After experiencing calendar year growth not seen in nearly four decades, it was inevitable that Brisbane’s unit market would eventually cool.

Although it hasn't reached the exceptional monthly growth levels seen last year, which drove a total annual increase of well over 16 per cent, January kicked off 2025 with a strong 0.6 per cent gain, according to CoreLogic's latest Home Value Index.

The unit market outpaced houses again, which were up 0.3 per cent in Jan.

The median value for a unit in <a href="https://www.urban.com.au/developments/brisbane-qld">Brisbane</a> is now $685,000, while the median house value is $977,000.

Only Brisbane and Perth recorded an increase in dwelling values (houses and units combined) last month, CoreLogic found, with a nation-wide slowdown expected to only last a brief period given the upcoming interest rate drops.

CoreLogic Research Director, Tim Lawless, noted that affordability constraints and rising advertised supply levels have contributed to the cooling trend.

<h2>What happened in Brisbane’s off the plan apartment market in January?</h2>

The Brisbane off the plan apartment market showed signs in January that we're in for another strong year.

Enquiry levels across new and off the plan apartment developments in Brisbane were at a five-month high, according to <a href="https://industry.urban.com.au/data-insights">MatterFact</a>, the data partner of <a href="https://www.urban.com.au/">Urban.com.au</a>.

Interest in properties priced between $500,000 and $1 million surged, driven largely by the launch of <a href="https://www.urban.com.au/new-apartments/astra-apartments-gaythorne-16-station-avenue-gaythorne">Astra Apartments</a> in <a href="https://www.urban.com.au/developments/gaythorne-qld-4051">Gaythorne</a> which hit the mark on the affordability scale.

[smartcode_project:default project_id=148948 project_image_fid=320219]

A sign of intent is always search - and search activity for suburbs across Brisbane was well over the 2024 median in January.

Upper Mount Gravatt emerged as the most searched suburb across Brisbane, with notable spikes in search for&nbsp;<a href="https://www.urban.com.au/developments/hamilton-qld-4007">Hamilton</a>, <a href="https://www.urban.com.au/developments/west-end-qld-4101">West End</a>, and <a href="https://www.urban.com.au/developments/kangaroo-point-qld-4169">Kangaroo Point</a>.

[smartcode_project:default project_id=114215 project_image_fid=210749]

The most exciting news in Brisbane in January was an Urban exclusive. We reported that <a href="https://www.urban.com.au/industry/icd-property" target="">ICD Property</a>, who is behind landmark towers in Melbourne, Sydney and Adelaide, bought the well-known R&amp;F site in West End.

The 1.68-hectare site,&nbsp;formerly home to Riverside Corporate Park, has had previous approvals for a multi-tower precinct with around 1,000 apartments, a retail plaza, and a riverside walkway.

ICD will file a new application with a different design.

<img alt="Exclusive: ICD Property secures riverfront West End site for Brisbane's latest multi-tower precinct" 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%202025-01-21%20at%201.50.25%E2%80%AFPM.png?VersionId=8gLSNkWvhxKuY5vvmYcF7NKji0gZmoah" />

The only other significant development application in January was in East Brisbane where&nbsp;<a href="https://www.urban.com.au/developers/rg-property">RG Property Group</a>&nbsp;is seeking to developer a 10-level apartment development near the future Olympic Games Precinct.

The Wellington Road site already has approval for an eight-level building. RG's plans for the new project, dubbed The Banksii, are for 72 apartments.

&nbsp;

<img alt="First look: RG Property files for Brisbane Olympic Games precinct apartment tower" 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%202025-01-09%20at%203.57.59%E2%80%AFPM.png?VersionId=xQw.MAEHV9KiTYc2hhMekO5ZKpv2f3pG" />

The redesign by <a href="https://www.urban.com.au/architects/mas-architecture-studio">MAS Architecture</a> incorporates a rooftop swimming pool, a gym, and a public laneway connecting Wellington Road to Manilla Street.&nbsp;

The&nbsp;<a href="https://www.urban.com.au/developments/woolloongabba-qld" target="">Woolloongabba</a> precinct continues to attract investment, with several residential projects in the pipeline alongside public infrastructure upgrades.

Enquiry levels across new and off the plan apartment developments in Brisbane were at a five-month high, according to MatterFact, the data partner of Urban.com.au.

