Castle Hill’s booming development market is set for another boost, with builder-developer Buildex proposing a new mid-rise apartment building near Castle Towers.

Buildex has submitted plans to The Hills Shire Council for a <a href="https://www.apartments.com.au/new-apartments/197-old-northern-road-castle-hill-nsw-2154">nine-storey building comprising 57 apartments</a> on Old Northern Road. The company acquired two adjoining sites earlier this year, totalling more than 2,683 sqm.

Texco Design has prepared the scheme, which includes five one-bed plus study apartments, 37 two-bedrooms, and 15 three-bedrooms.

Castle Hill has become a hotspot for developers in recent years, undergoing significant transformation driven by the opening of the Hills Showground Precinct to development and the introduction of two metro stations servicing the suburb.

Developers including Deicorp and Kassis Homes have already completed projects, and are progressing future developments, while Meriton, Arada, and Ellipse are currently delivering new projects in the rapidly evolving area.

Staff Writer

First look: Buildex plans 57 apartments near Castle Towers

Gold Coast developer&nbsp;<a href="https://www.apartments.com.au/developers/immerse-projects">Immerse Projects</a>&nbsp;has unveiled what it intends to deliver at its recently acquired Toowong site, its debut apartment development in Brisbane.

Immerse, founded by John Kearney who is also the founder of regarded construction company Greyburn, secured the prime Sylvan Road site <a href="https://www.apartments.com.au/news/qld/first-look-immerse-projects-moves-into-brisbane-apartment-market-with-toowong-site-acquisition">earlier this year</a>, in an area which has historical significance to Kearney who&nbsp;studied at the nearby University of Queensland.

"It feels like a full circle moment," Kearney told&nbsp;<a href="https://www.apartments.com.au/" target="">Apartments.com.au</a>.&nbsp;

“I spent many nights at the Regatta Hotel just down the road, as have most people in&nbsp;<a href="https://www.apartments.com.au/developments/brisbane-qld" target="">Brisbane</a>. It’s one of the city’s most well-known hotels, and with several cafes, restaurants, and a CityCat stop nearby, it’s become an even more attractive place to live.”

He is planning a <a href="https://www.apartments.com.au/new-apartments/22-24-sylvan-road-toowong-qld-4066">15-storey project with 88 apartments</a> above an activated ground plane with a shop and hospitality spaces.

<img alt="Toowong podium" data-entity-type="file" data-entity-uuid="c350436b-9d64-46cc-ab6f-defc009e1b65" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium_0.png?VersionId=zt7A0_14M62TkZ61YHnGmEck9KM9HqDA" />

The architecture, led by <a href="https://www.apartments.com.au/interior-designers/bda-architecture">BDA Architecture</a>, presents a tower massing that responds to the area's evolving mid-rise context. The scheme incorporates podium and rooftop communal spaces, while the commercial elements aim to activate the Sylvan Road frontage and enhance the site's interface with the adjacent parkland.&nbsp;

Landscaping plans by Ivy May Landscape Architects include subtropical planting and deep soil zones to support stormwater management and visual integration.

Supporting documentation from Mewing Planning Consultants notes that "the proposed development will deliver a mixed-use outcome that enhances the vibrancy of the Sylvan Road corridor" and highlights its proximity to high-frequency public transport and community facilities.

<img alt="First look: Immerse Projects moves into Brisbane apartment market with Toowong site acquisition" 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/22-24%20Sylvan%20%20Rd%20Toowong_Markups.jpg?VersionId=u4_IGzpYLPFfAZSsgCZynov3bm7umwJ." />

&nbsp;

There's been little new apartment development in Toowong in recent years. The most notable is Consolidated Properties two-tower Monarch Residences, which is approaching completion with nearly all of its 224 residences sold.

Kearney describes&nbsp;<a href="https://www.apartments.com.au/developments/toowong-qld-4066" target="">Toowong</a>&nbsp;as a suburb with real depth.

"The suburb attracts everyone, from students to retirees, and that's what makes it interesting."

