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

Property News

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Australian Property Monitors (APM) has released a list of auction results in Sydney for Saturday, 31 October.
<a href="https://www.homepriceguide.com.au/saturday_auction_results/Sydney.pdf" target="_blank" rel="nofollow">Click here</a> for the auction results, and click on each street address to see the property's marketing.
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mick.cee-iDmgDDAmu8

APM's Sydney auction results for Saturday 31 October

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GUEST OBSERVER
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The repeal of the Valuers Act 2003 which will see the deregulation of the valuing industry in NSW is cause for concern.
Minister for Innovation and Better Regulation Victor Dominello last week introduced a bill to repeal 30 laws including the Valuers Act 2003 which will see the deregulation of the valuing industry in NSW and will remove government controlled licences. 
If the government does not participate in the controls and oversight of the profession then the potential for detriment exists. 
We find it alarming that the government is on a constant campaign of delicensing. 
REINSW sees a role for the professional bodies working co-corporately with government for the oversight of compliance with the regulatory environment and the maintenance of professional standards.
While industry must be involved in the process of regulation, it alone should not be solely responsible. 
 
Malcolm Gunning is president of the Real Estate Institute of New South Wales and can be contacted <a href="https://www.reinsw.com.au/imis15_prod/">here</a>.
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jchancellor-FAypfDUnLy

Deregulation of valuing industry a concern: REINSW

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Sydney and Melbourne property is the nation's best performing in the current residential cycle, according to QBE’s Australian Housing Outlook 2015-2018, who note the result is driven by investor purchasers, some 50% of the national market.
QBE LMI Chief Executive Officer Phil White said the report forecasts that Brisbane’s continuing affordability will see it attain the highest growth rate of all capital cities over the three-year period.
"And this will result in a median house price of $575,000 in 2018, which will be 12% above the median house price of $511,300 in June this year,” he said.
<a href="/images/2015/10/29/Screen%20Shot%202015-10-29%20at%2011.08.54%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/10/29/Screen%20Shot%202015-10-29%20at%2011.08.54%20AM.png" alt="">The report, produced with BIS Shrapnel, said the Perth market will weaken across both houses and units due to a rising stock surplus and the slowing state economy, with an expected 10% decline in the median house price in 2018 compared to the June 2015 level. 
It noted demand in some markets over the year will ease, with the exception of Sydney, Melbourne and Brisbane.
<a href="/images/2015/10/29/Screen%20Shot%202015-10-29%20at%2011.09.02%20AM.png" target="_blank"> Click to enlarge</a>
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jonathanchancellor-7SQnKwU6yx

House prices forecast to outperform units until 2018: QBE

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Rural property above $1 million is in high demand in Bathurst at the moment driven by locals, retirees and capital city professionals, according to Herron Todd White.
Herron Todd White's October Month in Review said owning a home in the million dollar price bracket is an aspirational goal for many locals.
"It is unlikely that the drivers of this market segment will filter through to the broader market where the median house price is about $300,000 to $350,000," it said.
"An example of a recent sale is 66 Henry Lane, Emu Swamp which has 28 hectares and a 4-bedroom dwelling. Don’t let the name fool you, there is no swamp and not a lot of emus. The property was previously purchased for $820,000 in 2011.
"The dwelling was extended and renovated in 2013 at a cost of $250,000. The property included many handy extras such as undercover cattle yards, a cattle crush, machinery shed, workshop and a wine cellar. In June this year, it sold for $1.25 million after only 86 days on the market."
 
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Locals, investors drive Bathurst $1 million home market: Herron Todd White

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The top sale of the week was a six bedroom, six bathroom trophy estate with tennis court and gas heated swimming pool at Pymble.
The 2790 sqm property, <a href="https://www.realestate.com.au/property-house-nsw-pymble-120807561" target="_blank">29a Bobbin Head Road</a> sold for $7,050,000 through Scott Farquhar and Terry Chang of mcconnellbourn Lindfield.
It was last traded for $4,125,000 in 2011
The grand, modern estate features landscaped gardens, a tennis court with an all-weather surface, pool, a wine cellar, a jungle gym and rainwater tanks.
The location is close to rail, shops, recreation parks and has easy access to quality schools, including the Pymble Ladies College. 
 
