Joint venture partners <a href="https://www.apartments.com.au/developers/abadeen">Abadeen</a> and <a href="https://www.apartments.com.au/developers/perifa">PERIFA</a> are officially launching the third and final residential stage at their landmark $350 million harbourfront precinct, Putney Wharf, with The Residences representing the final opportunity to secure a new home within this rare waterfront destination.

Strong demand has already been established across the earlier stages of <a href="https://www.apartments.com.au/new-apartments/putney-wharf-residences-20-waterview-street-putney-nsw-2112">Putney Wharf</a>, with more than 50 per cent sold ahead of this final release. The Residences will introduce a selection of the precinct’s most premium apartments, many of which were deliberately reserved for this concluding stage.

Located at 20 Waterview Street, <a href="https://www.apartments.com.au/developments/putney-nsw-2112">Putney</a> NSW, the completed precinct will comprise 67 residences, including 18 terraces and 49 apartments, alongside five retail tenancies and a 36-berth marina.

[smartcode_project:default project_id=13962 project_image_fid=1338]

Developed alongside partners Phoenix Property Investors and Mitsubishi Estate Asia, Putney Wharf occupies a prized 300-metre stretch of absolute waterfront and incorporates the historic former Halvorsen’s Boatshed. The precinct connects directly to surrounding parklands via a landscaped foreshore walkway and a large, landscaped podium linking both sides of the development to the adjoining foreshore parklands.

The Residences comprise two newly built, three-storey apartment buildings delivering a boutique collection of 30 generously proportioned waterfront apartments. Designed to capture harbour outlooks, natural light and cooling breezes, The Residences balance architectural refinement with relaxed, low-maintenance living.

Architecturally designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the apartments continue the cohesive design language seen across the broader precinct. A refined palette of light and dark materials, softer-toned stone and neutral, earthy finishes reflect the surrounding landscape and harbour setting. Interiors feature painted timber veneers, tactile joinery, timber flooring to living spaces and 100 per cent natural wool carpets in bedrooms, creating warm and sophisticated homes.

[smartcode_project:default project_id=13962 project_image_fid=362525]

Justin Brown, Executive Chairman and Founder of Abadeen, said the release of the final residential stage marks an important milestone for the project.

“Putney Wharf brings together everything we’ve learned over more than 25 years of development,” Mr Brown said. “It respects the site’s extraordinary maritime history while delivering contemporary homes that connect people directly to the harbour.

The Residences offer the rare combination of low-maintenance apartment living, waterfront outlooks with beautiful sunset views, and the convenience of retail and amenity at your doorstep. For boating enthusiasts, the opportunity to secure a private marina berth completes a truly unique Sydney harbourfront lifestyle.”

[smartcode_project:default project_id=13962 project_image_fid=291197]

PERIFA Managing Director and Co-Founder Fabrizio Perilli added that the diversity of housing across the precinct has been central to the project’s success.

“Whether it’s the heritage Halvorsen’s apartments, the Waterview Terraces or now The Residences, Putney Wharf offers a range of homes that respond to different lifestyles, all united by an unrivalled harbourfront setting,” Perilli said. “This is a precinct that will add lasting value to the Putney community.”

Managing project marketing and sales, <a href="https://www.apartments.com.au/project-marketer/srm-residential">SRM Residential</a> Partner Tim Rees said the final release has already attracted strong demand reflecting the project’s unique harbourfront position and the success of earlier stages.

“Following the strong response to both the Halvorsen’s Boatshed residences and the Waterview Terraces, The Residences represent the final chance to secure a new home within this tightly held waterfront precinct,” Rees said. “Buyers are drawn to the rare combination of absolute harbour frontage, parkside living and genuine architectural quality.”

[smartcode_project:default project_id=13962 project_image_fid=362240]

Putney Wharf is a one-of-a-kind mixed-use destination, delivering an exclusive residential offering alongside waterfront dining, retail and a 36-berth marina designed to the latest Australian Standards, accommodating vessels up to 18 metres and helping address Sydney Harbour’s ongoing marina shortage.

The precinct will include five retail tenancies and a prominent waterfront jetty area fronting the retail village, creating an activated harbourfront destination for residents and visitors alike.

Residents will enjoy direct access to lush harbourfront parklands, a public foreshore walkway and landscaped podium gardens connecting the development to the surrounding waterfront reserve. Construction across the Putney Wharf precinct is expected to be completed by Q2 2027.

Sales of The Residences officially launch this weekend, with the display suite open Saturday and Sunday from 10am to 12pm at Putney Wharf. Visitors are invited to enjoy a complimentary coffee while touring The Residences and experiencing the Putney Wharf lifestyle firsthand.

[smartcode_project_cta:default project_id=13962]

Joel Robinson

Final Harbourfront release in Putney Wharf launches this weekend

<a href="https://www.apartments.com.au/developers/draycon">Draycon Building</a> is nearing completion of Boutique Chevron Island, a 42-apartment development on the northern end of Chevron Island at 17–19 Parneno Street, with a limited-time offer of fully furnished apartments available.

