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The McGrath Estate Agents group has opened a new office in Thirroul, expanding its recently opened nearby Wollongong office.
Since it opened in September 2009, McGrath Wollongong’s sales totalled $77 million in the most recent financial year, up 266% on the $21 million in its first 10 months during the 2009-10 year.
McGrath chief executive John McGrath says the Illawarra region has long been part of its strategy for the roll-out of offices, given the proximity to Sydney and lifestyle opportunities that exist in the beachside locations and escarpment areas.
“Our expectations for Thirroul are even greater, as we see quite modest homes and holiday shacks being developed, updated and renovated to an extremely high standard,” McGrath says.
“That investment is being converted to solid capital gain with at least three properties this year marketed by our Wollongong office selling for well in excess of $1 million.”
The Thirroul office will be headed by Trever Molenaar and Jordan Andonovski, also franchisees of the Wollongong office.
<img src="/images/stories/thirrul1.jpg">
Molenaar’s sales include a Redman Avenue, Thirroul property (pictured above) for $1.26 million in July last year.
<img src="/images/stories/thirrul2.jpg">
The sales team also includes Amanda Moore, who last month sold a Trinity Row, Bulli house (pictured above) for $1.13 million. Moore also notched up the non-beachfront Bulli record of an Alroy Street property for $1.38 million.
“We are all part of this community and have watched as the population has changed,” Molenaar says.
“Around 20,000 people commute daily to Sydney, taking advantage of the express train from Thirroul.
“As a destination for a weekender, there is very little to compare with this area in terms of its natural beauty and short travel distance.”
Median house prices in the top northern suburbs which will be serviced by McGrath Thirroul are Woonona, Bulli and Wombarra at, $830,000; Stanwell Park at $815,000; Coledale at $785,000 and Austinmer at $720,000.
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jchancellor-FAypfDUnLy

McGrath expands to Thirroul

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Channel 9’s renovation realty series The Block topped Monday night’s viewing with a 1.55 million audience as its races towards its August 21 finale.
But The Renovators on Channel 10 got dumped dropping to just 786,000 viewers, ranking 11th for the night after it made the switch to the 7.30 timeslot vacated by MasterChef.
After The Block concluded at 8pm The Renovators average audience grew to 942,000 offering Channel 10 the faint hope that renovation fans might switch when The Block concludes in a fortnight’s time.
The rumoured production budget of The Renovators was between $20 million and $30 million.
Shine, the production company behind MasterChef, spent almost $3.5 million on the purchase of six Sydney properties. With the properties costing between $300,000 and $730,000, there's a terrace in Glebe, a partly renovated house in St Peters, a 1960s house in Castle Hill, a former general store in Marrickville, a Parramatta weatherboard and fibro cottage in Blacktown.
The six Sydney properties have been pencilled in for October auction.
The four houses in The Block cost its production company $3.6 million.
For your chance to win tickets to The Block's auction, click here.
For expert commentary and analysis on lessons to be learnt from property reality TV, <a href="https://register.propertyobserver.com.au/lights-camera-auction/" target="_blank">download our e-book Lights, Camera, Auction!</a>
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The Block hammers The Renovators after the food fight concludes

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Foreign Affairs Minister Kevin Rudd and his wife, Therese Rein, have bought a residential building block near the river in his Brisbane electorate.
The empty-nest couple intend building a modern Queenslander style house to capture views of the river and city. It will be designed to accommodate visiting family members.
"We want somewhere our adult children can come home to because Brisbane is our home," Rein told the Courier Mail.
"And yes, there will be room for grandkids when they start to arrive."
The block Rein has eyed off for nearly two decades is a short walk from their present Norman Park address and slightly elevated.
Blocks of land in the neighbourhood have had asking prices between $450,000 and $2.2 million in recent times, depending on their size and aspect.
The couple own a Canberra townhouse that was a base while their only son at home. Marcus Rudd completes high school this year.
The family spent $3.1 million in late 2010 on a Sunshine Coast retreat through Zinc Property Noosa.
Their existing Norman Park house cost $384,000 in 1994.
Earlier this month Rein's job placement company Ingeus re-established a presence in the Australian market 3 ½ years after closing its local operations when Rudd was campaigning to become prime minister.
The Australian reported details lodged with the corporate regulator show Ingeus made an $18.85 million profit last year – compared with a $785,000 loss in the six months to December 31, 2009 – and paid $4.8 million in dividends. The vast majority of the cash dividends flowed to Rein, who founded the company and retains about 97% of the shares.
The documents reveal that on Friday, Ingeus, which seeks government contracts to shift welfare recipients into work, registered a new, fully owned local arm, Ingeus Australia.
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Kevin Rudd and Therese Rein buy Brisbane block

