Property developer Alta is planning to redevelop an office tower just off St Kilda Road, converting it into residential apartments.

Alta, which is being led by former Fridcorp co-owner Nigel Givoni, has paid around $27 million for the B-grade office asset on a 2,323 sqm site at 10 Queens Road, opposite Albert Park. They are planning a conversion to build to sell apartments.

During the campaign, there became a divergence between bids based on those looking to purchase for office use and those proposing residential redevelopment through adaptive reuse. That gap was over 30 per cent, Cushman &amp; Wakfield advised.&nbsp;

&nbsp;

Jozef Dickinson of Colliers Residential said “10 Queens Road is a prime example of a well-located but underutilised asset that can be repositioned to meet the evolving needs of the city.

"The St Kilda Road precinct, with its proximity to the CBD, Albert Park, and the new Anzac Metro Station underpins its higher and better use. Couple this with premium park and bay views, the site is well placed to support high-quality residential development.”

The site was bought from receivers for Taiwan-backed Everland Global. They had spent $59 million on the 19-level building in 2019 when they bought it from billionaire NBL owner and property developer Larry Kestelman.&nbsp;

Queens Road is where Mirvac is currently building <a href="https://www.apartments.com.au/new-apartments/the-albertine-by-mirvac-melbourne-31-queens-lane-melbourne-vic-3004">The Albertine,</a> just under 100 apartments that will complete in mid-2026.

The site was bought from receivers for Taiwan-backed Everland Global

Joel Robinson

Alta plots office to apartment conversion in St Kilda Road precinct

Rooftop pools are hard to come by in Melbourne.

While generally more of a trend in the Sunshine State due to the climate, Melbourne's gets plenty warm enough in Spring and Summer for the amenity that has been a little left behind in both the Victorian and New South Wales capital.

Projects by Crema decided to break the mould at its recently completed South Melbourne apartment development, The Eighth.

<a href="https://www.apartments.com.au/buildings/the-eighth-south-melbourne-22-kings-place-south-melbourne-vic-3205">The Eighth</a> is one of the least dense projects to be delivered in South Melbourne in years, with just 36 large-scale apartments across the 12-level building.

[smartcode_project:default project_id=5345 project_image_fid=269728]

It was about creating an inspiring space for residents to gather. Those who already call The Eighth home frequently head up to the roof, whether it's for a swim or for the bar and dining area, which offer sweeping views to both the Melbourne CBD skyline and Albert Park.

There's further amenity within the building, with an Italian eatery, serving from the early hours through to the mid afternoon, located conveniently on the ground level.

[smartcode_project:default project_id=5345 project_image_fid=269730]

Peter Kennon, the architect behind the building, described The Eighth as “a container for life”.

Kennon and Projects by Crema Founder Nicolas Crema bonded over their mutual frustration with buildings and residential developments that claimed to offer a superior lifestyle, but did not at their heart have an understanding of and appreciation for the way people really want to live, and that did not give residents the power to curate their own lifestyles.

They decided to create a place to live where people’s lives organically spilled over the edges of their private residences and into other areas of the building. And where spaces inspire feelings of belonging.

This shared vision has resulted in a building that is intuitive, easy living in its DNA. The thinking behind The Eighth and its design epitomises Kennon’s and Crema’s philosophy of lifestyle without compromise.

The building elevates everyday experiences and activities – like reading the paper or working in the downstairs café, meditating or exercising at lunch time, arriving home via a private lift at the end of the day, and catching up with family and friends at night by the rooftop pool – by centring the way people actually want to live now.

“To me, it’s about feeling comfortable in your own skin,” says Kennon.

“It’s the ability to craft a lifestyle and routine that enables you to spend time doing what you love and what makes you feel good. The Eighth works to the patterns of the people living in the building."

To cater for a variety of lifestyle far and above what spaces there are for residents, The Eighth also has a dedicated concierge service and on-site management to elevate the day-to-day experience.

