National diversified developer Fortis has officially launched Crest &amp; Walker, its latest Brisbane apartment development, with construction now underway on the 20-storey Newstead project.

Award-winning builder BINAH has commenced construction on the Bureau^Proberts-designed building, which will deliver a limited collection of 65 two and three-bedroom apartments on Kyabra Street.

[smartcode_project:default project_id=145922 project_image_fid=373556]

The project marks Fortis' fourth active residential development in Brisbane, following River House, which is nearing completion, alongside projects in New Farm and Hamilton as the national developer continues to expand its South East Queensland pipeline.

Fortis General Manager – Development Queensland Dan Boman said Crest &amp; Walker reflects the developer's long-term commitment to delivering design-led residential projects in Brisbane's established inner-city suburbs.

"We're proud to be strengthening our presence in Brisbane with Crest &amp; Walker, particularly in such a sought-after lifestyle destination as Newstead," Boman said.

"Every Fortis project is shaped by its context, and we approach each one with the respect and care it deserves.

"Our focus is always on creating places that feel connected to their neighbourhood and elevate the everyday experience for residents. Newstead continues to evolve as one of Brisbane's most sought-after urban communities, and Crest &amp; Walker reflects our ambition to contribute meaningfully to that story."

[smartcode_project:default project_id=145922 project_image_fid=373559]

Positioned between Gasworks Plaza and James Street, <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a> has been designed as a boutique residential address offering privacy and generous living spaces within one of Brisbane's most established lifestyle precincts.

The building features a contemporary brick podium softened by integrated landscaping, while the upper levels are characterised by restrained architecture and enduring materiality. Interiors have been designed to maximise natural light, acoustic performance and long-term liveability.

[smartcode_project:default project_id=145922 project_image_fid=373583]

Residences comprise spacious two and three-bedroom floorplans, with two-bedroom apartments priced from $1.55 million and three-bedroom, half-floor residences from $3.95 million.

Residents will have access to a wellness-focused rooftop featuring a swimming pool, sauna, steam room, landscaped dining spaces and outdoor lounge areas overlooking Newstead and the Brisbane CBD.

[smartcode_project:default project_id=145922 project_image_fid=373571]

Sales are being managed by Slaite Projects, with Fortis expecting strong demand from owner-occupiers seeking a high-quality, design-focused apartment in one of Brisbane's most tightly held inner-city suburbs.

Completion of Crest &amp; Walker is slated for late 2028.

[smartcode_project_cta:default project_id=145922]

Joel Robinson

Fortis expands Brisbane pipeline with launch of Crest & Walker in Newstead

The enormity of delivering a true skyscraper in Australia's new development market is often overlooked.

It has taken the best part of a decade since plans for Chevron One were first unveiled, but the 52-storey tower is now complete, with residents collecting their keys and moving into what has become one of the Gold Coast's most recognisable new landmarks.

Rising 127 metres above Chevron Island, Chevron One stands almost twice as high as any other building on the island. Its scale places it alongside the trio of towers at Jewel, arguably the last truly significant addition to the central Gold Coast skyline when they were completed around six years ago.

While there are several developments underway around a similar height to Chevron One, they are more concentrated within clusters of the highest towers in the city. The fact Chevron One sits within a developing precinct, looking back at the other high-rise developments in Surfers Paradise and Broadbeach, makes it a different proposition altogether. It will certainly become a reference point on the Gold Coast skyline.

[smartcode_project:default project_id=6515 project_image_fid=68833]

Developer Bensons Property Group is behind the 52-storey tower, which has just shy of 250 apartments, along with an exhaustive list of resident amenity spread across what is the largest development site ever assembled on Chevron Island.

The tower has been the talk of the town for years, says Ray White Projects Gold Coast agent Caitlin Rosenboom, who is selling the remaining apartments.

"People have been watching Chevron One go up for years," Rosenboom says, adding that many prospective buyers have been surprised by the scale of the views once they step inside.

"It's only when they walk through a completed apartment that they truly understand the position of the building," Rosenboom says.

"The views are jaw-dropping. Whether you're looking east over the ocean, across Surfers Paradise, along the river systems or out to the hinterland, every level offers something different but equally impressive."

[smartcode_project:default project_id=6515 project_image_fid=360215]

One of Chevron One's defining advantages is its location on the eastern side of Chevron Island on Stanhill Drive, a position which protects the views forever.

