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

Valuations

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CoreLogic announces the appointment of Shelley Horton as the new general manager of valuation solutions Australasia. Shelley will bring a new perspective to CoreLogic valuation partners as they navigate an evolving landscape of digital disruption and business transformation.
Shelley started her career as a registered property valuer, has held leadership roles at Genworth, and consulted on valuations operations and strategy to major CoreLogic banking clients. She has unparalleled experience across the real estate, valuation, banking and finance and mortgage insurance industries.
In her new role, Shelley will oversee all aspects of CoreLogic’s valuation solutions, including the panel management function, with the goal of further growing the leadership footprint in Australia and New Zealand by supporting valuation firms to address their day-to-day challenges. One of her main purposes will be to help the valuation industry in its goals to grow, manage risks, and optimise operational performance for our shared clients.
Shelley Horton said, “The valuation industry plays a key role supporting many important sectors of the economy and I am excited about partnering with the industry as it continues to evolve in the information age and to help drive innovation, efficiencies and sound risk management solutions that embrace the use of data, analytics and technology.”
In closing, CoreLogic General Manager, Industry Solutions James Vaughan said, “This is the start of an exciting new era for CoreLogic. We are really looking forward to embark on a journey with our valuation partners and empower them to fulfil their goals. Shelley has a great track record in working in complex multi stakeholder environments and driving outcomes through the power of innovation, data and collaboration.”
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j.ballantyne1990-6AQqhLzZaK

Shelley Horton appointed as general manager of valuation solutions Australasia: CoreLogic

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The economic impacts from COVID-19 on valuing, owning, managing and administering commercial real estate will be profound, according to a paper released by Property Funds Association.
In conjunction with property valuation firm, Preston Rowe Paterson, The PFA/PRP issues paper Dealing with Valuation Uncertainty – Investment Real Estate serves as a guide to stakeholders in the asset revaluation process during the COVID-19 crisis, raising potential issues among the accounting and valuation standards.
Paul Healy, CEO of Property Funds Association (PFA), said valuation challenges will be felt across the property industry. “It is almost certain that lenders, regulators and auditors will heighten the scrutiny of investment real estate valuations.
“As an industry we are all in this together and it’s important we defer to the recognised accounting and valuation standards."
“These fair valuation standards weren’t all available during the global financial crisis and will help property to navigate the COVID-19 crisis. It’s important we have some uniformity around valuation, which will benefit all in the property investment industry”, he said.
According to the paper, key challenges to accurate property valuations include the speed of COVID-19’s impact on the economy, lack of comparable property data, and the impact from newly introduced legislation including the Commonwealth’s Commercial Leasing Code.
The paper says: “Given the speed with which we have entered into the economic impact of Covid 19… it is likely that there will be a period of time where the market is starved of sale and lease transactions struck after the announcement of the pandemic on 2 March 2020 which would ordinarily allow the direct comparison methodology to apply.”
It also says the Commonwealth’s Commercial Leasing Code (the Code): “…will have a sudden and profound impact on investment real estate cash flows for the period of the Covid 19 pandemic and, as espoused in the Code, a reasonable recovery period, which will in turn impact the underlying value of the asset based on pre COVID 19 cash flows.
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Property faces valuation uncertainty in the wake of Covid-19

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The saboteur of the Landmark White valuation database privacy has inflicted another devastating blow against the listed valuation company.
LMW has called another trading halt in its shares from Wednesday, to possibly update shareholders on Friday morning with a view to a resumption in trade.
The request came in an update after the market had closed.
The troubled valuation firm admitted National Australia Bank, Bankwest, Bendigo &amp; Adelaide Bank, Suncorp, HSBC and Latrobe had all stopped using it for valuation work, <a href="/expert-insights/anz-and-cba-stop-lmw-valuations-after-second-web-privacy-breach">joining ANZ and CBA </a>which ceased their valuations soon after the initial notification of a further breach of valuation files.
It advised the business would result in a material loss of business revenue.
<a href="/news/landmark-white-see-westpac-return-after-dark-web-data-privacy-breach">The initial breach</a> cost up to $7 million.
I<a href="/news/landmark-white-reports-more-private-valuation-files-posted-online">t maintained the latest data breach</a> did not constitute a notifiable breach under law as only limited private information was contained in the documents posted onto document sharing site SCRIBD.
Only yesterday Landmark White had previously disclosed CBA and ANZ were among a "small number of clients" who had dropped LMW from their valuation panels.
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Landmark White saboteur inflicts another devastating blow against valuation firm

