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

The Castle

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The actual house that starred in cult movie classic The Castle has been moved to a new address.
The Kerrigan's home was supposedly located at 3 Highview Crescent, Coollaroo which was actually 3 Dagonet Street, Strathmore in Melbourne.
But now the weatherboard - cut into four segments - has been placed on four semi-trailers for the 274-kilometre journey from Strathmore in the north-west of Melbourne.
<div class="advertisement conditional">A crane lifted the sections off the trucks in a four-hour operation at Beechworth’s Mayday Hills.</div>
<div class="assets">
George Fendyk bought the house for $40,000 at auction in July with plans to use it as an office for a caravan park at Mayday Hills.
<div class="assets">
Fendyk expects work on the house will begin soon.
The rebuilt house will have a specially built pool room to mirror the movie’s famous reference point.
Pending planning permits he hopes the caravan park will be open in June, likely to have 20 to 30 sites.
George Fendyk and Geoff Lucas bought the former Mayday Hills asylum at Beechworth in 2013 for $1.5 million
The arrival of The Castle home at Beechworth follows an earlier plan to relocate it to Corowa’s whisky and chocolate mill.
The home’s previous owner will build two townhouses on her block in Strathmore which borders Essendon airport.
</div>
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firstname1-iYD4UYzvBa

The Castle, at Mayday Hills, Beechworth set for serious pool room

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Bidding for the home from the 1997 hit film The Castle opened today at $100 with the auctioneer replying 'tell 'em you're dreaming'.
The Kerrigan's famous house fetched $40,000 under the hammer after Brad Teal agents Rebecca Towns and Noel Kenny said it could fetch anywhere between $1000 and $10,000.
It was sold to Beechworth-based businessmen George Fendyk and Geoffrey Lucas.
They plan to use it as a tourist attraction for a yet-to-be approved caravan park on the site of a former hospital lunatic asylum more than 200 kilometres away.
Fendyk said he saw the home in person for the first time minutes before the auction. 
The cost to move the three bedroom home is around $45,000 to $50,000.
The humble Melbourne weatherboard home adjacent to the Essendon airport was sold on its own, and not with the land it is located on.
The longtime owner, Vicky Cosentino, said she would take what she could get at its auction.
Cosentino wants to build a townhouse now that the Moonee Valley council voted not to pursue permanent heritage protection for the home.
Rebecca Towns and Noel Kenny from the Brad Teal agency were expecting it to fetch anywhere between $1000 and $10,000. It had a reserve of $5,000.
It was marketed the house as “the ultimate piece of movie memorabilia."
Prior plans by NSW entrepreneurs to relocate it failed to proceed.
Interest has come from councils seeking to add a tourist attraction in their district and investors looking to use it as an Airbnb.
 
 
 
 
 
 
 
 
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jrobinson-rf4aSBido9

The Castle auctioneer says 'Tell 'em you're dreaming' to opening $100 bid

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The home famous for its setting as Darryl Kerrigan's home in the iconic 1997 film The Castle, has sold for $40,000 at its auction today.
The humble Melbourne weatherboard home adjacent to the Essendon airport was sold on its own, and not with the land it is located on.
The longtime owner of the home said she would take what she could get at its auction.
Rebecca Towns and Noel Kenny from the Brad Teal agency were expecting it to fetch anywhere between $1000 and $10,000.
The buyer will need to spend another $45,000 to $50,000 on getting it relocated.
It was marketed the house as “the ultimate piece of movie memorabilia."
Prior plans by NSW entrepreneurs to relocate it failed to proceed.
Seller Vicky Cosentino wants to build a townhouse now that the Moonee Valley council voted not to pursue permanent heritage protection for the home.
Interest has come from councils seeking to add a tourist attraction in their district and investors looking to use it as an Airbnb.
 
