Lendlease Residences One &amp; Two at One Sydney Harbour have hit 83 percent sold.

The company updated the sales tally in an ASX half yearly report.

There have been 530 of the 637 apartments sold for $3.1 billion.

In mid-2021 Lendlease announced the establishment of a joint venture with Mitsubishi Estate to deliver Residences Two, the second residential tower at One Sydney Harbour, Barangaroo.

Mitsubishi Estate already held a 25 per cent interest in Residences One at One Sydney Harbour.&nbsp;

Rising 235m above Sydney Harbour, Residences Two, has an estimated value of $1.7 billion.

It will comprise 322 apartments across 68 levels.&nbsp;

Its initial off market sales campaign, followed by the 2021 public sales launch, saw pre-sales on the project sit at 59 per cent last July.

Construction of Residences Two is expected to be completed by mid to late 2024.&nbsp;

One Sydney Harbour, comprising three residential towers, is the final piece in Lendlease&rsquo;s award-winning, mixed use, carbon neutral precinct, Barangaroo South.

Residences One hit 85 percent sold in May last year, having been launched in &nbsp;2019 when a record $140 million was paid for its penthouse.

Lendlease will soon release One Sydney Harbour&rsquo;s third and final residential tower, Watermans Residences, which will sell on-market priced from $1.42 million for a one-bedroom apartment.&nbsp;

&ldquo;This exceptional $3 billion milestone in sales for our Residences One and Two is a testament to the strength and resilience of the Sydney residential market and speaks to high demand of local owner-occupiers and downsizers who recognise this once-in-a-generation opportunity,&quot; Tom Mackellar, managing director Development, Lendlease said.

The company updated the sales tally in a report to the ASX 

jchancellor-FAypfDUnLy

Lendlease Residences One & Two hit 83 percent sold at Barangaroo South

The Forme project by Mirvac at Doncaster has neared being half sold.

The ASX listed company advised sales tally sat at 48 percent in its update last week.

Forme was launched last July with prices starting from $425,000.

Mirvac&#39;s prior update last October on sales was that 28 percent of its apartments had sold within the tranquil former 47-hectare Eastern Golf Course at Doncaster.

[smartcode_project:default project_id=100322 project_image_fid=163028]

Forme will feature 93 residences at 57 Stables Circuit.

It has an expected $82 million completion value for the mid-rise project which is under construction.

Forme is the third and final apartment building at the Tullamore precinct which included Phoenix and Folia.

[smartcode_project:default project_id=100322 project_image_fid=167722]

Mirvac head of residential, Stuart Penklis says that the &quot;project demonstrated the ongoing demand for quality, well designed apartments supported by exceptional amenity.&quot;

Forme was designed by the Mirvac Design team to be set within sculptured gardens by landscape architect Paul Bangay with more than 20 per cent of the Tullamore precinct dedicated to green open spaces, including pocket parks, adventure playgrounds, undercover barbeque and picnic areas as well as walking and cycling tracks to encourage an outdoor lifestyle.&nbsp;

[smartcode_project:default project_id=100322 project_image_fid=163026]

Forme&rsquo;s construction is by mid-2023.

On its launch, Mirvac design director Michael Wiener noted with more people now working from home, Mirvac incorporated study spaces in the majority of its two and three bedroom apartments.

Forme will feature Melbourne start-up Allume Energy&rsquo;s distribution technology, SOLSHARE in some of the apartments.&nbsp;

A unique technology, SOLSHARE allows residents to share power from a single solar system, which is anticipated to deliver up to 40 percent energy savings, based on average residential household usage.

[smartcode_project_cta: project_id=100322]

Mirvac gave a sale update last week for exchanges and deposits as at December 31

Forme, Tullamore hits 48 percent apartments sold

The Victorian government has announced a review of laws applying to the property industry.

The review will look at off-the-plan sales, the weekend announcement advised.

Buyers will be able to give feedback when the department posts its survey at www.engage.vic.gov.au/property-market-review

It will also look at auction price underquoting which were last reformed in 2016 when all auction properties listed for sale needed to advertise a price guide and list recent comparable sales.

The review will be conducted by former Real Estate Institute of Victoria chief executive Enzo Raimondo with others on the panel including reform expert Claire Noone from Nous Group, and former co-chief executive of the Consumer Action Law Centre Carolyn Bond.

Amid heightened affordability concerns, the Consumer Affairs minister Melissa Horne said it was &quot;important to make sure our laws are still best practice.&rdquo;

It follows some 383 complaints about potential underquoting being lodged with Consumer Affairs Victoria between February and April last year.