Now more than 90 per cent complete, <a href="https://www.apartments.com.au/buildings/boutique-chevron-island-17-19-parneno-chevron-island-qld-4217">Boutique</a> has been shaped by one of the Gold Coast’s most tightly held island addresses, where riverfront outlooks and walkable access to Surfers Paradise converge.

For Draycon Building Managing Director Howard Dabit, the appeal of the site was immediate.

“I knew it was a good site as soon as I saw it,” Dabit said.

“The position and location on the north end of <a href="https://www.apartments.com.au/developments/chevron-island-qld-4217">Chevron Island</a>, the way the river swirls around the site basically from the north to the east, it feels like the site is surrounded by the water. The height that we’ve got and the aspect looking north is beautiful. Eighty per cent of the apartments are looking north so they get that drenching sunlight coming in.”

[smartcode_project:default project_id=89709 project_image_fid=360922]

That northern orientation places the development within a stretch of Chevron Island defined by open river aspects and skyline views, while remaining embedded in the suburb’s established village setting.

Chevron Island has increasingly drawn owner-occupiers seeking centrality without the intensity of high-rise beachfront living. Positioned at the geographical centre of the Gold Coast, the island offers direct access to both the beach and key cultural infrastructure while retaining a neighbourhood-scale character.

Connected by bridge to Surfers Paradise, Chevron Island offers walkable access to beaches, riverfront parklands and a revitalised foreshore boulevard animated by walkers and cyclists throughout the day. The Pacific Ocean is only minutes away, reinforcing the suburb’s dual river-and-surf identity.

At the same time, Thomas Drive forms the spine of the island’s village life, delivering cafés, wine bars, casual dining and everyday services within easy reach. Independent grocers, wellness operators and neighbourhood retailers contribute to a community atmosphere that remains distinct from the vertical scale of the beachfront.

[smartcode_project:default project_id=89709 project_image_fid=360915]

In the opposite direction, the Green Bridge links directly to HOTA – Home of the Arts – placing galleries, performance venues and parklands within walking distance. Weekly markets and major exhibitions draw visitors from across the region, while residents return to a quieter residential pocket at day’s end.

Public transport, including nearby bus routes and the G:link light rail corridor along the coastal spine, strengthens connectivity north and south. Griffith University, the Gold Coast University Hospital precinct and established private schools such as The Southport School are all within a short drive.

Ongoing investment across Surfers Paradise, HOTA and the broader Southport corridor has elevated amenity while preserving Chevron Island’s comparatively low-rise residential character. It is this balance, walkable village atmosphere paired with metropolitan-scale infrastructure, that continues to differentiate the suburb from higher-density beachfront precincts.

Boutique comprises just 42 residences, designed to maximise river and skyline outlooks within this tightly held island setting.

Boutique Chevron Island is slated for completion in April 2026, with prices starting from $1,220,000.

[smartcode_project_cta:default project_id=89709]

Draycon Building’s Boutique Chevron Island places 42 residences at the heart of the Gold Coast

Sydney developer <a href="https://www.apartments.com.au/developers/deicorp">Deicorp</a> has secured planning approval for a $300 million residential development in Lindfield, marking the company’s second project on Sydney’s North Shore and its first on the Upper North Shore.

Located on Beaconsfield Parade and designed by DKO Architecture, the state significant development comprises three buildings of up to 10 storeys and will include 399 residences, including 59 affordable homes and 40 adaptable homes.

Residences will range in size from one, two and three bedrooms, with two-bedroom apartments accounting for over 60 per cent of the product make-up. Residents will have access to a broad suite of amenities, including a wellness area, indoor and outdoor recreational spaces, a pool, a gym, a community room and a golf simulator.

In line with Deicorp’s long-standing focus on creating transit-oriented communities, the project is located just 260 metres from the Lindfield Train Station, reinforcing its role in delivering well-connected housing close to established infrastructure, retail and local services.

The inclusion of affordable and adaptable housing supports greater diversity within the local market, while the mix of apartment types responds to demand from downsizers, young professionals and families seeking access to the Upper North Shore.

Deicorp Founder Fouad Deiri OAM said the approval represents an important milestone for both the company and the suburb

“This approval allows us to deliver well-designed homes in a location that is already supported by strong transport and community infrastructure," Deiri said.

"Our focus is on creating places that integrate into their surroundings and provide long-term value for residents, and the broader Lindfield community. Being within walking distance of the station ensures this project supports sustainable growth in the right locations."

Across its portfolio, Deicorp currently has 4,703 apartments under construction, playing a leading role in shaping connected, liveable communities across Sydney.

Its expanding portfolio of Metro-linked developments includes Tallawong Village, <a href="https://www.apartments.com.au/new-apartments/kings-bay-village-five-dock-53-75-queens-road-five-dock-nsw-2046">Kings Bay Village</a> in Five Dock, <a href="https://www.apartments.com.au/new-apartments/hyde-metropolitan-sydney-133-141-liverpool-street-sydney-nsw-2000">Hyde Metropolitan</a> in Sydney CBD, <a href="https://www.apartments.com.au/new-apartments/falcon-alexander-crows-nest-8-alexander-street-crows-nest-nsw-2065">Falcon &amp; Alexander</a> in Crows Nest and Showground Village, Castle Hill.

