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The Reserve Bank of Australia has listed a near harbourside, residential mansion in Sydney's Kirribilli.
The six bedroom Federation, Eversley mansion on 920 square metres at <a target="_blank" href="https://raywhitelowernorthshore.com.au/nsw/kirribilli/1094445/">10 Carabella Street </a>has been listed through Ray White agent Kingsley Yates for March 22 auction.
It's been across international wire services since Bloomberg News wrote the story, with property blogging conspiracists going into overdrive ever since.
No price guide has been given on the heritage listed home, <a target="_blank" href="/news">but I'd expect it could almost double the Kirribilli median house price of $2.25</a> million as the street's longtime substantial five bedroom offering, entreprenuer Simon Clausen's Burnleigh, the 1875 landmark home on 810 square metres, remains <a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house-kirribilli-nsw-2061/193990">listed with $4.4 million pricing hopes</a>.
The timing might possibly be prescient with home prices currently at record levels, but I am aware that in recent years the property has been beset with pesky landlord issues taking up much of the central bank's time.
Issues including leaking taps, pathway descaling, problematic cistern, dangerous tree limb decay, low pressure hot and cold shower water, hazmat requirements, leaking roof tiles, balustrade compliance, damp kitchen ceiling, decaying front garden fencing, the back fence replacement, bathroom grouting issues, possums in the fiddlewood tree, beeping fire alarm on the first floor, and the failing light above the sandstone stairs that meant the steps were dangerous. At one point rental abatement was given.
{qtube vid:=NSNwiUdyvFg}
Some of the landlord-tenant issues apparently even needing the governor Glenn Stevens' attention over the past few years or so. They quite simply have better things to do with their time and money.  
There was already a $180,000 refurbishment in 2011 and some $140,000 estimated to repair the bathrooms more recently.
The now renovated and refurbished house, split into two apartments, is one of an estimated 70 freestanding homes in the suburb. It is a two storey brick house with multi-gabled slate roof, plus timber shingles to gable ends and verandahs. There is stone voussoirs to large semi-circular leadlighted window and leadlight at entry porch. The upstairs has around 199 square metres of space - at a $1,125 weekly rental. There was 218 square metres of space downstairs - with the rental details not known by me as it was on an expired lease arrangement.
Let's say the rental yield - from my back of an envelope calculations - was 2.9% - hardly the right signal of the bank who wantas to convey fiscal wisdom.  
But it was a great asset as it was bought in April 1986 under Bob Johnston's governorship just before the Sydney market took off in its record boom for $630,000. I recall it was snapped up within two weeks of its 1986 listing as it provided not only a landbanking opportunity for the central bank, but also to provide overflow accomodation for lecturers participating in the 1988 SEANZA conference. Only oldtimer RBA watchers like Alan Mitchell, Ross Greenwood and Terry McCrann would know the establishment of South East Asia, New Zealand, Australia (SEANZA) grew out of a 1956 meeting of central bank governors from the Asia-Oceanic region.  Ensuring the landbanking opportunity, the RBA also bought next door, 8 Carabella Street in the very next month, May 1986 for $575,000, which was 14 flats in a historic building with three storey Italianate tower on 799 square metres. Its heritage listing describes it as having simplified Italianate details used with restraint. It was incorporated into the bank's then conference centre plans for its longtime holding at 112a Kirribilli Street, joined by a two level brick-walled passage between 8 Carabella Street and the large new development adjacent.
The property adjacent to 8 Carabella Street is the RBA's training and conference property, the H.C. Coombs Centre for Financial Studies on Kirribilli Avenue.  The centre has 30 guest rooms – 12 with harbour views and 18 with garden views.
The site where the H.C. Coombs Centre for Financial Studies now stands originally housed a guest house but following its acquisition by the Commonwealth Bank the building was turned into a residential training college for staff.
The Reserve Bank inherited the building in 1960 using the premises to host interstate staff employed by the Bank at residential courses.
The tenants of one of the apartments within 10 Carabella Street gave notice of their plans to vacate in mid-2013, but the other tenant wanted to stay despite the poor bathroom, and even sought to buy it off the bank directly.
“The bathroom works have been planned for some time and for this reason, the latest lease term of one year was offered," bank email correspondence shows.
“I note your request to negotiate off market for the acquisition of the property, if the bank decided to sell it for reasons of probity and in the taxpayers' interests, it would approach the market transparently and at arm's length.
"It would be improper for the bank to negotiate a sale that was not transparent and it would not do so” emailed Linh Gutierrez, the RBA senior manager property services.
news@propertyobserver.com.au
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jchancellor-FAypfDUnLy

No more landlord niggles, as RBA lists excess $4 million Kirribilli residential property 

