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A Woollahra home designed by architect, F. Glynn Gilling home sold recently, having been listed last September with overly ambitious $4 million plus hopes.
The residence at 49 Wallaroy Road was characterised by classic architecture aimed at downsizers seeking space, style and security.
It was sold by the <a href="https://www.realestate.com.au/property-house-nsw-woollahra-120832749" target="_blank">former Vogue Living editor Robyn Holt</a> and her little known actor husband Jim Holt whom she met on the set of the 1984 Kennedy Miller miniseries Bodyline, where he apparently played cricketer Harold Larwood.
It fetched about $3.75 million when sold to a doctor having been bought by the couple in 2002 for $1.71 million, shortly before she moved to Russia to launch Vogue Russia.  
Robyn previously co-hosted the reality TV show The Renovators.
It had been long listed with Ballard Property Group, and more recently with Raine &amp; Horne’s Patrick Cosgrove as the months rolled on without any sale. McGrath’s Will Manning confirmed the property had sold, but understandably declined to reveal the result. 
 
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jchancellor-FAypfDUnLy

Wallaroy Road, Woollahra designer home sold

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Melbourne's highest sale was $2.415 million at 5 Closeburn Avenue, Prahran, a four bedroom 1905 Edwardian brick home that sold through Kay &amp; Burton.
It had sold the same time last year at $2.155 million - so 12 percent annual price growth - when it was sold through the Marshall White agency who had given a $1.7 million price guidance.
The Prahran sale edged out a $2.25 million Altona sale for the top spot. The 123 Esplanade, Altona sale was a two storey home opposite the beach, two blocks from the pier.
The cheapest weekend sale in Melbourne was a $235,000 Elwood flat at 6/6 Cyril Street that had last sold in 2008 at $195,000 and $220,000 in 2001. It had been a $230 weekly rental when advertised earlier this year, reflecting a five percent rental yield. Woodards Real Estate had been quoting $195,000 to $210,000 for the 1970s one bedder.
There have been 11 suburbs with clearance rates above 90 per cent this year, including Collingwood, Dingley Village and Seddon, according to the Real Estate Institute of Victoria.
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Prahran trophy home secures 12 percent annual price growth

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Gladys Berejiklian, the Treasurer of New South Wales, is doing her bit to prop up waning stamp duty revenues.
She's just spent a tad over $1.6 million in Northbridge after selling her two level, two bedroom 1970s North Willoughby townhouse.
Her recent acquisition last sold at $1.3 million in early 2014, so reflected 10 percent plus annual price growth for the three bedroom, circa 2000 townhouse with study which sold through Richardson &amp; Wrench agent Tanya Barrett. It has (pictured) a big backyard.
Her redundant townhouse found its buyer after three weeks on the market, well ahead of its scheduled March auction. It was bought in 2008 for $626,000 and sold at an undisclosed price through Rawa Norman at Ray White.
She will still be in her electorate of Willougby, but closer to Macquarie Street.
Meanwhile stamp duty revenue from home sales have started off 2016 in decline reducing surplus funds available for the NSW State Government's infrastructure spending spree.
Property sale transactions in January and February were the quietest for three years.
March auction levels were less than last year suggesting the dip may extend further into 2016. 
The reduced activity could signal the end of the bonanza enabling the high spending on infrastructure by the state government in surplus.
After a confidence knocking slump in auction clearance rates in December to the low 50 percent, the wet mid-summer meant prospective vendors didn't get around to prepping their houses for 2016 listing.
An early Easter also contributing to the slowdown in activity.
Last year's strength in the Sydney property boom was being especially driven by properties valued over $1.2 million, the last NSW State Budget revealed, but the housing boom longevity was not being assumed by the NSW Treasury, when in her first budget, Gladys Berejiklian announced a surplus of $2.1 billion for 2014-15 largely to windfall stamp duty receipts.
Stamp duty receipts were predicted to rise from $7.8 billion in 2015-16 to $8.6 billion in 2018-19.
This article was first published in the Sunday Telegraph.
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Gladys Berejiklian sells North Willoughby townhouse

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The marketing of Lang Walker's $2.5 billion Collins Square project in Melbourne saw adviser UBS draw up a shortlist on Friday. 
The Australian Financial Review Street Talk column suggested more than 25 parties trawled through the data, with four offers made on the entire portfolio and six groups submitting bids on individual assets.
Three bidders will be ushered through to the second round in coming weeks, sources said. 
LaSalle Investment Management is in the mix while sovereign wealth fund China Investment Corporation, which last week formed a real estate department and doubled its allocation to property, is a logical bidder. 
Mirvac Group is understood to have considered a couple of the assets, and could potentially team up with CIC.
The newspaper added there was Canadian and South African interest including listed real estate giant Redefine Properties.
The initial plan was to sell Collins Square in one line, but it is now most likely going to be broken up. 
Street Talk suggested Tower 1, which houses CBA and Transurban, was the most popular with sources suggesting the yield on that asset could break the 5 percent barrier.
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Entire Collins Square project attracts four offers

