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

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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smiller-vwPjRHTkST

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
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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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