[smartcode_project:default project_id=5345 project_image_fid=269726]

The apartments themselves have been crafted by interior design doyenne Miriam Fanning, whose focus tends to be more on luxury houses than apartment developments.&nbsp;

Her design studio, MIM Design, created the spaces with timeless materials, such as stone benchtops, cove lighting in bedrooms, stone baths in most apartments, and expansive glazing that draws in natural light while maintaining privacy.

[smartcode_project:default project_id=5345 project_image_fid=269730]

Located in South Melbourne, just one train stop from the CBD via the upcoming Anzac Station, The Eighth integrates private residences, co-working spaces, wellness facilities and hospitality offerings within a single, architecturally driven address.&nbsp;

&nbsp;

&nbsp;

There are only four apartments left to sell in the building. The generously-sized 128 sqm three-bed apartments start from just under $1.6 million.

[smartcode_project_cta:default project_id=5345]

Projects by Crema takes lifestyle elements sky high at The Eighth in South Melbourne

Recruitment industry boss Sarina Russo, who heads up&nbsp;one of Australia's largest education, training, and employment providers, is turning to residential apartment development.

An entity tied to Russo has filed plans for a skinny 36-level tower, on a <a href="https://www.urban.com.au/new-apartments/457-adelaide-street-brisbane-city-qld-4000">narrow 367 sqm site on Adelaide Street</a>.

There are just 20 apartments proposed, some full-floor, some multi-floors.

Designed by <a href="https://www.apartments.com.au/architects/nettletontribe">Nettletontribe</a>, the project would replace Jamison House, an existing five-storey office building.

<img alt="457 Adelaide Street, BRISBANE CITY" data-entity-type="file" data-entity-uuid="bd429ae2-a7c3-449b-89f3-7fb67e8c54c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Adelaide%20st%20front.png?VersionId=2iXa_91lFlbJsVJb15hjXzoAbs8jN5JQ" />

The architectural vision promotes “biophilic design, passive design, and open flowing spaces,” with interiors promising high-end finishes and abundant natural light, the documents submitted to the Brisbane City Council noted.

Each apartment has direct lift access, and most occupy entire or half floors, reinforcing the project’s high-end positioning. Generous private balconies face either Adelaide and Howard Streets.&nbsp;

According to the assessment report by Urbicus, “the building is well designed and articulated with varying setbacks, deep balconies, and variations in façade treatments and materials,” allowing it to integrate with its taller surroundings while minimising amenity impacts.

The uppermost levels will host communal amenities, including a rooftop pool, covered BBQ area, and multiple outdoor lounging zones, with additional resident facilities provided on Level 1 and a mezzanine.

Access to the site is split across its two frontages, with pedestrians entering from Adelaide Street while vehicle access is provided from Howard Street via a single 6.5-metre crossover.&nbsp;

Car parking is facilitated through a car stacker system across three basement levels, accommodating 24 spaces, 20 for residents and 4 for visitors, as well as bicycle storage.&nbsp;

<img alt="457 Adelaide Street, BRISBANE CITY" data-entity-type="file" data-entity-uuid="3fe617d7-7f72-4ee6-ab3c-90a11d123248" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Adelaide%20st.png?VersionId=s4cGqip_A3okoUh_7xfzRJ2Biwdc7gOd" />

The project is a rare one for the Brisbane CBD, which hasn't had a new tower launch in years.

Meriton has <a href="https://www.apartments.com.au/news/qld/meriton-approved-for-brisbane-skyscrapers">approval for its two-tower development on Alice Street</a>, but they are yet to start marketing the 753 apartments.

First Look: Sarina Russo plots skinny Brisbane CBD apartment tower

Legacy Property is taking its new&nbsp;<a href="https://www.apartments.com.au/developments/north-sydney-nsw-2060">North Sydney</a> development to the NSW Government.

They've submitted a State Significant Development proposal for a mixed-use building with 35 apartments, 10 of which will be affordable, above a two-storey commercial podium at <a href="https://www.apartments.com.au/new-apartments/1-church-street-north-sydney-nsw-2060">1 Church Lane</a>.

