ASX-listed developer Cedar Woods is progressing its plans for its Southbank arts precinct site.&nbsp;

The developer has filed plans, which are now with the&nbsp;Department of Transport and Planning, for a new 20-level tower at&nbsp;<a href="https://www.apartments.com.au/new-apartments/141-151-sturt-street-southbank-vic-3006">141–151 Sturt Street</a>, a 2,718 sqm block opposite the Habitat Filter sculpture.

The proposal seeks to demolish the two-level&nbsp;commercial building, including a small supermarket and medical tenancies, and create a new building with 180 apartments and a focus on an&nbsp;active public realm and arts integration.

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<img alt="Southbank site" data-entity-type="file" data-entity-uuid="76a72db6-91ef-43ae-827d-a9cfa72893d2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Site.png?VersionId=DZgtB4K6BswVh0QtCs3iLjXaLp0CbcEb" />

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There will be a full mix of apartment configurations, including 28 studio apartments, 16 one-bedroom, 104 two-bedroom, and 32 three-bedroom units.

Retail, creative arts, and residential amenity functions are integrated across the lower levels. A food and drink tenancy is planned to front Dodds Street, while a retail tenancy fronting Sturt Street will be accessed via an elevated walkway. The first floor includes a substantial 734 sqm creative arts space, envisioned to support Melbourne’s growing cultural and digital industries.

Architecture firm <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has put together the plans. In their&nbsp;Urban Design Report they highlighted the project’s ambition to embed itself within Southbank’s evolving cultural fabric.

A central feature of the design is a through-block link connecting Sturt and Dodds Streets, landscaped with native plantings and embedded with universal access ramps.

“The ramp has been thoughtfully integrated as the primary access point, ensuring universal accessibility for all users,” the report noted, with the link offering “a direct response to the urban planning scheme of creating more green spaces within our communities”.

<img alt="Southbank podium" data-entity-type="file" data-entity-uuid="4d24b1b2-d69c-4a11-a11d-ec6df432221c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium.png?VersionId=geWoJyZDmPSLODZ_.PNJ0LvpOmyyCdpo" />

The building’s podium form responds to the mandatory height limits along Dodds Street and maintains a fine-grain interface to adjoining developments. Above the podium, the tower is articulated with recessed balconies and a focus on views toward the CBD and surrounding arts institutions. A communal rooftop recreation deck and indoor lounge are positioned on level four, adjoining seven apartments and providing over 900 sqm of resident amenity space.

Vehicle access and loading will be provided via Dodds Street, with 155 resident car spaces located across two basement levels and the first three above-ground floors. Bicycle storage is more generous, with 226 spaces distributed across resident, staff and visitor needs.

Rothelowman describes the architecture as “humanist,” with ground-level interfaces designed to encourage social interaction and provide a dignified entry for both residents and passers-by. “All street interfaces are crafted to invite and nurture human connections,” the design report states. “The façade transitions to a human scale, providing an approachable and engaging streetscape”.

Cedar Woods, while well-known for its large communities it develops outside of Australia's capital cities, they have recently developed in Melbourne's inner-ring before. They are approaching completion at <a href="https://www.apartments.com.au/new-townhouses/88-leveson-north-melbourne-88-leveson-street-north-melbourne-vic-3051">88 Leveson</a>, just 15 townhouses in the heart of North Melbourne.

Joel Robinson

Cedar Woods progresses with new apartment plans in Southbank arts precinct

Brisbane developers Core Property Partners and Vector Property Australia has teamed up for Brisbane's newest apartment development.

The duo identified <a href="https://www.apartments.com.au/developments/east-brisbane-qld-4169">East Brisbane</a> as their preferred suburb, on the fringe of the Gabba Precinct, where they've just revealed BANKSII, 72 apartments opposite Raymond Park.

[smartcode_project:default project_id=136432 project_image_fid=5481]

The one-, two-, and three-bedroom apartments will sit in a glass-wrapped building that will also feature a rooftop with an&nbsp;infinity-edge pool, a BBQ area and alfresco dining spaces, sun lounges, and a sauna, as well as a resident-only gym and a ground-floor cafe.

Rhett Williams, Director of Vector Property Australia, said the project will lift the quality of the East Brisbane community and set a new benchmark.

"In Brisbane’s current property landscape, <a href="https://www.apartments.com.au/new-apartments/banksii-east-brisbane-169-wellington-road-east-brisbane-qld-4169">BANKSII</a> stands out through its emphasis on lifestyle-oriented living, connectivity and sophisticated design," Williams says.