Its inspectors visited 29 agency offices in May and found 17 had flouted underquoting laws, triggering more than $300,000 in fines.

The review will look at upfront costs for buyers along with whether real estate agents have the skills, education and expertise they need to maintain good industry practice.

The review will also cover whether real estate agents have the skills, education and expertise they need to maintain good industry practice

Off the plan sector under review by Consumer Affairs Victoria

The development site at 215-217 Jefferson Lane, Palm Beach has been listed for auction.&nbsp;

The property will be sold at on-site auction on March 4 through Tony Grbcic and Adam Grbcic, at Kollosche Commercial.

It is marketed as &quot;an irreplaceable opportunity to purchase a rare double block with absolute beachfront access on the highly desirable and sought-after Jefferson Lane location.&quot;

It is a 817sqm corner site with 20 metre frontage to both Jefferson Lane and Thirteenth Avenue.

The development plans for a prestige 9 level residential only building were lodged last June.

The application was approved with a development permit issued by Gold Coast Council in November last year.

The plans were a clam-shell-inspired apartment tower by Quahlee Property.

The owners of the properties are Christina Quinn, the former owner of Darrel Lea and VIP Petfoods, and Quahlee sole director Felicity Spittle, who was a former chief financial officer for both the Quinn companies.

The Contreras Earl design was for two basement levels, a communal ground level with a pool and eight residential floors.

There are eight three bedroom full floor apartments.

The 215 Jefferson Lane site is a recently a cleared and demolished site while 217 Jefferson Lane has a 2-storey, duplex.

&quot;This opportunity would suit both local and interstate developers,&quot; Tony Grbcic said.

He noted &quot;the current growth on the Gold Coast coupled with the next light rail stage passing this property in the coming years.&quot;

The listing agents expect interest from both local and interstate developers

Palm Beach apartment development site listed for auction 

NINE at Willoughby, Sydney has seen sales of 70 per cent of its released lots.

Mirvac is developing the Nine Network&rsquo;s headquarters in Willoughby after paying $249 million for the 3.2 hectare site at 6-30 Artarmon Rd.

Nine had broadcast there from 1956, vacating last year when it moved to Winten Property Group&rsquo;s new 39-storey tower at 1 Denison Street in North Sydney.

[smartcode_project:default project_id=93788 project_image_fid=186244]

NINE by Mirvac, Willoughby is set to deliver 442 apartments all up, in stages. The current offerings are in two of the 10 buildings, the Overture and Montage buildings.

The one&nbsp;bedroom prices start from&nbsp;$820,000. The two bedrooms are from&nbsp;$1,520,000. There are also three bedroom abodes.

It has been designed by Mirvac Design &amp; CHROFI with the landscaping by McGregor Coxall. Its interiors will be a collaboration by MIM Design and Mirvac Design.

It will be a landmark community on Sydney&rsquo;s north shore &quot;expected to set a new benchmark in the area.&quot;

[smartcode_project:default project_id=93788 project_image_fid=186243]

NINE by Mirvac will be a contemporary collection of low-rise apartments.

Renewal of the former home of broadcasting will deliver 6,500sqm of open space.&nbsp;

Tai Ropiha director of architects CHROFI said the designs blended the urban and the natural to create a sense of calm and timelessness.

Inside, the homes will have modern finishes that make them &quot;both functional and practical.&quot;

The latest Mirvac results advised the first update on sales at NINE at Willoughby

NINE by Mirvac, Willoughby apartments, hits 70 per cent sold off the plan

Listed property developer Mirvac sees an upward trajectory around the economy, and the reopening of international borders as set to help its apartment sales.

Building supply cost issues were being managed.

&ldquo;Despite the roll off of stimulus measures, we continue to see strong demand from upgraders, right-sizers, and first-home buyers who are attracted to our reputation as a trusted developer, as well as our well-located, quality product,&quot; Susan Lloyd-Hurwitz, its chief executive officer noted.

&quot;Broader fundamentals also remain positive, with limited supply, pent up demand and the impending return of overseas migration.

&quot;We are able to effectively manage supply chain impacts and labour shortages related to the pandemic.&rdquo;

&ldquo;We&rsquo;re on an upward trajectory around the economy,&rdquo; Susan Lloyd-Hurwitz said.

Mirvac has a 50-year history of creating high-quality apartments and masterplanned communities with a $16.4bn residential development pipeline including over 26,000 lots weighted to Sydney and Melbourne.&nbsp;

It includes lots acquired over the recent quarter at Cobbitty in Sydney&rsquo;s south west (approximately 950 lots) and additional lots at Smiths Lane in Melbourne (approximately 300 lots).

