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Weekend auction volumes decreased across the capital cities as the extended Christmas break nears.
There are just a handful of auctions scheduled for next Saturday, December 23.
The penultimate pre-Christmas auction weekend saw a preliminary national auction clearance rate of 64.2 per cent, according to CoreLogic.
The rush of vendors who hopefully thought that buyers needed to buy something before the end of the year and were willing to pay ‘anything’ were increasingly mistaken, as the market changed gears from the intensity of early 2017.
Sydney especially looks set to finish the year with an auction clearance rate in the 50s, and even dipping into the high 40s in some regions.
The number of homes taken to auction nationally fell to 2,865 auctions, down on the prior weekend's 3,371 auctions.
The nation's top auction offering was in Brighton with a four bedroom house at <a href="https://www.realestate.com.au/property-house-vic-brighton-127014594" target="_blank" rel="noopener noreferrer">12 Cole Street </a>but which was passed in on a $5.5 million vendor bid.
It had been listed with $5.95 million to $6.44 million hopes, but now comes listed at $5.95 million.
It was a contemporary Steve Domoney Architecture-designed home where the four-bedrooms hugged a Zen-inspired courtyard garden and pool, also accessed from living and dining zones. It came with a two-room Gaggenau kitchen, and a four-room parents’ wing. 
Melbourne's highest sale was $3,825,000 in Carlton.
The four bedroom, one bathroom terrace at <a href="https://www.realestate.com.au/property-house-vic-carlton-127015838" target="_blank" rel="noopener noreferrer">173 Drummond Street </a>had been listed with $3 million to $3.3 million hopes. It last sold in 1983 at $165,000, and before that slightly higher in 1982 at $179,000 before the full effect of Australia's second last recession was felt.
Melbourne, Australia’s largest auction market, finished the year off with an auction clearance rate of 67.3 per cent across its weekend 1,628 auctions in a last minute rush to auction.
This time last year, 1,288 properties were taken to auction across Melbourne and a clearance rate of 73.9 per cent was recorded, CoreLogic auction analyst Kevin Brogan noted.
Mosman had Sydney's highest weekend auction outcome when 8 Cobbittee Street fetched $3.57 million pre-auction.
<a href="https://www.realestate.com.au/sold/property-house-nsw-mosman-127005662" target="_blank" rel="noopener noreferrer">It was offered </a>for the first time in 93 years. 
Sydney’s preliminary clearance rate was 60.8 per cent across 690 auctions. Over the same week one year ago, 878 auctions were held across Sydney and a clearance rate of 71.4 per cent was recorded.
Sydney's pre-auction sales with undisclosed prices included the McMahons Point home (pictured) of the retired litigation lawyer Peter Keel, a former Clayton Utz partner, and his wife Angela.
They had listed their McMahons Point home for December 16 Stone auction.
It was 1999 when the couple commissioned Jon Johannsen to design the modernism <a href="https://www.realestate.com.au/property-house-nsw-mcmahons+point-126782410" target="_blank">double sandstone residence</a> with five bedrooms. It comes with a pool on the double block.
They bought an 1880s-era terrace in the early 1990s for $420,000, and then added its twin in the late 1990s for $620,000.
Slacks Creek, south of Brisbane, had the nation's cheapest weekend house sale.
<a href="https://www.realestate.com.au/property-house-qld-slacks+creek-126022630" target="_blank" rel="noopener noreferrer">The two bedroom 44 Atkinson Street home</a> on 600 sqm fetched $285,000 through Ray White.
It had sold at $267,000 in 2010.
There were 196 Brisbane weekend auctions with a clearance rate of 54.8 per cent, compared to a year ago when there were 234 auctions with a success rate of 42.6 per cent.
Adelaide finished the auction year with the strongest weekend clearance rate of the capital cities, at 70.1 per cent, with 107 reported results across a total of 152 scheduled auctions, increasing on last weekend’s 65.2 per cent and the 58.4 per cent one year ago.
Adelaide's results included a three bedroom at <a href="https://www.realestate.com.au/property-house-sa-lockleys-127058442" target="_blank" rel="noopener noreferrer">3 Veronica Crescent, Lockleys</a> sold at $581,000, exceeding what it had been tipped by Belle Property to sell between $490,000 and $530,000.
But a three bedroom at <a href="https://www.realestate.com.au/sold/property-house-sa-south+plympton-127081426" target="_blank" rel="noopener noreferrer">68 Wheaton Street, South Plympton</a> sold prior for $586,000, fell short of its price guidance which was $599,000 to $649,000.
 