Joel Robinson

City Beat January 2025: Brisbane unit market continues upward trajectory as off the plan enquiry reaches five-month high

Sydney-based real estate investment firm, <a href="https://www.urban.com.au/developers/wentworth-capital">Wentworth Capital</a>, is spearheading a rare and historic new chapter in the story of Sydney’s iconic The Rocks district, with the first stage sales launch of Long’s Lane Heritage Terraces (Long’s Lane).

Long’s Lane consists of 17 residences and one commercial property ranging in age from as early as the 1800s, with the buildings offering the only privately-held Torrens title houses in The Rocks. Of the 18 properties, 14 are listed on the State Heritage Register.&nbsp;

The precinct is also home to one of the earliest laneways in Sydney and some of the first European architecture in Australia, including Jobbins Terrace - the earliest example of the country’s first Australian-born practicing architect in NSW, Oswald Hoddle Lewis. The collection of buildings range from the early Victorian and Edwardian architectural periods.

&nbsp;

<img alt="Long Lane" data-entity-type="file" data-entity-uuid="841fd5a3-4968-4b6d-9e83-fec2104528c5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-02-04%20at%209.37.41%E2%80%AFAM.png?VersionId=EFEPDtMqdD8PvRKefkbWnK6pjpqinPOx" /> 
First recorded on town plans in 1807, Long’s Lane is one of the earliest laneways in Sydney.

Wentworth Capital has embarked on a sympathetic staged renovation program to update the buildings for modern family living, in keeping with the protection and preservation of their distinctive heritage. The project will return Long’s Lane to its original intended use as a thriving residential community.

The sales launch marks a turning point in the site’s tumultuous modern history, which included plans to demolish the buildings in favour of high-rise commercial structures during the 1960s, which the government rejected following community backlash. The 1980s saw another scheme for a 800-bed hotel, which despite not proceeding, resulted in the 18 properties being merged under one title. Following the plan’s rejection, Long’s Lane became underutilised and fell into disrepair.

Wentworth Capital’s Executive Director, Paul Apostoles, expressed his excitement about this significant milestone for the precinct.

“This is a rare opportunity to own a piece of Australia’s history," Apostoles said.

"We’re thrilled to bring these historic homes to market, championing the next chapter of Long’s Lane’s unique history by enabling a new generation to experience the incredible lifestyle and cultural legacy of The Rocks.

&nbsp;

“The heritage features of each home are being meticulously preserved, recognising their importance as some of the earliest and most well-preserved examples of European architecture from Sydney’s settlement period,” added Paul.

&nbsp;

<img alt="Longs Lane" data-entity-type="file" data-entity-uuid="19054b9e-0606-4250-944e-752d3f06a297" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/longs%20lane.jpg?VersionId=IF.6fGDrpPDzDERfvVeW2cW9H1Tj4XbZ" />

<a href="https://www.urban.com.au/project-marketer/mcgrath-projects">McGrath</a> Millers Point’s Richard Shalhoub said Long’s Lane’s unparalleled location and proximity is the best Sydney has to offer.

“Long’s Lane encapsulates the very essence of life in The Rocks, where cobblestoned laneways, heritage architecture, and vibrant community life converge," Shalhoub said.

"Residents will enjoy the convenience of living steps away from Sydney’s iconic Harbour, Circular Quay, and the buzzing arts and cultural hub of Barangaroo.&nbsp; From bustling weekend markets to world-class restaurants and hidden laneway bars, The Rocks offers a lifestyle quite unlike anywhere else."

Shalhoub says the houses will suit city workers given they are on the doorstep&nbsp;of Australia’s largest economic hub.

<a href="https://www.urban.com.au/project-marketer/colliers">Colliers</a>’ Associate Director - Residential, Oliver Stillman, said Long’s Lane’s greatest attraction is that you know the building’s stories remain etched in every brick and beam.

"It’s not often you have the opportunity to buy one of Australia’s first butchers shops, constructed in 1881, a former Chinese boarding house from 1868, or one of Sydney’s earliest lolly shops, for instance.&nbsp;

“Long’s Lane stands as a testament to Sydney’s enduring spirit, blending its past and present. From whalers and dockworkers in its early days, to modern families more recently drawn to its heritage allure, the precinct continues to tell the story of Sydney’s evolution."

