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The priciest residential car parking space in Potts Point is again up for auction next month.
It is the parking spot in the 1960s-built Macleay Street block The Chimes which fetched $264,000 under the hammer in 2015.
The space, larger than normal at 26 square metres but only enough to fit one car, was secured by erection dysfunction medico Joseph Pollak.
The underbidder was Waterloo property developer Phillip Bartlett, who subsequently secured it as an $80 a week rental as he lives in the neighbourhood.
The car parking space has been at the forefront of strata committee deliberations.
A problem regarding it arose because comfortable access to the space requires passage over the neighbouring common property.
The strata dispute escalated when the body corporate installed a chain along the boundary which Dr Pollak argued needed loosening.
The matter went to the NSW Court of Appeal.
Richardson &amp; Wrench agent Geoff Cox has scheduled a September 5 auction.
After the last sale, its selling agent Greg McKinley said it was something of a one-off.
The price easily exceeded his guidance given the egos involved.
There were still five of the 10 local buyers in the contest as bidding approached $200,000.
Prices have since gone as high as $295,000 in Elizabeth Bay.
This article was first published in the Sunday Telegraph.
 
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jchancellor-FAypfDUnLy

Potts Point's priciest parking spot set for auction

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With its annual revenue down by 17 percent, McGrath Limited has delivered another big annual loss.
Its property sales volume fell 16.8 percent during the financial year.
Despite the 1854 fewer house and apartment sales, McGrath claimed it was maintaining market share by sales value, albeit its 2.8 percent still well behind market leaders Ray White (8.1 percent) and LJ Hooker (3.9 percent).
There was no sign of any increase in listing activity in August, however its chief Geoff Lucas forecast a return to revenue growth at some stage in the current financial year.
"The fall in revenue by 17 percent isn't desirable nor are we comfortable with it," Lucas said.
Lucas noted it was due to "difficult market conditions."
The disruption of its lower north shore Sydney operations following its termination late last year triggered a severe drop in NSW market share by sales volume and sales value. "This is expected to be a short impact only," Lucas said.
McGrath <a href="/news/michael-coombs-departs-mcgrath">ended their franchise agreement</a> on the Lower North Shore over Christmas. It has had just the five sales this year headlined by the <a href="/news/mcgrath-chief-executive-geoff-lucas-sells-in-cremorne-after-buying-half-a-palladian-villa-in-bellevue-hill">Lucas household earlier this month</a>.
Fewer sales at its company owned sales was pinpointed as the major contributor to the overall decline in earnings - both a reduction in the number of properties sold and the value of the properties sold.
There were $3.7 billion in sales from 2,655 sales in the latest FY19 at company owned offices.
It compared to $4.6 billion from 3,002 sales in FY18.
The franchise network exchanged 6,558 properties during FY19, down on FY18 when there were 8,065 sales.
During the year there has been a net reduction of two franchise offices with six closures, five openings and one transfer to the company owned sales network.
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Its auction services division had 4,835 auctions booked in FY19, down on FY18 which had 5,894 bookings.
Auctions represented 39% of all properties listed.
The report revealed an impairment of $3.4 million in relation to an intangible IT asset.
McGrath had been developing an integrated customer relationship management (CRM) tool and operations software since 2016.
But shareholders were told the CRM’s functionality "appears to be weaker than other mature CRM’s already available in the market" leading towards a strong preference to pursue alternative management software solutions that will better serve the McGrath business, clients and personnel.
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In addition to the asset impairment, an onerous contract of $3 million has also been recognised in relation to non- cancellable contracts associated with the CRM platform. 
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Its total group revenue fell to $82.7 million amid the weakened real estate market, down from $99 million.
The cost of sales declined from $38 million to $34 million.
The agency saw a small decline in its staff across its 30 company owned offices and 67 franchise offices with 525 agents operating within those offices as at June 30.
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Staff number decreased from June 2018 when there were 558 staff.
The latest departee is <a href="/news/henry-hodge-departs-mcgrath">Henry Hodge in Brisbane</a>.
Its property management business has over 32,000 properties managed for more than 28,000 landlord investors.
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Properties under management within the company owned offices increased by 6 percent to 7,627 in FY19, generating $5.4 million EBITDA, a 12 percent decrease on FY18 due to lower rental value per property. 
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Its underlying EBITDA loss of $6.4 million, which sits is within guidance provided in its June update.
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It reported an EBITDA loss of $10.1 million after the impact of onerous contracts expense of $3.7 million.
The net loss after tax of $15.6 million is after the impact of one-off impairment charges of $3.4 million.
It continues to have a strong balance sheet with no debt and $10.3 million cash.
Founder John McGrath draws a $552,000 package and the CEO Geoff Lucas is on $588,000.
Its <a href="/news/kon-stathopoulos-departs-mcgrath-estate-agents">departed sales manager Kon Strathopolous</a> earned $528,000 in his last year having left in early June.
Its mortgage broker, Oxygen Home Loans saw total settlements value of $755 million which was down 3 percent on FY18. At the end of FY19, there were 30 brokers, a decline of one from FY18.
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It was noted Total Real Estate Training (TRET) which presents the AREC conference had been impacted in line with the challenging market conditions.
McGrath shares fell in morning trade to 23 cents.
Lucas signalled his aspiration for McGrath to be "market leader within five years."
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McGrath revenue falls 17 percent as vendor hibernation continues