"There's only one row of houses between Chevron One and the water, and the height restrictions along the river means views from Chevron One can never be built out,"&nbsp;Rosenboom says.

While new apartment developments continue to emerge across the Gold Coast, Rosenboom says opportunities to secure a completed apartment with this level of outlook are becoming increasingly rare.

"The size of the site is something that would be incredibly difficult to replicate today," she says.

"That's allowed Chevron One to deliver the sort of amenity, open space and resident facilities that very few projects can offer. There are not many completed apartment buildings on the Gold Coast right now that can compete with the combination of scale, quality and amenity."

[smartcode_project:default project_id=6515 project_image_fid=68839]

There's around 2,000 sqm of amenity solely for the use of residents of Chevron One. Club One features a uniquely shaped swimming pool that mirrors the footprint of the building itself, set within a extensively landscaped gardens. There's also an indoor pool and spa, a fully equipped gym with a Pilates room, a yoga garden, a bookable private dining area and lounge that can host up to 30 people, and a 24-hour concierge service.

As for the buyers, Rosenboom is fielding enquiry from everywhere: Sydneysiders and Melburnians looking at the new and off-the-plan market following the changes in the Federal Budget, as well as those looking to relocate, through to South East Queenslanders seeking either a permanent home or a weekender bolthole.

"The Gold Coast lifestyle continues to resonate with people relocating from the southern states, and when they see the views and the quality of what's been delivered at Chevron One, it becomes very easy for them to understand the appeal," Rosenboom says.

A diverse mix of one, two and three-bedroom apartments remain available, with each offering "something a little different", be it the orientation and views, configuration, or level, to suit a wide variety of buyers.

The remaining apartments are ready to inspect in person, by appointment.

[smartcode_project_cta:default project_id=6515]

A decade in the making: Residents to move into Chevron One as construction wraps up

A general rule of thumb in new apartment developments is that the penthouses get the rooftop.

It's a formula that's become commonplace across Australia's apartment market. Residents might have access to a pool, gym or barbecue facilities on a dedicated lower level, but the most desirable outdoor spaces are typically reserved for the highest-priced homes at the top of the building.

<a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Property Group</a> has taken the opposite approach.

Rather than dedicating the rooftop to a handful of buyers, the Gold Coast developer has made it the centrepiece of its Flourish collection, creating expansive shared spaces from the best vantage point in the building.

The philosophy has reached its most ambitious expression at <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> in Palm Beach, where two rooftop precincts connected by a skybridge will deliver one of the most extensive lifestyle offerings seen in a residential apartment project on the Gold Coast.

[smartcode_project:default project_id=150017 project_image_fid=374053]

"We're seeing a clear move toward developments that offer more than just an apartment," Sherpa Group founder Christie Leet said.

"People want spaces that support how they actually live, whether that's working from home, staying active, or spending time with family and friends.

"That's where amenity becomes critical. It's not just about what's included, but how those spaces are designed to be used every day."

[smartcode_project:default project_id=150017 project_image_fid=374052]

The breadth of amenity has already attracted buyers across multiple demographics. Younger first home buyers have been drawn to Soleira's one-bedroom apartments, a product rarely delivered in Palm Beach, while families have responded to practical inclusions such as the shallow children's pool adjoining the main lap pool and the extensive communal recreation areas.

Instead of a single rooftop, Soleira delivers two distinct lifestyle zones.

[smartcode_project:default project_id=150017 project_image_fid=372547]

The southern rooftop has been dedicated to wellness, featuring a gym, yoga and Pilates studio, work-from-home facilities, a wellness centre, spa, and hot and cold plunge pools.

The northern rooftop focuses on recreation and entertaining, incorporating a heated resort-style pool, private dining rooms, pizza ovens, barbecues, a golf simulator, children's recreation areas, and what is expected to be the Gold Coast's first rooftop basketball court, which will also double as a squash court.

[smartcode_project:default project_id=150017 project_image_fid=374054]

Beyond the rooftops, Soleira will introduce 1,500 sqm of curated retail beneath the towers, creating one of Palm Beach's first genuinely mixed-use lifestyle precincts where cafés, restaurants and convenience retail become part of residents' everyday lives.

Sherpa has also retained management rights across the development, allowing it to oversee the long-term operation of the building through a 24-hour concierge model. The developer is also exploring additional revenue streams within the precinct aimed at helping offset ongoing body corporate costs for residents.

