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

Residential Auctions

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Melbourne's North West secured a strong clearance rate of 78.2 percent from its 91 auctions over the weekend, according to CoreLogic.
The inner Melbourne region held over 200 auctions with a clearance rate of 67.6 percent.
 
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jonathanchancellor-7SQnKwU6yx

Melbourne's North West shines in damp weekend auction results

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According to CoreLogic, Ryde secured an 88 percent clearance rate at the weekend auctions.
Baulkham Hills and the Hawkesbury region only secured 50 percent of their 17 auctions.
North Sydney secured a strong 85.5 percent from their busy 113 auctions.
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Ryde rides high at 88% while Baulkham Hills stumbles in weekend auctions

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The weather failed to inflict much damage on the east coast residential sales success despite the hazardous first auction weekend of winter.
Sydney’s clearance rate rose from 73 percent last week to 76 per cent, according to the preliminary CoreLogic RP Data tally. The Domain data even suggested it bettered 80 percent.
Auction prices across Sydney ranged between $348,000 in Canley Vale and $5.7 million in Strathfield.
<a href="https://www.realestate.com.au/property-house-nsw-strathfield-122626106" target="_blank">It was a contemporary Strathfield home</a> with the most modern of fireplaces featured in the living room at 20 Llandilo Avenue, Strathfield.
There were four bidders - from among the 12 registered parties - after the opening $4.5 million offer at the auction by Strathfield Partners agent Hawre Ahmad.
The Sydney auctioneer Damien Cooley noted that while fewer attendees come to onsite auctions when the weather isn’t friendly, the percentage of serious bidders among the attendees actually increases.
"You know you have a keen buyer if they are turning up to your auction," Damien Cooley said on the turn in the weather. 
There was a similiar tick-up trend, with the reduced early winter offerings, in Brisbane where vendors fared well too despite rising flood waters.
Brisbane’s clearance rate rose from 41 percent last week to 55 percent.
Melbourne's success rate held steady at 71 percent with prices ranging between $240,000 in Braybrook and $5.1 million in East Melbourne.
Around 959 residential properties were taken to auction in Melbourne down on the 1,170 auctions in the prior week as the winter slowdown commences.
Lower winter market listings will become even more noticeable from the Queen’s Birthday holiday break. 
The winter property auction hibernation doesn't necessarily happen across all Sydney suburbs, according to CoreLogic RP Data statistics.
Since 2011 Sydney auction volumes have jumped over the three month winter season from around 5000 offerings to 11,000 listings.
The forthcoming federal election might distract some potential vendors but recent July auction volumes have been Sydney’s busiest on record.
Auction hibernation continues to happen more so in Sydney's higher-priced suburbs through winter as overseas vacations are popular with owners and agents alike.
Garden suburb vendors also tend to hold back too until spring.
"June and July usually see’s the average number of buyers taper off, and this was certainly evident in the first weekend of June," auctioneer Rocky Bartolotto said.
"Give the very wet day, it’s fair to say that any buyers at auctions were no doubt very serious about securing a property," he added.
He advised certain Sydney properties continued to attract high inspections usually matched with a higher number of registered buyers.
The average was four bidders, Bartolotto noted, down from six to seven buyers last June.
But the recent strong autumn sales period must ensure there are still plenty of committed buyers around as we head into winter, James Pratt, director of auction services at Raine &amp; Horne said.
Estate agent John McGrath also recently suggested that winter was not a bad time to sell.
"Actually, the opposite is usually true," he said especially as buyers with approved finance are typically only given six months to buy before they have to re-apply, so they don’t have time to take three months off over winter.
Some lenders are imposing tougher new borrowing conditions that reduce the amount property buyers qualify for as the six months comes up, according to Mortgage Choice, the listed broker.
Conditions used to assess a property loan are being tightened so that living expenses are increased, assessable incomes reduced and the maximum amount borrowed cut in some cases by more than 10 percent, the brokerage told Fairfax Media. 
It cited an example of a couple six months ago earning net income of about $116,000 could have qualified for a loan of about $1.1 million, according to Mortgage Choice analysis.
Under the new rules they would qualify for about $70,000 less, although during this period variable rates have been reduced by up to 25 basis points.
 