[smartcode_project:default project_id=28168 project_image_fid=186033]

Their ASX update noted the COVID-19 pandemic presented a number of challenges including supply chain disruptions, labour shortages, and an economic slowdown.&nbsp;

&quot;These challenges continue to present a risk to Mirvac&rsquo;s operations,&quot; it noted.

&ldquo;While we had expected to see conditions normalise in the first half of 2022, the spread of Omicron has presented a number of challenges.&nbsp;

The report noted Mirvac would &quot;continue to closely monitor our operating environment.&rdquo;

Mirvac posted a 44 per cent jump in first-half profit to $565m after strong residential sales amid the pandemic.

However Mirvac chief executive Susan Lloyd-Hurwitz kept guidance unchanged adding the developer would closely monitor the operating environment.

Mirvac settled 1,303 residential lots and was on track to deliver more than 2,500 lot settlements in FY22.&nbsp;

It noted defaults over recent months fell back below 2 per cent, in line with historical averages.

It exchanged 1,814 lots during the quarter, with &quot;strong sales&quot; particularly in its Melbourne projects,

[smartcode_project:default project_id=100322 project_image_fid=167722]

The residential pre-sales increased to approximately $1.5bn.

It released over 1,580 lots, including the launch of four major apartment projects in Sydney and Melbourne.

Residential EBIT in 1H22 was 17 per cent higher compared to 1H21, driven by higher lot settlements (up 21 per cent), largely from MPC projects at Smith&rsquo;s Lane, Tullamore and Woodlea, and our apartment project, Voyager at Yarra&rsquo;s Edge, all in Melbourne.

It noted a higher development margin in 1H22 has been driven by stronger apartment margins.&nbsp;

&quot;Strong sales activity is demonstrated by a more than 30 per cent increase in lot exchanges over the prior corresponding period and our pre-sales increasing to $1.5bn.

The developer says it was managing costs 

Mirvac boost residential supply with lots in Sydney’s south west and Smiths Lane, Clyde North

Pama Casuarina, the $75 million Casuarina Beach residential development, has seen more than 65 per cent of the project sold within four weeks of hitting the market.

Helping to generate sales of more than $45 million is that Pama be the first apartment complex to be zoned for permanent residents. Local purchasers were the first to secure apartments with nine selling to buyers living within 10 kilometres of the development site.

All other multi-level apartment buildings in the town have a resort accommodation zoning, which limits owner occupation to three months a year.

Holm Developments and DeMartini Fletcher are undertaking the project in a joint venture.

Their 4083 sqm site is in the centre of Casuarina Beach, at 5 Grand Prade, which is 40 minutes north of Byron Bay and 18km south of Tweed Heads.

Holm Developments proposes 47 two, three and four-bedroom apartments across four levels.

The prices are from $1.065 million for a 120sq m two-bedroom apartment. The three bedrooms are priced from $1.565 million.

Plus Architecture has sought coastal residences that capture the essence of the village&rsquo;s laid-back beachside culture.

PAMA is probably its most tropical-inspired design, architect Danny Juric said.

The project&rsquo;s resort-style amenities will include a 20m heated pool with a sand beach, a barbecue kitchen and bar area, outdoor showers and designated dog wash bay.

PAMA is the 18th coastal project Plus Architecture unveiled in 2021, but the first just over the NSW border.

Plus Architecture ensured every apartment can capture views of the ocean in its design of Ni&ntilde;a, the latest Chevron Island apartment development.

The second Chevron Island project from the Sydney-based Macquarie York, Ni&ntilde;a will rise 23 levels from its Parnerno Street address.

[smartcode_project:default project_id=108640 project_image_fid=186291]

Late last year longstanding South East Queensland developer, Drew Group, got the green light from the City of Gold Coast for the Lagoon project - the largest single-site to be developed at Main Beach since the 1990s.

Lagoon, which will launch to the market in early this year, has been designed by Plus Architecture, has 248 apartments across two towers at 11 Cronin Avenue.

The towers, 23 and 31 levels, will have 189 two-bedroom apartments and 59 three-bedroom apartments, along with a selection of garden terraces, three-bedroom sub-penthouses, and dual-level, four- bedroom penthouses.

[smartcode_project:default project_id=108747 project_image_fid=188174]

Plus Architecture has also designed a 38-level tower which will home 35 full-floor apartments at Surfers Paradise for the local developer Ayrton Mansi.

The plans for 17-19 First Avenue, 200 metres from the beach, saw Plus Architecture say the design was inspired by the &quot;dynamic theatre of the ocean.&quot;

There&#39;s also the six-storey development, Cleo, at 2265-2269 Gold Coast Highway in the heart of Nobbys village precinct designed by Plus Architecture for Big Projects, the local Gold Coast development and construction firm.

