<html><body>
Fairholme, a Romanesque Revival former aged care facility in Kew, has been sold for about $4.8 million.
It was listed mid-year for sale with a price guide of $4 million-plus. Property Observer gathers it will most likely return to being a private residence.
Located on the corner of Fellows and Barry Street, Fairholme was built in 1889 for local solicitor Edward Smart by Reed, Henderson and Smart architects.
It was added to in 1900 by C Gordon McCrae featuring a wrap around Edwardian verandah, ornate ceilings, restored cornices and timber paneling.
The property, also known as Hallel, was most recently known as the Gracecourt Hostel aged care facility, with 27 rooms and 24 ensuites
Set across 2,185 square metres, and classified by the National Trust, Fairholme offered the opportunity to be restored into a family home or to continue as an aged care facility.
Fairholme was listed through <a target="_blank" href="https://fletchers.net.au/3466698/20-Fellows-Street-Kew">Robert Fletcher and Nick Fletcher of Fletchers Realty</a>.
The median house price in <a target="_blank" href="/news">Kew</a> is $1,411,000, up on the $1,360,000 median at the time of its June listing, according to RP Data.
<img alt="PO_Strap_new" height="60" width="470" src="/images/stories/2013/08/PO_Strap_new.jpg">
</body></html>

jchancellor-FAypfDUnLy

Kew's Fairholme sells for about $4.8 million

<html><body>
Charltons, the restored 120 year cottage on a hillside overlooking 58 acres in the Byron Bay hinterland, has been snappily sold by the Designer Boys, Gav and Waz. The home (pictured below) combines an original 120 year old Northern River’s farmhouse trucked to the property which underwent extensive renovations and a contemporary extension completed in late 2010.
{yoogallery src=[images/stories/2013/09/27/byron2]} <a href="https://www.uniqueestates.com.au/Homes/Detail.aspx?id=ue329&amp;wlid=b598392c-ab97-4d95-a322-0339bda6c8bf" target="_blank">It was sold within a week of its listing through Nicolette van Wijngaarden at Unique Estates Australia</a> who was seeking offers of $3.3 million.
The Sydney buyers, Brad and Jessica Garnham from Watsons Bay, saw the property on Monday September 23, their offer was accepted Friday, and the property was exchanged on Monday September 30. No sale price has been disclosed with the marketing aimed at  eliciting $3.1 million plus offers. It was 2007 when Warren Sonin and and Gavin Atkins, stars of the first 2003 series of Channel 9 reality TV show The Block, spent $610,000 for their 24 hectare holding after the duo secured $1.775 million for their two-bedroom Bondi penthouse. The main house has a 290 square metres internal space and the guest residence has 155 square metres.
There have been four sales above $2 million since 2007 with the priciest was the $4 million purchase  in 2011 by the Lane family of  Amelika, the hinterland property designed by architect Sharon Fraser in the white-box architectural style on a 10-hectare holding.
 
<img src="/images/stories/flagtitletat.jpg" alt="flagtitletat" width="25" height="34" style="font-size: 14px; margin: 5px; float: left;">
At Church Point in Sydney, the Wowcow frozen yoghurt chain director Markus Hofer has listed his property which overlooks the Hawkesbury River. The five-bedroom sandstone and timber home (pictured below) comes with lap pool and cabana. There's wraparound verandahs with water and bush views. <a href="https://monavale.ljhooker.com.au/10GDF6K" target="_blank">The LJ Hooker agent Lachlan Elder is seeking $1.8 million offers</a>. The 1160 square metre block cost $420,000 in 1995.
{yoogallery src=[images/stories/2013/10/04/church]}
 
<img src="/images/stories/flagtitletat.jpg" alt="flagtitletat" width="25" height="34" style="font-size: 14px; margin: 5px; float: left;">Francophile academic Ross Steele has sold his Paddington terrace for $1.89 million. The Stafford Street listing came following his purchase of a nearby three-bedroom apartment in the Paddington Green complex for $1.727 million. The terrace where Steele wrote most of his 37 published titles had been listed with $1.6 million plus hopes having last traded in 1986 for $190,000.
 