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GUEST OBSERVER
Growth remains solid, supported by the services sectors, but it is still insufficient to lift inflation. The recent lift in the AUD could start to weigh on services exports, which have been a key source of recent growth.
We expect the RBA to be on hold, but to keep its easing bias, as it seeks to put downward pressure on the AUD.
Rising AUD is an increasing problem
The RBA is expected to be on hold next week. Domestic growth is solid, commodity prices have lifted, and global markets have stabilised. There is no pressing need to cut. The more interesting question is whether the easing phase is done?
On the one hand, the rebalancing act is well underway, demand in the non-mining sectors is solid and the unemployment rate appears to be past its peak. This argues for the RBA to remain on hold. On the other hand, underlying inflation is at the bottom edge of the RBA’s 2-3 percent target band and, although demand has lifted, so far, the pickup is insufficient to drive a rise in inflation. At the same time, lower global inflation and interest rates have been driving the AUD higher, which is set to weigh further on local inflation and potentially on growth. This argues for a further cut at some point.
Given HSBC’s view that global inflation and rates will stay low for some time yet, our central case is that the RBA will cut further. Otherwise, the AUD could rise further, putting more downward pressure on inflation and local growth. Our central case has the RBA delivering a 25bp cut in Q2, following the next CPI print, which we expect will show underlying inflation dropping below the bottom edge of the RBA’s 2-3 percent target band. Importantly, the RBA’s reaction function has historically been very much driven by the quarterly CPI prints. Combine this with a labour market where spare capacity is still weighing on wages growth and an AUD that is rising and we expect the central bank may need to cut further to keep inflation on target.
However, there is a clear risk that the RBA has a higher tolerance for low inflation than we expect. It is also possible that near-term domestic indicators will lift, following the apparent end of the recent bout of financial turbulence. In addition, the timing of a potential cut is complicated by local political developments. Prime Minister Malcolm Turnbull’s recent announcement that the federal budget will be a week earlier than usual, on 3 May, means that it will be on the RBA’s May meeting day, making a cut on that day less likely. There is also a possibility (not yet confirmed) of an early election, on 2 July, which could make a Q2 cut less likely. We stick by our view that a further cut will  be needed, but acknowledge that the likelihood of a Q2 cut is about 50:50, in our view.
<a href="/images/2016/04/4/Screen%20Shot%202016-04-04%20at%209.50.05%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/4/Screen%20Shot%202016-04-04%20at%209.50.05%20AM.png" alt="">
 
Growth has been solid as the ‘rebalancing act’ continues
The domestic indicators continue to suggest that the rebalancing of growth towards the non mining sectors is underway. Although the fall in mining investment has been massive drag on GDP growth, it has been more than offset by a strong pick-up in other factors. The significant fall in mining investment weighed on the economy over 2015, such that overall business investment subtracted around 2ppts from GDP over the year. However, the lift in other factors, including exports of resources and services, and household consumption, was sufficient to see GDP growth running at 3.0 percent y-o-y (an upside surprise to the market and RBA) (Chart 1).
The upside surprise to GDP growth was mostly driven by stronger-than-expected growth in household consumption, as the household saving rate dropped by a sharp 1.5ppts over the past year (Chart 2). Given the recent levelling out in housing prices (since August 2015) and the recent financial market turbulence, we do not expect further near-term falls in the saving rate, so we see household consumption growth slowing in the first half of 2016, in line with continued weak growth in household disposable incomes.
At the same time, other recent timely indicators also suggest that growth has slowed into the first quarter of 2016. Surveyed business conditions have pulled back from the high levels reached in the latter part of 2015, albeit they still imply solid growth rates (Chart 3). The official labour market numbers have also been weaker in recent months, albeit part of the retracement reflects measurement issues following exceptionally rapid reported jobs growth in late 2015 (Chart 4).
<a href="/images/2016/04/4/Screen%20Shot%202016-04-04%20at%209.52.30%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/4/Screen%20Shot%202016-04-04%20at%209.52.30%20AM.png" alt="">
 
<a href="/images/2016/04/4/Screen%20Shot%202016-04-04%20at%209.53.29%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/4/Screen%20Shot%202016-04-04%20at%209.53.29%20AM.png" alt="">
 