[smartcode_project:default project_id=150017 project_image_fid=370962]

While Soleira is the largest project Sherpa has delivered, the rooftop-first philosophy has been evolving for several years.

It began with <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>, the first project released under the Flourish brand. Rather than competing at the ultra-luxury end of the market with oversized half-floor and full-floor residences, Sherpa focused on creating lifestyle-driven apartments supported by resort-style shared spaces.

Amargo introduced more than 800 sqm of rooftop amenity, combining wellness facilities, heated pools, entertaining areas, cabanas, pizza ovens and private dining spaces into what was designed as an extension of residents' homes rather than a facility used only occasionally.

[smartcode_project:default project_id=146527 project_image_fid=366550]

That approach continued with Flourish Oasis, where the same amenity-led philosophy was refined into a more boutique development. Strong demand from Sherpa's growing VIP database saw much of the project sold before it reached the broader market, reinforcing buyer appetite for apartment communities centred around shared lifestyle experiences.

Flourish Amargo is slated for completion mid-way-through next year, with Oasis to be delivered by late 2027. Flourish Soleira is expected to complete in 2030.

[smartcode_project_cta:default project_id=150017]

Sherpa takes amenity to the sky as Flourish Soleira captures booming Palm Beach demand

As apartment living continues to evolve across Sydney's growth corridors, the quality and distribution of shared spaces is increasingly shaping how residents experience home. Rather than functioning as add-ons, amenities are being embedded into the daily rhythm of a building, supporting everything from quiet retreat to social interaction, often within a single vertical community.

At <a href="https://www.apartments.com.au/new-apartments/aeris-melrose-park-nursery-street-melrose-park-nsw-2114">Aeris</a> in Melrose Park, this approach is resolved through a layered amenity offering that unfolds from ground level through to its upper podium. Developed by <a href="https://www.apartments.com.au/developers/sekisui-house-australia">Sekisui House Australia</a> in partnership with Hankyu Hanshin Properties, the project introduces 468 apartments across two towers and a mid-rise building, positioned at the highest point of the broader masterplan.

[smartcode_project:default project_id=426 project_image_fid=359199]

The amenity experience begins at street level, where two courtyards sit within a landscaped setting that connects residents to the wider network of parks and green spaces. These green spaces are not isolated pockets but part of a wider pedestrian network that links Aeris to the surrounding <a href="https://www.apartments.com.au/developments/melrose-park-nsw-2114">Melrose Park</a> precinct, including Central Park, future schools, and the Town Centre opening in July 2026. The result is a transition that moves from public to private without abrupt boundaries, allowing residents to pass through shaded, tree-lined environments before reaching the building itself.

Moving upward, the focus shifts to the level five podium, where the primary communal facilities are concentrated. This space brings together a 16-metre swimming pool, outdoor seating areas, and a communal BBQ zone arranged to take advantage of elevated outlooks. Seating is positioned beneath pergolas, creating pockets of shade that extend the usability of the space throughout the day. The pool edge aligns with views toward the wider district, reinforcing the sense of elevation that defines the project’s positioning.

In the adjacent building, this is complemented by quieter, more contemplative spaces, including an outdoor cinema set within the same level. Positioned to operate primarily in the evening, it introduces a different tempo to the shared environment, shifting from daytime activity to after-hours use without requiring separate zones.

[smartcode_project:default project_id=426 project_image_fid=360299]

The podium also accommodates an intimate private resident gym. Located on the lower levels, it gives residents convenient access to fitness facilities without leaving the building.

Above, the elevated podium sky deck extends the amenity offering, providing additional open-air spaces with elevated outlooks across the surrounding landscape. While more restrained in program, this upper level reinforces the project’s vertical progression, from ground-level greenery to elevated outlook, allowing residents to move between distinct spatial conditions within a single address.

This distribution of amenities reflects a deliberate response to how residents use space across the day. Sekisui House Australia Sales and Marketing Director Peter Kalaf points to the role these shared areas play in shaping buyer demand. Aeris has been conceived as more than a collection of apartments, with the podium pool, gym and outdoor cinema forming part of a broader lifestyle offering that extends the home beyond each individual residence.

[smartcode_project:default project_id=426 project_image_fid=360300]

What distinguishes Aeris is not the inclusion of these elements individually, but how they are arranged in relation to one another. Active, social, and passive spaces are layered vertically rather than separated, allowing residents to choose between them without leaving the building or moving far from their apartment. This proximity supports both routine use, such as a morning swim or evening workout, and more occasional gatherings, whether around the BBQ area or within the cinema setting.