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The Australian housing market continues to soften, but according to the National Australia Bank the current price fall expectations are overly pessimistic.
“Our modelling of house prices suggests that while further moderate declines are likely in 2011 some moderate increase should occur in 2012,” the NAB says.
“Expectations of further falls in house prices out to 2013 clearly are not helping consumer sentiment or business confidence to invest,” NAB group chief economist Alan Oster says.
The report notes a structural shortage of dwellings remains nationally, although the recent decline in rates of overseas migration could be expected to prevent the situation worsening significantly.
“Nevertheless, this is likely to maintain a floor under dwelling prices in the longer term,” it says.
The report noted its most recent NAB residential property survey, which indicated that respondents thought house prices would fall by 1.4% over the next year.
The house price falls were expected to be across all states, with the exception of WA (up 0.2%).
The largest house price declines are envisaged in Queensland (down 2.3%) and Victoria (down 2.1%).
Noting the RBA bias towards policy tightening, the NAB sees December as remaining the most likely option for a rate rise, as stronger GDP growth should be more established by then.
“We have pencilled in a further [final] rise in May 2012, bringing our end point target cash rate to 5.25%,” Oster says.
“That would be consistent with ongoing strength in the economy in a period of relatively high inflation.”
But the bank notes the next move in the cash rate would only take place when growth momentum and labour market tightness were more apparent.
It notes that growth in the domestic economy weakened in July with business conditions now indicative of below-trend growth.
“The synchronised slowdown in global growth has worsened and we have revised our growth forecasts down by ¼pt in 2011 (to 4%) and ½pt in 2012 (to 3.8%),” NAB says.
Australian forecasts have been revised down a touch (especially in the near term) given heightened global uncertainty and signs that local momentum continues to slow, together with continued delays in the recovery of Australia’s coal exports.
Near-term softness also has base impacts on 2012 forecasts.
But Australia’s high terms of trade, resumption of full coal production (by late 2011), strong mining investment and Queensland rebuilding are expected to boost GDP growth, NAB says.
“NAB forecasts are significantly weaker than RBA’s view – we see year-ended growth of 2.6% this year (RBA 3¼%) and around 3¼-3% in the out years (RBA 3¾%).
“Calendar year forecasts were revised down ¼% (to 1.5% in 2011 and 4.2% in 2012 respectively).
“Core inflation (e.g. carbon pricing) is expected to still to move up to around (or above) 3%.
“The domestic economy continues to suffer under the weight of the high AUD, the enduring impacts of the floods earlier in the year, and the persistence of cautious consumer behaviour.
“While the mining industry continues to perform strongly, trade-exposed sectors outside of mining and those industries dependant on consumer demand are still struggling with very poor conditions.
“This weakening trend was broad based – with the falls most pronounced in finance and business services reflecting recent global uncertainty and volatility associated with US and European debt issues, manufacturing and the service sectors,” the bank says.
“While we expect to see a boost to GDP growth in the June quarter, as the economy recovers from the flood-induced downturn in the March quarter, some weakness appears to have persisted into the second half of this year.
“The modest fall in retail trade data in May was compounded by another disappointing outcome in June, with trends in retail trade easing to a more subdued pace.
“Employment growth has also disappointed over the first half of this year.
“Household saving rates are high and asset prices have been falling over recent months, suggesting that the softness in consumer spending behaviour will persist into the future.
“Credit growth declined in June and has been fairly subdued over recent months relative to historical standards; business credit fell modestly, while housing credit slowed to its most subdued monthly pace in almost 27 years,” it notes.
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NAB says housing market expectations too pessimistic

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Competition is cooking in the Melbourne CBD amid ongoing demand for space from food and beverage retailers.
It is particularly fierce in the high-end sector of the market, which is leading to high rents, according to Colliers International agent Ben Tremellen.
The retail agency executive says high-end food retailers are among a few key categories of retailers who are shrugging off the doom and gloom, including luxury retailers.
“As the office market tightens and new CBD apartment developments are announced weekly, the potential customer base for these operators is expanding rapidly,” he says.
“There are several proven operators chasing new sites in Melbourne CBD, keen to position themselves to meet the customer demand.”
Tremellen says food and beverage deals are being negotiated for upwards of $1000 per square metre as operators compete to secure space.
At 485 La Trobe Street, Tremellen negotiated a deal on behalf of landlord CLSA for cafe operator Café  Saporo to lease 120 square metres of space that was previously foyer seating, maximising the income opportunity for the landlord.
At 206 Bourke Street, Tremellen leased 501 square metres to another food operator over two tenancies, and at 400 Collins Street, a café operator has taken 194 square metres.
“All three deals were negotiated on rates of more than $1000 square metres,” he says.
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High-end food retailers hungry for space at $1000 per square metre

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Half of all residential sellers in 2011 had previously refused a higher offer, according to a straw poll undertaken by Ray White Group estate agents.
“This is an incredible statistic,” the group joint chairman Brian White says.
“In a profession that prides its purposefulness in achieving the highest possible price for our sellers, it comes as a shock.
“Is there a better way that we can communicate with our sellers the attractiveness of early offers?
“At the present time, so many sellers are hopeful of higher figures – conditioned by years of justified confidence in the underlying value of their assets,” he notes. “It’s only natural to express disappointment at earlier offers and to ignore them.
“It is clearly painful when that rejection leads to even further disappointment later on,” White says.
The Ray White Group’s total turnover for July totalled $2.03 billion, which held its $2 billion plus monthly track record.
Sales volumes has been maintained year on year, with the 10% overall reduction from July last year reflected chiefly by falls in price values.
Queensland had its strongest month for 2011, as did Western Australia – the two Australian states with highly publicised difficulties.
“Our other markets continued at previous levels established this year,” White notes.
“But the market is adjusting. Our high-profile Broadbeach office made four sales in the month – each under $200,000 – for properties that haven’t realised that amount for more than 10 years.
“Spring is just around the corner, and already our offices are reporting increasing marketing campaigns set to soon commence.”
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Half of vendors accepting lower offers as market weakens