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The historic 2,420 hectare farm, Blackwood near Dunkeld has been listed for sale by Rifa Salutary through a CBRE expressions of interest campaign closing September 5.
It was the Ritchie family who sold to <a href="https://www.realestate.com.au/sold/property-cropping-vic-penshurst-7580175" target="_blank">the Chinese owned farming operation Rifa Salutary in late 2013</a>.
The Chinese backed firm has listed several farms.
The director of Rifa Salutary and Vice President of Rifa Holding Group, Bobby Jiang, said the company felt the time was right to capture value as a result of completed expenditure and improvement programs, combined with the growth in land value of its recently accumulated farms.
Blackwood is regarded as a western districts' icon, with a history dating back to 1842, and outright ownership by the Ritchie family dating back to 1845.
It's 2014 sale was actually the second time the property had been sold by the Ritchie family as it was bought back in 1927 after an 11 year gap following the great war.
The Blackwood homestead, with private cemetery, is located on the Dunkeld - Blackwood Road, eight kilometres north east of the township of Penshurst.
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It comes with the original two roomed bluestone homestead, constructed after 1842; a second bluestone homestead built in 1864; a bluestone and timber woolshed, and the current Blackwood homestead, stables and coach house which were constructed in 1891 amid four acres of garden.
The land was first taken up as pre-emptive right by James Sceales in 1842, some 10 000 acres, and by October 1845, James Ritchie had full control of Blackwood having bought out his partner Sceales. James Ritchie had arrived from Scotland in April 1841.
Blackwood has most recently been farmed by Jason Ritchie, the son of the late Robin Ritchie, onetime chair of Energy Victoria and his wife, Eda Ritchie, the commissioner of the Shire of Moyne, a former president of the Victorian Liberal Party and the sister of Tammy Fraser and Hugh Beggs, the former head of the Wool Corporation.
The cemetery, surrounded by a bluestone fence, located some distance from the current homestead contains several unmarked graves of the Ritchie family, as well as and an obelisk dedicated to James Ritchie, who died in 1857, aged 45 when his horse bolted and threw him against a tree.
The main bluestone homestead and separate stable block was constructed in 1891 by the architectural firm, Butler and Ussher for Robert Blackwood Ritchie on a hill top overlooking the surrounding plains with view of the Grampian Ranges.
The homestead was constructed of local bluestone in the Picturesque Aesthetic style.
Bluestone has been combined with sandstone for window details, along with half timbering and plaster to the gable ends, all under Major's patent terracotta tiles from Bridgewater in the UK.
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The interior is in the Jacobean manner and has dado paneling. 
Notes from the National Trust state that the tender accepted for the construction of the house was for 4790 pounds, 1000 pounds being allowed the contractor for 'old building'. The tender for the stables was for 1202 pounds.
The house and stables took 18 months to construct.
George Tibbits, in an article titled 'The So-Called Melbourne Domestic Queen Anne' describes Blackwood Homestead as one of the finest 19th century examples. 
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Bluestone Blackwood in Western Victoria listed by RIFA Chinese interests

