<p>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.</p>

<p>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;</p>

<p>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;</p>

<p>“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;</p>

<p>[smartcode_project:default project_id=110291 project_image_fid=302785]</p>

<h2>Affordable product leads, premium demand remains resilient</h2>

<p>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;</p>

<p>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;</p>

<p>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.</p>

<p>Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.</p>

<p>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;</p>

<p>[smartcode_project:default project_id=148957 project_image_fid=364102]</p>

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

<p>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.</p>

<p>David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.</p>

<p>“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;</p>

<p>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.</p>

<p>[smartcode_project:default project_id=108869 project_image_fid=317905]</p>

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

<p>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;</p>

<p>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;</p>

<p>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”.</p>

<p>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;</p>


Joel Robinson

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

<p><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.</p>

<p>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.</p>

<p>Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.</p>

<p>“Brisbane was the right step for Sammut,” Sammut said.</p>

<p>“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.”</p>

<p><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" /></p>

<p>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.</p>

<p>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.</p>

<p>“We are DA approved now which is very exciting,” Sammut said.</p>

<p>“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.”</p>

<p><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" /></p>

<p>Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.</p>

<p>“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.</p>

<p>The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.</p>

<p>“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.”</p>

<p>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.</p>

<p>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.</p>


Sammut secures approval for debut Brisbane apartment development in Toowong

<p>Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.</p>

<p>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.</p>

<p>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.</p>

<p>“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.</p>

<p>“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.</p>

<p>“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.”</p>

<p>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.</p>

<p>“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.”</p>

<p>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.</p>

<p>“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.”</p>

<p>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.</p>

<p>“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.</p>

<p>Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.</p>

<p>“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.</p>

<p>“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”</p>

<p>The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.</p>

<p>“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.</p>

<p>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.</p>

<p>&nbsp;</p>


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

<p>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.</p>

<p>The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.</p>

<p>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.</p>

<p>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.</p>

<p>“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.</p>

<p>“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.”</p>

<p><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" /></p>

<p>GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.</p>

<p>“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.”</p>

<p>Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.</p>

<p>“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.</p>

<p><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" /></p>

<p>&nbsp;</p>

<p>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.</p>

<p>Green praised local policy settings.</p>

<p>“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.”</p>

<p>One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.</p>

<p>“The way we will be able to achieve economies of scale is through size,” Green added.</p>


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

<p>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.</p>

<p>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.</p>

<p>Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be</p>

<p data-end="683" data-start="511">"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.</p>

<p data-end="882" data-start="690">"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."</p>

<p data-end="882" data-start="690">[smartcode_project:default project_id=134646 project_image_fid=6109]</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>[smartcode_project:default project_id=134646 project_image_fid=6110]</p>

<p>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.</p>

<p>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.</p>

<p>[smartcode_project:default project_id=134646 project_image_fid=6116]</p>

<p data-end="247" data-is-last-node="" data-is-only-node="" data-start="0">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.</p>