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jchancellor-FAypfDUnLy

Fewer bright auction results signals tougher sellers' market ahead in 2018

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Casino operator Crown Resorts has announced a string of asset sales, including the disposal of two floors within its luxury Sydney development to James Packer.
James Packer will pay $60 million for two residential floors of the 70-floor Crown Sydney at Barangaroo.
The apartment space is located above the mid-levels in the luxury high rise project that will include a casino for high rollers.
Crown said the sale will be made on the same terms as those entered into with other buyers.
It was sold after approval of Crown's independent directors, the company told the stock market on Wednesday.
Crown has been looking overseas to sell apartments in the ­luxury residential tower. The Australian report, at this stage, Mr Packer's two-floor apartment - located somewhere between the 40th and 50th floor - will be the biggest in the building in terms of square metres, and will feature unprecedented features.
Fashioned by New York-based interior designers, it’s expected the apartment will have Scandinavian bleached birch wood, ripple textured bronze glass, polished blackened stainless steel, leather detailing, and white and silver-veined stone slabs from Greece.
Though the pricing is being kept under wraps, there’s speculation that the penthouse atop the Barangaroo tower, to be branded Crown Sydney, One Barangaroo, could come with a price tag as high as $100 million. 
The record apartment sale stands at $27 million in the Opera Residences development at Circular Quay which sold in November last year on the site of the old Coca Cola Amatil building.
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The wealthy businessman, former chief of Tenix, Robert Salteri and his wife Kelly has since been pinpointed as the $27 million buyers.
The 104 apartments to be built in the old Coca-Cola Amatil building by China-based developers Macrolink and Landream sold out within two hours last November, totalling $500 million worth of real estate.
It was in June 2016 when Crown Resorts secured approval for the $2 billion Sydney casino at Barangaroo.
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Crown had originally targeted a late 2019 completion for the casino with luxury apartments but it is now 2021 as the likely opening date
The Crown company is also selling its 50 per cent interest in the Packer family's luxury Ellerston property in the NSW Hunter Valley to James Packer and his sister Gretel for $62.5 million.
Crown will continue to have access to the golf course and other facilities at Ellerston for its VIP gamblers, in line with its commitment to the NSW government.
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James Packer pays record $60 million off the plan to buy Crown Barangaroo apartment 

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To sell and buy property is nerve wracking. To do the deal with Bitcoin is just ratcheting up the stakes.
But it has been an emerging prospect as Bitcoin's currency gains wider knowledge and some acceptance.
In the past month we have seen a series of vendors across Australia advertise their willingness to accept the cryptocurrency as payment.
It's seems mostly a marketing stunt to get publicity for their listing, so it has yet to become a marked trend.
Indeed there's no known Australian property sale where the buyer has actually accepted Bitcoin since the currency was launched in 2008.
The vendors have mostly indicated their preparedness since they already have one of the 13 million crypto wallets now existing on Coinbase.
Back in 2013 there was a buyers advocate who accepted Bitcoin payment for services of $1,300 which meant 10 Bitcoins were paid.
The exchange rate at the time was one Bitcoin = AU$130.
The current rush in Bitcoin-accepting vendors comes amid the see-sawing surge in the value of bitcoin to over US$11,500, marking a 1,200 percent rise this year.
Bitcoin could, of course, become the Uber of the financial world with Finder.com.au insights manager Graham Cooke believing Bitcoin could revolutionise property and finance.
But for it to become normal, it will actually have to get the official involvement of government along with the banking and conveyancing industries.
For starters there is an issue with the traditional deposit payment which is regulated by state governments.
Yes the deposit could be paid in bitcoin, however it will need to be immediately cashed in and then paid in dollars into the selling agent's trust account for safe keeping until settlement.
The financial expert Peter Switzer notes several cautions, but "suspects cryptocurrencies are like most things modern and seemingly illegal, think Uber, Airbnb, etc, they will be here to stay."
Switzer noted in days gone by, the most asked questions he would get were, firstly, when will interest rates rise and should I fix now? And secondly, do I think there will be a house price collapse?
"But now all I get is bitcoin questions."
Anyone doing a deal involving Bitcoin and property has requirements of an increasingly vigilant Australian Tax Office.
They demand you record four things: date of transaction, value in AUD, purpose of the deal, and “who the other party was even if it’s just their bitcoin address”.
There are state government stamp duties to be paid in regular currency based on the property market value.
Ofcourse there's not just issues around the legalities.
Bitcoin’s value has fluctuated dramatically, mostly upwards to date, so the initial and final value of any transaction could trigger real tension between the buyer and seller.
The capacity of next day exchange and settlement might alleviate the issue, but what would happen over a typical settlement period?
After all an $800,000 property exchange on mid-November would have cost around 100 Bitcoins so would the buyer still be there when the value of their Bitcoin outlay has gone up to $1.1 million or higher?
Logan Lincoln of property research firm CoreLogic noted the surge in value of bitcoin in the last month had certainly created a major stir.
This article was first published in the Daily Telegraph.
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Bitcoin compared to Airbnb and Uber as property transactions in the spotlight