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A Centennial Park weekend auction offering sold for around $12 million post auction, with just the one Saturday to go before the onset of spring listings.
The London-based bankers Peter Stokes and Annabel Spring placed a vendor bid of $11.8 million at the auction.
The subsequently negotiated sale price has not been disclosed by agent Ben Collier who has always advised $12 million expectations for <a href="https://bencollierteam.com.au/property/22-lang-road-centennial-park/" target="_blank">the Federation mansion</a> (above and below).
Collier had previously sold the property for $9.8 million in 2015 when it was bought by the then Commonwealth Bank wealth boss Annabel Spring and her Macquarie director husband Peter Stokes. 
The Lang Road residence was built in 1909 for bookmaker Alfred E. Hickey.
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Sydney recorded a bullish preliminary clearance rate of 84.7 per cent across 500 auctions, the highest preliminary clearance rate since February 2017.
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Over the prior week, final extra results being reported showed 76.2 per cent of the 446 auctions were successful.
One year ago, 721 auctions were held across Sydney returning a final clearance rate of 53.2 per cent.
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Sydney's top reported under the hammer price was in Willoughby. It sold for $4.01 million, which was $10,000 above reserve.
The offering at <a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house/nsw/lower-north-shore/willoughby/408404" target="_blank">7 Cobar Street, Willoughby</a> (below) had been listed for auction last year.
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The renovated five-bedroom, four-bathroom 1920s house<a href="https://www.realestate.com.au/sold/property-house-nsw-willoughby-131626054"> </a>had bidding from all four registered bidders.
It last sold at $1,515,000 in 2013.
The number of homes taken to auction across all the capital cities increased to 1,412 returning a national preliminary clearance rate of 79.6 per cent, while the previous week saw 1,228 homes taken to auction returning a final clearance rate of 73 per cent, the highest final clearance rate recorded in over two years. 
"Although the clearance rate across the combined capitals will revise lower as remaining results are collected, it will likely hold stronger than last week’s final," CoreLogic auction analyst Kevin Brogan said.
AMP Capital senior economist Shane Oliver said the emerging stronger clearance rates was still premised on low volumes.
"Rate cuts still work," he said, adding that the traditionally busier spring selling season would prove to be a test.
"Tight credit, the unit supply and unemployment will constrain prices versus past cycles," Oliver forecast.
Over the same week last year, auction activity was significantly higher with 1,915 homes taken to auction, returning a much lower clearance rate of 54.6 per cent.
Perth had the weakest clearance rate at 62 percent, and other smaller auction markets put in strong performances including Brisbane at 67 percent, Canberra at 69 percent and Adelaide at 72 percent.
Domain advised the cheapest weekend sale was in Adelaide at $280,000.
The two bedroom house at <a href="https://harcourts.com.au/Property/797915/SCB7236/35-Maturin-Avenue" target="_blank">35 Maturin Avenue, Christies Beach</a> (below) had sold at $325,000 in 2016.
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It was marketed as partially renovated by Harcourts Christies Beach.
Melbourne was the busiest capital.
It was host to 665 weekend auctions, returning a preliminary clearance rate of 79.7 per cent marking the fifth consecutive week where the clearance rate held above 70 per cent. The prior week saw 588 homes taken to auction with a 76.2 per cent final clearance rate.
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Over the same week last year, a clearance rate of 56.5 per cent was recorded across 899 auctions.
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There were four bidders when a 2018-built Camberwell property fetched $4,566,000.
The five bedroom, four bathroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-camberwell-129711982" target="_blank">38 Cochran Avenue</a> saw agent Brett Vanderwart at RT Edgar place a $3.6 million opening bid.
It was announced on the market at $3,750,000.
Buyers agent Mal James advised it was a "40-minute spectacle" with an offering with "strong Asian market appeal."
The home was a collaborative design by Christopher Krambias and Petrifies Architects which was initially listed 300 days ago.
The 800 sqm block sold at $2,665,000 in 2015 with the building approval cost at $1.2 million.
 