<p>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.</p>

<p>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.</p>

<p>[smartcode_project_cta:default project_id=134646]</p>


WM Residences fills gap in Mordialloc townhouse market

Peppermint Grove

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<p>The businessman John Gillett has decided to sell three redundant blocks of the Taj on Swan site <a href="https://www.afr.com/property/residential/taj-on-swan-owners-set-to-lose-more-than-5m-as-peppermint-grove-site-sells-20180807-h13mps">he bought last year for $17 million</a> in Peppermint Grove.</p>
<p>It was bought from former fertiliser entrepreneur Pankaj Oswal and his wife Radhika.</p>
<p>Gillett and his wife Jocelyn have applied to the WA Planning Commission to split their 6580 square metre superblock.</p>
<p>They have sought three blocks - 765 square metres, 875 square metres and 1104 square metres.</p>
<p>The abandoned home building block of flamboyant billionaire tycoons, Pankaj and Radhika Oswal was sold earlier this year.</p>
<p>Marketed as "the most famous block in Australia" the <a id="LPlnk998012" href="https://www.realestate.com.au/property-residential+land-wa-peppermint+grove-202042586" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">2 Bay View Road site</a> was sold through Ray White agent Vivien Yap in conjuction with Sotheby's agent Graham Bowie. </p>
<p>The now demolished mansion with Swan River views sat unfinished after the Oswals quit Australia in 2010 amid a dispute with bankers about the wind up and sale of their fertiliser business.</p>
<p>The Oswal family had controlled WA's $700 million Burrup Fertilisers gas-processing plant.</p>
<p>The Oswals paid $22.7 million in 2007 when it was bought from developer Warren Anderson then starting construction a year later on a "two-storey, Indian-infused luxury residence".</p>
<p>"The Gillett family is optimistic that the rarity of blocks in this superb location, plus a gradually improving property market, means that the land will be attractive to buyers," a spokesman for Gillett told Nine Entertainment.</p>
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WA Planning Commission asked to further subdivide Taj on Swan, Peppermint Grove residential housing site

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<p>A Tudor style residence in Peppermint Grove, Western Australia has hit the market with $5.95 million hopes. </p>
<p>The home at<a href="https://www.realestate.com.au/property-house-wa-peppermint+grove-132552150" target="_blank"> 33 McNeil Street</a>, restored just 5 years ago, is now a showpiece example of <span>heritage listed architecture.</span></p>
<p><span>Justin Davies of Space Real Estate Cottesloe has the listing. </span></p>
<p><span>Set within a <span>sought after street lined with Peppermint trees, the home features gabled roof <span>characterising its Tudor style and front façade draped in vine leaves.</span></span></span></p>
<p><span><span><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/12/2/pepermint%20grove%203.jpg" alt=""></span></span></span></p>
<p><span><span><span>It comprises traditional den study, gourmet kitchen, formal and informal living, master suite and two self-contained guest lodgings.</span></span></span></p>
<p><span><span><span>The recently added loft space is large enough to incorporate a lounge setting and bedroom suite. </span></span></span></p>
<p><span><span><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/12/2/peppermint%20grove%202.jpg" alt=""></span></span></span></p>
<p><span><span><span>Other highlights include manicured garden, solar heated pool, decked patio alfresco area, and double garage plus additional parking.</span></span></span></p>
<p><span><span><span>The home is within walking distance to elite private schools and shopping centre. </span></span></span></p>
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Peppermint Grove restored historic home hits the market 

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<p>One of Peppermint Grove’s original houses is set to be auctioned on December 8 for the first time in 13 years after a makeover.</p>
<p>It has been offered by Jody Fewster from Ray White Cottesloe/Mosman Park. </p>
<p>Copley on View, the circa 1930's home situated at <a href="https://www.realestate.com.au/property-house-wa-peppermint+grove-129140650" target="_blank">58 View Street </a><span>was purchased by its current owners in 2005.</span></p>
<p><span>Shortly after it underwent a full renovation and rear-extension addition by architect, Lendis Golic.</span></p>
<p><span><span>The home features original structure including <span>wide, polished jarrah floorboards, formal dining and living rooms joined by a double-storey height, light-filled void' zone, ceiling to floor window and the walnut, timber-clad stairwell.</span></span></span></p>
<p><span><span><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/12/3/peppermint%20grove%202.jpg" alt=""></span></span></span></p>
<p><span><span><span>It comes with four bedrooms, five bathrooms, ground-floor office, wine cellar, gym or hobby room, storage rooms and marble-clad laundry plus secure garage. </span></span></span></p>
<p>It has been listed for the past 100 days by Perth charity fundraiser Hilda Shroy.</p>
<div><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/12/3/peppermint%20grove%203.jpg" alt=""></div>
<p>“My home has been a giving home with many fundraisers,” Mrs Shroy said.</p>
<p>It is within short walking distance to Gill Street <span>Café, St Hilda's Senior School, Freshwater Bay Yacht Club and <span>Cottesloe Central and Napoleon Street Café precinct.</span></span> </p>
<p>The property goes to auction on December 8 on-site.</p>
<p>The suburb's median house price sits at<a href="/developments/peppermint-grove-wa-6011"> $3.875 million</a>, according to CoreLogic. </p>
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Peppermint Grove trophy home Copley on View for December auction