The amenity design also sits within a broader framework of connectivity across Melrose Park. The Melrose Park Town Centre, anchored by Coles and Dan Murphys, features a mix of retail, dining, health and lifestyle offerings, bringing everyday convenience closer to residents. By the end of the year, more than five hectares of parks and open space, equivalent to around seven football fields of green space on residents' doorstep, will further enhance the precinct, allowing the internal facilities at Aeris to operate as an extension of the wider neighbourhood rather than a substitute for it.

Construction at Aeris continues to gather momentum, with ground floor slabs expected to be completed in late 2026 before the first sections of the buildings begin to rise above ground.

[smartcode_project_cta:default project_id=426]

Elevated amenity anchors daily life at Aeris, Melrose Park

Repeat buyers are one of the strongest measures of confidence in any apartment development.

At <a href="https://www.apartments.com.au/new-apartments/era-newcastle-west-124-126-bull-street-newcastle-west-nsw-2302">ERA</a> in Newcastle West, some purchasers are returning to <a href="https://www.apartments.com.au/developers/gwh">GWH</a> after living at the developer's One Apartments. Their decision to purchase again was driven by the quality of life they found after moving into their first GWH home.

Keith Wilton had spent years living in a house in East Maitland before deciding it was time for a change. Apartment living had always been on his radar, but he was selective about what he wanted.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/FH_1EzB-1vs?si=XScVlP1ERsTDJoME" title="YouTube video player" width="560"></iframe>

"I had some boxes I wanted to tick," he says.

Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.

“One of those things was a nice indoor open plan area, but also I wanted a nice outdoor open area that I could entertain on in summer or Christmases or birthdays,” he says.

He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.

[smartcode_project:default project_id=135096 project_image_fid=356818]

After comparing several developments, he chose One Apartments because of GWH's longstanding local reputation and his own experience working with the developer on a commercial project more than a decade earlier.

"I knew that they were local, that the quality of the build was going to be up there. I'd looked at other apartment complexes around and close by, and I just knew that here was a better decision location wise."

Today, Keith says the move has completely changed how he experiences Newcastle.

"I enjoy living in this location because it's more of a lifestyle change. That Newcastle city living where you can walk to restaurants and bars and even beaches and parks and even shopping across the road."

[smartcode_project:default project_id=135096 project_image_fid=356828]

Beyond the location, he says it's the sense of community that has surprised him most.

"Everyone loves living here because they chose to live here, but everyone looks out for each other. It's a real great community feel here."

For Aimee and Lyle Goodman, the journey started almost by chance.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/tsioMLcnjas?si=zq-ys3JuWpfa5hFv" title="YouTube video player" width="560"></iframe>

The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.

"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."

As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.

"We actually catch up more as a family now," Aimee says.

"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."

[smartcode_project:default project_id=135096 project_image_fid=356829]

Lyle says their confidence came from GWH's reputation within Newcastle's building industry.

"I know people who've worked across different apartment projects, and whenever GWH came up the feedback was always the same. They're rock solid. They're quality."

That confidence only grew throughout the buying process.

"One of the things that really impressed us with GWH was the whole process, was the communication," Lyle says. "It was consistent, it was regular, there was no problem if we had some weird questions, there was no problems in getting answers."

[smartcode_project:default project_id=135096 project_image_fid=351104]

Aimee says one moment stood out.

"The project actually finished on time. We realised we needed to hurry up and sell our house because everything was happening exactly when they said it would."

The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.

Their confidence reflects what many buyers are seeking in today's apartment market. Location remains important, but so too does certainty around delivery, quality and long-term liveability.

[smartcode_project:default project_id=135096 project_image_fid=356822]

ERA builds on those foundations with 280 one, two and three-bedroom apartments across two landmark towers in <a href="https://www.apartments.com.au/developments/newcastle-west-nsw-2302">Newcastle West</a>.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/fk-australia">Fender Katsalidis</a>, the project will include more than 2,000 square metres of resident amenities, including a resort-style pool, gym, sauna, private cinema and rooftop entertaining spaces overlooking the harbour and coastline.&nbsp;

The development is also within walking distance of the Newcastle Interchange, Honeysuckle, Darby Street, the harbour foreshore, restaurants, retail and the city’s beaches, continuing the walkable lifestyle that existing GWH buyers say has transformed how they live.