<img src="/images/stories/flagtitletat.jpg" alt="flagtitletat" width="25" height="34" style="font-size: 14px; margin: 5px; float: left;">The businesswomen Roxy Jacenko has sold her investment cottage, and former home, at 12 Nelson Street, Woollahra (pictured below). Initially told she could get an ambitious $3.5 million, she has dropped her hopes to the more realistic $3 million price. Jacenko listed her investment property as she's been looking to purchase a commercial property to house her business, Sweaty Betty PR.
{yoogallery src=[images/stories/2013/07/july9woollahra]}
The 329 square metre property – with the two-bedroom, two-bathrooms was bought in 2006 for $2.8 million. Interior designer Blainey North fitted out the double fronted, one story, residential home which was previously for sale in 2011 with a $3 million price tag. It had been listed through the Ballard agency and with <a href="https://www.alisoncoopes.com/" target="_blank" rel="nofollow">Alison Coopes</a>.
 
<img src="/images/stories/flagtitletat.jpg" alt="flagtitletat" width="25" height="34" style="font-size: 14px; margin: 5px; float: left;">Milton Cockburn, the executive director of the Shopping Centre Council of Australia, and his wife, Rosemary, are downsizing. Their 1915 Waverton house (pictured below) has been listed with $2.3 million plus hopes for October 26 auction through Ray White Lower North Shore agent Robert Holmes. 
{yoogallery src=[images/stories/2013/10/04/wave]}
The couple bought the 520 square metre Bay Road property for $484,000 in 1992 shortly before Cockburn became my editor at The Sydney Morning Herald in 1993. He was later head of media for the Sydney Organising Committee for the Olympic Games. Its late 1990s extension created a five-bedroom house with formal and informal living areas.
</body></html>

Gav and Waz secure a wow sale as Sydney family snap up their Byron Bay hinterland retreat

<html><body>
A three-storey brick property positioned above the Bondi to Bronte coastal walk - on the market for the first time in 53 years - was passed in at weekend auction for $14 million.
But it sold immediately after for around $15 million through agents Ric Serrao and Blaise Griffin of Raine and Horne Double Bay. The price and buyer remains undisclosed.
Triplex apartment developers were interested in the offering up to around $10 million.
Property Observer gathers it was sold to an owner occupier who was among the three bidders at the onsite auction through Cooley Auctions. There was an audacious opening bid of $6 million given the agents had advised of $12 million plus hopes mid-way through the marketing campaign.
Located at <a target="_blank" rel="nofollow" href="https://www.propertyobserver.com.au/https://www.raineandhorne.com.au/doublebaybondibeach/properties/295737">23 Wilga Street</a>, the home (pictured above) includes prominent features of the Sydney School of Architecture style - including bagged and rustic brick walls and cathedral ceilings.
The property was custom built in 1963 and includes a main three bedroom, three bathrom residence, as well as a three-bedroom, two-bathroom self-contained residence.
Set on a 707-square-metre lot, the property has 30-metre oceanfront reserve frontage.
The agents pre-auction suggested the only site it could be compare to was <a target="_blank" rel="nofollow" href="https://www.propertyobserver.com.au/https://www.raineandhorne.com.au/properties/131433">105 Ramsgate Avenue</a> which sold for $14 million.
The land has a median density zoning, but the agents had expected any buyer to develop their own trophy home.
The median house price in <a target="_blank" href="/news">Bondi Beach </a>is $1.7 million, according to RP Data.
Sydney's weekend auction clearance rate, according to Australian Property Monitors, dropped below 80% for first time in nine weeks to 79.9%. A $3 million Paddington sale on Gordon Street through McGrath Estate Agents was the highest declared result.
Melbourne, likewise, recorded a drop in clearance rates with the REIV figures at 71% this weekend compared to 74% last weekend.
The highest recorded Melbourne result was $3,605,000 on Dawson Avenue, Brighton.
</body></html>

Bondi Beach knock-down Sydney School architecture mansion fetches around $15 million