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$12 million Centennial Park sale tops weekend results

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The Reserve Bank governor Philip Lowe has acknowledged that lower interest rates had pushed up Sydney housing prices during the 2012 to 2017 boom.
"I think that’s pretty clear," he acknowledged when recently addressing our federal politicians.
But he went onto say there were other things that were "probably more important over the past decade".
"They go to population growth and the slow response to that on the supply side," he said. 
Lowe pinpointed that population growth picked up in Australia quite a lot and it took almost a decade for the rate of growth of the supply to respond to that.
He added he was raising the topic in the context of the next phase in the housing market.
"Because what we’re seeing at the moment is quite strong population growth, which I think is good, but the additions to supply of the housing stock are slowing right down.
"New development is slowing down, and one of the issues we’re going to keep a very close eye on over the next little while is what the supply of housing is doing.
"If developers cannot get financed, the supply of housing will slow a lot and we will be sowing the seeds for the next upswing."
The property market is a dynamic entity, always evolving.
One of the great marketing tools bandied about the market is that strong population growth is an indicator of future price growth.
But not just by itself as the governor advises this point fails to heed the impact of supply and demand.
Australia's population stands at around 25.4 million, up 404,000 in 2018.
The ABS calculates one birth every 1 minute and 40 seconds, one death every 3 minutes and 19 seconds, one person arriving to live in Australia every 56 seconds, one Australian resident leaving Australia to live overseas every 1 minute and 53 seconds, leading to an overall total population increase of one person every 1 minute and 13 seconds.
NSW's population sits at just over eight million, up 1.6% last year.
Victoria recorded the highest growth rate of all states and territories at 2.2%. The Northern Territory recorded the lowest growth rate at -0.4%.
Capital city growth accounted for 79% of Australia's total population growth. The capital city with the largest increase in population was Melbourne (119,400 people), followed by Sydney (up 93,400 to around 5.2 million) and Brisbane (50,100).
The fastest growing Sydney localities were around Riverstone, Marsden Park, Cobbitty, Leppington, Rouse Hill and Beaumont Hills.
Taking a look at dwelling approvals, which of course don't all get undertaken, Australia's new housing pipeline currently sits at a five-year low.
The rolling yearly total sits around 199,000, official figures show.
The peak was 232,000 approvals in 2015.
It hasn't been lower than 100,000 nationally since 2001.
There were 180,000 plus peaks in the mid-70s, late 80s, mid-90s, 2000 to 2004 and 2011.
It was running at around 70,000 in the 1950s. 
NSW's approvals peaked in 2017 at around 70,000.
Housing markets are not homogeneous across Australia’s states and territories, or even in neighbouring suburbs.
The relationships between housing markets and the broader demographic shifts are complex, although conventional wisdom does suggest house prices are primarily influenced by the factors headlined by interest rates, building activity and population growth.
When house prices move in an ‘abnormal’ way it is often because one or more of these drivers become distorted relative to their ‘normal’ settings.
This article was first published in the Saturday Telegraph.
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Low interest rates alone don't explain house price boom – demographics are also key