Joel Robinson

First look: Immerse Projects reveals debut Brisbane apartment development in Toowong

<a href="https://www.apartments.com.au/developers/hyecorp-property-group">Hyecorp</a> is down to its final three-bedroom apartments at Audrey, the developer’s parkside St Leonards South project, pairing the remaining homes with a limited-time offer.

The developer is extending a five per cent deposit and a $50,000 settlement rebate on selected apartments, aiming to help owner-occupiers secure one of the final homes ahead of move-in in early 2026.

[smartcode_project:default project_id=110379 project_image_fid=311393]

Located on Canb​erra Avenue opposite Newlands Park, <a href="https://www.apartments.com.au/new-apartments/audrey-st-leonards-13-19-canberra-avenue-st-leonards-nsw-2065">Audrey</a> comprises 102 residences, including a mix of three-bedroom residences and a double-storey, five-bedroom terrace with two outdoor areas.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a> and delivered by <a href="https://www.apartments.com.au/builders/north-shore-property-construction">North Shore Property Construction</a>, the project reflects Hyecorp’s focus on owner-occupier planning, with open-plan layouts, extensive storage integration, and a material palette built around stone, oak timber flooring and bespoke joinery. Many of the three-bedroom apartments capture views toward the city and Harbour Bridge.

[smartcode_project:default project_id=110379 project_image_fid=207373]

Hyecorp’s internal design team, Jackson Teece, has emphasised a consistent level of specification across the building, including Miele appliances, integrated refrigeration, brushed metal tapware and large-format stone detailing that conceals cabinetry.

The Tiffany Collection, crowning the development on Levels 12 to 15, features added luxury of fluted standalone baths, heated bathroom floors, custom walk-in robes and upgraded appliance packages across its spacious 155 to 159 sqm homes.

[smartcode_project:default project_id=110379 project_image_fid=301367]

Beyond the private residences, Audrey carries a strong amenity focus. Residents have access to an indoor lap pool and spa, personal training studio, private cinema, music room and private dining room.

A landscaped rooftop terrace with CBD views anchors the communal offering, complemented by an onsite café and an integrated daycare centre within the project.

[smartcode_project:default project_id=110379 project_image_fid=198680]

The location continues to be a drawcard for buyers, with new retail additions at Mall 88, including Coles, alongside Woolworths and the established offerings of Forum Plaza. St Leonards Station and Crows Nest Metro is within easy reach, as are local health precincts such as the Royal North Shore Public and Private Hospitals. Nearby green spaces include Newlands Park, Gore Hill Oval and Naremburn Park, supporting strong day-to-day amenity for families and downsizers alike.

Hyecorp is expected to welcome residents to Hyecorp in early 2026.

[smartcode_project_cta:default project_id=110379]

Audrey St Leonards nears completion – settlement bonus now available

<a href="https://www.apartments.com.au/developers/freecity">Freecity</a>&nbsp;has been given the green light to develop its flagship mixed-use project in the Crows Nest metro precinct.

The NSW Government's Housing Delivery Authority approved the 40-storey tower, aligning with the NSW Government's Transport Oriented Development (TOD) agenda to deliver more homes in highly connected, high amenity locations.

The $600 million tower, at 378-398 Pacific Highway, will comprise 178 apartments with resident amenities, two levels of commercial offices, and a curated retail offering. Freecity will also dedicate a 10 percent Affordable Housing Contribution, supporting the Governments broader housing objectives.

<img alt="Freecity Crows Nest" data-entity-type="file" data-entity-uuid="4de9b03b-e8aa-4929-b3f1-6747acbe6b73" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Freecity%20Crows%20Nest%20Project.jpg?VersionId=oWwFWxGj_oUFEYX4j_qRFdSzcShLw3DG" />

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the tower will offer a diverse residential mix, from one-bedroom homes to expansive four-bedroom penthouses, all crafted to maximise light, views and liveability.