The new development comprise 35 apartments, 10 of which are affordable, above a two-storey commercial podium. The plan includes the retention and adaptive reuse of the heritage-listed shopfront at 265 Pacific Highway, integrating it into the ground-level frontage.

According to the Scoping Report prepared by Planning Lab, the design “responds to the broader priority and urgent demand for affordable housing” while incorporating a “tower above consisting of 35 residential apartments and communal roof garden”.&nbsp;

Positioned within 300 metres of Victoria Cross Metro Station, the site qualifies for Housing SEPP incentives, including a 30 per cent bonus to height and floor space ratio, which the proposal seeks to utilise.

Designed by <a href="https://www.apartments.com.au/architects/nettletontribe">Nettletontribe</a>, the building would rise 10 to 13 storeys, with a stepped massing strategy to transition from the Pacific Highway frontage down to the finer-grain character of Church Lane. The two-level podium includes new commercial tenancies, communal open space, and landscaping.&nbsp;

Winter gardens have been integrated into apartments along the highway elevation to mitigate noise impacts, and Church Lane is set to be widened to six metres to improve access and separation from lower-scale dwellings to the east.

Nettletontribe said in the documents submitted as part of the application that the proposal delivers a well-resolved mixed-use development that responds to its urban and heritage context along Pacific Highway, North Sydney.

"Positioned along a key section of the Pacific Highway corridor, the site forms part of a transitional zone between the North Sydney CBD and the emerging Crows Nest and St Leonards centres. The design responds to this dual context—addressing the scale and intensity of the highway frontage while engaging sensitively with the finer grain and heritage character of Church Lane and West Street."

<img alt="Legacy" data-entity-type="file" data-entity-uuid="629ff458-3b46-4f72-a01b-aade8baf8b2d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-08-07%20at%2012.03.14%E2%80%AFPM.png?VersionId=kNYKtqbXY1Gjov794jKtaOJmhFm15gUS" />

As the Scoping Report notes, “the design of the proposal is still consistent with the objective of [ADG] controls to maintain the privacy of neighbouring properties,” with separations and setbacks applied particularly along Church Lane.

The proposed envelope is largely consistent with the uplift previously approved through Planning Proposal PP-2021-2926, which designated the site as part of a Southern Transition Area in the North Sydney Civic Precinct Planning Study. That designation supports mid-rise, mixed-use development to bridge the scale between the North Sydney CBD and nearby heritage areas.

The site spans 1,099 sqm and includes four properties. While 253-263 Pacific Highway will be demolished, the heritage item at 265 will be retained and adapted for commercial or community use.&nbsp;

The development includes four levels of basement car parking accessed from Church Lane, with a total of 55 car spaces planned, exceeding minimum Housing SEPP requirements.

Legacy Property, led by CEO Matthew Hyder, has two projects in Macquarie Park, totalling nearly 400 apartments.

Designed by Nettletontribe, the building would rise 10 to 13 storeys, with a stepped massing strategy to transition from the Pacific Highway frontage down to the finer-grain character of Church Lane

First look: Legacy Property proposes shoptop housing on North Sydney fringe

Sydney’s residential market continued its gentle climb in July, with dwelling values up 0.6 per cent over the month and 1.8 per cent across the rolling quarter.

The affordability gap between units and houses is continuing to wide. Units values grew by 0.2 per cent over July, whereas houses jumped by 0.8 per cent, Cotality's Home Value Index found.

Units in the harbour capital are now up 1.3 per cent over the quarter, compared to 1.9 per cent for houses.

Sydney median unit value is $868,000, some $662,000 less than the $1.53 million house median.

Sydney’s relative strength echoes broader capital city resilience, with combined capital values also up 0.6 per cent for the month and 1.8 per cent over the quarter. The gains are underpinned by interest rate cuts earlier in the year, tight listings, and steadily improving buyer confidence.

<h2>What happened in Sydney’s off the plan apartment market in July?</h2>

There were some major moves in the Sydney off the plan apartment market, from Sydney's biggest developers.

