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

Joel Robinson

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

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

Sammut secures approval for debut Brisbane apartment development in Toowong

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

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

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

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

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

WM Residences fills gap in Mordialloc townhouse market

Paddington

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Stylist Sibella Court has finally secured a buyer for her corner Paddington terrace.
It sold at $1.34 million having lowered the asking price by almost $300,000.
The Victorian-era shopfront home, which helped launch Court’s The Society Inc, was bought after she'd returned from a decade in New York as a homewares stylist.
The star of the ABC’s Restoration Australia listed it last September with initial hopes of $1.65 million following her decision to move to a warehouse in St Peters.
Court bought <a href="https://www.bresicwhitney.com.au/buy/27-alexander-street-paddington-11889" target="_blank">the corner shop </a>in 2008 for $900,000 from publican Peter Wadsworth, making it her home for a few years before she and partner Ben Harper moved to Bondi with their daughter Silver.
It was sold to an architect.
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firstname1-iYD4UYzvBa

Stylist Sibella Court sells in Paddo

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The Four in Hand Hotel in Paddington is the latest freehold hotel to sell in Sydney's eastern suburbs.
Publican Mitchell Waugh's Public House Management Group added again to its portfolio acquiring the popular pub for around $8 million.  
The sale was brokered by Andrew Jolliffe and Joel Fisher of Ray White Hotels. 
PHMG's strategy is to acquire iconic hotel operations on valuable land including Mosman's Buena Vista, <a href="/expert-insights/investing/ryan-family-sell-woollahra-hotel-to-waugh-group">The Woollahra Hotel</a> and Paddington's Royal Hotel. 
The past four acquisitions had all been predicated upon acquiring inherently valuable real estate, with historically robust cash flow businesses, Fairfax Media reported.
The Four in Hand, which was offered by a syndicate headed by industry veteran Joe Saleh and chef Colin Fassnidge, attracted more than 45 inquiries.  
Andrew Jolliffe has now secured over $185 million worth of sales in the eastern suburbs in recent times including the Surry Hills hotel, The Dolphin.
"The 4, as it is affectionately known, is an institution in the Sydney pub landscape," Mr Jolliffe said.
"Melbourne has a number of these great food and beverage icons like the Four in Hand, however, unfortunately they are few and far between in Sydney. That's why this is such a special hotel."
It had over $4.75 million in total sales in FY2015.
The 375 sq m Paddington corner holding had a recent $1 million renovation.
Lantern Hotels CEO John Osborne confirmed that the sale of the Dolphin Hotel was in line with the group's previously publicized strategy following an internal positioning review earlier in 2015.
"The Lantern Board and Management have taken the view that the repositioning of the company is a necessary step to unlocking shareholder value.
"Accordingly, the divestment of the Dolphin Hotel is both an important and positive step in order to focus the company's core competencies and resources into the areas which will provide the greatest outcome for shareholders" said Mr Osborne.
While not willing to disclose the identity of the purchaser, Andrew Jolliffe advised the purchaser was illustrative of the changing complexion of investors in the hospitality sector.
"He has enjoyed considerable success in an alternative but not entirely unrelated industry; and now applies this invaluable retail and marketing experience base to a sector which, fundamentally, is all about retail and marketing" Mr Jolliffe said. 
"The purchaser of the Dolphin Hotel owns other hugely successful hospitality properties in Surry Hills and the broader Eastern Suburbs, and will undoubtedly draw on this knowledge bank to provide the Dolphin with a narrative that will see it participate prominently in the changing face of the Surry Hills and Moore Park precincts over the coming years" Mr Jolliffe believes. 
 
