road-hawthorn-vic-3122">Kooyongkoot</a>, currently being delivered by developer PQD and designed by Cera Stribley, received Gold in the Interior Design – Proposed category and Silver in the Architecture – Proposed category.</p>

<p>The dual recognition reflects the design approach behind the boutique development on prestigious Kooyongkoot Road, where the focus has been on creating homes for downsizers seeking the space, quality and functionality of a detached house within a low-rise apartment building.</p>

<p>Rather than maximising apartment numbers, <a href="https://www.apartments.com.au/developers/pqd">PQD</a> and <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a> limited the development to just 18 residences, allowing for larger floorplans, greater privacy, generous landscaping and expansive communal spaces.&nbsp;The majority of the apartments also benefit from corner aspects, allowing for dual sources of natural light.</p>

<p>Now around 70 per cent complete and on track for completion in November 2026, Kooyongkoot will comprise a mix of garden residences, ter​race apartments, sub-penthouses, and is crowned by two half-floor penthouses with direct lift access and private rooftop terraces.</p>

<p>[smartcode_project:default project_id=102717 project_image_fid=355297]</p>

<p>The Silver Award for Architecture recognised the way the building responds to its prominent corner position at the ent​rance to Hawthorn's Scotch Hill precinct, one of Melbourne's most established residential neighbourhoods.</p>

<p>Rather than competing with the grand homes that line Kooyongkoot Road, the architectural approach focused on restraint and longevity, using curved brickwork, generous landscaping and carefully considered proportions to integrate with the existing streetscape.</p>

<p>"The form feels fluid and timeless, as though shaped by the landscape itself – architecture that belongs, rather than competes," said Chris Stribley, Co-Founder and Managing Principal of Cera Stribley.</p>

<p>The judging submission also highlighted practical innovations throughout the building, including lift cores servicing only nine homes each, a central landscaped lightcourt designed to bring daylight and ventilation into the building, and fully enclosed private storage rooms with lighting, power and shelving to better accommodate residents transitioning from larger family homes.</p>

<p>[smartcode_project:default project_id=102717 project_image_fid=355293]</p>

<p>The Gold Award for Interior Design recognised the project's focus on long-term liveability rather than display-home aesthetics.</p>

<p>According to the awards submission, the interiors were designed from the inside out, prioritising how homes would function over decades of daily use through generous proportions, practical storage, durable natural materials and flexible layouts.</p>

<p>The specification includes natural stone throughout, upgraded acoustic glazing, V-ZUG appliances and fully enclosed storage rooms, alongside an amenity offering focused on wellness, entertainment and everyday convenience.&nbsp;</p>

<p>Residents will have access to a gym and yoga studio, a wellness centre featuring traditional and infrared saunas, a cold therapy shower and treatment room, as well as a residents' lounge and golf simulator/cinema room for entertainment.&nbsp;Kooyongkoot has also considered the everyday convenience of its residents by offering a private carwash and pet wash facilities on site as well as dedicated parcel lockers and oversized fully enclosed storage rooms.&nbsp;</p>

<p>[smartcode_project:default project_id=102717 project_image_fid=355303]</p>

<p>The project's attention to detail has already resonated with buyers. Earlier this year, Kooyongkoot recorded one of Boroondara's highest apartment sales when an $8 million penthouse was purchased by a Melbourne CEO downsizing from a nearby family home.</p>

<p>"Every detail feels deliberate, from the overall design down to the smallest touches," the purchaser said.</p>

<p>"The level of quality and refinement is exceptional, but what really sold it was how liveable it felt... It felt like a place where everything had been considered, not just a luxury building."</p>

<p>[smartcode_project:default project_id=102717 project_image_fid=355304]</p>

<p>Sustainability also formed a key part of both award submissions. Kooyongkoot is targeting a minimum 7.5-star NatHERS rating across all residences, supported by passive design principles, high-performance glazing, EV charging infrastructure, water reuse systems and a wellness model focused on lower-energy dry facilities rather than pools and large wet areas.</p>

<p>Located within walking distance of Scotch College, Methodist Ladies' College, Koo​yong Lawn Tennis Club, Aubur​n Village and Camberwell Junction, Kooyongkoot continues to target owner-occupiers looking to remain in Melbourne's inner east without compromising on space or quality. A limited selection of two, three and four-bedroom residences remains available, with prices starting from $1.9 million.</p>