[smartcode_project:default project_id=136432 project_image_fid=5479]

The 10-level building has been designed by MAS Architecture. Their designs were inspired by the native Banksia flower, with the architecture and interiors reflecting the organic symmetry of its namesake flora. MAS has interpreted this throughout the building’s curved form, façade detailing and interior palette.&nbsp;

The building’s flowing geometry and natural tones are complemented by large balconies and floor-to-ceiling glazing, maximising cross-breezes, daylight and views over the city, parklands and river.

“Having a strong narrative for a building helps us architecturally,” MAS noted. "We can choose colours that come off that species of flowers. The trunk and the trees and the flower elements all are now visible in our joinery on the inside and in our architectural finishes on the outside."

[smartcode_project:default project_id=136432 project_image_fid=5485]

Apartments will feature timber floors, soft porcelain tiles, brushed bronze fittings, and stone benchtops with warm veining.&nbsp;

Kitchens feature premium SMEG appliances and generous storage, while bathrooms have been designed as calming retreats with curved cabinetry and twin sinks in the master ensuites.

The building will feature a suite of rooftop and wellness amenities. Residents will have access to an infinity-edge pool, BBQ and alfresco dining areas, sun lounges and a rooftop sauna.&nbsp;

A residents-only gym will be located on the podium level, while a ground-floor café and landscaped laneway will further activate the site and improve neighbourhood connectivity.

[smartcode_project:default project_id=136432 project_image_fid=5488]

BANKSII will rise from a prime Wellington Road site, with the building oriented to overlook the adjacent Raymond Park and take in extensive city views. It is also on the doorstep of key&nbsp;lifestyle infrastructure, including the future Kangaroo Point Green Bridge, The Gabba stadium, and the planned Brisbane Live arena.&nbsp;

Public transport options, including ferry, bus and rail - including the future Cross River Rail Woolloongabba station - are all nearby, supporting a car-optional lifestyle just minutes from the CBD.

Williams said the team spent over a year searching for the ideal site before securing this location.

"We were attracted to <a href="https://www.apartments.com.au/developments/east-brisbane-qld-4169">East Brisbane</a> as it is a vibrant and growing community that offers a perfect balance of urban convenience and natural beauty with the parklands and river on our doorstep.”

The project is part of the broader Woolloongabba Games precinct, which is undergoing significant investment in the lead-up to the 2032 Brisbane Olympics. This urban renewal, coupled with infrastructure upgrades, is expected to enhance long-term liveability and capital growth in the area.

Given the wide max of configurations, BANKSII is expected to suit everyone from first home buyers and investors to families and downsizers.

[smartcode_project_cta:default project_id=136432]

BANKSII sales launch in booming East Brisbane apartment market

The Minns Labor Government will deliver Sydney’s first new heavy rail station in more than a decade – enabling up to 10,000 new homes by rezoning land around Woollahra and Edgecliff stations, right next to the CBD, to tackle the housing crisis and rebalance growth across the city.

Recent reports by the NSW Productivity Commission have warned that Sydney is losing twice as many young people as it is gaining, while also finding that Woollahra is the most feasible Local Government Area (LGA) in New South Wales to build new housing.

Despite this, housing approvals in Woollahra consistently lag well behind other LGAs, and the population has declined by 11 per cent over the past 50 years while Greater Sydney as a whole has grown by 74 per cent.

The new station that will be an eight-minute trip from Sydney CBD, will be located on the Eastern Suburbs train line in Woollahra, where a station build was started in the 1970s but never completed.

To enable the delivery of new homes the NSW Government will lead a rezoning of Woollahra and Edgecliff stations similar to other state led rezonings to allow additional homes to be built around the stations.

Affordable housing will also make up a proportion of development on the site with the final amount of affordable housing required, to be determined as part of the rezoning process.

The area surrounding the new station is within walking distance of major green and recreational space including Cooper, Trumper, Rushcutters Bay and Centennial Parks.

The Eastern Suburbs train line between Bondi Junction and Sydney CBD also has the lowest passenger usage rates during the AM peak of any line on the Sydney network, with only 43 per cent of operating capacity during the AM peak currently being utilised by passengers.

Sydney Water and Infrastructure NSW have confirmed there is capacity in the water and wastewater systems to accommodate the proposed 10,000 dwellings without major upgrades.

The rezoning is expected to take around two years and will further support the Government’s housing targets that rebalance the delivery of new homes around existing infrastructure.

