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The low interest rate environment was prompting price growth inner-city Sydney property markets, triggering McGrath Real Estate founder John McGrath to suggest the pace of price recovery in some property markets was a concern.
It could lead to trouble, he told the Aussie Home Loans three-day biannual sales conference in Sydney.
While noting some markets remained well below peaks, he said Sydney was "red hot" and the sweet spot was homes up to $1.5 million within 10 kilometres of the CBD.
"I haven't seen it this hot since the last real estate boom and I'm not calling this a real estate boom," he said.
“If there is pressure to keep growing at this level – which I don’t suspect we will – quarter after quarter after quarter, we’d probably end up in trouble because we just can’t grow this rapidly.”
"A bit of a growth spurt is a natural and welcome and healthy thing, it's bringing confidence in, but one would hope and expect that will settle into a more sustainable 5% to 8% growth over a longer period," John McGrath was reported as saying by News Ltd papers.
Aussie executive director, James Symond said the conference followed the group's biggest year with settlements for the 12 months to June 30 organically growing by 8%.
Aussie increased its upfront net commissions paid to brokers by 15.6% on last year, due to a ‘combination of factors’, including a higher upfront rate from lenders and a higher pass-through rate to brokers.
“While we are growing strongly, the mortgage industry is transforming quickly and it is important we stay ahead of the game, providing new ideas and information to our mortgage brokers, staff and franchisees,” says John Symond.
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jchancellor-FAypfDUnLy

Red hot, not a boom but John McGrath warns on inner-Sydney residential market 

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Red hot, white hot… a 83.8% weekend Sydney auction clearance rate is hot of which ever description one wishes.
But beware its mostly in the middle class and aspirational suburbs. Certainly not at the top end or bottom end suburbs. 
Indeed the Sydney property market is a bit like the porridges of the three bears in Goldilocks. Too hot or too cold and for some just right.
It's often assumed the auction market is representative of the whole Sydney market. But the auction market is quite a different to the the marketplace that utilises the private treaty method.
This is not to say that auction results - both individual and regional - are not clear pointers of market strength and price direction.
The auction market is always pricier than the regular market because of the type of home that suit auction and also the ensueing comeptitive edge that the auctions engender.
Saturday's median house price was $896,000 compared to the $694,000 APM median house price. Ditto units which on the weekend sat at $640,000 when the overall median unit price across Sydney sits at $491,000. 
And most of the hottest weekend auction locations were in a nice band of medians mostly between $728,000 and $1.2 million.  The remander where Surry Hills, $950,000 median house price, where all six offerings were sold. Then there was Leichhardt, $829,000; Balmain $1.13 million, Epping $937,000, Croydon Park $728,000;  Marrickville $790,000; Croydon $860,000; Ashfield $833,000; Burwood $1.2 million.
The weekend's most affordable property was a two-bedroom house at 38 Diamond Head Drive, Budgewoi, sold by George Brand Real Estate Toukley for $275,000.
It was $35,000 less than its 2010 sale – which highlights the trend we see almost every week of weakness at the lower end of the market.
Investors have the field almost to themselves given first time buyers are awol after the state government grant for established homes was stopped.
At the top end the merchant banker and financial services buyer have never really returned with their pre-gfc buying gusto.
It's more likely to be those in medicine or the law or accountancy as the buyers.
Data from Australian Property Monitors shows that 40% fewer homes selling in the $4 million to $6 million price range in the first half of this year compared with the same period in 2010 when the market was enjoying a fillip.
APM's senior economist Dr Andrew Wilson says the absence of new-money buyer in Sydney highlights missing prosperity which keeps the Sydney market at three-quarter pace at the moment.
The top four suburbs with highest number of $4 million to $6 million sales in the six months to June 30, 2013:
1. Mosman (19 sales)   22 sales in the 2010 fillip
2. Vaucluse (9)              14 sales during the 2010 fillip
3. Bellevue Hill (6)       15 sales during the 2010 fillip
4. Woollahra (5)             5 sales during the 2010 fillip
All up sales of $4 million to $6 million sales in Sydney, in six months to June 30, 2010: 187 compared to in six months to July 30, 2013: 111
Source: APM
Little wonder why Bellevue Hill's <a href="https://www.propertyobserver.com.au/https://www.propertyobserver.com.au/trophy-homes/addenbrooke-bellevue-hill-the-inland-spring-trophy-home-listing/2013080763856" target="_blank">Addenbrooke</a> is attracting so much attention as the inland spring trophy home listing.
It's being listed through Sydney Sotheby's International Realty agent Michael Pallier.
Property Observer gathers it's set to come with $33 million hopes by the downsizing vendors, Denis and Charlotte O'Neil.
There's also a vacant adjacent grassed block of land available for any buyer.
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Sydney's property market is a bit like the porridges of the three bears in Goldilocks - too hot or too cold and, for some, just right