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Australia's largest independent valuation and advisory firm, Herron Todd White, have announced long-serving CEO, Brendon Hulcombe, is stepping down from his role.
Hulcombe, who has held the top job for over a decade, informed the Herron Todd White board of his decision today.
"The Board of HTW has thanked Brendon for his many contributions right across our network, for leading us through a long period of sustained growth, for his expert client relationship management, his valuation industry leadership, and his stewardship of HTW," said Herron Todd White chairman, Jeff Forbes.
"I am very pleased to confirm that Jacqui Bayles will be stepping into the role of Acting CEO of HTW with immediate effect, and until such time as the Board of HTW has concluded its search for Brendon’s replacement," Mr Forbes said.
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He has been at HTW over a 16 year period; 13 of those years as its chief executive.
He will remain an employee of HTW until the end of August 2019, but will be taking a period of extended leave between now and then.
Jacqui has been at HTW for five years, most recently as General Counsel &amp; Company Secretary. 
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Jacqui Bayles becomes HTW's acting CEO after Brendon Hulcombe departure 

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The shares in the property valuation firm Landmark White fell 10 percent to 38 cents after it resumed trading after a major data breach.
It was trading at 45 cents prior to its initial advisory of a privacy breach.
Last week Landmark White advised its investigations revealed that an unknown third party posted an <a href="/news/landmark-white-valuation-data-available-on-dark-web-forum-after-data-breach">illegally downloaded valuation dataset on a dark web forum </a>for 10 days in late January 2019.
It <a href="/news/landmark-white-enters-trading-halt-after-banks-suspend-its-use">sought the suspension of its ASX-listed shares</a> after some of the big four banks indicated they had <a href="/news/banks-drop-landmark-white-valuations-after-data-breach">stopped using LMW valuations</a>.
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"We anticipate that the suspensions will be progressively lifted over the coming days and that workflows will return to more normal levels by the end of the month," it told shareholders today.
"An unknown criminal has maliciously accessed a LandMark White’s system," it advised.
"LMW has been working with independent cyber security consultants, along with the Australian Cyber Security Centre and the Office of the Australian Information Commissioner, to ensure client information and LMW’s network is secure.
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"Having assessed the severity of the incident and confirming that the personal information disclosed is relatively benign, the breach was isolated and has been closed. LMW continues to work with the affected corporate partners to lift suspensions, recover work flows and return to business as usual. LMW has not obtained any evidence that the data has been misused."
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jchancellor-FAypfDUnLy

LandMark White shares fall 10 percent after dark web data revelation

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All but two of Melbourne’s 31 metropolitan councils are increasing rates next financial year by an average of 2.25 per cent, according to the Herald Sun.
Monash wants to bust the cap, pushing for a 3.53 per cent rise in rates unless it can introduce a new waste charge to deal with the recycling crisis.
China's ban on some recycling imports, including those from Australia, is behind the desire.
Victoria previously exported the majority of its recycling to China, where it was processed and used to fuel factories.
Major recycling companies including Visy, SKM and Polytrade would pay councils about $60 to $70 a tonne for the contents of residents' yellow bins and sell it to China at a higher price.
Now unable to do that, it is understood recycling companies plan to charge councils about $60 a tonne to take the material.
The Glen Waverley-based Monash council is one of a few that doesn’t currently have a separate rubbish levy.
The usual annual rate rise is mandated to be a maximum of 2.25 per cent, but waste charges are excluded from that cap.
Nillumbik will increase rates by an average of only 1.95 per cent. Mayor Peter Clarke, who froze rates last year, has been a long-time critic of council budgeting practices.
Several councils are also increasing their waste levies in the wake of the China recycling crisis. Bayside is proposing a 40 per cent, or $92.75 rise, to $324.55.
The paper suggests thousands of Victorian households will be hit with bigger-than-expected rate rises when notices go out next month.
Despite the state government cap of an average 2.25 per cent, high property revaluations will push up rates for many families above that limit, with estimated annual increases of up to $100 likely.
In the City of Melbourne, 57 per cent of ratepayers will pay more than the cap, with households in East Melbourne and Kensington hit hardest because of rising property values.
CBD and Docklands residents can expect their bills to be level with the cap or below, Deputy Lord Mayor Arron Wood said.
Ratepayers Victoria wants independent financial monitors to check on councils’ finances and the rates they charge.
Spokesman Frank Sullivan told The Herald Sun rate increases should not be automatic and the monitors would see if ratepayers’ money was used wisely.
In Stonnington, chief exec­utive Warren Roberts confirmed that almost one in three homes would receive a general rate rise above 2.25 per cent.
“The average residential rate increase is approximately $31 for the year, or 60 cents per week,’’ he said.
In Port Phillip, mayor Bernadene Voss said 28 per cent of ratepayers would receive an above-cap bill.
In Hume, in Melbourne’s outer north, about two-thirds would pay more.
In the outer-eastern Yarra Ranges, 58 per cent will pay above the cap, while in Hobsons Bay the figure is 68 per cent.
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Melbourne council rates set to rise