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Television's celebrity chippie turned real estate agent Tom Williams has quietly moved on from his job in the highly competitive lower North Shore residential sales market.
After just six months at LJ Hooker Avnu he's quit the tech savvy Mosman estate agency which is pioneering Artificial Intelligence in house sales.
Williams was being well utilised in the many video walk-throughs of the agency's prestige listings, while he learnt about the art of sales.
The vendors certainly loved having the ultra professional Williams promoting their pricey homes.
His next move is unconfirmed although he never actually gave up working at the family's property marketing business which has several apartment projects on its books.
Williams had turned to the family company straight after leaving Channel 7 last year where he was the co-host of The Daily Edition with Sally Obermeder.
The Double Bay project marketing company, Boutique Estates International is headed by his sister in law, Vanessa Gilbert who was keen for Williams to gain a little further experience.
Williams is married to fashion designer Rachel Gilbert, with the couple having two girls, Storm and Sloane, who attend school locally in Mosman.
It was in February when Williams joined the Michael Coombs team in Mosman, with just the two sales credited to his name on the realestate.com.au website.
AVNU was set up earlier this year after Coombs had quit McGrath after 16 years.
Coombs had told the Mosman Collective blog that appointing Williams was an "absolute no brainer".
“It’s pertinent for me to say that Tom Williams is more than just a pretty face,” Coombs said.
He's not the only pretty face who have pushed the new Avnu on social media platforms.
Three weeks ago model Kris Smith starred in a video posted on Coombs's LinkedIn page, where Smith sang the praises of the agency's technical solutions that replaced paperwork which allows more face to face time with buyers and sellers.
Williams has also done some recent promotional work for Disney on Ice.
Of all the things he's done, it was what made his children really excited.
"They completely freaked out and I immediately went to 'Legend Status' as a dad!" he told Nine Honey.
Williams will continue to produce and present property videos for agencies.
This article was first published in the Daily Telegraph.
 
 
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Tom Williams departs LJ Hooker AVNU Mosman

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It is easy to get caught up in the excitement of purchasing a new apartment, particularly when you are presented with beautiful, stylish, modern designs.
It's the same whether you are a first time buyer right through to the downsizer.
But you cannot let your excitement get in the way of doing proper due diligence, or it can really cost you, Parramatta Stacks solicitor, Zohra Ali warned this week.
Ali suggests that off the plan (OTP) buyers can never be too careful.
The risks involved in off the plan purchasing emerged recently after the collapse of the Sydney-based Ralan Group, the longtime apartment developer.
It has left hundreds of apartment buyers at risk of losing their deposits for their intended Arncliffe acquisitions.
Like other off the plan purchasers they put forward a deposit - generally being 10 percent - before their property has been built. But these Arncliffe buyers went further and released their deposit for the developer who'd promised a high rate of return during the intervening period. 
The apartment buyers who have released their deposits will be considered as unsecured creditors, ranking behind secured lenders the ATO, Westpac, NAB, St George, Wingate Group and Balmain NB Commercial Mortgages. 
Not all off the plan contracts present the same level of risk, and as with all investments, there are important things to research.
Ali says off the plan buyers should seek independent legal advice as well as financial advice prior to signing off.
"Ultimately an off the plan buyer is purchasing something that does not exist yet," Ali noted.
She points out there are many players involved from the time of signing the contract to having it ready for settlement, including the developer, council, valuers, builders and certifiers.
"With so many players involved, it only follows that the risk of something going wrong increases exponentially to when purchasing an already built home."
An already built home is a fairly simple process – but does often involve the cautionary pest and building inspection reports during the cooling off period.
Your lawyer can help you assess the risk level of entering into an off the plan transaction by undertaking some due diligence on the proposed developer and also the builder whose bankrupcy could see construction halted indefinitely.
Ali says she wouldn't ever contenance a client releasing the deposit in an OTP situation.
"There is no reason for why a deposit should be released to a developer, and if anything, the request should serve as a red flag as to the developer’s financial situation.
"What happened to Ralan is a perfect example of what can happen if your deposit is not sitting safely in a trust account."
She describes the situation that the Ralan buyers have found themselves in was "a terrible situation."
"It will definitely take a large, financial toll on the affected families.
"To face losing your deposit this way, and at a time where the market is at a downturn and is otherwise the perfect time for a first home buyer to purchase, would be absolutely devastating."  
Ali adds even if you do all the due diligence, and ensure that you go with a reputable developer, somethings can still go wrong.
After all developers cannot predict what state the property market and lending standards are going to be in in the future.
This article was first published in the Daily Telegraph.
 
