Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

Joel Robinson

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

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The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

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Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

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Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

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Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

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Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.

Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.

Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.

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The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.

Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.

Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.

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Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.

The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.

“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.

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“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”

The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.

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Maréa Residences brings parkside apartments to Coolangatta

Melbourne developer PDG has secured Victorian Government approval for its $1.5 billion Southbank development <a href="https://www.apartments.com.au/new-apartments/the-one-1-queens-bridge-street-southbank-vic-3006">The One</a>, clearing the way for the long-dormant riverfront site opposite Crown to finally be developed.

The Minister for Planning has approved the project at 1-29 Queens Bridge Street, with the Department of Transport and Planning issuing the planning permit following its assessment.

The approval will allow PDG to develop the prominent 5,059 sqm site with a major mixed-use tower comprising premium apartments, including branded residences, a luxury hotel and boutique office space.

PDG acquired the site in late 2024, with its position directly opposite Crown's main entrance and near Melbourne's Arts Precinct making it one of Southbank's most significant remaining development opportunities.

<img alt="PDG" data-entity-type="file" data-entity-uuid="3933013e-6332-4386-b9be-089df05caf17" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.22%E2%80%AFAM.png?VersionId=sITIgBqDL0N3VNSMwWEmF5UA.uvcsRyu" />

Designed by COX in collaboration with ODO and PDG, the tower's architecture draws on the movement of the Yarra River, with six vertical pleats running the height of the sculpted facade.

The project will also see the heritage-listed Queens Bridge Hotel restored and incorporated into the development&nbsp;with new hospitality and public uses, including a rooftop venue.

A significant component of The One will be its residential amenity.

More than 5,000 sqm of resident facilities will be delivered across a single level, making it one of the largest consolidated residential amenity offerings proposed in an Australian apartment development.

The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.

<img alt="PDG" data-entity-type="file" data-entity-uuid="73167fcd-1031-4b6f-a408-a064cfe45ed1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.17%E2%80%AFAM.png?VersionId=Pf1AEWxw6SNmBqR0zQW5lyEze.MtxgFp" />

The existing square will be revitalised as a new civic and pedestrian space along the Yarra River, strengthening the connection between the project, Southbank and the riverfront.

PDG Founder and Managing Director Vince Giuliano said the approval represented a major milestone for a site which has remained largely underutilised for more than 15 years.

“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.

“For more than 15 years, this site has remained underutilised. This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne.”

The latest approval follows an earlier planning permit issued by the City of Melbourne covering demolition works across part of the site at 9-29 Queens Bridge Street. Those demolition and early works are already underway.

PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.

PDG secures approval for $1.5bn Southbank apartment development, The One

Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

First look: Harridan plans Burke Street transformation beside Boggo Road transport hub

Sales

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The list of the 10 top residential sales across Australia compiled by CoreLogic RP Data over the past week features half from Melbourne, with two from Kew.
<a href="https://www.realestate.com.au/property-house-qld-sunnybank+hills-119891353" target="_blank">But a Queensland sale</a> tops the list. It was an an unusually striking long lowest home that was sold as a development site.
The deceased estate listing was a 10,472 sqm holding in this popular south side suburb. 
 
1. 81 Pinelands Road, Sunnybank Hills, QLD, 4109, four-bedroom house, sold on June 24 by L J Hooker Sunnybank Hills for $5.8 million
2. 126 Sackville Street, Kew, VIC, 3101, six-bedroom house, sold at auction on June 27 by Rt Edgar Boroondara for $5.56 million
3. 20 Studley Avenue, Kew, VIC, 3101, five-bedroom house, sold on June 27 by Ray White Glen Waverley for $4.58 million
4. 9 Smythe Avenue, Mont Albert, VIC, 3127, five-bedroom house, sold on June 23 by Jellis Craig Real Estate Hawthorn for $4.3 million
5. 21 Iluka Road, Mosman, NSW, 2088, four-bedroom house, sold prior to auction on June 27 by Century 21 Mosman for $4.07 million
6. 5/37 Hastings Street, Noosa Heads, QLD, 4567, three-bedroom unit, sold on June 23 by Richardson &amp; Wrench Noosa Heads for $3.9 million
7. 6 Tryon Street, Chatswood, NSW, 2067, five-bedroom house, sold at auction on June 27 by Shead Property Chatswood for $3.87 million
8. 92 Carrington Road, Wahroonga, NSW, 2076, six-bedroom house, sold at auction on June 27 by Ray White Gordon/St Ives for $3.675 million
9. 2 Terama Court, Glen Waverley, VIC, 3150, five-bedroom house, sold at auction on June 27 by Jrw Property International Glen Waverley for $3.625 million
10. 1A Monomeath Avenue, Canterbury, VIC, 3126, four-bedroom house, sold at auction on June 27 by RT Edgar Boroondara for $3.5 million
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jchancellor-FAypfDUnLy

