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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The financial adviser Peter Swizter has blogged that economist and academic Steve Keen will one day he will be right about his housing crash predictions.
"Another crash will come and it will be linked to too much debt — the policies used to beat the GFC recession," <a href="https://www.switzer.com.au/the-experts/peter-switzer-expert/free-trade-and-steve-keen/" target="_blank">wrote Switzer</a>.
"Yes, and house prices in some countries, even here, might collapse, taking unemployment over 10% or it could happen the other way, with the loss of jobs causing a huge house price slump."
Switzer noted he usually referred to Keen as the world’s scariest economist.
"Keen is the former Professor of Economics at the University of Western Sydney, which surprisingly closed down its School of Economics. 
"He became famous for raising concerns about the escalation of debt — here and worldwide — before the GFC.
"After that he became infamous for warnings about a house price collapse, another stock market crash and recessions.
"And this is where it gets tricky in assessing Keen.
"He lost a public bet with former Macquarie Bank economist, Rory Robertson, over the likely fall in Australian house prices.
"It resulted in Keen having to walk from Canberra to Mt. Kosciuszko — 224 kilometres — wearing a T-shirt that read: “I was hopelessly wrong on house prices”.
Switzer noted Keen had been hopelessly wrong on house prices.
"If people had listened to him in the media, they might have sold their houses and not bought stocks and they would have lost money, missing out on a house price surge and a stock market recovery."
"One day he will be right.
"In economics, you can be a rooster crowing about your big and correct calls one day, but soon you're a feather duster when you get it wrong."
Swizter added economics was not a science — but a social science.
"It rests on assumptions and these can make you look smart or dumb.
"Let me remind you that a lot of the media went along for the ride with Steve Keen but then quickly crucified him when he was proved wrong.
"For my part, I like to avoid being biased and I like to be open to challenging points of view.
"I test them and I hope my tests are rigorous enough to make a reasonable assessment on them."
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jchancellor-FAypfDUnLy

Steve Keen will be right one day on Australian housing crash: Peter Switzer

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Most property investors only own one property and fall into the category of middle class, according to Ed Chan, the founder of Chan &amp; Naylor Property Accountants.
"They certainly are not considered 'rich'," he said.
"In fact they should be applauded for the sacrifice to their lifestyle (due to the shortfall created by negative gearing) as they attempt to invest for their future and in so doing, reducing the government's burden in providing them an old age pension when they retire."
Chan said these investors saved the government billions of dollars by not having to provide public housing for those unable to buy their own homes currently. 
Supply is a very important factor as successive governments have not provided the policies to generate more supply in past years, said Chan.
"You may recall that the Keating government attempted to remove negative gearing in the eighties but reversed their decision when the queues for public housing doubled."
"Whilst taxpayers have claimed a total of $13 billion in losses in their tax returns the actual revenue forgone by the government is calculated at their individual tax rates. 
"Thus at an average tax rate of 35% the lost revenue is only $4.5 billion.
"So the government has not lost $13 billion dollars by allowing negative gearing but rather $4.5 billion is the actual dollars forgone.
"Public housing provided by the government only accounts for around 4% of investment properties.
"The other 96% of housing is provided by the private investor," he argued.
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Middle class sacrifice lifestyle to become property investors: Ed Chan

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Following yesterday's announcement of cuts to its budget, the Australian Broadcasting Corporation (ABC) will undertake a comprehensive review of all its property holdings.
The portfolio is estimated to be worth about $700 million.
Already is has been decided Lanceley Place, Artarmon in Sydney, will be sold.
It is not yet known if the building or just the carpark will be sold.
It was maintained because it houses the ABC helicopter, sets and wardrobe storage and the ABC outside broadcast vans, which are also to be phased out.
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ABC to sell Lanceley Place, Artarmon property

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A Grocon subsidiary has been fined $250,000 safety failures relating to the collapse of a brick wall in March 2013 which killed Alexander and Bridget Jones and Marie-Faith Woo.
The CFMEU is none too impressed by the fine, nor a tweet from Kat Grollo, wife of Grocon chief executive Daniel Grollo.
<a href="https://www.propertyobserver.com.au/https://twitter.com/CFMEU_CG/status/536635099039551488" target="_blank"><img src="/images/2014/11/24/tweet-nov-24-one.jpg" alt=""></a>
The CFMEU suggest Kat Grollo's tweet, posted the morning after Grocon pleaded guilty to a charge of failing to ensure a safe workplace, is in relation to the wall collapse.
In a statement on Friday, CFMEU Secretary John Setka said: "Grocon's guilty plea would bring more comfort to the families of the deceased if it wasn't cheapened by comments made by Mr Grollo's wife, who suggested this week the wall collapse was due to sabotage."
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jrichardson-uRX5hFdKfN