Deicorp purchased the Beaconsfield Paradise site last year. Construction is scheduled to commence in Q2 of 2026 and will be completed in 2029.

Deicorp expands portfolio to nearly 5,000 apartments with Lindfield project

In a joint venture with The Trump Organization, Australia developer Altus Property Group has announced plans to bring a Trump International Hotel &amp; Tower to the Gold Coast, marking the first Trump-branded project in Australia.

"Trump International Hotel &amp; Tower, Gold Coast is our first official project in Australia and reflects our unwavering commitment to delivering world-class luxury experiences in iconic locations around the world," Eric Trump, Executive Vice President of The Trump Organization, said.

"This development exemplifies the Trump brand’s dedication to quality, sophistication, and unmatched service, and we are thrilled to bring this vision to the vibrant Gold Coast community."

The 91-storey building, which will become the tallest in Australia at 335 metres, will feature a&nbsp;285-room luxury hotel bearing the trademark Trump logo. It will also include 272 luxury residential apartments, a three-level podium with an exclusive Beach Club, and over 3,400 sqm of premium commercial, retail, and dining space, revitalizing the central Surfers Paradise precinct.

“Trump International Hotel &amp; Tower, Gold Coast will be a truly unique offering in the Australian market, bringing the prestige and allure of a world-class luxury brand,"&nbsp;Altus founder and chief executive David Young said.

"Altus Property Group is proud of its track record in delivering landmark developments across Australia, and our expertise ensures this project will be an outstanding success."

Trump Hotel heads for the Gold Coast to become Australia's tallest building

More than a century after the Corrimal Coke Works first opened in 1912, the industrial landmark that helped shape the suburb is being reinterpreted as a walkable residential neighbourhood, with Stage One of <a href="https://www.apartments.com.au/new-apartments/the-works-stage-one-27-railway-street-corrimal-nsw-2518">The Works</a> now underway at 27 Railway Street.

For 102 years, the site was central to <a href="https://www.apartments.com.au/developments/corrimal-nsw-2518">Corrimal</a>’s economic and social identity before operations ceased in 2014. Rather than erasing that legacy, developer Legacy Property has embedded it into the masterplan, retaining and reinterpreting elements such as the iconic 1912 brick chimney and sections of the original C1 Coke Oven Battery, alongside the adaptive reuse of the former powerhouse building.

Stage One will introduce 181 apartments across low-rise buildings, offering predominantly two and three-bedroom residences with completion targeted for mid-2027. The scale and configuration reflect a deliberate focus on owner-occupiers, targeting those seeking a lower-maintenance home in a prime location within the northern suburbs of Wollongong.

[smartcode_project:default project_id=143415 project_image_fid=359833]

Apartments have been designed to maximise natural light and cross-ventilation, with floor-to-ceiling glazing extending living areas onto generous balconies. Engineered timber flooring, induction cooktops and 900mm ovens in larger residences support everyday functionality, while two interior palettes allow buyers to tailor finishes to their preferences. The material selection draws on a restrained coastal language, intended to connect homes to their surroundings rather than compete with them.

The Works forms part of a broader 18-hectare masterplan that will ultimately deliver around 550 dwellings, new parks, and a heritage precinct celebrating the site’s past. More than seven hectares are dedicated to open space, including Southern Park and a Village Green with community gardens and recreation areas. The creek corridor is being rehabilitated with 150,000 native plantings, restoring biodiversity to the site and softening landscape.

[smartcode_project:default project_id=143415 project_image_fid=359841]

Positioned adjacent to Corrimal Station and within walking distance of Corrimal Town Centre, the precinct places daily essentials, rail connections and local retail within easy reach. Wollongong CBD, including the hospital, university and entertainment venues, sits approximately 6.5 kilometres to the south.

For buyers more familiar with North Wollongong, Corrimal offers a different proposition: a well-established coastal suburb framed by beaches to the east and the escarpment to the west, with a strong sense of local identity shaped in part by the former Coke Works. The Works seeks to reinforce that identity by creating a connected, walkable neighbourhood between coast and escarpment, rather than a standalone apartment complex.

Sustainability underpins the development approach. The Works is targeting Wollongong’s first 5-Star Green Star-rated community, with water-sensitive urban design, recycled materials and energy-efficient buildings integrated across the masterplan. For residents, these measures provide not only environmental benefits but also reduced operational costs and future resilience.

[smartcode_project:default project_id=143415 project_image_fid=359842]

With construction commenced and display materials available to view, prospective buyers can now engage more directly with the project’s vision, reviewing floorplans, material selections and the broader masterplan in detail. For many local homeowners weighing a move, the opportunity to experience how heritage, landscape and contemporary design intersect may help bridge the gap between familiarity and the next chapter.

As Stage One progresses toward its mid-2027 completion, The Works represents a significant chapter in Corrimal’s evolution, transforming a site that once powered local industry into a walkable residential precinct designed for its next generation of residents.