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jchancellor-FAypfDUnLy

Auction heat remains in Strathfield result despite winter's onset

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<h2>Domain has released a list of Sydney suburbs where there was a 100% success rate at auction last month.</h2>
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<h2>Suburbs with a 100 per cent clearance rate in May</h2>
<h2>Houses</h2>
– Alexandria – Artarmon – Croydon Park  – Croydon  – Warriewood  – Birrong  – Cammeray  – Killarney Heights  – Naremburn – North Bondi  – West Pymble 
<h2>Units</h2>
– Lane Cove  – Wollstonecraft – Rose Bay  – Maroubra  – Bondi Junction  – Alexandria  – Botany – Woolloomooloo  – Epping – Vaucluse
Source: Domain Group
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Sydney's strongest May auction suburbs: Domain

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<div class="moveable_w" data-element-id="particle_2590ab71-eeb6-4b41-8e05-3718f85d2b83" data-object-id="2590ab71-eeb6-4b41-8e05-3718f85d2b83" data-object-type="particle">
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<div class="innertext" data-placeholder="">Domain has released a list of Melbourne suburbs where there was a 100% success rate at auction last month.</div>
<div class="innertext" data-placeholder=""> </div>
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<div class="maintitle">
<div class="innertext" data-placeholder="">Suburbs with 100 % clearance rates (houses)</div>
</div>
</div>
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<div id="igc-subtable-28568331" class="igc-chart inner">
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<thead><tr class="tablesorter-headerRow">
<th class="igc-table-header tablesorter-header tablesorter-headerUnSorted" scope="col" data-column="0">
<div class="tablesorter-header-inner">Suburb</div>
</th>
<th class="igc-table-header igc-table-dynamic-column tablesorter-header tablesorter-headerUnSorted" scope="col" data-column="1">
<div class="tablesorter-header-inner">Region</div>
</th>
<th class="igc-table-header igc-table-dynamic-column tablesorter-header tablesorter-headerUnSorted" scope="col" data-column="2">
<div class="tablesorter-header-inner">Auctions</div>
</th>
</tr></thead>
<tbody class="igc-table-body">
<tr class="igc-table-row">
<th class="igc-table-header igc-table-header-left">Caulfield South</th>
<td class="igc-table-cell igc-table-dynamic-column">Inner South</td>
<td class="igc-table-cell igc-table-dynamic-column">23</td>
</tr>
<tr class="igc-table-row">
<th class="igc-table-header igc-table-header-left">Yarraville</th>
<td class="igc-table-cell igc-table-dynamic-column">West</td>
<td class="igc-table-cell igc-table-dynamic-column">18</td>
</tr>
<tr class="igc-table-row">
<th class="igc-table-header igc-table-header-left">Blackburn South</th>
<td class="igc-table-cell igc-table-dynamic-column">Outer East</td>
<td class="igc-table-cell igc-table-dynamic-column">10</td>
</tr>
<tr class="igc-table-row">
<th class="igc-table-header igc-table-header-left">Moonee Ponds</th>
<td class="igc-table-cell igc-table-dynamic-column">West</td>
<td class="igc-table-cell igc-table-dynamic-column">10</td>
</tr>
<tr class="igc-table-row">
<th class="igc-table-header igc-table-header-left">Windsor</th>
<td class="igc-table-cell igc-table-dynamic-column">Inner Urban</td>
<td class="igc-table-cell igc-table-dynamic-column">10</td>
</tr>
<tr class="igc-table-row">
<th class="igc-table-header igc-table-header-left">Coburg North</th>
<td class="igc-table-cell igc-table-dynamic-column">North</td>
<td class="igc-table-cell igc-table-dynamic-column">9</td>
</tr>
<tr class="igc-table-row">
<th class="igc-table-header igc-table-header-left">Fitzroy North</th>
<td class="igc-table-cell igc-table-dynamic-column">Inner Urban</td>
<td class="igc-table-cell igc-table-dynamic-column">9</td>
</tr>
<tr class="igc-table-row">
<th class="igc-table-header igc-table-header-left">Elsternwick</th>
<td class="igc-table-cell igc-table-dynamic-column">Inner South</td>
<td class="igc-table-cell igc-table-dynamic-column">8</td>
</tr>
<tr class="igc-table-row">
<th class="igc-table-header igc-table-header-left">Carlton North</th>
<td class="igc-table-cell igc-table-dynamic-column">Inner Urban</td>
<td class="igc-table-cell igc-table-dynamic-column">7</td>
</tr>
<tr class="igc-table-row">
<th class="igc-table-header igc-table-header-left">Heathmont</th>
<td class="igc-table-cell igc-table-dynamic-column">Outer East</td>
<td class="igc-table-cell igc-table-dynamic-column">7</td>
</tr>
<tr class="igc-table-row">
<th class="igc-table-header igc-table-header-left">Keilor</th>
<td class="igc-table-cell igc-table-dynamic-column">West</td>
<td class="igc-table-cell igc-table-dynamic-column">7</td>
</tr>
</tbody>
</table>
</div>
</div>
</div>
</div>
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<div class="innertext" data-placeholder="">Suburbs with 100 % clearance rates (units) in May</div>
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Melbourne's best auction suburbs in May 2016: Domain