Tweet of the day: CFMEU on Grocon's wall collapse fine

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The former Australian cricket captain Steve Waugh and his investment banking friend Dean Honan, the former Morgan Stanley vice-president, have announced a new property initiative.
Early next year they will launch Waugh Global Realty - part-owned by Waugh, Honan and Indian development tycoon Tarun Mehrota of Puri Constructions - which aims to sell off the plan investment properties to Indian expats living in Australia.
The firm will focus on the luxury end of the market for investors.
 A percentage of the profits will go to Waugh's charity projects, Fairfax Media reported.
The business will sell the property with Puri undertaking the construction.
"Both Steve and I think that with Prime Minister Narendra Modi now at the helm and opening up the markets and removing the barriers, the sky's the limit for the Indian market," Fairfax Media was told by Dean Honan.
Waugh is already involved in India through Sporting Edge Communities which offers sports and recreation-related town planning advice to Indian property developers.
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Steve Waugh targets Indian expats with new property initiative

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Some real estate photographers manage to make a room look twice as big, twice as bright and, most importantly, twice as expensive.
<a href="https://www.propertyobserver.com.au/https://twitter.com/joshgondelman/status/534830598469476352" target="_blank"><img src="/images/2014/11/19/tweet-nov-19-one.png" alt=""></a>
But no matter how long the lens or how proficient you are at Photoshop, sometimes, there's just not that much to work with. That doesn't stop some photographers and agents from giving it a red hot go, as Last Week Tonight With John Oliver web producer Josh Gondelman has noticed.
The empty corner shot is a Property Observer favourite, along with <a href="/news/artistically-advertised-properties-can-these-photos-really-help-sell">gratuitous fancy food</a>, hyper-coloured skies, garden statues and <a href="/expert-insights/investing/five-of-the-most-bizarre-property-listings-from-looney-listing">taxidermy</a>.
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Tweet of the day: Those tricky angles

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A fire damaged St Peters home will be auctioned this weekend.
The house at <a href="https://www.realestate.com.au/property-house-nsw-st+peters-118283099" target="_blank">81 Frederick Street, St Peters</a> exhibits significant burns, with soot blackening the interiors and façade. Photos above show one room completely ruined, with a collapsed ceiling.
Selling agents Santos Sulfaro and Frank Sulfaro of Richardson &amp; Wrench Leichhardt are expecting the home will attract around $650,000 when auctioned on Saturday morning by Damien Cooley.
The three bedroom, one bathroom house is being marketed as a blank canvas with renovation or development potential – albeit rather dramatically, as seen in the video titled Fire Sale below.
{qtube vid:=EFF3Cojzuw0}
The owner is reportedly a former IT worker who isn't able to claim insurance for the fire after allegations it was deliberately lit by an unidentified occupant who faces court next week, according to <a href="https://news.domain.com.au/domain/real-estate-news/firedamaged-st-peters-house-listed-for-650000-20141029-11cyz6" target="_blank">Domain</a>. He paid $290,000 for the freestanding brick house in 1998.
Police confirmed to media a 55 year old man was due to appear in court on 1 December, facing charges of contravening an apprehended violence order and damaging a property by fire.
 <img src="/images/2014/11/19/306.JPG" alt="">
Above: The home in healthier condition, 2004.
According to the listing, despite "dramatic fire damage" to the hallway and one bedroom, the other areas are mostly only affected by soot.
The house, on 195 square metres, has a recently renovated bathroom, metal press ceilings, timber floors and tessellated tiles. Its $650,000 guidance prices it well below its neighbours – the median price of <a href="/news">St Peters </a>house in October was $1,212,000, according to RP Data. Last week, an unrenovated three bedroom brick home in St Peters <a href="https://www.realestate.com.au/property-house-nsw-st+peters-118222391" target="_blank">sold for $800,000</a>.
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Catching fire: St Peters’ burnt offering

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While Melbourne piles on the apartments, their price growth continues to be outpaced by houses.
<a href="https://www.propertyobserver.com.au/https://twitter.com/cmkusher/status/534483644421648384" target="_blank"><img src="/images/2014/11/18/tweet-nov-18-one.jpg" alt=""></a>
Observer Cameron Kusher, senior research analyst at CoreLogic (formerly known as RP Data), noted that house values increased by 4.5% plus in the past five years, compared to just 2.9% plus growth in the unit market.
For more on Melbourne's apartment construction boom, read: <a href="/news/vic/exclusive-does-melbourne-have-an-oversupply-problem">Exclusive: Does Melbourne have an oversupply problem?</a>
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Tweet of the day: Melbourne unit price growth outstripped by houses

