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Alster House, the record price setting Paddington terrace, failed to sell at weekend auction, highlighting the emerging buyer hesitation at the top end of the property market.
It had a $15 million guide, but was passed in after just the one $14 million bid. The agents placed a vendor bid of $14.5 million.
<a href="https://www.realestate.com.au/property-house-nsw-paddington-129149070" target="_blank">The grand 1880s-era residence</a>, behind ornate 10-metre frontage, is best known as being the first terrace to crack the $2 million mark when bought by Malcolm and Lucy Turnbull in the 1988 boom.
 The Point Piper couple sold it for a loss seven years later for $1.73 million.
Set on a vast 550 square metres, the home (above and below) won a 2001 Australian Institute of Architects award after a redesign by architect Andrew Nolan, with gardens by landscape designer Ken Lamb, including a 25-metre lap pool.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/9/24/alster2.jpg" alt="">
It last sold in 2006 for $6.55 million when bought by lawyer Naomi O’Brien, wife of former Macquarie executive Paul O’Brien, who added the loft-style bedroom wing and parents’ en suite. 
Sydney's top sale was when the former Woolworths executive chairman Paul Simons ­secured $9.35 million for <a href="https://www.realestate.com.au/property-apartment-nsw-kurraba+point-129210610" target="_blank">his apartment in Baden House, Neutral Bay</a>.
Simons, who joined Woolworths in 1954 and retired in 1995, was seeking a higher $10 million through local agent And­rew Croll and Sotheby’s Harriet France.
The five-bedroom, 440sqm, two storey residence cost $2.5 million in 1994. (below)
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/9/24/simons.jpg" alt="">
The eight apartments on Kurraba Point share access to the communal tennis court, pool and jetty.
The underbidder at the auction lived below.
Adelaide, the cheapest mainland capital city, posted the strongest result for the week, with a 63.6 per cent clearance rate from 121 properties listed.
Adelaide's top sale was when $1.4 million was paid for 7 Oxford Terrace, Unley.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/9/24/unley1.jpg" alt="">
<a href="https://www.realestate.com.au/property-house-sa-unley-129228810" target="_blank">The 1915 villa</a> got its open plan extension in 2009 and its pool approval in 2008. 
Adelaide's cheapest sale was $475,000 for a five bedroom house at Seacombe Gardens. There have been $495,000 price guidance for <a href="https://www.realestate.com.au/property-house-sa-seacombe+gardens-129177450" target="_blank">365 Diagonal Road</a> which sold at $424,000 in 2008.
Adelaide saw an increase in both auction volumes and the auction clearance rate week-on-week.
There were 2,404 homes taken to auction across the combined capital cities, increasing from 1,983 over the previous week.
Although auction volumes have been increasing over the month, 378 fewer auctions were held compared to the same week last year, predominantly due to the decline in auction volumes across Sydney and Melbourne, the two largest auction markets.
<img src="https://www.urban.com.au/images/2018/9/24/CL%20WMU%201.JPG" alt="">
Preliminary results show a clearance rate of 55.5 per cent across the combined capital cities this week, increasing from last week’s final clearance rate of 51.8 per cent although this will revise lower as the remaining results are collected, CoreLogic auction analyst Kevin Brogan said.
"The finalised clearance rates have held in the low-mid 50 per cent range for the last eight weeks and it’s likely that this week will return a similar result," he said.
 Over the same week last year the final clearance rate was recorded at 66.2 per cent.
In Melbourne, a preliminary auction clearance rate of 55.5 per cent was recorded across 1,158 auctions, while last week there were 988 auctions returning a final clearance rate of 54.1 per cent.
This time last year, 1,361 auctions were held across the city, returning a clearance rate of 70.6 per cent.
Melbourne's top sale was when <a href="https://www.realestateview.com.au/real-estate/32-gore-street-fitzroy-vic/property-details-sold-residential-12083423/" target="_blank">32 Gore Street, Fitzroy</a> fetched $3.74 million (below).
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/9/24/fitz2.jpg" alt="">
The Nelson Alexander agency had $3.2 million to $3.5 million price guidance.
It last sold at $370,000 in 1994.
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There were 850 auctions held in Sydney this week returning a preliminary clearance rate of 57.3 per cent.
There were 669 auctions held over the previous week and the final auction clearance rate was just 48.6 per cent, the lowest result the city has seen since mid-July. 
One year ago, 1,033 Sydney auctions were held and the clearance rate came in at 65.9 per cent.
Canberra had a preliminary rate of 55.9 per cent rate from 118 homes listed.
Canberra and Perth also saw an increase in auction volumes over the week.
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jchancellor-FAypfDUnLy