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The global real estate services company JLL has bought the valuation business, Propell National Valuers.
The deal sees Propell's 200 staff from every state and territory added to JLL's 2300-strong workforce.
JLL Australia chief executive Stephen Conry said the acquisition had been made carefully within the heated residential market. 
Propell completes about 100,000 residential valuations per year.
It has been reported JLL's reputed $25 million acquisition will give it clout in the residential segment, taking on valuation companies such as Herron Todd White, which does more than 300,000 valuations per year, CBRE and Opteon Property Group. 
JLL has doubled revenue from its valuations business in the last five years.
Propell chief executive Bart Mead will continue his senior leadership role at JLL Australia.
Propell’s Head office is in Brisbane.
The business in Australia will continue to operate as Propell – a JLL company during an initial transition and integration phase.
Picture above is of Propell CEO, Bart Mead, (left), with JLL Australia CEO, Stephen Conry.
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JLL buys Propell National Valuers

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The two Sydney municipal districts experiencing the highest annual increases in median residential land values were Willoughby (up 37% to $1.08 million) and Bankstown (29.4% up to $519,000).
Their increases were more than double the overall 13 percent statewide residential increase, thereby possibly tipping further investors into the land tax web which applies to investment property with a value above the revised $432,000 threshold.
The NSW State Government threshold applies to the combined investment property portfolio of individual investors, businesses and SMSFs, excluding principal place of residence. 
Highlighting the Sydney property price momentum, Hornsby (up 25.3% to $554,000), The Hills Shire (24.4% to $504,000), Canterbury (21.4% to $438,000), Marrickville (19.9%), Warringah (19%) and Manly (18.6%), the electorate of the State Premier, Mike Baird, also had above average increases. Leichhardt was up 17.4 per cent.
Overall residential land values for NSW increased by 13 per cent in the 12 months to 1 July 2014, compared to a 3.2 per cent increase for the year to 1 July 2013.
The escalation follows several years of relatively flat valuations.
The valuation surge has pushed a further four Sydney local government areas (LGAs) into the $1 million plus category for median residential land value.
Waverley, Hunters Hill, Willoughby and Manly have joined Mosman and Woollahra.
The pricey eastern suburbs regained the crown from the lower north shore as Woollahra overtook Mosman, becoming the LGA with the highest median residential land value of $1.4 million (a 13.8% increase from 2013). 
With the slowest growth among Sydney metropolitan LGAs of 6.9 per cent, Mosman median land value stands at $1.39 million, but still someway ahead of Waverley ($1.12m), Hunters Hill ($1.09m), Willoughby ($1.08m) and Manly ($1.05). North Sydney and Lane Cove just fall short of the million dollar median value.
North Sydney and Ryde were the only other LGAs that recorded growth of less than 10 per cent (9.6% and 9.2% respectively). 
No metropolitan LGAs recorded negative growth. 
The biggest overall market trend has seen increases for land values predominantly occur in the Sydney basin. 
The major non-metropolitan centres showing the highest residential median land values were Newcastle ($255,000) and Wollongong ($248,000).
Newcastle recorded the greatest growth in median residential land values over the 12 month period at 10.4 per cent, followed by Wyong with growth of 9.1 per cent. 
A number of regional LGAs performed strongly including Gilgandra (an increase of 30%), Coonamble (20%), Oberon (20%), Dubbo (19.4%), Newcastle (10.4%), Bathurst Regional (9.6%), Wyong (9.6%) and Kiama (9.5%).
LGAs close to Canberra had the highest median land values of inland centres, with Queanbeyan ($266,000) the highest followed by Yass Valley ($172,000). 
A total of 22 LGAs in the state experienced a decrease in median residential land values for the 12-month period, with the largest decrease experienced in Cobar ($23,200) with the median residential land value dropping by 10 per cent. Five other inland LGAs experienced negative growth of five per cent or more in median residential land values, Broken Hill ($17,600), Tumut ($66,500), Guyra ($53,400), Moree Plains ($36,900) and Griffith ($79,500).
There was no change at other lgas including the Eurobodalla median land value of $155,000 and Shoalhaven’s $158,000.