Recent lift in the AUD is worrisome
A key challenge the RBA faces is not that the domestic economy is not holding up well, but that local growth is insufficient to lift inflation and that weak conditions and lower interest rates in the rest of the world are putting upward pressure on the AUD. This is particularly important because the lower AUD has been a key driver of the rebalancing of Australia’s growth away from mining.
Exports of services, including tourism and education, have moved from being a significant drag on GDP growth (of around 0.75ppts four years ago) when the AUD was well above USD parity, to being a solid contributor to GDP growth more recently (0.5ppts over the past year) (Chart 5).
An increase in the AUD could weigh on growth in these sectors, which are expected to be the next drivers of Australia’s growth. In short, the response of the AUD to relative global interest rates may be becoming an increasing problem for the RBA. For more on this topic see Downunder Digest: Services exports and the AUD, 30 March 2016.
Although part of the increase in the AUD clearly reflects that commodity prices have rallied over the past month, our estimates suggest that the pick-up in the AUD has been sharper than is implied just by the rise in commodity prices (Chart 6). To a large degree, we see this as reflecting interest rate differentials, with more dovish recent commentary from the Federal Reserve’s Janet Yellen, contributing to the market’s view that the rise in US rates is likely to be slow.
The higher AUD is also set to weigh further on the inflation outlook. As at the RBA’s last set of forecasts (on 4 February 2016) the AUD was at USD0.72. The 7 percent rise since then would be expected to knock 0.1-0.2ppts off the RBA’s CPI forecasts, unless it also lifts its own domestic growth projections to offset this impact via an expected rise in domestic inflation.
To cut or not to cut, that is the question
The RBA has considerable reluctance to consider cutting further and understandably so. The cash rate is already at a record low of 2.00 percent, growth is solid and the unemployment rate appears to be past its peak. However, underlying inflation is at the bottom edge of its 2-3 percent band and the spare capacity in the labour market is keeping wages pressures subdued, which means domestic inflation is set to stay low. At the same time, the AUD has picked up, which is set to push imported inflation lower and could weigh on the new growth drivers: tourism and education exports. Much of the problem is that the rest of the world has much lower inflation and lower interest rates. If the RBA maintains its resolve, the AUD could increase further, slowing growth and weakening inflation. On balance, we expect the RBA may need to cut further.
Timing, tactics and politics
For the RBA the most common trigger for a cut is the quarterly inflation print, with the Q1 numbers due to be published on 27 April. Our central case is that the RBA’s underlying measures (the trimmed mean and weighted median) will drop below the bottom edge of the RBA’s target band in y-o-y terms. If this is the case and the unemployment rate remains well above full employment while the AUD is still higher, then the case for a cut in May would be strong.
However, the recent announcement by Prime Minister Turnbull that the annual federal budget will be handed down a week earlier than usual, on 3 May, now means that the budget will arrive on the RBA’s board meeting day. This reduces the likelihood of a cut on that day, as the central bank is unlikely to consider cutting while the government is delivering the budget.
It is also worth keeping in mind that the reason Prime Minister Turnbull has moved the budget forward is to allow him the option of calling an early election on 2 July. The prime minister is required by law to call an election before 17 January 2017 and had previously stated that an election was likely in September or October 2016. However, for political reasons, Prime Minister Turnbull is considering dissolving both houses of parliament and calling an early election on 2 July. If he were to call an early election (which is not a foregone conclusion), this could also reduce the likelihood of a further cut in rates in June or July (although it does not rule it out).
In short, irrespective of the economic numbers, a Q2 cut is looking less likely than previously for tactical reasons associated with politics. Saying this, a weak enough set of economic indicators would mean the RBA would cut anyway, despite the possible political implications.
We still expect a cut around mid-year but acknowledge that the likelihood of a cut in Q2 is now 50:50, in our view, partly due to these political possibilities.
 
<a href="https://www.about.hsbc.com.au/hsbc-in-australia/management-team" target="_blank">PAUL BLOXHAM</a> IS CHIEF ECONOMIST (AUSTRALIA AND NEW ZEALAND) FOR HSBC. 
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RBA on hold, but concerned about the rising AUD: HSBC's Paul Bloxham

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GUEST OBSERVER
The debate about wind farms is clearly not over yet.
Last week Australia’s National Heath and Medical Research Council awarded A$3.3 million to fund two new health studies: one to measure the effect of infrasound on sleep quality, balance, mood and cardiovascular health; the other to determine whether low-frequency sound from wind farms can disrupt sleeping patterns.
Given the past few years of prickly wind turbine politics, this has predictably caused quite a stir.
On one side, the usual suspects sought to capitalise on the NHMRC’s announcement. Independent senator John Madigan called for a moratorium on new wind farms, wanting all projects to be put on hold as a “precaution”.
Coalition senator Chris Back leapt to support his call, perhaps unsurprisingly given that he (along with Madigan and fellow senators Nick Xenophon, David Leyonhjelm and Bob Day) have been described by Sydney University public heath professor Simon Chapman as “sworn enemies of infrasound".
In contrast, many in the scientific community expressed their disappointment at what they see as a waste of millions of research dollars. They referred to studies from around the globe that have consistently failed to find solid evidence for a connection between infrasound and poor health.
However, funding further research on the possible health impacts of wind turbines is consistent with the NHMRC’s own conclusions in a February 2015 statement, which said:
"Given [people’s] reported experiences [of ill health] and the limited reliable evidence, NHMRC considers that further, higher-quality research is warranted."
So the nation’s largest, most respected and most trustworthy medical research funding body actually agrees that more research is a good idea.
<h2>Down tools?</h2>
Tempting though it is, this piece isn’t about rehashing the current evidence of the health impacts – real or imagined – of wind turbines. That’s been done already and will clearly continue for a while yet.
What’s more interesting, to me at least, is this appeal for a moratorium, and the more general question of how useful a tool it is for making decisions about overtly science-based issues.
Madigan’s call is a typical invocation of the precautionary principle. This asserts that if there are reasonable (that is, evidence-based, scientific) grounds to believe something new might be unsafe – or at least presents risks that unacceptably outweigh the potential benefits – then we should not proceed with the new thing.
On the surface, it’s hard to argue with that.
But when it comes to wind turbines, there is nothing to suggest that Madigan, Back and like-minded folks will consider any level of risk acceptable.
Imagine for a moment that these new studies find no statistically defensible evidence to link infrasound to human ill-health. Will those calling for a moratorium accept the results and declare wind turbines safe (or at least safe enough to lift a ban)?
I suspect not. It looks to me as if what they are actually demanding is “proof of safety”, rather than evidence of “acceptable risk”. This is, of course, impossible. To use an oft-quoted example, we can’t prove that orange juice is 100 percent safe, yet it remains defiantly on our supermarket shelves.
I’d wager a year’s salary that Madigan and friends would declare any “acceptable risk” results to be insufficient, too short-term, or generally just biased and inadequate, and demand that yet more research is done.
The naysayers are not looking for counter-evidence to their claims, most probably because there are things about wind farms that they simply do not like. If they have been unswayed by the research showing no evidence of harm so far, it seems unlikely two more studies will change their minds. 
But what about us down at the science end of town? As noted on The Conversation last year by my colleagues Jacqui Hoepner and Will Grant, “if a credible, scientifically rigorous study were to show a link between wind turbine operation and health effects, it should absolutely be taken seriously”. Agreed!
So for argument’s sake, let’s imagine that these new studies do end up producing empirically valid results that clearly suggest that infrasound from wind turbines can cause people harm. Would we science-loving citizens be prepared to bow our heads and accept the evidence; to admit that Madigan and his cohorts did the right thing by calling for a moratorium?
I’d like to think that I would. But I also imagine myself demanding more research, and I’m confident most other science-positive folks would, too. In our defence, though, we would of course be looking for evidence confirming the existence and likely extent of the harm, rather than seeking proof of some mythical, absolute guarantee of safety.
<h2>Precautionary tale</h2>
So what good will more, precautionary-principle-inspired science do? In reality, probably very little.
For one thing, practical, policy-related action can rarely wait for “all” the evidence to be in before decisions are made and actions taken (assuming such a magical, perfect-evidence situation could ever arise). Invoking the precautionary principle is not likely to simplify this situation.
Far from making decisions more evidence-based, the calls for a precautionary approach are liable to entangle us more deeply in the politics of decision-making. It’s blisteringly naïve to believe that when applied “correctly”, the precautionary principle will refocus warring factions’ attention on noble considerations like gathering sufficient, acceptable evidence and using this to guide us to the most objective solutions.
In fact, it’s arguments over what constitutes the right kind – and sufficient amounts – of evidence that lie at the heart of such disagreements, not what the evidence itself shows. Many people call for evidence-based policy – but when it’s the evidence itself that is up for debate, it’s important (as my colleague Will Grant has quipped) actually to have evidence-based evidence.
So how will this issue play out from here? Here’s my guess:
• a moratorium will probably not be called
• the new research projects will be conducted
• based on current available evidence, they will probably find little to support the idea that wind turbines located more than than 1,500 metres from humans have measurable negative health effects
• scientists will say “I told you so”
• Senators Madigan et al, should they still be around, will call for yet more research.
 