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The National Australia Bank has offered home owners <a href="https://www.propertyobserver.com.au/finance/nab-offers-%241000-cash-to-secure-new-borrowers/2013081264103" target="_blank">$1000 if they switch mortgages</a> from rival banks amid renewed aggressive competition between the banks.
NAB announced the cash offer as part of its “spring” assault on the home loan market.
The "More Give Mortgages" move follows the Reserve Bank of Australia cutting the official interest rates to a record low 2.5% last week.
{module Will a $1000 cash incentive, plus a suspension of the $700 application fee, make you more inclined to seek out refinancing while interest rates are at record lows?}
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Mortgage wars - will you refinance?

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Dating back to 1922, the Baden Road, Coogee beachside apartment building is the setting for the new Australian drama series on Channel 10, Wonderland.
For those wondering where it is, the dress circle block is at the northern end of the beach high above Dunningham Reserve.
The five flats (pictured below) are owned by investors, the Newton family of Double Bay. They secured the block in two acquistions topped off by the 195 square metre penthouse in 1989 for $400,000.
<img alt="wonderland-aug-13-one" src="/images/stories/2013/08/wonderland-aug-13-one.jpg" width="470" height="277">
The other four apartments spread over the lower two floors are 95 square metres. They were bought for a $149,000 total in 1980 from the Whiteman family who kept the top floor flat until its 1989 sale.
It had been with the Whiteman family since 1941 having been previously owed by the Coogee garage proprietor William McLeod who bought the property in 1922.
Wonderland dubbed a romantic comedy drama series will be broadcast on Network Ten from 21 August.
The series, co-created by Jo Porter and Sarah Walker, focuses on four different couples as they navigate love, life and friendships.
<img alt="wonderlandinsider-512x288" src="/images/stories/2013/08/wonderlandinsider-512x288.jpg" width="470" height="264">
It was filmed on location in Coogee with the 22-part series is being produced by FremantleMedia Australia
Michael Idato from Fairfax Media wrote that Network Ten hopes the series will tap into Offspring's established audience.
Brooke Satchwell was cast as lawyer Grace Barnes. Michael Dorman plays bachelor Tom Wilcox. Jessica Tovey was cast as Dani Varvaris, who works in PR.
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Network 10's Wonderland, the Coogee apartment block on the doorstep of fame

