Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

[smartcode_project:default project_id=110291 project_image_fid=302785]

<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

[smartcode_project:default project_id=148957 project_image_fid=364102]

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Joel Robinson

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

&nbsp;

Lanevick to cater for Hunters Hill downsizers with new Gladesville apartment development

Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

WM Residences fills gap in Mordialloc townhouse market

Sydney Harbour

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Residential developer Sekisui House Australia has won the tender to acquire a 9.4 hectare site on Sydney's harbourside suburb of Wentworth Point for $360 million.
The Sydney Harbour site has views across the Parramatta River, the Sydney CBD and the Sydney Harbour Bridge.
The proposal includes a mixed-use master-planned community of around 2,000 one, two and three bedroom apartments with multiple towers up to 25 stories in height.
Sekisui House Australia chief executive officer said Toru Abe said Sekisui House was pleased to receive the advice that they had been successful in the tender process.
“We have already contributed to the area by delivering 2,000 apartments at Wentworth Point as well as jointly investing in the recently opened A$63 million Bennelong Bridge, which is one of the largest private and public partnership infrastructure projects in Australia," he said.
“We will maximise the enormous potential of this landmark site by delivering a unique and vibrant master-planned community with pocket parks and plenty of other amenity for residents to enjoy.   
"Another major advantage to residents is the excellent transport links the location provides with a new re-developed ferry terminal with increased services, Rhodes Railway Station – now within walking distance – as well as multiple bus services linking to all major centres from Rhodes Shopping Centre.”
The master plan design proposal includes a collaboration between Japanese architecture practice, Kengo Kuma and Associates, as the lead architect, and a local firm to finalise the design. 
Construction for the project has been scheduled to commence in 2018 with anticipated delivery by 2020.
For more information, <a href="https://www.sekisuihouse.com.au/">click here</a>. 
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jonathanchancellor-7SQnKwU6yx

Sekisui House Australia wins Roads and Maritime Services’ tender at Wentworth Point

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The NSW Government has listed a prime piece of freehold land on Sydney's harbourside at Walsh Bay.
Located at <a href="https://www.realcommercial.com.au/property-land+development-nsw-walsh+bay-502065494" target="_blank">14 Hickson Road</a>, the vacant 718 sqm parcel has two street frontages and is prime for a premium boutique mixed-use retail/residential development. 
Marketed by Savills agents Stuart Cox, Robert Lowe and Neil Cooke, the agents see the land as a unique opportunity to acquire a rare, freehold parcel of level land with excellent development upside.
“Surrounded by some of Sydney’s most expensive real estate, 14 Hickson Road is located within one of Sydney’s most prestigious locations," Stuart said.
"Moreover, as Sydney’s prime residential market continues to remain buoyant, coupled with the lack of ultra-prime sites for luxury residences, we expect strong competition for this site, both local and international."
Any development will need to adhere to existing planning controls within the Sydney Regional Environmental Plan No.16, including consideration of the heritage significance of the precinct.
Kann Finch, the highly regarded international architectural firm has prepared a design for a single mixed-use development of 8 levels, comprising 19 lavish apartments above a small ground floor retail area space of circa 192 sqm.
The retail space benefits from two additional 70sq m terrace areas located on levels 2 and 3 providing panoramic northerly views out over Sydney Harbour.
In the neighbouring Millers Point, RP Data recorded 48 sales in excess of $2 million in 2015.
Buyers who had purchased apartments within Barangaroo have reported price increases of circa 24% for a one-bed and 35% for a two-bed since 2013.
The expressions of interest for the campaign will close on September 7.
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j.ballantyne1990-6AQqhLzZaK

NSW Government offers rare freehold Sydney harbourside parcel of land

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Fishing guru Rex Hunt has snappily sold his Quay Grand apartment on Macquarie Street for $2.05 million.
It was back in 1999 when Hunt paid $690,000 to buy into<a href="https://www.domain.com.au/1003-61-macquarie-street-sydney-nsw-2000-2012921911" target="_blank"> the Mirvac developed complex</a>.
Hunt has had a career in many different pursuits.
He was a police officer in Victoria while playing in the forward line for the Richmond VFL team. He became a radio football commentator, known for his habit of making up quirky nicknames for players.
However, he is probably most famous around the world for his fishing programs.
Ettiene West at Morton Sydney secured the off market sale of the 75 sqm one bedroom.
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firstname1-iYD4UYzvBa