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jrobinson-rf4aSBido9

Four in Hand Hotel, Paddington sold to PHMG

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Art dealer Shirley Wagner is selling her longtime Paddington gallery terrace for November 23 auction.
Regarded as one of the matriarchs of the Australian art scene, she has fostered and managed the careers of many great artists since the 1960s.
<a href="https://www.propertyobserver.com.au/https://www.lsbondibeach.com.au/property/0000280751" target="_blank">The 39 Gurner Street gallery</a> was established in 1978 after a 14 year stint as the Barefoot Art Gallery, Avalon Beach.
Bart Doff at Laing &amp; Simmons Double Bay has the trophy corner terrace offering. It last sold at $85,000 in 1977.
Through the years Shirley has represented big-time artists including Arthur Boyd, Sir Sidney Nolan and Charles Blackman, as well as bringing many great international artists to Sydney, including Andy Warhol and Roy Lichtenstein.
Too many to list, though Pro Hart was one of her enduring show highlights.
Not only did Shirley exhibit their paintings in Paddington but across the globe, her most memorable in Egypt and Israel. 
That exhibition made Australia the first country in the world to do a cultural exchange between Egypt and Israel in honour of the signing of the 1980 peace treaty between Sadat and Begin.
Although Shirley has retired from daily work at the gallery, her daughter Nadine took up the baton of her mother’s legacy. 
But after a lengthy stellar career Shirley, now 83, has decided it is time to sell.
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jchancellor-FAypfDUnLy

Paddington's Wagner Gallery listed for November auction

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No sooner had the fashion designer Collette Dinnigan sold her Paddington trophy home than another Dinnigan has bought in the trendy suburb.
It is her brother, creative director Seamus who has spent $1.08 million. It was listed through <a href="https://www.domain.com.au/sold/5-mary-place-paddington-nsw-2021-2011803863" target="_blank">BresicWhitney agent Catherine Dixon</a> with $900,000 plus hopes. Just 70 square metres space throughout the rare freestanding terrace.
Collette's sandstone Paddington Street house fetched $6.5 million when sold recently to Francis and Barbara Kennedy following her $6.25 million purchase at Watsons Bay with husband Brad Cocks.
This article first appeared in The Sunday Telegraph.
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Paddo still has a Dinnigan

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This is the longest couch Property Observer has possibly ever seen.
It is in a recently sold Paddington terrace with heated Kota bluestone floors.
The living dining space is 3.1 metres wide by 12 metres long.
The couch runs from the stairs to the kitchen.
It sold through BresicWhitney agent Macleay Longhurst.
<a href="https://www.realestate.com.au/property-house-nsw-paddington-119568263" target="_blank">The 360 South Dowling Street terrace</a> fetched $1.36 million despite its minimal interiors.
The backyard comes with a decent wooden couch too.
 
{mijopolls 113}
 
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Does Paddington's longest couch work? Property Observer readers' poll

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Paddington's Grand National Hotel sold this morning.
Bidding started at $6 million when auctioneer Damien Cooley took bids from what appeared to be the five interested parties.
It was knocked down at $7.25 million through <a href="https://www.colliers.com.au/14889#.VV06uutMIzU" target="_blank" style="line-height: 1.3em;">Colliers International agent Miron Solomon</a> who had the offering in conjunction with CBRE Hotels agent Daniel Dragicevich.
The prominent corner freehold has recently undergone a complete refurbishment over the entire ground floor by new tenants, LJB Hotels, who have a long term lease.
It was sold with a 20 year lease (10+5+5) over ground floor to established tenants, who commenced in 2014, with current net income of $250,000 pa.
The holding was a 437 square metre footprint with upstairs NLA of approximately 600sqm and current inventory of up to 24 pub­-style accommodation rooms.
It was offered with future development of first and second floors to suit a range of types and uses ranging from accommodation, hospitality, residential or commercial office. 
“The buyer was ultimately a private investor looking to unlock the cash flow potential from the top two floors," Colliers International’s Miron Solomons said.
 
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Grand National Hotel Paddington sold

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A former Paddington garage transformed into a two bedroom terrace with parking fetched $1.415 million at weekend auction, some $65,000 above reserve.
The then single storey lock-up garage<a href="https://www.realestate.com.au/property-house-nsw-paddington-113013491" target="_blank"> sold at $822,500</a> in July last year. The vendor, by doing much of the conversion project himself, was able to do it for around $400,000 before transaction costs, with $500,000 more likely to have been required in the normal course of construction.
Not quite as reported by the <a href="https://www.dailymail.co.uk/news/article-2786208/This-garage-sold-822-thousand-year-ago-total-makeover-s-expected-1-2-million" target="_blank">Daily Mail</a>, who covered the story with the headline: "Sales like this drive the property boom! Couple who bought GARAGE for a record $822,500 make $600,000 profit in a year."
Positioned between <a href="/expert-insights/buying/transformed-paddington-garage-now-with-residence-atop">adjoining terraces</a>, the then lock up garage occupied its 76 square metre block with a width of 4.6 metres.
It now has 93 square metres of living space plus 23 square metres of courtyard along with Centrepoint Tower views.
The Paddington house price median sits at $1.55 million according to RP Data.
More than $1.2 million was being tipped.
<a href="https://www.realestate.com.au/photogallery_new.ds;jsessionid=AD5F9A0E1C4DFC4221F5BDA19ECB4AD6?id=113013491&amp;theme=rea.sold" rel="photos" data-id="113013491"><img src="https://i1.au.reastatic.net/456x342/471c7d6ef95c494be7037f09057f5a8409447d6482edc9286f3754348d813452/main.jpg" alt="19 Hopewell St, Paddington" title="19 Hopewell St, Paddington" data-index="0"></a>
Above: The garage before its renovation. It sold through Position Realty agent Deborah Terley with development approval last July and again on the weekend.
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Successful, but slim profit: Transformed Paddington garage fetches $1.4 million