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Westfield Corporation is set to be taken over by the European shopping centre giant, Unibail-Rodamco.
A global property giant with 104 malls in 27 markets around the world will emerge after a takeover deal worth $32.7 billion.
Estates Gazette noted Rothschild’s property team, led by Alex Midgen, advised Westfield as well as Intu and Deutsche Bank’s property team, led in Europe by Rishi Bhuchar &amp; Klaus Elmendorff advised Unibail as well Hammerson.
Unibail shares traded lower in overnight European trade.
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Frank Lowy, Westfield’s chairman, and his sons Steven and Peter, who are the current co-chief executives, will vote in favour of the deal, which values each Westfield security at an 18 per cent premium to the value of Westfield securities at the end of Monday’s trading session.
Peter Lowy calculated that since 1960 $1000 invested in Westfield would be worth $440 million.
The Lowy family said it intends to maintain an investment in the combined international group which is headquartered in Paris. As part of its takeover, shareholders will receive a combination of cash and shares in Unibal-Rodamco.
Frank Lowy said it was a day of mixed emotion but that he was certain it’s the right decision.... he foresaw a bright future.
Westfield chairman Sir Frank Lowy said the deal was “the culmination of the strategic journey Westfield has been on since its 2014 restructure”.
“We see this transaction as highly compelling for Westfield’s security holders and Unibail-Rodamco’s shareholders alike,” Sir Frank said.
He also suggested the family wanted to change their role to investors ... "we’ve [Frank &amp; sons] been doing it for a combined 145yrs.”
Shares in Westfield Corporation, the owner of shopping centres in the US and UK, were placed in a trading halt earlier today pending the announcement of a potentially “significant” corporate transaction.
Westfield shares had last traded on Monday at $8.55. 
Frank Lowy will retire as chairman of Westfield, but will chair an advisory board for the new merged company, while his sons Peter and Steven will retain leadership roles.
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<div id="unruly-publisher-marker__inArticle">Founded in Sydney in 1953 by Frank Lowy and John Saunders, Westfield currently has interests in 35 shopping centres in the US and the UK, while its Australian centres are managed by the separately listed Scentre Group which remains independent.</div>
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<div>Scentre rose 17¢, or 4.1 per cent, to $4.35 while other local property trusts including its rival Vicinity Centres picked up. Vicinity rose 2.5 per cent, or 7¢, to close at $2.87 on Tuesday.</div>
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<div>It started in humble Blacktown.</div>
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<div>Last month at a film crew's behest, Frank Lowy went back to Blacktown where the delicatessen was opened in 1955, followed by the first Westfield mall in 1959.
His biographer Jill Margo, writing in the AFR, noted when he was walking down the street two older women called out "Hey Frankie!".
"They recognised me!" he said. "They'd been customers in the deli 60 years ago and had such fond memories. We reflected on those memories and the fact that they still live with the pleasure of being acquainted with me was a great thrill. What more could I want."
Margo added that Frank was always adamant that there would be no Lowy dynasty.
He and his wife, Shirley, have 11 grandchildren and, so far, four great grandchildren.
<div>"While thrilled to work with his sons, David, Peter and Steven, he never believed in trying to coax any grandchildren into the business," Margo advised, adding the older ones now work in the investment arena, the theatre, the internet, medical clinics, not for profits, and small enterprises – all unrelated to malls.</div>
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And his sons collectively, had worked alongside their father for more than 90 years "and it's time," Margo concluded.
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It has been suggested the red Westfield brand will prevail, at least in English speaking world. </div>
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<div>Unibail-Rodamco's chief executive,Christophe Cuvillier a French retail veteran, spent three years in Sydney in the 1990s as head of L'Oreal's Australian luxury products division.</div>
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<div>The news comes just a week after property company, Hammerson, announced it had made a bid to take over rival firm, Intu.</div>
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Oui ....Westfield yields to Parisian takeover

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The former prime minister Julia Gillard has joined the board of Liberman family-backed CVS Lane.
It is a Melbourne-based property finance and investment company established in 2011.
Since inception it has raised over $600 million across 75 transactions with an end value of over $4 billion.
Earlier this year former Prime Minister Paul Keating took a similar board role with MaxCap, a rival property finance house, also based in Melbourne.
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Both finance companies are looking for growth beyond being backed by a local wealthy investors in the expanding opportunity of residential development debt which has emerged as the banks curb their exposure under pressure from the regulators.
"I'm intrigued by the work that it does, property financing," the Adelaide-based Ms Gillard told the AFR.
"That is a microcosm of understanding what's happening with the Australian economy and what's happening with global trends.
"I thought I could value-add, not by being a property finance expert – I'm never going to match it with these guys on that depth of knowledge – but by bringing to the table that broader perspective and broader expertise."
Gillard has been on the board for five months having already completed an Asia roadshow.
The former prime minister is the first independent director on the board alongside its founders including Joshua Liberman.
Gillard is also on the board of a New York based educational software group and an adviser to a US venture capital outfit, alongside her philanthropic activity including chair of mental health charity beyondblue. "I'm leading this portfolio life now, which is quite different to my old life of the one big job," she said.
The Collins Street, Melbourne-based investment house manages a range of investments, including a property partnership with Don O'Rorke's Consolidated Properties Group.
Last week CVS Lane Capital Partners and Consolidated Properties Group confirmed settlement of the sale of Casuarina Village Shopping Centre to the Sydney based investor, Whistle Funds Management for $27.4 million which represented a yield of 5.90%.
CVS has provided a first mortgage facility to assist in the acquisition of the Coburg Quarter property.
It also provided a first mortgage facility for <a href="http://www.pamada.com/oslo" target="_blank">Pamada</a> on the Oslo Apartments site, located 5km northeast of the Brisbane CBD, which will comprise 160 apartments and a retail premises upon completion.
Lee Centra is its managing director with Jason Henry, the chief financial officer. Andrew Vasarelli is the head of credit and asset management.
Its directors include Michael Goldman, Nick Pettigrew and Ari Bergman.
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Julia Gillard joins CVS Lane property financing board

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This week marked the first anniversary of new strata laws across New South Wales.

They appear to have worked well. There were over 90 changes implemented by the then Innovation and Better Regulations Minister Victor Dominello.

The new laws for apartments modernised strata laws to reflect 21st Century living in the biggest overhaul in four decades.

There are around 90,000 working strata schemes across the state ranging from duplexes to those with 100s of flats. The state recently registered its 96,000th strata. More than a few have disappeared over the years.

Some two million NSW residents currently live in the apartments, units and townhouses, and that is set to rise dramatically from the trend of downsizers into apartment living. 

The new rules effected everyone who owned or rented with the laws marking the most significant reforms since 1973 revisions. 

Some changes could be implemented quickly while others will still take time - especially the reform that paved the way for urban renewal by the compulsory demolition particularly of well-position small, older apartment blocks on large land holdings. There have been a few easy gets on this front with owners delighted at the money on offer from developers.

NSW was the first place in the world with strata title in 1961, so there is no doubting they needed modernisation. There were modern day issues to address - issues such as using BBQs on apartment balconies.