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Sydney eastern suburb rental growth is slowing, according to the latest rental report of BradfieldCleary which looks at rental trends in Sydney's eastern suburbs.
The latest analysis covers 50 properties re-let during June and July this year.
Some 25 showed an increase, seven remained steady, but 18 rents decreased.
"The overall increase of 0.8% shows the slowest growth since we started tracking the figures two years ago," Bob Guth from BradfieldCleary noted.
Below is set out a summary of the tables we have published previously.
<table style="width: 470px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td style="width: 301px;">
November 2011
</td>
<td style="width: 228px;">
+13.5%
</td>
</tr>
<tr>
<td style="width: 301px;">
May 2012
</td>
<td style="width: 228px;">
+7.75%
</td>
</tr>
<tr>
<td style="width: 301px;">
July 2012
</td>
<td style="width: 228px;">
+2.66%
</td>
</tr>
<tr>
<td style="width: 301px;">
October 2012
</td>
<td style="width: 228px;">
+4.14%
</td>
</tr>
<tr>
<td style="width: 301px;">
February 2013
</td>
<td style="width: 228px;">
+2.75%
</td>
</tr>
<tr>
<td style="width: 301px;">
July 2013
</td>
<td style="width: 228px;">
+0.8%
</td>
</tr>
</tbody></table>
"It is easy to see the rate of growth in rents has slowed but looking behind the figures the reality is tenants are becoming more and more sophisticated and seeking a higher quality of abode.
"Fifteen year old carpet and thirty year old kitchens are not popular and nor is a scruffy old bathroom and peeling paint.
"Perhaps it’s time to renovate," Guth advised his landlords.
<table cellspacing="0" cellpadding="0" border="0" style="width: 470px;">
<colgroup><col span="4" width="64"></colgroup>
<tbody>
<tr height="32">
<td width="64" height="52" rowspan="2">PROPERTY</td>
<td width="64">PREVIOUS</td>
<td width="64">NEW</td>
<td width="64" rowspan="2">% DIFFERENCE</td>
</tr>
<tr height="20">
<td width="64" height="20">RENT</td>
<td width="64">RENT</td>
</tr>
<tr height="64">
<td width="64" height="64">Stephen Street, Paddington</td>
<td>$300</td>
<td>$300</td>
<td>0.00%</td>
</tr>
<tr height="64">
<td width="64" height="64">Hopewell Street, Paddington</td>
<td>$325</td>
<td>$335</td>
<td>3.10%</td>
</tr>
<tr height="64">
<td width="64" height="64">Ramsgate Avenue, Bondi</td>
<td>$260</td>
<td>$360</td>
<td>38.50%</td>
</tr>
<tr height="64">
<td width="64" height="64">St Neots Avenue, Potts Point</td>
<td>$350</td>
<td>$375</td>
<td>7.10%</td>
</tr>
<tr height="64">
<td width="64" height="64">Manning Road, Double Bay</td>
<td>$415</td>
<td>$395</td>
<td>-4.80%</td>
</tr>
<tr height="80">
<td width="64" height="80">Darling Point Road, Darling Point</td>
<td>$420</td>
<td>$405</td>
<td>-3.60%</td>
</tr>
<tr height="64">
<td width="64" height="64">Bellevue Road, Bellevue Hill</td>
<td>$400</td>
<td>$420</td>
<td>5.00%</td>
</tr>
<tr height="64">
<td width="64" height="64">Botany Street, Bondi Junction</td>
<td>$380</td>
<td>$420</td>
<td>10.50%</td>
</tr>
<tr height="64">
<td width="64" height="64">Ramsgate Avenue, Bondi</td>
<td>$500</td>
<td>$430</td>
<td>-14.00%</td>
</tr>
<tr height="64">
<td width="64" height="64">Bellevue Road, Bellevue Hill</td>
<td>$400</td>
<td>$430</td>
<td>7.50%</td>
</tr>
<tr height="64">
<td width="64" height="64">Manion Avenue, Rose Bay</td>
<td>$480</td>
<td>$440</td>
<td>-8.30%</td>
</tr>
<tr height="64">
<td width="64" height="64">Ethel Street, Randwick</td>
<td>$410</td>
<td>$450</td>
<td>9.80%</td>
</tr>
<tr height="64">
<td width="64" height="64">Edgecliff Road, Woollahra</td>
<td>$420</td>
<td>$450</td>
<td>7.10%</td>
</tr>
<tr height="64">
<td width="64" height="64">Edgecliff Road, Woollahra</td>
<td>$430</td>
<td>$450</td>
<td>4.70%</td>
</tr>
<tr height="64">
<td width="64" height="64">Edgecliff Road, Woollahra</td>
<td>$440</td>
<td>$450</td>
<td>2.30%</td>
</tr>
<tr height="64">
<td width="64" height="64">Victoria Road, Chatswood</td>
<td>$490</td>
<td>$480</td>
<td>-2.00%</td>
</tr>
<tr height="64">
<td width="64" height="64">Salisbury Road, Rose Bay</td>
<td>$520</td>
<td>$485</td>
<td>-6.70%</td>
</tr>
<tr height="64">
<td width="64" height="64">Hopetoun Street, Paddington</td>