&nbsp;

Colliers’ Oliver Stillman said Long’s Lane’s greatest attraction is that you know the building’s stories remain etched in every brick and beam



Long’s Lane presents opportunity to own rare slice of Sydney history as heritage-listed terraces launch

Sam Arnaout's Iris Capital has been given the green light to complete the final phase of its landmark Newcastle city centre development, East End.

Iris Capital's involvement in Newcastle started way back in 2016 when it acquired the Hunter Street Mall, a prime 1.66-hectare street site in the heart of the city.

Now Iris Capital, the owner of a multi-billion dollar hospitality portfolio across the country and the developer of two landmark projects in the Gold Coast including the $800 million Victoria &amp; Albert in Broadbeach, is soon to complete its ambitious precinct that has truly changed the face of Newcastle.

[smartcode_project:default project_id=107744 project_image_fid=211154]

The $1 billion East End masterplan is already well established, with several apartment buildings and retail and commercial spaces delivered in the first two stages, perfectly positioned just minutes from the Crown Street Light Rail Station and 200m from Newcastle Beach.

The final stages will include more boutique retail outlets, dining experiences, green public spaces, and modern one, two, three and four-bedroom apartments designed by SJB Architects.

[smartcode_project:default project_id=107744 project_image_fid=216984]

“We are thrilled to have received approval to move forward with the next stage of <a href="https://www.urban.com.au/new-apartments/east-end-newcastle-143-hunter-street-newcastle">East End Newcastle</a>,” said Sam Arnaout, CEO of Iris Capital.

“This development is a testament to our commitment to creating a connected, lively, and sustainable community in Newcastle’s city centre. Our vision is to blend heritage and contemporary design to provide a unique space where people can live, work, and enjoy everything this great city has to offer.”

[smartcode_project:default project_id=107744 project_image_fid=216988]

Construction has already commenced on the final stages of East End. The development has already garnered several awards, from the 2022 NSW Mixed Use Development of the Year awarded by the Urban Development Institute of Australia to the Urban Taskforce Australia's 2022 Adaptive Reuse Development Excellence Award.

The apartments are expected to be in high demand from professionals, families, and retirees.

[smartcode_project_cta:default project_id=107744]

Iris Capital to push on with final stage of game-changing Newcastle precinct, East End

The recently released building approval data from the&nbsp;Australian Bureau of Statistics shows new home building in New South Wales to be at its lowest level in 12 years.

You'd have to go back to 2012 when New South Wales saw lower approvals that 2024. Just 42,800 homes were approved in 2024, five per cent below 2023, and 42 per cent lower than the calendar&nbsp;year peak of over 73,000 approvals in 2016.

[smartcode_project:default project_id=136076 project_image_fid=212615] 
 
“Building approvals remain our best indicator of future supply. With the disappointment of 2024 still top of mind, it is time that Government looks to 2025 and beyond to get NSW back on track to achieve our state's share of the National Housing Accord targets,” said Stuart Ayres, CEO, UDIA NSW. 
 
The differences between the highs of 2016 and lows of 2024 can be seen across all housing typologies, but are&nbsp;most pronounced in the apartment market where new approvals sit more than 22,000 lower than&nbsp;in 2016.

<img alt="Aryes" data-entity-type="file" data-entity-uuid="2fc7f389-7d32-4d28-8911-84c2b8384791" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-02-03%20at%203.27.37%E2%80%AFPM.png?VersionId=e9mk1OT80dgpK2dr4xc7YBSElhci9OrS" /> 
 
“The sharp declines in apartment approvals reinforce&nbsp;UDIA’s ongoing messaging that the combination of weak feasibility and slow planning reform&nbsp;has led to a failure to implement the immediate step change that was desperately needed in infill development to achieve the Accord target of 75,000 new homes a year,” Ayres said.

[smartcode_project:default project_id=136108 project_image_fid=303417] 
 
The detached housing market has also fared poorly, with approvals falling below 22,000 in the 12 months to December 2024, for the first time since January 2014.

The development industry continues&nbsp;to wait for details on the Low and Mid-Rise Reform, and first tranche of EOIs from the Housing Delivery Authority. UDIA says the Government also needs to remain focused on supporting the more feasible greenfield market.