Around 30% of schemes in the Sydney date back more than three decades.

Many of the new by-laws only apply to new strata schemes, but could be adopted if older strata embraced them.

All strata schemes had to have reviewed their own by-laws by 30 November. 

Owners corporations were to determine by-laws that best suited their strata.

The existing by-laws that apply to your strata scheme depend on the date the strata plan was registered.

If, as a result of the latest review, your scheme proposes changes to the by-laws, these must be put to a special resolution vote at a meeting of the owners corporation.

Any new by-laws must also be registered with the NSW Office of the Registrar General within six months after the special resolution. 

A by-law must not be harsh, so they for instance cannot restrict children, and cannot restrict the keeping of an assistance animal. Pets are a matter for each strata to work out themselves.

A copy of your scheme's by-laws is kept on the strata roll and is available from either the secretary of the owners corporation or from your managing agent.

While things have gone seamlessly, there appears to be a need for some review from Macquarie Street.

It has been suggested a loophole emerged after owners took action at the NSW Civil and Administrative Tribunal (NCAT) against a resident who broke the bylaws by ripping up her carpet to use the concrete slab as flooring. It emerged they could not, under current rules, impose a fine on her.  

Of course short term letting is the biggest unresolved strata issue, which is still subject to NSW parliamentary review.

This article was first published in the Saturday Daily Telegraph.
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New strata laws working well on year anniversary

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The Babington-Lees family, capitalised on strong market conditions, securing $33.25 million when their block of 11 units in Edgecliff went to auction tonight.
They have owned it for nearly 80 years.
The top bidder was wearing a cap promoting Woollahra's Hughenden Hotel, which recently sold to former Glencore executive, Vaughan Blank.
The underbidder for the trophy asset was wearing a polo shirt promoting Quantum, which is connected to the Burcher family who sail the yacht Quantum.
Michael Lowry bid to the low $30 millions. Eduard Litver did not place any bids. Richard Sheinberg attended the 6.30pm auction. Developer Philippe Remond had hoped to be in the mix.
Bidding opened at $15 million, with the agents having taken through around 200 groups during its marketing.
Auctioneer James Keenan formally announced it on the market when bidding passed $30 million.
The art deco building (above) cost £29,000 in 1938, three years after it was built.
The property was expected to fetch about $20 million when expressions of interest through CBRE and Ray White Double Bay were opened.
An unprecedented level of interest saw the campaign swapped to an auction sale.
Eynesbury, at 22 Albert Street, Edgecliff, has a rental return of $690,000 a year.
It includes 10 three-bedroom units each of about 164 square metres each.
There is one 400-square-metre penthouse, with harbour views. 
 
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Eynesbury, the tightly held art deco Edgecliff apartment block sold for $33.25 million

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Price growth for any given suburb, capital city or the nation is a complicated process relating to many positive and negative factors.
But there has been an emerging mantra for some time, especially among politicians, that any increased supply of the housing makes a big difference to affordability and improved access to the property market.
The 2004 Productivity Commission report into First Home Ownership suggesting that rising house prices indicate ‘demand has been outstripping supply’ laid the basis for this simple assumption.
A new research paper however suggests that a housing shortage in any given region does not necessarily cause price increases and, conversely, that a surplus does not guarantee a decline in house prices.
It seems the fluctuation of house prices is rather more complex and dynamic.
The report on home-building and population growth by ANU academics Ben Phillips and Cukkoo Joseph concludes that increasing the supply of housing can temper price increases, but only to a limited extent.
They concluded that while increasing housing supply has some benefits, it was not likely in isolation to create affordable housing in Australia.
It seems simple supply rules do not apply to property; they added, at least not in the rules applicable to ice-cream or bananas.
In our recent low interest rate environment, price exuberance was always expected. Then there's population growth pushing prices along, local and migrant. Foreign investment, which we are still figuring out, plays a significant role.
A hapless share market has been an influencer too, I'd suggest in our pursuit of property over recent times.
There are a range of potential drivers of price growth through government policy, not the least investors receiving benefits from the tax system through the combined impact of negative gearing and discounted capital gains tax arrangements. First home grants are back in a big way. There's also the exclusion of the family home from pension assets testing.
The report acknowledged the uncertainty surrounding the nature of unoccupied dwellings, but concluded the net additions to the Australian housing stock was greater than required for underlying demand during the period 2001 and 2017.
They suggested by one calculation that Australia built too few dwellings for most of the period between 2007 and 2014, though between 1998 and 2006 we built more than was required. The period after 2014 had been a period of over-building.
The new research compared housing demand and supply at a sub-regional level, with their analysis pinpointing inner Sydney residential building as running well ahead of local household growth for the past few years.
Yet prices have not come back.
There was a deemed significant surplus of stock in inner Sydney, surplus to what they calculated as underlying requirements.
Inner Sydney's surplus of 5,900 dwellings, the largest of the 328 regions covered in the research, equated to 5.2 per cent of the total stock.
Most of the inner-north and inner-south of Sydney was also in surplus, based on their criteria.
The housing shortages of Sydney were found in the mid-west and far-west of Sydney in regions such as Fairfield, Strathfield, Bringelly, and Hurstville.
 