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Even before the final wet weekend auction results were tabulated, Australian Property Monitor's senior economist Dr Andrew Wilson was labelling some results as "heady."
Especially the $525,000 over reserve sale at McMahons Point knocked down to an Oatlands developer who paid $3.725 million for the waterfront opportunity with strong bidding from a Singaporean buyer. More than $3.1 million had been the price guidance on the 478 square metre West Crescent Street block given the prior 2013 unsuccessful auction campaign. It had been held by the same family for six decades. 
Dr Wilson also described $210,000 over reserve at $1.21 million Lane Cove West as "heady."
"It will stop, it's not a runaway train, just a strong locomotive," he told 2UE.
Commenting on Harry Dent, the forecaster telling a weekend Sydney audience that property prices would fall by at least 27% in the harbour city, Dr Wilson dismissed the claim.
"Harry said these things two years ago and they didn't pan out," Dr Wilson said.
There was a preliminary 81% clearance rate in Sydney with a $1.01 million median price for houses and $688,000 for units, according to Australian Property Monitors.
Interestingly the revised figures for the weekend's so far in February have put the actually success rate at under 80% both times, so it would appear the initial Saturday night figure is inflated a tad.
The February 8 result was revised to 78.8%, down from the 84.4% initial Saturday night tally.
The February 1 result was revised to 77.5%, down from the initial 80.3% initial Saturday night tally.
<a target="_blank" href="https://www.propertyobserver.com.au/residential/diy-cooley-auctions-beckons-sydney-s-probably-passionate-valentine-s-weekend-auctions/2014021467776">The weekend kicked off well on Friday night when leading Sydney auctioneer Damien Cooley sold his own Naremburn house</a>.
One of Damien Cooley's Saturday morning auctions was in Surry Hills selling at $140,000 over reserve. It was a Mary Street offering that fetched $1.34 million high among the 35 sales of its 43 listings.
The auctionservices.net.au team secured 21 of its 24 offerings selling under the hammer.
"The rain and wet conditions did little to impact big crowds and registered bidders," auctioneer Rocky Bartolotto said.
"By the end of the day average registrations were at 7.5 buyers per property. 
"This is up 20% from February 2013 from our records," he said.
Inner west sales included 27/177 Salisbury Road, Camperdown for $730,000 through Maria Magrin of Belle Property, Annandale.
It was a top floor one bedroom unit with over 100 square metres space. Some 100 watched as it exceeded its reserve price of $680,000 with 10 registered bidders.
"All but three were left to fight it out after a strong opening bid of $670,000," he said
The buyers were a retired couple downsizing. 
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Neither rain, nor Harry, could dent weekend market, but APM economist Andrew Wilson calling the Sydney market "heady"

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Amanpuri, previously known as Restella, one of the great estates in the west of Sydney, has been sold for $5.6 million.
The three hectare property at 269 Cobbitty Rd, Cobbitty had been listed for sale for $7 million in late 2012.
The asking price was at $6.25 million more recently with the Combined Real Estate agency.
It's a nine bedroom house with a pool said to have cost $500,000.
It previously sold at $4.5 million in 2008 having been the family home of Fincorp property investment and development group chairman, Eric Krecichwost and his wife, Tiffany.
It was in 2004 when Castle Hill-based Chateau Homes was commissioned to build the $1.8 million palatial residence on a three-hectare plot purchased for $1.08 million in 2003. At the time, the land price represented a Cobbitty record for acreage of less than four hectares by Krecichwost who had lived around the nearby Camden area for several years making a living selling vacuum cleaners.
Fincorp collapsed in early 2007, owing $200 million to 8,000 secured and unsecured noteholders with their money used to buy land and fund property developments in NSW, Victoria and Queensland.
Fincorp's administrator eventually sold the portfolio enabling secured noteholders to receive just over half their money back.
The unsecured noteholders also secured some of their money back from an out-of-court settlement with Fincorp's trustee company.
A District Court jury found that in September and October 2003 he dishonestly signed three company cheques for $900,000, $825,000 and $1,980,000 to pay for services that were never provided. Mr Krecichwost personally received most of the proceeds from those cheques.
On sentencing in 2011, District Court Judge Woodburne noted animosity towards Eric Krecichwost was strong, and he had been threatened by organised criminal as an investor in Fincorp had associations with a bikie gang.
Mr Krecichwost was sentenced to imprisonment for three years and six months with a requirement he serve eight months before being eligible for parole. The non-parole period was significantly reduced because of exceptional circumstances relating to the effect that imprisonment would have upon a dependent of Mr Krecichwost. 
Eric Krecichwost lodged an appeal against his conviction which was heard by the Court of Criminal Appeal in April 2012 and dismissed on all eight grounds on which he sought to rely.
An application to the High Court of Australia for permission to appeal the decision of the Court of Criminal Appeal was refused in November 2012.
Consequently Eric Krecichwost , who was released on parole on December 7, 2011, remains disqualified from managing a corporation for five years from the date of his release from prison.
Other recent sales in the neighbourhood have included Belleair, the Coates Park Road home on six hectares of paddocks, lawns and landscaped gardens, which sold for $2,495,000.
<a href="/news">Cobbity's median house price sits at $800,000</a>, according to RP Data.
<a href="mailto:news@propertyobserver.com.au" target="_blank">news@propertyobserver.com.au</a>
 
 
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Amanpuri, one of the great estates of west Sydney sells for $5.6 million