<p>[smartcode_project_cta:default project_id=102717]</p>


Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

<p>New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.</p>

<p>It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.</p>

<p>With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.</p>

<p>The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.</p>

<p>Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.</p>

<p>[smartcode_project:default project_id=5743 project_image_fid=372394]</p>

<p>Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.</p>

<p>"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.</p>

<p>"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."</p>

<p>[smartcode_project:default project_id=5743 project_image_fid=953]</p>

<p>Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.</p>

<p>Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.</p>

<p>That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.</p>

<p>[smartcode_project:default project_id=5743 project_image_fid=925]</p>

<p>Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.</p>

<p>Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.</p>

<p>"The Lennox is where aspirational living becomes attainable," Hamblett said.</p>

<p>"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."</p>

<p>Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.</p>

<p>"At The Lennox, lifestyle is not an afterthought, it is the foundation."</p>

<p>[smartcode_project:default project_id=5743 project_image_fid=5374]</p>

<p>The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.</p>

<p>Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.</p>

<p>That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.</p>

<p>"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."</p>

<p>[smartcode_project_cta:default project_id=5743]</p>


The apartment price gap drawing Sydney buyers west

<p>A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.</p>

<p>The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.</p>

<p>The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.</p>

<p>The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.</p>

<p>Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.</p>

<p>"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.</p>

<p>"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."</p>

<p><img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" /></p>

<p>Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.</p>

<p>Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.</p>

<p>Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.</p>

<p>"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.</p>

<p>"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."</p>

<p>Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.</p>

<p>Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.</p>


Rainbow Bay apartment doubles in price since off the plan sale during pandemic

Median Price

<html><body>
<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>
</div>
<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>
<div class="separator"> </div>
<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>
</div>
</div>
</div>
</div>
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pwargent-M4siyDbqQY

Rubbery suburb median prices: Pete Wargent

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<p><span>Despite a median house price of $706,000 and apartment price of $545,500, many of Melbourne’s desirable suburbs boast homes at $200,000-plus, the REIV pinpointing the inner north and south of the city.</span></p>
<p><span>Melbourne’s most affordable one-bedroom apartments are located in Carlton – which recorded a June median price of $207,750.</span></p>
<p><span>Carnegie, in Melbourne’s south-east, delivered a median for similar sized apartments of $292,500.</span></p>
<p><span>“Affordable property around Melbourne is not restricted to the outer suburbs," </span><span>REIV chief Enzo Raimondo said. </span></p>
<p><span>"Apartments allow first home buyers to get a foothold on the property ladder, especially in highly sought after areas such as Carlton,” he said. </span></p>
<p><span><a href="https://www.realestateview.com.au/portal/search?rm=search&amp;journeyplanner=0&amp;jpwkend=0&amp;jpday=1&amp;jpdate=1&amp;jpstime=0&amp;jpetime=0&amp;P=1&amp;ptr=r&amp;con=D&amp;portalview=residential&amp;portalsection=sold&amp;bs=12&amp;sub=Carlton+VIC+3053%2C+&amp;sur=bord&amp;pt=uni&amp;prl=0&amp;prh=300&amp;bel=0&amp;beh=0" target="_blank">Realestateview.com.au </a></span><span>sales show a strong student accommodation presence.</span></p>
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jchancellor-FAypfDUnLy

Carlton's $207,000 apartment median 

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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>
<p> </p>
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tlawless-5VLUrbAk9s