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Increasing supply to cure housing affordability can temper price increases

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Melbourne property developer, Steller, has entered into a joint venture partnership with hotelier Julian Gerner, to renew the Continental Hotel in Sorrento. 
The Victorian landmark has been withdrawn from its current sales marketing campaign which saw a leaseback as a prospect.
It will will undergo total restoration, renovation and refurbishment. 
Steller's Nicholas Smedley said the building works will complement and enhance the existing heritage.
It seems Steller had a close eye on the historic hotel since Julian announced plans for restoration. 
Julian Gerner acquired the hotel early in 2015, purchased a neighboring parcel of land and obtained heritage and planning approvals to redevelop the site earlier this year.
"I am very proud to be the new custodian of the Continental Hotel and to breathe life back into a Sorrento landmark,” Smedley said. 
Construction commences in 2018 with plans for a soft launch in the summer of 2018/2019.
Located at 1-21 Ocean Beach Road, the Continental Hotel is believed to be the largest limestone structure in the Southern hemisphere.
It is National Trust-listed having been built in 1875 by the ‘Father of Sorrento’ comedian, actor, entrepreneur and politician, George Coppin.
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Smedley deal sees Continental Hotel Sorrento pulled from sale

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Scotch College, the independent school in Hawthorn, not so subtly alerted any rival bidders to their likely intentions of purchasing a home at the weekend by attaching plaques to all the homes they owned nearby.
The school secured <a href="https://www.realestate.com.au/sold/property-house-vic-hawthorn-126804066" target="_blank">7 Hambledon Road</a> in Hawthorn this weekend for $3.3 million, but not before onlookers were querying the school's tactics before the Marshall White auction.
Small signs popped up pre-auction on the fences outside the many homes they owned (above) on the road.
There was an auction eve email notice to current tenants of the homes (below) from the Jellis Craig property management office alerting tenants to the placement of the plaque outside their home. 
They were just there for the day!
<img src="http://marketnews.com.au/wp-content/uploads/Scotch-252x448.jpg" alt="Scotch" width="252" height="448">
According to the buyers' agent Mal James, the school outbid everyone at the passed in auction, but was then 'powerlifted' a whopping $300,000 after post-auction negotiations inorder to secure their purchase.
James queried "why would a school so overtly telegraph a property they wanted to buy?"
He then ventured on his website - "If it’s to prevent other bidders bidding, then how does that sit with the Sale of Land Act legislation, prohibiting that?"
James also contemplated if it was about the seller, "why would the school antagonise a person they want to buy off?"
Earlier this year Scotch College paid $1 million over reserve for number 20 Hambledon Road.
With its most recent purchase, the school now owns all but 10 of 27 houses in Hawthorn’s Hambledon Road. It has spent about $28 million on property in adjacent Hambledon and Fordholm roads alone.
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Scotch College attach ownership plaques to the many houses they own before latest Hambledon Road, Hawthorn auction

One of North Sydney's best-known commercial buildings could become hundreds of new homes, with insurance giant Zurich Australia lodging a State Significant Development Application (SSDA) to transform 5 Blue Street into a mixed-use residential development above North Sydney Station.

Rather than demolishing the existing building and starting again, Zurich is proposing an adaptive reuse project that would convert the landmark office building into a 15-level residential development delivering 62 apartments, 86 affordable co-living dwellings, activated retail and significant upgrades to the Blue Street Plaza.

The proposal reflects a growing trend of commercial property owners repositioning ageing office assets into residential housing as Sydney grapples with housing supply shortages and changing workplace demand.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="0bba7d12-06dc-4375-aad7-238c94b21ac5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.42.05%E2%80%AFAM.png?VersionId=NJl5oLAEBDGuPmY3RnyliKODjMc8lvRh" />

Located directly above North Sydney Metro and train station, the 3,051 sqm site occupies one of the most strategically positioned parcels of land on Sydney's Lower North Shore.

Designed by fjcstudio, the proposal seeks to retain and adapt much of the existing structure while creating a contemporary residential address that better connects with the public domain surrounding North Sydney Station.

The application proposes two basement levels, ground floor retail, affordable co-living accommodation across the podium levels, and apartments above, while preserving and enhancing the publicly accessible Blue Street Plaza.

Rather than pursuing maximum apartment numbers, Zurich has opted for a housing mix heavily weighted towards larger owner-occupier residences.

The proposal includes 62 build-to-sell apartments comprising 12 one-bedroom, 19 two-bedroom, 29 three-bedroom apartments and two premium penthouses. It also incorporates 86 affordable co-living dwellings, which would be managed in perpetuity by a Community Housing Provider.

That balance between traditional apartments and affordable housing reflects the NSW Government's push to increase housing diversity around major transport infrastructure.

The proposal has been lodged concurrently with a rezoning application, with Zurich arguing the site is ideally positioned to support additional housing given its immediate proximity to public transport, employment and services.

"The proposal aims to respond to the housing challenges facing Sydney through the delivery of diverse housing types in a highly accessible location," the design report by fjcstudio states. It also seeks to improve pedestrian amenity through upgrades to Blue Street Plaza while creating a high-performing residential building that responds to the surrounding context.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="36082e15-c636-4481-bb68-5a5f6443fe39" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.41.36%E2%80%AFAM.png?VersionId=5P6VD.fvmqjQfIG3TWWMRXxQWiQBjeFB" />

Rather than replacing the commercial building, fjcstudio has developed a design that works with the existing structural framework above the rail corridor, an approach that significantly reduces demolition while allowing the site to be repositioned as a mixed-use residential precinct.

The existing structural constraints have informed much of the building's design, including its relationship with Blue Street and surrounding public spaces.

The building has been designed as a slender tower rising above a clearly defined podium, with vertically expressed façades intended to reduce the perceived bulk while reinforcing North Sydney's emerging skyline.