[smartcode_project_cta:default project_id=143415]

Legacy Property’s The Works reimagines Corrimal’s century-old Coke Works

Sales

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Heightened sales activity following the Federal Government’s HomeBuilder grant and the Victorian Government's ‘Big Housing Build’ stimulus has translated into an almost 60 per cent increase in first home buyer sales for Mirvac in 2020, compared to 2019.

 “From April 2020, the demand from first home buyers has surged. Buyers have had more time at home to spend researching and with record local interest rates combined with government incentives, the opportunity to enter the market has become truly compelling”, Mirvac’s head of residential, Stuart Penklis, said.

Compared to 2019, Mirvac also recorded a 49 per cent increase in first home buyer enquiries throughout the year.

Across its portfolio Mirvac has seen strong first home buyer demand at its inner-city projects, including its Doncaster project, Tullamore, Voyager at Yarra’s Edge, and The Fabric townhomes in Altona North.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/doncaster.jpg" rel="gallery-all" title="Folia at Tullamore Apartments, Doncaster "><img alt="" class="image-article-full-width-580px" height="435" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/doncaster.jpg?itok=E-pFLDi8" title="Folia at Tullamore Apartments, Doncaster " width="580"></a>

<figcaption><a href="/buildings/folia-59-stables-circuit-doncaster">Folia at Tullamore Apartments, Doncaster</a></figcaption></figure>Tullamore’s latest stage, Folia, features a carefully-crafted collection of one, two and three-bedroom residences with prices beginning at $400,000.

<a href="/buildings/the-fabric-188-198-blackshaws-road-altona-north">The Fabric</a>, a sustainable 7-Star townhome community, offers brand new two and three-bedroom homes starting at $695,000.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/the_fabric_render_1_1030x620.png" rel="gallery-all" title="The Fabric, Altona North"><img alt="" class="image-article-full-width-580px" height="349" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/the_fabric_render_1_1030x620.png?itok=rOkUE2e8" title="The Fabric, Altona North" width="580"></a>

<figcaption><a href="/buildings/the-fabric-188-198-blackshaws-road-altona-north">The Fabric, Altona North</a></figcaption></figure>According to Penklis, to meet demand from the first home buyer market, Mirvac released new homes in November which were snapped up at launch, requiring a subsequent release the following weekend.

The success of recent land releases as well as townhomes across Mirvac’s Victorian portfolio is “testament to the impact of the state government stimulus and positive consumer sentiment”, Penklis said.

Voyager, Yarra’s Edge has seen demand predominantly come from professional singles and couples, aged between 25 and 40, interested in one or two-bedroom apartments, whilst enquiries into Mirvac's masterplanned community projects came from young local families.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/voyager.jpg" rel="gallery-all" title="Voyager at Melbourne's Yarra's Edge"><img alt="" class="image-article-full-width-580px" height="387" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/voyager.jpg?itok=Uubf-xlF" title="Voyager at Melbourne's Yarra's Edge" width="580"></a>

<figcaption><a href="/buildings/voyager-docklands-103-south-wharf-drive-docklands-vic-3008">Voyager at Melbourne's Yarra's Edge</a></figcaption></figure>The 43 level skyscraper in Docklands is set for completion this year and will include 315 residences in one, two and three-bedroom configurations, starting at $601,500.

Regardless of their situation, many first home buyers will continue searching for long-term security in the new year.
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 The demand from first home buyers surged in 2020 and first home buyers are expected to continue looking for long-term security in the new year

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Mirvac achieved near 60% increase in first home buyer sales in 2020

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There were 2,727 homes taken to auction this week, up from 2,599 over the previous week. The preliminary clearance rate was recorded at 78.9%, down slightly from 79.1% last week, making it the tenth week in a row where the combined capital city clearance rate has been above the 77% mark. Although auction volumes were higher at the same time last year (3,072), the auction clearance rate was lower, at 66.4%.
<img src="/images/2015/06/01/shana1.jpg" alt="" width="905" height="687">
 
In Melbourne, Australia’s largest auction market, there were 1,221 auctions held across the city. Of the 1,053 results reported so far, the preliminary clearance rate is 78.3%. In comparison, last week, Melbourne recorded a final clearance rate of 82.1% across 1,162 auctions. One year ago, Melbourne’s clearance rate was recorded at 65.4% across 1,356 auctions. Across Melbourne’s sub-regions, the Inner region had the highest number of auctions this week (296), with a preliminary clearance rate of 73.8%, while the Outer East region of Melbourne had the strongest result, with 88.8% of reported auctions selling.
 
<img src="/images/2015/06/01/shana2.jpg" alt="" width="842" height="573">
 
Across Sydney, 1,120 homes were taken to auction this week with a preliminary clearance rate of 86.5% across 882 reported results. Last week, 1,018 Sydney properties were taken to auction with a clearance rate of 86.2%. At the same time last year, Sydney’s auction clearance rate was 73.0% across 1,316 auctions. This week, across Sydney’s individual sub-regions, Baulkham Hills and Hawkesbury (94.7%), City and Inner South (92.5%), Inner West (92.3%) and Sutherland (91.2%) regions all recorded strong preliminary clearance rates.
 
