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A clearance rate of 74% was recorded this weekend across Melbourne compared to 72% last weekend and 72% this weekend last year, according to the REIV. 
There were 1101 auctions reported to the REIV, with house prices ranging from $280,000 in Cranbourne to $4.3 million in Kew.
The REIV was expecting about 1,400 auctions in 285 suburbs. The top auction location was Brighton with 19 auctions followed by Glen Iris, Kew, Noble Park, and Richmond with 16 auctions in each.
There were over 11,400 auctions held in the September quarter 2015 and 8,672 sales, a 30 per cent increase on the same quarter last year. 
TOP 5 HOUSES
1. 11 Rowland Street, Kew $4,300,000
2. 34 Hawthorn Glen, Hawthorn $3,960,000
3. 49 William Street, Brighton $3,902,500
4. 28 Sussex Street, Brighton $3,860,000
5. 126,12A,128&amp;128 Murrumbeena Road, Murrumbeena $3,730,000
 
TOP 5 BARGAIN HOUSES
1. 1/28 Dearing Avenue, Cranbourne $280,000
2. 13 Themeda Court, Meadow Heights $314,000
3. 27 Lillypilly Crescent, Kings Park $335,000
4. 24 Gerbert Street, Broadmeadows $354,500
5. 3/58 Fintonia Road, Noble Park $361,000
 
 
TOP 5 APARTMENTS
1. 2D Paxton Street, Malvern East $2,172,000
2. 63A Baird Street, Brighton East $1,800,000
3. 5A Ocean Street, Hampton $1,720,000
4. 92A David Street, Hampton $1,675,000
5. 12 Rosslyn Street, Hawthorn East $1,660,000
 
TOP 5 BARGAIN APARTMENTS
1. 7/1 Edney Court, Noble Park $180,000
2. 5/107 Hudsons Road, Spotswood $251,000
3. 7/40 Egan Street, Richmond $300,000
4. 3/965 Pascoe Vale Road, Jacana $305,000
5. 26/6 Francis Grove, Thornbury $310,000
Source <a href="/news">REIV </a>
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From Kew to Cranbourne, Melbourne still sitting comfortably in the 70s: REIV auction clearance rate

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Markdale, the NSW country farm with unrivalled pioneering polo history, has been listed for sale by the Ashton family.
It's a 1920s house with extensions by Professor Leslie Wilkinson set in an Edna Walling-designed garden.
Surviving the many droughts of the Crookwell district, the 2550-hectare Binda farm has been held by three generations of Ashtons, most recently by company director Geoff Ashton and high society interior decorator wife, Mary.
Silver birch, oaks and golden elms frame the hillside seven bedroom homestead, which is topped off with its polo-player weathervane symbolising the family's association with the sport.
James Ashton, one of the family who put Australia on the world polo map, bought the original holding, followed by his son, Geoff snr.
In 1984, Geoff jnr took over the Southern Tablelands property that derives wool production and guesthouse income from its two original stone cottages and the shearers quarters.
It is tipped to fetch more than $7 million <a href="https://www.colliers.com.au/13886/#.ViQ2drSqqko" target="_blank">through Richard Royle at Colliers International</a>.
Markdale's garden is acknowledged as one of the great country gardens of Australia, rejuvenated in recent years, featuring include a wisteria and rose pergola, several sculptures and lake with its Chinese bridge.
Only once, at Markdale, did the two Australian icons combine their talents, Professor Wilkinson extensions and gardens by Edna Walling
The guestbook shows just how generously the Ashtons have entertained their family and friends there since 1921.
Geoff and Mary have thought about selling it on and off for almost the past two decades, and would love for a buyer to emerge who has a passion for the property, set about two and a half hours drive from Sydney.
<img src="https://www.markdale.com/wordpress/wp-content/uploads/2012/10/brothers1.jpg" alt="brothers" width="515" height="274">
James Ashton started as the copy boy on the Hay newspaper before owning it, and in business become chairman of MLC and The Commercial Banking Company of Sydney.
He had four sons Jim, Robert, Geoff and Phil, who began playing polo against his wishes, but persuaded by his wife ‘that those who play together, stay together’ he let them continue.
In the 1930’s, the brothers shipped their horses to England, the United States and India to compete against top international teams, winning numerous tournaments, including England’s Hurlingham Championship and the Indian Empire Shield, and an invincible team in Australia retiring unbeaten in 1938.
This article was first published in the Saturday Daily Telegraph.
 
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Historic Southern Tablelands farm Markdale relisted

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Grunberg, a historic Richmond cottage, with a Heritage Victoria plaque since 1988, was sold after its single bid weekend auction.
No price has been revealed after being passed in at $1.7 million.
<a href="https://www.realestateview.com.au/Real-Estate/36-lesney-street-richmond/Property-Details-buy-residential-9556898" target="_blank">The 36 Lesney Street</a> country-style home, with a 120 year-old magnolia tree, was built in 1853.
It was marketed as a wonderful example of gold-rush era architecture with Jellis Craig auctioneer Andrew Macmillan saying homes like this were mostly found in Ballarat and Castlemaine. 
It last traded at $350,000 in 1989.
It takes its name from Friedrich and Caroline Grunbeerg who arrived in Australia aboard the Godeffroy in February 1849.
They were from Altona in Holstein and both aged 31. They had been married on 1 June 1844, but only after receiving special approval to do so from King Christian 8th of Denmark, who then ruled Holstein.
The King’s permission was required as Friedrich, son of Christian Johann Michael Grünberg, tailor and Elisabeth Anna Agneta (née Langbehn), was a commoner, whereas Caroline was of noble birth.
Caroline Friedericke von Schimmelmann, born 15 February 1817, was the daughter of Graf Carl von Schimmelmann and Ilsabe Catherina (née Dablestein).
The couple married in Caroline’s family home, the Castle Ahrenburg.
Friedrich Grünberg was an original landholder at Westgarthtown, or Dry Creek, as it was then known. 
To legally purchase his land, Friedrich had been naturalized as a New South Wales citizen in 1851, his occupation given as carpenter.
In 1852, Friedrich bought an acre of land at Richmond for £25/12/- (Lots 3 &amp; 4, Portion 8, Parish of Jika Jika).
The access road he created was first known as Gruenberg Street, but by the mid 1860s changed to Lesney Street. 
Friedrich died at Altona in Holstein in 1887, aged 69, during a visit to the then Prussian province.
Caroline returned to Australia and lived at 32 Lesney Street until her death in 1902 aged 85. 
Caroline’s cottages at 30 and 32 Lesney Street were left to the Ahrensburg church, but only after lifetime possession by her great-nephews Christian Frederick Grünberg and George Gottsleben Grünberg, the sons of Christian Grünberg who arrived in Australia in 1863. 
George died in 1916 but Christian lived on until 1944. Caroline’s estate was finally settled in 1953 when it was granted exemption from the Enemy Property Regulations securing £1,270 from the sale of the cottages.
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Richmond 1853 Grunberg cottage sells

