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It has been 11 weeks that Melbourne’s weekend auction clearance rate has hovered below 60%. Sydney’s has been there since February, based on revised figures.
The Melbourne suburb of Richmond was the busiest suburb across the country, with 10 auctions.There was a 42% success rate from the seven known results, suggesting Channel 9 will need to be very realistic when pricing its upcoming auction listings of the four houses on the television series The Block. Castle Hill with eight auctions was the busiest in Sydney, and none of the six reported results found buyers. It certainly invites the debate – which Property Observer will kick off this week – as to just what properties should be going to auction for the remainder of the winter, and even into spring.
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Sydney’s weekend clearance rate from the preliminary 248 results compiled by Australian Property Monitors. There were 292 auctions held in Sydney, which was 13% down on the 338 auctions on the second Saturday in July 2010. Clinton McNabb at APM says there are about 240 auction due next weekend. After some further results came in from the July 2 auctions, Sydney recorded a 56.5% clearance rate, slightly lower than the 57% published figure.
 
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Melbourne’s weekend clearance rate from the preliminary 402 results compiled by the Real Estate Institute of Victoria. There were 478 auctions held in Melbourne, which was 15% down on the 576 results on the second Saturday in July 2010. Enzo Raimondo at the REIV says there are about 420 auction due next weekend. After some further results came in from the July 2 auctions, Melbourne recorded a 53% clearance rate, slightly lower than the initial 55% published figure.
 
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Canterbury in Melbourne’s eastern suburbs notched up the weekend’s highest auction price across the country. The contemporary Mont Albert Road residence with four bedrooms and three bathroom had been listed as likely to sell within the $2.5 million to $2.75 million price bracket. It sold post-auction through Paul Pfeiffer and Danielle Henry at Hocking Stuart Balwyn. The house, with 419 square metres of space, was set on a 500-square-metre  block.
 
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The vendor bid when Hocking Stuart auctioned a three-level Albert Park residence with no bids placed by the Saturday afternoon crowd. “We are going to support our vendor’s expectations on price,” auctioneer Andrew Stuart said. The contemporary <a href="https://www.propertyobserver.com.au/trophy-homes/victoria/transformation-results-in-light-filled-home-with-plenty-of-extras/2011070750740">Merton Street residence</a>  had been listed through Hocking Stuart Albert Park agent Michael Coen, who was always expecting between $2.75 million and $3 million. It had last traded in 1999 for $675,000.
“Why would you be buying at that price when the government is introducing a new tax on Sunday,” one attendee who listened from his all-wheel-drive diesel told another attendee from the neighbourhood. The house is very different than when the former Hamer government minister Brian Dixon owned the property between 1988 and 1992. Guy Angwin from James Buyer Advocates notes its transformation has been extensive, to become a large, light-filled contemporary family home with many extras. But Angwin suggests an opportunity may have been missed, with the large main bedroom not having an en suite. James Buyer Advocates gives it a 639 rating out of 1000.
“Whilst this property ticks most of the boxes, its lack of off-street car parking may limit it's appeal,” Angwin says.
 
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Wahroonga recorded Sydney’s highest weekend sale price, according to APM. The four-bedroom colonial sandstock Plymouth Close house is set on a 960-square-metre block on the corner of Billyard Avenue. It sold through Michele Nomchong at Chadwicks Real Estate Turramurra. It last sold for $860,000 in 2001, reflecting 5% annual growth. In 2009 it was listed for rent at about $1050 a week.
 
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The weekend’s cheapest auction result across the country was a one-bedroom unit under public trustee instructions at West Foostcray in Melbourne. Its price fell within the price estimate of $165,000 to $180,000 given by its Burnham listing agents Luke Christofe and Warwick Burnham. The first floor unit was about 36 square metres.
 
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Adelaide’s highest sale was a three-bedroom 1880s cottage in Adelaide, according to APM. The bluestone cottage sold through Brock Harcourts agents Martin Wylie and Alex Ouwens. There were nine registered bidders, who had been given a pre-auction price guide of between $630,000 to $690,000. It sits on Carrington Street between South Terrace and Wakefield Road. The attached cottage last sold in 2005 at $391,000.
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jchancellor-FAypfDUnLy

Weekend auction wrap: where the hammer fell

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The recent share market turmoil strangely did not weaken the weekend's auction success rate.
Indeed, Sydney’s clearance rate was 60.5%, compared with 54.3% last weekend and almost par with the 64.2% for the same weekend last year. Melbourne’s clearance rate was 57% compared with 54% last weekend and 67% last year.
SQM Research property analyst Louis Christopher says the weekend clearance rates were surprisingly strong in both capitals.
There were 299 properties offered for auction across Sydney compared with 261 last weekend and 372 on the same weekend last year.
Of the 214 reported auctions, 144 properties were sold for a total value of $116.4 million at an average value of $800,000.
The median price of houses sold was $855,000 and for units it was $685,000, according to Dr Andrew Wilson, the senior economist for Australian Property Monitors.
“There are indications that Sydney's housing market is still subdued but stable, with just a hint of growing confidence,” Wilson says.
With 51 results yet to be tabulated there where 431 auctions reported in Melbourne. Of the 187 passed in, 123 of those were on a vendor’s bid.
“Those looking to sell their home over spring will be hoping that speculation of an interest rate cut last week becomes a reality as it would boost buyer confidence just at the right time,” Real Estate Institute of Victoria chief executive Enzo Raimondo says.
Next weekend the REIV expects around 490 auctions. And Clinton McNabb at Australian Property Monitors expects 303 properties to go to auction in Sydney next weekend.
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The most expensive house sold across Australia was a $6,725,000 Gold Coast riverfront auction.
Dan McVay’s Admiralty Drive property in Paradise Waters went under the hammer. McVay paid $5 million for the property in 2006.
It was on the market at $5.85 million and sold well above its reserve through Michael Willems at Ray White. It’s a five-bedroom, seven-bathroom house on a 1,351-square-metre block. The house also comes with an office and six-car garage. There is a 12-metre enclosed swimming pool.
 