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There is an estimated $1.1 billion in property available for purchase this weekend across Sydney. And it includes one of the last Paddington unrenovated terraces with backyard dunny (pictured above).
It's among the record offering of 1,107 houses and units up for auction across Sydney this weekend with a potential $935 million in houses available for purchase and $175 million in apartment stock going under the hammer.
There are 1,261 offerings in Melbourne, with an $870 million worth of stock with around $640 million in houses set to be offered under the hammer and $230 million worth of apartments.
The Saturday before Easter weekend is traditionally a big weekend for auctions, ahead of the quieter winter hibernation.
This year carried the spring 2013 momentum, and the later Easter on the calendar allowed the chance for more vendors to join the listings rush.
Australian Property Monitors research assistant Neil Tan has advised that this weekend's 1,107 Sydney offerings is some 196% higher than the same weekend last year. And Melbourne's tally is 142% up.
The last Sydney record auction bonanza was the 970 offering on 14 December in the lead up to Christmas 2013 when $584 million in sales came based on a $900,000 median house price and a $605,000 median unit price. There was another $584 million in sales secured on the 22 February weekend based on a $1.08 million house median and a $720,000 unit median sale price.
So it will the busiest Sydney Saturday on record, with official records being compiled since Australian Property Monitors started keeping the data in the late 1980s when Sydney was only just beginning to take a shine to onsite auction with the lead from the trend setter Andrew Gibbons agency.
The long mooted possibility that Sydney would break the 1,000 auction barrier for the first time occurs at a time when auction clearance rates sits at historically high levels on the back of buyer demand.
The initial Saturday figures from APM have been running at 80% for 10 consecutive weeks, but increasingly revised down to around 75% after final results have been tallied. This week at a mid-week auction a 53% auction clearance rate was secured at Double Bay, suggesting the deterioration might be setting in.
Melbourne's 1,261 auctions this saturday will be its fourth weekend above 1,000 this year, so that total is no news for them.
Indeed late last year Melbourne had three consecutive weekends with auction numbers over 1,300 from 30 November to 14 December. And Melbourne has also been showing signs of auction success rate weakness the further into autumn the weekends went.
So while a 100% success rate simply won't happen, the weekend $1.1 billion tally is huge based just on the offering. It is based on the median weekend house price last weekend which was $1.1 million in Sydney and the median Sydney auction unit price which was $700,000. These weekly auction medians have been ratcheting up, as witnessed in the figures given above for December and February super Saturday results.
Of course the auction offerings always reflect a much higher price than the typical $765,000 median for houses and the $540,000 median for typical units.
This weekend there are about 250 units and 850 houses for scheduled Sydney auction.
This weekend there are about 450 units and 810 houses for scheduled Melbourne auction.
Melbourne's median last weekend for house prices was $790,000 and the median unit price was $510,000.
And again, that's much higher than the typical $568,000 Melbourne median for houses and the median for typical $420,000 Melbourne units.
Listing agent Susie Peica and Dean Jarman of Ray White Paddington gave initial around $1 million price expectations for 54 Underwood Street which has been<a href="https://www.raywhite.com/nsw/paddington/1109943/" target="_blank"> listed for auction this weekend</a>.
It is an 1885 weatherboard terrace on an 185 square metre holding. The agents are now saying $950,000 plus after a bit of buyer feedback.
According to RP Data, the median house price for <a href="/news">Paddington</a> sits at a record $1.52 million.
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