Rex Hunt sells Quay Grand, Macquarie Street apartment

<html><body>
Two iconic Sydney trophy homes have been listed for sale that now go head to head in a battle for upmarket buyers.
Altona, the oft-called eight bedroom home of conspicuous consumption in Point Piper, has hit the market, along with the seven bedroom Elizabeth Bay harbourside home, Boomerang.
Both were prior record setting homes, but not this time around as James Packer's $70 million contemporary Vaucluse sale, after some serious site amalgamations, seems unbreakable for the time being.
The low-key Wang family have listed Altona, their prized Point Piper harbourfront home last sold at $52 million in 2013 on 2400 sq m.
But it won't be setting any price records given its listing follows the sale earlier this week of their adjacent 1000 sqm garden block, reputedly for around $18 million to Chinese buyers.
The iconic Victorian Italianate home was last sold by Deke Miskin, a former teenage magazine publishing industry entreprenuer, and his wife Eve who hosted many social events.
Its been a little quiet since being sold to the Melbourne-linked Chinese property developer Wang Zhijun.
The recently sold garden block had been added to Australia’s most famous trophy home by publisher Matt Handbury and his then wife, former model Fiona in the mid 1990s. 
The Handburys sold their merged 2400 sqm holding - envisaged as a tennis court - to publisher Deke Miskin and his wife, another former model Eve in 2002 for $28 million.
Rosaline Ho of Goldfield &amp; Co has been appointed to sell the home, with Alison Coopes. The Lowy family and actor Russell Crowe rank among a who's who having previously toyed with buying Altona.
Property observers suggest it might sell at $45 million plus this time given the reduced land size.
Boomerang, which doesn't come with Harbour Bridge and Opera House views, quietly hit the market earlier this month with ambitious $60 million hopes through Ray White Double Bay.
Sydney's finest Spanish mission-style trophy home, is being off-loaded by Lindsay Fox, the Melbourne-based billionaire trucking magnate who has hosted many charity fund raisers in the 4100 sqm grounds.
The Elizabeth Bay landmark harbourfront home was bought for $20 million in 2005.
The Hollywood-style mansion has often been ranked as the most expensive house in the country as it was the first property to crack the $20 million level.
It was also the first Sydney home to fetch more than $1 million when sold by the original owners in the 1970s.
It was built at a cost of 60,000 pounds for music book publisher (Sir) Alexis Albert, who lived there until he died in 1962 with it then being vacant for more than a decade. 
Perth-based developer Warren Anderson owned it from the mid 1980s until 1993, when he was evicted by the Bank of New York and it was sold by the mortgagee to the now jailed fraudster Nati Stoliar for $6.6 million.
Then merchant banker Malcolm Turnbull was interested at the time, underbidding at its 1993 auction, for the home with its majestic Moorish porte cochère, arcaded loggias, oak panelled library with Tudor-style fireplace and its so-called peacock room conservatory.
Australia’s record house price was set last August at $70 million when James and Erica Packer sold their Vaucluse mansion, La Mer to Chinese-Australian businessman Dr Chau Chak Wing.
The historic Double Bay estate Elaine remains the most expensive property for sale in Sydney after agents set an official price tag of $80 million.
The trophy home, which sits over 6900 sqm on the harbour, has been on the market for two years through Ken Jacob’s of Christie’s International Real Estate. 
“It is one of the world’s most exciting opportunities,” he said. 
For more than 125 years it has been in the hands of the Fairfax family.
The Wang's concealed ownership of the property behind a complex shelf company structure, with Chaimovitch Investments Pty Ltd fronted by an elderly relative in Melbourne. 
It's purchase attracted the interest of the Foreign Investment Review Board at the height of Treasurer Joe Hockey's crackdown on illegal Chinese property purchases last year.
But Wang and his wife Guan Hongyan are now permanent residents, and deciding on downsizing, looking at what next to buy in either Sydney or Melbourne.
A spokesman said the sale was voluntary, not a forced divestiture.
This article was first published in the Saturday Daily Telegraph.
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jchancellor-FAypfDUnLy