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j.ballantyne1990-6AQqhLzZaK

The Castle home sells for $40,000 at auction

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The Bonnie Doon house made famous in The Castle is now up for rent on Airbnb.
It comes as the other home from the 1997 film prepares to go under the hammer in Strathmore on Wednesday afternoon
Mel bought the Bonnie Doon abode two years ago from a Sydney investor who had also rented it out.
She has spent about a year fixing it up before now offering it as a <a href="https://www.propertyobserver.com.au/https://www.airbnb.com.au/rooms/5389205" target="_blank">short-term holiday rental</a> at $200 a night, plus cleaning costs.
“You’re not dreaming,” the Airbnb listing reads. “The serenity is real.”
To offer guests the true Castle experience, Mel has collected items that she thought Darryl and Steve Kerrigan would have found in the Trading Post.
She even built a “pool room” out back to house extra guests. 
“I just love telling people when I buy things that they’ll be going straight to the pool room,” she told The Herald Sun. 
The house has been styled with a retro theme.
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Bonnie Doon house made famous in The Castle up for rent on Airbnb

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The longtime owner of the house from The Castle says she’ll take what she can at tomorrow's auction of the humble Melbourne weatherboard that sits adjacent to the Essendon airport.
It is famous for its setting as Darryl Kerrigan’s “castle” in the iconic 1997 film.
The house at 3 Dagonet Stret, Strathmore is up for grabs, but only the iconic house, not the land.
Rebecca Towns and Noel Kenny from the Brad Teal agency are expecting it to fetch anywhere between $1000 and $10,000 as the buyer will then need to spend another $45,000 to $50,000 on getting it relocated.
They are marketing the house as “the ultimate piece of movie memorabilia."
Prior plans by NSW entrepreneurs to relocate it failed to proceed.
Seller Vicky Cosentino wants to build a townhouse now that the Moonee Valley council voted not to pursue permanent heritage protection for the home.
Interest has come from councils seeking to add a tourist attraction in their district and investors looking to use it as an Airbnb.
A Sydney property investor Richard Moseley owned the other house, the Bonnie Doon holiday fibro near Lake Eildon, selling the shack for $200,000, after nine year ownership having paid $169,950 in 2006.
This article first appeared in the Sunday Telegraph.
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Councils consider The Castle for tourist attraction

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The house at 3 Dagonet Stret, Strathmore is up for grabs. But only the iconic house, not the land.
The longtime owner of the house from The Castle says she’ll take what she can at <a href="https://bradteal.com.au/property/1897/" target="_blank">July 25 auction</a> for the humble Strathmore weatherboard that sits adjacent to the airport.
It is famous for its role as Darryl Kerrigan’s “castle” in the 1997 film.
Rebecca Towns from the listing agency Brad Teal is expecting it to fetch anywhere between $1000 and $10,000 as the buyer will then need to spend another $45,000 to $50,000.
Brad Teal is marketing the house as “the ultimate piece of movie memorabilia” and a “once in a lifetime opportunity to purchase a piece of Australian history”.
“It’s sure to excite movie enthusiasts, entrepreneurs and great Aussie battlers,” the listing said.
<div class="wp-caption"><img class="size-full wp-image-186528" src="https://www.realestate.com.au/blog/wp-content/uploads/2017/06/29120653/capi_4c0c5bb1ef566088c0d1e66472ce6b9c_6695ec45674d6cbbcefd1215e54c3fb4.jpeg" alt="3 Dagonet Street Strathmore, for Herald Sun reales" data-capiid="6695ec45674d6cbbcefd1215e54c3fb4"></div>
Seller Vicky Cosentino told The Herald Sun she couldn’t wait for someone to take the house off her hands after 24 years of ownership which included the two-week shoot of The Castle, which she advised she never gave permission for.
Cosentino has wants to build two townhouses after the Moonee Valley council voted not to pursue permanent heritage protection for the home.
It drew interest from Federation Council and Corowa Whisky, who considered moving it north of the river as a tourist attraction. But that never eventuated.
“To tell you the truth, yes (I’m over it),” Cosentino said.
“Even if I get $2000 or $3000 for it, as long as it’s moved off my property. It’s nothing to do with the money.
“I would like to see someone look after it, but I really don’t mind where it goes, whether it’s to Mildura or Bonnie Doon.”
Towns expected the house to suit first-home buyers who already had some land, or an investor looking to use it as an Airbnb.
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The Castle

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