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Selling before auction is happening more across Sydney.
Botany headed the list during September
Sold before auction (September APM)
<table cellspacing="0" cellpadding="0"><tbody>
<tr>
<td class="td1" valign="middle">
 Suburb
</td>
<td class="td2" valign="middle">
Sold before
</td>
</tr>
<tr>
<td class="td3" valign="middle">
Botany
</td>
<td class="td4" valign="middle">
66%
</td>
</tr>
<tr>
<td class="td3" valign="middle">
Bondi
</td>
<td class="td4" valign="middle">
65%
</td>
</tr>
<tr>
<td class="td3" valign="middle">
Killara
</td>
<td class="td4" valign="middle">
61%
</td>
</tr>
<tr>
<td class="td3" valign="middle">
St Ives Chase
</td>
<td class="td4" valign="middle">
61%
</td>
</tr>
<tr>
<td class="td3" valign="middle">
Bondi Beach
</td>
<td class="td4" valign="middle">
60%
</td>
</tr>
<tr>
<td class="td3" valign="middle">
Wollstonecraft
</td>
<td class="td4" valign="middle">
57%
</td>
</tr>
<tr>
<td class="td3" valign="middle">
Neutral Bay
</td>
<td class="td4" valign="middle">
56%
</td>
</tr>
<tr>
<td class="td3" valign="middle">
Sydney
</td>
<td class="td4" valign="middle">
54%
</td>
</tr>
<tr>
<td class="td3" valign="middle">
Mona Vale
</td>
<td class="td4" valign="middle">
53%
</td>
</tr>
<tr>
<td class="td3" valign="middle">
Manly
</td>
<td class="td4" valign="middle">
53%
</td>
</tr>
</tbody></table>
With the market declining, many anxious agents are advising vendors to take the best pre-auction offer rather than risk falling flat on auction day.
The trend has turned a little away from the heat of the boom when it was long suffering would-be buyers putting in bullish offers that likely exceeded anything from rivals on auction day.
Auctioneer Rocky Bartolotto said while a few properties that featured bigger land size and development secured sensational results on the weekend, many of the day's other results had one to two registered bidders as the average bidders per property dropped to an average of just over 3 per property. 
<div>"The lower buyer numbers is attributed to higher selection of property available this Spring," he said. </div>
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Selling before auction takes off across Sydney: APM