<img src="/images/2015/06/01/20150531-Sydney.jpg" alt="" width="863" height="582">
 
This week, Brisbane’s preliminary clearance rate was recorded at 52.1%, up from 46.2% last week and 42.5% at the same time last year. There were 209 Brisbane auctions this week, compared to 159 last week and 219 last year. The GoldCoast’s preliminary clearance rate was 40.3% across 62 results this week.
 
<img src="/images/2015/06/01/20150531-Brisbane.jpg" alt="" width="869" height="585">
 
 SHANA MILLER is a research analyst at <a href="https://www.myrp.com.au/" target="_blank" rel="nofollow">RP Data</a>.
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Combined capital clearance rate above 77%: Shana Miller

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Auction volumes are set to rise this week, with CoreLogic RP Data tracking 2,250 auctions, up from 2,118 last week. The number of homes going to auction this week is 33 per cent higher than one year ago, when 1,695 auctions were held. Last week, the final auction clearance rate across the combined capitals fell to 74.6 per cent after 76.9 per cent of auctions were successful the previous week.
Melbourne is expecting 962 residential auctions this week, higher than both last week (908) and last year (758). Melbourne’s clearance rate last week was 76.5 per cent, down two percentage points when compared to the previous week. Meanwhile, across Sydney, Australia’s second largest auction market, the final auction clearance rate fell last week to 77.3 per cent, after having recorded a strong preliminary result. Auction volumes remain steady across the city this week, with 916 expected, compared to 915 the previous week and much higher than last year when 641 Sydney homes were taken to auction.
This week, Adelaide is the only city where the number of auctions expected (79) is lower than last week (83). The cities clearance rate fell substantially last week, down from 77.4 per cent the previous week to 68.1 per cent.
Across all other capital cities, auction markets are busier this week. Brisbane has 160 auctions scheduled, up from 130 last week; Canberra is expecting 77 auctions, compared to 50 last week, while Perth will be host to 41 auctions this week, up from 27 last week. This week, there will be 14 auctions held across Tasmania, compared to just 5 last week.
The suburb with the most auctions scheduled this week across Australia is Mount Waverley (Vic), where 18 residential auctions are scheduled to take place. Following on from this is the neighboring suburb of Glen Waverley where 17 homes are up for auction.
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Auction volumes to rise this week: CoreLogic RP Data's Shana Miller

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Melbourne prestige buyers agent Mal James says it would be easy for buyers to throw in the towel, but urges they don't.
Advising buyers to not panicking and sticking to buying fundamentals, he says his client’s last 10 market dealings over a recent 10 days reflect the inner Melbourne market was strong.
"But it’s not impossible to navigate," he said noting some cheers and some tears in their dealings which ranged between $2 million to $6 million.
However he notes several examples of sales at 20% above agent quotes, including to FIRB approved buyers at Studley Park. There was also a Malvern home sale at 33% above agent quote in Malvern.
"Overseas interest can add $100,000 for each $1,000,000 as a rule of thumb," he noted.
"The market is manageable.
"The market is hot and you need to be brave and bold. 
"Not ridiculous, but brave and bold.  
"On one of the homes we bought, the underbidder paid $110,000 extra the next day to be an underbidder again on what appeared to us to be a similar offering.
"Better a missed opportunity than a mistake.
"You are not going to get smashed or surprised every time, if you do your homework on price. 
"Sometimes it is just too much and you have to move on. 
"Move on but don’t give up or don’t overreact," he said.
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jchancellor-FAypfDUnLy

Overseas buyer interest adds $100,000 for each $1 million in Melbourne prestige market: Mal James