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Confusion with capital works is costing tenants and landlords thousands of dollars on legal fees that can easily be avoided, according to Opteon Property Group.
Confusion often comes after a rent review, especially if a tenant has made changes to the property, such as installing a lift or painting the outside of the building. When a rent review is conducted these new capital works are taken into account and rent can therefore rise.
“Even though landlords are obligated to undertake capital works on a tenant’s behalf, tenants often decide to undertake capital work themselves, and it is this scenario that disputations can arise,” says David Tunbridge, head of Opteon Victoria Hospitality Department. 
According to the Retail Leases Act (2003) the landlord is responsible to undertake any capital works, which are classified as structural works that will end up becoming the property of the landlord after the lease expires, should they be required. However, a tenant’s responsibility to add features to the property only covers things such as installing air conditioners and sometimes kitchen and bathroom amenities.
Tunbridge recently made a property valuation where the landlord leased a former church building with the intention of converting it into a restaurant.
“The prospective tenant has committed to a lease and will be undertaking a significant internal fit out, as well as making substantial capital works to the premises,” he said.
“The lease provides for an initial one-year term together with three further terms of five years with a market rent review to apply at the commencement of each further option term.
“In this instance we can see that clearly the tenant is exposed, as the capital works will need to be assessed in determining the market rent should the tenant exercise its option to renew the lease.
“If the tenant’s business fails, and the tenant vacates after the initial one year term, then the landlord stands to make significant gains by receiving an improved and upgraded building.
“Alternatively if the tenant renews the lease for a further 5 years, then the market rent will be increased to reflect the works undertaken by the tenant as there is nothing written in the lease to the contrary.
“This is an unfortunate situation whereby only one side can benefit and is clearly unfair to the tenant.”
However, Tunbridge believes there is a simple solution to this problem. If capital works are going to be undertaken by a tenant, he believes that a written agreement between tenant and landlord would give both parties an understanding of what capital works will do to the rent value come rent review time.
“If both parties meet, talk and agree on how best to share the cost of capital works before they are undertaken, it can be a win-win for both sides,” he said.
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owisniewski-RiYLqnXfKH

Capital works confusion costing tenants and landlords

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A study that asked 1,445 people in NSW about harmony in their neighbourhood found two out of three people consider themselves good neighbours.
But some 20% had experienced an issue or a conflict with a neighbour in the past five years, the study by the Domain Group/Nielsen found.
Pets and parties, and too much gossiping headed the predictable list of 18 identified causes.
Dogs barking was the major cause of complaints with 27% having concerns.
Overflowing bins was the cause of around 7% of issues.
The report discovered some 5% were unhappy with screeching roosters.
Screaming kids and slamming doors each rated about 10%. Some 15% were unhappy with too many visitors next door.
<ol>
<li>Yapping, barking dogs </li>
<li>Loud annoying music </li>
<li>Too gossipy </li>
<li>Loud parties </li>
<li>Loud fights </li>
<li>People coming over all the time </li>
<li>Untidy property </li>
<li>Screaming kids </li>
<li>Slamming door </li>
<li>Messy or noisy renovations </li>
<li>Overflowing or untidy bins </li>
<li>Boundary/Fence issue </li>
<li>Overhanging trees/pruning </li>
<li>Screeching roosters </li>
<li>Moving furniture/stomping upstairs </li>
<li>Drug/Alcohol/Verbal abuse/Vandalism/Theft </li>
<li>Vehicle parking </li>
<li>Pet issues</li>
</ol>
List of Victorian neighbour complaints on the next page. Please click below.
<hr class="system-pagebreak">
In Victoria the survey of 1,126 Victorians had slightly different results with 30% putting annoyingly loud music at the top of the list.
Some 18% of Victorians polled in a survey by Domain Group said they'd had a conflict with a neighbour over the past five years.
<ol>
<li>Annoyingly loud music </li>
<li>Loud parties </li>
<li>Yapping, barking dogs </li>
<li>Loud fighting </li>
<li>Untidy property (e.g. rubbish in the yard) </li>
<li>Slamming doors </li>
<li>People coming over all the time </li>
<li>Too gossipy and dont mind their own business </li>
<li>Screaming kids </li>
<li>Messy or noisy renovations </li>
<li>Unpleasant odours </li>
<li>
Screeching roosters 
</li>
</ol>
</body></html>

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