<a href="https://www.apartments.com.au/developers/lendlease-development">Lendlease</a>&nbsp;formalised a new joint venture with Mitsubishi Estate Asia and Nippon Steel Kowa Real Estate to develop a $2.5 billion luxury project at 175 Liverpool Street.

<img alt="Lendlease announces partners for its $2.5 billion luxury development on Hyde Park" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Bates%20Smart_175%20Liverpool%20Street%2002-min.jpg?VersionId=2l2XiHSdIP5a_Ei_Y3yft5eLPJ6kLX3G" />

Located on the southern edge of Hyde Park, the dual-tower development will deliver up to 300 high-end residences with north-facing views toward the Opera House and Harbour, alongside 2,000 sqm of retail and commercial space.

Construction is targeted to begin in 2027, pending approvals.

Read more: <a href="https://www.apartments.com.au/news/nsw/lendlease-announces-partners-for-its-2-5-billion-luxury-development-on-hyde-park">Lendlease announces partners for its $2.5 billion luxury development on Hyde Park</a>

On the Lower North Shore, <a href="https://www.apartments.com.au/developers/traders-in-purple">Traders In Purple</a> and joint venture partner Sydney Anglican Property were granted planning approval for the renewal of St Andrew’s Anglican Church in <a href="https://www.apartments.com.au/developments/lane-cove-nsw-2066" target="">Lane Cove</a>.

The development will offer 48 two and three-bedroom apartments, many of which will enjoy dual aspect, enhancing outlooks and cross-flow ventilation.

The existing parish church, built in 1924, will be retained and sensitively adapted into a meeting place and portal to the new contemporary auditorium and ministry spaces, linking old and new.

Traders In Purple CEO Brett Robinson said redevelopment of the site had been enthusiastically supported by many members of the local community.

“There is a demand for high-quality, well-designed, premium apartments for locals wanting to downsize in their neighbourhood and those wanting to raise their family in a highly desirable suburb without the burden of a high-maintenance house and yard.

“It was very clear to us that the local community is also in need of a larger performance space, and we look forward to providing the community with a fantastic new venue that will support the cultural richness of Lane Cove.”

Read more: <a href="https://www.apartments.com.au/news/nsw/traders-in-purple-and-sydney-anglican-property-greenlit-for-lane-cove-project">Traders in Purple and Sydney Anglican Property greenlit for Lane Cove project</a>

Over in the eastern suburbs, <a href="https://www.apartments.com.au/developers/toga-group">TOGA</a> reached a significant milestone at The Kensington, with the development officially topping out.

The Anzac Parade building is being delivered by Gold Star iCIRT-rated builder <a href="https://www.apartments.com.au/developers/dasco-australia" target="">DASCO</a>, who can start to turn their attention toward the exterior of the building, and the fitout of the 142 one, two, and three-bedroom apartments strategically located opposite the Kensington Light Rail stop.

[smartcode_project:default project_id=110959 project_image_fid=307645]

<a href="https://www.apartments.com.au/new-apartments/the-kensington-147-151-anzac-parade-kensington-nsw-2033">The Kensington</a> forms part of a broader revitalisation effort along the light rail corridor in Sydney’s inner south.

Residents will move in midway through 2026.

Read more: <a href="https://www.apartments.com.au/news/nsw/toga-tops-out-the-kensington-reshaping-anzac-parade-light-rail-corridor">TOGA tops out The Kensington, reshaping Anzac Parade light rail corridor</a>

Sekisui House Australia released the latest stage of their Melrose Park urban renewal precinct.

<a href="https://www.apartments.com.au/developers/sekisui-house-australia">Sekisui House Australia</a>, in partnership with Hankyu Hanshin Properties, has opened expressions of interest for <a href="https://www.apartments.com.au/new-apartments/aeris-melrose-park-86-wharf-road-melrose-park-nsw-2114">Aeris</a>, the sixth and most elevated stage in the $5 billion Melrose Park master planned community in Sydney’s north-west.