According to fjcstudio, the architectural language responds directly to the surrounding commercial towers while maintaining a finer grain expression more closely aligned with the neighbouring Lavender Bay streetscape.

The tower incorporates articulated façade elements, landscaped podium edges and recessed upper levels to soften its appearance and improve pedestrian amenity below.

A significant component of the proposal is the revitalisation of Blue Street Plaza.

The existing public space has long served as one of the primary pedestrian connections between North Sydney Station, Greenwood Plaza and Blue Street, yet its role is expected to become even more important following the opening of Sydney Metro.

Zurich's proposal seeks to strengthen that role by improving landscaping, introducing new retail frontages, enhancing pedestrian permeability and creating more active edges throughout the day and evening.

Ground floor retail would wrap the plaza, while separate residential and co-living entries have been designed to improve wayfinding without reducing street activation.

Landscape design has been integrated throughout the podium and public realm, softening what is currently one of the most heavily urbanised parts of North Sydney.

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fjcstudio has carefully oriented apartments towards Sydney Harbour and the CBD while using privacy blades and articulated façades to minimise overlooking between neighbouring buildings.

Large framed openings along the western elevation maximise harbour outlooks, while the eastern apartments have been angled towards the south-east to improve privacy from neighbouring development.

The project forms part of the continuing transformation of North Sydney from a predominantly commercial CBD into a genuine mixed-use city centre.

Since the completion of Victoria Cross Metro Station, developers have increasingly shifted their attention towards residential projects capable of leveraging the area's unparalleled transport connectivity.

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FiveX recently lodged plans for a 61-storey, 490-apartment tower that would become one of the tallest residential buildings in North Sydney if approved.

Aqualand continues to expand its Lower North Shore presence following the completion of AURA on Walker Street and its recent St Leonards and Roseville proposals.

Developers are also progressing projects throughout Walker Street, Miller Street and the Victoria Cross precinct as demand for well-located owner-occupier apartments continues to strengthen.

Joel Robinson

First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station

Busy developer Aqualand Prestige has formally taken the next step in its expansion across Sydney's Lower North Shore, lodging a State Significant Development Application (SSDA) for its long-held Archer Street site in Chatswood.

The application covers <a href="https://www.apartments.com.au/new-apartments/51-55-archer-street-chatswood-nsw-2067">51-55 Archer Street</a>, a 1,767 sqm amalgamated site on the eastern edge of the Chatswood CBD, where the developer is seeking approval for a 45-level mixed-use tower delivering 114 apartments, including a significant affordable housing component, alongside retail, commercial space and six basement levels of parking.

The SSDA marks the latest milestone for a project Aqualand has been quietly progressing over the past two years. The developer first secured the site for its Aqualand Prestige platform before undertaking an alternative design excellence process with PTW Architects, ultimately avoiding a formal design competition through the Housing Delivery Authority pathway.

The proposal has evolved considerably from Aqualand's original concept. The revised scheme has been designed around larger owner-occupier product, with an unusually high proportion of three and four-bedroom apartments, targeting the more affluent buyer profile, and downsizer, emerging across the North Shore.

<img alt="Archer St" data-entity-type="file" data-entity-uuid="0171204c-5811-41b5-9b09-2335d1b7c3d0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%208.52.48%E2%80%AFAM.png?VersionId=6YTuxfq.puZo7k2wbfgemcO5K3QfXYGQ" />

The 114-apartment mix comprises six studios, 27 one-bedroom apartments, 18 two-bedroom apartments, 50 three-bedroom residences and 13 four-bedroom homes. A quarter of the building will be dedicated to affordable housing, well above the mandated 15 per cent&nbsp;

PTW has structured the building vertically, with affordable housing across levels one to six, premium apartments through levels seven to 31, duplex skyhomes on klevels 32 to 43, a penthouse on level 44, and a rooftop plant level above. Six basement levels will provide resident parking and servicing.

The tower is proposed to reach approximately 154 metres, placing it among a growing collection of residential high-rises transforming Chatswood's skyline.

Rather than competing purely on height, PTW says the design has been driven by creating a slimmer tower capable of delivering significantly larger apartments.

"The primary objective of this project was to create a distinctive building that stands out from the recently approved or built structures in the Chatswood area," the design report states, noting the structural efficiency allows greater investment into apartment quality and resident amenity.

Residents would have access to more than 450 sqm of communal open space including landscaped gardens, swimming pool, rooftop entertaining areas, fitness spaces, community gardens, children's play areas and barbecue facilities.

A major focus of the design has been the public domain.

The ground plane has been opened up through landscaped terraces inspired by Willoughby's sandstone ridges, with native planting, public seating, artwork, retail activation and a series of gathering spaces intended to soften what has traditionally been a hard commercial streetscape.

The landscape strategy references Blue Gum forests once common throughout the area, while incorporating Indigenous storytelling, public art and lighting installations to strengthen the connection to Country.

Chatswood has been one of Sydney's busiest apartment markets over the past 12 months, with a steady pipeline of both new project launches and fresh development applications.

Hyecorp recently launched Celine, a 122-apartment development just along Archer Street, while Changfa and Huirong Group are progressing The Anderson, an 84-apartment project on Anderson Street.

Develotek recently secured approval for a 101-apartment tower on Pacific Highway, while Tian An LFD received the green light for Hammond Greens, its apartment development on the edge of the Chatswood Bowling Club.