Lawrence Zheng, Co-Founder and Joint CEO of Freecity Group, said the approval represents a significant step forward for both Crows Nest and Freecity.

"We are proud to be delivering a landmark project that brings new homes, new amenity and new economic activity to one of Sydney’s most strategically connected locations,"&nbsp;Zheng said.

"With our $6 billion pipeline of 12 mixed-use projects, this development reinforces Freecity’s commitment to helping deliver the housing supply and transport-integrated precincts the Government is championing.”

Michael Romano, Executive Director of Development, said the companies focus is on "creating places that genuinely enhance how people live day to day - communities that balance accessibility, amenity and neighbourhood vibrancy.”

“This project reflects the future of urban living - design led, highly liveable and seamlessly connected to the city’s major transport, employment and education hubs. Being directly opposite the Crows Nest Metro means residents can access the best of Sydney with unrivalled convenience."

&nbsp;

Freecity secures approval for Crows Nest metro precinct tower

The Bedford by Mosaic marks the culmination of a near-decade journey for South East Queensland’s most active developer.

Mosaic Founder and CEO, Brook Monahan, said the company first identified the prime Prospect Street, Kangaroo Point site in 2016 as an A-grade opportunity they were eager to secure. They almost bought it at the time, before it was ultimately acquired by Woolworths’ development arm, Fabcot.

The opportunity resurfaced late last year when the site, vacant for nearly three decades, was offered for sale again.

Backed by years of history, feasibility research, and detailed product planning for the 3,195 sqm corner site, Mosaic was able to move swiftly. The Bedford by Mosaic is now proving a clear market success, unsurprising given the depth of work the developer had undertaken on the location and potential density mix well before they owned the land.

Active across both Brisbane and the Gold Coast, and with a development pipeline more than $2 billion, Mosaic has already sold 90 per cent of apartments in what has become the area’s most significant residential addition in more than a decade.

[smartcode_project:default project_id=134792 project_image_fid=328119]

Designed by BDA Architecture, The Bedford comprises 128 two- and three-bedroom apartments, including the Masterpiece Series Skyhomes across the top two levels. These residences offer the largest floorplans and the best views over the river and city. Premium inclusions—such as natural stone benchtops, bespoke cabinetry, and Miele appliances, feature in every apartment, not just the top-tier offerings.

A defining feature of The Bedford is its integrated mixed-use component, set to deliver Kangaroo Point’s first Woolworths supermarket, along with a café and liquor store, bringing long-awaited convenience to the peninsula.

[smartcode_project:default project_id=134792 project_image_fid=355673]

Residents will also enjoy one of Brisbane’s most comprehensive amenity collections. Dubbed the Rooftop Recreation &amp; Retreat Sky Terrace, the wellness-focused spaces include a resort-style pool with sun deck, an indoor/outdoor gym, spa, sauna, steam room and cold plunge.

Additional amenities include a residents’ lounge and relaxation zones, a private dining room with kitchen, barbecue areas, landscaped gardens, an outdoor viewing deck capturing city and river views, and a bookable golf simulator.

[smartcode_project:default project_id=134792 project_image_fid=355681]

The remaining residences at The Bedford span the upper levels of the building and include two- and three-bedroom floorplans, which start from $1,645,000.

Mosaic's in-house building arm has already commenced construction on The Bedford. They estimate a late 2027 completion.

[smartcode_project:default project_id=134792 project_image_fid=328121]

Monahan notes that Mosaic’s most successful projects often begin years before the first plans are drawn. Their new South Brisbane development is no exception, initially making it onto their radar in 2018.

“We aren’t opportunistic,” Monahan says. “Every site purchase is well considered and thought out. As seen with Kangaroo Point and South Brisbane, it can take years to eventuate. There are sites we are looking at now that we might not secure for several years.”

Mosaic is set to launch its new South Brisbane project&nbsp;in the next year, while its latest Gold Coast development,&nbsp;<a href="https://www.apartments.com.au/new-apartments/josephine-by-mosaic-166-the-esplanade-burleigh-heads-qld-4220">Josephine</a>, is coming soon to Burleigh Heads.