<img alt="Sekisui House Australia reveals Aeris, Melrose Park’s latest stage" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Aeris_Stage%206_1_0.jpg?VersionId=xsMRsasGYnnQoaLLmwqtSFAsOQv8ZZJN" />

Aeris will comprise 468 apartments across two tall 20 and 24-storey slender towers. Prices start from $649,000 up to $1.55 million, with internal sizes ranging from 50 to 130 sqm.

As sustainability credentials become more central to buyer expectations, <a href="https://www.apartments.com.au/developments/melrose-park-nsw-2114">Melrose Park</a> continues to model future-facing urban design.

Construction of Aeris is anticipated to commence in late 2025, with the first lower tower due for completion in Q4 2027 and the second and third towers expected in 2028.

Read more: <a href="https://www.apartments.com.au/news/nsw/sekisui-house-australia-reveals-aeris-melrose-park-s-latest-stage">Sekisui House Australia reveals Aeris, Melrose Park’s latest stage</a>

In <a href="https://www.apartments.com.au/developments/crows-nest-nsw-2065">Crows Nest</a>, <a href="https://www.apartments.com.au/developers/deicorp">Deicorp</a> broke ground on <a href="https://www.apartments.com.au/new-apartments/falcon-alexander-8-alexander-street-crows-nest">Falcon &amp; Alexander</a>, offering around 100 apartments near the new Metro station.

Conceived by award-winning architects <a href="https://www.apartments.com.au/architects/turner-studio">TURNER</a>, Falcon &amp; Alexander will create a vibrant vertical village in the heart of one of Sydney’s most connected neighbourhoods. Thoughtfully arranged around a central atrium and lush communal gardens, residences will enjoy panoramic views over Sydney Harbour and the Lower North Shore, with interiors designed for modern, light-filled living.

<img alt="Deicorp breaks ground at Falcon &amp; Alexander, Crows Nest apartments" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-07-28%20at%203.55.17%E2%80%AFPM.png?VersionId=3IIFc1X8W6tPGj.P6xmw_2limcEUkinJ" />

Residents will benefit from premium amenities, including a resident-only skygarden, and boutique retail and dining spaces on the ground floor, all integrated with the local urban fabric.

With proximity to transport and established retail precincts, the development is well-positioned to capture demand from downsizers and city professionals alike.

Read more: <a href="https://www.apartments.com.au/news/nsw/deicorp-breaks-ground-at-falcon-alexander-crows-nest-apartments">Deicorp breaks ground at Falcon &amp; Alexander, Crows Nest apartments</a>

In the upper north, <a href="https://www.apartments.com.au/developers/capital-corporation">Capital Corporation</a> advanced <a href="https://www.urban.com.au/new-apartments/the-residences-at-wahroonga-estate-169-fox-valley-road-wahroonga-nsw-2076">The Residences at Wahroonga Estate</a>&nbsp;masterplan by appointing DASCO to build the first stage. This is the first partnership between Capital Corporation and DASCO, bringing together two award-winning property powerhouses in what promises to be a defining project for the region.

[smartcode_project:default project_id=135247 project_image_fid=3629]

The move followed over $90 million in early sales, highlighting appetite for prestige residential offerings in leafy, well-connected locales.

Construction on the first 128 residences will commence in the coming months, with completion targeted for late 2027.

Read more: <a href="https://www.apartments.com.au/news/nsw/capital-corporation-appoints-dasco-to-build-the-first-stage-at-the-residences-at-wahroonga-estate-after-90m-in-sales">Capital Corporation appoints DASCO to build the first stage at The Residences at Wahroonga Estate after $90m in sales</a>

City Beat July 2025: Sydney’s apartment upswing gathers pace as Sydney's biggest developers make major moves