&nbsp;

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Next stop Woollahra train station - delivering up to 10,000 new homes in the heart of Sydney

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Fresh off completing its mixed-use Malvern project Malvern Collective, Kokoda Property Group has acquired a prime site on Richmond's Bridge Road.

They are planning a mid-rise residential development with&nbsp;integrated wellness amenities and a vibrant ground-floor retail and dining offering.

The site, at&nbsp;487–495 Bridge Road, spans&nbsp;1,650 sqm with 50 metres of dual frontage across Bridge Road and Palmer Street. It is currently leased to Adairs, and has a large retail building and 20 onsite car parks.
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Kokoda Property Group’s acquisition forms part of a broader phase of growth in Melbourne, building on momentum from the completion of Malvern Collective and the recent purchase of a Burnley Street site for the developer’s first commercial project.&nbsp;

Mark Stevens, Kokoda Property Group’s Founder and Managing Director, said that the company’s Bridge Road site acquisition signals confidence in a city that is re-accelerating.

“Melbourne is regaining momentum,"&nbsp;Stevens said.

"After a cautious period post-COVID, we’re seeing buyer sentiment stabilise and capital leaning back into well-located, quality projects. Victoria now benefits from deep builder capacity and competitive delivery pricing, creating a rare opportunity to bring design-led inner-city developments to market without compromising on craftsmanship.

“Richmond ticks all the boxes for us – connectivity, culture and everyday amenity – making Bridge Road the perfect address for an amenity-rich, multi-use development."

<img alt="Kokoda" data-entity-type="file" data-entity-uuid="9a8de51d-8092-480a-8b7e-e081816692c2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-08-29%20at%208.54.27%E2%80%AFAM.png?VersionId=VRHpV5.6beOu2cieKHWrw3ErMPuVOAuj" />

Envisioned as an “urban lantern” the building will bring a distinctive new presence to Bridge Road with a sculptural retail frontage, designed to honour the street’s heritage character while contributing to its renewal.

Stevens said the acquisition reflects the developer’s commitment to design-led addresses in Melbourne’s inner city.

“Drawing on Richmond’s rich heritage and dynamic character, we’ve envisioned a contemporary building that respects the past while elevating the way people live today. With dual frontages, curated ground-floor spaces, and a focus on wellness, this project will contribute to the neighbourhood’s evolution, appealing to both downsizers and a new generation of professionals.”

Kokoda Property will now progress concept design ahead of a future planning process.
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Mark Stevens, Kokoda Property Group’s Founder and Managing Director, said that the company’s Bridge Road site acquisition signals confidence in a city that is re-accelerating

First look: Kokoda secures Richmond site for new apartment development

Gold Coast developer Drew Group is fast approaching sell-out at its Main Beach apartment development, Lagoon Main Beach.

In the last nine months, Drew Group and sales partner Pezet Matheson have secured 31 sales totalling over $75 million, as the two-tower development advances towards completion under the expert eye of Hutchinson Builders.

“Today's buyers are more discerning than ever," Drew Group Managing Director Jon Drew says.

"It's essential to provide something truly unique that sets a development apart, and we believe Lagoon has achieved just that."

[smartcode_project:default project_id=108747 project_image_fid=193023]

Just over 50 per cent of recent&nbsp;sales have been to local buyers, reflecting the deep trust and connection within the Gold Coast community that Drew Group has developed over the years.

Demand has been particularly robust at the top end, with two of the three exclusive penthouses already sold, alongside five sub-penthouses. Only seven apartments remain in Lagoon's Signature Series — one&nbsp;penthouse and six sub-penthouses.

[smartcode_project:default project_id=108747 project_image_fid=284864]

Drew Group has also removed the much-maligned sunset clause from all contracts at Lagoon. The sunset clause — although rarely invoked, yet on occasion known to have been — allows developers to take back contracts on apartments should the building not be completed within the timeframe specified in the contract.

Pezet Matheson Co-Director Jayde Pezet says the fact Lagoon is&nbsp;within a year of completion, and has no sunset clause in contracts, provides certainty to buyers.

"This is paramount in the current market," Pezet says.

Drew Group has committed to providing the highest level of security inclusions — none more impressive than the Ubiquity Access Control System, a cutting-edge facial recognition technology that is one of the most state-of-the-art keyless entry systems on the market.

[smartcode_project:default project_id=108747 project_image_fid=190743]

One of the biggest drawcards to Lagoon has been the size of the apartments.

"It is unlikely that any future new development in Main Beach will be able to offer such spacious living at this price point," Drew says.