[smartcode_project_cta:default project_id=134792]

A decade in the making: Mosaic's long-awaited success story at The Bedford, Kangaroo Point

Realestate.com.au

<html><body>Unit price growth was up 2.1 percent nationally over the past year with the strongest growth recorded in regional Victoria, according to the latest data from the realestate.com.au website.

The national unit median price stands at $500,000.

It is at $560,000 across the combined capitals and at $385,000 across Australia's regions.

Unit prices were up 0.6 percent national over the quarter, and up 0.1 percent during February, according to the Home Price Report.

House price growth of 0.4 percent continued in February to outpace unit growth. Over the last 12 months, national houses price growth sat at 6.9 percent, more than triple that of unit price growth of 2.1 percent.

Victoria's regions saw 11.4 percent annual growth for unit values to a $320,000 median price. It was up 2.9 percent quarterly and 0.8 percent in February.

Melbourne's unit median sat at $590,000, up 2.3 percent annually.

Hobart's unit market was the nation's second strongest in 2020, up 8.3 percent to a $400,000 median.

Sydney was the dearest capital for units at at $730,000, up just 0.1 percent over the year, the weakest rise among the capital cities.

Brisbane was the second weakest with a rise of 1.5 percent to its $395,000 median.

Darwin's median unit price was the cheapest of the capitals at $320,000, followed by Adelaide at $346,750.
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Annual unit price growth was up 2.1 percent nationally with the strong growth in regional Victoria

jchancellor

Annual apartment price growth up 2.1% nationally: Realestate.com.au

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EXPERT OBSERVER
High-intent renters are still very active on realestate.com.au, despite a softening market and relatively high supply.
The REA Insights Weekly Demand Index is a weekly metric that looks at the volume of high-intent renter activity on the realestate.com.au website and app and tracks that activity over time.
Specifically, it looks at how users are behaving when they interact with live rental listings.
The characteristics of serious renter activity includes but is not limited to; the number of visits to a listing, looking at the photos for a listing multiple times, saving the property, sharing the property and/or making an enquiry with the agent.
Who is it useful for?
For renters looking for new rental accommodation the index gives a good indication of the level of competition they can expect when they look at and apply for properties. Higher renter activity on a listing would suggest greater competition for that property or property type. In this index we’ve aggregated the high-intent rental activity and analysed it by state.
For owners of rental properties the index indicates the likelihood that they will be able to rent out their property.
Why REA Group is well placed to tell this story
Realestate.com.au is Australia’s number one property portal. In April 11.9 million Australians visited the platform* creating an unparalleled view of consumer demand for Australian property. This vast onsite activity sends millions of signals of intent that allow the experts at REA Insights to model behavioural demand.
What is the latest data actually showing?
The latest data shows that the number of highly-engaged rental listing interactions on realestate.com.au increased by 2.7 per cent last week. That means that serious renter activity has now increased for 10 of the past 11 weeks (falling the previous week) and is up 102.9 per cent from its low in March. The 2.7 per cent weekly increase did not completely offset the -4.3 per cent fall the previous week.
One of the likely drivers of such high volumes of serious renter activity is the fact that the number of new rental properties becoming available is shrinking. With less stock, those serious about renting are required to narrow their focus and are more likely to be highly-engaged with what’s available online.
The data indicates that it isn’t just search volumes that are climbing, we are also seeing a significant increase in the volume of people searching that are in the late stage of their rental decision.
All states recorded an increase in the volume of high-intent rental activity last week except for Western Australia and Tasmania, which fell slightly.
Since the recent low related to COVID-19 serious renter activity has more than doubled in New South Wales (110.2%), Victoria (133.8%) and Australian Capital Territory (140.1%). The smallest gains have occurred in Tasmania (45.2%) and Northern Territory (48.5%).
What about compared to last year?
Nationally, serious renter activity is up 70.5 per cent higher on last year.
The heightened rental activity is being felt in all states and territories with the largest annual increases in Australian Capital Territory (102.0%) and New South Wales (84.3%), while South Australia (20.8%) and Western Australia (41.5%) recorded the smallest increases.
While a lot of people are showing high-intent in their rental searches it remains to be seen whether they will actually move, especially considering there is a rental moratorium in place.
The rental market remains challenged with international borders closed, first-home buyer demand being pulled forward the government’s HomeBuyer initiative and people under the age of 30 being much more likely to have lost their jobs through COVID-19.
While a lot of people are actively looking at rental accommodation it may not be until later in the year when we actually see them moving into new rental accommodation.
CAMERON KUSHER is the Director of Economic Research for the REA Group
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j.ballantyne1990-6AQqhLzZaK