The value of all land in NSW has increased by more than 11 per cent, exceeding $1.12 trillion, in the 12 months to 1 July 2014, according to new figures released by NSW Valuer General, Simon Gilkes, who replaced Philip Western, who endeavoured to make a start at ridding the system of its many flaws during his 11 year term. Simon Gilkes, the deputy General Manager and Director, Valuation Services, Land and Property Information, is the acting Valuer General. 
As part of the 1 July 2014 valuation program, the LPI Department assessed almost 2.5 million residential, rural, business and industrial land values for properties in NSW across the 152 lgas.
Valuers analysed over 43,000 property sales across NSW to determine the 1 July 2014 land values; with specific property sales the most important factor considered when determining fresh land values.
Every year approximately one third of Local Government Areas (LGA) receive new valuations to assist with setting rates. Ku-ring-gai, the Hills and Leichhardt will use the updated data when setting rates in 2015.
Some 882,000 Notices of Valuations are being sent to landholders in 45 LGAs this month, showing the value of properties based on market conditions as at July 1, 2014.
The 45 councils will review their rates model for this year based on the new land values.
Land values are one of the factors councils will use set each landholder’s rates.
“Increases or decreases in land values do not necessarily lead to similar increases or decreases in rates.” Mr Gilkes said.
The land values were prepared by valuers contracted from 17 firms across the state. 
“The values are then subject to rigorous quality assurance including statistical testing by the University of Western Sydney,” he said. 
“For 1 July 2014 residential land values in more than 94 per cent of LGAs met or exceeded internationally recognised measures of consistency and accuracy. 
“We are also improving our information to the community and making it easier for landholders to raise concerns and understand how their issues are being addressed.” 
Landholders concerned about their Notice of Valuation can have it independently reviewed by lodging an objection.
About 0.1 per cent of Notices of Valuation required amendment following the 2013 valuations. 
However the NSW Parliament's last two inquiries into the valuation system found the existing processes associated with land valuation objections, valuations for just terms purposes and related objection processes remained "unfair and inadequate." 
Landholders have 60 days to request a review of any land value on the Land Tax Assessment from the date it was issued. Land tax clients cannot object to their average land value.
Objections must be based on individual land values that appear on the land tax assessment. Land tax clients may object to all three years' land values, upon the receipt of their land tax assessment.
Land value is the value of the land only, and does not include improvements such as the houuse or other structures. But it thereby nabs investors with houses on land more so than investors with units in apartment blocks. For strata units, the land value for each individual strata lot is calculated on a proportional basis using the unit entitlement for each lot and the aggregate for the strata scheme. 
<a href="https://www.apps08.osr.nsw.gov.au/erevenue/calculators/landtax.php#anc_calc" target="_blank">Land tax is $100 plus 1.6 per cent of the land value of investment properties above the $432,000 threshold</a>, which jumped from $412,000 in the past year.
Land tax is applied to the value of any property owned or jointly owned that is above the land tax threshold as at midnight on December 31. A landholder with one or more parcels of taxable land (such as investment properties, holiday houses or commercial premises), may be liable for land tax if the total value of land exceeds the land tax threshold.
Values are determined as at 1 July, preceding each land tax year. 
The latest 2014 valuations are being posted online over the next month, with the Valuer General allowing NSW property owners to conduct five <a href="https://www.valuergeneral.nsw.gov.au/your_land_value/land_value_search" target="_blank">free online valuation searches</a> following <a href="https://shop.lpi.nsw.gov.au/wps/portal/lpma/lpi-shop/land-values/register/!ut/p/b1/04_SjzQyMDAwNDI2NzDWj9CPykssy0xPLMnMz0vMAfGjzOKDnZxCTR0NzQwNzJ1dDDwNzfxMnEMNvVw9zfWDU_P0c6McFQF2_pit/" target="_blank">registration</a>.
Hardly sufficient as since 2007 and subsequent tax years, the value used to determine land tax liability is the average of the land value for the current tax year and the land values for the previous two years, each of which is available one at a time.
News Ltd papers estimated the average land tax bill in the City of Sydney will increase from $2212 in 2014 to $3,300 this year.
It estimates the land tax bill for the investor owner of an average plot of land in Willoughby will rise from about $6000 in 2014 to around $10,000 this year. 
 