Commercial property developer FiveX is also making its move into the residential market. Last month it lodged plans for a 61-storey tower with 490 apartments, which, if approved, would become one of the tallest residential buildings in Chatswood.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-targets-chatswood-skyline-with-61-storey-tower-after-north-sydney-plans">First look: FiveX targets Chatswood skyline with 61-storey tower after North Sydney plans</a>

Aqualand is also expanding its development pipeline following the launch of its luxury residential brand, Aqualand Prestige. The developer has delivered a string of high-end apartment projects across Sydney's affluent suburbs over the past decade, most recently AURA by Aqualand on Walker Street in North Sydney.

[smartcode_project:default project_id=30959 project_image_fid=292863]

It has since quietly assembled its next wave of projects.

Earlier this year Aqualand launched Boronia in Roseville, a boutique 111-apartment development on Larkin Street. The project is one of the first significant apartment developments to launch in the suburb ahead of what is expected to become one of Sydney's most active new housing precincts under the NSW Government's Low and Mid-Rise Housing reforms, which allow greater density around train stations.

[smartcode_project:default project_id=152095 project_image_fid=373685]

The developer has also lodged plans for a two-tower, 413-apartment development on Herbert Street in nearby St Leonards, further strengthening its presence across the Lower North Shore.

Beyond that, Aqualand remains behind the final stage of Barangaroo, where plans will deliver a five-hectare mixed-use precinct comprising new homes, retail, hospitality and community facilities, alongside a new Metro entrance and more than two hectares of public open space, completing the Barangaroo precinct.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/central-barangaroo-development-takes-big-step-with-concept-proposal-approval">Central Barangaroo development takes big step with concept proposal approval</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-aqualand-joins-st-leonards-apartment-party">First look: Aqualand joins St Leonards apartment party</a> 
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First look: Aqualand pushes ahead with Chatswood apartment tower as SSDA lodged for Archer Street

Mass timber is becoming an increasingly popular construction material in apartment developments, but Adelaide developer <a href="https://www.apartments.com.au/developers/otello">Otello</a> is taking the approach a step further.

At its new <a href="https://www.apartments.com.au/new-apartments/flowe-bowden-18-gibson-street-bowden-sa-5007">Flowe Bowden</a> development, the exposed cross-laminated timber (CLT) structure isn't just about reducing the building's environmental footprint. It also forms the foundation of a broader wellness strategy, influencing everything from indoor air quality and natural materials to the way residents move through and experience the building.

The 115-apartment mixed-use development, designed by Melbourne-based architecture practice Fieldwork, will occupy a prominent island site opposite Bowden Village Reserve, combining one, two and three-bedroom apartments with retail and a dedicated wellness destination.

[smartcode_project:default project_id=152022 project_image_fid=375528]

Wellness isn't confined to a gym or shared resident facility at Flowe. Instead, Fieldwork embedded the concept into the building itself.

The development has been split into two residential wings connected by a naturally ventilated central breezeway, replacing traditional enclosed corridors with open-air walkways that improve natural light, encourage cross ventilation and create more opportunities for neighbourly interaction.

"Rather than treating wellness as something that only happens on the ground floor, our response integrates it throughout the building, which led us to ask what it really means to design a healthy building," Fieldwork Director Quino Holland said.

[smartcode_project:default project_id=152022 project_image_fid=375531]

The building's architecture also reflects Bowden's industrial heritage. The lower podium references the area's historic brick and sandstone buildings, while the upper levels transition to exposed CLT, allowing the timber structure to become a defining feature throughout the apartments and shared spaces.

The use of mass timber sits alongside a range of sustainability initiatives, including a fully electric, gas-free design, rooftop solar and a targeted 5 Star Green Star rating.

[smartcode_project:default project_id=152022 project_image_fid=375524]

Inside the residences, the focus remains on natural, durable materials. Blackbutt engineered timber flooring, exposed CLT ceilings, porcelain surfaces and warm timber joinery create a calming interior palette, while low-VOC finishes and responsibly sourced materials have been selected to improve indoor air quality.

Kitchens have been designed as the centrepiece of each apartment, featuring porcelain island benchtops, timber-look cabinetry and brushed steel tapware, with layouts that maximise natural light and ventilation.

[smartcode_project:default project_id=152022 project_image_fid=375530]

The more traditional interpretation of wellness comes in the form of Level Eleven, a two-storey wellness club spanning the ground floor, mezzanine and first floor.

The facility will include a gym, yoga and reformer Pilates studios, Finnish and infrared saunas, magnesium hot and cold plunge pools, and dedicated recovery spaces. Unlike many residential wellness facilities, Level Eleven will also operate commercially, allowing the broader Bowden community to access the venue while giving residents exclusive membership benefits.

The ground floor has also been designed around everyday living. A café overlooking Bowden Village Reserve will activate the street frontage, while a bike workshop with tool storage, co-working space and dog wash has been incorporated to support daily routines and encourage interaction between residents.

"Flowe brings together my two biggest passions, creating places and creating healthier lives," Otello founder Daniel Harris said.

"We wanted to create something Adelaide hasn't seen before, a genuinely healthy building, where the way you live is lifted without even trying."

Flowe is positioned directly opposite Bowden Village Reserve and within walking distance of Bowden Railway Station and the Adelaide Entertainment Centre, placing future residents just minutes from the Adelaide CBD while remaining connected to one of the city's most established urban renewal precincts.

[smartcode_project_cta:default project_id=152022]

Otello launches wellness-focused Flowe Bowden with Adelaide-first mass timber apartment design

Not all apartment amenities are immediately visible.

Swimming pools, gyms, rooftop terraces and residents' lounges have long featured on buyers' wishlists, but as the way Australians live has changed, so too have the features that make apartment living more convenient.