Altona versus Boomerang - battle of the Sydney trophy homes

<html><body>
Two iconic Sydney trophy homes have been listed for sale that now go head to head in a battle for upmarket buyers.
Altona (above), the oft-called eight bedroom home of conspicuous consumption in Point Piper, has hit the market, along with the seven bedroom Elizabeth Bay harbourside home, Boomerang.
Both were prior record setting homes, but not this time around as James Packer's $70 million contemporary Vaucluse sale, after some serious site amalgamations, seems unbreakable for the time being.
The low-key Wang family have listed Altona, their prized Point Piper harbourfront home last sold at $52 million in 2013 on 2400 sq m.
But it won't be setting any price records given its listing follows the sale earlier this week of their adjacent 1000 sqm garden block, reputedly for around $18 million to Chinese buyers.
The iconic Victorian Italianate home was last sold by Deke Miskin, a former teenage magazine publishing industry entreprenuer, and his wife Eve who hosted many social events.
Its been a little quiet since being sold to the Melbourne-linked Chinese property developer Wang Zhijun.
The recently sold garden block had been added to Australia’s most famous trophy home by publisher Matt Handbury and his then wife, former model Fiona in the mid 1990s. 
The Handburys sold their merged 2400 sqm holding - envisaged as a tennis court - to publisher Deke Miskin and his wife, another former model Eve in 2002 for $28 million.
Rosaline Ho of Goldfield &amp; Co has been appointed to sell the home, with Alison Coopes. The Lowy family and actor Russell Crowe rank among a who's who having previously toyed with buying Altona.
Property observers suggest it might sell at around $45 million this time given the reduced land size.
Boomerang, which doesn't come with Harbour Bridge and Opera House views, quietly hit the market earlier this month with ambitious $60 million hopes through Ray White Double Bay.
Sydney's finest Spanish mission-style trophy home, is being off-loaded by Lindsay Fox, the Melbourne-based billionaire trucking magnate who has hosted many charity fund raisers in the 4100 sqm grounds.
The Elizabeth Bay landmark harbourfront home was bought for $20 million in 2005.
The Hollywood-style mansion has often been ranked as the most expensive house in the country as it was the first property to crack the $20 million level.
It was also the first Sydney home to fetch more than $1 million when sold by the original owners in the 1970s.
It was built at a cost of 60,000 pounds for music book publisher (Sir) Alexis Albert, who lived there until he died in 1962 with it then being vacant for more than a decade. 
Perth-based developer Warren Anderson owned it from the mid 1980s until 1993, when he was evicted by the Bank of New York and it was sold by the mortgagee to the now jailed fraudster Nati Stoliar for $6.6 million.
Then merchant banker Malcolm Turnbull was interested at the time, underbidding at its 1993 auction, for the home with its majestic Moorish porte cochère, arcaded loggias, oak panelled library with Tudor-style fireplace and its so-called peacock room conservatory.
Australia’s record house price was set last August at $70 million when James and Erica Packer sold their Vaucluse mansion, La Mer to Chinese-Australian businessman Dr Chau Chak Wing.
<div>The historic Double Bay estate Elaine remains the most expensive property for sale in Sydney after agents set an official price tag of $80 million.</div>
<div> </div>
<div>The trophy home, which sits over 6900 sqm on the harbour, has been on the market for two years through Ken Jacob’s of Christie’s International Real Estate.
</div>
<div> </div>
<div>“It is one of the world’s most exciting opportunities,” he said.</div>
<div> </div>
<div>For more than 125 years it has been in the hands of the Fairfax family.</div>
<div> </div>
<div>The Wang's concealed ownership of the property behind a complex shelf company structure, with Chaimovitch Investments Pty Ltd fronted by an elderly relative in Melbourne.</div>
<div> </div>
<div>
It's purchase attracted the interest of the Foreign Investment Review Board at the height of Treasurer Joe Hockey's crackdown on illegal Chinese property purchases last year.
</div>
<div>
But Wang and his wife Guan Hongyan are now permanent residents, and deciding on downsizing, looking at what next to buy in either Sydney or Melbourne.
A spokesman said the sale was voluntary, not a forced divestiture.
This article was first published in the Saturday Daily Telegraph.
</div>
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Altona, the Point Piper trophy home hits the market