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Willoughby, Bankstown and Hornsby property investors face higher land tax bills

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When looking to buy a property, the one thing that concerns every purchaser is how much the property is really worth.
As one of the most expensive purchases of lives, it’s understandable to be concerned about overpaying.
However, determining “market value” is trickier than it sounds. While it is effectively true that "market value" is whatever the market will pay for the property when it sells, this advice doesn’t do new buyers, or even experienced buyers, any favours when they’re working out what they should prudently offer or bid for a home.
The methods to work out what you should pay are varied and some of them require a lot of time and effort.
Heading to the suburb’s median price may be on many a person’s “top” thing to do to get an idea of value in a suburb. However, this is fraught with difficulty. Here are four things you should know about median price first, before deciding to use this as a way to determine value (it’s not).
With median prices ruled out, what are we left with?
Buyer’s agent Patrick Bright says that it is through comparative market analysis that buyers will work out the best price to pay. That is, looking at other properties on the market or hose that have recently sold and using this to get a gauge for what this property should sell for. This isn’t a bad technique.
He suggests that 100 comparable homes are inspected. Quite an undertaking.
“When I started in real estate as a selling agent I didn't really have a clue what homes in the area were worth. The owner of the real estate office said to me, 'Patrick, you need to learn what the market value is of homes in the area. I want you to go out and see as many properties as you can in the next few weeks'. He told me I had to inspect each home and document all its relevant features,” writes Bright.
“I decided that I was going to inspect 100 properties and so I pretended to be a home buyer for about four weeks. I covered four or five suburbs, looked at a little over 100 properties and took notes on each one. I wrote down the asking price and what I thought they were worth and followed them up after they'd been sold,” he explained.
He attended a lot of auctions as well, and by the end of the month he was fairly confident about what the market was doing and what properties were worth.
He says this is some of the best advice he has ever received and <a href="/expert-insights/investing/how-to-determine-a-propertys-true-value-patrick-bright">while it’s a lot of work, it’s worthwhile</a>.
Meanwhile, Michael Matusik points to rental returns as a key factor in determining value, particularly for investment properties. He says that they should really be used as the benchmark.
“And the 5% gross rental return – the old school marker which essentially converts to $1 in weekly rent for every $1,000 spent buying a property – is still the most accurate measure, in my opinion, to help determine investment value,” he writes in his explanation.
Technology is increasingly looking to make our property research easier. The new app RealAs looks to present predictions of what the properties are worth, and notes that they do so with a high degree of accuracy – factoring in features like what is on the market and comparable aspects.
Sadly, the algorithm is a closely guarded secret and is not available for everyone to play around with – but it <a href="/news/can-this-algorithm-determine-what-a-bad-property-is">does allow you to plug in any property that’s on the market right now and see their estimate</a>.
Then there’s the option to pay for a professional valuation. There are four types:
<ol>
<li>Full valuation 
</li>
<li>Short form or pro forma valuation 
</li>
<li>Restricted valuation (to include “restricted assessment”, “kerbside” and “drive by” valuations) 
</li>
<li>Desktop (to include electronic valuer review - EVR)</li>
</ol>
Source: RP Data
If you want to know the differences between these valuations, and how each of them is calculated, you can <a href="/news/how-much-is-my-home-worth-judging-a-propertys-value">read our in-depth explanation here</a>.
See over page for the things you must know about valuations.
<hr class="system-pagebreak">
A valuation may appear to be the natural way to answer this question of what your property is worth, so let's take a closer look.
<blockquote>
MUST KNOW ELEMENTS:
<ul>
<li>It's not an appraisal</li>
<li>They're not an exact science</li>
<li>There are multiple types of valuation</li>
<li>Comparables are heavily relied upon</li>
<li>You can assist the valuer</li>
</ul>
</blockquote>
There are also many reasons why you’d want to get an independent valuation – observer<a href="/expert-insights/investing/five-great-reasons-to-get-an-independent-valuation"> Cameron McEvoy aptly describes five crucial reasons you’d consider this</a> - and so it pays to be aware of what is involved.
Here are five ‘must know’ elements of valuations:
<img src="/images/2014/07/04/yellow-one.jpg" alt="" style="float: left;">It’s not an appraisal
You may have had an appraisal with a real estate agent and now believe that your home can fetch in excess of $630,000 on the current market. This may be the case, however a real estate agent’s appraisal is not a valuation and will not be accepted by the bank as such.
