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 Listing

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A Northern Territory apartment has popped in tenth place in SQM's nationwide top ten discounted properties as a new entry. The two bedroom unit, 13/83 Aralia Street, Rapid Creek, NT was first listed for $349,000 in the beginning of 2015. 
According to SQM, after a year on the market, the vendor knocked this price down to a more comfortable $280,000 in February 2016 and has since cut a further $30,000 from the price to list at $250,000. 
<a href="/images/2016/04/27/Screen%20Shot%202016-04-27%20at%203.19.42%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/27/Screen%20Shot%202016-04-27%20at%203.19.42%20PM.png" alt="">
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po-LsXgBTHBmX

NT apartment makes SQM top ten discounted list

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One of the two Wombarra homes central to an ongoing saga concerning disgraced trade unionist leader Kathy Jackson and her partner Michael Lawler, the former Fair Work vice-president, is for sale.
The house at <a href="https://www.raywhite.com/nsw/wombarra/1455507/" target="_blank">30 Dam Road</a> is owned by the Sydney barrister suffering from dementia, David Rofe. The cul-de-sac home was bought in June 2014 for $1.35 million by Rofe, who lives with a ­dedicated carer in Sydney, and the house has now been deemed irrelevant to his needs.
The house, which sits side by side with the home of Jackson, now has a price guide of between $1.4 million and $1.5 million through Ray White’s Mattias Samuelsson for its May 21 auction.
Ms Jackson was revealed as being included in one of Mr Rofe’s wills two years ago, and could receive up to 10 per cent of his estimated $30 million estate.
Ms Jackson’s home is the subject of claims by the Health Services Union after the Federal Court found she had rorted $1.4 million as national secretary of the union. 
The union is battling Mr ­Lawler, who also placed a caveat over the home.
This article was first published in the Saturday Daily Telegraph.
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firstname1-iYD4UYzvBa

30 Dam Road Wombarra listed in Kathy Jackson fallout

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The long-time Surry Hills terrace of the veteran art dealer Rex Irwin has been listed for sale.
It ties in with his intended late 2016 retirement, after having turned 75.
He remains until then at the Olsen Irwin gallery in Woollahra, with his business partner, Tim Olsen.
Irwin, who was born in India in 1941, studied in England where he went into the wine trade.
It was in the early 1960s that he turned to art.
The purchase of the three level Surry Hills terrace came in 1968 costing $10,000.
The three bedroom, two bathroom Mort Street property goes to auction on May 9 through John Knott at Laing &amp; Simmons Woollahra who has given $1.75 million price guidance.
It is likely to sell to a family who want proximity to the primary and secondary schools. 
"I want to find a cottage on the South Coast," he said.
"Something like a former school house where I can just read.
"There will be no book coming from me," he proclaims.
His lasting artist/gallery relationships have been with the local painter, Nicholas Harding and internationally with the German-born, British painter, Lucian Freud.
He laments modern art selling saying it had become far less personal.
"I've tried changing with it, but maybe I am of the past.
"The art buyers have seen the work on the website, they come in, say that it is marvellous and then pay with a card.
"In day past I'd make a pot of coffee and have a conversation."
This article was first published in the Sunday Telegraph.
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Art dealer Rex Irwin lists Surry Hills terrace

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Louise King, who sought to mine the world's largest gold deposit in Russia with then merchant banker, Malcolm Turnbull, has still has her Narrabeen beachfront listed.
<a href="https://www.realestate.com.au/property-house-nsw-narrabeen-122185478" target="_blank">It went to auction last weekend</a> when passed in on a $6 million vendor bid.
Built in 2010, the resort style family home has five bedrooms, three bathrooms, home theatre and a gym.
Set on a level 825 sqm, the property features an all-weather outdoor entertaining haven with wood fireplace, a large designer pool and a jacuzzi amid tropical gardens.
King, who was born, Melnikoff, in Australia of Russian aristocracy, paid $5 million for the property in 2013.
King had previously been married to well-known mining magnate Ian Macnee, who collaborated with the Turnbull merchant bank.
Prior to her split with Macnee, the three had worked closely together on a Russian gold mining project in Siberia.
Louise has written a book about the experience which is yet to be published.
Louise sold her company Labstaff, the world's first scientific employment agency and is now spearheading Recruitment Academy.
Nathan Tse of McGrath Manly has the property.
This article was first published in the Sunday Telegraph.
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Louise King's Narrabeen beachfront still listed