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Sales data over the 12 months to March 2015 shows that there have been more homes sold across the combined capital cities for less than $200,000 than there have been homes sold for more than $1 million. As you would expect there is a growing proportion of sales in excess of $1 million in Sydney and Melbourne while homes selling for less than $200,000 are almost exclusively found in Hobart and Adelaide.
Over the 12 months to March 2015, a record low 6.1% of capital city home sales were below $200,000 and 31.8%sold for between $200,000 and $400,000, the lowest proportion since the 12 months to October 2001. While we are seeing a decline in sales at the lower price points, predictably more expensive sales are increasing.  Over the 12 months to March 2015, 10.0% of all homes sold across the combined capital cities sold for more than $1 million, a record high. As we will discover the proportion of homes selling in excess of $1 million is substantially higher within cities such as Sydney and Melbourne.
Sydney
<a href="/images/2015/06/25/chart-1.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/06/25/chart-1.jpg" alt="">
Over the 12 months to March 2015, a record low 8.9% of Sydney houses sold for less than $400,000 compared to a record high 34.0% of houses selling above $1 million.  The remaining 59.2% occurred between $400,000 and $1 million.  For the unit market, a record low 18.6% of sales were below $400,000 whilst there was a record high 71.1% between $400,000 and 1 million and a record 10.3% above $1 million.  The impact of a surge in home values over the past year is being felt at the lower end of the market with a sharp drop in sales below $400,000 for both houses and units over the past year.
Melbourne
<a href="/images/2015/06/25/chart-2.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/06/25/chart-2.jpg" alt="">
24.5% of Melbourne houses and 36.9% of Melbourne units sold for less than $400,000 over the 12 months to March 2015.  In comparison, 16.5% of houses and 5.1% of units sold for more than $1 million.  For houses, the proportion of sales below $400,000 was at a record low while it was just shy of a record low for units.  Conversely, both houses and units logged a record high proportion of sales over $1 million.  Like Sydney, the impact of the value rises over recent years is being felt most at the lower-end of the housing market with a sharp decline in sales below $400,000.  This is highlighted both by the table above which shows a sharp drop in sales below $400,000 over the past 20 years.  Unlike Sydney, finding more affordable housing options is relatively easier in Melbourne with almost 1 in 4 houses and more than a third of units selling for less than $400,000.
Brisbane
<a href="/images/2015/06/25/chart-3.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/06/25/chart-3.jpg" alt="">
Across all sales, 30.6% of houses and 52.5% of units transacted in Brisbane over the year to March 2015 sold for less than $400,000.  The proportion of houses sold for less than $400,000 was at a record low while the proportion for units was lower in the middle of last year.  House sales in excess of $1 million were at a record high 5.9% over the past year while the 2.3% of unit sales over $1 million is still a way off the record high 3.1% in early 2011.  Brisbane has seen fairly moderate value growth over recent years however, we are still seeing an erosion in sales at the lower end of the market, albeit the deterioration is moderate compared to Sydney and Melbourne.  10 years ago, almost three quarters of houses and more than 4 out of every 5 unit sales was below $400,000, as the above table shows there has been a marked shift over the past decade to fewer lower priced sales.  Relative to Sydney and Melbourne properties selling for less than $400,000 are much more common across Brisbane.
Adelaide
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 Over the 12 months to March 2015 45.3% of Adelaide houses and 65.9% of units sold for less than $400,000.  The proportion of houses and units sold for less than $400,000 was at a record low over the past 12 months however, lower priced housing stock is much more readily available than across all other mainland capital cities.  While sales at a lower price point are falling, a record high 4.7% of houses sold for more than $1 million over the past year.  For units, 2.6% of all sales were over $1 million which was lower than the 3.5% recorded in mid-2008.  Value growth across Adelaide has been limited since the financial crisis, nevertheless the proportion of homes selling for less than $400,000 has continued to decline.  Adelaide offers much more affordable housing options than all other mainland capital cities.
Perth
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15.1% of Perth houses and 37.7% of Perth units sold for less than $400,000 over the 12 months to March 2015.  In comparison, 10.8% of Perth houses and 4.2% of units sold for more than $1 million over the past year.  The proportion of houses and units selling for below $400,000 is above the record-low of 14.7% and 36.9% respectively both of which occurred over the past year.  The climb in more affordable sales over recent months is likely to be reflective of the fact that value growth has hit a stand-still in Perth over the past 12 months. Furthermore, new supply of homes is at close to record highs across the city currently.  Perth has recorded one of the strongest capital growth rates over the past decade and as a result there has been a substantial decline in the proportion of homes selling for less than $400,000.  This is highlighted by the fact that 10 years ago 81.7% of Perth houses and 88.0% of units sold for less than $400,000. In fact, Perth currently has fewer house sales below $400,000 than all capital cities except for Sydney and Canberra.
Hobart
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Hobart is the nation’s most affordable capital city and also sees an overwhelmingly larger proportion of lower priced house and unit sales.  Over the 12 months to March 2015, 61.4% of Hobart houses and 82.0% of units sold for less than $400,000.  Hobart is the only capital city in which a majority of houses have sold for less than $400,000 over the past year.  Subsequently, relatively few homes sell for over $1 million with just 1.5% of all house sales and 1.7% of unit sales over that price point.  Hobart’s housing market has seen very little growth in home values over the past 10 years yet there has still been a fairly substantial decline in house sales below $400,000 while unit sales below $400,000 have seen little change.    10 years ago, 86.9% of all house sales were less than $400,000 and 88.5% of unit sales sat within that price point.
Darwin
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Darwin has recorded the strongest value growth of all capital cities over the past decade; as a result it has shifted from being one of the most affordable capital cities to now being one of the most expensive.  Over the 12 months to March 2015, 20.8% of houses and 28.8% of units sold for less than $400,000.  Alternatively, 6.3% of houses and 4.8% of units in the city sold for more than $1 million.  The proportion of houses selling for less than $400,000 has started to trend higher over recent months as values have fallen while unit sales below $400,000 are at a record low.  The proportion of sales above $1 million is below its record high for houses and units with the record high coming for houses over the past year and in late 2010 for units.  With value growth in Darwin the strongest of all capital cities over the past decade, the decline in the availability of more affordable housing is clear.  Around 1 in 5 house sales nowadays are below $400,000 compared to 9 out of 10 a decade ago.  For units, just over 1 in 4 sales nowadays are below $400,000 compared to more than 9 in 10 a decade ago.
Canberra
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Over the 12 months to March 2015, 7.8% of Canberra houses and 42.3% of Canberra units sold for less than $400,000.  On the other hand, 5.9% of house sales and 2.4% of unit sales were for more than $1 million over the year. The proportion of houses selling for less than $400,000 is currently at a record low while unit sales below $400,000 reached their low point throughout the past year at 39.7%.  The number of houses selling over $1 million is below its peak of 6.2% a couple of months earlier, as are unit sales at this price point.  Although home value growth in Canberra has been moderate over the past 5 years, there’s been a fairly substantial fall in sales below $400,000 over that time.  5 years ago, 23.2% of Canberra houses and 56.7% of units were sold for less than $400,000.
The data shows that whether you look at interest rates, household incomes or any other factor that can influence affordability; we have seen a sharp decline in homes selling at a lower price point in over the past decade.  Of course, even a home priced at $400,000 won’t be cheap enough for some potential home buyers.  It is to be expected that the cost of housing rises over time however, there are social issues surrounding the sharp decline in lower priced homes.  The result is that more people have to choose to rent or alternatively they have to move away from our capital cities or to smaller capital cities.  Of course, finding employment in smaller capital cities and regional markets can be more difficult.
Anecdotally we are also hearing that in markets such as Sydney and Melbourne first time buyers are purchasing investment properties rather than owner occupied properties for their first home.  We also hear that a number are purchasing investment properties outside of these two cities where you can seemingly get better value for money.  Of course, in most markets outside of Sydney and Melbourne the economies are currently weaker and capital growth has been much more moderate.
Housing affordability is a very individualistic issue however; the data contained here shows that housing at a lower price is becoming much harder to come by, particularly in our larger capital cities.
Cameron Kusher is RP Data’s senior research analyst. Follow Cameron on Twitter <a href="https://twitter.com/cmkusher" target="_blank">here</a>. 
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1 in 10 capital city home sales over $1 million: Cameron Kusher