High-intent renters are still very active on realestate.com.au: Cameron Kusher

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New data released by realestate.com.au reveals that enquiries for new developments have surged since the announcement of the Federal Government’s HomeBuilder scheme in early June.
The REA Insights New Homes Snapshot for July report shows enquiries to developers nationally jumped by almost 63 per cent in the month of June, with land estate enquiries experiencing a 93 per cent lift over the month.
REA Group Executive Manager of Economic Research, Cameron Kusher, said the spike in June followed a bullish 53.9 per cent increase in May, suggesting the announcement of HomeBuilder led to a further surge in the already increasing interest in new properties.
“First home buyer activity increased 28.5 per cent in June when looking specifically at email enquiry on realestate.com.au, and it’s likely some of this activity was a result of the HomeBuilder stimulus announcement,” Kusher said.
“It’s no surprise that land estate new development is benefiting from HomeBuilder given the package is geared towards new builds, there are restrictions on construction timeframes that inhibit apartment development, and the Australian dream is to own a house.”
Dahua Group’s Marketing and Sales Manager, Michael Ching said there has been a notable enquiry increase in the Group’s Tarneit-based development, Orchard which was revealed as Victoria’s most popular house and land development.
“The interest and enquiries on Orchard Tarneit through realestate.com.au have been very strong over the last few months. As a maturing estate, Orchard Tarneit has a variety of land lots to offer including titled lots which fit perfectly into the HomeBuilder scheme,” Michael said.
“The announcement of the HomeBuilder scheme saw enquiries in Orchard Tarneit increase by 200% in June as compared to enquiries recorded in May. As a result, we have released more land lots to cater to the increased demand.”
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Enquiries for new developments surged in June following governments HomeBuilder scheme: realestate.com.au

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REA Group has updated the market that the COVID-19 pandemic has put an end to signs of recovery in the real estate market.
It reported a drop across new residential listings of 33% nationally in April, with the website business working to offset the anticipated revenue loss with cost-saving initiatives.
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Weakness in new listing volumes saw April national residential listings down 33%, with Sydney down 18% and Melbourne down 27%.
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Its Q4 operating experiences are expected to be 20% lower than the previous year.
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REA Group has a cash balance of $135m as of 30 April 2020 but has entered into an additional $149 million loan facility.
<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/2020/5/8/REA%20results.jpg" alt="">
It isn’t expected to be drawn in the short term.
The CEO Owen Wilson said he was incredibly proud of the way the business has handled the pandemic impact.
“Prior to the impact of COVID-19, the market recovery was in full flight with very strong listing in the weeks leading up to mid-March.
"In February we saw record audience numbers and strong buyer interest, reinforcing signs of the positive market momentum.
“Our priority has been to help our customers and consumers adapt to the new market conditions by providing the right support measures and new product features.”
REA's share price jumped over seven percent in morning trading.
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REA reports 33 percent decline in new national listings