"Today's buyers are more discerning than ever, carefully evaluating amenities like gyms, spas, workspaces, and beach lockers, along with quality finishes. It's essential to provide something truly unique that sets a development apart, and we believe Lagoon has achieved just that."

Lagoon is set to complete construction in mid-2026.

[smartcode_project_cta:default project_id=108747]

Lagoon Main Beach approaches sell-out as local buyers drive $75m in sales

Reiwa

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A continuining drop in first home buyer numbers has chief executive of the Real Estate Instute of Western Australia (REIWA), Neville Pozzi, warning the government not to introduced any stamp duty increases for first timers.
He said that this drop should come as a budget warning to the state government.
“Given that first home buyers are dropping in numbers, it’s critical that the Treasurer doesn’t bring back stamp duty for this segment of the market,” Pozzi said.
Currently, first home buyers in Western Australia are exempt from stamp duty payments for homes under $500,000.
“It’s very concerning, however, that Premier Barnett has indicated that the current tax break for first home buyers is under review and might be changed,” he said.
“The housing market is very susceptible to cost pressures and making first homes more expensive would be a terrible blow to the market just as it’s starting to stabilise,” he said.
FHOG applications for the March quarter, as recorded by the Office of State Revenue, recorded a 9% drop. This is 21% below the June 2013 peak.
This drop is across both the established and new-build sectors, with established homes dropping by 14%.
“This means that grants being paid out have now fallen below the average since the FHOG was first introduced 14 years ago,” he said.
He noted that the "last thing" the market needs at present is any added cost pressure on first time buyers.
The median purchase by first home buyers in March was $470,000 in Perth, and $350,000 in regional Western Australia.
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REIWA chief executive warns against FHB stamp duty introduction

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First home buyers are active in Perth’s property market, with data for the March 2018 quarter revealing an increase in sales for properties priced $500,000 and below.
REIWA President Hayden Groves said after observing subdued first home buyer activity during the December 2017 quarter, the lower end of the market had strengthen early in 2018.
“The final quarter of 2017 saw the composition of the Perth market shift.
The balance of sales had shifted back to the lower end of the market, Mr Groves said.
Perth’s preliminary median house price is $510,000 for the March 2018 quarter.
Mr Groves said once all sales settle, this figure was expected to increase to $517,000, which would put the March 2018 quarter median marginally lower (by 0.6 per cent) than the December 2017 quarter.
“Although Perth’s median house price experienced a minor adjustment during the March 2018 quarter, the median house price is up 0.4 per cent when compared to the same time last year, which shows prices are stable,” Mr Groves said.
Perth’s preliminary median unit price is $401,000 for the March 2018 quarter.
“This is expected to lift to $410,000 once all sales settle, which would put it equal with the December quarter median.
“These results are in line with REIWA’s 2018 forecast, which expects stable conditions throughout the remainder of this year, with moderate price growth during the next 12 months,” Mr Groves said.
Preliminary Landgate data shows there were 5,865 dwelling sales during the March 2018 quarter.
"We expect around 6,603 sales for the quarter overall, which is marginally lower than volumes recorded during the December quarter,” Mr Groves said.
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There was a 5.7 per cent increase in house sales in the sub-$500,000 price range during the March 2018 quarter.
“Increased activity in the lower end of the market is usually a sign first home buyers are active. We are fortunate the dream of home ownership is more attainable for West Australians than it is on the east coast. After seeing activity drop off last quarter, it’s good to see first home buyers are increasing their presence in the market,” Mr Groves said.
There were 14,413 properties for sale in Perth at the end of the March 2018 quarter.
Mr Groves said listings had increased 10.2 per cent over the quarter, but were down 2.9 per cent when compared to the March 2017 quarter.
“While it is pleasing listings have declined on an annual basis, the increase over the quarter is not cause for alarm. With overall sentiment in WA improving and all signs indicating the market has begun to turn, sellers are feeling more confident than they have been and therefore more inclined to put their property up for sale.
“We’ve also seen a sharp decline in rental listings over the past year which has had a flow-on effect to the established market. With some investors choosing to sell their rental property instead of lease it, this has contributed to the rise in the number of properties for sale in Perth,” Mr Groves said.
It took 67 days on average to sell a house in Perth during the March 2018 quarter.
Mr Groves said although average selling days increased over the quarter, it was still two days quicker to sell than it was during the March 2017 quarter.
“With more listings on the market, buyers now have more choice, which has had an impact on the time it takes to sell. It’s very encouraging though, that on an annual basis, we’re seeing average selling days decrease,” Mr Groves said.
 