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Now more than ever I’m totally convinced that the vast majority of property commentators subscribe to the theory of inductive reasoning when they want to get their points across pertaining to the Australian residential property markets.  
Wikipedia describes “inductive reasoning (as opposed to deductive reasoning or abductive reasoning) is reasoning in which the premises seek to supply strong evidence for (not absolute proof of) the truth of the conclusion. While the conclusion of a deductive argument is certain, the truth of the conclusion of an inductive argument is probable, based upon the evidence given.”
Now here is the dilemma that the prime minister faces with the Australian property markets and whilst nobody talks about this I’d be letting you down if I didn’t tackle this highly controversial topic of conversation.
Now the problem was created by Kevin Rudd when he was prime minister and for some strange reason (and I mean strange) his actions have not been corrected given these actions lie at the heart of Australia’s ongoing property boom – in my opinion this is disastrous policy.
In December 2008 property developers were restricted where only 50% of a new development could be sold off the plan to foreign investors. Kevin Rudd then changed the ratio to 100% and that figure is still in place today. Just as strange is that nobody is debating this figure where given the strength of the real estate markets today I would be happier to see these developments restricted to say 25% or even lower.
Even stranger was when in 2008 – 09 Kevin Rudd removed all foreign ownership rules meaning that foreign buyers could acquire pre – existing property which was shut down again in late 2010. I would argue that this opened the door to foreigners buying pre – existing properties and this still continues today given that everyone is only too well aware that the federal government does not track real estate transactions.
The sad reality is that today nobody knows just how many properties have been illegally acquired given the government is doing absolutely nothing about this. They will say that they are using inductive reasoning to solve this almighty mess. The question that really needs to be asked is why does the Australian government still allow 100% of off – the – plan sales to go offshore which is driving the prices up, given foreign buyers will always pay a premium price to secure Australian residential real estate?
An obvious response from property developers would be that they would stop developing given overseas buyers are the strongest peak market for new residential properties. No doubt they would be in all probability active in political donations too. Property developers are posting record profits thanks to 100% of off the plan sales being allowed by the Australian government to be sent offshore. This also explains why Chinese developers are now buying up the majority of development sites given an entire development can be sold in just a matter of hours. This of course is the major ingredient that is driving property prices for new properties to record highs – yet the federal government is saying and more importantly doing nothing to correct this 2008 – 09 horrific property policy.
Recently I touched on Lots of positives from discussing negative policies although nothing happens in Canberra. The NSW government is in the process of merging councils, given they stand in the way of new developments when today we have a massive housing shortage. The Mike Baird government has embarked on a plan that will see 664,000 new homes built by 2031 – developers know full well that the vast majority will be sold offshore given the absurd 100% rule permits this.
Making matters worse is that the Abbott government constantly dismisses the need for their government to have a housing minister.
The Property Council of Australia announced this week that the property sector now contributes more to Australian gross domestic product than mining. The property sector is estimated to generate 11.5% of GDP, employs 1.1 million Australians and pays $72.1 billion in state, federal and local real estate taxes each year.
Of course the inductive reasoning argument from Canberra will be along the lines of Infrastructure Australia predicts Sydney’s population will reach 6.1 million in 2031. In 2015 the population estimates come in at around the 4.9 million which is an extra 1.2 million people which works out at 80,000 per year. 
Maybe we should add to that statistic that all the landlords will be foreign buyers living overseas – or is that inductive reasoning? Whatever the reasoning the question needs to be asked just why the 100% ratio has not been wound back? 
We all know that this is disastrous policy unless you’re a property developer (and real estate agent of course.)
 