Rod Lamberts is deputy director, Australian National Centre for Public Awareness of Science, Australian National University and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/rod-lamberts-60" target="_blank">here</a>.
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Ban new wind turbines? Not if the bar for declaring them safe is impossibly high

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The winemakers De Bortoli has emerged as the buyers of the Lusatia Park vineyard at Woori Yallock in the Yarra Valley.
The 18-hectare vineyard was bought from wine industry veteran Stephen Shelmerdine who listed it last April and sold it late last year.
The Australian Financial Review reports it is to be transferred to De Bortoli after the 2016 harvest.
Lusatia Park was bought by the Shelmerdine family in the late 1980s.
The Yarra Valley vigneron Stephen Shelmerdine and his wife Kate are part of the Myer family.
The Victorian-style home at <a href="https://www.realestate.com.au/property-acreage+semi+rural-vic-woori+yallock-119202931" target="_blank">210 Lusatia Park Road </a>in Woori Yallock had initial price expectations above $1.6 million for the five bedroom homestead with valley and mountain vistas.
It has been leased for seven years. The family company tried to sell it in 2010 and 2011 with $2.25 million hopes.
Fruit from its 1985 vines are sold to producers including PHI, a collaboration between the De Bortoli and Shelmerdine families.
The De Bortolis own vineyards in the Yarra Valle, King Valley and NSW's Hunter Valley as well as in their original base in Bilbul, in the NSW Riverina region.
The company was established by Italian migrants Vittorio and Giuseppina De Bortoli in 1928.
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De Bortoli buy Lusatia Park from Shelmerdine family

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Energy Watch boss Daniel Wallis has listed his South Melbourne terrace which was bought in the fifth series of The Block.
The entrepreneur made headlines at the 2012 auction paying $1,400,001.01 to secure <a href="https://www.realestate.com.au/property-house-vic-south+melbourne-122178618" target="_blank">403 Dorcas Street</a>.
The renovators were New South Wales brothers Andrew and Mike Jones, who had a reserve of $966,000.
At the time of sale, Wallis planned to provide the house to parents of sick children staying at the Royal Children’s Hospital.
Hocking Stuart’s David Wood has listed the home with price expectations of more than $1.6 million at its April 9 auction.
The four-bedroom terrace offers two ground-floor entertainment spaces and a rooftop winter garden terrace with a bar overlooking the CBD.
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Former Block, South Melbourne terrace listed