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<p>The new owner of Peppermint Grove’s Taj-on-Swan superblock has emerged as businessman John Gillett.</p>
<p>He plans to build a family home to share with his family, The Weekend West reported after the $17 million acquisition.</p>
<p>Mr Gillett is a former Moran Health Care executive who sold WA aged care provider Craigcare last year in a deal worth $50 million to $100 million. </p>
<p>The Nedlands-based businessman bought the business in 2003 for a reported $25 million from the Pix family.</p>
<p>The business was sold to Bain Capital coming with about 900 beds across seven aged care and retirement homes in WA and Victoria.</p>
<p>The Bayview Avenue block, which had a $30 million price tag <a href="/news/taj-on-the-swan-set-for-auction-in-ailing-perth-market">two years ago</a>, failed to sell at auction last month.</p>
<p>It was passed in <a href="/news/taj-on-swan-auction-stops-with-15-6-million-offer">at $15.6 million.</a></p>
<p>Speaking publicly about his purchase for the first time, Mr Gillett told The West as a private person he had “naively” hoped to avoid attention.</p>
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jchancellor-FAypfDUnLy

John Gillett emerges Peppermint Grove’s Taj-on-Swan super block

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<p>Taj on Swan, Perth's notorious building block, has gone under offer following last weekend's auction where the bidding stopped at $15.6 million, with the negotiations apparently getting nearer $17 million.</p>
<p>The abandoned Peppermint Grove home building block of flamboyant billionaire tycoons, Pankaj and Radhika Oswal, listed through Ray White agent Vivien Yap inconjuction with Sotheby's agent Graham Bowie, cost $22.7 million in 2007 when bought from property developer Warren Anderson. </p>
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<div>Marketed as "the most famous block in Australia" the <a id="LPlnk998012" href="https://www.realestate.com.au/property-residential+land-wa-peppermint+grove-202042586" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">2 Bay View Road site</a> had $30 million hopes two years ago.</div>
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<div>The mansion with Swan River views sat unfinished after the Oswals quit Australia in 2010 amid a dispute with bankers about the wind up and sale of their fertiliser business.</div>
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<div>The Oswal family had controlled WA's $700 million Burrup Fertilisers gas-processing plant</div>
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<div>The Oswals paid $22.7 million in 2007 then starting construction a year later on a "two-storey, Indian-infused luxury residence." </div>
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Taj on Swan sold at Peppermint Grove