<td>$460</td>
<td>$495</td>
<td>7.60%</td>
</tr>
<tr height="64">
<td width="64" height="64">Balfour Road, Rose Bay</td>
<td>$500</td>
<td>$495</td>
<td>-1.00%</td>
</tr>
<tr height="64">
<td width="64" height="64">Hastings Parade, Bondi Beach</td>
<td>$480</td>
<td>$500</td>
<td>4.20%</td>
</tr>
<tr height="64">
<td width="64" height="64">Bronte Road, Bondi Junction</td>
<td>$450</td>
<td>$515</td>
<td>14.40%</td>
</tr>
<tr height="96">
<td width="64" height="96">New South Head Road, Double Bay</td>
<td>$500</td>
<td>$540</td>
<td>8.00%</td>
</tr>
<tr height="64">
<td width="64" height="64">Bent Street, Paddington</td>
<td>$570</td>
<td>$550</td>
<td>-3.50%</td>
</tr>
<tr height="96">
<td width="64" height="96">New South Head Road, Double Bay</td>
<td>$550</td>
<td>$550</td>
<td>0.00%</td>
</tr>
<tr height="64">
<td width="64" height="64">Court Road, Double Bay</td>
<td>$550</td>
<td>$550</td>
<td>0.00%</td>
</tr>
<tr height="64">
<td width="64" height="64">Ethel Street, Randwick</td>
<td>$450</td>
<td>$550</td>
<td>22.20%</td>
</tr>
<tr height="80">
<td width="64" height="80">Darling Point Road, Darling Point</td>
<td>$595</td>
<td>$560</td>
<td>-5.90%</td>
</tr>
<tr height="64">
<td width="64" height="64">William Street, Double Bay</td>
<td>$550</td>
<td>$595</td>
<td>8.20%</td>
</tr>
<tr height="64">
<td width="64" height="64">The Avenue, Rose Bay</td>
<td>$495</td>
<td>$595</td>
<td>20.20%</td>
</tr>
<tr height="64">
<td width="64" height="64">Beresford Road, Rose Bay</td>
<td>$650</td>
<td>$600</td>
<td>-7.70%</td>
</tr>
<tr height="80">
<td width="64" height="80">Bennetts Grove Avenue, Paddington</td>
<td>$570</td>
<td>$605</td>
<td>6.10%</td>
</tr>
<tr height="64">
<td width="64" height="64">Macpherson Street, Bronte</td>
<td>$750</td>
<td>$660</td>
<td>-12.00%</td>
</tr>
<tr height="64">
<td width="64" height="64">Victoria Road, Bellevue Hill</td>
<td>$680</td>
<td>$660</td>
<td>-2.90%</td>
</tr>
<tr height="48">
<td width="64" height="48">Market Street, Sydney</td>
<td>$680</td>
<td>$680</td>
<td>0.00%</td>
</tr>
<tr height="64">
<td width="64" height="64">Paul Street, Bondi Junction</td>
<td>$670</td>
<td>$695</td>
<td>3.70%</td>
</tr>
<tr height="48">
<td width="64" height="48">Birrell Street, Bronte</td>
<td>$780</td>
<td>$695</td>
<td>-10.90%</td>
</tr>
<tr height="80">
<td width="64" height="80">Mclachlan Avenue, Rushcutters Bay</td>
<td>$700</td>
<td>$720</td>
<td>2.90%</td>
</tr>
<tr height="64">
<td width="64" height="64">Bowden Street, Woollahra</td>
<td>$750</td>
<td>$770</td>
<td>2.70%</td>
</tr>
<tr height="64">
<td width="64" height="64">Bellevue Road, Bellevue Hill</td>
<td>$800</td>
<td>$775</td>
<td>-3.10%</td>
</tr>
<tr height="64">
<td width="64" height="64">Beresford Road, Rose Bay</td>
<td>$750</td>
<td>$795</td>
<td>6.00%</td>
</tr>
<tr height="64">
<td width="64" height="64">Wolseley Road, Point Piper</td>
<td>$870</td>
<td>$800</td>
<td>-8.00%</td>
</tr>
<tr height="64">
<td width="64" height="64">Wallaroy Road, Woollahra</td>
<td>$810</td>
<td>$820</td>
<td>1.20%</td>
</tr>
<tr height="64">
<td width="64" height="64">Wiston Gardens, Double Bay</td>
<td>$850</td>
<td>$830</td>
<td>-2.40%</td>
</tr>
<tr height="48">
<td width="64" height="48">Edgecliff Road, Edgecliff</td>
<td>$995</td>
<td>$930</td>
<td>-6.50%</td>
</tr>
<tr height="64">
<td width="64" height="64">Cascade Street, Paddington</td>
<td>$920</td>
<td>$995</td>
<td>8.20%</td>
</tr>
<tr height="48">
<td width="64" height="48">Albert Street, Edgecliff</td>
<td>$1,000</td>
<td>$1,000</td>
<td>0.00%</td>
</tr>
<tr height="64">
<td width="64" height="64">Heeley Street, Paddington</td>
<td>$1,050</td>
<td>$1,050</td>
<td>0.00%</td>
</tr>
<tr height="64">
<td width="64" height="64">Blackwood Avenue, Clovelly</td>
<td>$1,030</td>
<td>$1,050</td>
<td>1.90%</td>
</tr>
<tr height="64">
<td width="64" height="64">Hopewell Street, Paddington</td>
<td>$1,149</td>
<td>$1,095</td>
<td>-4.70%</td>
</tr>
<tr height="48">
<td width="64" height="48">Evans Street, Bronte</td>
<td>$1,700</td>
<td>$1,700</td>
<td>0.00%</td>
</tr>
<tr height="20">
<td colspan="2" height="20">OVERALL</td>
<td></td>
<td>0.80%</td>
</tr>
</tbody>
</table>
 