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A Millers Point property comprising eight one-bedroom apartments has sold at auction for $7.22 million, boosting the NSW government's efforts to provide social housing through the sale of heritage-listed properties.
The property at 85-87 Kent Street was sold on behalf of the Department of Family and Community Services, and takes the total amount raised from Millers Point sales to $189.95 million.
In February, a heritage-listed former aged care facility, Darling House at Millers Point fetched a record $7.7 million at auction.
Selling agent Richard Shalhoub of McGrath said the 85-87 Kent Street property was bought by a private investor.  
“This was a rare opportunity to purchase a block of 8 x 1 bedroom apartments in the Millers Point Precinct with the opportunity to upgrade the apartments for a healthy rental yield," said Shalhoub.
It is a three-storey 19th century terrace with an additional contemporary infill building erected in 2000.
The two buildings were internally altered to create one building and were sold as a block.
The property remains subject to a Conservation Management Plan, endorsed by the NSW Heritage Council, providing buyers with instructions on preserving and maintaining the heritage components of the property.
Conservation Management Plans endorsed by the NSW Heritage Council are included in contracts for sale for all heritage-listed properties in Millers Point. 
Proceeds from sales in the Millers Point precinct will fund 1,500 new social housing dwellings across the state, with 590 new fit-for-purpose social housing dwellings funded to date.
 
 
 
 
 
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Millers Point property fetches $7.22 million at auction