[smartcode_project:default project_id=135096 project_image_fid=356826]

For Keith, the appeal remains straightforward.

"You feel at home even before you've moved into your home."

For Aimee, the change is measured in time.

“I just felt like I had more time,” she says.

[smartcode_project:default project_id=135096 project_image_fid=351102]

Construction at ERA is now underway, with more than half of the residences already sold and limited two and three-bedroom apartments remaining in the East Tower release. Priced from $980,000 for two-bedroom residences and $1.46 million for three-bedroom residences, buyers can secure an apartment with a 10 per cent deposit, with premium homes offering ocean views from Level 8 and harbour views from Level 10.

ERA is also backed by Resilience Insurance's 10-year Latent Defects Insurance policy, providing protection against structural or waterproofing defects for 10 years after completion. The project is anticipated to be completed in early 2028.

[smartcode_project_cta:default project_id=135096]

From ONE to ERA: Why buyers are choosing GWH again in Newcastle West

Sales

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The latest research from Perth Cityscope shows property sales have decreased in the past three months. Sales recorded in the quarter ending June 2015 totalled $10.3 million, a decrease from the $87.8 million recorded in the three months to March 2015, and a decrease from the $89.5 million recorded to December 2014.
This data brings the 12 month total to $391.6 million, a decrease from the $1.05 billion recorded the same time last year.
The table below shows sales recorded for the past eight updates of Perth Cityscope.
<a href="/images/2015/06/17/perth_cityscope.jpg" target="_blank">Click to enlarge</a>
<img class="aligncenter size-large wp-image-4916" src="https://blog.corelogic.com.au/wp-content/uploads/2015/06/Pulse-PRSalesGrid-580x265.gif" alt="Perth Cityscope Quarterly Sales" width="580" height="265">
Recent standout sales in Perth include:
<ul>
<li>195 Hay Street (map 20 property 33), a 3-level building with retail space on the ground floor, residential back packer accommodation on the first floor and basement parking for 8 cars, was bought for $2.7 million.</li>
<li>139 Barrack Street (map 8 property19), a single-storey retail building with room for one car to the rear, was bought for $1.5 million through Realmark Commercial.</li>
<li>716 Murray Street (map 25 property 11), a single-storey former house built circa 1900 and refurbished in 1997 with parking for 5 cars, was bought for $1.4 million through Burgess Rawson.</li>
</ul>
Properties for sale in Perth in June 2015 include:
<ul>
<li>53 Ord Street (map 35 property 1), an A-grade office building of 5 storeys with a 2-level car park and a building area of 6,864 sqm is for sale through CBRE.</li>
<li>Four Points by Sheraton Perth (map 1 property 2) at 707-713 Wellington Street, an 8-storey, 278-room hotel is for sale through CBRE.</li>
<li>Unit 19 (map 24 property 1A unit 19) at 160-162 Colin Street, part of the Blue Note Executive Offices, of 620 sqm on level one plus 13 car spaces on the basement level is for sale at $4.59 million through Burgess Rawson.</li>
</ul>
Significant leasing opportunities in Perth in June 2015 include:
<ul>
<li>45 St Georges Terrace (map 9 property 56), a building of 9 floors of office space, 2 basement levels and 2 levels of plant and equipment, has 329 to 2,504 sqm available for lease through CBRE and Sheffield Property Group.</li>
<li>Central Park (map 7 property 4) at 777 Hay Street, a 48-storey office tower plus 4 levels of basement parking has 500 to 8,779 sqm for lease through Savills and JLL.</li>
<li>32 St Georges Terrace (map 12 property 17), a 16-storey commercial building expanded in 2014 to 14,895 sqm, with basement car parking for 46 vehicles, has 200 to 7,242 sqm in the redeveloped building available for lease through JLL and Knight Frank.</li>
</ul>
<a href="https://mail.privatemedia.com.au/owa/14.3.224.2/scripts/premium/redir.aspx?SURL=bpzm6SgrrdSzgCJxHIIVSEJ7s3mrdGRcxYpgQ3c1a1AheJadvHbSCGgAdAB0AHAAOgAvAC8AYgBsAG8AZwAuAGMAbwByAGUAbABvAGcAaQBjAC4AYwBvAG0ALgBhAHUALwB3AHAALQBjAG8AbgB0AGUAbgB0AC8AdQBwAGwAbwBhAGQAcwAvADIAMAAxADUALwAwADYALwBQAHUAbABzAGUALQBQAFIAUwBhAGwAZQBzAEMAaABhAHIAdAAuAGcAaQBmAA..&amp;URL=http%3a%2f%2fblog.corelogic.com.au%2fwp-content%2fuploads%2f2015%2f06%2fPulse-PRSalesChart.gif" target="_blank" rel="wp-prettyPhoto[g4915]"><img class="aligncenter size-full wp-image-4917" src="https://blog.corelogic.com.au/wp-content/uploads/2015/06/Pulse-PRSalesChart.gif" alt="Perth Cityscope Quarterly Sales graph" width="532" height="321"></a>
Cityscope covers 28 predominantly capital city CBD markets across Australia and New Zealand, providing a rich level of property level data including building attributes, tenancy detail, sales and ownership and can be contacted <a href="https://www.corelogic.com.au/products/cityscope" target="_blank">here</a>. <a href="https://mail.privatemedia.com.au/owa/14.3.224.2/scripts/premium/redir.aspx?SURL=FIflEkWcByIy5Xi6efHKj9Fe4xPxYuHzgUe3KQQtEiEheJadvHbSCGgAdAB0AHAAOgAvAC8AdwB3AHcALgBjAG8AcgBlAGwAbwBnAGkAYwAuAGMAbwBtAC4AYQB1AC8AcAByAG8AZAB1AGMAdABzAC8AYwBpAHQAeQBzAGMAbwBwAGUA&amp;URL=http%3a%2f%2fwww.corelogic.com.au%2fproducts%2fcityscope" target="_blank" style="line-height: 1.3em;"> </a>
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jchancellor-FAypfDUnLy