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Ralan collapse shows off the plan buyers need genuine independent legal and financial advice 

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The Melbourne sports star manager Ralph Carr’s Hawthorn trophy home was passed in at its private weekend auction.
Carr was seeking $10 million plus for the five-bedroom Victorian home on <a href="https://www.abercrombys.com.au/property/26-shakespeare-grove-hawthorn-vic-3122/1156/" target="_blank">Shakespeare Grove</a> (above and below) through Abercromby's agent Jock Langley.
The nation's priciest weekend auction offering had actually been initially listed with $12 million plus expectations during the auction selling season.
No bidding details have emerged but Langley told The Herald Sun that buying interest had come from local, national and expatriate buyers especially from Hong Kong.
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Carr had paid $7.55 million for the 1318 sqm property in 2013.
With just three Saturdays before the spring selling season kicks off, Melbourne returned an improved initial auction clearance rate of 73.2 per cent, up on last week’s final clearance rate of 70.9 per cent as volumes remained steady across the city at 500 auctions.
Last year the Melbourne clearance rate was 58 per cent from 721 auctions.
Melbourne's top sale was at Malvern where $3.82 million was paid for <a href="https://www.rtedgar.com.au/property/806263/19-chesterfield-avenue-malvern/" target="_blank">19 Chesterfield Avenue</a> (below) which was marketed by RT Edgar as suitable to "renovated, rebuild or redevelop."
There were five bidders after the $3.5 million opening bid with further bidding after it had been declared on the market at $3.66 million.
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Melbourne buyers agent Mal James noted the Melbourne prestige market had a "buzz about, admittedly on very low stock and admittedly it’s early days."
He detected the positivity of June had "trickled" into August.
But James advised the market was "not on a rise - it's just that right now the falling seems to have eased and buyer, sellers and agents seem to have a sense of relief."
It might only be temporary, he warned.
Saturday saw 303 auctions in Sydney, with the priciest listing failing to find a buyer at Bellevue Hill (below).
The <a href="https://theagency.com.au/19725/57-bundarra-road-bellevue-hill" target="_blank">57 Bundarra Road property</a> was passed in at $6.5 million on a vendor bid by agent Ben Collier who had given a $6.5 million price guide.
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There had been just one bidder who offered $6 million for the five bedroom, four bathroom house.
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There were 365 homes auctioned across Sydney during week, slightly lower than the 386 auctions held in the prior week.
The lower Sydney volumes returned a preliminary auction clearance rate of 81.2 per cent well up on the 72 per cent final clearance last week.
This time last year there were 458 auctions with a much lower clearance rate of 53.8 per cent.
Although emerging in early 2019, Sydney's strengthening auction clearance rate really gained momentum just after the May federal election.
Sydney's top sale was when <a href="https://www.belleproperty.com/listings/808719/21-wakeford-road-strathfield-nsw-2135/" target="_blank">21 Wakeford Road, Strathfield</a> (below) fetched $5,686,000.
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Set at one of the highest vantage points in Strathfield, the custom-built home offered 640 sqm of internal living space over its three levels.
Canberra returned a preliminary auction clearance rate of 63.8 per cent, making it the best performing of the smaller auction markets,
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Adelaide followed next with 58.6 per cent of homes selling, while Brisbane and Perth both returned clearance rates below 40 per cent.
A $2,250,000 sale was achieved at The Gap in Brisbane when a modern four bedroom home with city views (below) was sold.
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Ray White agent Angela Mastrapostolos sold <a href="https://www.propertyobserver.com.au/https://raywhitepaddington.com.au/properties/residential-for-sale/qld/the-gap-4061/house/2144046" target="_blank">26 Moyry Street</a> with four active bidders.
“The buyers were a local family from Ashgrove who wanted a bigger yard for their kids - and they had stiff competition with groups coming back for third, fourth and fifth inspections," Ms Mastrapostolos said.
The house had 412 sqm internal space along with 118 sqm of balconies.
There were 1,107 capital city homes taken to auction, unchanged from last week when final results saw 1,108 auctions held.
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The steady week-on-week activity returned a preliminary auction clearance rate just at 70.4 per cent, coming in higher than last week’s preliminary figure of 68.3 per cent, which later revised down to 66.4 per cent at final figures.
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CoreLogic auction analyst Kevin Brogan noted the strengthening results over recent week was "mostly attributed to Melbourne and Sydney," where both cities have consistently reported clearances rates above 70 per cent over the past few weeks.
"The consistent trend where final clearance rates hold above the 70 per cent mark imply the market is responding to the stimulus of lower mortgage rates, improved sentiment following the federal election and lower serviceability tests for borrowers, as well as low advertised stock levels," Brogan said.
The Ray White Group, which had 188 scheduled auctions across Australia on Saturday saw an average of four registered bidders per auction and three active bidders.
Across NSW there were six registered bidders per auction. "You can feel the positivity on the ground and you get the sense the tide is really beginning to turn," Ray White NSW auctioneer Jason Andrew said.
Melbourne had the nation's cheapest sale which was $232,500 was paid in Footscray through Meallin Real Estate.
The one bedroom <a href="https://www.realestate.com.au/property-apartment-vic-footscray-131504062" target="_blank">4/3 Gordon Street unit offerin</a>g had been listed with $200,000 to $220,000 price guidance.
It last sold at $41,000 in 1988.
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Ralph Carr fails in Hawthorn amid strengthening weekend auction success rates