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<div>The abandoned home building block of flamboyant billionaire tycoons, Pankaj and Radhika Oswal was passed in at Saturday auction in Perth.</div>
<div> </div>
<div>The top bid was $15.6 million with three of the five registered parties competing for the prize parcel at Peppermint Grove.</div>
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<div class="x_m_-1811097286691781784gmail-x_gmail-m_911874124497874327gmail-m_-7358536583359574638gmail-content x_m_-1811097286691781784gmail-x_gmail-m_911874124497874327gmail-m_-7358536583359574638gmail-view_content x_m_-1811097286691781784gmail-x_gmail-m_911874124497874327gmail-m_-7358536583359574638gmail-show">
<div class="x_m_-1811097286691781784gmail-x_gmail-m_911874124497874327gmail-m_-7358536583359574638gmail-callhandler x_m_-1811097286691781784gmail-x_gmail-m_911874124497874327gmail-m_-7358536583359574638gmail-copytasting">Marketed as "the most famous block in Australia" the <a id="LPlnk998012" class="x_x_OWAAutoLink" href="https://www.realestate.com.au/property-residential+land-wa-peppermint+grove-202042586" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">2 Bay View Road site</a> was listed through Ray White agent Vivien Yap inconjuction with Sotheby's agent Graham Bowie. </div>
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<div>Two years ago there were $30 million hopes for the prestigious Perth offering, after the partially built so-called Taj on Swan mansion was demolished under council orders.</div>
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<div>The 6582 sqm site, which could fit six homes, had reduced $19.5 million hopes last year.</div>
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<div>The mansion with Swan River views sat unfinished after the Oswals quit Australia in 2010 amid a dispute with bankers about the wind up and sale of their fertiliser business.</div>
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<div>The Oswal family had controlled WA's $700 million Burrup Fertilisers gas-processing plant</div>
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<div class="x_m_-1811097286691781784gmail-x_gmail-m_911874124497874327gmail-m_-7358536583359574638gmail-callhandler x_m_-1811097286691781784gmail-x_gmail-m_911874124497874327gmail-m_-7358536583359574638gmail-copytasting">The Oswals paid $22.7 million in 2007 then starting construction a year later on a "two-storey, Indian-infused luxury residence." </div>
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<div>Auctioneer Mack Hall received an opening bid of $10 million, with offers quickly jumping up in $1 million increments before proceedings paused for negotiation at around the $14 million mark. </div>
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Taj on Swan auction stops with $15.6 million offer

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<p>Perth's weak auction market continued with its weekend clearance rate stuck in the 30s.</p>
<p>Its ailing auction market has rarely captured much national attention, but next weekend sees the notorious and prestigious Peppermint Grove super block of Pankaj and Radhika Oswal go to auction.</p>
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<p>The <a id="LPlnk998012" class="x_OWAAutoLink" href="https://www.realestate.com.au/property-residential+land-wa-peppermint+grove-202042586" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">2 Bay View Road site</a> has been listed through Ray White agent Vivien Yap <a id="LPlnk350139" class="x_OWAAutoLink" href="https://www.realestate.com.au/property-residential+land-wa-peppermint+grove-202144098" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">inconjuction with Sotheby's agent Graham Bowie</a>.</p>
<p>The partially built so-called Taj on Swan mansion was demolished under council orders in 2016.</p>
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<p>The mansion with Swan River views had sat unfinished after the Oswals quit Australia in 2010.</p>
<p>It is now being marketed as "the most famous block in Australia."</p>
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<p>Initially there was a $30 million asking price for the super block, which over the years has been subject of international media attention.</p>
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<p>The 6582 sqm site, which could fit six homes, then came with reduced $19.5 million hopes last year.</p>
<p>The Oswals bought the consolidated block for $22.7 million in 2007 and started construction a year later.</p>
<p>The Oswal family, who controlled the $700 million Burrup Fertilisers gas-processing plant on the Burrup Peninsula, planned to build a "two- storey, Indian-infused luxury residence" on the eight lots they bought from property tycoon Warren Anderson in the heart of Peppermint Grove.</p>
<p>Anderson's super block sat vacant for many years. He created it in 1986 when his company bought 11 houses and demolished most of them. It was subdivided into 22 blocks of which the Oswal bought eight for $22.7 million</p>
<p>Sydney had the dearest weekend auction result when <a id="LPlnk837609" class="x_OWAAutoLink" href="https://www.realestate.com.au/sold/property-house-nsw-burraneer-128589450" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">18 Rutherford Av, Burraneer</a> fetched $4.75 million pre-auction through estate agent David Highland. </p>
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<p>The deep waterfront 1150 sqm parcel of land came with house set over three substantial levels with expansive views over Gunnamatta Bay.</p>
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<p>There were 400 auctions held in Sydney returning a preliminary auction clearance rate of 61.3 per cent. </p>
<p>Sydney's prior week saw 408 auctions held with a final clearance rate of just 46.9 per cent, the lowest clearance rate the city has seen since December 2012. </p>
<p>This time last year, 70.3 per cent of the 625 Sydney auctions held were successful.</p>
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<p>Melbourne was the busiest capital city for auctions, with 612 homes going under the hammer, returning a preliminary clearance rate of 62.3 per cent, compared to last week when 56.2 per cent of the 559 auctions were successful. </p>
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<p>Over the same week last year, there were 833 auctions held in Melbourne, returning a clearance rate of 73.8 per cent.</p>
<p>Melbourne's dearest reported sale was $2.74 million in Albert Park for a three bedroom, two level modernised terrace at 18 Page Street. There had been <a id="LPlnk98320" class="x_OWAAutoLink" href="https://www.realestate.com.au/property-house-vic-albert+park-128683478" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">$2.5 million to $2.7 million price guidance</a> through Greg Hocking Holdsworth. </p>
<p>The highest preliminary clearance rate was recorded in Adelaide where 75 percent of the 48 reported auctions were successful.</p>
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<p>The nation's cheapest weekend sale was in Perth where a three bedroom brick and tile home sold for <a id="LPlnk909481" class="x_OWAAutoLink" href="https://www.realestate.com.au/property-house-wa-armadale-128592790" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">$165,000 at Armadale</a>, located on the south-eastern edge of Perth's metropolitan area.</p>
<p>The 1970s house has a renovated kitchen, new carpet in the bedrooms and a fresh coat of paint, Professionals Armadale selling agent Shane Denniston noted.</p>
<p>It had last sold at $270,000 in 2007 and at $185,000 in 2005.</p>
<p><img src="https://www.urban.com.au/images/2018/7/23/CL%20Taj%204.JPG" alt=""></p>
<p>Perth's 38.5 percent success rate was the weakest auction market sitting behind Brisbane's 44 percent.</p>
<p>Perth's best auction clearance rates saw a 60 percent plus peak in 2013 and before that in the 50s in 2010.</p>
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<p>Perth dwelling values were 0.7 percent over the three months to June 2018 and 2.1 percent lower over the past year. </p>
<p>Dwelling values in Perth are now 11.4% lower than they were at their peak in June 2014, CoreLogic advise.</p>
<p>The national weekend auction volumes increased slightly over the week with 1,246 homes taken to auction across the combined capital cities, up from the 1,178 in the prior week, according to CoreLogic.</p>
<p>The preliminary clearance rate was recorded at 60.6 per cent this week, after finalised clearance rates have held around 52 per cent for the last three weeks.</p>
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Taj on the Swan set for auction in ailing Perth market