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The historic 2,420 hectare farm, Blackwood near Dunkeld has been sold by the Ritchie family, bringing its association to an end for a second time.
There are unconfirmed suggestions the sale reputedly at around $14 million was to one of China's biggest textile manufacturing companies.
Blackwood was marketed as a western districts icon, with a history dating back to 1842, and outright ownership by the Ritchie family dating back to 1845. It is actually the second time the property has been sold by the Ritchie family as it was bought back in 1927 after an 11 year gap following the great war.
<a href="https://www.eldersrealestate.com.au/office/vic/rural/buy/property-cropping-vic-penshurst-554513" target="_blank">The Elders website says it is under offer</a> with Shane McIntyre unable to confirm any details.
The Blackwood homestead, with private cemetery, is located on the Dunkeld - Blackwood Road, eight kilometres north east of the township of Penshurst.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/stories/2014/02/17/penshurst_feb_17_one.jpg" alt="penshurst_feb_17_one" width="470" height="313">
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.
News Ltd papers suggest the buyer was Zhejiang RIFA Holding Group which credits itself as worth more than 10 billion yuan ($1.9 billion) having been established in 1993.
While carrying cattle and cropping, Blackwood could be used by RIFA to breed and showcase the thousands of fine-woolled merino sheep.
RIFA executives had previously been undertaking study trips to Western Australia with InvestWest foreign investment agribusiness head Verghese Jacob advising representatives on opportunities in the sheep supply chain.
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.
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. 
Heritage Victoria records show in 1893, Robert Blackwood Ritchie (known as R.B Ritchie) married Lillian Mary Ross, the daughter of pastoralist, William Ross of the neighboring run The Gums.
R. B and Lillian had two children, Robert Blackwood Ritchie II (known as Robin) born in 1894, and Alan Blackwood Ritchie, born in 1895.
In 1897, Lillian died at Blackwood, and R.B took his two young sons to Scotland to be raised by his mother Janet, while he returned to Australia and was elected to the Victorian Legislative Assembly as the Western Province representative between 1903-07.
In 1916, R.B sold the homestead and 3,800 acres to James Robertson of Skene, after his eldest son, known as Robin was killed on the Somme in France in World War I in 1916.
R.B bought his younger son, Alan, to visit Blackwood after the war in 1919, and took joint ownership of the remaining Blackwood land. But after his wife Naomi drowned while swimming the property was sold in 1924.
Alan Ritchie returned to Australia after graduating in 1924, and in 1927 purchased back the homestead and 3,800 acres which had been sold in 1916. 
Alan Ritchie married a Canadian woman, Margaret Witcomb, having met her in London on a three year absence from Blackwood.
They had four children, Robin, Judith, Blyth and Linton between 1937 and 1946. When their eldest son, Robin, married in 1965, Alan and Margaret left Blackwood. 
<a href="mailto:news@propertyobserver.com.au" target="_blank">news@propertyobserver.com.au</a>
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Ritchie's sell bluestone Blackwood in Western Victoria to Chinese interests

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The NSW first home buyers' market has had an $8.5 billion injection of funds from government grants since the July 2000 first buyers grant introduction.
The residents of the <a href="/news">Liverpool</a> postcode are the biggest beneficiaries with some $169 million in grants to around 10,000 home buyers.
<a href="/news">Westmead</a> ranks second in the list of the 20 postcodes, which usually relate to more than one suburb or town.
Only <a href="/news">Wagga Wagga</a> sits on the list from outside the greater Sydney metropolitian postcodes, although <a href="/news">Gosford</a> and <a href="/news">Wyong</a> are on Sydney's outskirts.
The postcode closest to the CBD is <a href="/news">Dee Why</a>.
All up the top 20 postcodes have received some $1.69 billion in grants.
As I wrote recently, <a href="/news">just $200 million was given in first home buyer grants across NSW last year</a><a href="/news">.</a>
<a href="https://www.osr.nsw.gov.au/sites/default/files/file_manager/fhog_apps_received_3.pdf" target="_blank" rel="nofollow">It was the lowest year </a> since the scheme was introduced on 1 July 2000 to offset the effect of the GST on home ownership.
Looking foward, APRA statistics indicate that there are 45,300 First Home Saver accounts in existence, which allows generous federal government tax treatment of funds on deposit.
Click to enlarge
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<a href="mailto:news@propertyobserver.com.au" target="_blank">news@propertyobserver.com.au</a>
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Liverpool tops list in the $8.5 billion first home buyers' grant giveaway

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The Hawthorn vice-captain and two-time premiership winning star, Jarryd Roughead, has listed his former Burwood home.
The three-bedroom, two-storey house has been leased to young teammates since just after the 2011 AFL Grand Final, when Roughead moved to <a href="/news">Hawthorn</a>.
The powerful forward won the 2013 Coleman medal as the competition's highest goal kicker, en route to All-Australian selection and premiership glory.
<a href="https://www.jelliscraig.com.au/property/BURWOOD-75-Parer-Street/6656221/#.UwAjbP1K6AI" target="_blank">Talia Tomaino, of Jellis Craig, is quoting $650,000-plus for its March 1 auction</a> with 60 or 90 day settlement.
The 75 Parer Street house is close to Deakin University.
The Burwood home on 320 square metres was bought for $525,000 in 2006 in his second AFL season after relocating from Leongatha to play for the Hawks.
<a href="/news">Burwood</a>'s median house price sits at $715,000, up just the 1.4% over the past year, according to RP Data.
<a href="mailto:news@propertyobserver.com.au" target="_blank">news@propertyobserver.com.au</a>
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Hawk star Jarryd Roughead lists redundant Burwood investment home