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The Byron at Byron Resort and Spa, frequently named in the top 10 best luxury resorts in Australia, has been sold.
Listed for sale for the first time with around $50 million hopes, it was reportedly sold for around $45 million to Syrian billionaire Ghassan Aboud.
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Harvey listed the 92-suite resort for sale in May.
Aboud has a string of east coast Australian tourism enterprises through his Crystalbrook Collection which includes the Port Douglas marina. 
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Aboud, ranked 16th on Forbes' Arab billionaires list in 2019 with a $1.75 billion estimated wealth, has a Dubai-based car export business.
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Opened in 2005, the owner-operated eco-resort is being offered by billionaire retail giant Gerry Harvey, the executive chairman of Harvey Norman.
Harvey told The Weekend Australian on listing that he believed it was worth between $40 million and $50 million.
The Broken Head Road property bordering Suffolk Park has 92 suites, a one-hatted restaurant, infinity swimming pool, tennis court, gym, lobby retail shop and a day spa.
It sits in 18 hectare of subtropical rainforest with beachfront access.
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Retail billionaire Gerry Harvey sells The Byron at Byron Resort and Spa for $45 million

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The boss of Mirvac, one of Australia's largest apartment developers, has called for an urgent lift in building standards, despite being caught up in the combustible cladding crisis.
Describing the sale of defective units as a "breach of faith", Mirvac chief executive Susan Lloyd-Hurwitz called for swift improvements to construction practices.
"Of particular urgency currently is the need to raise building standards in Australia," she said.
Lloyd-Hurwitz said it was "unacceptable" families who bought or rented apartments in good faith could find themselves without a home.
She said it was "unacceptable" for them to then face years of legal battles and substantial costs to rectify buildings.
"It's an outrageous situation as people bought them in good faith and now they have to battle through the legal processes," she said
"This breach of faith is more than just a transaction gone wrong.
"These homes represent the life savings and dreams of Australians who have invested their futures in those homes.
"People should be able to know that their homes are constructed safely, and that in the event something does go wrong, that they will have support and recourse."
She said Mirvac supported recommendations in the Shergold Weir Report.
"I don't think there needs to be [another] inquiry," Lloyd-Hurwitz was reported as saying by Nine Entertainment.
Mirvac had in fact benefited from the crisis as customers sought out a better known brand at the same time as the market was slowing, she said.
The upmarket Ikon apartment block in Potts Point is the latest Sydney apartment block to find it has dangerous combustible cladding.
The building is set to spend $420,000 on rectification 15 years after its construction by Mirvac.
The report lodged seeking permission with Sydney City Council notes, based on the risk assessment and inspection by Red Fire Engineers, suggests certain sections of aluminium composite panelling must be removed and replaced with non-combustible panelling.
Earlier this year the residents and Mirvac were still in discussion over the cost issue with its strata manager advising the Ikon owners corporation would not comment.
A Mirvac spokeswoman said the building's cladding complied with relevant rules at the time it was built.
"All completed Mirvac buildings, including Ikon, have been certified at the time as complying with the relevant fire safety standards and the Building Code of Australia," she said.