<html><body>
Recent history suggests auction clearance rates ought to decline as the supply increases the further into spring selling season.
It would already appear that auctions in the two major capitals, Sydney and Melbourne are running at around 40% higher than last spring.
And the upcoming October 12 weekend is the first major test of whether buyers are also out in force.
Spring 2013's first super Saturday for Sydney will be October 12, though Melbourne it seems will fall a little short of its 1000 plus qualifying hurdle.
There are 700 plus auctions scheduled across Sydney with around 900 across Melbourne on the October 12 weekend.
The Sydney number will rank as the fourth busiest ever auction day, according to the list from the past few years that Australian Property Data provided me. The 900 for Melbourne falls just outside the APM top 10.  There has only been the one so-called super Saturday so far this year which was the pre-Easter March 23 weekend, but several in a row are likely for the latter weekends of October. There's suggestions the last weekend of October could see some 1500 houses and units put to auction in Melbourne.
Top 10 auction Super Saturdays: Sydney and Melbourne
<table cellpadding="0" cellspacing="0" border="0" style="width: 470px;"><tbody>
<tr height="25">
<td colspan="2" width="128" height="25">Sydney Top 10</td>
<td width="97"></td>
<td colspan="3" width="225">Melbourne Top 10</td>
</tr>
<tr height="60">
<td width="64" height="60">Rank</td>
<td width="64">Listed for Auction</td>
<td>Date</td>
<td width="64">Rank</td>
<td width="64">Listed for Auction</td>
<td>Date</td>
</tr>
<tr height="20">
<td align="right" height="20">1</td>
<td align="right">751</td>
<td align="right">27 Mar 2010</td>
<td align="right">1</td>
<td align="right">1160</td>
<td align="right">11 Dec 2010</td>
</tr>
<tr height="20">
<td align="right" height="20">2</td>
<td align="right">745</td>
<td align="right">27 Nov 2010</td>
<td align="right">2</td>
<td align="right">1114</td>
<td align="right">23 Mar 2013</td>
</tr>
<tr height="20">
<td align="right" height="20">3</td>
<td align="right">735</td>
<td align="right">31 Mar 2012</td>
<td align="right">3</td>
<td align="right">1094</td>
<td align="right">04 Dec 2010</td>
</tr>
<tr height="20">
<td align="right" height="20">4</td>
<td align="right">686</td>
<td align="right">23 Mar 2013</td>
<td align="right">4</td>
<td align="right">1058</td>
<td align="right">23 Oct 2010</td>
</tr>
<tr height="20">
<td align="right" height="20">5</td>
<td align="right">665</td>
<td align="right">26 Sep 2009</td>
<td align="right">5</td>
<td align="right">1033</td>
<td align="right">27 Oct 2012</td>
</tr>
<tr height="20">
<td align="right" height="20">6</td>
<td align="right">650</td>
<td align="right">04 Dec 2010</td>
<td align="right">6</td>
<td align="right">1021</td>
<td align="right">27 Mar 2010</td>
</tr>
<tr height="20">
<td align="right" height="20">7</td>
<td align="right">645</td>
<td align="right">26 Nov 2011</td>
<td align="right">7</td>
<td align="right">1005</td>
<td align="right">27 Nov 2010</td>
</tr>
<tr height="20">
<td align="right" height="20">8</td>
<td align="right">642</td>
<td align="right">25 Sep 2010</td>
<td align="right">8</td>
<td align="right">1002</td>
<td align="right">28 Nov 2009</td>
</tr>
<tr height="20">
<td align="right" height="20">8</td>
<td align="right">642</td>
<td align="right">30 Oct 2010</td>
<td align="right">9</td>
<td align="right">982</td>
<td align="right">12 Dec 2009</td>
</tr>
<tr height="20">
<td align="right" height="20">10</td>
<td align="right">638</td>
<td align="right">16 Apr 2011</td>
<td align="right">10</td>
<td align="right">962</td>
<td align="right">20 Nov 2010</td>
</tr>
</tbody></table>
(Source APM)
It seems despite the election and the school holiday interruption, Sydney auctioneers were very busy in September and for the remainder of the year.
Cooley Auctions reported a 77% September success rate - against 59% last September - with volume up despite one less Saturday because of the fall of the calendar and also the election day.

"Yet despite of these two things we still did a lot more auction," Paul Millett from Cooley Auctions noted.

They already have around 460 auctions booked for October and expect upcoming listing to take it to 500 plus auctions.