[smartcode_project:default project_id=148093 project_image_fid=319996]

“Without a pivot back to feasible greenfield development with a diversity of housing typologies, NSW will keep falling further behind its housing targets,” Ayres added. 
 
“These poor building approvals reinforce the desperate need for reform of the Planning Act and urgency in implementing the Low and Mid-Rise reforms."

The differences between the highs of 2016 and lows of 2024 can be seen across all housing typologies, but are most pronounced in the apartment market where new approvals sit more than 22,000 lower than in 2016.

Apartment supply suffers as NSW building approvals hit 12-year low

Developers could face financial penalties for failing to deliver homes and unfairly profiting off buyers under reforms being considered by the NSW Government.

Feedback is being sought on stronger protections for consumers in off the plan contracts for homes and land in NSW, to guide the delivery of new housing and prevent lengthy delays that leave people out of pocket.

An off the plan contract is an agreement for the sale and purchase of a property that is yet to be developed or constructed. These contracts can apply to the sale of a proposed lot in a strata or community land scheme or to the sale of land in a conventional subdivision.

The reforms are being designed to help increase housing supply by providing greater certainty and clearer deadlines for home buyers and to free up land for development faster by removing outdated restrictions on development sites.

The reforms are intended to help more people achieve the Australian dream of home ownership and build greater confidence in the housing market by improving protections for buyers and preventing developers from delaying homes they have been contracted to deliver.

About five per cent of 180,000 residential purchases in NSW last financial year were off the plan contracts which allow a buyer to commit to purchasing a property before the complex is built or land is subdivided.

Potential reforms being released for comment aim to tighten contract rules to give buyers a clearer understanding of when they can expect to move into their new home, reducing uncertainty and the risk of being left behind in the market when a contract is cancelled.

This could include scrapping the ability for developers to draw the contract out with indefinite sunset clauses which give buyers no clear path forward, or ability to exit the arrangement.

Other proposed changes the NSW Government is considering include:

<ul>
	<li>Making sunset clauses mandatory in contracts so that buyers can withdraw if sunset events do not occur by a set time</li>
	<li>Requiring developers to disclose the status of the development against construction milestones so buyers have a better understanding of timeframes and potential risks</li>
	<li>Limiting a developer’s ability to extend sunset dates only for certain reasons beyond the developer’s control such as weather or supply issues, and imposing time limits on extensions</li>
	<li>Requiring developers to take reasonable steps to meet dates by potentially introducing penalties for inaction.</li>
	<li>The Government is also looking at unlocking potential development sites by making it easier to remove private, outdated agreements from land titles (known as obsolete restrictive covenants) which can limit how land is used or developed.</li>
</ul>

Covenants can continue to bind future landowners indefinitely, even if they become outdated – for example, an obsolete covenant may prevent more than one property from being built on the land or ban the use of certain building materials.

To support the reforms, the Office of the Registrar General has released a discussion paper called ‘Contracts and Covenants: Reforms to support development of land’ outlining the options.

The community is invited to respond to survey questions or upload a submission on the reform proposals and share their experiences on the NSW Government’s Have Your Say platform.

The consultation will lay the groundwork for legislation to be developed in 2025.

The Contracts and Covenants consultation is open until 7 March 2025.

Minister for Customer Service and Digital Government Jihad Dib said these proposals are designed to provide greater certainty and consistency.

"This review is about making sure home buyers have the right protections and information they need to make informed decisions.

“Off the plan contracts play a crucial role in supporting essential housing supply initiatives in NSW. They allow buyers to purchase property early in the development process, while giving developers the confidence and financial security to build.”

“We know that most developers do the right thing, but we don’t want situations where businesses try to run down the clock on a contract to sell to a higher bidder or mislead consumers by unfairly changing the goalposts for when they can move into their dream home.

“These reforms are designed to provide greater transparency as well as encourage the delivery of new homes. These proposals are about encouraging developers to be upfront about timelines and challenges to assist homeowners.”&nbsp;

“We encourage people to have their say on these proposals which aim to boost consumer confidence in the off the plan contract process and help NSW achieve our housing targets.”

Friday quiz: Sydney's property market

Jessie Richardson

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