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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

Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

[smartcode_project:default project_id=110291 project_image_fid=302785]

<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

[smartcode_project:default project_id=148957 project_image_fid=364102]

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Joel Robinson

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

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Lanevick to cater for Hunters Hill downsizers with new Gladesville apartment development

Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

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One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

Jonathan Chancellor

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