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Melbourne’s highest reported sale was a <a target="_blank" title="Trophy home" href="https://www.propertyobserver.com.au/trophy-homes/well-renovated-kew-property-has-a-lot-to-recommend-it/2011081151129">Sackville Street, Kew</a> house. Bidding for this five-bedroom, three-bathroom renovated 1920s property began with a vendor bid of $3.7 million before four bidders joined the bidding, according to James Buyer Advocates. It was announced on the market at $4,175,000 through James Tostevin of Marshall White Armadale.
It was built in the mid-1920s but since extended and renovated. The house last sold for $2.3 million in mid-2004 when bought by mining magnate Tony Manini, the former Oxiana exploration manager. There was a higher undisclosed sale when a Walsh Street, South Yarra house sold after auction for $4.8 million plus. This accords with the trend detected by JPP Buyer Advocate Catherine Cashmore, who senses an increased preference to negotiate after auction for top-end listings. Buyers at the executive top end have become more stubborn about price, especially after the events of last week, Mal James from James Buyer Advocates says.
 
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The most expensive Sydney property sold was a five-bedroom house in Strathfield that last sold at $832,000 in 1998. About $2 million had been expected by its Devine agent Greg Emerton.
 
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Sydney’s cheapest sale was a two-bedroom unit in Wiley Park through Allan Dale Real Estate that last sold for $107,000 in 1993.
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Sydney’s auction clearance rate slumped from 63% to 53%, hardly instilling much market confidence. But it’s not as if new low levels are being set; rather, the rate is merely back to the 52% clearance recorded in mid-July. Things could have been far worse in July but for Sydney’s weekend auction volumes being about 20% down on July 2010, and Melbourne’s volumes being down 15%, according to Australian Property Monitors. Last year August was the quietest winter auction month for Sydney and Melbourne, and the preliminary estimates of listings for next four weeks suggest it will happen again in Sydney. For Melbourne there’s’ an average 509 auctions scheduled for upcoming weekends, according to the Real Estate Institute of Victoria, compared with 496 over the previous five years. The Queensland flood-affected properties continue to yield the country’s cheapest sale prices.
Melbourne prestige buyers agent Mal James from James Buyer Advocates says the buyer demand does seem to be there – “for some properties anyway.”
"But there’s no real depth of auction numbers over $1 million, even taking into consideration we are historically in winter hibernation.
“In fact, [that market] has been non-existent in the last few weeks, what with the school holidays, the start of a new fiscal year and the traditional winter lethargy. Our benchmark for a strong auction weekend is 100 million-dollar auctions in bayside and inner-east Melbourne.
“This weekend we saw numbers in the mid 40s; next fortnight we predict around 50 and, the week after, 70 auctions to go under the hammer at $1 millionand above,” James says.
Despite the downturn, agents recommend sellers consider auction this spring. Today's three Observers, LJ Hooker Greenwith principal <a target="_blank" title="Michael Fenn article" href="https://www.propertyobserver.com.au/residential/auctions/auctions-motivate-buyers/2011080150981">Michael Fenn</a>, Raine &amp; Horne chief auctioneer <a target="_blank" title="David Scholes article" href="https://www.propertyobserver.com.au/residential/auctions/auctions-still-the-best-way-to-find-committed-buyers/2011080150980">David Scholes</a> and auctioneer <a target="_blank" title="Damien Cooley article" href="https://www.propertyobserver.com.au/residential/auctions/an-auction-won-t-save-a-badly-marketed-property/2011073150923">Damien Cooley</a>, agree
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Sydney’s weekend clearance rate from the preliminary 293 results compiled by Australian Property Monitors. There were 340 scheduled auctions in Sydney. On the same Saturday last year the clearance rate was 57%. Clinton McNabb at APM says there are about 270 auctions due next weekend. After some further results came in from the July 23 auctions, Sydney recorded a 63.4% clearance rate, just higher than the initial 63% published figure.
 
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Melbourne’s weekend clearance rate from the preliminary 512 results compiled by the Real Estate Institute of Victoria. There were 585 scheduled auctions held in Melbourne. On the same Saturday last year the clearance rate was 69%. REIV chief executive Enzo Raimondo says there are about 500 weekend auctions scheduled over the next few weeks. After some further results came in from the July 23 auctions, Melbourne recorded a 57% clearance rate, slightly lower than the 59% published figure from the initial Saturday results.
 