Last year Lendlease, another ASX listed developer with a proud reputation, replaced combustible panels on an apartment building at its own undisclosed cost.
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Mirvac chief calls for lift in building standards

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

Joel Robinson

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

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

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

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

Not all apartment amenities are immediately visible.

Swimming pools, gyms, rooftop terraces and residents' lounges have long featured on buyers' wishlists, but as the way Australians live has changed, so too have the features that make apartment living more convenient.

Increasingly, buyers are placing value on the practical aspects of day-to-day life. Fast internet, EV charging, secure bike storage, flexible workspaces and parcel management are becoming just as relevant as lifestyle amenities, reflecting changing habits and expectations.

Online shopping has been one of the biggest drivers of that shift.

Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally, making parcel deliveries a routine part of everyday life rather than an occasional convenience.

For apartment residents, however, receiving those deliveries isn't always straightforward.

Without someone home to accept a parcel, deliveries can be redirected to a nearby Post Office, left in building foyers or common areas, or require building management to temporarily store packages. As apartment living continues to grow across Australia's cities, parcel management has become an increasingly important consideration for both residents and developers.

Australia Post's Parcel Locker network is one response to that shift.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/KPZ9j5FRdsQ?si=Qztc1dNP3ZvEIUhb" title="YouTube video player" width="560"></iframe>

Rather than relying on home delivery, eligible parcels can be directed to a nominated Parcel Locker, where they're securely stored until collected. Once a parcel arrives, residents receive a notification through the AusPost app or SMS and can retrieve it using a one-time code or QR code at a time that suits them.

The network has expanded to more than 1,500 locations nationwide, with Parcel Lockers positioned at Post Offices, shopping centres, supermarkets, transport hubs and, increasingly, within or alongside residential developments.

That growing presence reflects a broader change in how apartment buildings are being planned.

Developers are increasingly considering the operational side of apartment living alongside traditional lifestyle amenities. Just as secure mailrooms, bicycle storage and EV charging have become more common inclusions, parcel management is emerging as another feature that supports everyday convenience.

It also helps preserve the arrival experience within a building. Carefully designed lobbies and communal spaces can quickly become cluttered when deliveries accumulate, while secure parcel solutions reduce the likelihood of missed deliveries or parcels being left unattended.

For buyers comparing apartments, these everyday details are becoming part of the decision-making process.

Location, floorplans and finishes remain fundamental, but the features that simplify daily life are carrying greater weight than they once did. As online shopping continues to shape consumer behaviour, secure parcel delivery is increasingly becoming another amenity worth looking for.

Parcel delivery is joining the apartment amenity checklist

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

Jonathan Chancellor

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