Alster House, Paddington attracts $14 million highest offer

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Sydney's property prices have been falling yet first-home buyers have been taking out higher home loans.
First-home buyers in NSW are now borrowing $391,700 on average, which reflects a 6.1% annual increase, according to the latest ABS housing finance figures.
This is intriguing.
Some prospective investor buyers have waned and some exisiting investors are quietly bailing out given the prospective of higher repayment once they must convert their interest only loans.
Meanwhile emotionally charged first timers have been diving into the market with much of the influx coming after last year’s expansion of generous first-home buyer concessions.
It is likely these stamp duty exemptions have assisted in holding up the prices in the least expensive suburbs since CoreLogic have calculated prices in Sydney's more expensive suburbs are experiencing the bigger declines.
The five postcodes in Sydney to have received more than $760 million in tax breaks and grants for sales to first home buyers since July 2000 are Liverpool, Westmead, Campbelltown, Blacktown and Parramatta.
Across NSW there were 32,000 first home recipients in the past financial year, according to the latest NSW Office of State Revenue figures, the highest figure since the cash grant splash following the global financial crisis when there were 44,000 beneficiaries in 2009/2010.
Many of those buyers saw their home values then fall, though thankfully without losing their homes in the following brief downturn.
Grant recipients slumped to just 6,900 in 2012-2013.
Under the current rules, no stamp duty is payable for all new or existing properties valued up to $650,000 and for homes valued between $650,000 and $800,000 there is a sliding scale of discounts.
It represents a saving of somewhere between $26,000 to $34,000 depending on the purchase.
NSW Premier Gladys Berejiklian says she has been "thrilled" at the big impact the latest grants have had on the market mix.
She made helping first home buyers one of her first priorities as Premier, but you'd have to wonder whether the tax break will be illusionary, notwithstanding the moderating property market.
Earlier this year, CoreLogic’s head of research Cameron Kusher warned first home buyers must be vigilant to avoid negative equity.
“Don’t be lured into buying because of attractive incentives,” he advised.
Kusher even went onto suggest a better option for FHBs would be to remain on the sidelines somewhat longer as values potentially continue to slide.
That would allow more time to save an even larger deposit.
First home buyers are of course now able to dip into their superannuation to help pay for their deposit. 
Savers can make a voluntary super contribution of up to $15,000 a year and $30,000 in total towards their home deposit.
The new First Home Super Saver Scheme (FHSSS) was then-Treasurer Scott Morrison's policy for giving first home buyers a “significant leg-up”.
According to the initial Australian Taxation Office figures, some 498 FHSSS recipients secured an average of $10,727 per super savings accounts in the first month the scheme was up and running.
That's a good start, but beware it can take up to 25 business days from request to release. First time buyers are not allowed to sign a contract in that time or you will be taxed on the benefit, and also note the funds can only be released once.
This article first appeared in The Sunday Telegraph. 
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First Home Super Saver Scheme is up and running 

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Martin North, the founder at Digital Financial Analytics has declined to take up the bet proposed by economist Stephen Koukoulas over his 45 percent house price fall forecast possibility.
<a href="/news/45-percent-housing-price-collapse-was-least-likely-scenario-martin-norths-60-minutes-postscript">The forecast</a> was aired on Sunday night's 60 Minutes.
Koukoulas, possibly channelling Rory Robertson's infamous bet with Steve Keen, <a href="/news/stephen-koukoulas-challenges-dfas-martin-north-over-45-percent-property-price-collapse-forecast">made the offer of a bet to North yesterday</a>. 
North quickly advised he's not a betting man, "<a href="http://digitalfinanceanalytics.com/blog/why-i-am-not-betting-with-the-kouk/" target="_blank">ever</a>."
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/9/18/north2.jpg" alt=""> North is a data scientist.
Although heavily edited on the Channel 9 show, North contemplated house prices falling by up to 45 percent given one scary scenario.
Koukoulas, noting it was gripping viewing and a quite fantastic story, suggested forecasts without any skin in the game are often compromised.
"It is easy to construct a headline grabbing forecast for a significant move in markets, including house prices for example, but when they fade into oblivion, there are no implications for the forecaster.
"Forecasts really only has validity if the forecaster has an interest in the forecast being correct.
"In other words, would the forecaster really make that forecast if they put their money where their mouth is?
"To that end, I would like to offer you the following wager:
"I will offer 6 to 1 ($15,000 to $2,500) that Sydney or Melbourne or national wide house prices will not fall by more than 35 per cent from their peak at any stage before and up to the December quarter 2021."
He suggested the measure be based on the Australian Bureau of Statistics Residential Property Price Indexes, Eight Capital Cities, Catalogue No. 6416.0.
"I am offering very generous odds (6 to 1 which is above your 5 to 1 probability)," he suggested.
Outspoken economist and consistent housing bubble denier Rory Robertson bet Steve Keen in 2008.
In 2008, Keen said house prices would fall 40 percent once the financial crisis had "washed through the system".
In November 2009, he walked up Mount Kosciuszko wearing a T-shirt that said: "I was hopelessly wrong on house prices!" after losing the bet with Macquarie's Rory Robertson.
Keen kept up <a href="/expert-insights/investing/house-prices-will-fall-in-a-slow-bleed-fashion-steve-keen">his abridged forecast</a> for some time, saying the cash splurge undertaken by the Rudd-Swan government could never have been anticipated.
Robertson has retired, but <a href="/expert-insights/investing/no-such-thing-as-an-australian-housing-bubble-rory-robertson">long argued against the doomsayers</a>.
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Martin North declines to take up 6 to 1 odds bet from The Kouk on house price collapse possibility