Median

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Most of the price data that clutters up the airways is essentially useless information.
Boffins sitting in an office in Paris look at a number which says “Australian property values rose 9% in the past year” and imagine that tells them something about conditions in the fictitious creature they call the Australian property market.
Suddenly we have the OECD telling us we’re at risk of a price correction after gazing at Australia through an out-of-focus telescope across a distance of 17,000km. Seriously, these turkeys have no right to even express an opinion. Especially as that opinion is based on a meaningless statistic.
I’ve read in the past two weeks at least five different figures purporting to describe the median cost of the home in Sydney, ranging from $750,000 to $1 million.
Most of them are fanciful and inaccurate but that doesn’t stop commentators from giving them enormous import. The walking talking ego generally known as Graham Richardson pontificated that the average Sydney home cost a million dollars and declared that no one could afford that. The statement was inherently absurd because if the Sydney market is raging and a million dollars is the median price, clearly a lot of people can afford it because half of all sales are higher than that median figure.
The bottom line is: the average, mean or median is not a million dollars. CoreLogic RP Data’s latest figures suggest the median dwelling price for Sydney is currently $752,000. The other bottom line is that this figure is meaningless and misleading when you understand that Sydney has over 700 suburbs with median house prices ranging from $345,000 to $3.46 million.
It’s particularly meaningless and misleading in this context: first-home buyers can’t afford to pay $752,000 therefore, according to the misinformed, we have an affordability crisis which means we need to scrap negative gearing, ban foreign investment, cut out all first-home buyer grants because apparently they just inflate prices, introduce lending restrictions, call another federal parliamentary inquiry because the 18-month inquiry recently concluded didn’t discover anything new and savage the Federal Treasurer for daring to suggest a good job enhances your prospects of getting a loan.
The end result: truth, accuracy, balance and fair play just took another hammering - but, hey, lots of newspapers got sold.
The latest edition of Market Monitor from the Real Estate Institute of Queensland highlights how unhelpful it is to quote a single price statistic for an entire large city.
CoreLogic RP Data says the home value index for the Greater Brisbane area rose 3.1% in the past 12 months. Domain says the median house price increased 2.8%.
What do you deduce from that? That the Brisbane market is lukewarm? That growth in the city is anaemic at best? Richardson, in his irresponsible outburst on Sky News last week, declared Brisbane had recorded “no growth for years”.
You have to look deeper, otherwise you’re wasting everyone’s time.
Market Monitor shows the median house price for the Brisbane City local government area rose 7.2% in the year to April. So the Brisbane City Council area has been better than the wider Brisbane metropolitan area. 
And many individual suburbs did considerably better than that. Northgate grew 12.7% and Holland Park 13.5%, while Chermside rose 18.4% and Nudgee 17.3%.
A scan of the figures suggests that the middle market suburbs of Brisbane City have done much better than the LGA average, which in turn in much higher than the Greater Brisbane average result.
But media quotes the area average rise, which creates a quite misleading impression.
If you take the time to look through a report like Market Monitor, there are hundreds of stories about suburban and town markets, all doing different things influenced by local events - oblivious to the level of interest rates or the ignorance of media talking heads or the pompous proclamations of twits working for a bureaucracy based in Europe.
TERRY RYDER is the founder of <a href="https://www.hotspotting.com.au/" target="_blank">hotspotting.com.au</a>. You can <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email him</a> or follow him on <a href="https://twitter.com/hotspotting" target="_blank">Twitter.</a> 
Terry was joined by Property Observer editor at large Jonathan Chancellor yesterday for a webinar on why research is the key to successful property investing in 2015. You can download slides and audio from the webinar here.
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terryryder-YECXbqmri2

Accurate price data or useless information? Terry Ryder

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Manly's median apartment price has continued to decline despite the drastic turnaround in the Sydney property market.
The <a href="/developments/manly-nsw-2095">median price for a unit in Manly</a> is now $1,276,000, some $100,000 down on its late 2018 median peak.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/10/14/Manly%20CoreLogic.jpg" alt="">
Manly saw exponential growth since the start of the 2012 boom.
At the end of 2012, the median price for an apartment in Manly was just $690,000. It is now nearly double that figure over seven years.
To find out more about the property market in Manly, including housing medians and rental performance, <a href="/developments/manly-nsw-2095">click here</a>.
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wdavis-8cCN98p7xp

Manly median apartment price down $100,000 in nine months

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Dwelling values across Adelaide fell over the three months to July, according to the August CoreLogic RP Data Housing Market and Economic Review.
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The median house price for Adelaide is $425,000. Unit median prices are $342,000.
<a href="/images/2015/08/25/Screen%20Shot%202015-08-25%20at%206.22.27%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/08/25/Screen%20Shot%202015-08-25%20at%206.22.27%20PM.png" alt="">
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mick.cee-iDmgDDAmu8

Adelaide dwelling values in three-month fall: CoreLogic RP Data

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<div>
 
Perth now boasts 39 suburbs with a median value of $1 million or more, latest figures from CoreLogic RP Data show.
 