While most real estate agents act with professionalism, investors must be aware that it’s not unheard of for real estate agents to alter the appraisal they provide you to match your expectations and to be fairly bullish with their appraisals to secure a listing.
A valuer, however, is immune to these pressures, tasked with one job and one job alone – valuing your home.
<img src="/images/2014/07/04/yellow-two.jpg" alt="" style="float: left;">They’re not an exact science
It will be of no surprise to any savvy investor that figuring out the price of a property is never an exact science, even for those trained in the valuation field. Similarly, obtaining two different valuations also isn’t an unheard of occurrence and is the reason many investors will head to a different bank to obtain financing, particularly after a renovation.
Observer <a href="/expert-insights/investing/the-murky-waters-of-bank-valuations-mark-armstrong">Mark Armstrong refers to bank valuations as being ‘murky waters’</a>. “Remember if a valuation comes in too high and the bank loses money on the loan then the valuer maybe legally liable,” he notes, which may suggest why there is also a general impression in real estate that valuers are conservative with their estimates.
Similarly, it has been pointed out time and time again, such as <a href="/expert-insights/investing/home-valuations-can-be-subjective">by Mal James in this article</a>, that valuers are subjective. This is because they are human beings, and they act with the information provided and their knowledge to come up with the best possible response.
<img src="/images/2014/07/04/yellow-three.jpg" alt="" style="float: left;">There are multiple types of valuation
While we’re focusing on a fairly rigorous in-person valuation, there are a number of different types of valuations. From the DIY desktop valuation (which have <a href="/expert-insights/investing/diy-website-property-valuations-mostly-askew">varying results of accuracy</a>), to the ‘kerbside’ drive by valuation, be aware that not all are created equal.
RP Data lists four different types of valuation that you'll want to understand:
<ul>
<li>Full valuation</li>
<li>Short form or pro forma valuation</li>
<li>Restricted valuation (to include “restricted assessment”, “kerbside” and “drive by” valuations)</li>
<li>Desktop (to include electronic valuer review - EVR)</li>
</ul>
<img src="/images/2014/07/04/yellow-four.jpg" alt="" style="float: left;">Comparables are heavily relied upon
One of the major aspects that valuers look at to come up with a final figure is that of 'comparables'. That is, recent sales in your area that are close to your property in location and type. A valuer will be required to judge whether your property is superior or inferior to these sales, and so adjust their valuation accordingly.
If you want to get an idea of how the valuation may stack up, it'd be worth finding out the latest sales that they will be looking at. This also means that for properties in remote areas, or unique style homes, it will be trickier for the valuer to come up with a figure and, therefore, more subjective and down to interpretation.
<img src="/images/2014/07/04/yellow-five.jpg" alt="" style="float: left;">You can assist the valuer 
As with any property, present it with its best foot forward for the best change of securing a good valuation. While valuers do not want to be harassed, told how to do their jobs or provided information that could sway them against the numbers, you can be helpful and provide information about improvements undertaken since purchase.
Be on site, ready to ask and answer questions, and have all the information about your property on hand.
Despite the reasons to get a valuation, there’s always the other side of the argument. If you’re considering a valuation, you may also want to hear <a href="/expert-insights/investing/property-valuations-a-waste-of-time-and-money-terry-ryder">Terry Ryder’s thoughts on why valuations are a “waste of time and money”</a>. Late last year, Property Observer also covered a heated debate that asked for an ‘overhaul’ of the valuations industry.
Tips for those wanting to get the best from a valuer:
<ul>
<li>Provide them a list of comparable sales (potentially inside the same project, as well as some that are not). While not all valuers will use them, some will. 
</li>
<li>Apply for finance six months before completion, not six days and if you find the valuation comes in low it gives you time to get a third and a fourth. 
</li>
<li>Attain your own valuation, using a valuer that is on your bank's panel of valuers. 
</li>
<li>Ask to see a soft valuation so you can check the comparables used and the comments made. 
</li>
<li>Bear in mind that the valuer often has a different valuation for mortgage purposes as opposed to sale purposes. But mainly: 
</li>
<li>Do your research beforehand.  Go out and look at 100 or even 10 before you make a purchase decision. If you've done your research you should be confident it will value up.</li>
</ul>
Source: CPM Realty
FURTHER USEFUL READING 
<a href="/expert-insights/finance/how-to-get-property-valuations-right-terry-hayes">How to get property valuations right</a>
<a href="/expert-insights/investing/property-valuation-101">Property valuation 101</a>
<a href="/expert-insights/letters-to-the-editor-valuation-experiences">Letters to the editor: Valuation experiences</a>
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jduke-EHk3XBmHkn