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The veteran television producer, Peter Abbott - who was the original voice of Big Brother - has listed his Neutral Bay home.
Abbott's TV producing portfolio includes Big Brother, Dancing with the Stars and Top Gear Australia.
He was briefly working on on I'm a Celebrity... Get Me Out of Here! 
Abbott, who has more than 30 years production experience in Australia, bought the property for $3.25 million in 2013.
<a href="https://www.realestate.com.au/property-house-nsw-neutral+bay-122333578" target="_blank">The five Shellcove Road bedroom home</a> goes to auction May 7 through McGrath Mosman agents Scott Thornton and Nick Gittoes.
Set on on 990 sqm land parcel, the property features a top level master suite with a home office, walk-in wardrobe and ensuite.
The agents are marketing the home as where "beauty meets modern." 
This article was first published in the Sunday Telegraph. 
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Veteran television producer Peter Abbott lists Neutral Bay home

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LA-based actor Simon Baker might have a new neighbour at his Bondi Beach bolthole, or perhaps move to secure three quarters of the top floor of his lowrise apartment complex.
One of the other two apartments with rooftop patio has just been listed through Raine &amp; Horne agent Hannah Bouskila for May 5 auction.
Set on the Ben Buckler peninsula in an art deco building of just seven,<a href="https://www.realestate.com.au/property-apartment-nsw-north+bondi-122355678" target="_blank"> the 69 sqm apartment offering has two bedrooms, two bathrooms</a> plus its all important 66 sqm roof terrace. 
Baker's adjoining three bedroom apartment spreads over 135 sqm and takes up half of the roof, fitted with a covered bbq kitchen.
It is a near beachfront $2.63 million Bondi bolt hole which Baker purchased in 2014.
It's unsure whether Baker has seen the auction board sign that went up this week in front of the two storey block on Hastings Parade.
You'd imagine he'd have been called by his buyer's agent Janne Sutcliffe.
Prices on the headland parade have ranged between $1.2 million and $2 million over recent weeks. 
The Logie award winning actor is regularly spotted enjoying the beach lifestyle at Australia’s most famous beach when ever he's here from LA.
A sale to Baker would further increase the longtime Mentalist stars eastern suburbs property portfolio.
He paid $6.5 million last July for a Bronte hillside home having lived in LA with his wife Rebecca Rigg and their three children since the mid 1990's.
He also owns in the Byron Bay hinterland.
The 45-year-old Baker has turned director, preparing for his forthcoming film, an adaptation of Tim Winton's disturbing novel Breath which he will star in and co-produce.
The coastal Australian setting has seen Baker film at Bronte Beach.
Baker wouldn't be the first to start on a complete top floor aquisition of an apartment block in North Bondi.
There was also former David Jones CEO Mark McInnes secured two top floor apartments for around $5.5 million, which adjoined his earlier $1.6 million acquisition.
The chairman of Caledonia Investments Michael Darling and wife Manuela Darling-Gansser paid $14 million for an entire Ramsgate Avenue apartment complex in 2011.
Sold by retired IT entrepreneur Neill Miller, Darling then commissioned son-in-law and architect Nick Tobias to design the family compound project.
The plan was for the Darling's to live in an apartment which covered the whole top floor, with the lower floors converted to a recreation space for his children and grandchildren.
This article was first published in the Saturday Daily Telegraph.
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Neighbouring beach pad to actor Simon Baker listed