The $3.5 million Peppermint Grove again tops the WA list, ranked six on the national list, behind Sydney’s Point Piper at $5.5 million.
 
<a href="/news">Peppermint Grove’s</a> nearest local rival is <a href="/news">Dalkeith</a> with a median house value of $2.47 million.
 
Australia now 437 suburbs on the list. Perth has 12 within the top 200.
 
</div>
PERTH SUBURBS WITH $1 MILLION MEDIAN VALUE
6th nationally Peppermint Grove (Peppermint Grove LGA) $3.5 million
20 Dalkeith (Nedlands) $2,47m
73 Cottesloe (Cottesloe) $1,82m
88 City Beach (Cambridge) $1,73m
114 Swanbourne (Nedlands) $1,61m
115 Nedlands (Nedlands) $1,61m
156 Applecross (Melville) $1,46m
179 Floreat (Cambridge) $1,39m
181 Mount Claremont (Nedlands) $1,39m
191 East Perth (Perth) $1,35m
194 Churchlands (Stirling) $1,35m
200 Mosman Park (Mosman Park) $1,34m
 
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jchancellor-FAypfDUnLy

Perth's priciest 12 suburbs: CoreLogic RP Data

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CoreLogic RP Data’s head of research Tim Lawless puts Sydney’s current house median at around $900,000 - and approaching its peak for this property cycle.
He doesn't see it getting to $1 million, instead likely to plateau between now and 2016.
“I think growth will moderate based on conditions such as investors now finding it harder to get loans and the general feeling the market has hit its peak,” he told News Ltd this week.
“The big risk is that people continue to buy into this market expecting price growth to continue at the current rate. I just don’t think that will happen.”
He has calculated 3.4% for the June quarter and 17.9% for the year, noting the CoreLogic RP Data method of calculating the value of all houses in the greater Sydney area was more comprehensive than simply focusing on a small sample of properties that had sold over a certain period.
“We have a mathematical algorithm that estimates values based on the number of bedrooms, bathrooms, parking spaces, land size, geographical location, whether the house has a pool and so on,” Mr Lawless said.
“We break all these factors down and give them each a value. This stops the median from moving around a lot based on what stock is being sold.”
CoreLogic RP Data figures show there are 433 Sydney suburbs where house medians are less than $1 million after sales over the past 12 months, compared to 272 with $1 million plus medians.
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$1 million house median not in sight for Sydney: CoreLogic RP Data

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The Real Estate Institute of Victoria puts the median house price in the Melbourne metropolitian area at $706,000 for the three months to June 30, up from $671,000 in the March quarter.
Melbourne's buoyant property market rocketed past the $700,000 median price ceiling for the city for the first time ever.
REIV chief executive efficer Enzo Raimondo noted its represented a quarter-on-quarter increase of more than 5%.
The quarterly increase matched the December 2014 growth.
“A number of factors have contributed to the strong result," he said.
"A record number of auction sales in the first half of the year, low stock on market, high levels of migration and record low interest rates have been good news for sellers.”
Growth was widespread across Melbourne, with inner suburbs recording an increase of 6.2%, and homes in middle and outer suburbs increasing 5 per cent.
He added that the number of million dollar suburbs across the city skyrocketed to 78 this quarter – 16 more than in the March quarter.
“These ranged from Abbotsford in the inner north, to Fairfield in the north-east, to Heidelberg in the outer east and Hughesdale in the south-east,” he said.
Regional Victoria also had price increases, with the median price of a home in regional Victoria also increasing in the June quarter, up 1.5% to $346,000.
"The regional market has rebounded over March figures as more homebuyers take advantage of affordable properties on offer in regional Victoria.”
 