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The Westpac–Melbourne Institute Consumer Sentiment Index dipped 2.2 percent from 101.3 in Feb to 99.1 in March.
The softer read reflected weaker reads on ‘family finances vs a year ago’ and ‘time to buy a major item’ partially offset by improved expectations for the economy.
State divergences remain a strong theme across the survey detail with the ‘lukewarm’ national result reflecting a mix of much weaker reads across the ‘mining’ states and considerably stronger sentiment across the other major states.
Responses to additional questions on news recall showed lower recall on most topics compared to Dec – particularly news on ‘international conditions’ – with news assessed as less unfavourable as well though still predominantly negative overall.
Updates on the ‘wisest place for savings’ question show a sharp rise in risk aversion with a big drop in the proportion nominating ‘real estate’ and a corresponding rise in those favouring ‘deposits’ and ‘pay down debt’. The shift appears to stem from a combination of increased market volatility, unfavourable media coverage on property markets and potential changes to tax policy.
The mix resulted in a 20pt jump in the Westpac Risk Aversion Index to its highest level since Mar 2013.
CSI, our modified sentiment indicator that we favour as a guide to actual spending, posted a heavy 5.7 percent fall in Mar to be down 8 percent over Q1 as a whole. The Index suggests spending will lose momentum over the first half of 2016.
The sub-index on ‘time to buy a major item’ registered a sharp 6.6 percent fall in Mar to be 12pts below average. The Q4 national accounts suggest the pace of durables spending has already softened with the sub-index suggesting more subdued soft growth in early 2016.
The ‘time to buy a dwelling’ index increased 5.4 percent from 99.3 in Feb to 104.7 in Mar and continues to show signs of settling just above the 100 level. Assessments in NSW have improved from very weak levels.
The Westpac-Melbourne Institute Consumer House Price Expectations Index also rebounded 9.8 percent in Mar to be just 5pts below its 10yr average. 
Expectations continue to show increased volatility likely reflecting mixed actual conditions and uncertainty around the outlook for key policies affecting housing markets.
The Westpac-Melbourne Institute Unemployment Expectations Index edged up 1.3 percent in Mar, indicating a slightly poorer outlook for unemployment. The Index still points to an improvement in job loss fears compared to 2014 and most of 2015. However the tentative signs of a renewed deterioration in recent months bears watching closely. 
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As is often the case, ‘the devil was in the detail’ with the March Westpac–Melbourne Institute Consumer Sentiment survey.
On the surface, the headline Index was just a touch lower in the month, essentially holding in line with average readings over the last 6mths. Likewise, the Westpac–Melbourne Institute Unemployment Expectations Index also deteriorated only slightly.
The detail however shows a much richer pattern of strength and weakness, and a more nuanced account of the factors currently influencing the consumer mood.
The dip in sentiment was driven by a sharp fall in assessments of ‘family finances vs a year ago’, and accompanied by a sharp rise in risk aversion indicated by responses to additional questions on the ‘wisest place for savings’.
Although both moves may prove to be temporary, these components have had a major bearing on consumers’ spending and savings decisions in the past. Indeed, this aspect of the survey points to a softer near term demand environment, particularly when compared to what now looks to have been a strong finish to 2015.
The detail around housing showed a more positive but still mixed situation.
Views on ‘time to buy a dwelling’ and house price expectations both look to have pulled out of last year’s abrupt slide at levels that are soft but not so soft as to suggest a ‘hard landing’ is on the way.
The main qualifier here is around investor housing with the survey showing a sharp drop in the proportion of consumers nominating real estate as the ‘wisest place for savings’. One of the main drivers appears to be uncertainty around potential changes to policies affecting residential investment – something that looks set to remain a factor through to the Federal election.
On the labour market, the main mystery still concerns the disconnect between consumer views and improvements now clearly being shown across a wide range of market metrics. While these have shown a marginal softening in recent months, consumers never really bought into 2015’s improvement.
We have several ideas as to why that may be but these are yet to be confirmed. In the meantime, the anxious consumer view on jobs remains a clear restraint on demand. 
The consumer mood: bogged down
The Westpac-Melbourne Institute Index of Consumer Sentiment dipped 2.2 percent in Mar from 101.3 in Feb to 99.1. The Index is back to around its average reading over the last 6mths.
The index continues to hold on to most of the gains seen since last year’s leadership change – it surged 8.3 percent through Oct-Nov and has only slipped back 2.5 percent from that high although technically we are now slightly back in the region where pessimists outnumber optimists.