Photo of eastern Sydney courtesy of <a target="_blank" href="https://www.flickr.com/photos/photographerglen/">Glen Scarborough</a>/flickr.
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Landlords advised Sydney eastern suburbs rental increases weakening: BradfieldCleary

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The National Australia Bank has offered home owners $1000 if they switch mortgages from rival banks amid renewed aggressive competition between the banks.
NAB announced the cash offer as part of its “spring” assault on the home loan market.
The ''More Give Mortgages'' move follows the Reserve Bank of Australia cutting the official interest rates to a record low 2.5 per cent last week.
Westpac Banking Corp cut its home loan rates by more than the RBA last week in an bid to lure more borrowers, but remains the dearest lender.
Commonwealth Bank of Australia has offered to beat the fixed-interest rates of all major banks as part of its pitch to win over home buyers.
The NAB offer is available until September 30. The NAB will also waive its typical $600 application fee.
NAB has the equal lowest standard variable home loan rate of the big four banks, at 5.88% along with the Australia and New Zealand Banking group.
The Commonwealth Bank of Australia has a 5.9% variable rate while Westpac’s rate is 5.98%.
The big four banks control almost 85% of the $1.17 trillion home loan market.
The NAB campaign has been likened to its “Breaking Up” <a href="/news">Valentine Day 2011 marketing campaign </a>which resulted in picking up market share by undercutting them on interest rates and offered new customers $700 to switch from rival banks.
In a note to staff, the NAB's group executive for personal banking, Gavin Slater, said the new offer would build on the bank's four-year long offering of the lowest standard variable rate.