<a href="/images/2015/07/20/Screen%20Shot%202015-07-20%20at%208.08.28%20AM.png" target="_blank">Click to enlarge</a>
<a href="/images/2015/07/20/Screen%20Shot%202015-07-20%20at%208.08.28%20AM.png" target="_blank" style="line-height: 1.3em;"> </a><img src="/images/2015/07/20/Screen%20Shot%202015-07-20%20at%208.08.28%20AM.png" alt="" width="679" height="324" style="line-height: 1.3em;">
 
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<img src="/images/2015/07/20/Screen%20Shot%202015-07-20%20at%208.08.39%20AM.png" alt="" width="745" height="395">
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<img src="/images/2015/07/20/Screen%20Shot%202015-07-20%20at%208.08.47%20AM.png" alt="">
 For more information click <a href="https://www.reiv.com.au/News_Publications/Latest-News?newsID=%7B78A675EE-0B01-498B-AFD6-4C770001D862%7D&amp;title=Melbourne%20breaks%20yet%20another%20house%20price%20record" target="_blank">here</a>.
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Inner Melbourne spurt assists metro median to $706,000: REIV

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Sydney is the best performing capital city over the three months to June 2015, according to new figures released by CoreLogic RP Data.
The CoreLogic June RP Data Hedonic Home Value Index found the most expensive city is Sydney with a median dwelling price of $772,000. The most affordable city is Hobart, with a median dwelling price of $315,000.
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Sydney best performing capital city: CoreLogic RP Data

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Melbourne property increased an average of 9% per annum between 2013/14 and 2014/15, driven by overseas migration and especially strong interstate migration that has met the supply of property that has come on the market over the last few years.
The BIS Shrapnel Residential Property Prospects 2015 to 2018 report found that the potential for continued growth in Melbourne's median house prices is limited to both oversupply and weakness in the state economy.
BIS Shrapnel senior manager and study author, Angie Zigomanis, said as a result the rate of price growth is forecast to progressively slow over the next three years, particularly as interest rate policy begins to be tightened.
“Median house price growth in Melbourne is forecast to total only 4% over the 2015 to 2018 forecast period, with a 5% rise in 2015/16 offset by a small fall in the following two years," Mr Zigomanis said.
"After accounting for inflation, prices are forecast to fall by 4% in real terms. Given the level of apartment supply due to come through, there is greater downside in the apartment sector, where the median unit price is forecast to fall by a total of4% in the three years, or 12% in real terms.”
<a href="/images/2015/06/29/bis_brisbane.jpg" target="_blank">Click to enlarge</a>
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Melbourne market hangs on economy, oversupply: BIS Shrapnel

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Perth property prices rose 16% in the two years to June 2014 however has now declined by 3% to an estimated median house price of $580,000 in June 2015, according to a new report which found demand continuing to fall.
The BIS Shrapnel Residential Property Prospects 2015-2018 report found Perth property demand across first home buyers and investors beginning to weaken.
BIS Shrapnel senior manager and study author, Angie Zigomanis, said even net migration inflows are declining rapidly to the state.
“Consequently, vacancy rates have risen and rents have fallen, which in turn has resulted in the price decline in 2014/15,"Mr Zigomanis said.
 “Perth’s median house price is forecast to continue to fall over 2015/16 and 2016/17, and stabilise in 2017/18, when mining investment is expected to bottom out. The corresponding decline in new residential construction is expected to see the market also move back toward balance around this time. 
“Net overseas migration inflows are also slowing rapidly, having declined from 53,000 in 2011/12 to 19,000 in calendar 2014, while Western Australia will record its first annual net interstate migration outflow in 12 years in 2014/15.
Mr Zigomanis forecasts Perth’s median house price to be 3% lower by June 2018 compared to June 2015 levels, representing a decline in real terms of 10%. A similar decline is forecast for Perth’s median unit price.
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