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Perth first home buyers return during March 2018 quarter

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After four years of record low transactions, culminating in the lows of 2019 where there was a 55 per cent decrease in the number of sales compared to 2005, it’s clear that the property industry needs stimulus to attract buyers and investors back into the market.
REIWA President Damian Collins said the Western Australian property market is an integral part of the state’s economy which provides housing and a regular source of income for the State Government of WA.
“REIWA’s plan for prosperity post COVID-19 outlines recommendations that we believe will help boost the economy and enable more people to enter the property market,” Mr Collins said.
Reform stamp duty to boost WA’s economic recovery
REIWA is calling on the WA Government to commit to a full state tax review and feasibility study of a two-stream revenue collection approach to stamp duty.
“A two-stream approach would allow buyers to decide whether to pay the stamp duty upfront, or whether to opt in for an annual fee for the duration of ownership, with the reduction in upfront costs encouraging more transactions with a significant flow on effect to economic activity,” Mr Collins said.
Introduce a $10,000 stamp duty concession for seniors over the age of 65 to encourage appropriate ‘right sizing’
Not only is stamp duty a hindrance to affordability, it limits household’s ability to make appropriate housing decisions in accordance with their lifestyle choices, changing needs or economic reasons.
“In order to ensure WA has the right mix of housing options and diversity to meet the changing needs of the community, REIWA recommends that seniors’ households should be given the opportunity to right size and free up their existing housing by obtaining a concession on stamp duty costs for their next home,” Mr Collins said.
Formalise the stamp duty rebates for off-the-plan-purchases
“The current 75 per cent stamp duty rebate for buyers of off-the-plan and under construction apartments has been vital in ensuring an ongoing pipeline of projects, which in turn ensures a steady supply of diverse housing and jobs for West Australians.
“If a person bought an off-the-plan apartment prior to the rebate they paid stamp duty on the combined value of the land and the build, compared to a house-and-land package that is taxed solely on the value of the land.”
To keep off-the-plan apartments in line with house-and-land packages, REIWA recommends making the 75 per cent rebate permanent.
Remove stamp duty on the purchase of small businesses
WA is one of three states or territories that continues to collect stamp duty on a business purchase. A buyer who purchases a business to a value of $5 million will be liable for $251,415 in stamp duty.
“If stamp duty was abolished for the purchase of a small business, the potential saving could go towards employing five staff members on a full-time basis or 10 apprentices.
“With businesses facing even bigger challenges due to the impacts of COVID-19, we need to be encouraging people to buy small businesses which will create much-needed jobs, generate additional spending, as well as giving a helping hand to those who need to sell.”
Reintroduce the $7,000 first home owner grant for the purchase of existing dwellings
In 2019, the number of first home buyers reached its lowest levels since 2011 at just 13,653 and of those, 8.285 were for established properties and 5,368 were new homes.
“Allowing first home owners access to the $7,000 grant for established homes could increase their purchasing power and encourage more buyers, resulting in more stamp duty from the trade-up market.” Mr Collins said.
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REIWA's plan for post-covid property prosperity

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EXPERT OBSERVATION
In August, reiwa.com data shows it took a median of 21 days to lease a property in Greater Perth which is 13 days less than the same time last year – making it the quickest time to lease since the construction phase of the last mining boom in February 2015.
Strong demand in the rental market continued into August which recorded improvements to the median rent price, listings volumes and days to lease.
From an individual suburb level, Maddington was the fastest suburb to lease in August, taking a median of seven days to lease, which was closely followed by Armadale with nine days, Coolbellup and Wanneroo with 10 days, and Secret Harbour with 11 days.
The median rent has remained stable at $360, however houses increased $10 per week to $380 and with Perth’s vacancy rate sitting at 1.6 per cent, we can expect to see continued upward pressure on rents in the coming months.
A closer look at the data shows four out of five Perth suburbs experienced an improved or stabilised median rent price, with Perth, Ellenbrook, Hamilton Hill, Bentley and Scarborough the top five performers.
The high demand for rentals has seen rental stock on reiwa.com fall 10 per cent on July, with 3,205 properties for rent on reiwa.com at the end of August and based on present levels of enquiry we expect stock levels to decline further in September.
Feedback from our members on the ground is that there is still only a limited number of investors in the market looking to buy investment property.
It’s important that we return confidence to investors and one way the State Government can lead is to significantly reduce the number of properties subject to the residential tenancies COVID-19 legislation. Unless we get investors confident enough to get into the market, the rental shortage will only get worse.
Perth residential sales market
CoreLogic’s latest home value index shows dwelling values in Perth stabilised in August.
Although overall prices had remained stable in the Perth region, reiwa.com data shows 45 per cent of suburbs experienced an increase in median sale price.
Kelmscott saw the biggest increase to its median in August with a 5.4 per cent increase to $320,000, which was followed by Riverton (up 3.9 per cent), Duncraig (up 3.7 per cent), Piara Waters (up 3.6 per cent), and Carramar (up 3.4 per cent).
Interestingly, three of the top five suburbs had a median sale price under Perth’s median of $475,000 and suggests people are taking advantage of properties in Perth that are priced at the lower end.
Listings for sale were also down in August with only 10,627 properties for sale on reiwa.com, which is 1.2 per cent lower than July and 23.2 per cent lower than this time last year.
In the last few months, sales activity has been particularly strong due to the various government bonus schemes, so it is only natural as the interest around the stimulus eased, we saw activity in August decrease compared to July.
The suburbs that saw the biggest improvement in sales were Stirling, Shenton Park, Fremantle, Bayswater and Iluka.
It certainly appears that Greater Perth, and in fact a large part of Western Australia, has escaped the COVID-19 induced property slowdown. Given the high levels of demand and limited supply, we may even see prices rise later in 2020.
DAMIEN COLLINS is the REIWA President
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WA rental properties leasing two weeks quicker in August: REIWA's Damian Collins