"This is a deliberately aggressive and market-leading offer by NAB to win customers from our rivals and drive competition," Mr Slater told senior executives in a memo republished by News Ltd papers.
"Spring is our key home loan season and this campaign, and these offers, area great opportunity for NAB to win more market share from our competitors, close out a strong year and build momentum into financial year 2014."
NAB is hoping the campaign will lift its 17% of the market which is reflected in its $197 billion home loan book.
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NAB offers $1000 cash to secure new borrowers 

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The Jellis Craig eastern suburbs group recorded its best auction results in several years selling 38 from 42 properties, noting pent-up demand and buyer confidence.
Their sales included the weekend's top seller, the 1887 John Beswicke-designed mansion, <a style="font-size: 14px;" rel="nofollow" href="https://www.jelliscraig.com.au/property/CAMBERWELL-3-Fermanagh-Road/5810341/" target="_blank">Langi</a>. 
The Italianate Victorian mansion had been extensively renovated and restored by the vendors, former SANFL premiership player Rob Tardif and his wife, Julie Russell, who have retired from senior management positions at Origin Energy.
Property Observer recalls it sold for $805,000 in 1997. 
The grand home was as a girls' music school in the late 1800s, and later used as a base for the Australian Army during the Second World War.
{qtube vid:=b55eqSofVsw}
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The weekend's top seller: Langi in Camberwell

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There's been a slight tightening in Melbourne’s vacancy rate from 3.4% in June to 3.2% in July, but it was accompanied by a significant increase in landlords with vacant inner suburb property.
The Melbourne inner city vacancy rate jumped from 3.3% to 3.7%.
The vacancy rate for the middle suburbs declined from 3.6% to 3%.
The outer suburbs vacancy rate fell from 2.9% to 1.9%.
There have been major recent fluctuations in the inner city vacancy which tightened from 4.4% in April to 3.9% in May, then down to 3.3% in June.
In June 2012 the inner city vacancy rate was 1.9% real which rose to 2.3% in July 2012.
The vacancy rate in regional Victoria tightened further from 3.7% to 3.4% with declines in all three key regional centres.
Ballarat recorded the largest reduction in the vacancy rate from 4% to 2.9%.
The vacancy rate fell in Bendigo from 3.1% to 2.5%.
Geelong's vacancy rate fell from 5.5% to 5.2%.
"This tightening in the vacancy rate led to the weekly regional house rents increasing from $295 to $300 and for regional units from $228 to $250," the REIV said.
 
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Melbourne's inner city vacancy rate jumps from 3.3% to 3.7%: REIV