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Leading Sydney auctioneer Damien Cooley's own Sydney home in Naremburn sold at Friday night auction, kicking off the weekend with a bullish result.
His auctioneer brother, Andrew Cooley from Cooley Auctions, knocked down the Darvall Street house (pictured) at $1,707,000 after the Chinese/Australian underbidder unexpectedly declined the chance to go to $1,708,000.
Damien and his wife Peppi paid $775,000 for the corner home, renovating, extending and building up, so they had confident $1.4 million plus hopes.
The neighbours - and there must have been 150 plus at the onsite auction - had told Property Observer pre-auction that $1.6 million plus was in the neighbourhood's expectation. Bidding started at $1.2 million, with the second bid at $1.6 million, showing the firmness of buying intent. There were the three major bidders in the running from then onwards. 
The current Naremburn median is $1.26 million, according to RP Data.
It was sold by conjunctional agents, the LJ Hooker Willoughby agent John McManus and Peter Chauncey at McGrath who had more than 250 groups through during the marketing campaign and issued 30 plus contracts. 
<a href="/news">It's Valentine's Day timing was co-incidence</a>.
Sydney will have 470 auctions this weekend - some 200 more than the same weekend a year ago. Next weekend is a record 770 for a February Saturday.
Australian Property Monitors says the inner west is the most active region with 74 auctions followed by the upper north shore with 69, the south with 68 and the city and east with upper north shore with 61 auctions scheduled.
APM senior economist Dr Andrew Wilson says Beecroft and Eastwood on the upper north shore are the most popular suburbs for auctions each with eight listings.
Redfern is next with seven, followed by Birchgrove and then Epping, Ryde and St Ives each with six scheduled auctions.
Last weekend there were 296 auctions and 90 odd in the first weekend back in February.
So far this year the weekend clearance rate has been 77% and the preliminary 84% from last Saturday.
The year's success rate sits almost 20 percentage points higher than the 62 per cent recorded over the same time last February.
The top performing regions last weekend were the northern beaches and Canterbury Bankstown, each with 100 per cent clearance rates.
Last weekend's dearest was 6 Long St, Strathfield, a four bedroom house sold at $2,280,000.
The weekend's cheapest was at Arncliffe, when the one bedroom ground floor unit at 2/1 Stanley Street sold pre-auction for $285,000.
 
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DIY Cooley Auctions beckons Sydney's probably passionate Valentine's weekend auctions 

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The weekend offering at 4 Lincoln Avenue, Glen Waverley sold for $1,100,888 at onsite auction.
It appeared the Biggin &amp; Scott agency exquisitely timed the auction listing for the February 8 Saturday of the ?????? (Chinese New Year).
I am is aware it did fail to sell during last year's private treaty campaign which kicked off in October - and nothing came from its sale by fixed date January 13, 2014 marketing strategy either.
The final auction bid included the number 88 – the Asian symbol of good fortune and good luck.
Though I wonder just who was the luckiest.
<a href="https://www.propertyobserver.com.au/https://glenwaverley.bigginscott.com.au/property/details/62" target="_blank">It sold through Biggin &amp; Scott agents Ming Xu and Joe Monea.</a> 
Set in a quiet tree-lined, no-through road, the four bedroom house sits within the sought after Glen Waverley Secondary College Zone in the City of Monash. 
The 702 square metre property was also presented as an opportunity for developers.
The marketing kicked off last October, with vendor Alex Paszkiewicz's decision to list followed the death of his mother earlier last year.
It was the 1960s home that he and his sister grew up in, he told the local paper.
When he was inviting agents to pitch for the listing last October, under no time pressure to sell. With the gut feeling that prices will continue to rise into this year, one local agent indicated to him they had 46 buyers for every local property.
Agents had also indicated family homes were selling before it was official listed - sometimes within a day.
<a target="_blank" href="/news">Glen Waverley's current median house price is $778,000</a>, according to RP Data.
Local agents say families of Chinese descent have bought about 25 of the street's 70 or so homes since the initial acquisition in 1993.
The street's previous highest sale was $1.85 million in 2012, one of six sales above the $1 million mark in the past two years.
{yoogallery src=[images/stories/2014/02/14/glen]}
Also on the weekend Trevor Fernandes of Ray White sold a four-bedroom, three-bathroom house at <a target="_blank" href="https://www.realestate.com.au/property-house-vic-glen+waverley-115789327?">92 Capital Avenue, Glen Waverley</a> (pictured above) which was in the Highvale Secondary College zone.
It was sold for $851,000 - well over its reserve of $750,000 after bids from eight parties. That lucky number again!
news@propertyobserver.com.au
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Happy Chinese New Year as 1960s Glen Waverley house sells for $1,100,888 on lucky third attempt

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Here is the first look inside Tasmania's gambling arts patron David Walsh full-floor penthouse atop the Harry Seidler-designed Horizon, Darlinghurst tower.
It's being scheduled for March 15 auction <a target="_blank" href="https://www.ballardproperty.com.au/Buying/Search/residentialresult/residentialdetail.aspx?id=WOOLLAHRA%202012237&amp;wlid=57e94a53-15a1-4a6f-abe1-6c71d5563102">through Bill Bridges of Ballard Property Group.</a>
The proprietor of the much-admired MONA gallery and Moorilla Estate vineyard, is set to include select artworks from his private collection, including a watercolour triptych on paper by John Olsen, to sweeten the property deal. But given the works are not within the contract - who would want to pay stamp duty unncessarily - it will involve a separate set of negotiations.
There is also a long prominent Michael Johnson art work on the curved wall that Title Tattle imagines would be more likely to stay, although it too is not actually part of the contract's inclusions.
The speculated price is $16 million plus for the 43rd-floor penthouse.
It was bought from property developer Lang Walker in 2002 for $10 million through Bill Bridges, and exceeded Sydney's then $8-million penthouse record. The three-bedroom apartment covers 586 square metres of living space wrapped in deep curved terraces and also has six car spaces.
"This is undoubtedly the best view I have seen in my 57 years as a real estate agent," Bridges says.
Walsh briefly tried to sell in 2006 for $16 million, but at the time there was an accute oversupply of upper-floor stock in the landmark Forbes Street block. Back then the property developer Bob Ell had his abode - a four-bedroom, four-balcony, 565 square metre whole floor 40th-level apartment for sale. As did the celebrity manager Harry M. Miller, who was looking for a buyer for his 41st-floor, 470 square metres apartment. Both have long sold clearing the way for the Walsh relisting.
Developer Elarosa's commissioning of Harry Seidler's 43-storey skyscraper was credited with taking Darlinghurst out of its damp terrace era.
Walsh has recently had a Coco Republic custom furniture fitout with the aim of enhancing its appeal to Chinese buyers as a home and corporate home office suite, which would perhaps help on the annual strata levy deductability.
<a href="https://sydneysothebysrealty.com/4177541/11-1-Macquarie-Street-Sydney" target="_blank">Nothing extra being thrown in down at the Toaster</a> (pictured below), but it is worth a look inside too.
{yoogallery src=[images/stories/2014/02/14/syd]}
The while 11th floor Toaster, Bennelong apartment comes with $30 million plus hopes.
<a target="_blank" href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
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Title Tattle's peek inside David Walsh's Horizon penthouse complete with possible artwork inclusion