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The announcement of the name of Japan’s new Imperial era has resulted in a boom in traffic for an Australian property group.
On Monday, Japan’s Chief Cabinet Secretary Yoshihide Suga announced that the country’s new Imperial era will be named Reiwa.
The announcement led to a surge in traffic to <a href="http://reiwa.com/" target="_blank">reiwa.com</a>, which is the website for The Real Estate Institute of Western Australia, also known as REIWA.
The Reiwa era will begin on 1 May 2019 with the term coming from an existing compilation of Japanese poetry and also represents fortune, peace and harmony.
REIWA CEO Neville Pozzi said 70% of traffic to reiwa.com today were Japanese people, mistaking the real estate portal for their country’s new imperial era.
Pozzi said the spike in attention from Japan could be an opportunity to lure foreign investment back into the state.
“REIWA is the number one trending hashtag on Twitter, and we even had comments on social media from Japanese people asking the bidding price of REIWA’s domain name,” he said.
“As an Institute, we want to embrace all of this traction and use it as an opportunity to entice migration and foreign investment back into our state in a fun and light-hearted way.”
“The Institute is making the most of its time in the social media spotlight, with hopes that this draws some much needed attention to the WA property market.”
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Announcement of Reiwa era sparks surge in internet traffic for WA property group 

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A new app is putting real-time real estate information into West Australian buyers and sellers, direct from the agent on the ground.
Officially launched on 26 October 2018 at REIWA’s CONNECT Real Estate Conference, the itrack property app allows buyers to track properties listed for sale on reiwa.com at the click of a button.
REIWA CEO Neville Pozzi said itrack gives WA property seekers a unique, 100% transparent insight into any property sales campaign they choose to track.
“We are excited to be powering the itrack property app, which we’re confident will benefit all parties involved in a real estate transaction,” Pozzi said.
“Buyers can track every movement of a property they are interested in, with factual and reliable notifications and updates sent to their phone as the property’s sales campaign progresses.
“For sellers, the itrack property app helps them to better gauge buyer interest levels, while for REIWA real estate agents, the app helps enhance productivity, providing a platform for them to connect better with interested buyers and build strong relationships with vendors.”
Gavin Hegney, Company Director of Gavin Hegney Property and real estate industry specialist, said what he loved most about the itrack platform is that it has created a circle of benefit for all those that engage in the process.
“Buyers are always wanting to know everything that is happening in a campaign and want to most importantly trust the information supplied,” Hegney said.
“With itrack, agents not only get a productivity tool to enable them to succeed in selling and listing more, but an environment that builds relationships - which is all powered by the Real Estate Institute of Western Australia, an organisation that reflects a position of integrity and transparency for everybody involved in the real estate transaction.”
The itrack property app is available to download now in the App Store and will be available on Google Play in the coming weeks.
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New real estate app gives WA property seekers real-time information 