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There are 10 world cities in a class of their own when it comes to residential real estate, according to international property advisors Savills. Average values across the newly created World Class Index of premier global residential property locations have risen 77% since 2005, despite the intervening financial crisis or two, with growth of 6% in the first six months of 2011.
But the index average hides big differences between emerging flash new-world economies and the indebted old-world ones.
Sydney ranks alongside Tokyo, London, Paris and New York as “old-world” economies, while Shanghai, Singapore, Hong Kong, Moscow and Mumbai are the exciting “new-world” emerging economies, according to Savills.
A clear gap can be seen.
Tokyo, London, Paris, Sydney and New York grew by 32% since 2005
But the “new-world”, or emerging, economies of Shanghai, Singapore, Hong Kong, Moscow and Mumbai grew, on average, by 123% over the same period.
And within the old world the more cosmopolitan cities fared much better than those that restrict foreign purchasers.
“It becomes apparent that the debt-induced crisis of 2008 was suffered most by the old-world cities and not the new-world ones,” says Yolande Barnes, head of Savills Residential Research.
“The biggest old-world value rebounds have been experienced in the cities most open to new-world investment, notably London and Paris.”
She concludes that for wealthy, globally footloose investors, prime residential property in London and Paris will remain the favoured safe haven for the wealth created in the new-world economies.
“Increasingly, our cities have more in common with each other than with the domestic, mainstream markets in which they operate,” Barnes says.
“Their future performance will depend upon their continued appeal as places to live and work as well as to invest.
“Meanwhile, old-world cities like Tokyo and Sydney are geographically very well placed to benefit from investment from frustrated Chinese and other Far Eastern investors, but they will need to open up their markets to such investors to trigger this.”
<img src="/images/stories/savillsaugust81.jpg">
<img src="/images/stories/savillsaugust82.jpg">
Source: Savills
 
<hr class="system-pagebreak">
 
 
The report notes a shift has occurred in the global real estate premier league since 2005.
Hong Kong remains the most expensive, and values are now 107% above the 10 World Cities Index average, and 63% more expensive than second-place London.
Singapore has grown 123% over the past five and a half years, so it has come up the ranks from seventh position in 2005 to fourth in 2011.
“With its strategic location in a time zone between Europe and North America, Hong Kong has emerged as one of the world’s elite financial centres, and as a gateway to China has prompted increased capital and talent inflow over the past decade,” says Simon Smith, head of Savills research in Asia Pacific.
At the other end of the scale, Mumbai is the least expensive world class city, costing 43% less than the average of all the 10 cities. But it has grown by 154% off its low base, and recorded the highest rate of growth over the period, marginally ahead of Shanghai’s 143%.
On an individual basis, cities have performed very differently.
Against Mumbai, Singapore and Shanghai’s stellar growth, New York grew by just 7% and now, along with Sydney, represents the best value in the old world, Barnes says.
The report noted there was little uniformity in the pattern and timings of price movements as some cities had grown steadily over the whole survey period while others have shown pronounced peaks and troughs – at different times.
Savills Research used a basket of properties required to house an executive group of people that might start up or expand a global business in any country, where real estate costs become an important element of doing business.
Capital Value League Table
 