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Leading Sydney auctioneer Damien Cooley's own Sydney home in Naremburn (pictured above) goes to auction today, Valentine Day's 2014.
He says it's not a romantic marketing attempt, but because his auction agency has got 30 auctions to bring the hammer down at on the weekend for estate agency clients.
He certainly does keep a busy schedule as last year his tally was 1,600 plus auctions at Cooley Auctions. And last night he sold all seven offerings through RaineHorneBBDB with the highlight being 1A Strickland Street, Rose Bay which sold for $2.825 million.
But there's no debate today from our commentators who love the merits of selling on Valentine's Day. Better than carnations that will wilt tomorrow.
HE SAID:<img style="float: right;" alt="jc-silhouette-5" height="188" width="125" src="/images/stories/2013/09/06/jc-silhouette-5.jpg">
Much of property purchasing is about emotion. So it could be more emotional than most auctions tonight given the Valentine's Day fervour. This one's even got brotherly love as Damien Cooley has entrusted his brother, Andrew Cooley, to be the auctioneer when 46 Darvall Street goes to auction tonight at 6.30pm.
I recall it was bought by Damien and his wife Peppi in 2006 - just the weekend after they returned from their honeymoon. They bought the Darvall Street property for $775,000 and now have hopes of more than $1.4 million. That's just above the current <a target="_blank" href="/news">Naremburn median of $1.26 million, </a>according to RP Data.
Damien is spreading the love around too with conjunctional agents, the <a target="_blank" href="https://www.realestate.com.au/property-house-nsw-naremburn-115909579">LJ Hooker Willoughby</a> agent John McManus and Peter Chauncey at <a target="_blank" href="https://www.mcgrath.com.au/buy/house-naremburn-nsw-2065/206856/?searchID=36518264">McGrath</a>. They say more than 250 groups had been through during the marketing campaign. And at last count 30 plus contracts issued.
And just between us blokes, Damien actually didn't even realise it was Valentine's Day when the auction date was set. It was supposed to be Friday February 21, but was brought forward one week since the early bird marketing was going great. 
 
<img style="float: left;" alt="mb-silhouette-4" height="188" width="125" src="/images/stories/2013/09/06/mb-silhouette-4.jpg">SHE SAID:
Damien and his wife Peppi have not only extensively renovated the three-bedroom Victorian-style home but also raised their three children Eva, 4, Dax, 3, and one-year-old Tom at the home.
They gutted the house and built up out the back behind its gorgeous facade and quaint fence. The master bedroom has built-in robes and Travertine ensuite with cosy in-floor heating and heated towel rails. And built-in window storage seat.
With its high ceilings, Blackbutt timber floors, plantation shutters and pale neutral palette, it is hard not to absolutely love this house, the aspect and the location, as have the Cooley family who are sad to let the house go, but life changes.
They need a bigger house now and have bought a home in <a href="/news">Artarmon</a>. Buying before you sell is a risk, but not in this market and on this special day. Here's just hoping the rain stays away to make it perfect.
news@propertyobserver.com.au
 
 
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Valentine's Day property auctions? He Said/She Said

<a href="https://www.apartments.com.au/developers/abadeen">Abadeen</a> and <a href="https://www.apartments.com.au/developers/perifa">PERIFA</a> have celebrated the topping out of <a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf,</a> marking a significant milestone in the delivery of one of Syd​ney's most anticipated waterfront communities.

Located on Sydney's harbourfront at <a href="https://www.apartments.com.au/developments/putney-nsw-2112">Putney</a>, the project has now reached its highest structural point, with construction progressing strongly towards completion in 2027. 
&nbsp; 
The milestone was celebrated on-site with project partners Phoenix Property Investors, Mitsubishi Estate Asia, Versatile Construction, <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, consultants and stakeholders, to recognise the collective effort behind the transformation of the historic waterfront site into a vibrant new residential, marina and lifestyle destination.

[smartcode_project:default project_id=13962 project_image_fid=362240] 
&nbsp; 
<a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> will deliver a mix of waterfront residences and terraces, complemented by a private 36-berth marina, waterfront dining opportunities and a revitalised foreshore designed to reconnect the community with the river's edge. 
&nbsp; 
Abadeen Executive Chairman and Founder Justin Brown said the project represented a rare opportunity to create the next chapter in Sydn​ey's long history of successful waterfront precincts. 
&nbsp; 
"Throughout Sydney, some of the city's most sought-after addresses have emerged from carefully considered waterfront precincts such as Woolloom​ooloo Wharf, Walsh Bay and Breakfast Point," Brown said.