CoreLogic RP Data's top ten sales
29a Bobbin Head Road, Pymble, NSW, 6 bed, 6 bath, 6 car house $7,050,000, McConnell Bourn Lindfield 
12a St Thomas Street, Bronte, NSW, 4 bed, 4 bath, 1 car house $5,675,000, Phillips Pantzer Donnelley 
300 Beaconsfield Parade, Middle Park, Vic, 4 bed, 2 bath, 3 car house $5,200,000, Cayzer Real Estate Albert Park 
26 Thanet Street, Malvern, Vic, 4 bed, 3 bath, 2 car house $5,105,000, Marshall White Armadale  
3 Milner Street, Mosman, NSW 5bed,4bath,2 car house $4,715,000, McGrath Estate Agents 
9 Scotsburn Street, Hawthorn, Vic, 5 bed, 3 bath, 2 car house $4,510,000, Marshall White Armadale 
20 McGregor Street, Middle Park, Vic 4 bed, 4 bath, 2 car house $4,400,000 RT Edgar Albert Park 
32 Wentworth Street, Randwick, NSW, 5 bed, 4 bath, 2 car house $4,400,000, McGrath Estate Agents 
11 Craig Avenue, Vaucluse, NSW, 5 bed, 5 bath, 2 car house $4,150,000, Raine &amp; Horne, Double Bay 
57 Ardrie Road, Malvern East, Vic 5 bed, 5 bath, 3 car house $3,960,000, Jellis Craig Armadale 
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Pymble trophy leads CoreLogic RP Data top ten sales

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The Ray White Group has been named as Australia’s inaugural winner of the Family Business Award at the 2015 EY Entrepreneur Of The Year Awards.
The EY award IS handed out in over 20 countries to recognise family businesses that have successfully managed to grow and transition the business through multiple generations.
The award, introduced this year to Australia, went to Brian White, joint chairman representing the Ray White Group.
EY gathered information on all the large family businesses in Australia which are in the third or later generation of ownership.
“The wonderful thing about this award is the recognition that across Australia, what we have done over four generations has been something worthy of acknowledgment,” said Brian White.
“This award has been in existence in Europe for some years, where family businesses have been in operation for generations.”
Tony Johnson, EY Oceania managing partner and CEO said family businesses face unique challenges.
“The White family has navigated these challenges with great success for three generations.
"Ray White Group is a testament to the economic and social value that entrepreneurial families contribute,” he said.
“EY’s recognition that we have really attempted to preserve family values through succeeding across generations is fantastic for our company,” said Brian White.
“Our company is a collection of families, and together we represent family values ­ which is was critical in the assessment of the inaugural winner.”
“It is a thrill to hear stories from people joining our company that one of the reasons they chose to join Ray White is the fact that we are a strong family owned and led company.
The award has seen winners from some of the world’s biggest companies including Bibby Line Group, LEGO, Faber­Castell, Sattler and Messer Group. 
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Ray White family awarded EY recognition