By contrast October 2012 had around 350 auctions with the clearance rate at 56%. There are two Saturdays in October where Cooley Auctions have over 90 auctions booked for the day - October 12 and October 19 - with its previous biggest Saturday being 86 auctions.
Rocky Bartolotto at auctionservices.net.au reported his Sydney September auction volume was 90% more than September 2012.
"October 2013 is even bigger as we will do 185% more compared to October 2012," he says.
Sydney's recent stellar run extended to some 12 or so virstual consequitive weekends with a plus 80% weekend success rate, according to Australian Property Monitors.
Just how far into spring the 80% clearance rate holding pattern can go depends would history depend very much on the levels of supply.
Recent history suggests clearance rates ought to decline the further into spring, and then December, as the year progresses and stock levels rise.
Last year Sydney's first three opening weeks of the September spring had a 58% clearance rate. The clearance rate was down to 53% during the first three weeks of December.
The difference arose as there were 460 auction offerings in those early weeks and 760 weekly listings as the season headed into summer.
In 2011 it was 52% in September and down to 49% by December. There were 500 weekly auction vendors at the start which had jumped to 750 by year's end.
The most distinct of seasonal turnarounds came in 2010 when spring began with 63% average clearance rates and by early summer had dipped to 51%.
Melbourne doesn't always follow quite the same path, having enjoyed some enduring auction seasons, but in spring 2010 it went from a 66% opening success rate with 700 listings to a 60% clearance rate with 1000 weekend listings by December.
What is interesting is that the current rise in auction activity is the reverse of the private treaty market.
The latest SQM data puts total online residential listings - down annually during September by 3.7% - at 342,979 across Australia. Sydney has the most substantial yearly decrease in stock levels, falling by 17.6% since last September at 23,576 listings. Melbourne's total listings were down 6.6% for the year to 41,749.
Much of this spring depends not just on the likely jump in auction listings, but perhaps more importantly on just how ambitious the vendors are becoming.
They have seen the headlines of over reserve auction prices - and they might just be listing with that dangerous mindset.
</body></html>

Strength of the vendor mindset and auction bounce to be tested by upcoming super Saturdays 

<html><body>
<div>
Swimming champion Libby Trickett and her husband Luke have listed their Seven Hills, Brisbane abode just 18 months after moving into the custom built home.
</div>
The four-time Olympic gold medallist, currently appearing on Dancing With The Stars on Channel Seven, had <a target="_blank" href="https://www.eplace.com.au/property.cfm?propertyID=2485496&amp;realestate=29_Aventine_Street_Seven_Hills_QLD_4170">the three-bedroom contemporary home</a> built on a sloping 804 square metre block that cost $695,000 in 2010.
Place New Farm agent Judy Goodger has its scheduled for October 31 auction.
<div>
The Trickett's are selling to move closer to Luke’s South Brisbane business interests.
It was designed by Brisbane architect Shaun Lockyer who was asked by the couple to create an open, breezy design.
</div>
The house features decking, floors and ceilings using recycled tallowwood from the Hornibrook Bridge at Redcliffe following its 2010 demolition.
The home has been designed to accommodate an underneath extension underneath and a backyard pool at a later date.
<a target="_blank" href="/news">RP Data has the suburb's median house price at 0,000</a>.
<img alt="PO_Strap_new" height="60" width="470" src="/images/stories/2013/08/PO_Strap_new.jpg">
</body></html>

Retired swimmer Libby Trickett lists pool-less Seven Hills, Brisbane home

<html><body>
The pinpointing of Vaucluse as an attractive option for first home buyers by the Herron Todd White valuation group was akin to looking outside the box a bit.
As the traditional FHB inner city stomping ground kicks along with high auction clearance rates and ensuing price growth, the message from the on-the-ground valuers was sometimes its pays to go to possibly less attractive alternatives before everyone else does.
And that needn't be to the cheaper suburbs, but in this case the virtual blueblood suburb of Vaucluse.
It could almost be described as Bondi’s very north as most of the sub-$600,000 options are along or close to the central bus route rather than the coast or harbourside. Just the one appeared to get an ocean view at that price level. Certainly lacking in key aspects of the desired youthful lifestyle at the end of the road, but well worth considering when it comes to affordability.
You might even pick up a Harry Seidler-designed apartment if you go another $80,000 or $90,000.   
HTW suggested there had been two-bedroom, one-bathroom, car space unit sales in the $550,000 to $600,000 price range which may represent good buying.
Vaucluse has about 4,200 properties, and I found just the 16 opportunities so far this year to buy at $600,000 or under. The cheapest was a one bedder on Old South Head Road sold at $340,000 last month through LH Hooker Double Bay agent David Malouf.
Located next to Christison Park and above The Grumpy Baker Cafe, it had previously traded in 2011 at $305,000 and then at $335,000 at the tail end of the 2003-2004 boom.
It had previously been in the rental pool at around $420 a week, so certainly a first time buyer could take on a mortgage and forget renting for ever.
But perhaps not surprisingly, David Malouf indicated the apartment was snapped up pre-auction by an investor.
"There were many first home buyers, but investor interest is strong at the moment," David Malouf told Property Observer.
And do-it-yourself property manager investor too who quickly had it available in internet ads for rent at $450 a week. That's a nice 6.8% gross yield without management fees.
</body></html>