[smartcode_project:default project_id=13962 project_image_fid=362566] 
&nbsp; 
"What makes these places so successful is that they become much more than residential developments," Brown said.

"They bring together homes, hospitality, marina facilities, public spaces and a strong sense of community in locations where future supply is incredibly limited."

Brown has long described absolute waterfront land in Sy​dney as "finite."

"Once these opportunities are developed, they are rarely replicated. That's why Syd​ney's waterfront precincts have consistently demonstrated strong demand and long-term value growth over many decades. 
&nbsp; 
"<a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> is one of the few remaining opportunities to secure a residence within a masterplanned waterfront community that combines direct water access, marina ownership opportunities and a genuine village lifestyle just moments from the Sy​dney CBD."

[smartcode_project:default project_id=13962 project_image_fid=362564] 
&nbsp; 
PERIFA Founder and Managing Director Fabrizio Perilli said the project reflected a shared commitment to delivering exceptional places that create long-term value for residents and the broader community. 
&nbsp; 
"The topping out milestone is a significant achievement for the Versatile Group and a testament to the collaboration between all project partners, consultants and contractors involved," Perilli said. 
&nbsp; 
"Beyond the residences themselves, <a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> will establish a new waterfront destination that celebrates the history, character and lifestyle of this unique location while creating a lasting legacy for future generations."

[smartcode_project:default project_id=13962 project_image_fid=291195] 
&nbsp; 
Construction is being delivered by <a href="https://www.apartments.com.au/builders/versatile">Versatile Construction</a>, with structural works now substantially complete across the precinct. Attention will progressively shift to the construction of the waterview terraces, apartment façades, services and interior fit-out works over the coming months. 
&nbsp; 
With limited residences and marina berths remaining, <a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> continues to attract strong interest from owner occupiers and downsizers seeking a premium waterfront lifestyle within close proximity to Putne​y Village, Rh​odes, Top Ry​de and the Syd​ney CBD. 
&nbsp; 
As one of the last opportunities to secure a residence within a new masterplanned waterfront community on Sy​dney Harbour, <a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> is expected to remain a highly sought-after address for years to come.

[smartcode_project_cta:default project_id=13962]

Joel Robinson

Abadeen, PERIFA, top out Putney Wharf harbourfront precinct

Kew has long been regarded as one of Melbourne's premier residential suburbs. It's a location defined by its grand period homes, leafy streets and some of the city's most prestigious schools, yet it has often sat just outside the spotlight cast on neighbouring Hawthorn and Camberwell.

Increasingly, however, buyers are recognising that Kew offers much of what draws people to those suburbs, with a quieter residential setting, exceptional amenity and long-term owner-occupier appeal.

Within a few minutes' walk, residents can access Kew Junction, one of Melbourne's most established village centres. Cafés, bakeries, restaurants, supermarkets, boutique retailers and everyday services are all on the doorstep, with local favourites including Centonove, Adeney Milk Bar Cafe, and Frank &amp; Harri creating the type of walkable lifestyle that has become increasingly difficult to find in Melbourne's inner east. Beyond the immediate neighbourhood, Glenferrie Road's renowned shopping and dining precinct in Hawthorn and the retail, dining and entertainment offerings of Camberwell Junction are both just a short drive or tram ride away.

The suburb is equally well connected. Tram routes 48 and 109 provide direct access to the CBD, while High Street and Cotham Road connect residents to the wider inner east.&nbsp;Nearby access to the Eastern Freeway also places the Yarra Valley, Mornington Peninsula and Melbourne Airport within easy reach, adding another layer of convenience for weekend travel.&nbsp;It's a rare combination of connectivity and tranquillity, where quiet residential streets sit just moments from some of Melbourne's most established shopping and lifestyle precincts.

For families, Kew remains one of Melbourne's most tightly held addresses. Carey Baptist Grammar School, Xavier College, Methodist Ladies' College, Trinity Grammar, Ruyton Girls' School and Genazzano FCJ College are all nearby, while the Yarra River parklands, walking trails and sporting clubs provide another layer of lifestyle appeal.

It's within this established pocket that developer Ricdanic is delivering <a href="https://www.apartments.com.au/new-apartments/wimba-ave-kew-9-11-wimba-avenue-kew-vic-3101">Wimba Ave</a>, a boutique collection of just 13 residences across two buildings named after its location on the tree-lined Wimba Avenue,&nbsp;within one of Kew's most prestigious pockets where homes have been known to sell up to and above $8 million.

[smartcode_project:default project_id=140755 project_image_fid=354809]

The residences prioritise the space that buyers are increasingly searching for but struggling to find in established suburbs. Living areas extend beyond five metres in width, ceiling heights range from three to five metres, and apartments open onto private gardens averaging around 125 sqm. Selected residences also feature balconies of approximately 60 sqm, while premium inclusions include Miele appliances, double-glazed windows, EV readiness, fully electric systems and a 7.2 NatHERS energy rating.

Architect Chris Idle says opportunities to deliver homes of this scale within established suburbs have become increasingly uncommon.

"There are very few opportunities to do these kinds of developments in leafy, established suburbs," he says. "To get this level of amenity, natural light, and architectural freedom in such a setting is extremely rare."