<table width="328" cellpadding="0" cellspacing="0" border="0"><tbody>
<tr>
<td valign="bottom" width="63">
Rank 2011
</td>
<td valign="bottom" width="63">
Rank 2005
</td>
<td valign="bottom" width="75">
City
</td>
<td valign="bottom" width="66">
Relative Total Cost Index
</td>
<td valign="bottom" width="63">
Growth
Dec-05 to Jun-11
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="63">
1
</td>
<td valign="bottom" nowrap width="63">
1
</td>
<td valign="bottom" nowrap width="75">
Hong Kong
</td>
<td valign="bottom" nowrap width="66">
207
</td>
<td valign="bottom" nowrap width="63">
98%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="63">
2
</td>
<td valign="bottom" nowrap width="63">
3
</td>
<td valign="bottom" nowrap width="75">
London
</td>
<td valign="bottom" nowrap width="66">
127
</td>
<td valign="bottom" nowrap width="63">
32%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="63">
3
</td>
<td valign="bottom" nowrap width="63">
2
</td>
<td valign="bottom" nowrap width="75">
Tokyo
</td>
<td valign="bottom" nowrap width="66">
112
</td>
<td valign="bottom" nowrap width="63">
44%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="63">
4
</td>
<td valign="bottom" nowrap width="63">
7
</td>
<td valign="bottom" nowrap width="75">
Singapore
</td>
<td valign="bottom" nowrap width="66">
110
</td>
<td valign="bottom" nowrap width="63">
123%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="63">
5
</td>
<td valign="bottom" nowrap width="63">
4
</td>
<td valign="bottom" nowrap width="75">
Paris
</td>
<td valign="bottom" nowrap width="66">
110
</td>
<td valign="bottom" nowrap width="63">
49%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="63">
6
</td>
<td valign="bottom" nowrap width="63">
8
</td>
<td valign="bottom" nowrap width="75">
Shanghai
</td>
<td valign="bottom" nowrap width="66">
79
</td>
<td valign="bottom" nowrap width="63">
143%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="63">
7
</td>
<td valign="bottom" nowrap width="63">
5
</td>
<td valign="bottom" nowrap width="75">
New York
</td>
<td valign="bottom" nowrap width="66">
69
</td>
<td valign="bottom" nowrap width="63">
7%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="63">
8
</td>
<td valign="bottom" nowrap width="63">
6
</td>
<td valign="bottom" nowrap width="75">
Sydney
</td>
<td valign="bottom" nowrap width="66">
67
</td>
<td valign="bottom" nowrap width="63">
27%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="63">
9
</td>
<td valign="bottom" nowrap width="63">
9
</td>
<td valign="bottom" nowrap width="75">
Moscow
</td>
<td valign="bottom" nowrap width="66">
62
</td>
<td valign="bottom" nowrap width="63">
94%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="63">
10
</td>
<td valign="bottom" nowrap width="63">
10
</td>
<td valign="bottom" nowrap width="75">
Mumbai
</td>
<td valign="bottom" nowrap width="66">
57
</td>
<td valign="bottom" nowrap width="63">
154%
</td>
</tr>
</tbody></table>
Source: Savills Research
Fundamental visitor business and relocation activity in each city was revealed in Savills International rental rankings that show that of the 10 cities, London has the highest rents and Mumbai the lowest.
For the top five most expensive rental cities, London, Paris, Hong Kong, Tokyo and Singapore, demand is fuelled by domestic, as well as corporate demand as would-be purchasers are pushed into the rental sector due to credit restrictions. Rents have moved, on average, across all cities at a slower pace than capital values, thereby suppressing yields.
There is an old world/new world difference in the growth of rents, but it is not as pronounced as with capital values – 3.6% new-world rental yields compared with 5.1% old-world rental yields. Savills suggests this highlights that strong capital-growth-motivated investment activity is driving capital values in the new world and means that yields are moving in much faster in these cities. In consequence, it might be said that there is a stronger case for rental-return-motivated investment in the cities of the old world.
Rent League Table
<table width="320" cellpadding="0" cellspacing="0" border="0"><tbody>
<tr>
<td valign="bottom" width="63">
Rank 2011
</td>
<td valign="bottom" width="63">
Rank 2005
</td>
<td valign="bottom" width="69">
City
</td>
<td valign="bottom" width="63">
Relative Total Cost Index
</td>
<td valign="bottom" width="63">
Yield Growth Dec-05 to Jun-11
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="63">
1
</td>
<td valign="bottom" nowrap width="63">
1
</td>
<td valign="bottom" nowrap width="69">
London
</td>
<td valign="bottom" nowrap width="63">
142
</td>
<td valign="bottom" nowrap width="63">
13%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="63">
2
</td>
<td valign="bottom" nowrap width="63">
4
</td>
<td valign="bottom" nowrap width="69">
Paris
</td>
<td valign="bottom" nowrap width="63">
141
</td>
<td valign="bottom" nowrap width="63">
20%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="63">
3
</td>
<td valign="bottom" nowrap width="63">
5
</td>
<td valign="bottom" nowrap width="69">
Hong Kong
</td>
<td valign="bottom" nowrap width="63">
124
</td>
<td valign="bottom" nowrap width="63">
28%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="63">
4
</td>
<td valign="bottom" nowrap width="63">
2
</td>
<td valign="bottom" nowrap width="69">
Tokyo
</td>
<td valign="bottom" nowrap width="63">
123
</td>
<td valign="bottom" nowrap width="63">
-11%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="63">
5
</td>
<td valign="bottom" nowrap width="63">
3
</td>
<td valign="bottom" nowrap width="69">
New York
</td>
<td valign="bottom" nowrap width="63">
121
</td>
<td valign="bottom" nowrap width="63">
-3%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="63">
6
</td>
<td valign="bottom" nowrap width="63">
7
</td>
<td valign="bottom" nowrap width="69">
Singapore
</td>
<td valign="bottom" nowrap width="63">
98
</td>
<td valign="bottom" nowrap width="63">
95%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="63">
7
</td>
<td valign="bottom" nowrap width="63">
6
</td>
<td valign="bottom" nowrap width="69">
Sydney
</td>
<td valign="bottom" nowrap width="63">
88
</td>
<td valign="bottom" nowrap width="63">
19%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="63">
8
</td>
<td valign="bottom" nowrap width="63">
8
</td>
<td valign="bottom" nowrap width="69">
Moscow
</td>
<td valign="bottom" nowrap width="63">
71
</td>
<td valign="bottom" nowrap width="63">
43%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="63">
9
</td>
<td valign="bottom" nowrap width="63">
9
</td>
<td valign="bottom" nowrap width="69">
Shanghai
</td>
<td valign="bottom" nowrap width="63">
47
</td>
<td valign="bottom" nowrap width="63">
6%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="63">
10
</td>
<td valign="bottom" nowrap width="63">
10
</td>
<td valign="bottom" nowrap width="69">
Mumbai
</td>
<td valign="bottom" nowrap width="63">
45
</td>
<td valign="bottom" nowrap width="63">
69%
</td>
</tr>
</tbody></table>
Source: Savills Research
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New world cities outperform old world

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A newly established open for inspection security service is protecting the houses featured in Channel Nine’s renovation reality program The Block.
Some 30 guards were on duty when Open Home Insurance &amp; Security oversaw the crowd management as 25,000-plus people attended the show’s initial weekend open for inspection day.
The business concept of insurance and security for open home inspections was established by Sydney real estate industry figure Peter Kelaher.
Kelaher approached Channel Nine about using his new service during The Block.
Kelaher has teamed up with players in the insurance and security industry and the real estate industry’s Campaign Track to offer insurance and the means of protecting homes from theft and damage during open inspections.
He sees his new venture as “the next big thing” in real estate,although he expects its uptake to begin with celebrities, high-net-worth individuals and judges.
Open Home insurance &amp; Security aims to protect vendors, landlords and tenants during open home inspections by closing a loophole in the majority of standard home and contents insurance policies.
“It’s a little-known fact that when people are selling or renting their homes, they’re unlikely to be covered for any accidental, malicious damage or theft that may occur when their homes are open for inspection,” Kelaher says.
“Once you’ve willingly invited people into your home, most insurance policies are void ... and in the eyes of insurance companies, that’s exactly what you’re deemed to have done when you open your home for inspection.”
Open Home Insurance &amp; Security offers an insurance policy from $295 that provides cover for accidental, malicious damage and theft for up to $5,000 when selling or leasing your property and licensed on-site security personnel at your open inspection who complete photo identification checks on every visitor entering a home.
“It’s leaving the real estate agents to concentrate on prospects, not suspects,” he says.
“It seems incredible that we need a driver’s license or other photo I.D. to hire a $5 DVD, yet can wander freely through someone else’s home with no questions asked.
“It’s a documented fact that criminals often attend open inspections with the sole intention of casing the property so they can return at a later date to rob the occupants.”
Kelaher says that the listings come with advanced notification on advertisements advising people they may be asked for photo ID.
For your chance to win tickets to The Block's auction, click here.
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The Block hires security firm to monitor inspections