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One of Richmond’s largest residential properties, Araluen, at 207 Lennox Street, has been sold for $5.13 million.
Araluen last sold in 1958 when bought by the Ballerini family. <a href="https://www.realestateview.com.au/Real-Estate/207-lennox-street-richmond/Property-Details-sold-residential-8634864">The five bedroom 1856 home</a> had been listed through Abercromby's agents Jock Langley and Hugh Hardy. 
It is one of Richmond’s earliest homes sitting on a substantial 1478 square metres on the corner of Goodwood Street, about a kilometre from the CBD.
Title Tattle gleans it has been bought by Scott and Julia McKay, descendants of the industrialist inventor of the Sunshine Harvester.
The comedic radio broadcaster Hamish Blake and wife Zoe Foster Blake, the author wife, had held the previous record $4.25 million in Richmond for a home (below) featured on <a href="https://www.propertyobserver.com.au/https://www.completehome.com.au/articles/grand-designs-australia-richmond-inner-city-house/36365">Grand Designs Australia in 2013</a>. 
The three-bedroom, four-bathroom Richmond house was designed by neilarchitecture for Darren and Ruth Rogers.
<img class="js-first-image" src="https://b.domainstatic.com.au/w800-h534-8733637_1_pi_150319_100547" alt="79a rowena parade richmond VIC 3121" style="line-height: 1.3em;">
They built the home on a block bought in 2009 for $920,000 with the works cost estimated at $3.3 million.
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Richmond's 1856 Araluen harvests $5.1 million record price

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The Fleming grocery family matriarch, Lois Fleming has emerged as the $2.75 million buyer of the snappily sold Rockwall Gardens, Potts Point apartment sold by the professional renovators, Warren Sonin and and Gavin Atkins.
The renovation duo known as Gav and Waz after their 2003 Block Bondi renovation debut had paid $2.25 million for the garden apartment with two bedrooms, two bathrooms and a car space. There were still trademark Deece Giles interiors since the boys bought from the renown Sydney architect for $2.25 million early last year.
Now surrounded by greenery, the total floor space, inside and out, is 180 square metres. It comes with outdoor fireplace by Rolling Stone Landscapes, gold medal winners at the prestigious Chelsea Flower Show.
Fleming recently sold her Darling Point apartment for $8.5 million through Raine &amp; Horne agents Max Spartalis and Aaron Fleming, her grandson.
She was married to Jim "The Grocer" Fleming from 1955 to 1982 with the racing industry couple having three sons, Lee, Dean and Paul. 
As a model Lois Wherrett was best known for her quintessential 1954 Max Dupain photograph with Hugin sewing machine in a Sydney street.
Her Ken Woolley-designed The Point Villas apartment was bought new in 2002 for $5,375,000 from developers Bill Shipton and Mark Bouris. 
Gav and Waz were the underbidders this week when the Point Piper-bound Sotheby’s Australia chairman Geoffrey Smith and his partner Gary Singer auctioned their Ashleigh, Elizabeth Bay apartment, pictured above.
<a href="https://sydneysothebysrealty.com/5309543/15-104-Elizabeth-Bay-Road-Elizabeth-Bay" target="_blank">The three bedroom 118 internal sqm apartment</a>, bought for $1.75 million in 2009, fetched $2.2 million through Harriet France at Sydney Sotheby’s.
I'd suggest their artwork - two very good Sidney Nolans, including one from the Burke and Wills series, along with the Albert Tuckers, and the Akia Makagawa and Robert Klippel sculptures - could fetch as much again were they to be sold, but they are staying and upsizing in Sydney.
This article was first published in the Saturday Daily Telegraph.
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Gav and Waz renting after sale to Fleming family