Perth office sales tally down $600 million: Cityscope

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New figures from the Commonwealth Bank in conjunction with CoreLogic RP Data show a number of 'extreme' conditions for selling property located within the western, outer west, outer south west and inner Sydney suburbs.
The <a href="/expert-insights/buyers-favoured-over-sellers-in-queensland-commonwealth-bank-home-buyers-index">Commonwealth Bank-CoreLogic Home Buyers Index (HBI)</a> April 2015, released today, noted Liverpool-Fairfield and Blacktown as suburbs which market conditions became much less favourable for sellers during the three-month period ending in April.
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The report also suggested appropriately-priced are selling quickly and often above list price, with buyers "having much less negotiating power due to low stock levels and rapid selling times."
 
<img src="/images/2015/06/15/sydney-suburbs.jpg" alt="">
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po-LsXgBTHBmX

'Extreme' selling conditions in Sydney pockets: Commonwealth Bank-CoreLogic Home Buyers Index

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Vendors typically loose confidence in their chosen real estate agent throughout the sales cycle, with price expectations cited as the usual driver.
CoreLogic RP Data's recently released '<a href="/expert-insights/some-differences-between-the-sexes-corelogic-rp-data-estate-agent-satisfaction-survey-results">2015 Consumer Perceptions of Real Estate</a>' report found that despite an agent's hard work and industry knowledge, vendors typically 'dubious' that the agent would find a buyer at their chosen price.
The report noted the issue of “managing down” vendor price expectations common.
"One of the most important findings of the survey is that vendors were dubious that the agent would succeed in selling," it noted.
Vendors cited their own research as the best way to feel confident that their agent was performing properly and telling them the truth.
 
<img src="/images/2015/06/01/agent.jpg" alt="" width="892" height="448">
 
{mijopolls 115}
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mick.cee-iDmgDDAmu8

High agent confidence declines over sales cycle: CoreLogic RP Data

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The NSW government's new laws on property underquoting announced during the election campaign will toughen the penalties for agents found to be underquoting. The changes are billed as making it easier for prosecutions to be brought against those agents found to be engaging in underquoting and will allow for forfeiture of fees and commissions in addition to the existing financial penalty of up to $22,000. 
For example, the average property price in Sydney is $900,000. Based on that, a commission would be $18,000. Therefore, in addition to a fine of up to $22,000 a real estate agent could lose fees of $18,000. 
"In many cases, these reforms would see a doubling of the financial sanction that could be imposed on agents doing the wrong thing," Minister for Innovation and Better Regulation, Victor Dominello​ told the NSW Parliament this week ahead of introducing the bill.
The Government will establish a strict liability offence, which is in line with the laws that have been introduced in South Australia. 
The legislation will include stronger requirements for record-keeping and price representations, which will increase transparency for buyers. 
"As an additional measure, I have asked the Department of Fair Trading to appoint an assistant commissioner for real estate and property who will work with the industry to build confidence amongst buyers and sellers and increase professional standards among real estate agents."
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Underquoting laws in NSW will step up required record keeping 