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{yoogallery src=[images/stories/august9malibu]}
<a href="https://smsold201.smsold.com/clients/05023/docs/211_CBA%20Brochure%20Fin%20Online.pdf" title="21804 Pacific Coast Highway" target="_blank">21804 Pacific Coast Highway, Malibu, CA, United States</a>
A Malibu beachfront mansion could reportedly become the most expensive US property to be sold at auction when it goes under the hammer in September with buyers being advised it requires a $US22 million starting bid.
The 975-square-metre beachside house, which was built in 2005, originally listed in 2008 at $65 million, given its Billionaire Beach location, and for $35 million in May. It includes six bedrooms, nine bathrooms and five fireplaces.
There’s a home theatre, a 25-metre two-lane lap pool, a gym and a library with an aquarium.
The winning bidder would count on former Yahoo! CEO Terry Semel, billionaire David Geffen, action film producer Joel Silver and restaurant mogul Peter Morton as near neighbours along Carbon Beach.
"It's on a particularly wonderful spot which is very sandy," listing agent Carol Bird, of Westside Estate Agency, says.
"In Malibu, California beaches have public access by law, but it's 1,000 feet [300 metres] from any public access, so you don't have people walking in front of you."
The <a target="_blank" title="Auction contract" href="https://smsold201.smsold.com/clients/05023/docs/211_Preliminary%20Title%20Report%20Carbon%20Beach.pdf">auction </a>is set to be held on September 18, but Bird says the house could be sold before then if an "acceptable offer" were made. The land cost $2 million in 2002. Bird says it would set the record for an auction property in the US but did not respond to questions about this claim before deadline. 
In June 2010, the Microsoft co-founder Paul Allen spent $25,0067,500 on his Carbon Beach retreat. It is an architecturally striking gleaming glass-and-stucco residence sold by L.A.-based clothing manufacturing magnate Charles Perez, who had purchased the 1,781-square-metre block in 1998 for $3.7 million. A $36.9 million sale took place last year for an eight-bedroom, seven-bathroom house that was built in 2002 on a 1,214-square-metre block that cost $2.5 million in 1998.
 
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Billionaire Beach property for auction

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The Ten Network registered a comfortable win in Sunday night's ratings with the MasterChef Australia finale securing an audience of 2.568 million.
While Ten's decision to sandwich The Renovators between the two-part MasterChef finale was criticised by viewers, the move paid off, with the struggling renovation series attracting its highest audience to date at 1.269 million.
But Nine’s The Block remained super competitive, with its extended 90-minute episode averaging 1.433 million. Some 509,000 of the audience came from Melbourne, which is lapping up the series, being presented from Melbourne.
The room reveal component netted 1.82 million viewers for The Block.
On Sunday night 951,000 watched Grand Designs on the ABC
Nine’s head of programming and production Andrew Backwell has confirmed The Block finale will be a two-hour auction show to air Sunday, August 21 from 6.30pm.
The auction will be an invite-only event on the preceding Saturday night.
Backwell expects viewing to peak at 2 million or more viewers ahead of the Sunday night premiere of new drama Underbelly: Razor.
"It will be the highest-rating night of television on Channel Nine this year," Backwell says.
"The Block finale will get a huge response.”
Nine had high hopes for The Block this year, with Backwell saying it has performed above expectations.
To win tickets to The Block's auction, click here. </body></html>

Hammer and whisk battle won by MasterChef

Burgeoning South East Queensland developer <a href="https://www.apartments.com.au/developers/frank-developments">Frank Developments</a> is continuing to pad out its capital city development pipeline.

The developer, led by Frank Licastro, has its sights set on Kingsford Smith Drive in Hamilton, where it is planning <a href="https://www.apartments.com.au/new-apartments/avela-60-kingsford-smith-drive-albion-qld-4010">AVELA</a>, a 166-apartment development across three towers that tier down from 28 storeys to 19 and 17.

The towers will rise above the iconic Breakfast Creek Hotel.

Frank has brought on Melbourne architecture practice <a href="https://www.apartments.com.au/architects/rob-kennon-architects">Kennon</a> to design the building, conceived as a “defining architectural marker where the airport corridor meets the inner city.”

<img alt="First look: Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway" data-entity-type="file" data-entity-uuid="e787c64e-f0a4-4725-891e-e86b40ee5c5c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/AVELA.png?VersionId=1ulwuZ9w2vQ2td7v.J2zUI7Ih_DT4Kwz" />

Kennon describes the project as a once-in-a-generation opportunity.

"Positioned at the northern gateway of Brisbane's primary CBD corridor, this project represents a singular moment in the city's urban evolution, one that will not come again," the architecture practice said in the documents submitted to the Brisbane City Council.

"Where the airport and world beyond meets the city, the building will rise as a sculptural landmark, a defining piece of architecture that signals arrival into Brisbane and anchors the connection between the city and the communities to its north."