Grumpy first home buyers even face investor competition for the Vaucluse crumbs

<html><body>
Melbourne is now seriously challenging Sydney's price surge which ought be of mild concern to the Reserve Bank of Australia board.
The latest price growth detail suggest there was a 2.45% spike in Melbourne's dwelling values during September and a 5% gain over the September quarter.
That rate of acceleration is just a tad below the Sydney figures of 2.5% September montly growth and 5.25% quarterly growth, according to RP Data.
Annualised its 5.4% growth in Melbourne against 8% in Sydney.
Sydney's so-called recent bubble gains come against the backdrop of a decade of ordinary price growth, infact the weakest capital city at just 2.5% annual growth.
But Melbourne's growth is not catchup, as it had 5.5% annual growth over the past decade.
The RBA governor's October statement noted the pace of borrowing had "remained relatively subdued," though "recently there have been signs of increased demand for finance by households."
Not all of the big four banks are making the most of the current opportunities after the RBA lowered interest rates to a fresh record low 2.5% in August, adding to the earlier seven cash rate cuts in the current cycle.
Interestingly it was the ANZ - with its Melbourne headquarters - which has expanded its mortgage book at the quickest pace of the big four banks, according to the latest data from the Australian Prudential Regulation Authority.
It showed ANZ's home loan book grew by 7.1% on an annualised basis during August.
ANZ sits as the smallest home lender amid the big four, but has its standard variable mortgage rate at 5.88% which equals NAB as the lowest advertised rate among the big banks.
ANZ's 7.1% home loan book growth compared with the 5% for the Commonwealth Bank and NAB. There was 2.7% annualised growth for Westpac which has been losing home loan market share given its highest standard variable rate among the big four.
Tim lawless says maintaining the price growth currently seen in the two major capital cities was "unlikely."
And he added the current rate was starting to erode yield for investors.
Prices in Brisbane are still 10% off the 2009 peak offering the second-highest yields in the country.
</body></html>

Melbourne price rebound of more concern than Sydney's catchup as ANZ dominates home loan growth

<html><body>
All six registered attendees placed bids when Peter Drake's Mermaid Beach mansion went to weekend auction.
There were two bids once the property was announced for sale at $7.3 million - <a target="_blank" href="https://www.propertyobserver.com.au/queensland/peter-drake-s-mermaid-beach-mansion-sells-for-%24735-million/2013092965355">at $7.325 and the final sale price</a>.
McGrath selling agents John Natoli and James Ledgerwood were pleased at the high level of buyer engagement.
Especially as five of the six were from Queensland which has traditionally preferred, if possible, to negotiate such deals away from the auction room.
"There was no sitting on hands," John Natoli told me.
It was the highest sale on the beach since a $7.3 million sale in April last year on Surf Street.
Sales of up to $19 million in 2006, and then $18 million in 2009 despite the onset of the global financial crisis, have been recorded on the beach showing the coast's boomtime potential.
But just where the supposed publicised $37 million valuation figure for the Drake mansion came from remains a mystery to the McGrath sales team.   
Lifestyle markets have been hit hard by a housing market downturn but it looks like some life is now starting to be breathed back into the coastal region, according to Tim Lawless at RP Data.
He's noticing the trend of more properties being listed for sale as vendor confidence resurfaces and more homes selling as buyer confidence improves as well.
<a href="https://blog.rpdata.com/wp-content/uploads/2013/09/Gold-Coast-sales.jpg"><img height="194" width="470" src="https://blog.rpdata.com/wp-content/uploads/2013/09/Gold-Coast-sales-580x239.jpg" alt="Gold Coast sales" class="aligncenter size-large wp-image-2372" id="_x0000_i1025"></a>