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Damian Collins has been elected as the new president of the Real Estate Institute of Western Australia (REIWA).
Collins will follow Hayden Groves, who announced he was stepping down last week.
Lisa Joyce from Joyce Property Investments was elected deputy president.
 Collins has served on the REIWA Council since 2011 and as deputy president since 2015.
He is the founder and managing director of Momentum Wealth, a Perth-based property investment consultancy, and chairman of commercial property funds management business, Mair Property Funds.
“It is an honour to be elected President and I thank Council for bestowing me with the privilege of representing the Institute on behalf of its members,” Collins said.
“I would also like to thank Hayden Groves for his hard work and dedication to the Institute during his tenure as President.
“The Council and I are dedicated to continuing to build upon REIWA’s 100 year legacy of advocating on behalf of our members and the WA public.
“The WA marketplace remains a challenging environment for agents and vendors alike and there is much work to be done as our local market begins its recovery.”
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/10/4/photo-damian-collins.jpg" alt="">
At REIWA’s 100th Annual General Meeting last month, Hayden Groves announced he would be finishing his three year term.
Mr Groves, who will remain on the REIWA Council, was elected as President in 2015 having served on the Council since 2010.
“The past three years have been extremely rewarding and I thank the Council and REIWA members for entrusting me with the role over the past three years.
“My tenure as President has marked a very challenging time for the WA property market. We’ve seenstate migration slow, less demand from buyers and tenants, increased stock levels and subdued transactional activity.
“Somewhat unusually, no sector of the market has been spared the malaise, although tenants and buyers have benefited from improved affordability. Thankfully the worst appears to be behind us and I am hopeful a recovery is on the horizon.
“I look forward to continuing my service on REIWA’s Council, confident we will continue to build on all that REIWA has achieved over the past 100 years,” Mr Groves said.
The AGM also saw the results of the ballot for Council positions announced, with all four re-nominating Councillors returned to their positions.
REIWA’s Council includes:
<ul>
<li>
Suzanne Brown (Rentwest) [Re-elected]
</li>
<li>
Damian Collins (Momentum Wealth)
</li>
<li>
Hayden Groves (Dethridge Groves)
</li>
<li>
Lisa Joyce (Joyce Property Investments)
</li>
<li>
Peter Lawrance (Avanti Residential) [Re-elected]
</li>
<li>
Brett Thorp (Thorp Realty)
</li>
<li>
Rory Trotter (Force Real Estate) [Re-elected]
</li>
<li>
Krys Tully (Tully Real Estate) [Re-elected]
</li>
<li>Joe White (JMW Real Estate)</li>
</ul>
Council will elect office bearers, including the new REIWA President, when they meet on Thursday.
 
 
 
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Damian Collins elected new REIWA President

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GUEST OBSERVATION
REIWA is encouraging all members of WA Parliament to oppose the foreign owner duty surcharge.
The tax is poorly timed and will only serve to further stifle the state’s property market.
WA has the lowest level of foreign investment and foreign students of any capital in the country, besides Darwin. The state is also on the verge of a skills shortage and we need foreign families to fill that void.
This type of misguided policy will dampen the incentive for foreigners who are not permanent residents to locate and live here. The WA Government should be implementing policies that attract people to the state, not deterring them with unfair taxes.
Those that do come to WA, will be forced into the rental market for the duration of their stay, or until they obtain permanent residency. This will cause an upward pressure on rental prices, affecting everyone.
This new tax will also impact West Australians with foreign spouses.
West Australians with foreign spouses who purchase a home together would also be affected by this surcharge, with 50 per cent of the value of the property eligible for the seven per cent tax under the government's proposed legislation.
This policy has been touted as an investor tax, that only targets the big end of town, but that simply is not the case. In fact, land bought to be developed into eight or more dwellings is exempt.
Western Australia has a long history of migrants, coming to WA to work and raise a family. This surcharge sends a clear message that the door is closed, and there certainly won’t be a welcome mat!
This kind of Nationalistic policy will only dampen the property market and cause skills shortages to the detriment of everyone in WA.
Hayden Groves is President of the REIWA.
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WA foreign buyer surcharge sends wrong message: REIWA