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Melbourne’s property market has secured yet another record, with the city’s median house price increasing to $729,500 in the three months to September 30.
REIV CEO Enzo Raimondo said the median was up 4.5% from the previous quarter. 
Mr Raimondo said continued high auction numbers in recent months had boosted house prices across the city. 
"Melbourne’s buoyant property market has experienced one of the strongest starts to the traditional spring selling season on record,” he said. “We’ve seen super Saturday auction weekends recorded throughout August and September. 
“In September alone, there were more than 4,400 auctions, and many more are scheduled in October.
The city’s middle and outer suburbs were the main growth drivers in the three months to September 30, with homes in these regions up 4.4 and 5.1% respectively.
Melbourne’s median apartment price increased in the September quarter – up 2.6% to $532,000.
Mr Raimondo said there was currently a range of commentary around market movement however while the market was cyclical, it was in an upward trend at this time.
“The market is currently on an upwards trajectory. The September quarter was extremely strong and that trend is continuing into the December quarter.” Melbourne’s property market has secured yet another record, with the city’s median house price increasing to $729,500 in the three months to September 30.
REIV CEO Enzo Raimondo said the median was up 4.5% from the previous quarter. 
Mr Raimondo said continued high auction numbers in recent months had boosted house prices across the city.
"Melbourne’s buoyant property market has experienced one of the strongest starts to the traditional spring selling season on record,” he said. “We’ve seen super Saturday auction weekends recorded throughout August and September.
“In September alone, there were more than 4,400 auctions, and many more are scheduled in October.
The city’s middle and outer suburbs were the main growth drivers in the three months to September 30, with homes in these regions up 4.4 and 5.1% respectively.
Melbourne’s median apartment price increased in the September quarter – up 2.6% to $532,000.
Mr Raimondo said there was currently a range of commentary around market movement however while the market was cyclical, it was in an upward trend at this time.
“The market is currently on an upwards trajectory. The September quarter was extremely strong and that trend is continuing into the December quarter.”
<table dir="ltr" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td data-sheets-value='[null,2,"Metro Melbourne"]'>Metro Melbourne</td>
<td data-sheets-value='[null,2,"Sep-15 Quarter"]'>Sep-15 Quarter</td>
<td data-sheets-value='[null,2,"Quarterly change"]'>Quarterly change</td>
<td data-sheets-value='[null,2,"Jun-15 Quarter"]'>Jun-15 Quarter</td>
<td data-sheets-value='[null,2,"Annual change"]'>Annual change</td>
</tr>
<tr>
<td data-sheets-value='[null,2,"House"]'>House</td>
<td data-sheets-numberformat='[null,4,"\"$\"#,##0",1]' data-sheets-value="[null,3,null,729500]">$729,500</td>
<td data-sheets-numberformat='[null,3,"0.0%",1]' data-sheets-value="[null,3,null,0.045]">4.5%</td>
<td data-sheets-numberformat='[null,4,"\"$\"#,##0",1]' data-sheets-value="[null,3,null,698000]">$698,000</td>
<td data-sheets-numberformat='[null,3,"0.0%",1]' data-sheets-value="[null,3,null,0.082]">8.2%</td>
</tr>
<tr>
<td data-sheets-value='[null,2,"Unit"]'>Unit</td>
<td data-sheets-numberformat='[null,4,"\"$\"#,##0",1]' data-sheets-value="[null,3,null,532000]">$532,000</td>
<td data-sheets-numberformat='[null,3,"0.0%",1]' data-sheets-value="[null,3,null,0.026]">2.6%</td>
<td data-sheets-numberformat='[null,4,"\"$\"#,##0",1]' data-sheets-value="[null,3,null,518500]">$518,500</td>
<td data-sheets-numberformat='[null,3,"0.0%",1]' data-sheets-value="[null,3,null,0.051]">5.1%</td>
</tr>
<tr>
<td> </td>
<td> </td>
<td data-sheets-numberformat='[null,3,"0.0%",1]'> </td>
<td> </td>
<td> </td>
</tr>
<tr>
<td data-sheets-value='[null,2,"Inner"]'>Inner</td>
<td data-sheets-value='[null,2,"Sep-15 Quarter"]'>Sep-15 Quarter</td>
<td data-sheets-numberformat='[null,3,"0.0%",1]' data-sheets-value='[null,2,"Quarterly change"]'>Quarterly change</td>
<td data-sheets-value='[null,2,"Jun-15 Quarter"]'>Jun-15 Quarter</td>
<td data-sheets-value='[null,2,"Annual change"]'>Annual change</td>
</tr>
<tr>
<td data-sheets-value='[null,2,"House"]'>House</td>
<td data-sheets-numberformat='[null,4,"\"$\"#,##0",1]' data-sheets-value="[null,3,null,1236000]">$1,236,000</td>
<td data-sheets-numberformat='[null,3,"0.0%",1]' data-sheets-value="[null,3,null,-0.002]">-0.2%</td>
<td data-sheets-numberformat='[null,4,"\"$\"#,##0",1]' data-sheets-value="[null,3,null,1239000]">$1,239,000</td>
<td data-sheets-numberformat='[null,3,"0.0%",1]' data-sheets-value="[null,3,null,0.175]">17.5%</td>
</tr>
<tr>
<td data-sheets-value='[null,2,"Unit"]'>Unit</td>
<td data-sheets-numberformat='[null,4,"\"$\"#,##0",1]' data-sheets-value="[null,3,null,560000]">$560,000</td>
<td data-sheets-numberformat='[null,3,"0.0%",1]' data-sheets-value="[null,3,null,0.024]">2.4%</td>
<td data-sheets-numberformat='[null,4,"\"$\"#,##0",1]' data-sheets-value="[null,3,null,547000]">$547,000</td>
<td data-sheets-numberformat='[null,3,"0.0%",1]' data-sheets-value="[null,3,null,0.024]">2.4%</td>
</tr>
<tr>
<td> </td>
<td> </td>
<td data-sheets-numberformat='[null,3,"0.0%",1]'> </td>
<td> </td>
<td> </td>
</tr>
<tr>
<td data-sheets-value='[null,2,"Middle"]'>Middle</td>
<td data-sheets-value='[null,2,"Sep-15 Quarter"]'>Sep-15 Quarter</td>
<td data-sheets-numberformat='[null,3,"0.0%",1]' data-sheets-value='[null,2,"Quarterly change"]'>Quarterly change</td>
<td data-sheets-value='[null,2,"Jun-15 Quarter"]'>Jun-15 Quarter</td>
<td data-sheets-value='[null,2,"Annual change"]'>Annual change</td>
</tr>
<tr>
<td data-sheets-value='[null,2,"House"]'>House</td>
<td data-sheets-numberformat='[null,4,"\"$\"#,##0",1]' data-sheets-value="[null,3,null,861000]">$861,000</td>
<td data-sheets-numberformat='[null,3,"0.0%",1]' data-sheets-value="[null,3,null,0.044]">4.4%</td>
<td data-sheets-numberformat='[null,4,"\"$\"#,##0",1]' data-sheets-value="[null,3,null,825000]">$825,000</td>
<td data-sheets-numberformat='[null,3,"0.0%",1]' data-sheets-value="[null,3,null,0.136]">13.6%</td>
</tr>
<tr>
<td data-sheets-value='[null,2,"Unit"]'>Unit</td>
<td data-sheets-numberformat='[null,4,"\"$\"#,##0",1]' data-sheets-value="[null,3,null,586500]">$586,500</td>
<td data-sheets-numberformat='[null,3,"0.0%",1]' data-sheets-value="[null,3,null,0.017]">1.7%</td>
<td data-sheets-numberformat='[null,4,"\"$\"#,##0",1]' data-sheets-value="[null,3,null,576500]">$576,500</td>
<td data-sheets-numberformat='[null,3,"0.0%",1]' data-sheets-value="[null,3,null,0.088]">8.8%</td>
</tr>
<tr>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr>
<td data-sheets-value='[null,2,"Outer"]'>Outer</td>
<td data-sheets-value='[null,2,"Sep-15 Quarter"]'>Sep-15 Quarter</td>
<td data-sheets-value='[null,2,"Quarterly change"]'>Quarterly change</td>
<td data-sheets-value='[null,2,"Jun-15 Quarter"]'>Jun-15 Quarter</td>
<td data-sheets-value='[null,2,"Annual change"]'>Annual change</td>
</tr>
<tr>
<td data-sheets-value='[null,2,"House"]'>House</td>
<td data-sheets-numberformat='[null,4,"\"$\"#,##0",1]' data-sheets-value="[null,3,null,550500]">$550,500</td>
<td data-sheets-numberformat='[null,3,"0.0%",1]' data-sheets-value="[null,3,null,0.051]">5.1%</td>
<td data-sheets-numberformat='[null,4,"\"$\"#,##0",1]' data-sheets-value="[null,3,null,524000]">$524,000</td>
<td data-sheets-numberformat='[null,3,"0.0%",1]' data-sheets-value="[null,3,null,0.079]">7.9%</td>
</tr>
<tr>
<td data-sheets-value='[null,2,"Unit"]'>Unit</td>
<td data-sheets-numberformat='[null,4,"\"$\"#,##0",1]' data-sheets-value="[null,3,null,415500]">$415,500</td>
<td data-sheets-numberformat='[null,3,"0.0%",1]' data-sheets-value="[null,3,null,0.039]">3.9%</td>
<td data-sheets-numberformat='[null,4,"\"$\"#,##0",1]' data-sheets-value="[null,3,null,400000]">$400,000</td>
<td data-sheets-numberformat='[null,3,"0.0%",1]' data-sheets-value="[null,3,null,0.052]">5.2%</td>
</tr>
</tbody></table>
 Note: All quarterly median prices are seasonally adjusted and quarterly. Annual change is based on rolling annual figures.
 The graph below depicts median house and unit prices in Melbourne over the past decade in seasonally adjusted terms.
<a href="/images/2015/10/19/Screen%20Shot%202015-10-19%20at%208.39.48%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/10/19/Screen%20Shot%202015-10-19%20at%208.39.48%20AM.png" alt="">
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Melbourne's house price median hits $729,500: REIV 