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Rules for keeping a pet in a rental property and the rights of landlords to enter rented premises are among topics Victorians are being asked to have a say on, as part of a Victorian Government review of the state’s rental laws.
Public consultation is underway on the third in a series of issues papers as part of the review.
Rights and Responsibilities of Landlords and Tenants considers how the Residential Tenancies Act 1997 (the Act) sets boundaries around what tenants and landlords can and cannot do throughout the tenancy.
Issues up for discussion include all aspects of letting out a property, from the first application and screening process, to moving in and compensation for ending a lease early.
Director of Consumer Affairs Victoria Simon Cohen said the review is calling for people’s views on matters such as tenants' rights to keep pets and to sub-let a property, tenant privacy and notices to end tenancies.
“The review forms part of the Victorian Government’s Plan for Fairer Safer Housing, and aims to ensure rental laws strike a fair balance between the rights and responsibilities of tenants and landlords across all forms of rental accommodation,” Mr Cohen said.
“We want to hear people’s views on the issues raised by landlords and tenants, as they exercise their rights and responsibilities during the various stages of a tenancy.
“Make a submission by sharing your story, participating in polls, blogs and discussions through the Fairer Safer Housing website."
Feedback on these issues will help identify how the needs and preferences of Victorian landlords and tenants have changed since the legislation came into effect almost 20 years ago, and indicate areas that should be a priority for reform.
Three more issues papers are scheduled for release in the first half of 2016.
“We want to hear from renters and rental property owners from all corners of the state,” Mr Cohen said.
Details about how you can have your say, including information for culturally and linguistically diverse communities, are available on the <a href="https://fairersaferhousing.vic.gov.au/renting" target="_blank">Fairer Safer Housing website</a>.
Issues for public consultation include:
<ul>
<li>the tenancy application process and appropriate screening practices</li>
<li>information that should be disclosed to a tenant at the start of a tenancy</li>
<li>digital technology and the form and service of documents and notices</li>
<li>the process to be followed when a landlord or tenant breaches a duty under the Act</li>
<li>enforcing additional terms in the tenancy agreement, including rules about pets</li>
<li>balancing the right of tenants to quiet enjoyment and the right of landlords to enter premises, particularly where the premises are being sold</li>
<li>balancing the interests of landlords and tenants in respect of sub-letting and lease assignments</li>
<li>reasons a landlord or tenant can terminate a lease, and rules around compensation for lease breaking</li>
<li>what arrangements should apply to goods left behind by a tenant at the end of a tenancy</li>
<li>increasing protections for tenants experiencing family violence</li>
<li>the conduct of agents acting on behalf of landlords.</li>
</ul>
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Property 101: Victoria reviews rules about pets and tenancy

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Estate agents were back posting "sold" stickers on their best weekend auction offerings - from a $235,000 Elwood flat to a $5.18 million Mosman trophy home - following the break from sales over Easter. 
Melbourne's St Albans with 15 listings was the nation's busiest weekend auction suburb, ahead of Sydney's Epping with 13, then Reservoir in Melbourne, with 12 offerings.
Auction activity across all the capital cities bounced back after the Easter break, but the national clearance rate dipped to 67 percent from the 1500 offerings, down on the 70.9 prior weekly result, according to CoreLogic RP Data.
There were some 530 homes put to weekend Sydney auction - and a total of 650 homes over the past week - with an overall 70 percent clearance rate.
<a href="/images/2016/04/4/Screen%20Shot%202016-04-04%20at%208.57.11%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/4/Screen%20Shot%202016-04-04%20at%208.57.11%20AM.png" alt="">
Auction clearance rates ranged across Sydney from as high as 94 percent in the city and east to as low as 28 percent in Parramatta.
With 100 plus auctions, the North Sydney and Hornsby region was the busiest followed by the inner south west with 84 auctions.
The Sydney weekend's top under the hammer sale was a five bedroom home at 19 Lower Almora Street, Mosman. It was bought by a Singapore based expatriate. There where five registered parties, but just the two bidders after McGrath agent Anthony Zakos took the opening $4.8 million bid. There had been $4.8 million to $5 million price guidance.
Adelaide was the best performing capital with a 75 percent success rate, but like all capitals, excepting Brisbane, the clearance rate sat lower than one year ago when it was 83 percent. 
There were 567 Melbourne auctions this week, making it the second busiest after Sydney, with around 68 percent of offerings successfully finding buyers this week.
House prices in St Albans ranged from $416,000 to $845,000, for a 613 sqm apartment development site, subject to planning approval at 18 Collins Street. There was a $466,000 St Albans sale to a Sydney investor.
Melbourne's highest sale was $2.415 million at 5 Closeburn Avenue, Prahran, a four bedroom 1905 Edwardian brick home that sold through Kay &amp; Burton.
It had sold the same time last year at $2.155 million - so 12 percent annual price growth - when it was sold through the Marshall White agency who had given a $1.7 million price guidance.
The Prahran sale edged out a $2.25 million Altona sale for the top spot. The 123 Esplanade, Altona sale was a two storey home opposite the beach, two blocks from the pier.
The $235,000 Elwood flat at 6/6 Cyril Street had last sold in 2008 at $195,000 and $220,000 in 2001. It had been a $230 weekly rental when advertised earlier this year, reflecting a five percent rental yield. Woodards Real Estate had been quoting $195,000 to $210,000 for the 1970s one bedder.
There have been 11 suburbs with clearance rates above 90 per cent this year, including Collingwood, Dingley Village and Seddon, according to the Real Estate Institute of Victoria.
The strongest performing weekend Melbourne sub-region was the inner east with 74 percent success, with the regions showing no where near the broad success range witnessed in disparate Sydney's regions.
But both capitals bounced back in activity after the Easter break, though not as much in Melbourne with school holidays underway in Victoria.
School holidays always put a dampener on activity. Auction activity will be next interrupted by the Anzac Day long weekend, then the Queen’s Birthday holiday break in June, which will signal the beginning of the quieter winter auction market.
Generally, the first two weekends in July ranks as the mid-year low point of the national auction market, brought about by cooler weather and the school holidays which combine to create the mid-year market lull. 
Accordingly the prospect of a federal election in early July would be the least disruptive to the real estate industry, agents suggest.
Though agents expect the election to provide a bigger than normal distraction given that negative gearing policy will be one of the key election issues along with capital gains tax policy.
Agents expect some prospective vendors to bring forward their sales campaigns to May and June, but then closer to the election date the prospective sellers will postpone their sales campaigns until later in the year.
CoreLogic RP Data analysis of recent elections showed that there was around a 20 percent preceding drop in the volume of listings, while the clearance rate is usually unaffected. 
Historically when there is no change of government the housing market tends to respond better post-election than when there is a change.
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Auction activity bounces back post Easter

A who's who of Australian surfing, business and entertainment has emerged on title records following the completion of Esprit Rainbow Bay, the latest boutique beachfront apartment development by former professional surfer Paul Gedoun's S&amp;S Projects.