<img alt="First look: Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway" data-entity-type="file" data-entity-uuid="d572bf62-a98d-4847-95d0-889e3d3283e1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/AVELA%20podium.png?VersionId=6.Ax4jBzTbY5ahm55iaMWNR03ODhDQSm" />

The development is centred around owner-occupier apartments, with a mix of two, three and four-bedroom residences designed to capitalise on city and river views.

Four basement levels accommodate resident parking, allowing the podium to prioritise pedestrian activity and public-facing uses like ground-floor retail, a cafe, a&nbsp;neighbourhood grocer, and a public accessible indoor pickleball court and event space.&nbsp;

There will be nearly 2,000 sqm of communal wellness and recreation facilities across three levels.

<img alt="First look: Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway" data-entity-type="file" data-entity-uuid="c5ac3cbf-3c11-4219-89f3-e12d9e0f9ffd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/AVELA%20podium%20A.png?VersionId=_.4zd1HLCKa1s6I_oxkY4NNqX6o3Yevn" />

&nbsp;

Frank Developments has increasingly focused on design-led residential projects across South East Queensland.

AVELA is Licastro's second on Kingsford Smith Drive following <a href="https://www.apartments.com.au/new-apartments/alba-92-kingsford-smith-drive-hamilton-qld-4007">Alba</a>, 85 apartments just down the road. The developer has <a href="https://www.apartments.com.au/new-apartments/mira-61-garfield-terrace-surfers-paradise-qld-4217">MIRA</a> and <a href="https://www.apartments.com.au/new-apartments/myst-burleigh-heads-270-the-esplanade-miami-qld-4220">MYST</a> on the Gold Coast, as well as <a href="https://www.apartments.com.au/new-apartments/murano-teneriffe-37-wyandra-street-new-farm-qld-4005">Murano</a> coming up in Teneriffe and <a href="https://www.apartments.com.au/new-apartments/bel-air-33-oxlade-drive-new-farm-qld-4005">Bel Air in New Farm</a>.

Joel Robinson

Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway

ASX-listed developer <a href="https://www.apartments.com.au/developers/stockland">Stockland</a>&nbsp;is continuing its push back into the new apartment market, filing plans for a prominent gateway site between Collingwood and East Melbourne.

The development giant, which moved back into the new apartment space when it announced Stanton Place in Sydney's Rosebery and have since filed plans for a 50-storey tower, are jumping into the off the plan Melbourne market.

They are hoping to create a mixed-use neighbourhood precinct for <a href="https://www.apartments.com.au/new-apartments/79-81-victoria-parade-collingwood-vic-3066">79-81 Victoria Parade</a>, replacing an existing commercial building with a scheme by <a href="https://www.apartments.com.au/architects/john-wardle-architects">Wardle</a>&nbsp;for 478 apartments,&nbsp;ground-floor retail, new public open spaces and a publicly accessible pedestrian laneway.

<img alt="First look: Stockland plans new mixed-use neighbourhood precinct for Collingwood gateway site" data-entity-type="file" data-entity-uuid="72dbbca9-3918-4073-afad-a0c0c35be8e7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/stockland%20pers.png?VersionId=bzMVUKKxvwuNK1m0v_td126Rgct32uk_" />

The design report identifies the public realm as a central driver of the proposal.

"Collingwood has limited access to high-quality parks and public open space, and the proposal delivers valuable new areas for respite, social interaction and fine-grain retail activity."

The development would deliver a diverse mix of housing, including studio, one, two and three-bedroom apartments alongside townhouse-style residences. Two basement levels are proposed beneath the development, providing resident and retail parking as well as extensive bicycle facilities.

Wardle's design draws heavily on Collingwood's industrial character, using articulated building forms, brickwork and robust materials inspired by the suburb's warehouse and manufacturing heritage. The built form has been broken into a series of smaller volumes to better respond to the surrounding streetscape while extensive communal gardens, rooftop amenities and shared resident spaces are integrated throughout the project.

<img alt="First look: Stockland plans new mixed-use neighbourhood precinct for Collingwood gateway site" data-entity-type="file" data-entity-uuid="7b2135ed-65df-4253-ad53-f216f06bd467" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/stockland%20podium.png?VersionId=l1B6Hqn8zs772VxH6L1fDPg0KHshan9v" />

The planning documents describe the existing office building as offering little engagement with the public realm, with the redevelopment intended to create a more permeable and active neighbourhood destination.

"The proposed scheme presents a significant opportunity to deliver a vibrant retail plaza and a local neighbourhood hub serving both existing and future Collingwood residents."

The 79–81 Victoria Parade site occupies a strategic location about 1.5 kilometres east of Melbourne's CBD, at the threshold between Collingwood and East Melbourne. It is well served by tram services along Victoria Parade and sits within walking distance of St Vincent's Hospital, Fitzroy Gardens, the Fitzroy activity centre and a broad range of employment, retail and hospitality destinations.

Stockland plans new mixed-use neighbourhood precinct for Collingwood gateway site

An 1880s timber cottage that has survived Kangaroo Point's transformation from riverside suburb to high-density apartment precinct is set to become the centrepiece of <a href="https://www.apartments.com.au/developers/zephyr">Zephyr Group</a>'s proposed Banksia development.

Rather than see the locally heritage-listed Alpha Cottage as an obstacle to navigate, plans integrate the landmark home into a new 18-storey residential tower, giving one of the suburb's oldest surviving residences a new role as the project's communal hub.