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The weekend’s highest reported sale in NSW was a three-bedroom<a target="_blank" title="Bronte" href="/news"> Bronte, NSW</a>, bungalow with district views of the Sydney’s eastern suburbs. The Yanko Avenue house on 424 square metres had been listed through McGrath agent Trent Knox. The deceased estate was offered for the first time in six decades. It’s the 12th sale on the avenue to fetch above $2.3 million, the most recent being a three-bedroom house on 557 square metres with ocean views that sold through McGrath in April for about $3.3 million when offered for the first time in over 50 years. In February the hand surgeon Jennifer Green and her husband, Wing Commander Guy Wilson, an RAAF pilot, sold their contemporary four-bedroom, two-bathroom, two-level residence for $3.7 million, having listed it with $3.5 million-plus expectations. Knox issued ninecontracts during the campaign. There were four registrations of which three people bid. The reserve was $2.2 million
 
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<a target="_blank" title="Albert Park" href="/news">Albert Park </a>continued its regular placement as Melbourne’s weekend auction hotspot. It was a Hocking Stuart listing that had been tipped to fetch between $2 million and $2.2 million. It was a renovated Barrett Street house set behind a single-fronted Victorian façade. Buyers' agent Mal James reported there were no bidders at the auction, but it was sold after auction.
 
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The five-room <a target="_self" title="Plenty Road, Bundoora" href="https://www.propertyobserver.com.au/residential/auctions/friday-form-guide-yields-of-up-to-7.4-in-bundoora/2011072850938">Bundoora, Victoria townhouse</a> currently leased to tenants at $555 per week was sold by Ray White Bundoora agent Joshua Allison. It had been listed with price hopes of $390,000 plus. The sale price reflects a 7.1% yield, well above the indicative rental yield for <a target="_blank" title="Bundoora" href="/news">Bundoora </a>houses of 3.7%, according to RP Data. The three-bedroom, three-bathroom house is between RMIT and La Trobe University.
 
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The photographer Hugh Stewart didn’t get to sell his Bondi Beach home, which had been listed through goodyerDonnelley agent Alexander Phillips, who had pre-auction expectations of about $1.6 million. Offers over $1,375,000 are now being sought. Set on a level block in a tightly held cul-de-sac, the property is two minutes' walk from the southern end of the beach. Stewart shot the Chanel No.5 advertising campaign featuring Nicole Kidman. It cost $406,000 in 1997.
 
 
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There was a buzz when a Montclair Avenue, <a style="outline-style: none; outline-width: initial; outline-color: initial; text-decoration: underline; color: #6888b1;" href="/news" title="Brighton" target="_blank">Brighton </a>house sold through Peter Kennett at Hocking Stuart for $1.82 million. The well-located property attracted nine bidders frantically vying to buy after the $1.5 million opening bid. The property was on the market at $1.62 million, David James at James Buyer Advocates says.
 
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A four-bedroom house at Patrick Estate was the weekend’s cheapest sale. Set in Queensland’s south east, the 1.7-hectare property was flood-affected earlier this year. “Prior to the floods this was an immaculate family home and now needs moving and raising to minimise any future flooding,” Brett Barry, the Ray White Lowood agent, says. “My owners can’t afford to re-build and are totally traumatizsd. They just want to sell the thing and move on.” It last sold at $165,000 in 2002.
 
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Adelaide’s cheapest weekend sale was a three-bedroom brick residence on 659 square metres at <a target="_blank" title="Modbury" href="/news">Modbury North</a>,which had been listed with $260,000 hopes through LJ Hooker Hope Valley agent Vincent Davies.
 
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Author Christine Armarego and medico Adam Fraser, who co-authored Sugar Daddy (a book about diabetes and a healthy lifestyle), sold their double-fronted Federation house <a target="_blank" title="Leichhardt" href="/news">Leichhardt </a>in Sydney’s inner west through Luke Holden of Sarah Lorden Real Estate. The two-bedroom brick residence on 143 square metres had initial expectations of more than $880,000. It last sold for $708,000 in 2007.
 
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A four-bedroom 1950s house fetched $781,000 on in the Sydney suburb of <a target="_blank" title="Kingsgrove" href="/news">Kingsgrove</a>. Still held by the original owners, it was the first time the well-cared-for Beresford Parade house had been offered in six decades. It had gone to auction with $750,000-plus hopes through Romeo Safetly of PRD Nationwide Bexley North.
 
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The weekend’s highest reported sale was at the Melbourne suburb of <a target="_blank" title="Glen Iris" href="/news">Glen Iris</a>. The Irymple Avenue property sold through Iain Carmichael at Bennison Mackinnon with five bidders after opening with a vendor bid of $2.45 million. It was on the market at $2.6 million, which Adam Woledge at James Buyer Advocates deemed was a strong result.
 
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The result wasn’t reported, but James Buyer Advocates suggest a tick over $3 million was the unconfirmed price paid on the weekend for a double-fronted four-bedroom Story Street, Parkville period home listed through Tom Roberts of Nelson Alexander. Polector, located close to Melbourne University, sits among <a target="_blank" title="Parkville" href="/news">Parkville'</a>s grandest boom-period residences with a land size of 540 square metres.
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<img src="/images/stories/trumpquote.jpg">
- Donald Trump, who will take three 907-gram bars of<a target="_blank" title="Trump" href="https://www.observer.com/2011/09/load-of-bullion-trump-takes-40-wall-street-deposit-in-gold-blames-obama/"> gold in lieu of cash for a $176,000 deposit on his property at 40 Wall Street</a>, in New York. Trump is using the opportunity to take pot-shots at President Barack Obama, saying that he does not have faith in the economy or the greenback. The modern-day L. Frank Baum has said he hopes others will follow his lead and take bullion as currency.  
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Quote of the week