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Members commenced their discussion of the global economy by noting that growth in output had continued at around the average pace of recent years.
Members noted that growth in global trade was subdued, although it had picked up a little recently. They discussed the implications of the general slowdown in trade and industrial production growth, notably in Asia, including for commodity prices. In particular, iron ore prices had declined slightly over September but remained higher than earlier in the year, while oil prices had edged higher from their recent lows. Globally, core inflation had generally remained low and at rates below the targets of most central banks.
In China, indicators of activity for July and August had suggested further moderation in growth. Members noted that growth in fixed asset investment and industrial production had eased over 2015. This had been particularly noticeable in the north-eastern provinces of China where activity was more concentrated in heavy industry and mining. The output of key industrial products, including steel, was lower than in late 2014, partly as a result of weak residential construction activity, even though both residential property prices and sales had been higher than earlier in the year. Members observed that the services sector in China had performed more strongly than the industrial sector in recent quarters.
Recent data on economic activity in Japan had been mixed. Real GDP had declined in the June quarter, while conditions in the labour market had remained tight and nominal wages had continued to increase modestly. Inflation remained low, although the Bank of Japan continued to forecast that it would reach the 2 per cent target by mid 2016. Elsewhere in east Asia, below-average growth appeared to have continued into the second half of 2015 and remained a source of concern for the strength of the global economy. A slowdown in industrial production growth in the region had become increasingly apparent over recent months and exports had declined in Korea, Singapore and Taiwan in August. In India, growth in the June quarter had been driven by robust domestic demand and inflation had remained relatively low in August.
In contrast to the situation in much of Asia, growth in the US economy had picked up to an above-average pace in mid 2015. Recent indicators pointed to further consumption-led strength in the September quarter. Labour market conditions had improved and the unemployment rate had edged lower in August to be close to most estimates of full employment.
In the euro area, timely indicators suggested that the gradual recovery in the economy had continued in the second half of 2015, supported by both external and domestic demand. Unemployment had drifted lower, although the unemployment rate remained high. Inflation remained subdued.
<h3>Domestic Economic Conditions</h3>
Members began their discussion of the domestic economy by reviewing the national accounts for the June quarter, which had been released the day after the previous meeting. They noted that, as expected, GDP had increased only slightly following the strong growth recorded in the March quarter. The weakness in the June quarter had reflected temporary, weather-related disruptions to resource exports as well as the ongoing decline in mining investment. Members noted that overall growth was expected to have strengthened in the September quarter, with indications of growth in resource exports and dwelling investment. Members also observed that employment growth had strengthened despite GDP growth over the year having been at the lower end of the forecast range of a year earlier.
Consumption growth had been relatively steady at a below-average pace for the past year, although this was stronger than in 2013. Household income was estimated to have increased by a little less than consumption over the past year, with a modest decline in the household saving ratio. Members noted that the strength of wealth effects on consumption behaviour would affect whether the saving ratio would continue to trend down over the next year or so. While the year-ended growth in retail sales had been little changed in recent months, surveys of households' perceptions of their personal financial situation compared with a year earlier remained above average.
Dwelling investment had increased strongly over the year to June, despite recording a decline in the June quarter. Building approvals had declined a little from their recent peak, but remained at levels that implied further growth in dwelling investment, albeit at a gradually declining rate. Loan approvals for construction of new dwellings had also fallen over the past year. Growth in housing prices in Sydney appeared to have eased slightly in recent months and auction clearance rates in Sydney and Melbourne had declined a little from their recent peaks. However, it was too early to be confident that these signs of slowing in housing price inflation would be sustained.
In relation to lending for housing, members noted that the data on the split of lending to owner-occupiers and investors were of questionable quality at present. The available data suggested that there had been a modest decline in the growth of credit extended to investors in housing of late, which was consistent with the tightening in banks' lending standards in response to actions of the Australian Prudential Regulation Authority (APRA). With housing credit growth overall remaining steady over the past year, there had reportedly been a slight pick-up in the growth of housing credit to owner-occupiers.
Mining investment had continued to fall in the June quarter and now accounted for around 5 per cent of nominal GDP, down from a peak of around 8 per cent. Members noted that there had been a correspondingly significant decline in capital imports. In addition, profits of mining firms had fallen sharply over the past year, in line with lower commodity prices. Mining investment was expected to continue to fall over the next couple of years as the current pipeline of work was completed, but resource export volumes, particularly for liquefied natural gas, were expected to increase substantially over the same period.