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GUEST OBSERVER
A pop-up tree office in London is the latest expression of a growing movement to take work out of the office into the landscape of the city.
Designed as an installation for the recent London Festival of Architecture, the tree-house coworking space is equipped with power and wi-fi and will be available to hire for several months.
The project is part of the Park Hack project led by Hackney Council. Profits from the space will be reinvested into parks and green spaces in the area.
The tree office workspace continues the appetite for the pop-up urbanism movement. The pop-ups are temporary installations and cover a broad spectrum including art, retail, food and craft. They are intended to highlight alternative perspectives, gather feedback in real time and test potential urban design improvements.
The trend to get out of the office is not new, however projects such as the treehouse workspace highlight a renewed focus on making working outdoors practical.
Since Ray Oldenburg officially coined the term “third place” in 1989, our drive to find accessible, social, technologically enabled and welcoming places to work within the urban environment continues unabated.
Despite advances in technology and evidence of the benefits of nature on our thinking and well-being, the reality of working outdoors has not been without challenges.
A groundbreaking project in New York City in 1989 was one of the first to formally experiment with ways to activate multiple urban public spaces as worksites. The project called Breakout! aimed to draw on the platforms of mobile technology and location-aware social networks to support cross-organisational and interdisciplinary collaborations. Despite the technology underpinning, a key aim of the project was to increase serendipity and face-to-face connection.
The experiment highlighted the challenges of working outdoors, with issues such as access to power in public space and unsuitable furniture limiting the outcomes. Fast forward to 2015, and an increasing number of urban planners and furniture designers are making the outdoor workspace a design priority.
The benefits of working in natural environments are the focus of a growing body of empirical research. A recent study on the use of plants in offices found a 15% increase in productivity when plants were added to lean office spaces. Employees also reported improvements in air-quality, satisfaction and concentration.
Far removed from the days of the half-dead dusty fern adorning a forgotten corner of the office, organisations are embracing the biophilia hypothesis with gusto. The Selgas-Cano office in Madrid is built nestled into the ground. Google’s proposed new biodome in Mountain View and the new Ecole Polytechnique at the Paris-Saclay University are designed to embed the office space right into nature.
However, the time when we will be able to work effectively in the actual outdoors may not to be too far off. Designers such as Jonathan Olivares and Buzzispace creating prototype outdoor working solutions that include a range of ergonomic, sheltered, powered and customisable furniture arrangements.
Libby Sander is PhD candidate, Griffith University and author for The Conversation and can be contacted <a href="https://theconversation.com/profiles/libby-sander-143232" target="_blank">here</a>.
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The growing movement to take work outdoors

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Sydney's moderating auction market lost more ground yesterday, with buyers spooked by higher interest rates and price fall predictions.
A weakened 65% clearance rate ended a turbulent weak where Westpac raised home loan rates and several economist forecast the Sydney faced price declines from early next year.
There were around 820 auctions across Sydney, according to CoreLogic RP Data, with recent results having held steady at around 70%. 
Yesterday's 65% clearance rate, the lowest since the 86% May peak, was down 11% on the same time last year, according to Australian Property Monitors. 
More bumper super Saturdays stock is scheduled over the next two weekends.
"There were lots of examples of buyers dropping off properties in the days before auction," auctioneer Damien Cooley noted.
"There is more choice now," he said, adding Cooley Auctions own clearance rate was 63%, down from 77% the prior weekend.
"The market is still good," he said.
There were also plenty of pre-sales with nervous agents recommending vendors take the best offers ahead of auction.
Melbourne results remained bouyant, according to the REIV, with a clearance rate of 74 per cent recorded this weekend compared to 72 per cent last weekend and 72 per cent this weekend last year. There were 1080 auctions reported to the REIV. 
Across Sydney, 1,074 homes were taken to auction over the week with a preliminary clearance rate of 66.6 per cent across 830 reported results, according to CoreLogic RP Data, which ranked it as the lowest clearance rate for the year and also the third week in a row where Sydney’s clearance rate has been below 70 per cent.
"The last time the clearance rate was this low was the first week of December 2014 (66.1)," CoreLogic RP Data said.
Last October 929 Sydney homes were taken to auction and the clearance rate was 72 per cent.
"This week, the performance across Sydney’s individual sub regions was varied," CoreLogic RP Data said.
Across the Outer South West region, where 21 results have been reported so far, the preliminary clearance rate was 47.6 per cent, while across the Inner West (80 per cent) and the Eastern Suburbs (76.8 per cent), the success rate of reported auctions was much higher.
McGrath Estate Agents results saw 33 % of its listings sold before auction, with an overall 65% clearance rate. 
McGrath secured the highest sale at $4.25 million in Longueville for a home listed with $3.4 million plus hopes.
The cheapest was $357,000 at Kurrajong Heights.
<div>
Mosman was the busiest suburb for auctions followed by Ashfield, Baulkham Hills, Marrickville and Liverpool.
Shane Oliver, chief economist at AMP Capital, suggested  it a “watershed week” for property.
A terse Reserve Bank statement ended the week saying home loan lending standards had been poorer than it thought.
The RBA also noted there have been "tentative" signs of some slowing in the Sydney housing markets.
CoreLogic RP Data analyst Cameron Kusher noted the cumulative effect of tighter lending conditions, more expensive mortgage rates for investors and lower yields, as well as natural affordability constraints and higher levels of new housing supply, was dampening "some of the exuberance."  
 