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<img src="/images/stories/jimcarrey.jpg">
- Jim Carrey, on Twitter. He had been <a href="https://www.celebuzz.com/2011-09-06/jim-carrey-graffitis-his-own-house-in-nyc-photos/" title="Jim Carrey" target="_blank">photographed putting graffiti on a wall</a>, which turned out not to be his New York house, but an art studio where he liked to spraypaint.
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The residence 21 White Street in the Melbourne suburb of Glen Iris sold at well at weekend auction, fetching a price well above expectations.
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<a target="_blank" href="https://www.realestateview.com.au/Real-Estate/21-white-street-glen-iris/Property-Details-buy-residential-3142005_S">21 White Street, Glen Iris, VIC, 3146</a>
Sale price: $1,860,000
Agent quote: $1.5 million plus
% above agent quote:  19.35%
Bidders:  6
Last sold: October 2006 at $1,079,000
Growth since last sale: 11.54%
Median growth for Melbourne: 8.6%
Average tip: $1.71 million
It was among the biggest auctions of the weekend, with well over 100 people looking on as six bidders aggressively competed for the three-bedroom family home.
Since being sold in 2006 for $1.079 million the property has had a cosmetic renovation and landscaping including a pool.
Although renovation costs need to be taken into account this rate of growth is significantly higher than the Melbourne median of 8.6% over the same time frame.
Mark Armstrong from propertytycoon.com.au suggests the result indicated a high level of confidence for home buyers who are looking to upgrade their family home.
He says investors and first-home buyers are a bit more wary, but the home buyers in this price bracket were showing real strength and are currently driving the property market.
Some 8% of the tipsters on <a href="https://www.propertytycoon.com.au">propertytycoon.com.au </a>were within close proximity to the sale price.
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Weekend auction tipping result

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It was a dead heat between Sydney and Melbourne this past weekend, with both capitals recording a 55% weekend auction success rate.
Given the media negativity about the property market and the economy, the spring markets are faring OK.
Much of spring’s resilience is that vendors have adjusted their price expectations to match buyers’ reticence.
Agents have crunched some of their vendors to do it.
But another important aspect has been agents rejecting the listings of those whose price expectations are in cloud cuckoo land.
Vendors are the ones often being appraised in the agents’ pitches this spring when they get to give their initial appraisal of the house set for sale.
Given sales volumes are down quite considerably on spring 2010, estate agents are keen to cherry-pick the better listings that are more likely to bring in the selling commission.
There were 182 sales in Sydney from the 331 reported results, with another 84 results yet to be tabulated.
There were a total of 633 auctions reported in Melbourne of which 349 sold. Of the 284 passed in some 92 were on a vendor’s bid. There are 63 results yet to be tabulated.
Next weekend Melbourne auction numbers will increase again, with 880 homes listed for auction, according to the Real Estate Institute of Victoria.
There are about 400 in Sydney, according to Australian Property Monitors.
Both offerings are about 20% down on the same Saturday last year.
 
 
 
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Weekend auction wrap: Where the hammer fell

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Established houses and units priced below $600,000 recorded an 83% auction success rate in Sydney on the weekend. It came just days after the NSW government’s announcement that established homes would lose their entitlement to first home owner stamp duty subsidies from December 31.
There was been a 74% clearance rate for the sub-$600,000 market on the September 3 weekend, according to Australian Property Monitors data.
The cheaper price bracket has recorded a better success rate than the overall Sydney clearance rate for some time, with commentators suggesting the weekend fillip was the first sign of the incentive for first-home buyers to buy over the next 16 weeks. 
There was a 60% clearance rate across Sydney on the weekend, according to Australian Property Monitors, up from 51% on the first weekend of the month.
APM senior economist Dr Andrew Wilson says the stamp duty revelations and 10 months of stable interest rate policy as well as the beginning of spring have given Sydney its highest auction clearance rate in two months.
Melbourne’s 55% clearance rate was a mirror image of the 55% on the September 3 weekend, but considerably down on 70% on the same weekend last year.
“Whilst buyers and sellers alike will have welcomed the decision by the Reserve Bank to keep interest rates stable it has not been enough to cause a substantial improvement in the Melbourne auction market,” Real Estate Institute of Victoria CEO Enzo Raimondo notes.
There have been a total of 561 auctions reported, of which 308 sold and 253 were passed in, 164 of those on a vendors bid.
About 1,400 auctions are scheduled in the two weekends before the AFL grand final in Melbourne.
The 83% Sydney clearance rate was derived from sales results with publicly declared prices. 
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Few expect spring sales activity to gain much price momentum. And prices could comes under serious pressure if late listings swamp the market in the final six-week stretch home after Melbourne Cup, especially if buyers are wanting to see if prices come down further and sit on their hands for a little while to see if they do.
But Dr Andrew Wilson from Australian Property Monitors has made a big call that Sydney auction clearance rates will start to gradually track upwards.
“Growing buyer confidence and Sydney's chronic housing shortage will ensure increased buyer activity over spring,” Wilson forecasts.
He says Sydney will be Australia's most resilient housing market through the remainder of 2011, assisted, it seems, by his suggestion that the number of properties offered for auction each weekend won’t  grow too significantly over the next few months reflecting some ongoing wariness from sellers.
Melbourne buyers’ agent Mal James thinks the market has moved from an overall nothing winter market to a two-speed low-stock spring one.
“During this transition it has dropped in price with a few exceptions – courtesy of the share market malaise.
“If you have an A-grade home and you are priced to market then you are selling strongly and even slightly better than a month ago," James says.
“On the other hand, if you have a home that has issues with position, land content or floor plan, then your end sale result is continuing to ease and doesn’t look like getting any better this side of Christmas.”
During spring’s first Saturday – with barely an uptick in stock levels –auction clearance rates retained their cautious winter persona.
In Sydney, the clearance rate was 54.1%, almost unchanged from the 54.8% previous weekend tally, according to Australian Property Monitors.
The Real Estate Institute of Victoria figures had a 57% clearance – up from the revised 52% in the previous weekend, the lowest clearance seen so far this year. but with results still to come from 63 properties, the final result is expected to ease slightly. There were a total of 470 auctions reported, of which 268 sold and 202 were passed in, 140 of those on a vendor’s bid.
In Ipswich Queensland investors snapped up nine apartments in Ipswich's first high-rise residential tower Aspire.
There had been 44 residential apartments and three commercial units for sale after the developer, Dore Property Corporation, was forced into receivership after only selling about half the units on Ellenborough Street, Woodend.
With 104 units plus four split-level penthouse apartments, the 15-storey building was completed in 2008. The site had been bought for $1.1 million in 2005.
There were 62 registered bidders at the Ray White Ipswich helmsman-style auction.
Estate agent Warren Ramsey secured prices between $210,000 for a one-bedroom studio and $532,500 for a three-bedroom penthouse. The buyers were mostly local.
Initial off-the-plan prices ranged between $304,000 and $1.11 million.
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The weekend’s top sell was a Sargood Street, Toorak house that fetched $4.7 million. It last traded at $2,151,000 in 2005. The 1930s, five-bedroom, four-bathroom house sold though agents RT Edgar after auction. Bidding opened at $4.2 million, according to James Buyer Advocates, and with two bidders it was passed in at $4.6 million.
 