Sunnybank Hills top sale for the week

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Commercial estate agents Burgess Rawson have cleared $47 million in one afternoon of property sales, with the highest being a $5,920,000 NSW Government sale in Hornsby with a yield of 1.89%.
The highest figure paid for a non-government client was for an Aldi supermarket in Dural, with a $4,600,00 sale representing a yield of 5.92%.
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mick.cee-iDmgDDAmu8

Commercial agents Burgess Rawson clear $47m in one afternoon 

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Cheltenham tops the REIV list of the best and busiest eastside suburbs in its year to date tally. 
REIV CEO Enzo Raimondo said the four 'red-hot' suburbs are Blackburn South, Ferntree Gully, Chadstone and Heidelberg, with each having had 15 or more auctions and all those homes sold.
"By the same time last year only one suburb – Ashwood – had a clearance rate of 100%,” Mr Raimondo said.
"There had been close to 10,000 auctions across Victoria in the June quarter, with 79% of properties – that’s almost 8,000 – sold and this was up from a clearance rate of 71% and 10,700 auctions for the same period last year.
“High demand, combined with slightly lower levels of stock in the past couple of months, has meant a drop from 37 days in April to 35 days in Metropolitan Melbourne in May – significantly lower than the long-term average of 39 days."
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Cheltenham tops the REIV list of the busiest eastside suburbs

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The HIA New Home Sales Report, a survey of Australia’s largest volume builders, recorded the first decline for 2015 in May. 
“The four month winning streak came to a modest end in May 2015 with total seasonally adjusted new home sales falling by 2.3%,” said HIA chief economist, Dr Harley Dale. 
“The decline was driven by a 5.1% dip in detached house sales, reflecting weaker monthly demand in four out of the five states surveyed.” 
“This is a softer result at face value, but delving beneath the surface reveals an aggregate profile of healthy new home building conditions in 2015,” Harley Dale said. 
“The mature stage of the new home building cycle primarily reflects further momentum in the ‘multi-unit’ sector, together with persistence of healthy conditions in New South Wales and Victoria.
“New sales of multi-units increased by 7.6% during the month to yet a new record level, with sales volumes up by 26.7% over the three months to May."
In the month of May 2015 detached house sales increased by 3.3% in Queensland, but fell by 2.3% in NSW, 9.9&amp; in Victoria, 5.2% in South Australia, and 8.1% in Western Australia. In the May 2015 quarter, detached house sales increased in NSW (+5.2%) and Victoria (+6.2%). Sales fell over the three month period in SA (-8.1 per cent), Queensland (- 7.5%), and WA (-1.3%).
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New house sales slip in May, but new units at record level: HIA 

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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
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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
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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
<img src="/images/2015/06/25/chart-7.jpg" alt="">
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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The latest <a href="/expert-insights/buying/6-5-quarterly-increase-in-melbourne-housing-values-led-by-inner-20km-suburbs-valuer-general">Victorian Property Sales Report</a> - covering the December 2014 quarter - has been released this month and found the median house price for Sorrento increasing by 19.5% for the December quarter. 
The report sampled median house prices from ten towns, with six of the towns increasing in median house prices from the September 2014 to December 2014 quarters. 
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Sorrento leads in median seaside price increase