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Nangunia Station, a mixed farming operation in the southern Riverina region of NSW, has been listed with $5.5 million hopes through Elders Deniliquin agent Matt Horne.
The <a href="https://www.realestate.com.au/property-mixed+farming-nsw-berrigan-7982506" target="_blank">homestead was built for Emmanuel Gorman</a>, who arrived in Berrigan in 1888 as a stock and station agent who sent onto be the first president of Berrigan Shire Council.
The double-brick homestead, with billiards room, features polished Murray Pine floorboards, tiled foyer, stained glass windows, pressed-metal ceilings and 10 fireplaces
There's a five-stand shearing shed on the 1803ha holding offered by the Steel family.
Located 6km from Berrigan and 40km from Mulwala, Nangunia has 1090ha under crop and runs about 1600 Merino breeding ewes joined for first-cross lamb production, and for wool.
 
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Nangunia Station, NSW southern Riverina homestead listed

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Martin North says 60 Minutes took the worst case from his four scenarios as the basis of the alarming segment which went to air last night on Channel 9.
"It is not my central scenario, rated only a 20 percent chance, as I made clear when interviewed," he said noting this caveat did not make it to the final cut.
North suggested a fall of 45 percent in home prices would be over three years or so, and require the US financial markets to react to rising US Fed rates.
Click here <a href="https://www.propertyobserver.com.au/images/2018/9/17/north-forecast.jpg" target="_blank">to enlarge.</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/9/17/north-forecast.jpg" alt="">
"This creates a GFC 2.0." North, a finance sector analyst and principal Digital Finance Analytics, suggested.
The 60 Minutes reporter Tom Steinfort advised "several of the experts we interviewed for this story estimate it could be as much as 40 percent in Melbourne and Sydney, while even the most optimistic property analysts concede there will be a drop of at least 10-15 percent."
Steinfort says he's been spooked by the downturn, holding off his desired property purchase with fiancee Claudia Jukic.
His 60 Minutes report kicked off with a serious inaccuracy.
"For as long as most of us care to remember, or perhaps only as long as we want to remember, property prices in Australia have only gone in one direction, at least in our big cities," Steinfort claimed.
CoreLogic's Cameron Kusher recently wrote <a href="/expert-insights/buying/2018-housing-declines-hit-melbournes-inner-east-and-sydneys-hills-district-hardest-corelogic">a detailed research analysis tracking the current downturn</a> with three downturns since 2003.
North said the figures used in the program did not reflect his “central scenario” and that Channel Nine “chose not to cover” the more likely alternatives.
“My best call would be [property value falls] in the region of 15-20 per cent from top, over two to three years,” he said.
You can read North's full analysis <a href="http://digitalfinanceanalytics.com/blog/updated-finance-and-property-scenarios-summary-findings/" target="_blank">here</a>. 
 
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45 percent housing price collapse was least likely scenario: Martin North's 60 Minutes postscript

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An explosive commission battle between two top Toorak estate agents has gone public despite the REIV's attempt to deal with the dispute between its members on a confidential basis.
The battle is over the $140,000 commission entitlement following the $14 million sale of a Toorak penthouse.
RT Edgar agent Oliver Booth has reportedly filed the complaint against Marshall White agent Marcus Chiminello.
They both claim to have introduced the same undisclosed buyer.
The “notification of complaint” was reported by the Sunday Herald Sun.
Chiminello says the buyer approached him.
“At the end of the day I’ve done nothing untoward," he told the paper.
"We were reappointed to sell the property and we facilitated a deal.”
Booth had taken a buyer through the property four times and secured an offer in writing of $14 million, including the furniture.
But Chiminello sold it to the same buyer just days later.
The vendor authority for an exclusive agreement had reportedly been with Booth who then encountered difficulty in contracting the vendor as the Chiminello sale approached.
The Orchard Piper development even had celebrity US agents the Altman Brothers lending their name to the property's marketing.
One source said the REIV would not be happy with the disputes between members leaking out as it seems the leading agents were working on just one percent commission.
The $14 million sale price reported by the Herald Sun varies with the press release advisory <a href="/news/washington-street-toorak-penthouse-sold-for-16-million-plus">which indicated it was $16 million plus</a>, albeit without any advisory of any property and furniture allocation.
"Marshall White agent Marcus Chiminello sold the penthouse of 29 Washington Street, Toorak last week in an off market sale for a price that was nearly double the previous record of $8.2 million," the national media was advised.
 