Increasingly, buyers are placing value on the practical aspects of day-to-day life. Fast internet, EV charging, secure bike storage, flexible workspaces and parcel management are becoming just as relevant as lifestyle amenities, reflecting changing habits and expectations.

Online shopping has been one of the biggest drivers of that shift.

Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally, making parcel deliveries a routine part of everyday life rather than an occasional convenience.

For apartment residents, however, receiving those deliveries isn't always straightforward.

Without someone home to accept a parcel, deliveries can be redirected to a nearby Post Office, left in building foyers or common areas, or require building management to temporarily store packages. As apartment living continues to grow across Australia's cities, parcel management has become an increasingly important consideration for both residents and developers.

Australia Post's Parcel Locker network is one response to that shift.

<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/KPZ9j5FRdsQ?si=Qztc1dNP3ZvEIUhb" title="YouTube video player" width="560"></iframe>

Rather than relying on home delivery, eligible parcels can be directed to a nominated Parcel Locker, where they're securely stored until collected. Once a parcel arrives, residents receive a notification through the AusPost app or SMS and can retrieve it using a one-time code or QR code at a time that suits them.

The network has expanded to more than 1,500 locations nationwide, with Parcel Lockers positioned at Post Offices, shopping centres, supermarkets, transport hubs and, increasingly, within or alongside residential developments.

That growing presence reflects a broader change in how apartment buildings are being planned.

Developers are increasingly considering the operational side of apartment living alongside traditional lifestyle amenities. Just as secure mailrooms, bicycle storage and EV charging have become more common inclusions, parcel management is emerging as another feature that supports everyday convenience.

It also helps preserve the arrival experience within a building. Carefully designed lobbies and communal spaces can quickly become cluttered when deliveries accumulate, while secure parcel solutions reduce the likelihood of missed deliveries or parcels being left unattended.

For buyers comparing apartments, these everyday details are becoming part of the decision-making process.

Location, floorplans and finishes remain fundamental, but the features that simplify daily life are carrying greater weight than they once did. As online shopping continues to shape consumer behaviour, secure parcel delivery is increasingly becoming another amenity worth looking for.

Parcel delivery is joining the apartment amenity checklist

Inca Property Group has lodged a State Significant Development Application (SSDA) for Dawn, a 53-apartment oceanfront development overlooking Mona Vale Beach.

The proposal, at 35-39 Darley Street East, would replace an existing 18-apartment strata building with a new owner-occupier-focused development comprising 53 two and three-bedroom apartments, including nine affordable built-to-rent residences delivered under the State's infill affordable housing scheme.

Positioned on a 2,679 sqm elevated site around 280 metres from Mona Vale Beach, the development has been designed to maximise panoramic ocean views while responding to the site's sloping topography.

<a href="https://www.apartments.com.au/developers/inca-property-group">Inca Property Group</a> Managing Director Josh Thompson said the State Significant pathway provided greater certainty for projects of this scale.

"This State Significant pathway gives the team real certainty to progress <a href="https://www.apartments.com.au/new-apartments/dawn-35-39-darley-street-east-mona-vale-nsw-2103">Dawn</a> through to completion," Thompson said.

"It allows us to acquire a one-off site, design it carefully and deliver the right offering for the suburb, assessed by the NSW Government's planning department."

The project is one of the first developments in the area to be assessed under the NSW Government's Low and Mid-Rise Housing policy, with the site sitting on the edge of the policy's designated inner area.

The proposal includes three basement levels providing 124 car spaces, alongside a range of resident amenities including a swimming pool, gym, sauna, wellness facilities and private plunge pools for selected ground-floor and penthouse apartments.

<img alt="Dawn" data-entity-type="file" data-entity-uuid="fc1a1daf-0ce4-4f12-9076-b1fa553c7a91" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-21%20at%208.42.11%E2%80%AFAM.png?VersionId=4GZ9h.gpNkTljbxyAET8Jfhv51XUamDm" />

Thompson said Dawn had been designed specifically for owner-occupiers and downsizers, a buyer profile that has driven demand across Inca's recent Upper North Shore developments.

"The majority of buyers in our recent North Shore projects have been downsizers, and we are learning exactly what this market is looking for. Beyond the location itself, we have included resort-style amenities to deliver a genuine lifestyle offering," Thompson said.

Located within walking distance of Mona Vale Beach, the town centre, Mona Vale Golf Club and the Royal Motor Yacht Club, Dawn represents Inca's first Northern Beaches project following the sell-out of Tara on Park in Waitara and Ellis Residences, currently under construction in St Ives.

Construction will be undertaken by Inca's in-house construction arm, GOP Constructions.

Dawn is the latest major apartment proposal for Mona Vale, with the suburb emerging as one of the key beneficiaries of the NSW Government's new Low and Mid-Rise Housing policy.

New developer One Living, led by industry veteran Joseph Scuderi, recently secured a site on Mona Vale Road, on the border of Mona Vale and Pymble, where it is planning around 140 apartments.

IPM is also planning its third project in Mona Vale, significantly increasing the scale of its previous developments with an 82-apartment proposal at <a href="https://www.apartments.com.au/new-apartments/159-167-darley-street-west-mona-vale-nsw-2103">159-167 Darley Street West</a>, opposite Bayview Golf Course and less than 800 metres from Mona Vale town centre.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/one-living-enters-sydneys-new-apartment-market-with-northern-beaches-site-acquisition">One Living enters Sydney's new apartment market with Northern Beaches site acquisition</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-ipm-plans-third-mona-vale-project">First look: IPM plans third Mona Vale project</a>

Jonathan Chancellor

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