[smartcode_project:default project_id=140755 project_image_fid=366267]

The architecture draws on Kew's established character through the use of handmade Krause bricks, while landscaping by John Patrick introduces 23 plant species, including nine native varieties, creating an environment which focuses just as much on nature as it does the building.

Construction on Wimba Ave is well underway by renowned high-end builder Sinjen, with completion expected in late 2027. Prices start from $2.22 million.

[smartcode_project_cta:default project_id=140755]

The enduring appeal of Kew's tree-lined streets and village lifestyle

"For me, it's the location." That was the first thing Chris pointed to when reflecting on why he and his wife Marita decided to purchase at Candela Ivanhoe, the under-construction new apartment development by Salter Brothers in the heart of the north-eastern M​elb​ourne​ suburb. ​

"We've lived here before… everything is here," Chris said.

"Our doctor is around the corner, there's dentists, pilates, everything we need, restaurants, fast food places, two train stations, Ivanhoe and Darebin, both in walking distance. You don't need anything else."

<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/X8K0Bozug7A?si=Puwc6vx_ZO0qQZF8" title="YouTube video player" width="560"></iframe>

Just 10 kilometres from Melbo​urn​e's CBD, Ivanhoe combines direct city connectivity with the amenity of an established village community. Residents have access to highly regarded schools, expansive parklands, public transport, and a thriving retail and hospitality precinct centred around Upper Heidelberg Road, all within a neighbourhood that has retained its leafy character despite its proximity to the city.

<a href="https://www.apartments.com.au/new-apartments/candela-ivanhoe-40-upper-heidelberg-road-ivanhoe-vic-3079">Candela Ivanhoe</a> sits within the heart of this established landscape, positioned just moments from Ivanhoe Village and within walking distance of many of the suburb's most sought-after amenities.

[smartcode_project:default project_id=342 project_image_fid=364553]

From Candela, residents can access cafés, grocers, wine bars, restaurants and essential services on foot, while Ivanhoe Station and Darebin Station provide direct connectivity across Mel​bour​ne. The development is also surrounded by some of the suburb's best-known lifestyle destinations, including Pinkie, Laurent, Enni, Docasa and Woodfire Pizza e Cucina, alongside Ivanhoe Plaza, Woolworths, pharmacies and specialty retailers.

Green space is another defining feature of the suburb. Darebin Parklands, Ivanhoe Park, Nellie Ibbot Park and the Yarra River trail network provide extensive opportunities for recreation, while Ivanhoe Golf Course and Ivanhoe Tennis Club continue to underpin the area's long-established lifestyle appeal.

The suburb's education offering further strengthens demand. Ivanhoe Grammar School, Ivanhoe Girls' Grammar School, Mary Immaculate Primary School and Ivanhoe Primary School have helped establish the area as one of Melbou​​rne's most sought-after schooling precincts, attracting families and downsizers alike who want to remain connected to the area.

[smartcode_project:default project_id=342 project_image_fid=357510]

While location was the priority for Marita and Chris, the project itself also needed to meet their expectations.

"Whilst location was paramount, I was also looking at design of the environment and Candela ticked every box," Marita said.

"We're just thrilled with our choice."

[smartcode_project:default project_id=342 project_image_fid=336455]

Developed by <a href="https://www.apartments.com.au/developers/salter-brothers">Salter Brothers</a>, Candela Ivanhoe has been designed to complement its village setting, with an emphasis on generous floorplans, natural light and practical everyday living.

Residents will have access to a range of shared amenities, including a communal rooftop garden and dedicated residential lounge, complemented by a ground-floor café and lifestyle wellbeing centre, helping foster the sense of community already emerging among future owners.

That approach has resonated strongly with the market. More than 90 per cent of purchasers at Candela Ivanhoe are owner-occupiers, with buyers ranging from downsizers and second-home buyers to young families and first home buyers, creating a genuinely multi-generational community of grandparents, parents and children. It reflects a broader shift across Melbo​​urne's apartment market, where buyers are increasingly prioritising neighbourhood quality, lifestyle amenity and long-term liveability.

Currently under construction by Ironside, Candela Ivanhoe comprises 58 apartments. Candela Ivanhoe is scheduled for completion in the coming months, and residents can move in from September. One to four bedroom residences, prices from $649,000 and limited opportunities remaining.

[smartcode_project_cta:default project_id=342]

Location and lifestyle drive demand at Candela Ivanhoe

As apartment buyers increasingly look beyond the four walls of their residence, the quality and depth of shared amenity has become a defining factor in how developments are designed and experienced, particularly in the high-rise, new apartment development space.

In Southbank, where high-density living continues to evolve, developers are placing greater emphasis on creating environments that support wellbeing, connection, and convenience as part of everyday life.

That approach sits at the heart of <a href="https://www.apartments.com.au/new-apartments/aura-at-melbourne-square-7-hoff-boulevard-southbank-vic-3006">AURA</a>, the latest residential tower in <a href="https://www.apartments.com.au/developers/osk-property">OSK Property</a>’s $3.5 billion Melbourne Square precinct. Rising 67 storeys above Hoff Boulevard, the 673-apartment development has been conceived around what OSK describes as a “vertical wellness ecosystem”, a layered collection of amenities that extends throughout the building rather than being confined to a single podium level.

[smartcode_project:default project_id=151921 project_image_fid=370263]

The amenity offering begins on the seventh level within the AURA Club, a dedicated resident hub focused on health, relaxation, and daily convenience. Here, residents will have access to an indoor swimming pool, cold plunge, spa, sauna, and steam room, alongside a fully equipped gym, reformer Pilates studio, and yoga room.