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Realestate.com.au has today announced a new record audience of 10.7 million people for March.
Despite the real estate industry being forced to operate under new guidelines in order to minimise the spread of COVID-19.
The January figure was also a record with a unique audience of 9.3 million across the realestate.com.au platform, approximately three times the number of average monthly visits compared to its nearest competitor, Domain.
Given the lockdown, Realestate.com.au recently launched Digital Inspections with over 44,000 realestate.com.au Buy and Rent listings now featuring digital video tours.
Compared to early March, views of digital video tours are up 96 per cent and views of 3D tours are up 327 per cent.
REA Group Chief Sales Officer Kul Singh said, "REA has been doing everything it can to support the property market through these unprecented times and to deliver ongoing value to customers by providing access to Australia’s largest network of property seekers."
Barry Plant Director and Senior Auctioneer, James Hatzimoisis said new digital features are helping deliver more qualified leads.
“We’re finding that the enquiries we’re currently getting are much more qualified. People may still want to privately inspect a property before they buy it, but features like Digital Inspections make it so much easier for them to make a decision.”
Jellis Craig Armadale Head of Property Management, Sam Nokes said in the last fortnight he has seen an increase in leases signed without tenants physically inspecting the property and expects this trend to continue.
“We have offered virtual inspections for about three years and landlords have only very recently become more willing to lease to tenants who haven’t completed a physical inspection. At the moment people want to visit as few properties as possible and Digital Inspections allow tenants to pre-screen a property,” Sam said.
“We’re also finding that most prospective tenants who view a Digital Inspection and go on to a physical inspection, will then submit an application to lease the property.”
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Record realestate.com.au audience shows unquenched property thirst

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EXPERT OBSERVER
We predict commercial investors will buy up alternative real estate.
Alternative assets are defined as illiquid and traded only through private markets. This includes real estate, private equity, car washes, childcare, medical centres, service stations and self-storage. In short, the property element of anything that is income generating. 
In some cases, real estate debt is classified as alternative. According to a recent report from Cushman &amp; Wakefield, this was a big growth area in 2019. As shown in the chart below, 2019 was a very strong year for commercial property transaction volumes. 
<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/2020/1/28/5_NEWS_ALT.jpg" alt="" width="345" height="194">
While there was disagreement amongst commercial property researchers as to whether it was the highest volume ever recorded, or the second highest, it was certainly a big year, notes Conisbee.
Conisbee explains the significance of this, On one hand, it does show there is no shortage of money – lots of investors, both local and offshore are very keen to buy commercial property in Australia.
There are a lot of reasons for this. Finance is cheap, there is lots of money around, tenant demand is strong and Australia’s relative political and economic stability compared to the rest of the world makes it a safe option. 
It does, however, also mean that a lot of people were selling. In particular, although offshore investors were a big component of the high volumes, they were also big sellers. Part of this may just be a realignment of portfolios (e.g., too much Australia, not enough Canada) but it could also be because some think Australian commercial property is at the top of the cycle, getting too expensive and now is a great time to sell before there is a correction.
In 2020, conditions are likely to continue to be positive for most sectors. 
Office vacancies remain very low in Melbourne and Sydney and are falling in Brisbane and Perth. 
Industrial demand continues and high yielding alternative assets are popular with those wanting a decent return. 
Development site values are likely to rise as the residential market continues to recover. There are however a few negatives – conditions for retail property continue to deteriorate. 
Unless your tenant is a luxury retailer or you are in an inner urban area that has seen lots of new apartments, you are probably getting minimal rental growth, at best, or are struggling to get a tenant. The bushfires are also likely to have mixed impacts – global real estate firm, Heitman, has dropped their attractiveness ranking for Melbourne and Sydney over concerns about climate change and fire risk. On the other hand, the rebuilding effort could be positive for demand for some commercial property types.
Nerida Conisbee is the chief economist for REA Group.
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nconisbee-4KnoX9XmtH