How to: Determine market value so you don’t overpay

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GUEST OBSERVATION
This article is a response to Property Observer article “<a href="/expert-insights/how-independent-is-a-property-valuer">How independent are property valuers?</a>” 
Q: How independent is a property valuer?
A: Very.
Propell prides itself not only their level of independence but also their commitment to quality. Propell valuers are all registered with the API and have received certified qualifications, and as rightly pointed out by Edwin Almeida in his Property Observer article 'How independent is a property valuer', valuers undergo years of university-level training to complete the jobs they do.
Propell’s well document quality management process is regularly communicated to clients, and updated to reflect changes in the market and property industry in general.
Time pressures are a reality in any professional services environment, however our valuers continuous commitment to quality is paramount.
Our staff are governed by the Australian and New Zealand valuation and property standards, as set out by the Australian Property Institute and these include strict guidelines in relation to independence, ethics, honesty and professional competency. The maintenance of these standards are not a matter of opinion, they are a professional requirement.
Propell valuers are accredited and experienced in the valuation industry and all work to ensure internal quality assurance and compliance to API standards. As stated by the API: “Following accreditation, CPVs continue to update their knowledge with regular professional development courses within the API. And this means that rather than dealing solely with statistics or relying on ‘gut feeling’, CPVs have a hands-on, professional approach and work with well-established processes and standards to produce valuations that are robust, reliable and independent.”
Our sophisticated valuer support department means our teams of valuers are backed up by a comprehensive and highly effective support model, allowing the maximum amount of time between appointments, always ensuring valuers have adequate time to appropriately assess the property in question and provide an accurate valuation figure.
We encourage owners to prepare information and do their homework when preparing for their property to be valued. The process of valuing a property is not at all simple, and the more information our teams have access to, the better. Our independent and internal research department also equips our teams with the most up-to-date and property intelligence, market information and factors affecting the areas, ensuring valuation figures are not only independent, but are sound, reflect the market but also comply with all standards as set out by the Australia Property Institute.
Bart Mead is CEO of <a href="https://www.propell.com.au/" target="_blank">Propell</a>. 
Mark Nassif is COO of <a href="https://www.propell.com.au/" target="_blank">Propell</a>.
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