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Westpac rate rise spooks Sydney buyers as auction success rate slips to mid-60s

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Tongy Station, at Cassilis near Merriwa in northern NSW is under offer through Colliers International's Richard Royle.
The offer is being considered by the Victorian establishment Baillieu family who listed <a href="https://www.realestate.com.au/property-mixed+farming-nsw-cassilis-7758509" target="_blank">the 4637-hectare station</a> with $20 million plus hopes.
Located on the banks of Talbragar River, the property features a sandstone homestead amid manicured gardens which has been their rural retreat for almost 100 years. 
Tongy dates to 1825, when former convict Richard Fitzgerald was granted freehold title of the property by Governor Bourke for his services to the colony through agricultural management. 
The Baillieu family bought the property in 1923 from Fitzgerald's five grand daughters. 
This Australian Dictionary of Biography described Richard Fitzgerald (1772-1840), convict, public servant and settler, as one of the most remarkable men to settle in early New South Wales. 
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Tongy Station, Merriwa under offer 

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GUEST OBSERVER
Today's RBA semi-annual financial stability review focused on increasing risks in Australia's property market.
On housing, the RBA noted some tentative signs that market activity was pulling back in Sydney and Melbourne, from rapid rates of growth, which is positive. At the same time, they suggested that recent lending standards had been weaker than had been previously thought and that the Melbourne and Brisbane apartment markets look to be over-supplied.
On commercial property, they re-iterated concerns that prices are rising much faster than rents. In our view, a further RBA rate cut, as the market is pricing, seems unlikely in an environment of already 'frothy' property markets.
Facts
The RBA noted that 'recent investigations by regulators had revealed that housing lending standards in recent years have been somewhat weaker than had originally been thought'.
They noted that 'while the housing market remains a long way from oversupply nationwide, some geographic areas appear to be reaching that point, particularly inner-city areas of Melbourne and Brisbane'.
They noted that 'many existing borrowers also continue ... to pay down their mortgages faster than required' and that 'aggregate mortgage buffers remain around 16% of outstanding loan balances, equivalent to more than two years of scheduled repayments'.
They noted that 'risks are rising in the commercial property sector' with 'oversupply evident in the Perth and Brisbane office markets'.
Implications
The property market has been a keen focus of RBA observers recently. Some are arguing that the signs of slowdown in housing price growth and construction may mean the RBA needs to cut interest rates further to maintain growth momentum in the economy. In contrast, we still see the RBA as more worried about excessive property market exuberance than the modest pullback we have seen recently.
Today's semi-annual financial stability review sheds some light on the RBA's own view of the property market situation. First, they note that, although there are some 'tentative' signs of some slowing in the Sydney and Melbourne housing markets, demand remains strong in these markets (prices are still rising at 17% and 14% annually). Second, they noted that the upswing in housing construction is starting to lead to pockets of oversupply of housing, in the Melbourne and Brisbane apartment markets, although they suggested that the nationwide housing market is a long way from oversupply.
Finally, they suggested that although lending standards have been tightening, as the prudential regulator has been turning up the dial on its micro-prudential settings, it appears that the starting point was that lending standards were looser than had been previously thought.
In our view, the RBA still seems more concerned about making sure that financial conditions and lending standards are tighter in the housing market, rather than being concerned about needing to deliver more stimulus.
In this regard, the recent increase in effective mortgage rates (as a result of a lift in mortgage rates by a major bank), partly in response to the authority's requirement that banks hold more capital, may not be as much of a surprise to the central bank as the market has been suggesting.
Keep in mind that, for some time, the RBA's challenge has been that it wanted to maintain loose financial conditions to support the rebalancing of growth, but has been increasingly worried that very low interest rates could over-inflate parts of the housing market. A modest lift in effective mortgage rates, combined with continued low business lending rates and a lower AUD may, in fact, be closer to the ideal policy setting at the moment.
On commercial property, the RBA noted increasing concerns about the gap that is opening up between prices and rents. Much like in housing, the risk that is building up appears to be geographically concentrated. In particular, the central bank noted that oversupply is evident in the Perth and Brisbane office markets. Office vacancy rates are rising to quite high levels in these cities and these are the areas most exposed to the mining downturn. In contrast, vacancy rates are lower in Sydney and falling in Melbourne.
Overall, the RBA stated that the Australian banking system faces 'heightened, but manageable, risk' but it is clear that having interest rates at low levels for a long time may be starting to create some unwanted problems. 
 
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<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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Property market risks rising: HSBC's Paul Bloxham

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The New York-based opera singer Daniel Sumegi​ has listed his Sydney base in Bellevue Hill for October 20 auction.
Sumegi, who recently played Count Walter in Verdi’s Luisa Miller in the San Francisco Opera, bought the top-floor art-deco Aston Gardens apartment in 2008 for $1.1 million.
Around $1.5 million is being sought for the three bedroom, one bathroom apartment.
David Fayn of Newhouse Power has the <a href="https://www.domain.com.au/for-sale/9-4-aston-gardens-bellevue-hill-nsw-2023-2012297566" target="_blank">Bellevue Hill</a> offering.
The median value of an apartment in <a href="/news">B</a><a href="/news">ellevue Hill is $901,000</a>, according to CoreLogic RP Data.
 
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Daniel Sumegi lists Bellevue Hill apartment

The Gold Coast economy has grown by 25 per cent since 2020/21 to surpass $55 billion, but perhaps the more significant story is what sits behind the headline number.

For decades, the Gold Coast has been viewed through the lens of tourism, lifestyle and population growth. The latest State of the City Report suggests that perception is increasingly out of step with reality.

Released by Invest Gold Coast, the report ranks the Gold Coast as Australia's largest non-capital city economy and, perhaps more notably, second nationally behind Sydney for Economic Complexity, a measure that assesses the diversity and sophistication of an economy.

It's a result that places the Gold Coast ahead of Melbourne, Brisbane, Perth and Adelaide, highlighting the extent to which the city's economic base has broadened beyond its traditional industries.

Today, the Gold Coast supports more than 350,000 jobs, is home to over 83,000 businesses and generates $19 billion in annual exports. Manufacturing now accounts for 62 per cent of international export growth, while sectors including health, education, advanced manufacturing, technology and professional services are becoming increasingly important contributors to the local economy.

[smartcode_project:default project_id=150017 project_image_fid=372547]

Gold Coast Mayor Tom Tate said the report confirmed the city's evolution into one of Australia's most significant economies.