Financial markets have maintained significant volatility since the last survey while finishing the month on an encouraging high.
Responses to additional questions on ‘news recall’ indicate that consumers were generally less focussed on ‘international conditions’ than in Dec, recall on this topic falling from 20 percent to 15.5% in Mar, although perceptions remained highly unfavourable.
The highest levels of news recall were for items on ‘budget and taxation’ (37.1 percent) and ‘economic conditions’ (36.7 percent). Perceptions of both topics were less unfavourable in Mar than in Dec. Respondents registered low recall rates on news on ‘interest rates’, ‘employment’ and ‘inflation’ although again perceptions were significantly less unfavourable than in Dec. 
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Three of the five component indexes fell in Mar. Notably, the sub-index on ‘finances vs a year ago’ fell 8.2 percent. The RBA has singled out this component as providing a useful guide to actual spending. As such, it would be of some concern that, having failed to lift following last year’s leadership change, the sub-index is down 5.9%yr. That said, the prudent approach to the sharp move in March is to assess the degree to which it is sustained in coming months.
The ‘finances, next 12mths’ sub-index edged up 0.2 percent. Views on the economy were more mixed, the ‘economy, next 12mths’ sub-index up 8.2 percent, the ‘economy, next 5yrs’ sub-index down 2.5 percent.
― The ‘time to buy a major item’ sub-index was on the weak side, falling 6.6 percent to be down 2.5 percent yr.
State divergences remain a strong theme across the survey detail. Indeed the ‘lukewarm’ results for sentiment overall are partly a matter of arithmetic: the ‘mining states’ account for 31% of consumers in Australia and while-ever sentiment across this group is stuck around 90 it’s difficult to generate a ‘strong’ national result. An index reading in the 110+ range, for example, would require sentiment reads in NSW and Vic to be pushing towards 120 or more. Viewed this way, middling consumer sentiment reads may be as good as it gets in 2016. 
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Sentiment indicators: housing
The ‘time to buy a dwelling’ index increased 5.4 percent from 99.3 in Feb to 104.7 in Mar. After a sharp fall in 2015 H2, the national index continues to show signs of settling at a level just above 100. That puts it well below the long run average of 129 but above the lows seen during previous housing market corrections – these have seen sub-100 readings with sub-80 readings in major downturns. 
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<div class="column">Notably, the state detail on ‘time to buy a dwelling’ shows buyer sentiment in NSW – the weakest state – is now 44 percent above its Sep low although it is still 19 percent below its level from a year ago.</div>
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<div class="column">Markets are now emerging from the summer hiatus. However, most data releases still relate to the Dec-Jan period and are hence less reliable guides to trends. The main exception is around auction market activity, which is reported weekly and provides more robust information, albeit heavily skewed to parts of the Syd &amp; Melb markets.</div>
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Auction clearance rates continue to show a firm start to 2016 compared to what was a very weak finish to 2015. Although underlying volumes are low (down 20% on Sep levels and –2.3%yr), both Syd and Melb clearance rates have been around 67-68% level, allowing for seasonal fluctuations. 
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Sentiment indicators: house prices
The Westpac-Melbourne Institute Consumer House Price Expectations Index rebounded 9.8% in Mar to be 16.6% above its Dec low but still 18.4% below its year ago level. At 120.9, the index is less than 5pts shy of its 10yr average.
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Just over 22 percent of consumers expect prices to decline in the year ahead, 33 percent expect no change, 38 percent expect gains of 0-10 percent and 6 percent expect 10%+ gains. State-wise, the main lift vs Feb was a more bullish view in NSW and a less pessimistic view in WA. That said, the state and sub-group detail continues to show volatile moves suggesting consumers may be struggling to get a firm handle on the price outlook. 
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This volatility may derive from the uncertain outlook for policies affecting investor activity and the uneven picture presented by various price measures. The most timely price gauge – the CoreLogic RP Data series – has shown clear signs of stabilising after a weak Q4 with prices likely to finish up close to 2 percent in Q1. Other less timely measures are still reflecting last year’s weakness but get equal coverage in the media. 
Viewing all the elements of housing sentiment by state – price expectations, buyer sentiment and investor sentiment – conditions overall appear weakest in Qld &amp; WA although by far the biggest deterioration vs a year ago is in NSW. 
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Volatility reflecting mixed conditions and uncertainty around policies affecting housing markets: Westpac-Melbourne Institute