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Bondi Junction turned around its ageing Cinderella property status in five hours last Saturday.
The property developer Legacy Property secured the off the plan sale of 90 apartments - a sale every four minutes in their Capitol offering.
There are just the three apartments still yet to find buyers.
<a target="_blank" href="https://news.google.com/newspapers?nid=1301&amp;dat=19690220&amp;id=e_xjAAAAIBAJ&amp;sjid=tuYDAAAAIBAJ&amp;pg=780,6722861">Old timers know it as "The Jungo"</a>, but Bondi Junction is increasingly a diverse neighbourhood that will challenge the likes of Chatswood and St Leonards when attracting investors and renters.
Undoubtedly Westfield Bondi Junction was the tipping point, just like the Eastgate Garden Coles high rise was when Bondi Junction had it first go at shedding its reputation. That was the mid-1980s Warren Anderson-built Spring Street highrise towers whose enduring occupancy has perhaps given the suburb a musty reputation.
Wesfield Bondi Junction, known by young professional as WBJ, has more than 400 stores and 3,200 parking spaces.
Interestingly the developers of 253 Oxford Street, Bondi Junction commissioned Dickson Rothschild to undertake the Capitol project (pictured below)- they did the urban design for Westfield, Sydney CBD - and also BKH, the cutting edge architectural and interior design practice headed by Iain Halliday.
<img height="282" width="470" src="/images/stories/2013/08/capitol-aug-16-one.jpg" alt="capitol-aug-16-one">
But its the position which has been the sleeper for the precinct; the proximity to the city via public transport is its key selling point, especially for the young renter. 
The new developments are within walking distance of Bondi Junction station, along with bus services to either the city or nearby eastern suburb desitinations.
Investors are offering not just shopping and entertainment proximity as their are parklands close by including Centennial Park.
Families are quite the same dominant demographic as young renters and empty nesters, but the suburbs has schools in easy reach including the well-respected Woollahra Public School.
Capitol also has views of the harbour.
Local investors made up most of the buyers through agents CBRE. Half the buyers were local investors, with many planning to possibly move in down the track.
Studio apartments were marketed as starting at $495,000 but with a $575,000 upper end. Most one-bedders that were priced from $495,000 to $770,000 would sold at yields of between 5% and 6%.
The Australian Financial Review suggsted the buyers were paying $14,500 per square metre with $17,500 per square metre for the choice offerings.
Hyder said Waverley Council fought the project "tooth and nail" which was the backdrop for the limited stock.
Investor and regular Property Observer columnist, Pete Wargent likes and also invests in Bondi Junction.
"Like most properties I own, my Bondi Junction investment is near a transport hub," he says.
"I learned this from London: at the rate the population of Sydney is growing, there will be a diabolical traffic problem within 10 years and properties with public transport links to the city will become highly sought after," Pete Wargent explained. 
It's worth recalling the pricing of those Eastgate Towers units. In 1986 the units ranged in price from $118,000 for a one-bedroom unit to $1.2 million for a penthouse.
I recall the Laing &amp; Simmons selling agent Erle Cramer offering low-interest loans, after a lull in sales, to buyers who could borrow 65 per cent of the cost of the unit at 12% interest over three years.
They'd sold around half the 220 units in the twin towers - which worked out to be one unit every working day in the first six months of the marketing.
So much for the good ol' days.
 
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Bondi Junction turns around its ageing Cinderella property status

Milliner Steve Harrison and his partner, IT specialist&nbsp;William McCosker have secured $1,525,000 for the&nbsp;Ridge Street, Surry Hills terrace through&nbsp;Spencer &amp; Servi First National.&nbsp;

It was&nbsp;the priciest of the suburb&#39;s sales - and with <a href="https://www.propertyobserver.com.au/hotspots/surry-hills-tops-the-12-sydney-weekend-auction-hotspot-suburbs/2013081164080?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=newsplus" target="_blank">all six Surry Hills offerings&nbsp;sold&nbsp;</a>it was Sydney&#39;s weekend auction hotspot.

The three-bedroom Victorian property&nbsp;has been an investment since they&nbsp;moved to Britain, where Harrison has his&nbsp;sculptured hat business.

Its been renovated since&nbsp;bought in 1993 for $220,000.

The three bedroom terrace&nbsp;was listed with&nbsp;$1.35 million plus hopes, then with revised $1.4 million plus hopes&nbsp;through Natalie Muzica of&nbsp;Spencer &amp; Servi First National. It sold after its first open for inspection, well ahead of its scheduled August 10 weekend auction.

It was available for rent at $770 a week in 2006.

RP Data has the median house price as <a href="/news">$922,500</a>, up 2.5% over the past year and 13.2% over the past five years.

London expat milliner sells in Surry Hills

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."

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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

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