Proportion of sales below $400,000 keeps falling: Tim Lawless

<html><body>
<p class="first-para">GUEST OBSERVER</p>
<p>The median house in Sydney surpassed the million dollar mark in July and is now valued at $1,017,500. In the quarter ending July, the Sydney median house value grew an astonishing 7.58%. The average quarterly growth rate of all other capital city house markets was just 0.92%.</p>
<p><a href="/images/2015/08/31/Graph_1_Capital_Growth_Summary.jpg" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2015/08/31/Graph_1_Capital_Growth_Summary.jpg" alt="" width="723" height="464"></p>
<p>The annual rate of growth for Melbourne houses was 9.07 per cent, bringing the median house value to $683,000. Growth for the month was significantly lower, at just 0.13 per cent. </p>
<p>Brisbane houses performed steadily in the year to July, however performance was down in the unit market due to an overhang of stock. Commencement of the Queens Wharf development in the heart of the Brisbane CBD (a complex which will include 2,000 new apartments) is likely to place further downward pressure on the growth of Brisbane units. </p>
<p>The worst performing areas in the year to July were once again the resource states. Perth houses contracted 4.34 per cent while Darwin unit values dropped 6.41 per cent. </p>
<p>Table 1 presents the market performance summary for July.</p>
<p><a href="/images/2015/08/31/Table_1_July_Stats_Summary2.jpg" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2015/08/31/Table_1_July_Stats_Summary2.jpg" alt="" width="818" height="716"></p>
<p><span><strong>A Note on the Resource Markets</strong></span></p>
<p>A number of commodity prices have tumbled in the last year. The iron ore price averaged just AUD $69 per dry metric tonne over the month of July, which is a 13.88 per cent reduction from the previous month. </p>
<p>Australian Thermal Coal remained steady over the last month, averaging AUD $85.75 per pound. However, this is a significant reduction from the peak price in 2008 when coal averaged over AUD $200. </p>
<p>World Bank data shows that resources boomed in the early 2000’s, following a long period of low valuation between the 1970’s and the 1990’s. While it appears that commodities are in a correction period, values have not fallen so drastically that prices are below what they were a decade ago. </p>
<p>In response to the decline in commodity prices, many suppliers, including BHP Billiton and Rio Tinto, chose to increase efficiency and cost cutting as opposed to reducing supply. This is likely due to larger producers taking advantage of the fall in commodity values to pressure smaller suppliers out of the market. </p>
<p>In line with cost cutting, thousands of mining positions have been terminated across South Australia, the Northern Territory and Western Australia. This, coupled with the completion of mining construction projects, is exacerbating economic downturn in the resource states.</p>
<p>Deterioration may be slightly offset in the short term due to the devaluation of the Yuan, which will make Chinese steel exports more competitive and drive demand for Australian Iron Ore, an input in steel production.</p>
<p>Commodity prices have a strong lead lag effect on dwelling values in the resource state capitals. As commodity prices stabilise at significantly lower levels, the Darwin and Perth dwelling markets are also stabilising.</p>
<p>To put the current growth cycle in perspective, I have provided the historical House Price Index (HPI)<a href="https://blog.residex.com.au/2015/08/28/property-market-update-3/#footnote-1"><span>[1]</span></a>data for Darwin and Perth in Graphs 2 and 3.</p>
<p><a href="/images/2015/08/31/Graph_2_Perth_HPI.jpg" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2015/08/31/Graph_2_Perth_HPI.jpg" alt="" width="816" height="523"></p>
<p> </p>
<p><a href="/images/2015/08/31/Graph_3_Darwin_HPI.jpg" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2015/08/31/Graph_3_Darwin_HPI.jpg" alt=""></p>
<p> </p>
<p>The graphs show that, like commodity values, dwellings in the resource capitals are no longer in a stage of rapid growth as they were between 2000 and 2008. </p>
<p>The Perth and Darwin markets are currently in a correction period, which is indicated by the downward movement of the HPI. However, putting the dwelling positions into a larger historical context shows they have not drastically collapsed. </p>
<p>During the mining boom, the Perth market saw annualised growth rates as high as 40 per cent in 2006. However, these growth rates were met with corrections as large as 10 per cent in 2009. The end of the mining boom has restored growth cycles that are much more subdued than these levels. </p>