"The Gold Coast economy continues to grow at an incredible pace. This is no surprise to those of us who have watched the evolution up close," Mayor Tate said.

"As one of the most entrepreneurial, investment driven and opportunity focused economies in the country our ambition has been realised and possibilities are endless.

"The Gold Coast has built a reputation as the city that says yes. We say yes to investment, yes to opportunity and yes to people who want to build something.

"It's this mindset helping us drive major growth across health, advanced manufacturing, screen production, marine, technology and the knowledge economy."

[smartcode_project:default project_id=149670 project_image_fid=360975]

While population growth has been one of the defining stories of the past decade, the report points to a broader economic transformation taking place.

The city's knowledge economy now contributes $7.9 billion annually and supports around 31,000 jobs, while the health and wellbeing sector contributes $5.2 billion and employs more than 42,000 people. Together, the six priority sectors identified in the report account for almost $24 billion in economic output and more than 145,000 jobs.

One of the strongest examples is the Gold Coast Health and Knowledge Precinct at Southport. The 200-hectare precinct now contains more than $5 billion worth of health, education, research and innovation infrastructure and supports over 16,000 jobs.

The report also highlights the growing role of advanced manufacturing, particularly in aerospace, defence and modular construction.

Gold Coast-based Gilmour Space Technologies recently became the first Australian commercial company to attempt an orbital launch, while companies including Modscape and ModnPods are helping establish the Yatala-Stapylton corridor as one of Australia's fastest-growing advanced manufacturing hubs.

The city's entrepreneurial culture is also translating into business growth.

Since 2019/20, the number of businesses operating on the Gold Coast has increased by 22 per cent, while firms employing more than 200 people have grown by 80 per cent. The report suggests the next challenge is converting more local start-ups and medium-sized businesses into nationally significant companies.

Development activity remains another key indicator of confidence.

There are currently more than $23 billion worth of major projects underway across the Gold Coast, supported by a record 75 active cranes, a figure that now exceeds Brisbane and represents a 150 per cent increase since 2016.

[smartcode_project:default project_id=112024 project_image_fid=343235]

Importantly, the report notes the next phase of investment will need to extend beyond residential development.

While 93 per cent of crane activity is currently tied to housing, Invest Gold Coast argues future investment will increasingly need to focus on cultural, civic, infrastructure and industry-enabling projects that strengthen the city's long-term economic resilience.

Invest Gold Coast Chair Will Hodgman said the city was now benefiting from years of economic diversification.

"What is happening on the Gold Coast is the result of the city's economic base broadening, fuelled by industries with long-term, high-growth potential," Mr Hodgman said.

"This is no longer a secondary Australian economy, the Gold Coast is becoming a globally connected city with deeper capability across health, knowledge and creative industries, advanced manufacturing, technology and exports."

[smartcode_project:default project_id=108274 project_image_fid=365786]

Looking ahead, the Gold Coast's population is projected to exceed one million residents by 2046.

For a city that was once largely defined by tourism and lifestyle, the latest figures suggest the Gold Coast is becoming something more significant, one of Australia's most diverse and economically sophisticated urban economies, and increasingly one that national and international investors can no longer afford to overlook.

Joel Robinson

75 cranes, $23 billion pipeline and a $55 billion economy: Inside the Gold Coast economic boom

Ron Bakir's Homecorp has sold more than 75 per cent of the apartments in its wellness-driven Florence Residences in Surfers Paradise following its first weekend release.

The <a href="https://www.apartments.com.au/new-apartments/florence-residences-24-monte-carlo-avenue-surfers-paradise-qld-4217">26-storey project on Monte Carlo Avenue</a>, which commenced construction earlier this year, has seen a flurry of buyers secure their slice of the Gold Coast's latest wellbeing-focused offering in one of the nation's most competitive property markets.

Since the pandemic, the Gold Coast's population has grown by more than 11 per cent, a rate approximately four times faster than Sydney's, driven largely by lifestyle changes and interstate migration. While buyer activity has moderated in some markets nationally, demand for newly built dwellings on the Gold Coast continues to gain momentum as purchasers increasingly prioritise lifestyle, amenity, wellbeing, liveability and long-term investment potential.

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[smartcode_project:default project_id=150414 project_image_fid=372743]

Homecorp CEO Ron Bakir says buyers today are looking for more than just a home.

"What we are seeing is a shift in how people define value in property," Bakir says.

"What attracts residents to new developments is a desire for more than just a residence. They are looking for a place that complements their lifestyle, supports their wellbeing and reflects the way they want to live into the future.

"Lifestyle, longevity, proactive health, wellbeing, connection and a sense of community are increasingly shaping purchasing decisions, particularly on the Gold Coast, where these factors continue to be a major drawcard."

[smartcode_project:default project_id=150414 project_image_fid=372744]

Bakir says Homecorp is responding to this shift through an approach that places greater emphasis on design, amenity and experience working together to create places that feel considered, connected and enduring in value.

Inspired by Eastern European design, Florence Residences will comprise 120 apartments alongside a private residents-only wellness club featuring a resort-style rooftop pool, hot and cold plunge pools, a spa retreat, contemporary gymnasium, and a spacious yoga and Pilates studio.

The development will also feature a residents-only lounge with private dining facilities and a rooftop bar, premium outdoor entertaining areas, a hotel-style lobby lounge, generous bike parking, and pet-friendly amenities including a heated dog wash.

[smartcode_project:default project_id=150414 project_image_fid=372742]

A limited number of apartments remain available, with an exclusive collection of four-bedroom sub-penthouses set to be released in the coming months.

Florence is one of the latest additions to Homecorp's expanding multi-billion-dollar property portfolio, which also includes plans for a <a href="https://www.apartments.com.au/news/qld/homecorp-lodges-plans-for-260-million-moroccan-bathhouse-inspired-tower-in-budds-beach">$260 million development in Budds Beach</a> tailored to the growing wellness market.

A development application has been lodged for a 27-storey, 156-residence tower at 8–10 Acacia Avenue and 25–27 Oak Avenue, featuring a residents-only Moroccan spa-inspired sanctuary.

Apartments at Florence Residences are priced from $1,249,000, with construction expected to be completed by late 2027.