Commercial investors to buy up alternative real estate: Nerida Conisbee

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Overall listings in Australia are down 3% over the past six months with Sydney driving the overall decline, according to the latest HY2019 financial report of the digital website, Realestate.com.au. 
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In January 2019 overall residential listings were down 11% with Sydney down 19% and Melbourne down 13%. 
The update to shareholders advised January is seasonally a low listings month therefore movements are not typically representative of the longer term. 
As previously advised, the rate of revenue growt.h is expected to exceed the rate of cost growth for both the second half and the full year, however, this will not be the case in the third quarter, it foreshadowed
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The report noted, that in the second half of FY19 listings may be impacted by federal and state elections.
Despite "unfavourable market conditions" REA profits were up 16% in Australia and 15% overall.
REA Group shares also had strong outcomes in HY19 with earnings per share were up 20%.
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The report also referenced ongoing declines in dwelling commencements.
REA Group reported monthly visits to realestate.com.au rose to 73.4 million, meaning it has nearly tripled views of its nearest competitor, Domain.
The new REA Group CEO, Owen Wilson said it was "an exceptional start to the year."
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In Australia, where revenue grew 15% to $443.2m for the half, the results were driven by an increase in revenue from the residential business of 16% to $302m and the inclusion of the Hometrack business.
"The result was delivered in unfavourable market conditions with national listings decreasing 3% (including listing declines of 10% in Sydney and 1% in Melbourne over the half). 
The revenue growth reflected the price changes which took effect from 1 July 2018.
The commercial and developer businesses achieved 10% revenue growth despite the continued decline in new project commencements, driven by an increase in project profile duration.
Tighter lending conditions and the uncertainty from the Financial Services Royal Commission on broker recruitment resulted in flat underlying revenue growth in its financial services business.
"These conditions are likely to continue for the remainder of the financial year further reducing settlement volumes and impacting revenue growth in the second half," Wilson said.
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Ryan O’Hara steps down from the REA Group Board, having been appointed to the board as a nominee of majority shareholder News Corp Australia in 2017.
The former CEO Tracey Fellows will remain on the REA board representing News Corp.
REA shares were down 3.95% this morning to $74.86.
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Real estate listings down 3% led by Sydney: REA Group

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Property listing website Realestate.com.au will be the official online property partner for the 2019 Toyota AFL Premiership season.
The agreement builds on realestate.com.au’s existing sponsorship with the Sydney Swans, which will continue in 2019. 
Elisa Silbert, REA Group general manager brand, marketing and communications, said property really has become the other Saturday game for many Australians.
"Together with the AFL we are combing two of our favourite obsessions, but more than that, we are bringing together Australia’s #1 place for property and the country’s number one sport," Silbert said.
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“Consumers are increasingly interacting with sport and property through digital platforms.
"This strategic alliance will allow realestate.com.au to become deeply integrated with the AFL and footy fans. 
“The partnership will also allow us to further elevate and leverage our partnership with the Sydney Swans across the season.”
The partnership announcement will act similar to Domain.com.au's deal with Cricket Australia.
Realestate.com.au will also be the naming right partner for the AFLX 2019.
The one night only realestate.com.au AFLX 2019 tournament at Marvel Stadium will take place on Friday February 22 and will see four teams, the BOLTS, the DEADLY, the FLYERS and the RAMPAGE, compete.
 
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Realestate.com.au becomes official property partner for 2019 Toyota AFL Premiership season

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The REA Group’s chief financial officer Owen Wilson has been promoted to CEO of REA Group, replacing Tracey Fellows.
Fellows will <a href="/news/tracey-fellows-steps-down-as-boss-of-rea-group">step down from her role in January</a> to become president of global digital real estate at News Corp in New York.
The new CEO joined REA Group in 2014.
Wilson’s previous roles include positions at MacLeod Group, where he was CFO and company secretary, as well as chief operating officer at ANZ’s Institutional and Investment Bank.
Hamish McLennan, chairman of the REA Group board, said Wilson had played a critical role in the group’s growth.
“He has a deep understanding of the company, our long-term strategy and the importance of our customers in driving business success,” McLennan said.
"The board has a long-term commitment to succession planning, and I am pleased that this internal appointment reflects the strength of our REA Group talent,” he said.
He commences his new role on January 7 with plans to expand the real estate listings company’s Asia operations as part of his growth strategy.
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