The completed project has attracted an enviable collection of owners, many with long-standing ties to the southern Gold Coast and the surf culture that has helped define Rainbow Bay and neighbouring Kirra for generations.

Given Gedoun's own background in surfing, it perhaps comes as little surprise that some of Australia's most recognisable surfers have chosen to buy into the development overlooking one of the country's most celebrated stretches of coastline.

Pezet Matheson directors Jayde Pezet and Todd Matheson launched the project in late 2021, and have managed the sales campaign all the way through to its sell-out and recent completion.

<img alt="Esprit" data-entity-type="file" data-entity-uuid="08fc6261-b84e-4b09-8a44-66d3067fd0d1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-29%20at%208.51.05%E2%80%AFAM.png?VersionId=4AOcb6ETZwNUnMPdTtz1B3pZAIB_jgZ2" />

Former world champion Mick Fanning, who grew up in Coolangatta, secured an apartment in 2023. He paid&nbsp;$2.07 million. Last year he sold his Bilinga home for over $16 million.

Three-time world champion Joel Parkinson also purchased in the development, alongside big wave surfer Mark Mathews. Mathews bought the most expensive apartment in the building, spending just over $4 million.

Joining them is Rip Curl founder Doug Warbrick, whose company helped shape Australia's global surfing industry over the past five decades.

The appeal of Rainbow Bay has extended well beyond the surfing community.

International DJ Paul Fisher purchased an apartment through his investment vehicle, YLB Developments, an abbreviation of his trademark phrase "You Little Beauty".

The purchase comes as Fisher and his wife Chloe are developing their own luxury apartment project further north in Palm Beach. Their boutique beachfront development, Pescado, comprises just seven apartments on Jefferson Lane, which start from just shy of $6 million. The couple intend to retain the two-level penthouse as their Australian base between international touring commitments.

Melbourne Storm coach Craig Bellamy and his wife Wendy have also invested in Esprit, purchasing two apartments after spending decades holidaying on the southern Gold Coast. They also have a luxury apartment in Joe Adsett's Rockpool, less than 400m away from Esprit.

<h2>Boutique project draws owner-occupiers</h2>

Esprit launched in 2021 and sold strongly, with buyers drawn to its boutique scale, beachfront position and contemporary design.

The completed development comprises 94 apartments across 11 levels, offering expansive floorplans designed primarily for owner-occupiers rather than the investor market.

Crowning the building is Club Esprit, pitched as being the Gold Coast's first residential rooftop wellness centre. The roof features a&nbsp;25 metre magnesium lap pool, which is surrounded by wet daybeds and poolside cabanas,&nbsp;multiple barbecue areas,&nbsp;a yoga and relaxation play lawn, and a private dining room with a kitchen scullery, bar, lounges, and an outdoor terrace.

The wellness centre is&nbsp;fully equipped with a Technogym, ice bath, infra-red sauna, steam room, thermal room, and treatment room. The roof has views spanning&nbsp;Rainbow Bay, Snapper Rocks and the Pacific Ocean.

<h2>S&amp;S Projects continues to shape Rainbow Bay</h2>

S&amp;S Projects founder Paul Gedoun has become one of the key figures behind Rainbow Bay's evolution over the past several years.

After establishing S&amp;S Projects, Gedoun has focused on delivering lifestyle-driven apartment developments designed primarily for owner-occupiers seeking a permanent coastal home.

Esprit is Gedoun's third completed project in Rainbow Bay, following Flow and Awaken, both of which achieved record prices for the suburb.

He is now delivering <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, a 38-apartment development on Boundary Street that is currently selling, and has no plans to leave the precinct anytime soon. S&amp;S Projects has also lodged plans for its fifth Rainbow Bay development, an 88-apartment project on Boundary Street featuring a strong wellness focus.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">First look: S&amp;S Projects proposes 88-apartment wellness tower at Coolangatta's Boundary Street</a>

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Joel Robinson

Who's who of buyers revealed as Esprit Rainbow Bay settles

Nature Based Cities (NBC), the not-for-profit organisation focused on improving biodiversity and nature outcomes in urban development, has launched its latest industry design guidelines and accreditation framework, this time targeting precinct-scale residential communities.

The move extends NBC’s influence beyond its initial focus on medium and high-density residential developments. Several projects have already achieved NBC accreditation since the launch of its Medium &amp; High-Density Residential Guidelines in early 2025.

The expansion into masterplanned communities and new residential precincts reflects the growing need for stronger nature-positive benchmarks as Australia’s outer suburban growth corridors continue to expand at pace.

Paul Hameister OAM, NBC Founder and the Executive Chairman of Melbourne developer Hamton who itself leans heavily into nature and biodiversity in its developments, says the&nbsp;nature-first approach to mitigate the effects of climate change has become standard in other parts of the world such as the UK, but Australia is lagging.&nbsp;Australia’s environmentally sustainable design (ESD) rating tools have no minimum mandatory requirements for living landscapes.

“We’ve always wanted to do more, and we know other developers who want to do more, but the ESD rating tools just aren’t there,” Hameister says. “In Australia, you can have a five-green-star rated building that’s concrete and glass with not a blade of grass. 
 
“The focus is on reducing emissions, which is laudable, but there hasn’t been enough attention paid to protecting and re-establishing nature. We need both for the health of the environment and for communities.”