The development application covers a 1,177 sqm amalgamated site at 127-133 Lambert Street and 30 Shafston Avenue, where Zephyr Group plans to deliver 64 apartments above three basement levels. Designed by <a href="https://www.apartments.com.au/architects/joe-adsett-architects">Joe Adsett Architects</a>, the proposal carefully weaves the retained heritage cottage into a contemporary residential scheme, with the tower elevated above the historic building to preserve its presence within the Lambert Street streetscape.

<img alt="First look: Zephyr Group's Banksia to wrap new Kangaroo Point tower around 1880s Alpha Cottage" data-entity-type="file" data-entity-uuid="f9dc5bdb-d691-4c60-bf2b-c3ed405a3e75" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Banksia.png?VersionId=Jh4bjlewU.o8HXWt0V4KaFA_lPcF7KWM" />

Named after the native Australian Banksia flower, the project draws inspiration from its distinctive form through curved balconies, sculpted planter boxes and cascading subtropical landscaping that soften the building's profile.

As the design report explains: "The tower's identity is defined by its feature facade, drawing direct inspiration from the Banksia wildflower. The building departs from traditional rigidity through the use of elegant, GRC-moulded planter boxes that appear as if shaped by the breeze."

Plans propose 64 apartments, comprising 32 two-bedroom and 32 three-bedroom residences, across an 18-storey tower. Residents would have access to rooftop amenities including a swimming pool, spa, gym, sauna, private cinema, dining spaces and landscaped recreation areas, while more than half the site is dedicated to planting and open space.

<img alt="First look: Zephyr Group's Banksia to wrap new Kangaroo Point tower around 1880s Alpha Cottage" data-entity-type="file" data-entity-uuid="16041b5f-033e-47fa-8fbe-9886e072c1f2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pool.png?VersionId=kpx5w4EbLx0_TdWfDoD1vrSs0_cZ5Ao1" />

The heritage component is the defining feature of the proposal. Constructed in the early 1880s and occupied from at least 1883, Alpha Cottage is recognised by Brisbane City Council as an important surviving example of Kangaroo Point's nineteenth-century residential development and as a representative transverse-gable timber cottage. Despite extensive redevelopment across the peninsula, the building has retained a high degree of its original form and internal fabric.

As part of the redevelopment, the cottage will be carefully relocated a short distance within its original allotment to facilitate construction before being returned to a prominent position along Lambert Street. Original verandah elements will be dismantled, catalogued and reinstated, while significant internal features, including timber flooring, wall linings, joinery, doors, windows and hardware, will be retained. Later additions, including the enclosed rear verandah, will be removed to better reveal the building's original form.

Once restored, Alpha Cottage will accommodate the building manager's office, mail room and parcel facilities, providing an active everyday use that supports its long-term conservation rather than preserving it as a static display. The heritage strategy also maintains landscaped space around the building, allowing it to remain visually distinct beneath the new tower.

<img alt="First look: Zephyr Group's Banksia to wrap new Kangaroo Point tower around 1880s Alpha Cottage" data-entity-type="file" data-entity-uuid="43b027e1-576e-4624-a66c-7cc54ea8b7be" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/banksia%20tower.png?VersionId=2W6E2yfkj2AQlWlLeV986grA5zB9f817" />

The Heritage Impact Assessment concludes that "the proposal secures the ongoing occupation, maintenance and conservation of Alpha Cottage," finding the development would result in "no more than a minor impact on the cultural heritage significance" of the building while ensuring its long-term future.

Joe Adsett Architects have designed the tower to sit above the heritage building rather than overwhelm it, creating a clear visual separation between old and new. The development's flowing balconies, integrated planting and organic façade respond to Brisbane's subtropical climate while complementing the restored cottage below.

Banksia occupies a prominent corner in Kangaroo Point within walking distance of the Kangaroo Point Bridge, Brisbane River, ferry services, QUT, the CBD and the Woolloongabba precinct. The site also benefits from direct access to active transport infrastructure and sits within an area earmarked for continued higher-density residential growth.

Zephyr Group's Banksia to wrap new Kangaroo Point tower around 1880s Alpha Cottage

Buying into a masterplanned community often means committing to a vision still years from taking shape. At <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a>, that vision is already visible.

Residents have moved into the completed first stage, landscaped spaces are established, and the next chapter is now underway. Stage 1 has been completed and settled, with Stage 2 now selling off-the-plan.

Designed by <a href="https://www.apartments.com.au/architects/pbd-architects">PBD Architects</a>, <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> combines attainable apartment living with sustainability initiatives rarely seen at this price point, including rooftop solar, battery storage and a resident EV-sharing program.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/6RNt3AvtBpI?si=JUhuCV2ZRXsYaoJZ" title="YouTube video player" width="560"></iframe>

Located on Schofi​elds Road, just moments from Tal​lawong Metro Station and Schof​ields Train Station, <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> has been designed to appeal to a broad mix of buyers, from first-home purchasers looking for a foothold in Sy​dney's property market to downsizers seeking a connected, low-maintenance lifestyle.

<a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> has been conceived as a thoughtfully planned masterplanned community that will evolve over multiple stages, with buyers now able to secure one, two and three-bedroom apartments within a neighbourhood that is already beginning to establish its identity.

One of the project's defining features is its focus on sustainability. Solar energy systems, battery storage and future EV charging infrastructure have been incorporated throughout the development, reflecting a long-term approach to both environmental performance and everyday convenience.

Sustainability sits at the centre of the development's vision, with solar energy systems, battery storage and future EV charging infrastructure integrated throughout the community.

That emphasis on future-ready living extends beyond the technology. Landscaped communal gardens, outdoor gathering spaces and plans for a future retail precinct aim to create a neighbourhood where residents can access daily conveniences without travelling far from home.