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Melbourne had another two sales above $4 million, including a house on Nelson Road, South Melbourne at $4,215,000 and a house on Coppin Grove, Hawthorn at $4,110,000.
 
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Sydney’s top sale was $1,995,000 for a block of four two-bedroom apartments on Dudley Street, Coogee. It sold through Nelson Dueza at Century 21 Classic. The block was bought by a trio of young investors who are going to renovate the units and lease them long term.
 
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The REIV is expecting a pickup on volumes over the next three weeks in the lead up to the October 1 grand final pause. The are 670 auctions scheduled for the September 17 weekend, according to REIV chief executive Enzo Raimondo.
 
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Australian Property Monitors research analyst Clinton McNabb expects about just a slight increase to 360 auction next weekend from the 350 just gone. There are about 470 auctions scheduled for the September 17 weekend.
 
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Adelaide’s highest sale, according to APM, was a three-bedroom Beulah Park house sold through LJ Hooker Kensington agent Andrew Welch and Sam Trowse, who’d been seeking $550,000 plus. It last sold for $315,000 in 2006. It was a 1900 brick cottage on 440 square metres.
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School holidays, along with the grand final weekend, meant there were just the 47 auctions in Melbourne, where agents secured a 59% success rate. There was a 57% clearance rate from the 119 reported results in Sydney.
Melbourne’s dearest sale was $857,000 in Hughesdale. Melbourne’s clearance rate averaged just 54% in September, the lowest September since 2004. Stock levels are set to rise to 565 auctions next weekend and to 730 auctions in a fortnight, according to the Real Estate Institute of Victoria, with the real test towards the end of October when 850 properties go under the hammer.
Sydney’s dearest weekend sale was in Maroubra yesterday at $2.7 million through Ray White agents Phillip Elmowy and Nader Hotait. The house was built in 2003 on a hillside block that cost $670,000 in 1994.
Sydney's median house price for the three months to August fell by 1.8% to $643,315, compared with the previous quarter, according to the latest Australian Property Monitors data.
The median price for units also fell by 1.8% to $448,024.
Despite these falls, the median house price has decreased by just 0.6% over the year to August, with the median price for units remaining stable, according to Dr Andrew Wilson, the senior economist for Australian Property Monitors
Sydney's house price performance over the past year remains the best of all capitals, and equal to Canberra's, which was also down by 0.6%.
Only Darwin recorded a better performance in median unit price growth.
The main division in the various Sydney markets was between properties priced under $1 million and those above $1 million, according to estate agent John McGrath.
"Under $1 million is performing actually quite well and over a million is still the quieter part of the market," he told Fairfax Media. 
John McGrath offered a regional metropolitan snapshot for Sydney, including:
Western suburbs - Job fears hinder activity
Parramatta region - Good sales up to $600,000
Hills district - Performing well under $1 million
Upper north shore - Strong up to $1.25 million
Northern beaches - Buyers less confident, hesitant
Lower north shore - Investor market strong
Eastern suburbs - Good sales under $1 million
Inner west - Young professionals driving market
South - Strong in St George, less so in Sutherland shire
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For all its prestige, Roseville hasn't seen many new apartment developments that genuinely cater to the suburb's owner-occupier market.