 
Estimated transaction numbers for houses are 60% higher on the Gold Coast compared with a year ago and unit sales are 54% higher.
"The improvement in buyer demand is moving higher from a very low base, however the rising number of sales indicates that these markets have well and truly moved through the bottom of the cycle and are back on the path to what is likely to be a long recovery, considering values across most lifestyle markets remain substantially lower than when they peaked."
Tim Lawless thinks buyer demand is mostly confined to detached homes noting the Gold Coast median house price up 3.2% higher over the year while unit prices are still falling - down a further 4.2%.
Home owners just want or need a home, even if the Gold Coast strip is synonymous with holiday homes and short term rentals.
No doubt the reason for the weakness in the Gold coast unit markets is that they are more often owned by investors who are understandably cautious of not being caught in an extended bounce along the bottom.
Tim Lawless noted some high profile post-GFC settlements that resulted in substantial capital losses and concludes the public attitude towards unit developments in these locations "may still be tainted."
Property Observer recently published a series on the bleak resales of apartments bought in the tainted <a target="_blank" href="https://www.propertyobserver.com.au/queensland/hilton-surfers-paradise-resale-price-collapse-for-but-one-exiting-property-investor/2013082164115">Surfers Paradise Hilton</a>, <a target="_blank" href="https://www.propertyobserver.com.au/queensland/ytc-september-2-flicker-three-out-of-four-vendors-set-to-lose-money-in-soul/2013082964665">Soul </a>and <a target="_blank" href="https://www.propertyobserver.com.au/news/poor-fortune-for-those-who-went-to-the-oracle-on-the-gold-coast/2013082664548">Oracle</a> projects.
</body></html>

Emerging homegrown confidence as Gold Coast property begins long recovery 

<html><body>
There were six bidders when the Mermaid Beach, Queensland home of LM Investment Management founder Peter Drake sold at weekend auction.
On its initial listing, <a target="_blank" href="https://www.propertyobserver.com.au/trophy-homes/peter-drake-s-mermaid-beach-trophy-mansion-remarketed/2013080463825">Oceanview</a> had ambitious $20 million price hopes which ranked among the highest prices paid for a home on the Gold Coast. No one is too sure of the cicumstances regarding the reputed onetime $37 million valuation.
But the mortgagees of Mr Drake’s property were prepared to accept $7.35 million through McGrath agents James Ledgerwood and John Natoli who took over the marketing in August after it had been on the market for almost four months. They had reported $9 million revised hopes.
The property was announced on the market at $7.3 million with two higher bids lodged.
{yoogallery src=[images/stories/2013/04/april17mermaid]}
The six bedroom, eight bathroom Paul Uhlmann-designed house which appeared in the book Beach Houses Down Under  has a 25-metre beach frontage.
There was an entertaining level with bar, gym and cellar, and a home theatre with a dance floor.
Equating to around $4,500 a square metre, the modern mansion on its 1600 square metre Albatross Avenue millionaires' row holding was featured on the television show Great Australian Sandcastles.
The property is mortgaged to ANZ, so the 12,000 investors whose savings were frozen when LM Investment Management collapsed are unlikely to share in the proceeds.
There has been only two sales at $5 million of higher in the past 17 months at Mermaid Beach, including $7.3 million on Surf Street in April last year. The strip's top sale was $19 million in 2006 with an $18 million sale in 2009.
Last week the Supreme Court of Queensland ordered the surrender of the passport of LM Investment Management founder Peter Drake.
Following application by ASIC, the court also froze his assets as ASIC’s investigation into the collapsed Gold Coast-based fund manager continues. LM Investment Management went into administration in March 2013, with the company responsible for managing at least $750 million on behalf of almost 12,000 investors in Australia and overseas. The Supreme Court of Queensland made interim orders last week which include preventing Mr Drake from travel out of Australia.
</body></html>