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Toorak topped the past week's sales, according to CoreLogic RP Data, but didn't have any further entries on the top 10.
It was a four bedroom 1890's Victorian residence, set between Toorak and Hawksburn Villages, on a 1173 sqm block with a return drive. There was a tessellated verandah, and is arched entrance hall leads to a formal sitting room with open fireplace and a formal dining room (pictured above).
It last sold at $278,000 in 1982. 
Melbourne homes narrowly dominated the list. 
41 Mathoura Road, Toorak, VIC, 3142, four-bedroom house, sold at auction on June 20 by Marshall White Armadale for $5.73 million
23 Finch Street, Malvern East, VIC, 3145, five-bedroom house, sold at auction on June 20 by Marshall White Armadale for $4.53 million
8A/13 Thornton Street, Darling Point, NSW, 2027, three-bedroom unit, sold at auction on June 16 by BradfieldCleary/Laing + Simmons for $3.68 million
47 Erica Avenue, Glen Iris, VIC, 3146, four-bedroom house, sold at auction on June 20 by Gary Peer &amp; Associates Caulfield North for $3.65 million
11 Bristol Street, Surrey Hills, VIC, 3127, four-bedroom house, sold at auction on June 20 by Jellis Craig Real Estate Hawthorn for $3.58 million 
13 Kerferd Street, Malvern East, VIC, 3145, four-bedroom house, sold at auction on June 20 by Marshall White Armadale for $3.55 million
11 Fernhurst Drive, Glen Waverley, VIC, 3150, five-bedroom house, sold at auction on June 20 by Ray White Glen Waverley for $3.45 million
1C Tara Street, Woollahra, NSW, 2025, four-bedroom house, sold on June 16 by BradfieldCleary Double Bay for $3.3 million
17 Carnarvon Avenue, Glenhaven, NSW, 2156, six-bedroom house, sold on June 17 by Louis Carr Real Estate Glenhaven Castle Hill for $3.2 million
391 Bronte Road, Bronte, NSW, 2024, three-bedroom house, sold on June 16 by McGrath Estate Agents for $3.15 million.
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Toorak 1890s home tops weekly sales

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Over the March 2015 quarter, 9.1% of all homes recorded a gross loss when resold, and when compared to their previous purchase price, according to CoreLogic RP Data.
This figure was slightly higher than the 8.6% recorded at the end of 2014, but lower than the 9.6% over the same quarter last year. 
There was an average loss of $69,468. 
But while 9.1% of resales were transacted at a loss, 90.9% of properties resold over the quarter sold at a profit.
CoreLogic RP Data's Cameron Kusher noted that 30.7% of homes resold for more than double their previous purchase price. 
"Across those homes which sold at a profit, the total value of this profit was recorded at $13.8 billion with the average gross profit recorded at $230,633." 
The lowest proportions of loss making resales are currently found in: Sydney (2.4%), Melbourne (6.2%), Perth (6.7%) the regional NSW (8.6%). 
The highest proportions of loss making resales were recorded in: Regional WA (21.0%), Regional Qld (20.9%), Regional TAS (19.8%) and Regional SA (17.0%). 
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Across the country, those homes that resold at a loss had an average length of ownership of 6.0 years. 
Across all sales recording a gross profit the average length of ownership was recorded at 10.0 years, while homes which sold for more than double their previous purchase price were owned for an average of 16.8 years. 
According to Mr Kusher, the data also highlights the fact that ownership of property, whether for investment or owner occupier purposes should be seen as a long-term investment. 
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CoreLogic RP Data's quarterly Pain &amp; Gain report, highlighted regions where properties sold for less than their initial purchase price.
Leading the results for the largest proportion of loss-making re-sales is unit dwellings within lifestyle markets. 
According to research analyst Cameron Kusher, an interesting trend to emerge throughout each of the capital city housing markets is that the proportion of loss-making resales is now lower than each of their recent post financial crisis peaks. 
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Sydney, Melbourne, Brisbane, Hobart &amp; Canberra recorded the lowest proportion of loss-making resales while in the remaining capital cities the proportion of losses is trending higher. 
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Across Perth and Darwin, the results show a rapid lift in the proportion of loss-making resales over recent months. This is mirroring broader housing market conditions where value growth has stalled, listings are rising, sales are falling and rental rates are reducing. 
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For the regional areas of the country, the proportion of loss-making resales is higher than those within the capital cities with resales trending lower in Regional NSW, Regional SA and Regional TAS, is relatively flat in Regional Vic and Regional Qld and trending higher in Regional WA and Regional NT.
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Average $69,000 loss when 9% sold property in 2015 March quarter