Most new projects on Sydney's North Shore have focused on increasing supply, but Aqualand Prestige's <a href="https://www.apartments.com.au/new-apartments/boronia-by-aqualand-roseville-2-4-larkin-street-roseville-nsw-2069">Boronia</a> is taking a different approach.

The 111-apartment project on Larkin Street has been designed around a buyer who already knows the area, whether they're downsizing from a nearby family home, upgrading from an older apartment, or moving into the suburb to be closer to schools and transport.

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Boronia is the first project from Aqualand Prestige, the boutique residential division of Aqualand, the developer behind projects including AURA in North Sydney and Blue at Lavender Bay. The project is being delivered in partnership with Phoenix Property Investors.

Rather than trying to maximise density, the focus has been on creating apartments that feel much closer to a house. There's a strong weighting towards larger three-bedroom residences, alongside a limited collection of four-bedroom duplex-style sky homes, a product that's rarely delivered in apartment projects on the Upper North Shore.

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Architecture firm Woods Bagot has designed the building to sit within Roseville's established tree canopy rather than dominate it. The building steps down the site with deep balconies, generous setbacks and a material palette of masonry and natural stone that reflects the suburb's established character.

"The forms float among the canopies along the Larkin Street ridge to maximise the outlook across the green sea of the treetops," Woods Bagot Principal Jason Fraser said.

"The architecture is deliberately simple and understated, so that the detail, the craftsmanship and, above all, the landscape can be the hero."

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The same approach continues inside.

Interiors by COX take inspiration from the surrounding bushland of Lane Cove National Park, using natural stone, timber and handcrafted finishes throughout the residences. Kitchens feature Gaggenau and Bosch appliances, while the penthouse collection includes upgraded stone finishes and bespoke detailing.

"We wanted the homes to feel like an urban retreat, where the boundary between inside and out simply dissolves," COX Director Brooke Lloyd said.

Landscape architecture by Ground iNK extends that connection outdoors, with mature tree planting, deep soil landscaping and retained established street trees helping the development blend into one of Sydney's leafiest suburbs.

Residents will also have access to landscaped communal gardens, a wellness centre and outdoor spaces designed more as an extension of their own homes than traditional apartment amenities.

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The location is another reason Aqualand Prestige believes Boronia will resonate with buyers.

Roseville Station is around a five-minute walk away, placing Chatswood just one stop down the line, while the Sydney CBD remains within easy commuting distance. The suburb also sits within the NSW Government's Transport Oriented Development precinct, where planning changes are encouraging more housing around existing rail infrastructure.

Despite those planning reforms, opportunities to secure a new apartment in Roseville remain relatively limited, particularly developments aimed at owner-occupiers rather than investors.

Aqualand Prestige Executive Director Wayne Xiong said Boronia was designed for buyers intending to stay for the long term.

"These are homes built for decades of living rather than for the moment," Xiong said.

"Whether buyers are downsizing, raising a family or simply seeking more space, they're choosing the scale and craftsmanship of a fine house in a suburb they love, with the ease and connectivity modern life calls for."

Boronia's two-bedroom apartments are priced from $1.79 million, three-bedrooms from $2.49 million, penthouses from $2.85 million, and four-bedroom duplex-style Sky Homes from $4.5 million.

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Joel Robinson

Aqualand Prestige launches Boronia to undersupplied Roseville apartment market

For most new apartment buildings, the Owners Corporation starts life with little more than a bank account and the first quarterly strata levies.

At <a href="https://www.apartments.com.au/buildings/9-gay-street-castle-hill-9-gay-street-castle-hill-nsw-2154">9 Gay Street</a> in <a href="https://www.apartments.com.au/developments/castle-hill-nsw-2154">Castle Hill</a>, it starts with around $7 million in reserve.

It's an unusual legacy of what was once one of Sydney's highest-profile apartment remediation projects. When the development, originally known as Skyview and built by disgraced developer Top Place, came under scrutiny by then NSW Building Commissioner David Chandler, an $11 million remediation bond was negotiated to ensure any building defects could be fully rectified.

The building underwent an 18-month remediation program, during which around $4 million of that bond was spent bringing the building up to the standard it should have been in from the outset.

After extensive inspections, all active rectification orders have been lifted. What's more, around $7.2 million remains secured for the Owners Corporation for the next 15 years.

In a twist few would have predicted, what began as a significant concern for purchasers has left the building with something almost unheard of in the apartment market: a multi-million-dollar financial reserve from day one.

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<a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a> Executive Chairman Greg Huxley said the structure offers buyers a level of certainty that is difficult to replicate.

"The $11 million bond established for the Skyview Castle Hill development represents exceptional value, providing genuine financial security for purchasers," Huxley said.

"Unlike a standard insurance policy, this bond consists of real funds held in trust for the Owners Corporation, offering a tangible layer of protection and added peace of mind."

The apartments themselves have been designed with a focus on practical, contemporary living. Interiors feature Smeg appliances, stone benchtops, tiled living areas, carpeted bedrooms, 2.7-metre ceilings, floor-to-ceiling glazing, and ducted heating and cooling throughout.

Residents also have access to a range of shared amenities, including two rooftop barbecue areas, a swimming pool, children's playgrounds, secure building access, storage cages, and visitor parking.

The location continues to be one of the project's strongest drawcards. Castle Hill Metro Station sits virtually on the doorstep, providing direct connections across Sydney's expanding Metro network, while Castle Towers offers extensive retail, dining, entertainment, and service amenities within walking distance.