The wellness facilities are complemented by a range of spaces that acknowledge the changing ways people live and work. Work-from-home lounges and co-working areas sit alongside a library, music room, games room, cinema facilities, and open-air terrace spaces, providing residents with flexible environments that can adapt throughout the day.

[smartcode_project:default project_id=151921 project_image_fid=367468]

Beyond the internal amenity, AURA introduces a series of Japanese-inspired gardens that form a quieter counterpoint to the tower’s social spaces.

Landscaped retreats feature curated outdoor dining, tranquil courtyard seating, fire pit, and a tea house pavilion. Rather than functioning as simple recreational areas, the gardens have been designed as places for reflection and informal gathering, drawing on principles of balance, nature, and calm that underpin the project's broader design philosophy.

[smartcode_project:default project_id=151921 project_image_fid=367810]

The social amenity continues to evolve as residents move higher through the building. Levels 49 and 50 house the Meridian Club, where a lounge bar, conservatory spaces, and private dining rooms take advantage of elevated city views. At the summit of the tower, the exclusive Cumulus Club spans Levels 66 and 67, offering additional lounges, private dining, and meditation and treatment rooms positioned above Melbourne’s skyline.

For OSK Property, the extensive amenity offering reflects a broader focus on wellbeing as a core component of apartment living rather than an added feature.

“Aura stands tall as an exemplar of holistic wellness – its focus on social, physical and mental health culminate in a building that is calming, restorative and relaxing, where residents will have their own sanctuary within the well-connected and sought-after Southbank,” says OSK Property CEO Chong Boon Woon.

[smartcode_project:default project_id=151921 project_image_fid=367796]

AURA’s amenity strategy extends beyond the tower itself through its integration with the wider Melbourne Square precinct.

Residents will have direct access to Kennedy Park, Southbank’s 3,745 sqm landscaped public park, alongside a full-line Woolworths supermarket, childcare centre, hospitality venues, and approximately 1,600 sqm of additional retail planned within AURA’s lower levels. Together, these elements create a highly connected residential environment where daily needs, recreation, and wellness are woven into the fabric of the community.

[smartcode_project:default project_id=151921 project_image_fid=370253]

As Melbourne’s apartment market continues to mature, developments are increasingly judged by the lifestyle they provide beyond individual residences.

Through its combination of wellness facilities, landscaped retreats, social clubs, and precinct-wide amenity, AURA represents a shift toward a more comprehensive model of vertical living, one where shared spaces play as significant a role as the homes themselves.

[smartcode_project_cta:default project_id=151921]

AURA elevates amenity living at Melbourne Square

Builder-developer Scion is the latest to target Sydney's booming Hills Showground Metro precinct, filing plans for more than 100 apartments within walking distance of the station.

Scion has lodged a concurrent rezoning and State Significant Development Application for <a href="https://www.apartments.com.au/new-apartments/27-33-middleton-avenue-castle-hill-nsw-2154">27–33 Middleton Avenue</a>, where it plans to replace four existing homes with an 11 and 14-storey mixed-use development comprising 109 apartments, six affordable housing dwellings, and a ground-floor café.

Designed by BHK Architects, the proposal includes three levels of basement parking with 174 spaces, more than 1,200 sqm of communal open space, and extensive landscaping across the 3,791 sqm site.

The development has been designed as two buildings connected by a recessed wintergarden spine, with the 14-storey building positioned to the south and the 11-storey building to the north.

<img alt="Scion" data-entity-type="file" data-entity-uuid="64dc359d-736b-43b8-87a8-70a8285cab47" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-25%20at%208.47.01%E2%80%AFPM.png?VersionId=PXh.m8id_aevBPHEckPf88wQ2RQThPos" />

The apartment mix has been weighted towards owner-occupiers, with 13 one-bedroom apartments, 55 two-bedroom residences, 31 three-bedroom apartments, six three-bedroom lofts, and four four-bedroom homes. Six apartments will be dedicated as affordable housing in line with the NSW Housing SEPP.

According to the Architectural Design Report by BKH, the proposal seeks to create "a place-responsive architecture" inspired by the natural landscape surrounding Cattai Creek, while strengthening the public domain through landscaping, active frontages and a neighbourhood café.

Atlas Urban, in its Urban Design Report, says the proposal takes a different approach to increasing density around Hills Showground Station by favouring a more slender, vertically articulated built form over a conventional mid-rise outcome. The report argues this allows for greater deep soil planting, improved solar access and a better public domain outcome, while still delivering additional housing close to rapid public transport.

The site sits around 500 metres from Hills Showground Metro Station, within a precinct earmarked for significant residential intensification following the opening of the Sydney Metro Northwest line. Planning documents accompanying the application note that Greater Sydney's population has grown by more than one million people since planning for the precinct first began, reinforcing the need to accelerate housing delivery around existing transport infrastructure.

Scion is expanding its development pipeline which also includes <a href="https://www.apartments.com.au/new-apartments/chatham-west-ryde-2-6-chatham-road-west-ryde-nsw-2114">Chatham in West Ryde</a>, 62 apartments which are approaching completion. They also have a State Significant Development Application with the NSW Government's Housing Delivery Authority for <a href="https://www.apartments.com.au/new-apartments/96-anzac-avenue-west-ryde-nsw-2114">145 apartments on Anzac Avenue</a>, also in West Ryde.

Jonathan Chancellor

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