[smartcode_project_cta:default project_id=150414]

Buyers rush to Homecorp's Florence Residences as Gold Coast wellness trend gains momentum

The NSW Government has expanded its $1 billion Pre-sale Finance Guarantee program, broadening access for affordable housing providers and smaller residential developments as it seeks to accelerate housing delivery across the state.

The Minns Government says the program has already helped bring forward more than 600 homes across Sydney and regional NSW since launching in September 2025, with similar models now adopted in South Australia and Western Australia.

The latest changes, announced by Treasurer Daniel Mookhey and Minister for Planning and Public Spaces Paul Scully, are designed to improve access to finance for projects that have planning approval but are struggling to secure funding.

Among the key changes is an expansion of support for community housing providers. The program will now support up to 100 per cent affordable housing projects valued at up to $30 million when delivered by not-for-profit providers, while support for larger affordable housing developments will increase for projects worth up to $80 million.

The government says the changes will help accelerate the delivery of housing for low-income workers, older people, people living with disability, and those at risk of homelessness, while reducing reliance on direct grants or subsidised loans to bridge funding gaps.

The eligibility criteria for smaller residential developments have also been broadened. The previous $5 million minimum project value threshold has been removed and replaced with a requirement that projects deliver at least four homes.

Support has also increased for projects delivering fewer than 20 homes, with the guarantee now able to cover up to 75 per cent of dwellings in a development, capped at $30 million per project.

The changes are expected to particularly benefit smaller-scale and regional developments, which often face greater challenges meeting pre-sale requirements imposed by lenders.

Treasurer Daniel Mookhey said the scheme demonstrates how government can use its balance sheet to stimulate housing supply without relying solely on taxpayer-funded grants.

"The Pre-sale Finance Guarantee shows how this Government is using its balance sheet to reduce risk and unlock private investment, enabling new homes to move from design to construction faster," Mookhey said.

"This landmark reform allows us to deliver homes for working families at a lower cost to taxpayers, while also maintaining strong financial discipline."

Planning Minister Paul Scully said the program had already proven effective in bringing stalled projects to market.

"The Pre-sale Finance Guarantee has already proven it can unlock stalled projects and accelerate housing delivery by giving lenders the confidence they need to back good developments," Scully said.

"These changes will allow more affordable housing and smaller developments to access support so more homes can be built faster where communities need them most."

Housing Minister Rose Jackson said the expansion would help community housing providers overcome financing barriers that often delay projects.

"We know community housing providers are ready to build more homes, too often they're held back by barriers to finance," Jackson said.

"Expanding the Pre-sale Finance Guarantee helps remove those barriers so more affordable homes can get off the ground sooner."

The announcement was welcomed by the Property Council of Australia, which has long advocated for measures aimed at improving project feasibility and access to finance.

Property Council NSW Executive Director Katie Stevenson described the expansion as a practical intervention that addresses one of the most immediate constraints on housing delivery.

"This is exactly the kind of practical intervention we need right now, focused on getting projects out of the ground, not just approved," Stevenson said.

"It builds on a model the Property Council has worked closely with government to develop following calls for such a scheme ahead of last year's NSW Budget, so it's great to see it being expanded."

Stevenson said the reforms would help unlock projects that are ready to proceed but have been delayed by financing challenges. However, she noted that broader feasibility issues remain a significant barrier to increasing housing supply.

"The biggest challenge in NSW housing today is delivery. Too many projects have planning approval but are simply not financially viable to proceed under current settings," she said.

Speaking at the Property Council's NSW Housing Summit, Housing Minister Rose Jackson acknowledged that feasibility and financing pressures continue to constrain housing delivery, while reaffirming the government's commitment to work with industry on solutions.

Stevenson said the government's recognition of those challenges was encouraging ahead of next week's state budget.

"It's positive to see the government clearly recognising that feasibility pressures are now a binding constraint on supply," she said.

"With the Budget just days away, the focus must be on backing delivery, making sure projects stack up, finance can flow, and more homes can move from approval to construction."

The expanded Pre-sale Finance Guarantee forms part of the NSW Government's broader housing agenda, which also includes planning reforms, the NSW Housing Pattern Book, and a series of rezonings intended to increase housing capacity across the state.

NSW expands Pre-sale Finance Guarantee to unlock more affordable and regional housing

Design-led developer-builder Lowe Living has unveiled its latest residential development, Jardin House, marking its first foray into Melbourne's blue-chip City of Boroondara.

Located a short walk from Camberwell Junction, <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House</a> has been designed to appeal to affluent local downsizers and established families seeking a low-maintenance alternative to the large homes that have long defined Camberwell and surrounding suburbs.

The project will comprise a collection of two and three-bedroom apartments ranging from 92 sqm to 280 sqm, alongside a limited number of penthouse residences featuring rooftop terraces spanning more than 100 sqm, with optional private pools.

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[smartcode_project:default project_id=146717 project_image_fid=372212]

Lowe Living Co-Founder and Managing Director Tim Lowe said Camberwell represented a natural next step for the developer as it expands into some of Melbourne's most tightly held residential markets.

"Jardin House is an important project for our team as it marks the next evolution of our portfolio into different well-established blue-chip pockets of Melbourne," Lowe said.

"Camberwell, with its incredible walkability, family-led neighbourhood feel and superb access to education and transport, makes it a natural choice for us."

[smartcode_project:default project_id=146717 project_image_fid=372227]

Designed by Tristan Wong Architects, with interiors by Hecker Guthrie and landscaping by Acre, the development takes inspiration from the Art Deco architecture that remains a defining feature of many of Camberwell's established streets.

A curved facade, arched openings, textured brickwork and sculpted forms reference the suburb's architectural heritage, while extensive landscaping softens the building's presence and creates a strong connection to the surrounding tree-lined streetscape.

The project will be set behind a secure gated entrance, with residents arriving through landscaped gardens designed to create a transition between the public realm and private residences.

Inside, the residences feature natural stone and timber finishes, full-height glazing, Miele appliances and generous open-plan living areas designed for long-term owner occupation.

[smartcode_project:default project_id=146717 project_image_fid=372225]

While the apartments themselves have been designed to attract discerning owner-occupiers, it is the amenity offering that sets Jardin House apart from many other boutique projects currently launching across Melbourne.

The centrepiece is a 350 sqm private bathhouse curated in partnership with Aurora Spa &amp; Bathhouse founder Lyndall Mitchell.