<p><span><strong>The New Normal – Ownership and Lifestyle in the Age of Population Convergence</strong></span></p>
<p>Growth in the Sydney and Melbourne markets have concerned lending institution regulators, and hopeful investors and homeowners.</p>
<p>As discussed in previous newsletters, there is little evidence attributing foreign investment and tax structures to the surge in property values. I have not found sufficient data to argue rigorously that these forces are driving up prices. </p>
<p>There is another force that I believe may be attributed to house and unit value increases – particularly in Sydney: the concept of population convergence. </p>
<p>In 2005, American urban studies theorist Richard Florida built a case for population convergence. Measuring economic production, levels of innovation and population, Florida found that population and economic activity were converging to a few large cities around the world. </p>
<p>Evidence suggests that Sydney could be one of these cities. This would account for the positive returns on Sydney property over the last three years, which according to Residex data has averaged a rapid 3.05 per cent per quarter. </p>
<p>At the time of Florida’s study in 2005, Sydney was one of just 60 cities around the world that had a population of approximately five million or more. Using World Intellectual Property Organization and U.S. Patent and Trademark data, Florida also found that Sydney was one of just 20 cities around the world to be fostering significant levels of innovation. </p>
<p>Population density in Sydney has increased approximately 16 per cent between 2000 and 2012, according to data from Charting Transport. Increased density and the presence of more investors in the property market has led to an increase in the supply of units over houses. From September 2012, unit commencements have regularly outperformed housing builds, which can be seen in Graph 4. This further implies that most development is occurring in urban, densely populated areas.</p>
<p><strong>Graph 4: Sydney Dwelling Commencements</strong></p>
<p><a href="/images/2015/08/31/Graph_4_Dwelling_Commencements_Sydney.jpg" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2015/08/31/Graph_4_Dwelling_Commencements_Sydney.jpg" alt="" width="752" height="479"></p>
<p>Population convergence theory could explain the growth in the house and unit markets, and signal that such growth is likely to continue. This is not unprecedented. Values and rents have skyrocketed in cities around the world, including Singapore, New York, London and Tokyo over the last few decades.</p>
<p>High rates of property growth are not just reflected in a desire to be near amenities, culture and cosmopolitan environments. Density also brings productivity advantages through economies of scale. It increases connectivity and knowledge sharing. In turn, these things create more jobs and attract a higher population, reinforcing population convergence.</p>
<p>In response to higher density living, many people have begun to adjust their standards of living in Sydney. However, a level of development resistance could further increase prices, such as a court ruling earlier this year which will see the minimum approval unit size in Sydney increase by 30 per cent<a href="https://blog.residex.com.au/2015/08/28/property-market-update-3/#footnote-2"><span>[2]</span></a>.</p>
<p>The methods inhibiting development are wide and diverse and therefore difficult to fully quantify; the prevention of new development can come from environmental regulation and community resistance.</p>
<p>These forces prohibit development of popular space and undermine innovations used to adapt to higher density, such as the micro-apartment movement. Resistance to development can also preserve a higher standard of living in Sydney, which – for those who can afford it – is clearly in demand. </p>
<p>Assuming Florida was right in his theory of population convergence, Sydney could see strong house value increases over the next few quarters before stabilising at a level that even the most wealthy and mobile will find excessive. </p>
<p><em>Eliza Owen is market analyst for Onthehouse.com.au and can be contacted <a href="https://investors.onthehouse.com.au/" target="_blank">here</a>.</em><a href="https://investors.onthehouse.com.au/"><br></a></p>
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Sydney house median passes $1 million mark: Onthehouse's Eliza Owen