The $75 million Casuarina Beach residential development has seen more than 65 per cent of the project sold 

Plus Architecture design for permanent apartment residency at PAMA Casuarina

Central Element has secured a $7 million sale in Pienza, its Neutral Bay apartment development.

The $180 million project was launched in December.

The second floor, three-bedroom comes with 212 sq m of internal space and a 27sq m balcony.

It comes with a sunny north east aspect at its location on the corner of Waters Road and Grosvenor Street.

[smartcode_project:default project_id=29544 project_image_fid=188794]

The downsizer buyer had been looking for over a year.

The project's completed is scheduled for late 2023. Central Element's Pienza Neutral Bay Village project on Sydney's Lower North Shore has project financing from MaxCap Group.

The one-bedroom apartments are priced from $1.45m, and two-bedders from $2.45m to $3m.

[smartcode_project:default project_id=29544 project_image_fid=188793]

Its three-bedroom apartments range from $4.5m to $5.3m. 
&nbsp; 
Residents of the village will have access to a rooftop garden, infinity pool and lower ground shopping and dining areas.

Central Element managing director Nathan Chivas noted the $7m sale set a new price record within the popular village precinct of over $33000 per sqm.

Designed by award-winning SJB Architects, the 39 apartments have interiors more synonymous with a grand house than an apartment including butler’s pantry, home office and powder room.

The build of Pienza is being done by Richard Crookes.

[smartcode_project_cta: project_id=29544]

The $180 million residential project by Central Element was launched last December 

$7 million apartment sale in Central Element's Pienza, Neutral Bay

Metro Melbourne had over 21,000 land sales in 2021.

It was more than at the peak of the market in 2017, according to the latest report from Red23.

The Western corridor had the highest share of new land sales in Melbourne with 41% of the sales made in Wyndham and Melton areas, where stock availability is also at the highest.

&quot;This was followed by the northern corridor comprising of Hume, Whittlesea and Pt. Mitchell with 25% of the market,&quot; Red23 managing director Terry Portelli&nbsp;noted.

The south east corridor sat at 22%. &nbsp;

<img alt="" height="540" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2022-02-09_at_10.12.12_am.png" width="685" />

But the fourth quarter of 2021 saw land sales fall 24% in comparison to the third quarter 2021 and 49% less in comparison to the first quarter of 2021 when sales were at its highest level.

The median land price in metropolitan Melbourne increased by 11% in the last 12 months, 9% in the last 6 months and 2.29% in the last month.&nbsp;

All municipalities increased in price over the last 30 days except for Whittlesea, falling back slightly.&nbsp;

Hume had the highest increase of 6.77% due to an increase in its median land size from 394sqm in November to 400sqm in December. Hume is a strong market where stock availability is at its lowest in more established areas around Mickleham and Greenvale and high demand for a variety of land sizes in Sunbury.

Greater Geelong had the highest year on year increase due to the pandemic. Prices increased 37% whilst the median land size remained unchanged. Approximately 5,500 sales were made in 2021 with the peak being in the second quarter 2021.&nbsp;

<img alt="" height="756" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2022-02-09_at_10.12.18_am.png" width="1043" />

&quot;Numbers dwindled towards the end of the year as stock availability fell,&quot; Portelli noted. 
&nbsp; 
Early 2022 is expected to continue 2021&rsquo;s success, he said, noting the economy remaining open, employment growth is at a healthy rate of 2.7% and the unemployment rate is below 5%.&nbsp;

He did note that consumer sentiment remains positive and has improved in January 2022 &quot;however, it is still significantly lower than at its peak in November 2020.&quot;

Active house and land projects in the Melton municipality include Harmony Estate at Strathtulloh, a suburb in the outer west of Melbourne.&nbsp;

[smartcode_project:default project_id=28717]

The suburb was gazetted in February 2017, following a proposal for eleven new suburbs by the City of Melton.

Late last year Harmony&#39;s stage 6 new land release was launched with the marketing advising the estate provided &quot;easy access to the M8 Freeway, train stations and all the neighbouring amenities, without the premium price tag.&quot;

It came just after the titles for stages 1, 1A and 2 were settling mid-year. Stage 4 titling was scheduled for January 2022.

Recent sales include a 448sqm block at $310,000.

Burbank has been offering house and land packages around $670,000 in its Strathtulloh offerings.

Lendlease is undertaking Atherstone, a masterplanned community positioned 40kms west of Melbourne&#39;s CBD and home to the future Cobblebank CBD.