Non-mining investment was estimated to have picked up a little in the June quarter and had risen modestly over the past year. Over the same period, profits of non-mining companies had kept pace with nominal GDP. Survey measures of business conditions had increased to be further above their long-run averages, notably in the household and business services sectors. Conditions in the goods production and distribution sectors, though weaker than in some other sectors, had also shown improvement of late. Members noted that the depreciation of the exchange rate had led to an increase in exports of services, including tourism, as well as a noticeable decline in imports of services.
Employment growth had strengthened to be 2 per cent over the year to August and the participation rate had increased. The unemployment rate had remained in its 6–6¼ per cent range over recent months. Forward-looking indicators had generally been consistent with the unemployment rate being around its current level or possibly slightly lower in the months ahead. Measures of earnings and productivity growth from the national accounts had remained soft in the June quarter, with negligible growth in either measure over the past year. Overall, unit labour costs had been little changed for around four years, which members saw as helping to explain the stronger-than-expected growth in employment.
Members noted that the improvement in labour demand had been concentrated in the household and business service sectors of the economy. This was consistent with the data on business conditions and output growth by industry. In contrast, employment in goods-related sectors had been little changed for some time. Members discussed the differences in the nature of the investment and employment required in the services sector relative to goods-related industries.
<h3>Financial Markets</h3>
The discussion of financial markets commenced with the observation that the two major drivers of markets over the past month continued to be concerns about Chinese growth, and the implications for the global economy, as well as the timing of the first increase in the federal funds rate in the United States.
While the Federal Open Market Committee (FOMC) left monetary policy unchanged at its September meeting, citing concerns about global growth, a majority of FOMC members had indicated nonetheless that they still expect to start raising the federal funds rate before the end of this year. Market expectations immediately prior to the FOMC meeting implied a one-in-three chance of a rate rise occurring at the September meeting and a very high probability of a rate rise by the end of the year. Following the meeting, however, market expectations changed significantly, with an increase in the federal funds rate by the end of this year given only a 50 per cent chance of occurring and markets not fully pricing in a rate rise until April next year at the earliest. Members noted that some market participants did not expect an increase in the policy rate for the foreseeable future.
Bond yields in the major markets had declined in net terms over September. In the United States and Germany, 10-year government bond yields had risen in the first half of the month, mainly in response to some better-than-expected US economic data, before declining following the Fed's decision to leave the federal funds rate unchanged. Yields on Australian Government Securities had moved broadly in line with global yields over the past month.
The changed exchange rate arrangements in China in August had initially led to a depreciation of the renminbi, but the exchange rate had appreciated slightly over the course of September. Members noted that there had been a significant decline in Chinese foreign currency reserves since mid 2014, with apparent sizeable sales or non-reinvestment of maturities of US bonds. Following the depreciation of the renminbi in August, sales of reserves were likely to have continued in response to net private capital outflows. A significant share of private capital outflows over the past year appeared to have been in the form of increased foreign currency bank deposits. The Chinese authorities had announced that existing restrictions on private capital outflows would be more rigorously enforced.
Financial market conditions in a number of emerging market economies had deteriorated further in recent months, reflecting lower commodity prices and country-specific risks, especially for Brazil, Russia and Turkey, where yields on local currency denominated sovereign bonds had increased noticeably. In contrast, developments in some other emerging markets, notably India and Mexico, continued to be relatively benign. Corporate bond issuance in emerging markets in aggregate had fallen sharply in the September quarter. This had been accompanied with significant outflows from both emerging market bond and equity investment funds since the middle of the year. The currencies of some emerging market economies had depreciated further over the past month and some Asian currencies were back to the lows recorded around the time of the financial crisis in the late 1990s.
The US dollar was unchanged on a trade-weighted basis over the past month, while the exchange rates of most other advanced economies had been little changed. The Australian dollar had depreciated marginally to be around its recent lows against the US dollar and on a trade-weighted basis.
Equity prices had fluctuated around the lower levels reached in late August in many advanced economies as well as in China, with some large daily movements in both directions. News of the Volkswagen emissions scandal in late September adversely affected European equities, while equity prices in emerging markets had partly recovered from their falls in late August, although they remained lower than at the start of the year. Australian equity prices continued to decline in September, led by the resources sector.
Financial market pricing indicated an expectation that the cash rate would remain unchanged at this meeting.