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A Brighton beachfront won the battle for the week's top 10 sales beating out a North Bondi sale in CoreLogic's RP Data's 10 most expensive sales.
<a href="/expert-insights/buying/8-million-brighton-beachfront-sale-rounds-out-melbournes-ascending-autumn-auctions">3 Miller Street, Brighton</a>, VIC, 3186, three-bedroom house, sold at auction on May 28 by RT Edgar Brighton for $8.04 million (pictured above).
13 O'Donnell Street, North Bondi, NSW, 2026, a contemporary five-bedroom house, sold on May 28 by Raine &amp; Horne Double Bay for $5.1 million (pictured below).
<img src="https://i1.au.reastatic.net/456x342/e61cdcf57bfaa0b038dae3587d68e0d8ab492acec93c354e0d27da8800324a03/main.jpg" alt="13 O'Donnell Street, North Bondi" title="13 O'Donnell Street, North Bondi" data-index="0">
45 Mathoura Road, Toorak, VIC, 3142, four-bedroom house, sold at auction on May 30 by Marshall White Albert Park for $4.75 million.
1/161 Hedges Avenue, Mermaid Beach, QLD, 4218, four-bedroom house, sold on May 29 by Ray White Prestige Gold Coast Surfers Paradise for $4 million.
15 Nott Street, Malvern East, VIC, 3145, five-bedroom house, sold at auction on May 30 by Abercromby's Real Estate Armadale for $3.95 million.
36 Wentworth Avenue, Canterbury, VIC, 3126, four-bedroom house, sold at auction on May 30 by Jellis Craig Real Estate Hawthorn for $3.95 million.
20 Shellcove Road, Neutral Bay, NSW, 2089, five-bedroom house, sold on May 28 by McGrath Mosman for $3.825 million.
3 Strathfield Avenue, Strathfield, NSW, 2135, four-bedroom house, sold at auction on May 30 by Georges Ellis &amp; Company Strathfield for $3.71 million.
30 Wentworth Street, Randwick, NSW, 2031, four-bedroom house, sold at auction on May 30 by Ray White Double Bay for $3.377 million.
47 Union Street, McMahons Point, NSW, 2060, four-bedroom house, sold at auction on May 26 by McGrath Neutral Bay for $3.35 million.
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Brighton wins battle of the beachside locations: Corelogic RP Data's top 10

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

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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 latest result for the HIA New Home Sales Report, a survey of Australia’s largest volume builders, reveals a fourth consecutive monthly rise.
"New homes sales have increased in each of the first four months of 2015," commented HIA chief economist, Harley Dale to reach their highest since at least 2010 as falling mortgage rates and the lure of rising house values drove demand. 
But the 0.6% April rise was the slowest growth pace of the four months, comprising 0.4% for detached house sales and 0.9% for multi-unit sales.
In April 2015 private detached house sales increased by 7.2% in New South Wales, by 2.7% in Victoria, and by 0.9% in Western Australia. 
Private detached house sales dropped by 9.0% in Queensland and were down by 1.9% in South Australia.
 
<img src="/images/2015/05/29/Screen%20Shot%202015-05-29%20at%201.48.23%20PM.png" alt="">
Source: HIA New Home Sales Report
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NSW strongest in HIA new home sales April boost

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The difference between median house and median apartments is greatest in Adelaide, according to new figures from CoreLogic RP Data.
CoreLogic RP Data found the narrowest gap was Brisbane. 
The Brisbane gap was $70,000 with houses 14.5% dearer than units.
The Melbourne gap was $82,000 with houses 15% dearer than units.
The Perth gap was $88,000 with houses 16% dearer than units.
The Canberra gap was $103,000 with houses 18% dearer than units.
The Sydney gap was $172,000 with houses 20% dearer.
The Darwin gap was $110,000 with houses 20% dearer than units.
The Hobart gap was $74,000 with houses 21% dearer than its units. 
The Adelaide gap was $105,000 with houses 25% dearer.
 
<img src="/images/2015/05/18/Screen%20Shot%202015-05-18%20at%202.17.49%20PM.png" alt="" width="765" height="352">
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Capital cities - the gap between house and apartment price medians: CoreLogic RP Data

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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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