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A six bedroom, four bathroom home in Bellevue Hill topped this weeks most expensive sales with $7.25 million, according to CoreLogic RP Data.
Sold through Ballard Properties Clint Ballard and James Ball, the home features a swimming pool, a home cinema and a wine cellar.
The second most expensive house was in Collaroy where Brendan Pomponio and Kirsten Bertram of Belle Property sold a five bedroom, four bathroom home for $5.65 million.
The designer sandstone and timber designer home belonged to Fairfax CFO David Housego and features an open fire place beside the swimming pool.
 
Top ten sales of the week
25 Suttie Road, Bellevue Hill, NSW: 6 bed, 4 bath, 4 car house - $7.25 million - Ballard Property Group Woollahra
14 Seaview Parade, Collaroy, NSW: 5 bed, 4 bath, 2 car house - $5.65 million - Belle Property Dee Why
7 Cheyne Walk, Castlecrag, NSW: 5 bed, 4 bath, 3 car house - $4.72 million - McGrath Estate Agents
1/6 Wulworra Avenue, Cremorne Point, NSW: 3 bed, 2 bath, 3 car unit - $4.06 million - McGrath Estate Agents
25a/171 Gloucester Street, The Rocks, NSW: 3 bed, 2 bath, 3 car unit - $3.75 million - Colliers International Sydney
32 Lower Almora Street, Mosman, NSW: 2 bed, 2 bath, 1 car house - $3.7 million - Belle Property Mosman
9 Oxley Avenue, St Ives, NSW: 5 bed, 4 bath, 2 car house - $3.37 million - Savills Cordeau Marshall St Ives
59 Station Street, Pymble, NSW: 5 bed, 3 bath, 2 car house - $3.2 million - LJ Hooker Wahroonga
27 Ruskin Rowe, Avalon Beach, NSW: 4 bed, 4 bath, 5 car house - $3.15 million - LJ Hooker Avalon Beach
8e/171 Gloucester Street, The Rocks, NSW: 3 bed, 3 bath, 2 car unit - $3.12 million - McGrath Estate Agents.
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jrobinson-rf4aSBido9

Fairfax CFO David Housego misses out on the most expensive sale of the week

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It was records galore at property auctions at the last weekend in Melbourne, in a spectacular near-finish to the 2015 auction year.
The 1,648 auctions held on Saturday broke the previous record for a single Saturday (1,626 auctions), set on October 25 last year.
Even for the week, it was a record, with 1,749 auctions held last week – 62 more than in the week ending October 26 last year.
And in a finish to the month that will take some beating, 5,669 auctions were held in November, 259 more than in the previous record month, November 2014, according to the REIV.
REIV CEO Enzo Raimondo said it was a remarkable year for Victoria’s property sector, with more homes going to auction than ever before: 39,380 across the state in the year to December 1, 5% more than the same period last year.
Raimondo said the high number of auctions really is creating strong options for buyers, with 1,560 due this Saturday.
“With the high number of auctions, the clearance rate is starting to moderate which offers buyers excellent opportunities to buy prior to year-­end,” he said.
“Melbourne property buyers really are spoiled for choice, with auctions in more than 350 suburbs in the next fortnight.”
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j.ballantyne1990-6AQqhLzZaK

Melbourne auction record smashed, another big weekend coming: REIV

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Auction clearance rates fell for the third consecutive week across the combined capital cities, down to 61.0% last week across a total of 2,288 reported auction results. 
This week 1,297 are scheduled across Sydney, with the 1,262 auctions are scheduled for Melbourne, accounting for over 80 per cent of all capital city auctions. 
Auction activity in Sydney has increased since this time last year, the latest CoreLogic RP Data figures show.
There are 1,297 auctions this week as opposed to 1,261 this time last year.
Brisbane, Canberra, Sydney, and Perth are all expecting fewer auctions than last week, while in Melbourne and Adelaide, the number of auctions this week relative to last week is higher. 
CoreLogic RP Data say Mosman is the busiest Sydney suburb with 18 auctions scheduled.
Last weekend the previously strong inner west in Sydney fell to its weakest auction clearance rate for some time, at 64%. The east, that had also been travelling above 80%, also fell, but only to the mid 70s. 
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