<h3>Financial Stability</h3>
Members were briefed on the Bank's half-yearly assessment of the financial system.
Global financial stability risks had been shifting from advanced country banking systems to China and other emerging market economies. Partly in reaction to this, financial market volatility had picked up following a lengthy period of low volatility and compressed risk premia. Members noted the possibility of a sharp repricing in markets where investors for years had been ‘searching for yield’.
Members noted that domestic sources of risk to financial stability in Australia continued to revolve mainly around developments in local property markets. In the context of recent developments in the housing market and household credit, members discussed the findings from the enhanced scrutiny of housing lending practices undertaken by APRA and the Australian Securities and Investments Commission since the end of 2014. This scrutiny and related work had shown that investor activity was considerably higher – and lending standards in some parts of the market weaker – than had originally been thought.
Members further observed that the risks in commercial property and the property development sector were rising. Building approvals for new apartments remained very strong over 2015, even though rental markets appeared soft in some areas. The divergence between commercial property valuations and rents had widened further, with strong domestic and foreign investor interest for new and existing office buildings in particular, even though vacancy rates were quite high. At the same time, falling commodity prices were weighing on the profitability of many resource-related companies. The rest of the business sector seemed to be in relatively good shape, in contrast, with both gearing and failure rates at relatively low levels.
Members were also briefed on the risks in the New Zealand housing market and dairy sector, given the sizeable exposures of Australian banks through their New Zealand subsidiaries.
While Australian banks continued to perform well, they were taking steps to enhance their resilience. Banks' asset performance continued to improve, profitability remained high, and the large banks had raised substantial amounts of capital in advance of forthcoming prudential requirements. Most banks had strengthened the serviceability metrics used in their mortgage lending and taken steps to slow the pace of growth in investor lending towards the prudential regulator's expectations. Banks were also reportedly becoming increasingly wary of lending to property developers in markets that were thought to be at risk of becoming oversupplied. Nonetheless, competition among lenders had intensified in the owner-occupied segment of the housing market and had continued to do so in parts of the business lending market. Members observed that a key challenge would be to ensure that lending standards at both Australian and foreign-owned banks did not weaken from this point.
<h3>Considerations for Monetary Policy</h3>
Members noted that recent data continued to raise concerns about the outlook for economic growth in China in particular and east Asia more generally, while economic activity in the United States and euro area continued to recover. Below-average growth in the Asian region had been most evident in weak growth in industrial production, which had been mirrored in lower export volumes. While global commodity prices had fallen over the past year, they had been little changed over recent months. Global financial conditions remained very accommodative and low oil prices were expected to continue to provide a measure of support to growth in Australia's major trading partners.
Domestically, the moderate expansion of the economy had continued, although GDP growth in the June quarter was low, in line with expectations, reflecting what appeared to be temporary weakness in resource exports as well as further falls in mining investment. GDP growth had been below average over the past year, but there had been further evidence of rebalancing from the resources sector towards non-mining activity. This rebalancing was being increasingly supported by the depreciation of the Australian dollar, which had led to a noticeable increase in net service exports over the past year.
Members noted that reductions in the cash rate earlier in the year continued to provide support to aggregate demand, particularly dwelling investment and household consumption. Members also noted that conditions in the labour market had strengthened further over recent months and were somewhat better than had been expected earlier in the year. Nevertheless, spare capacity remained in the economy, domestic cost pressures were very low and inflation was expected to remain consistent with the target over the next one to two years.
The key domestic sources of risk to financial stability, and stability of the Australian economy more broadly, revolved around developments in local property markets. Members noted that growth in lending for housing had been steady over recent months and that there were some signs of an easing in the strong rate of increase in dwelling prices in Sydney, in particular, although trends had been more varied in a number of other cities. At the same time, members judged that there were signs that the response of the banks to supervisory measures implemented by APRA were helping to manage risks in the housing market. Credit growth overall had been moderate.
Given these considerations, the Board judged that it was appropriate to leave the cash rate unchanged at this meeting. Information about economic and financial developments, both domestically and abroad, would continue to inform the Board's assessment of the outlook and whether the current stance of policy remained appropriate to foster sustainable growth and inflation consistent with the target.
<h3>The Decision</h3>
The Board decided to leave the cash rate unchanged at 2.0%.
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Minutes of the Monetary Policy meeting of the Reserve Bank Board