He says that having now&nbsp;made good progress in supporting developers of medium and high-density residential projects, NBC is now looking to bolster better nature-based decision-making and recognise developers of greenfield projects in the outer ring and large inner-ring brownfield precincts, who want to champion nature and living landscape as a defining feature.

Since 2022, the not-for-profit has sought to remove the roadblocks preventing developers from incorporating nature and living landscapes into their projects, shifting the conversation from the reduction of emissions and grey infrastructure, toward recognising nature as an essential infrastructure.

The New Communities Design Guidelines and Scorecard arm developers with the tools needed to deliver a nature positive outcome for their new communities. Intended to be adopted at the outset of the planning process, the guidelines are designed to help create communities that are cooler, healthier and more resilient while also enhancing social wellbeing and long-term economic value.&nbsp;

New Communities developers seeking accreditation will be independently assessed across a range of key criteria including ecology, tree canopy, biodiversity, and walkability. Once the masterplan is complete and submitted for approval, the scorecard is formalised based on proposed outcomes. Projects that meet the NBC criteria will receive either Commended or Exemplary accreditation outcomes, creating a clear benchmark for nature-positive new communities in Australia.&nbsp;

Janis Fischer, Director at Tract and NBC Advisory Council member, said the development of new communities in our suburbs can have a substantial impact on nature and biodiversity.

"By incorporating nature-based design principles at the inception of a project, developers and their design teams can achieve nature positive outcomes that are good for both people and the planet.’’&nbsp;

NBC accredited New Community projects will gain access to NBC branding and marketing tools to help communicate their nature-based credentials to purchasers and the broader market.&nbsp;

Nature Based Cities: A new Australian benchmark for developing nature-positive new communities

Apartment buildings are increasingly being designed around how people actually live day to day, not just how they want a building to look.

For buyers, that shift is showing up in practical inclusions that respond to changing habits. Work-from-home spaces, EV charging, wellness amenities, secure bike storage and parcel management are becoming part of the broader apartment conversation, reflecting a move toward buildings that reduce friction in everyday life.

Online shopping has become one of the clearest examples of that change.

Australians spent a record $82.6 billion online in 2025, with nearly one in four retail dollars now spent online. That has made parcel delivery a regular part of apartment living, rather than an occasional inconvenience.

For apartment residents, however, the delivery process can be less straightforward than it is for detached homes. Parcels may be left in lobbies, redirected to Post Offices, missed entirely, or placed under the responsibility of building managers and concierge teams.

That is why secure parcel infrastructure is increasingly being considered alongside more familiar apartment amenities.

<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/-VjjLwoViX0?si=A3k7ws9NX35Uac7_" title="YouTube video player" width="560"></iframe>

Australia Post Parcel Lockers offer one way to address the issue. When a parcel arrives, residents receive a notification through the AusPost app or SMS, then collect it using a QR code or one-time PIN. The parcel is kept secure, accessible and removed from common areas.

The broader Parcel Locker network now includes more than 1,500 locations across Australia, positioned at Post Offices, shopping centres, supermarkets, transport hubs and other accessible locations.

For new apartment projects, the relevance is clear. A building’s amenity offering is no longer only about lifestyle spaces, but also about convenience, security and functionality.

As buyer expectations evolve, secure parcel delivery is becoming part of the same design conversation as flexible working, sustainable transport and resident wellbeing.

It is one less thing for residents to worry about, and another example of apartment design adapting to the way Australians now live.

Apartment design is adapting to the way Australians shop

While school holidays and trips to Europe tend to define the winter property market, there's been no cold snap at <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-177-walker-street-north-sydney-nsw-2060">The Walden</a> in North Sydney.

Developer-builder&nbsp;<a href="https://www.apartments.com.au/developers/aland">ALAND</a> sold more than $35 million worth of apartments throughout June, including a $6.8 million apartment that now ranks among the highest apartment sales ever recorded in North Sydney.

SRM Residential agent Ben Stewart said buyer demand throughout June reflected a mix of improving market confidence and longer-term thinking from owner-occupiers.

"We're seeing strong demand from owner-occupiers who are taking a longer-term view," Stewart said.

"Many recognise the opportunity to secure an apartment in an iconic building and premium location while values remain attractive. They may initially lease the property, but the intention is to eventually move in themselves, rather than purchasing purely as an investment."

[smartcode_project:default project_id=134323 project_image_fid=367129]

Located at 177 Walker Street, The Walden will deliver 161 one, two, three and four-bedroom residences across a 30-storey tower designed by Rothelowman. Every apartment occupies a corner position, maximising natural light, cross ventilation and views across Sydney Harbour, the Opera House, Sydney Heads and the northern districts.

Rather than a traditional balcony, the residences feature winter gardens that seamlessly extend the open plan living areas, creating versatile spaces for relaxing or entertaining throughout the year. Floor-to-ceiling glazing draws in natural light while showcasing sweeping views from the building's elevated Walker Street position.

Every apartment features high-end Calacatta marble, bespoke joinery, and fully integrated appliances.

The larger residences have been planned with distinct entertaining and private zones, with many master suites positioned on corners to capture natural light and harbour views. Walk-in dressing rooms, freestanding baths and refined stone finishes reinforce the house-like feel that has resonated with downsizers and owner-occupiers.

[smartcode_project:default project_id=134323 project_image_fid=6393]

Rothelowman Principal Ben Pomroy said the project was designed to make the most of its unique position overlooking the harbour.

"The Walden is a celebration of all things beautiful, curated for those who expect nothing less than exceptional," Pomroy says.