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<p><span>The Real Estate Institute of Western Australia has listed the top ten most affordable suburbs in Perth rated on median house price for the year to June 2015 with no changes from the 2014 list.</span><br><br>Medina, Calista, Camillo, Hillman and Armadale round out the top five.</p>
<p>1. Medina</p>
<table class="data-table"><tbody>
<tr>
<th>LOWER QUARTILE</th>
<th>MEDIAN HOUSE PRICE</th>
<th>UPPER QUARTILE</th>
<th>HIGHEST SALE PRICE </th>
</tr>
<tr>
<td>$258,750</td>
<td>$289,000</td>
<td>$318,125</td>
<td>$375,000  </td>
</tr>
</tbody></table>
<p> </p>
<p>2. Calista</p>
<table class="data-table"><tbody>
<tr>
<th>LOWER QUARTILE</th>
<th>MEDIAN HOUSE PRICE</th>
<th>UPPER QUARTILE</th>
<th>HIGHEST SALE PRICE</th>
</tr>
<tr>
<td>$287,750 </td>
<td>$320,000 </td>
<td>$349,000 </td>
<td>$613,000 </td>
</tr>
</tbody></table>
<p> </p>
<p><a href="https://reiwa.com.au/for-sale/calista/" target="_blank" title="View properties for sale in Calista - reiwa.com"></a><br>3. Camillo</p>
<table class="data-table"><tbody>
<tr>
<th>LOWER QUARTILE</th>
<th>MEDIAN HOUSE PRICE</th>
<th>UPPER QUARTILE</th>
<th>HIGHEST SALE PRICE</th>
</tr>
<tr>
<td>$290,000 </td>
<td>$320,000 </td>
<td>$353,000</td>
<td>$462,000 </td>
</tr>
</tbody></table>
<p> </p>
<p><a href="https://reiwa.com.au/for-sale/camillo/" target="_blank" title="View properties for sale in Camillo - reiwa.com"></a><br>4. Hillman</p>
<table class="data-table"><tbody>
<tr>
<th>LOWER QUARTILE</th>
<th>MEDIAN HOUSE PRICE</th>
<th>UPPER QUARTILE</th>
<th>HIGHEST SALE PRICE</th>
</tr>
<tr>
<td>$300,000 </td>
<td>$320,000 </td>
<td>$340,625</td>
<td>$400,000 </td>
</tr>
</tbody></table>
<p> </p>
<p>5. Armadale</p>
<table class="data-table"><tbody>
<tr>
<th>LOWER QUARTILE</th>
<th>MEDIAN HOUSE PRICE</th>
<th>UPPER QUARTILE</th>
<th>HIGHEST SALE PRICE </th>
</tr>
<tr>
<td>$295,000 </td>
<td>$325,000 </td>
<td>$359,250</td>
<td>$850,000 </td>
</tr>
</tbody></table>
<p> </p>
<p><a href="https://reiwa.com.au/for-sale/armadale/" target="_blank" title="View properties for sale in Armadale - reiwa.com"></a><br>6. Parmelia</p>
<table class="data-table"><tbody>
<tr>
<th>LOWER QUARTILE</th>
<th>MEDIAN HOUSE PRICE</th>
<th>UPPER QUARTILE</th>
<th>HIGHEST SALE PRICE</th>
</tr>
<tr>
<td>$301,375 </td>
<td>$325,250 </td>
<td>$355,000 </td>
<td>$445,000 </td>
</tr>
</tbody></table>
<p><a href="https://reiwa.com.au/for-sale/parmelia/" target="_blank" title="View properties for sale in Parmelia - reiwa.com"></a><br><br>7. Brookdale</p>
<table class="data-table"><tbody>
<tr>
<th>LOWER QUARTILE</th>
<th>MEDIAN HOUSE PRICE</th>
<th>UPPER QUARTILE</th>
<th>HIGHEST SALE PRICE</th>
</tr>
<tr>
<td>$297,500 </td>
<td>$330,000 </td>
<td>$357,500 </td>
<td>$401,000 </td>
</tr>
</tbody></table>
<p> </p>
<p>8. Orelia</p>
<table class="data-table"><tbody>
<tr>
<th>LOWER QUARTILE</th>
<th>MEDIAN HOUSE PRICE</th>
<th>UPPER QUARTILE</th>
<th>HIGHEST SALE PRICE </th>
</tr>
<tr>
<td>$300,000 </td>
<td>$340,000 </td>
<td>$409,000 </td>
<td>$535,000 </td>
</tr>
</tbody></table>
<p> </p>
<p><a href="https://reiwa.com.au/for-sale/orelia/" target="_blank" title="View properties for sale in Orelia - reiwa.com"></a><br>9. Cooloongup</p>
<table class="data-table"><tbody>
<tr>
<th>LOWER QUARTILE</th>
<th>MEDIAN HOUSE PRICE</th>
<th>UPPER QUARTILE</th>
<th>HIGHEST SALE PRICE </th>
</tr>
<tr>
<td>$311,000</td>
<td>$340,000 </td>
<td>$379,000 </td>
<td>$549,000 </td>
</tr>
</tbody></table>
<p> </p>
<p><a href="https://reiwa.com.au/for-sale/cooloongup/" target="_blank" title="View properties for sale in Cooloongup - reiwa.com"></a><br>10. Leda</p>
<table class="data-table"><tbody>
<tr>
<th>LOWER QUARTILE</th>
<th>MEDIAN HOUSE PRICE</th>
<th>UPPER QUARTILE</th>
<th>HIGHEST SALE PRICE</th>
</tr>
<tr>
<td>$318,500 </td>
<td>$340,000 </td>
<td>$390,000 </td>
<td>$480,000 </td>
</tr>
</tbody></table>
<p><a href="https://reiwa.com.au/for-sale/leda/" target="_blank" title="View properties for sale in Leda - reiwa.com"> </a></p>
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jonathanchancellor-7SQnKwU6yx