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McGrath Limited today announced the appointment of the entrepeneurial Daniel Petre as a non-executive director of the company.
Mr Petre is one of Australia’s leading internet entrepreneurs, the founder of AirTree Ventures, netus and ecorp, an author and philanthropist.
McGrath Limited chairman David Mackay said Mr Petre’s appointment brought to the company a wealth of knowledge and expertise in the technology and digital arena.
“We are fortunate that Daniel has agreed to join our Board at this very important stage of McGrath’s expansion,” said Mr Mackay, who was recently appointed chairman of McGrath Limited, replacing Wendy McCarthy who retired on June 30. 
Mackay — who commutes between Australia and the US where he sits on the boards of Fortune Brands Homes &amp; Security and coffee company Keurig Green Mountain — was chief executive of US giant Kellogg Company until 2011 and replaced the business executive and corporate coach Wendy McCarthy who chaired the real estate chain for 15 years.
Cass O'Connor is another board member with media expertise, having has spent over twenty years as corporate advisor, investor and analyst, mostly focusing on the communications, media and entertainment industries. Currently running her own corporate advisory and investment firm, she has been a director with Carnegie, Wylie &amp; Company (now Lazard Australia); executive director with Goldman Sachs Australia Limited; and was also a director of Turnbull &amp; Partners Limited.
“Daniel Petre is an outstanding business leader and his ability to understand the influence of technology, and leverage it to the benefit of our customers will be invaluable to us,” David Mackay said.
McGrath chief John McGrath said it was a "strong endorsement of the growth and potential of the company" that a technology leader of Mr Petre’s calibre had chosen to join its board.
“I’ve known Daniel for many years and respected his ability to bring clarity and new ideas to complex business challenges, and to see the potential and opportunity in new technologies”, said Mr McGrath.
Earlier this month McGrath Limited announced it reached agreement to acquire the largest franchise group within its 27 year old agency network.
The acquisition will result in <a href="/news/mcgrath-ltd-acquire-shane-smollens-10-sydney-franchise-offices">10 McGrath franchise offices</a> across Sydney’s mid to upper North Shore, North-West and Northern Beaches region, becoming McGrath Limited company owned offices.
McGrath Limited has been tipped as undertaking a public float this year.
McGrath appointed JP Morgan and Bell Potter as joint lead managers for the expected float.
Luminis Partners is advising McGrath.
Its annual residential sales turnover for FY15 was $12.3 billion from 11,760 sales with its newest offices opened in Bankstown, Frenchs Forest, Long Jetty, Revesby, Ryde, The Ponds (NSW), Annerley/Yeronga, Cairns, Noosa, Rockhampton and Wilston (QLD).
McGrath has expanded to 73 offices in the network.
Petre has been a leading player in Australia’s technology industry for more than 25 years and has held leadership positions in a number of technology businesses including nine years at Microsoft during which he worked closely with Bill Gates as Vice-President of the Work Group Division.
He has also been an active technology investor, co-founding AirTree Ventures, a $60 million Investment Fund established to invest in disruptive technology companies at the growth stage, as well as netus and ecorp, the digital investment company for PBL which brought ebay to Australia and founded ninemsn.
Mr Petre is the author of several books, including The Clever Country, dealing with the impact of the internet on Australia in 1996, and Father Time, on the role of fathers in their children’s development, published in 1998 by Jane Curry Publishing.
Together with his wife Carolyn he has donated more than $10 million to charitable causes and medical research through the Petre Foundation. 
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