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Retired publicans Peter and Kalli Winter have their modern Georgian-inspired, East Melbourne terrace listed for sale.
The two level <a href="https://www.realestate.com.au/property/180-hotham-st-east-melbourne-vic-3002" target="_blank">180 Hotham Street</a> terrace includes three interconnecting living rooms, one opening to a courtyard.
There are three bedrooms.
The couple, who once owned Fitzroy’s Provincial Hotel, reportedly expect between $5 million and $5.5 million.
When is a pre-purchase building inspection a must?  What do they entail?  How does one interpret the results?  What defects can be fixed and which ones should prompt you to walk away. Jarrod McCabe, associate director, Wakelin Property Advisory and Peter Alexander, building inspector, Safehome Building Inspections present a webinar for Victorian home buyers on April 20. <a href="https://wakelin.com.au/inspection" target="_blank">Click here to register</a>.
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Modern East Melbourne Georgian-style trophy home

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The Somers beachfront offering steeped in book publishing history didn't secure its next chapter when auctioned yesterday.
It was listed by Elizabeth Lane, research author and daughter of Penguin Books co-founder Richard Lane.
There was a $3.4 million vendor bid for <a href="https://www.jelliscraig.com.au/property-details-52-54-The-Promenade-Somers/359956#.Vwn9ZDZ96AI" target="_blank">52-54 The Promenade</a>, with the seven bedroom Mornington Peninsula home now having a $3.75 million asking price through Iain Carmichael, of Jellis Craig, in conjunction with Kay &amp; Burton.
The early 1990s Young, Lehmann Architects-designed home sits in low maintenance two acre gardens by the landscape designer David Wood.
Ms Lane has maintained thousands of Penguin books - with their bright orange spine - as well as diaries and other memorabilia, which she intends to gift to the University of Melbourne library following the sale.
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No new chapter yet for Somers Penguin estate

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A trophy home estate has been listed in Narre Warren.
The equestrian estate is at <a href="https://www.realestate.com.au/property-house-vic-narre+warren+north-121990850" target="_blank">291-297 Harkaway Road</a>.
It is rural living priced at over $9 million, a property created by a master builder.
The home is spread across 100 squares of living space and is seven-star rated, so it offers luxury combined with a low carbon footprint.
There are five bedrooms, four bathrooms, fully serviced art studio, dressing room and formal and informal living with French oak flooring, Horus Art Italian tiling and valley views from every window.
The self-contained indoor pool and entertaining area has won many awards.
The interior French provincial styling has a twist of the Parisian décor, and flows into the 8ha grounds, planted with thousands of fruiting and ornamental trees.
For the horse and animal lovers the property, neighbouring Balmoral Estate, is fully catered for with stables and crushed sawdust yards. A concrete ramp from the stables leads to a full ménage and fencing is property wide.
The whole 20 acres is watered from the dam and tanks and there is over 600,000 litres of water storage.
Thousands of trees have been planted over the past years, including Crepe Myrtles, Crab Apples, Oak trees &amp; Ornamental Pears to mention a few.
Kristen Turner of Peake Real Estate has the offering.
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Narre Warren equestrian estate listed

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Anytime fitness co-founder Jacinta McDonell has listed her Balmain home.
McDonell, who oversees a gym empire of 420 clubs across Australia paid $3.3 million in 2014 for the Terry Street home.
McDonell is looking to head east for the kid's schooling.
<a href="https://www.realestate.com.au/property-house-nsw-balmain-122269330" target="_blank">Set on a 348 sqm block</a>, the reinvention of a double-fronted sandstone residence has three bedrooms and two bathrooms.
A heated mineral pool is met by an entertainers terrace with a built in barbecue and a self contained guest cottage.
Cobden &amp; Hayson agent Matthew Hayson is expecting $3.5 million at its April 28 auction.
She made a recent Byron Bay hinterland purchase, spending $2.1 million for Ammamead last October.
This article was first published in the Saturday Daily Telegraph.
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