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<p>Behind the white picket fence, a single level, Neil Robertson architect designed home has been listed in Peppermint Grove in Western Australia.</p>
<p>Built in the classic character style, the charming cottage exterior has been maintained over the last 20 years since its construction.</p>
<p>The formal front garden at <a href="https://www.realestate.com.au/property-house-wa-peppermint+grove-126493478" target="_blank">2 Harvey Street</a> was designed in the style of leading Australian landscape gardener Paul Bangay.</p>
<p>There are established fruit trees of mango, citrus, pomegranate and macadamia.</p>
<p>Set on 750 square metres, the home has four bedrooms, three bathrooms. </p>
<p>The charming cottage exterior belies the size and scale of the interior, the Peter Burns at Mack Hall listing agency said.</p>
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Neil Robertson-designed home in Paul Bangay gardens at Peppermint Grove

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<p>With the Oswal's $70 million partially built Peppermint Grove mansion, dubbed 'Taj on Swan' by locals, demolished, Perth agents Vivien Yap of LJ Hooker and William Porteous have been appointed by the Oswals to sell the 6,600sqm lot.</p>
<p>It is said to be worth around $30 million. The property is for sale by expression of interest.</p>
<p>The incompleted house was the subject of a long-running battle between the owners and the council after it was abandoned when the Oswals left Australia in December 2010. </p>
<p>The original plans for the palatial home included seven domes, a temple, a gym and swimming pool.</p>
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