"Meticulously designed entertaining spaces and light-filled living areas that capitalise on capturing the natural beauty of Sydney's iconic harbour."

Residents will also have exclusive access to The Pavilion, a dedicated amenity building featuring a rooftop pool, wellness studio, gymnasium, sauna, concierge service, residents' lounge, private dining spaces and work-from-home facilities.

[smartcode_project:default project_id=134323 project_image_fid=6402]

The project marks ALAND's first major luxury apartment development in Sydney's inner-city market after more than two decades delivering residential communities across Greater Sydney.

Founder and CEO Andrew Hrsto previously said the rarity of the Walker Street site made it an opportunity the company could not overlook.

"This is a rare opportunity to bring a truly exceptional project to life in one of Sydney's most iconic locations, and to showcase our craftsmanship and design expertise at a world-class level," Hrsto said.

[smartcode_project:default project_id=134323 project_image_fid=6383]

The Walden has been introduced to the market at a time when demand for living in North Sydney is at an all-time high. Billions of dollars have been invested in infrastructure, including the recently opened Victoria Cross Metro station, located just 300 metres from The Walden, providing residents with direct access to the Sydney CBD in just minutes.

Private investment has also transformed the area through the arrival of new retail and dining destinations, elevating the lifestyle offering in what was once considered primarily a commercial precinct rather than an aspirational residential address.

The Walden is currently under construction and is scheduled for completion in 2028.

[smartcode_project_cta:default project_id=134323]

ALAND records $35 million in sales in North Sydney as The Walden bucks quiet winter selling season

The long-awaited redevelopment of the former Eastlakes Shopping Centre site has reached a major milestone, with Conquest's plans for a new mixed-use precinct officially placed on public exhibition.

The State Significant Development Application would transform the 1.7-hectare site at <a href="https://www.apartments.com.au/new-apartments/19a-evans-avenue-eastlakes-nsw-2018">19A Evans Avenue</a> into one of Sydney's largest urban renewal projects, delivering 736 apartments above a new shopping centre anchored by Woolworths, alongside specialty retail, dining, commercial space and new public open spaces.

The public exhibition marks the next chapter for the project after <a href="https://www.apartments.com.au/developers/conquest">Conquest</a> acquired the stalled Stage Two development from Crown Group, who completed the first stage across the road prior to their voluntary liquidation.

<img alt="First look: Conquest unveils plans for 736-home Eastlakes Shopping Centre redevelopment" data-entity-type="file" data-entity-uuid="5fca22c5-d1ed-4e2c-8801-03f7df1eafc8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/eastland%20podium.png?VersionId=uomwr41nF8CmLUZRDcu3mHQechlbxucS" />

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Designed by DKO Architecture, the proposal comprises four residential buildings ranging from 14 to 18 storeys above a two-level retail podium. The development would deliver 736 apartments, including 74 affordable homes, 215 Build-to-Rent apartments and 521 market residences. Provision has also been made for dual-key apartments, which could increase the total number of dwellings to 877.

At ground level, the shopping centre has been designed as the suburb's new meeting place, anchored by a full-line Woolworths and complemented by a curated mix of fresh food retailers, cafés, restaurants, health services and everyday convenience shopping. Generous pedestrian links and landscaped public spaces will connect the retail precinct through to Jack Mundey Reserve, creating a more walkable and connected neighbourhood.

Conquest CEO Michael Akkawi said the redevelopment was about far more than replacing a shopping centre.

"Eastlakes has been overlooked for too long, and this is the community’s moment. We are building a shopping centre and homes, a genuine heart for the suburb, and we genuinely want locals to help shape it."

"We enrich communities through the creation of homes, places, and experiences designed for life, built to last, and owner for generations. That starts with listening, so we warmly encourage everyone with a connection to Eastlakes to view the plans and share their thoughts."

<img alt="First look: Conquest unveils plans for 736-home Eastlakes Shopping Centre redevelopment" data-entity-type="file" data-entity-uuid="22f6fb20-54fb-4bd7-8a92-48fafdd00608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/eastland.png?VersionId=cugp7s9hrMHGJJdYzkeAkrFoQgnF4GXf" />

DKO said the design had been shaped by the site's landscape setting and surrounding open space.

"Our vision for the site embraces its unique Bidjigal identity by blending the residential living with generous landscaping and a material palette inspired by the Bidjigal locality, and celebrating the panoramic views to Botany Bay and the wetlands reserves."

"Taking cues from Country, we seek to harmonise built form with the landscape and lightly touch the earth. By reconnecting, retaining and regenerating existing ecology, and weaving in natural elements, we can deepen our connection to Country."

The landscape strategy extends across the podium and rooftops, incorporating communal gardens, children's play areas, lawns, community gardens, family gathering spaces and extensive tree planting. New landscaped links will also strengthen the connection between the precinct and Jack Mundey Reserve, while publicly accessible open spaces have been integrated throughout the development.

The proposal builds on Conquest's broader placemaking strategy for the site. Through an ongoing partnership, local artist Joe Rashbrook has been appointed Urban Art Curator, working alongside young residents to transform the project's site hoardings into a public art gallery that allows the community to engage with the redevelopment before construction is complete.

Conquest has rapidly expanded its development pipeline since acquiring the Eastlakes site, with more than $6 billion worth of mixed-use projects now in planning across Sydney, including Stanmore, Castlecrag and Waterloo.

Conquest CEO Michael Akkawi said the redevelopment was about far more than replacing a shopping centre.

Jonathan Chancellor

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