 MOSMAN – 2088
• Number of houses on the market this time last year – 85
• Number of houses on the market last week – 65
• Number of houses on the market this week – 68
• Number of apartments on the market this time last year – 64
• Number of apartments on the market last week – 47
• Number of apartments on the market this week – 46
 
CREMORNE – 2090
• Number of houses on the market this time last year – 8
• Number of houses on the market last week – 5
• Number of houses on the market this week – 8
• Number of apartments on the market this time last year – 16
• Number of apartments on the market last week – 10
• Number of apartments on the market this week – 13
 
NEUTRAL BAY – 2089
* Number of houses on the market this time last year – 4
• Number of houses on the market last week – 6
• Number of houses on the market this week – 7
• Number of apartments on the market this time last year– 44
• Number of apartments on the market last week – 29
• Number of apartments on the market this week – 26
Robert Simeon is a director of <a href="https://www.rwm.com.au/" target="_blank" title="RWM" rel="nofollow">Richardson Wrench Mosman and Neutral Bay</a> and has been selling residential real estate in Sydney since 1985.  He has also been writing real estate blog <a href="https://www.rwm.com.au/news/" target="_blank" title="Virtual Realty News" rel="nofollow">Virtual Realty News</a> since 2000. 
<a href="https://www.rwm.com.au/2015/05/29/burning-property-question-tony-abbott-must-answer/" target="_blank"> </a>
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The burning property question Tony Abbott must answer: Robert Simeon

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The Retail Trade figures for March did a little better than expectations in rising by 0.4 percent in seasonally adjusted terms. 
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 <div>Despite the reasonable monthly result, year-on-year growth has slowed to be a bit below the 5-year average. </div>
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 State versus state <div>The strong housing markets in Sydney and Melbourne have generally supported household consumption since 2013.</div>
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 <div>At the state level retail turnover growth has been led through the cycle by New South Wales and Victoria, but now there is some evidence that other states are beginning to shine. </div>
 <div>Since a new IKEA was opened in sleepy Canberra in November, the ACT has shot the lights out to lead annual retail turnover growth by a wide margin. </div>
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<div>The best industry performers in the month were clothing and footwear (+1.1 per cent) and food (posting +0.6 per cent rebound after some soft readings). </div>
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<img src="/images/2016/05/10/B7.jpg" alt=""> <div>Year-on-year household goods remains the strongest performing industry. However, even here the annual rate of growth in household goods retail has cooled a little in sympathy with the cooling of house price growth.</div>
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 The wrap <div>Overall, the monthly result was solid enough. </div>
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<div>Given that March is also a quarter-end, the Q1 retail results in chain volume measures terms were also reported, with volumes being up by +0.5 per cent for the quarter and +2.4 per cent over the year to March. </div>
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<div>Assuming that wider household consumption does something similar - and adding this in to the positive net exports result for the first quarter - it seems reasonable to expect that the economy grew at a fair pace in Q1. </div>
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PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>. 
His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.
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Retail solid if unspectacular: Pete Wargent

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The top sale of the week was a parkside home in Kew on approx 1,618sqm of land with five bedrooms and four bathrooms, according to CoreLogic RP Data.
This architect-designed three-level residence, with 38.1m park frontage to Kellett Reserve, at <a href="https://www.realestate.com.au/property-house-vic-kew-120539825" target="_blank">15 Park Lane, Kew</a> (Above) sold for $6,910,000 through Kay &amp; Burton Hawthorn. 
Top ten sales over the past week were:
15 Park Lane, Kew, Vic, 5 bed, 4 bath, 6 car house $6,910,000 Kay &amp; Burton Hawthorn 
33 Wybalena Road, Hunters Hill, NSW 8 bed, 7 bath, 5 car house $6,850,000 House 18 Sydney 
10 Fortescue Street, Chiswick, NSW 5 bed, 4 bath, 2 car house $4,850,000 BresicWhitney Hunters Hill 
96a Victoria Avenue, Dalkeith, WA 3 bed, 2 bath, 2 car house $4,500,000 William Porteous Properties Dalkeith 
17 Victoria Square, Ashfield, NSW 4 bed, 2 bath, 1 car house $4,400,000 Harris Tripp Summer Hill 
3/67 Undercliff Road, Freshwater, NSW 4 bed, 2 bath, 2 car unit $4,250,000 Clarke &amp; Humel Property Manly 
1 Lugar Street, Bronte, NSW 4 bed, 2 bath, 3 car house $3,950,000 Phillips Pantzer Donnelley Real Estate 
33 Service Street, Hampton, Vic 5 bed, 3 bath, 4 car house $3,900,000 Marshall White Brighton 
1 Carrington Avenue, Mosman, NSW 5 bed, 3 bath, 2 car house $3,850,000 O’Gorman &amp; Partners Mosman 
6 Moore Street, Hawthorn, Vic 3 bed, 2 bath, 2 car house $3,750,000 Jellis Craig Hawthorn
 
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