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The building, now named after its location at 9 Gay Street, comprises a diverse mix of one-, two-, and three-bedroom apartments starting from just under $600,000.

Equitifund National Sales Director Ben Hamblett said demand in the Hills District continues to be driven by buyers seeking convenience and connectivity.

"Interest from both owner-occupiers and investors in Castle Hill remains exceptionally strong, with buyers consistently prioritising developments in close proximity to the Metro station and Castle Towers Shopping Centre," Hamblett said.

"There is a clear trend in the market, with purchasers seeking convenient access to transport and lifestyle amenities that support a seamless, low-maintenance way of living."

On top of the long-term protection afforded by the remaining $7.2 million bond, Equitifund is offering a limited-time stamp duty rebate on selected apartments.

Eligible purchasers can also secure finance options, including a 3.99 per cent two-year variable rate, loan-to-value ratios of up to 90 per cent, and interest-only lending options through EquitiCredit.

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Why this Castle Hill apartment building starts with a $7 million advantage

For much of the past few years, conversations about Australia's property market have centred on the rapid growth seen in Sydney, Brisbane, Gold Coast, and Perth. <a href="https://www.apartments.com.au/developments/melbourne-vic-3004">Melbourne</a> has followed a different trajectory.

That relative underperformance is now encouraging some buyers to reassess the city, particularly those willing to look beyond short-term market movements and focus on quality property in established locations, along with the long-term growth prospects of a city expected to overtake Sydney as Australia’s most populous.

John Bekiaris, Research &amp; Market Insights at <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Projects by Equitifund</a>, said Melbourne's current position is attracting increasingly sophisticated purchasers.

"Melbourne continues to present one of Australia's strongest long-term investment stories," Bekiaris says.

"While other capital cities have experienced stronger recent growth, that relative underperformance is exactly what's attracting sophisticated counter-cyclical investors."

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Equitifund isn't just commenting on Melbourne's property market, it's investing in it.

The Sydney-headquartered capital partner has taken over the remaining apartments at <a href="https://www.apartments.com.au/buildings/victoriana-melbourne-20-queens-road-melbourne-vic-3004">Victoriana</a>, the recently completed glass-encased development opposite Albert Park Lake in Melbourne's tightly held St Kilda Road precinct.

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> and built by <a href="https://www.apartments.com.au/builders/hickory">Hickory</a>, Victoriana places residents between one of Melbourne's most recognised parklands and the CBD, offering oversized two and three-bedroom apartments aimed at owner-occupiers seeking a genuine alternative to a traditional family home.

The development comprises 232 completed residences alongside a suite of resident amenities, including a 25-metre indoor swimming pool, gymnasium, landscaped entertaining areas, resident lounges, EV charging, secure basement parking and a concierge-style arrival experience.

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The apartments have been designed with owner-occupiers firmly in mind.&nbsp;Open-plan living and dining areas flow onto generous balconies framing views across Albert Park Lake, Fawkner Park, the Royal Botanic Gardens and the Melbourne skyline.

Kitchens feature Gaggenau appliances, stone benchtops and generous preparation space. Bedrooms include built-in robes, while bathrooms feature full-height textured tiling. Hardwood flooring and ducted air conditioning complete residences designed for long-term living.

Rothelowman's architecture takes its cues from the landscape opposite the site. Sweeping horizontal glazing references the movement of Albert Park Lake, while generous balconies and expansive glazing strengthen the connection between the apartments and the surrounding parklands. The result is a building designed to deliver the scale and amenity expected of luxury apartment living, while offering the larger floorplans increasingly sought by owner-occupiers.

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The location is one of Victoriana's defining characteristics. Positioned on Queens Road, residents are directly opposite Albert Park Lake and within easy reach of Fawkner Park, the Royal Botanic Gardens, South Melbourne, St Kilda Road and the CBD. With few comparable development opportunities remaining in the precinct, buyers are increasingly placing value on outlooks that are unlikely to be interrupted by future construction.

Greg Huxley, Founder of Equitifund, believes those qualities become even more valuable over time.

"Premium real estate has always rewarded buyers who take a long-term view," Huxley said.

"Victoriana represents the kind of asset that's increasingly difficult to recreate today, particularly in an established location like Queens Road."

He said rising construction costs are also changing the way buyers assess completed developments.

"When you combine an irreplaceable location with thoughtful architecture and premium finishes, you create something that becomes increasingly difficult to reproduce as construction costs continue to rise."

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According to National Sales Director Ben Hamblett, enquiry has been driven largely by Melbourne downsizers and buyers upgrading from smaller apartments.

"Interest in Victoriana continues to build, with strong buyer focus on the larger owner-occupier residences within the development," Hamblett says.

"Enquiry is increasingly driven by local buyers who recognise the rarity of what's on offer: park-facing apartments in an established neighbourhood where new development opportunities are becoming increasingly scarce. At Victoriana, the view is not just a feature; it's an appreciating asset in its own right."

He said interstate enquiry has also strengthened as buyers reassess Melbourne's position within the national property cycle.

"Melbourne currently stands as the most compelling entry point of any major Australian capital, and discerning buyers are beginning to recognise what those who move early always understand: the best opportunities are taken before the price rise confirms them."