[smartcode_project:default project_id=149637 project_image_fid=351027]

The apartments themselves have been designed with liveability front of mind. Rather than chasing maximum density, the focus has been placed on creating practical homes with generous natural light, usable layouts and strong connections to outdoor space.

Importantly, these design principles have been applied consistently across the one, two and three-bedroom apartment offerings.

The appeal of <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> is also closely linked to its location within Syd​ney's rapidly evolving north-west growth corridor. Over the past decade, major infrastructure investment has transformed the area, with new transport links, business precincts and community facilities reshaping suburbs like Talla​wong and Schofiel​ds.

The agent says buyers are increasingly recognising the area's long-term potential.

"Typical buyers that we're finding across <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> especially are your first-home buyers, your investors, your upsizers as well as your downsizers," Hawes says.

Connectivity remains one of the project's strongest drawcards. Residents have access to both Tallaw​ong Metro Station and Schofi​elds Train Station, providing links to the Sydn​ey CBD, Norw​est Business Park, Macquari​e Park and other major employment hubs. Retail centres including Rous​e Hill Town Centre and Sch​ofields Village are also nearby, alongside schools, parks and future healthcare infrastructure.

[smartcode_project:default project_id=149637 project_image_fid=351031]

For Stage 1 resident Roji, it is the balance between convenience and comfort that has defined the experience of living at Kew.

"For me, it's a balance of quality and convenience," she says. "Everything I need is right here."

"If I wanted to catch the train, Scho​fields Station is just around the corner. Tallaw​ong Metro connects me to the city."

More importantly, she says, the development has delivered something that cannot be measured in floorplans or specifications.

"<a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> feels like home."

[smartcode_project:default project_id=149637 project_image_fid=351024]

As Stage 2 enters the market, that lived experience may be one of the project's strongest selling points. Buyers are not purchasing into an untested concept or a future promise. They are joining a community that is already taking shape.

Ongoing investment in transport, retail, healthcare and public open space continues to strengthen the appeal of Syd​ney's north-west growth corridor, while <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a>'s established first stage provides buyers with a tangible sense of the community's future direction.

For a limited time, buyer can secure a new home at <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> with just a $10,000.

[smartcode_project_cta:default project_id=149637]

Kew Tallawong: A growing community taking shape in Sydney's north-west

<a href="https://www.apartments.com.au/developers/freecity">Freecity</a> has received development approval for its 51-storey mixed-use tower at 153-157 Walker Street, North Sydney, set to be one of the tallest mixed-use residential-led buildings in one of Sydney’s most sought-after commercial and residential addresses.

Lodged as a State Significant Development Application (SSDA) through the Housing Delivery Authority (HDA) pathway and approved by the NSW Department of Planning, Housing and Infrastructure following a comprehensive public exhibition and submissions process, <a href="https://www.apartments.com.au/new-apartments/153-walker-street-north-sydney-nsw-2060">the project</a> will deliver 296 apartments, alongside a 170-room, luxury hotel, activated retail and significant public domain improvements.

Situated just 200 metres from Victoria Cross Metro Station, on one of the largest developable sites in North Sydney, the development will rise to 234 metres, making it one of the tallest buildings in the suburb. With an end value of approximately $1.5 billion, the project responds directly to the NSW Government’s mandate to accelerate housing delivery in well-located, transit-connected areas.

<img alt="Freecity gets green light for mixed-use residential and hotel tower in North Sydney" data-entity-type="file" data-entity-uuid="192ec455-94bf-4e01-83ef-922b1b269d67" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Freecity%20-%20Walker%20Street%20North%20Sydney%201%20RESIZED%20.jpg?VersionId=Bzqp0SBHCDvLAHjA4QXkjuGoOEIh73Jl" />

The apartment mix will cater to a broad range of buyers, with 65 studio and one-bedroom apartments, 139 two-bedroom residences, 35 three-bedroom apartments, 48 four-bedroom homes, and nine penthouses. Residents will have access to a dedicated amenity level on Level 33, featuring a swimming pool with views towards the Harbour Bridge, Sydney Opera House and North Sydney CBD, as well as a gym, library, shared kitchen, lounge and outdoor entertaining areas.

The hotel will occupy the lower six levels of the building and include meeting and function spaces, a wellness centre with gym, yoga studio, swimming pool and sauna, further strengthening North Sydney's growing hospitality offering.

At ground level, the development has been designed to improve pedestrian connections through the precinct. More than 700 sqm of retail space will activate the street frontage, while a landscaped through-site link connecting Walker Street, Little Walker Street and Doris Fitton Park will provide new public open space with seating, paving and extensive native landscaping.

Freecity Group Co-Founder and Joint CEO Tony Sun said the project represents one of the most significant development opportunities currently available in North Sydney.

"This is one of the most significant development sites in North Sydney and it comes at a pivotal moment for the precinct," Sun said.

"North Sydney is undergoing a genuine transformation, and this project will contribute housing the city urgently needs while creating a landmark destination."

Executive Director of Development Michael Romano said demand for both residential and hotel accommodation would continue to strengthen as the Metro precinct matures.

"The structural demand for high-quality housing and hotel accommodation in North Sydney is compelling, and will only grow as the precinct continues to evolve around the new Metro station," Romano said.

Architectus has designed the tower, orientating the apartments to maximise views towards Sydney Harbour while introducing a sculpted façade intended to respond to light, wind and the surrounding skyline.

Architectus Principal Marko Damic said the design sought to create a tower that contributes to the public realm as much as the skyline.

"We wanted to design a tower that doesn't just sit in the skyline but actively participates and contributes to city life," Damic said.

Jonathan Chancellor

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