[smartcode_project:default project_id=28710]

It offers buyers the flexibility to choose their own builder and home design after buying a block or alternatively choosing from one of the houses for sale in Atherstone.

Projects in the second busiest municpipality include Urban Square at Jubilee at 774 Ballan Road, Wyndham Vale by Jubilee.

Purchasers are encouraged to start building their homes within 12 months of settling on their block, with homes to be completed within 12 months of construction commencing.

For buyers seeking new builds, construction is underway at Onyx Estate, set for completion in late 2022, by the Heiyu Groups.

It is a series of two and three-bedroom townhomes in an established part of Tarneit, west of Melbourne.

Established in 2014, Heiyu Groups has undertaken 28 projects.

The Casey muncipality in the south east corridor has around 20 percent of sales, and the dearest median land price at $419,000. The nearby suburb of Berwick is seeing significant housing construction headlined by Alira, the nearby master-planned housing estate at 322-340 Centre Road, Berwick.

With pricing from $530,960, Alira is a collection of townhomes, and house and land, popular with first home buyers, growing families or downsizing families.

Whittlesea is the next busiest precinct with ASX-listed developer Cedar Woods having recently opened a new sales office for its 64-hectare Mason Quarter masterplanned community in Wollert following a surge in demand for property in Melbourne&rsquo;s north.

Mason Quarter will accommodate over 800 dwellings and is located just 25 kilometres from the Melbourne CBD.

According to Cedar Woods&rsquo; Chief Operating Officer, Patrick Archer, land lots continue to sell out soon after each release.

Located on Craigieburn Road in Wollert, Mason Quarter is designed around new and existing amenity. The development includes plans for two schools, a community facility and is located within walking distance to the future Wollert town centre. The project is also in close proximity to the Hume Freeway, Metropolitan Ring Road, hospitals, shopping centres and public transport.

Mason Quarter will be delivered over the next eight years with large 368m2 land lots now selling from $397,500, subject to availability.

Wyndham and Melton areas is also where stock availability is at the highest

Melton and Wyndham dominate record Melbourne land sales for new housing: Red23

Sydney unit prices have recovered after the downward trend seen in 2019, according to the latest report by PRD Research.

Absorption of new and old listings has been very strong, it advised.

The inner ring 2021 median sale price sits at $1,050,000. It is $910,750 in the middle ring. The outer ring apartment median sits at $750,000.

The Sydney market update report divides the city into the inner-ring (0-5km from the city), middle ring (5-10km from the city) and outer-ring (10-20km from the city).

The middle ring saw the strongest price growth between 2017 - 2021 of 5.7% (+$48,750), just ahead of the outer ring&#39;s 5.6% growth (+$40,000).

[smartcode_project:default project_id=7758 project_image_fid=150461]

The inner ring price growth over the four years was 4% (+$40,000).

The inner ring saw the highest required vendor discount of 2%.

Sydney&rsquo;s inner-ring units have returned to selling faster than middle-ring units.

Despite a prolonged lockdown period in 2021, Sydney units are taking less time to sell in Q4 2021 compared to the initial COVID-19 lockdown in Q2 and Q3 2020.

[smartcode_project:default project_id=7758 project_image_fid=79424]

Sales volumes for established units in 2021 were well above the levels seen over the past three years. it added, noting the data was from APM Pricefinder, SQM Research, and ESRI ArcGIS.

Rental volume has decreased since the beginning of 2021 for both houses and units, indicating an undersupply, the report noted.

The inner median rental price sits at $595 per week after annual price growth of 8.2% ($45 per week).

The middle growth was 3.9% ($20 per week) to $530 per week.

[smartcode_project:default project_id=9187 project_image_fid=164856]

The outer median unit rental sits at $460 per week up 2.2% ($10 per week).

Due to median unit prices not seeing the same price growth in 2021 as houses, unit rental yields have increased in all Sydney rings.

Sydney&rsquo;s inner-ring recorded the highest rental yield and the highest growth.

The latest inner city apartment project announcement comes from property developer <a href="https://www.urban.com.au/news/nsw/dahuas-220-million-waterloo-apartment-precinct-plans">Dahua Group with plans for its major Waterloo precinct</a>.

The 1.7 hectare block, formerly an industrial site at 903-921 Bourke Street, Waterloo, will see four new buildings constructed, focused around a central plaza with retail and parks.

The tallest tower proposed with family-targeted terraces which address the park will have 147 apartments across its 20 levels.

Rental volume has decreased since the beginning of 2021 for units, indicating an undersupply, according to PRD Research

Jonathan Chancellor

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