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Perth’s median house and unit price increased, according to reiwa.com data.
REIWA President Hayden Groves said reiwa.com data indicated Perth’s median house price would settle at around $520,000 for the June 2018 quarter, which was up 1% compared to the March 2018 quarter and 2% compared to the June 2017 quarter.
“In addition, Perth’s median unit price is expected to lift by 4.9% to $419,500 for the June 2018 quarter, which is 2.3% higher than the same time last year," Groves said. 
"After declining during the March quarter, it’s pleasing to see prices rebound strongly this quarter.
"With the worst of the market downturn appearing over, the improvement in house and unit prices this quarter suggests buyer confidence is returning which should bode well for sellers as we move into spring.”
Sales activity reiwa.com data shows there were 6,900 sales recorded during the June 2018 quarter.
Sales volumes have declined during the June quarter, with the onset of winter having likely contributed to subdued activity levels.
Despite the overall decline in sales, numerous suburbs recorded more sales this quarter than they did last quarter.
The suburbs with the biggest improvement in house sales were North Perth, Queens Park, Singleton, Camillo and Beldon, while West Perth, Balcatta, Rockingham, Claremont and Mount Lawley had the biggest improvement in unit sales.
The composition of sales shifted during the June quarter, with more house sales recorded in the $800,000 and above price range than last quarter.
There were 14,382 properties for sale in Perth at the end of June 2018.
Groves said stock levels across the metro area had declined 1.1% during the quarter.
“We certainly appear to have hit the ceiling as far as listing stock is concerned. Despite fewer sales being recorded this quarter, it is encouraging to see stock levels have continued to be absorbed,” he said.
It took an average of 67 days to sell a house in Perth during the June quarter which is one day faster than both the March 2018 and June 2017 quarters.
Data from reiwa.com shows the proportion of vendors who had to discount their asking price in order to achieve a sale declined by five% between the June 2017 and 2018 quarters.
“With reductions observed in average selling days and discounting, this is a good indicator sellers are listening to the advice of their agents and pricing their property in line with market expectations,” Groves concluded.
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Perth dwelling prices rebound slightly, hinting that downturn may be over

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Perth’s rental market produced mixed results in the June 2018 quarter, with stable dwelling rents, subdued leasing activity, declining listings and faster leasing times, according to the latest REIWA.com.au rental report.
REIWA President Hayden Groves said the June quarter’s mixed results were not unusual given Perth’s rental market was in a transitional phase and “although the worst of the downturn appears to be behind us, it’s not uncommon to see results fluctuate as the market transitions into a recovery". 
“The change in seasons has also contributed to this quarter’s results, with the cooler weather impacting activity levels.
"We tend to see activity slow during the winter months before picking up again in spring."
Median rent prices Perth’s overall median rent price remained stable in the June quarter, holding at $350 per week for a fifth consecutive quarter.
"After experiencing prolonged periods of freefalling rent prices, the stability we’ve observed over the last 12 months is a welcome change and should provide landlords with confidence,” Groves said.
Although Perth’s overall rent was stable, reiwa.com analysis shows 102 suburbs across the metro area did experience median rent price growth.
The five best performing suburbs for rent price growth in the June quarter were Attadale (up 75.8% to $580 per week), Jolimont (up 50.9% to $423 per week), Burswood (up 33.3% to $480 per week), Booragoon (up 28.4% to $475 per week) and Hamersley (up 28.4% to $430 per week).
Other top performing suburbs were Karawara, North Fremantle, Mount Nasura, Mount Claremont and Hillarys.
In terms of leasing activity 12,633 total properties were leased during the June 2018 quarter.
Leasing activity has declined 10.4% over the June quarter and is down 4.1% compared to the June 2017 quarter.
Population figures for WA shows migration into the state has declined by five%, which has likely influenced leasing activity levels in Perth.
"After 12 months of stable rent prices, lower activity levels suggest tenants are feeling confident rental prices have found a floor and therefore more inclined to stay put,” Groves said.
Despite the overall reduction in leasing activity, reiwa.com data shows there were 71 suburbs across the metro area which saw leasing activity improve.
The five suburbs which saw the biggest improvement in activity were Brookdale (up 88.9%), Ocean Reef (up 75%), Kallaroo (up 63.6%), Parmelia (up 48.3%) and Hamersley (up 46.2%).
There were 8,293 properties listed as for rent in Perth at the end of the June 2018 quarter.
Groves said this figure was 2.5% lower than the March 2018 quarter figure and 22.9% lower than the June 2017 quarter meaning rental listings in the metro area have declined significantly over the last 12 months, with far fewer properties available for rent this year compared to last.
"A key driver for this improvement is the slowdown of new dwelling commencements, with less new properties coming onto the market, existing rental stock is being soaked up faster, putting downward pressure on listing volumes,” Groves said.
The average leasing time for the last quarter was on average 46 days to find a tenant, which is two days faster than the March quarter and six days faster than this time last year.
Groves concluded that: “Although leasing activity softened during the June quarter, activity levels remain above long term averages.
"This, combined with rapidly decreasing listings means tenants are needing to act faster to secure a rental property.”
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