The ten most affordable suburbs in Perth

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<p><span style="line-height: 1.3em;">Home values in Hobart are lower than they were five years ago although improving, </span>according<span style="line-height: 1.3em;"> </span>to the<span style="line-height: 1.3em;"> CoreLogic RP Data Housing Market and Economic Review for August.</span></p>
<p><span style="line-height: 1.3em;">The current median price for a home in Hobart is $320,000, with units at $281,900.</span></p>
<p><a href="/images/2015/08/25/Screen%20Shot%202015-08-25%20at%206.04.49%20PM.png" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2015/08/25/Screen%20Shot%202015-08-25%20at%206.04.49%20PM.png" alt=""></p>
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Hobart home values remain lower than five years ago: CoreLogic RP Data

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<p>The private treaty median price for a home in Sydney hovers above $880,000 with Melbourne at $565,000 and Canberra at $560,000, according to CoreLogic RP Data.</p>
<p>Unit median prices in Sydney are $670,000, Darwin $520,000 and Melbourne $460,000.</p>
<p><a href="/images/2015/08/25/Screen%20Shot%202015-08-25%20at%203.48.53%20PM.png" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2015/08/25/Screen%20Shot%202015-08-25%20at%203.48.53%20PM.png" alt=""></p>
<p><a href="/images/2015/08/25/Screen%20Shot%202015-08-25%20at%203.48.58%20PM.png" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2015/08/25/Screen%20Shot%202015-08-25%20at%203.48.58%20PM.png" alt=""></p>
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Sydney private treaty median house price hovers above $880,000: CoreLogic RP Data

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<p><span>Perth's median house price fell 3.6% in the June quarter, the largest median house price fall since the September 2013 quarter.</span></p>
<p><span>David Airey, president of the REIWA said the median price units and apartments also fell and the soft market he had forewarned for 2015 had arrived.</span></p>
<p><span><span>“The metropolitan median house price dropped from $550,000 to $530,000, and units, apartments, villas and townhouses saw their median price drop from $440,000 to $420,000," Mr Airey said. </span></span></p>
<p><span>“It was a similar story in the regions with the median house price dropping by $10,000 to $380,000 and the median apartment price in the country dipping by around $4,500 to $325,000.</span></p>
<p><span><span>Mr Airey said </span></span><span style="line-height: 1.3em;">there is a market correction underway in WA and many sellers are having to discount to find a buyer, however s</span><span style="line-height: 1.3em;">ome of this fall can be attributed to the composition of sales, with a greater turnover of more affordable properties pulling the median downwards.</span></p>
<p><span>“Across the metropolitan area, almost 60% of sellers reduced their asking price to seal the deal, and where that happened a discount of around 6% was the average reduction," MR Airey said.</span></p>
<p><span>“There were 10,200 sales in the June quarter, down by 900 in the previous quarter, but more significantly, down 21.5% in turnover from the same time last year."</span></p>
<p><span>At the end of the quarter rental property vacancy increased 23% from the March quarter to 8,128 properties - 40% more than the corresponding period in 2014.</span></p>
<p><span>Metropolitan median rent dropped $10 to $420 per week, with overall median rent falling by $55 over the last two years.</span></p>
<p><span style="line-height: 1.3em;">The Office of State Revenue took 4,820 First Home Owners Grant applications, down 21% from the same period last year.</span></p>
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Perth's median house price falls in June quarter: REIWA

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

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<p>Housing capital gains in Melbourne eclipsed those made through units over the past 12 months with an 11.2% and 2.4% increase respectively.</p>
<p>The CoreLogic RP Data <span>Housing and Economic Market Update noted the current median price of a home in Melbourne is $615,000 and units $480,000.</span></p>
<p><span>The chart tracks prices back to 1997.</span></p>
<p><a href="/images/2015/07/28/Screen%20Shot%202015-07-28%20at%205.48.08%20PM.png" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2015/07/28/Screen%20Shot%202015-07-28%20at%205.48.08%20PM.png" alt=""></p>
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