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The latest <a href="/expert-insights/buying/6-5-quarterly-increase-in-melbourne-housing-values-led-by-inner-20km-suburbs-valuer-general">Victorian Property Sales Report</a> - covering the December 2014 quarter - has found the metropolitan suburb of Clifton Hill to have the largest increase in median price in a suburb with ten or more sales across the Melbourne metropolitan area.
Clifton Hill had 22 sales with the median price increasing 43.1% from $894,500 to $1,280,000, though perhaps more reflective of the type of housing available than the actual price growth. The Victorian valuer general noted quoting the highest and lowest increases and decreases for the quarter does not necessarily provide a definitive indication of the property market. 
However, he suggests the examples may be useful for analysis and comparison though can be misleading in some instances. 
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"Property analysts will be able to define and explain various locations’ trends using their knowledge of individual locations and their associated sub-market anomalies." 
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The suburb with the next closest median price increase for the same period was Hawthorn East, a 28% increase to $1,562,000.
Throughout the Melbourne metropolitan area, median house price sales during the December 2014 quarter increased 6.5% to $570,000, units 5.6% to $475,000 and vacant land 2.6% at a median value of $220,000.
For the year ending December 2014 houses in the Melbourne metropolitan area increased 0.9%, units 2.6% and vacant land 5.8%.
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For the full report, which includes an itemised suburb list, click <a href="/news">here</a>.
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Clifton Hill leads median increase in Melbourne metro

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The latest Victorian Property Sales Report - covering the December 2014 quarter - has been released this month.
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The median price of houses in Victoria increased by 6.7% from $450,000 to $480,000 over the December 2014 quarter. 
For the 12 months from December 2013 to December 2014, the median house price in Victoria increased a more modest 2.1%. 
The median price of units in Victoria increased by 5.9%, from $425,000 in the September 2014 quarter to $450,000 at the end of the December 2014 quarter.
 For the 12 months from December 2013 to December 2014, median unit prices increased 2.3% from $440,000.
Metropolitan Melbourne sales statistics for the December 2014 quarter show increases of 6.5% to $570,000 for median house prices, 5.6% to $475,000 for median unit prices. 
For the 12 months to December 2014, median sales prices in metropolitan Melbourne showed increases of 0.9% for houses, 2.6% for units and 5.8% for vacant land.
In the December 2014 quarter the median house price in country Victoria increased by 5.2% from $290,000 to $305,000. Units increased by 6.4% to $250,000, and vacant land increased by 1.5% to $132,000. 
Over the 12 months to December 2014, median sale prices in country Victoria showed a 1.7% increase for houses, 2% increase for units and 2.6% decrease for vacant land. 
Of the 714 listed Victorian locations, 279 had median house price increases for the December 2014 quarter compared to 270 in the September 2014 quarter. Four localities recorded no change, 203 showed a decrease and 228 had insufficient sales. 
The highest number of house sales for the quarter was 230 in Berwick. 
There were 35 locations with 100 or more sales in the December 2014 quarter, the Victorian Valuer-General, Robert Marsh said.
The Victorian Property Sales Report represents 93% of sales across the state, based on official Notices of Acquisition.
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The number of house sales so far recorded across Victoria for the December 2014 quarter is 22,255. 
The number of metropolitan sales for the quarter is expected to culminate at 17,557, which is 16.4 per cent higher than the September 2014 quarter and 9.6% higher than the December 2013 quarter.
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The data indicates that the driving factor in the 6.5% increase in metropolitan Melbourne housing values were localities within 20km of Melbourne. 
The following table demonstrates the volatility in median house price changes and indicates the need for data analysts to undertake their own detailed research.
 
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Inner suburbs (within 10 km of Melbourne CBD)
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Eastern Suburbs (10-20 km from Melbourne CBD)
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Western suburbs (10–20 km from Melbourne CBD)
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Outer-western suburbs (20+ km from Melbourne CBD)
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Outer-eastern suburbs (20+ km from Melbourne CBD)
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