Peter Drake's Mermaid Beach mansion sells for $7.35 million

<html><body>
The Supreme Court of Queensland has ordered the surrender of the passport of LM Investment Management founder Peter Drake.
Following application by ASIC, the court has also frozen his assets as ASIC’s investigation into the collapsed Gold Coast-based fund manager continues. LM Investment Management went into administration in March 2013, with the company responsible for managing at least $750 million on behalf of almost 12,000 investors in Australia and overseas. The Supreme Court of Queensland today made interim orders, which include preventing Mr Drake from travel out of Australia.
The orders have also frozen his assets but do not include the intended sale of Mr Drake’s Mermaid Beach, Queensland home.
<a target="_blank" href="https://www.propertyobserver.com.au/trophy-homes/peter-drake-s-mermaid-beach-trophy-mansion-remarketed/2013080463825">Oceanview, the luxurious four level mansion on a double block on exclusive Mermaid Beach on the Gold Coast has been listed for September 29 auction by McGrath Estate Agents</a>.
The modern mansion on its 1600 square metre Albatross Avenue millionaires' row holding was featured on the television show Great Australian Sandcastles.
{yoogallery src=[images/stories/2013/04/april17mermaid]}
The Paul Uhlmann-designed house also appeared in the book Beach Houses Down Under.
The $20 million estimated price would be among the highest prices paid for a home on the Gold Coast bettering the $19 million paid in 2006 for a home on Hedges Avenue.
William Fletcher and Tracy Knight of Bentleys, who have been appointed as joint and several receivers of Mr Drake’s property, will be required to identify and secure all assets held by or on behalf of Mr Drake and to report to the court. The matter will return to the Supreme Court of Queensland on October 9.
</body></html>

Court freezes Peter Drake's assets, but allows Mermaid Beach weekend mansion auction to proceed

Buying into a masterplanned community often means committing to a vision still years from taking shape. At <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a>, that vision is already visible.

Residents have moved into the completed first stage, landscaped spaces are established, and the next chapter is now underway. Stage 1 has been completed and settled, with Stage 2 now selling off-the-plan.

Designed by <a href="https://www.apartments.com.au/architects/pbd-architects">PBD Architects</a>, <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> combines attainable apartment living with sustainability initiatives rarely seen at this price point, including rooftop solar, battery storage and a resident EV-sharing program.

<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/6RNt3AvtBpI?si=JUhuCV2ZRXsYaoJZ" title="YouTube video player" width="560"></iframe>

Located on Schofi​elds Road, just moments from Tal​lawong Metro Station and Schof​ields Train Station, <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> has been designed to appeal to a broad mix of buyers, from first-home purchasers looking for a foothold in Sy​dney's property market to downsizers seeking a connected, low-maintenance lifestyle.

<a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> has been conceived as a thoughtfully planned masterplanned community that will evolve over multiple stages, with buyers now able to secure one, two and three-bedroom apartments within a neighbourhood that is already beginning to establish its identity.

One of the project's defining features is its focus on sustainability. Solar energy systems, battery storage and future EV charging infrastructure have been incorporated throughout the development, reflecting a long-term approach to both environmental performance and everyday convenience.

Sustainability sits at the centre of the development's vision, with solar energy systems, battery storage and future EV charging infrastructure integrated throughout the community.

That emphasis on future-ready living extends beyond the technology. Landscaped communal gardens, outdoor gathering spaces and plans for a future retail precinct aim to create a neighbourhood where residents can access daily conveniences without travelling far from home.

[smartcode_project:default project_id=149637 project_image_fid=351027]

The apartments themselves have been designed with liveability front of mind. Rather than chasing maximum density, the focus has been placed on creating practical homes with generous natural light, usable layouts and strong connections to outdoor space.

Importantly, these design principles have been applied consistently across the one, two and three-bedroom apartment offerings.

The appeal of <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> is also closely linked to its location within Syd​ney's rapidly evolving north-west growth corridor. Over the past decade, major infrastructure investment has transformed the area, with new transport links, business precincts and community facilities reshaping suburbs like Talla​wong and Schofiel​ds.

The agent says buyers are increasingly recognising the area's long-term potential.

"Typical buyers that we're finding across <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> especially are your first-home buyers, your investors, your upsizers as well as your downsizers," Hawes says.

Connectivity remains one of the project's strongest drawcards. Residents have access to both Tallaw​ong Metro Station and Schofi​elds Train Station, providing links to the Sydn​ey CBD, Norw​est Business Park, Macquari​e Park and other major employment hubs. Retail centres including Rous​e Hill Town Centre and Sch​ofields Village are also nearby, alongside schools, parks and future healthcare infrastructure.

[smartcode_project:default project_id=149637 project_image_fid=351031]

For Stage 1 resident Roji, it is the balance between convenience and comfort that has defined the experience of living at Kew.

"For me, it's a balance of quality and convenience," she says. "Everything I need is right here."