The wellness precinct includes mineral pools, hydrotherapy experiences, a Himalayan salt room, sauna, steam room, cold plunge pools and dedicated relaxation spaces, creating what Lowe Living describes as a private wellness retreat exclusively for residents.

[smartcode_project:default project_id=146717 project_image_fid=372222]

The collaboration follows Lowe Living's recent partnership with Aurora at Maison Savoy in Brighton, although Jardin House is the first project to incorporate both indoor and outdoor wellness experiences.

Emma Lowe, Co-Founder and Managing Director of Lowe Living, said wellness was becoming an increasingly important consideration for apartment buyers.

"Collaborating with Lyndall Mitchell from Aurora Spa &amp; Bathhouse for a second time is an intentional nod to creating residences that are more than just homes, but a way to enrich the lives of our residents through wellness and longevity," Lowe said.

The amenity offering is complemented by a Technogym fitness studio, residents' lounge, private dining spaces and concierge services.

The launch comes as developers increasingly target Melbourne's established eastern suburbs, where rising land values, ageing housing stock and growing downsizer demand are creating opportunities for boutique apartment projects.

Lowe said the company expects significant generational wealth transfer across suburbs such as Camberwell in coming years, creating further demand for luxury apartment living.

"Camberwell is a blue-chip suburb where homes regularly transact for multiple millions of dollars," he said.

"The generational change of wealth in these locations expected in the coming years is significant, so we see an opportunity to create exclusive residences that appeal to older families and downsizers in order to meet this demand."

Apartments at Jardin house start from $1,195,000. The project forms part of Lowe Living's near-$1 billion portfolio of new developments across Melbourne.

[smartcode_project_cta:default project_id=146717]

Lowe Living launches Jardin House in Camberwell

As <a href="https://www.apartments.com.au/developments/north-sydney-nsw-2060">North Sydney</a> continues its transition from a commercial centre into a more layered residential and lifestyle precinct, a new generation of apartment developments is reshaping expectations around scale, amenity, and long-term liveability.

Improved transport connections through the Victoria Cross Metro, continued investment in dining and public spaces, and a constrained supply of new luxury apartments have sharpened demand for homes that combine proximity to the CBD with the privacy and outlook traditionally associated with harbourside houses.

At 177 Walker Street, <a href="https://www.apartments.com.au/developers/aland">ALAND</a>’s new apartment development <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-177-walker-street-north-sydney-nsw-2060">The Walden</a> enters the market with a distinctly residential approach to high-rise living. The 30-level tower will deliver 161 residences, ranging from one-bedroom apartments through to sub-penthouses and a full-floor penthouse, all oriented to capture uninterrupted views across Sydney Harbour, the Opera House, and out toward the Pacific Ocean.

[smartcode_project:default project_id=134323 project_image_fid=6395]

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, the project takes advantage of the site’s natural topography and elevated position above the harbour. Rather than relying on density alone, the architecture focuses on outlook, orientation, and spatial flow, with every apartment occupying a corner position to maximise natural light and cross ventilation.

Rothelowman says the site itself shaped much of the architectural response.

“The site has a long history in terms of its inevitable transformation and when we came in, we took inspiration from the idea of reestablishing a sense of the site’s natural terrain and fall. Our scheme aims to integrate with the terrain and the landscape, using the undulating site to slowly reveal glimpses and views of the harbour. The rotation of the tower off grid means every apartment has a view and is naturally cross ventilated. The building's colour palette is quintessentially Sydney, with bronze and sandstone and a luminescent green colour in the glass, making it very earthy and grounded in its location.”

[smartcode_project:default project_id=134323 project_image_fid=6399]

Inside the residences, the emphasis moves toward larger-format living typically associated with standalone homes. Kitchens sit at the centre of the apartments, connecting directly to open-plan dining and living areas before extending outward into expansive winter gardens and balconies. Calacatta marble, bespoke joinery, integrated appliances, and custom metal detailing are used throughout, while three distinct interior palettes, Terrace, Opera, and Harbour, allow buyers to personalise the spaces without compromising the architectural consistency of the project.

The larger residences place particular attention on separation between entertaining and private zones. In many apartments, master suites occupy the outer corners of the floorplates, allowing bedrooms to benefit from floor-to-ceiling glazing and harbour outlooks independent of the living spaces. Dressing rooms and ensuites continue the material palette through fluted detailing, freestanding baths, and layered stone finishes.

Rothelowman says the design intent centred on creating homes that feel enduring rather than transient.

“Our philosophy is all about the way people live in these spaces, and we wanted to create homes that reflect the quality of life in this unique Sydney location. The apartments showcase expansive living spaces that are generous, sophisticated, and bold, with the ability to connect with views throughout each apartment.”

[smartcode_project:default project_id=134323 project_image_fid=353235]

A separate four-storey amenity building known as The Pavilion expands the residential offering beyond the apartments themselves. Positioned alongside the tower, the building consolidates wellness, recreation, and social spaces into a dedicated resident retreat. Facilities include a 20-metre rooftop pool and sundeck, sauna, spa, ice bath, wellness studio, gymnasium, concierge service, wine cellar, residents’ lounge, private dining spaces, and dedicated co-working areas with meeting rooms and boardroom facilities.

The amenity mix reflects the buyer profile emerging in North Sydney, where owner-occupiers and downsizers are increasingly prioritising convenience, apartment scale, and long-term usability over purely investment-driven decisions.

The Walden also represents a significant milestone for ALAND, marking the company’s first major move into Sydney’s inner-city luxury apartment market after more than two decades delivering large-scale residential communities across Greater Sydney. Founder Andrew Hrsto says the Walker Street site stood apart because of both its positioning and its rarity.

[smartcode_project:default project_id=134323 project_image_fid=6390]

“As a company, we had been searching for a site in one of Sydney’s blue-chip locations, spanning the Eastern Suburbs, the Sydney CBD and the North Shore, and when we had the opportunity to purchase this site, we immediately recognised that it could be something iconic.”

At launch, The Walden recorded more than $103 million in sales, with buyers drawn to the project’s harbour positioning, apartment scale, and proximity to the Metro, which now connects North Sydney to Barangaroo in three minutes and Martin Place in five.

ALAND has commenced construction, and is expecting a completion date in 2028.

[smartcode_project_cta:default project_id=134323]

Jonathan Chancellor

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