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Why now is the time to buy in Melbourne's premium apartment market

Developers and apartment buyers have a narrowing window of opportunity before Brisbane's Olympic infrastructure pipeline begins competing directly with residential construction, pushing up costs, tightening labour supply and making new projects increasingly difficult to deliver.

While Brisbane's apartment market continues to benefit from strong population growth and limited housing supply, industry research suggests the years leading up to 2027 could prove to be the most important period for developers looking to secure builders and buyers hoping to purchase before the next wave of price increases.

A new Colliers report, Brisbane 2032 Olympic and Paralympic Games: Creating Solutions, highlights the scale of the challenge. While thousands of new homes are planned across South East Queensland, the Brisbane Olympic Athletes Village alone will deliver more than 10,500 beds during the Games before being converted into around 1,750 to 2,000 apartments. Equivalent to almost two years of typical inner-city apartment supply, the project will also absorb a significant share of the construction workforce and building materials.

The broader construction pipeline paints an even clearer picture.

Construction Skills Queensland's Horizon 2032 report forecasts Queensland's annual construction pipeline will average $69 billion over the coming years before peaking at $75 billion in 2027-28. Demand for construction workers is expected to increase by 17 per cent to almost 150,000 people, with the industry facing an annual shortfall of around 19,000 workers that could blow out to as many as 35,000 during the peak construction period.

The Olympic venues, athletes village and supporting infrastructure will account for billions of dollars worth of work across South East Queensland through to 2032, creating intense competition for labour at a time when Australia's residential construction sector is already under pressure.

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Colliers Queensland Residential Director Andrew Scriven said the convergence of these projects is creating a clear window of opportunity for both developers and buyers.

"From 2027 onwards, the market will shift dramatically," Scriven said.

"Labour will increasingly be locked into government-led infrastructure and Olympic projects, which means private residential developments will face higher costs and tighter margins. The developers who move now are the ones most likely to get projects off the ground."

Scriven said the same dynamic would also affect buyers, with fewer apartment projects expected to launch once construction capacity tightens.

"If you're looking to change your lifestyle over the next five years, now is your window of opportunity to buy."

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Developers are already positioning themselves ahead of that window.

Following the success of Monarch at Toowong, Consolidated Properties is preparing to launch two new Brisbane apartment projects in the second half of 2026. They include <a href="https://www.apartments.com.au/new-apartments/gloriette-30-bedivere-street-yeerongpilly-qld-4105">Gloriette</a> at Yeerongpilly Green, a 25-storey tower within one of Brisbane's key Olympic precincts, and <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a recently approved 25-storey riverfront development at 47 Skyring Terrace in Newstead.

Hutchinson Builders will deliver both projects, with early works already underway at Yeerongpilly and Newstead expected to commence later this year.

The timing comes as Brisbane's fundamentals continue to strengthen, with strong interstate migration, population growth and vacancy rates remaining below 1.5 per cent.

Colliers Queensland researcher Pragya Sharma said Greater Brisbane is forecast to require around 40,000 new apartments between 2021 and 2031.

"There's a real mismatch emerging between when housing is needed and when it will be feasible to build," Sharma said.

"As a result, the period leading up to 2027 presents a key window of opportunity for developers to secure approvals, funding and construction capacity, while buyers will have greater choice before supply constraints intensify."

Colliers research outlines a critical pre-2027 window to start residential projects before labour squeeze: now is the time to buy

Developers, buyers on watch in South East Queensland ahead of construction crunch: Colliers

It's taken less than nine months for developer Sherpa Property Group to sell out all 51 apartments in its <a href="https://www.apartments.com.au/new-apartments/flourish-oasis-palm-beach-7-9-sixth-avenue-palm-beach-qld-4221">Flourish Oasis</a> development in <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a>, over a year before its anticipated completion.

&nbsp;

Located at 7-9 Sixth Avenue, the $67 million development has resonated strongly with both local owner-occupiers and downsizers seeking high-quality apartments within walking distance of the beach, dining precincts and everyday amenities.

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Christie Leet, Founder of <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Group</a>, said the sell-out reflected both the strength of the Palm Beach market and the success of Sherpa's community-first approach to development.

"The sell-out of Oasis is a fantastic outcome and reinforces the strong demand we're seeing for thoughtfully designed apartments in lifestyle locations," Leet said.

"From the outset, our vision was to create a development that genuinely enhanced the Palm Beach community while providing residents with exceptional homes and wellness-focused amenities.

"We've been incredibly encouraged by the level of local support throughout the campaign, 72.5 per cent of buyers are locals, with a significant proportion of purchasers choosing Oasis as their future home rather than an investment."

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Construction is now progressing following development approval, with trusted builder LPS Group delivering the project and completion anticipated in Q3 2027.

Oasis forms part of Sherpa Group's successful Flourish collection, which has become recognised for its focus on wellness, community and elevated coastal living.

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Residents will have private access to a rooftop amenity space featuring a pool, gym, sauna, steam room, hot and cold plunge pools, spa and barbecue facilities.

"The success of Oasis demonstrates that buyers continue to prioritise quality, location and lifestyle," Leet said.

"We are proud to have delivered a project that has resonated so strongly with the market and look forward to bringing Oasis to life for our future residents."

Sherpa recently launched <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>, its third instalment of the Flourish brand in Palm Beach following Flourish Oasis and <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>.

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Jonathan Chancellor

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