"If I wanted to catch the train, Scho​fields Station is just around the corner. Tallaw​ong Metro connects me to the city."

More importantly, she says, the development has delivered something that cannot be measured in floorplans or specifications.

"<a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> feels like home."

[smartcode_project:default project_id=149637 project_image_fid=351024]

As Stage 2 enters the market, that lived experience may be one of the project's strongest selling points. Buyers are not purchasing into an untested concept or a future promise. They are joining a community that is already taking shape.

Ongoing investment in transport, retail, healthcare and public open space continues to strengthen the appeal of Syd​ney's north-west growth corridor, while <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a>'s established first stage provides buyers with a tangible sense of the community's future direction.

For a limited time, buyer can secure a new home at <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> with just a $10,000.

[smartcode_project_cta:default project_id=149637]

Joel Robinson

Kew Tallawong: A growing community taking shape in Sydney's north-west

<a href="https://www.apartments.com.au/developers/freecity">Freecity</a> has received development approval for its 51-storey mixed-use tower at 153-157 Walker Street, North Sydney, set to be one of the tallest mixed-use residential-led buildings in one of Sydney’s most sought-after commercial and residential addresses.

Lodged as a State Significant Development Application (SSDA) through the Housing Delivery Authority (HDA) pathway and approved by the NSW Department of Planning, Housing and Infrastructure following a comprehensive public exhibition and submissions process, <a href="https://www.apartments.com.au/new-apartments/153-walker-street-north-sydney-nsw-2060">the project</a> will deliver 296 apartments, alongside a 170-room, luxury hotel, activated retail and significant public domain improvements.

Situated just 200 metres from Victoria Cross Metro Station, on one of the largest developable sites in North Sydney, the development will rise to 234 metres, making it one of the tallest buildings in the suburb. With an end value of approximately $1.5 billion, the project responds directly to the NSW Government’s mandate to accelerate housing delivery in well-located, transit-connected areas.

<img alt="Freecity gets green light for mixed-use residential and hotel tower in North Sydney" data-entity-type="file" data-entity-uuid="192ec455-94bf-4e01-83ef-922b1b269d67" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Freecity%20-%20Walker%20Street%20North%20Sydney%201%20RESIZED%20.jpg?VersionId=Bzqp0SBHCDvLAHjA4QXkjuGoOEIh73Jl" />

The apartment mix will cater to a broad range of buyers, with 65 studio and one-bedroom apartments, 139 two-bedroom residences, 35 three-bedroom apartments, 48 four-bedroom homes, and nine penthouses. Residents will have access to a dedicated amenity level on Level 33, featuring a swimming pool with views towards the Harbour Bridge, Sydney Opera House and North Sydney CBD, as well as a gym, library, shared kitchen, lounge and outdoor entertaining areas.

The hotel will occupy the lower six levels of the building and include meeting and function spaces, a wellness centre with gym, yoga studio, swimming pool and sauna, further strengthening North Sydney's growing hospitality offering.

At ground level, the development has been designed to improve pedestrian connections through the precinct. More than 700 sqm of retail space will activate the street frontage, while a landscaped through-site link connecting Walker Street, Little Walker Street and Doris Fitton Park will provide new public open space with seating, paving and extensive native landscaping.

Freecity Group Co-Founder and Joint CEO Tony Sun said the project represents one of the most significant development opportunities currently available in North Sydney.

"This is one of the most significant development sites in North Sydney and it comes at a pivotal moment for the precinct," Sun said.

"North Sydney is undergoing a genuine transformation, and this project will contribute housing the city urgently needs while creating a landmark destination."

Executive Director of Development Michael Romano said demand for both residential and hotel accommodation would continue to strengthen as the Metro precinct matures.

"The structural demand for high-quality housing and hotel accommodation in North Sydney is compelling, and will only grow as the precinct continues to evolve around the new Metro station," Romano said.

Architectus has designed the tower, orientating the apartments to maximise views towards Sydney Harbour while introducing a sculpted façade intended to respond to light, wind and the surrounding skyline.

Architectus Principal Marko Damic said the design sought to create a tower that contributes to the public realm as much as the skyline.

"We wanted to design a tower that doesn't just sit in the skyline but actively participates and contributes to city life," Damic said.

First look: Freecity gets green light for mixed-use apartment and hotel tower in North Sydney

<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]

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]

Jonathan Chancellor

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News