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It was our fourth Surveyor-General Sir Thomas Mitchell who led the harbourfront residence push when he built the 1840s residence, Carthona on the shores of Darling Point, which is still seen and admired.
But concerns over sanitation saw many of the pioneer plutocracy taking themselves instead to harbourside ridges. 
During World War II, the fear of invasion via the harbour led to a loss of interest in waterfronts.
They haven't always been the must haves.
But come the late 1980s, the playwright David Williamson had detected the firming in sentiment when he wrote his 1987 play, Emerald City.
"No-one in Sydney ever wastes time debating the meaning of life - it's getting yourself a water frontage," one character advised.
Ofcourse not all waterfronts are alike. Not all the wisest of trophy home acquisitions.
The recent $80 million sale of four adjoining homes on Coolong Road, Vaucluse as a harbourside compound for Russian entreprenuer was significant for several reasons, not the least that it marked a return to the more traditional approach to the selection of prestigious property.
Aspect once again reigned supreme, not the picture postcard view that's highlighted every New Year's Eve.
Traditionally a northeast facing sheltered bay with boating facilities on Sydney Harbour was the most sought after buying waterfront option, but because of the Sydney Harbour Bridge and then the Opera House there's been an escalating value add to the west facing eastern suburbs homes.
This has become even more pronounced given the surging interest from off-shore buyers who often comment to estate agents “when I am in Sydney I want to know I am in Sydney by seeing the icons from my lounge room”.
Waterfronts to the west of the Harbour Bridge have seen their own transformation, especially as its industrial sites have been remediated.
The gentrification of the waterfront ever westward has meant the million-dollar price tags are the norm, and not just on the main harbour. All the way up the Lane Cove and Parramatta rivers. And Sydney's other waterways too.
When choosing the right waterfront, professional help is helpful from the buyers' agent through to the architect.
Bear in mind that councils have special foreshore protection zones that impose restrictions. 
Starting with the aspect, a north east facing home is most desirable.
The next point to consider is the depth of the waterfront. Can it accommodate a jetty or a pile berthing for your boat? 
Buyers need to consider how swells might impact with the quieter waters of bays definitely preferred.
The opposite of swells, low tide must also be borne in mind because it can become sandy and muddy. Or worse smelly with seaweed and scattered with debris.
Sandy beaches tend to attract the public who are generally allowed access to all areas below the mean high water mark.
If the waterfront is close to ferry wharfs, it will be noisy. Then there's the tour boats with their megaphone commentary which landowners can hear about themselves! Add to that the party boats with their blaring music and light show.
Accessibility to the waterfront from the house is another important consideration. Steps and inclinators are a turn off for may buyers. Steep waterfront blocks are a challenge, engineering wise and also ease of parking. 
Lastly some might wish to bear in mind the impact of climate change and rising seas as it could potentially effect especially on reclaimed land.
Selecting a property with just a great view in mind is possibly not the wisest outlay.
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Aspect makes a comeback with Sydney waterfront property

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The top sale of the week was a six bedroom deep waterfront in the Sydney suburb of Tennyson Point, according to CoreLogic RP Data.
The property, <a href="https://www.realestate.com.au/property-house-nsw-tennyson+point-121079062" target="_blank">141a Tennyson Road Tennyson Point</a>, sold for $5,905,000 through Joseph Mazar and Susie Crino from Ray White of Gladesville &amp; Ryde.
Top ten sales 
141a Tennyson Road, Tennyson Point, NSW 6 bed, 4 bath, 3 car house $5,905,000 Ray White Gladesville 
144 Glenmore Road, Paddington, NSW 4 bed, 3 bath, 2 car house $4,200,000 BresicWhitney Darlinghurst 
701/21a Hickson Road, Millers Point, NSW 3 bed, 2 bath, 2 car unit $4,000,000 McGrath Estate Agents 
28 Cosham Street, Brighton, Vic 3 bed, 2 bath, 2 car house $3,925,000 RT Edgar Brighton 
16 Belmont Avenue, Kew, Vic 4 bed, 2 bath, 2 car house $3,905,000 Jellis Craig Hawthorn 
2 Callantina Road, Hawthorn, Vic 5 bed, 3 bath, 2 car house $3,840,000 Kay &amp; Burton South Yarra 
59 Woodside Avenue, Strathfield, NSW 4 bed, 2 bath, 2 car house $3,800,000 Georges Ellis &amp; Co 
26 Bowden Crescent, Connells Point, NSW 3 bed, 2 bath, 3 car house $3,750,000 McGrath Estate Agents 
76 Wood Street, Manly, NSW 4 bed, 4 bath, 2 car house $3,550,000 Clarke &amp; Humel Property 
15 South Street, Strathfield, NSW 7 bed, 3 bath, 2 car house $3,450,000 Strathfield Partners 
 
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