 
 
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Battle between estate agents Oliver Booth and Marcus Chiminello goes public over $140,000 Toorak penthouse commission

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The founding directors of Ray White Double Bay, Craig Pontey and Michael Finger have sold their shareholdings to Elliott Placks, but are not going far.
The property veterans are staying on at the estate agency as sales agents and mentors to the 30-strong sales force.
The Ray White Double Bay office sold more than $930 million in property last year, being the number one office in Ray White’s Australian network for the last seven years.
(Pictured above Craig Pontey, Elliott Placks and Michael Finger.)
Pontey said this was a very natural succession plan which the trio had all been working towards for some time.
“This is a very stylish transition and the time is right.
"We both know Elliott will take the business that we started in 1988 to new levels," Pontey said.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/9/12/Clipping%203.jpg" alt="">
Source: Sydney Morning Herald - 1988
Finger said it’s “business as usual” for their clients.
“Craig and I are just stepping back from the day to day management of the business and I’m looking forward to helping mentor the agents." 
Elliott Placks is now the managing director of Ray White Double Bay.
Placks has been at Ray White Double Bay for the last 15 years and as a director for the last seven years.
“I’m proud of the achievements this incredible team has received and their continuous drive for high performance and I’m thrilled to be at the helm,” Placks said.
The 37-year-old ambitious leader said his team was unified through collaboration, authenticity, elite habits and immovable ethics and values.
Michael Krimotat is its director of property management and Daniel Pym, the director of its loan division.
Pontey and Finger joined ERA Ray White from AH Taylor Nationwide in April 1988, with it reported in the local paper, The Eastern Herald's Hobnobbing column.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/9/12/Clipping%202.jpg" alt="">
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Their first listing at the new agency was the 1885 Randwick home Peckham on Cowper Street for the furniture retailers Graham and Helen Bailey from Bailey &amp; McBride.
It hasn't sold since its mid-1988 sale at $1.31 million.
The veteran pair started together at AH Taylor Real Estate in 1978 as property managers when Finger hired Pontey.
Their Ray White Double Bay co-founder Trevor Leach sold out of the partnership around six year ago.
AH Taylor, which briefly held the Century 21 franchise, dates back to 1926.
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Ray White Double Bay founders Craig Pontey and Michael Finger sell out to Elliott Placks

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The Reserve Bank of Australia Governor Philip Lowe has urged households to shop around for a better home loan deal.
It was during a speech where Australia’s top central banker played down recent increases in mortgage rates by domestic lenders but highlighted global risks.
"A much less remarked upon fact is that the average mortgage rate paid in Australia has fallen since August last year, as lenders have increased their discounts," the governor said.
"I encourage anyone with a mortgage to shop around: there are some very good offerings out there.
"We can all play a role in promoting strong competition in our financial sector by shopping around and taking advantage of the good deals that are out there."
Lowe said the board was closely monitoring housing markets across the country and trends in housing finance.
"Housing credit growth has slowed, which, from a medium-term perspective, is a positive development. 
"Our assessment is that this slowing largely reflects reduced demand for credit by investors, although there has been some tightening in the supply of credit as well. With housing prices falling in a number of cities, largely due to a shift in the underlying fundamentals, investors no longer find it as attractive to invest in residential property as they once did. 
"This is a normal part of the cycle. 
"While credit standards have been tightened, mortgage credit remains readily available."
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RBA Governor Philip Lowe says shop around for a better home loan

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There was a silly suggestion the pickup in last weekend's Sydney clearance rate to 59 percent followed Scott Morrison's elevation to Prime Minstership.
But with a dismal 31 percent auction success rate in the Sutherland Shire, that perhaps needs a rethink.
Most economic trends only come after a lag, as the RBA Assistant Governor Luci Ellis recently observed.
But I do expect there will be a sharper focus on housing affordability among politicians between now and the Federal election.
Maybe the next election will even see a marked debate over negative gearing policies unlike the last. 
The recent Federal budget was light on housing initiatives, but Scott Morrison's 2017 budget saw a raft of measures.
Some were pitched at getting headlines, some aimed at long term structural changes, and some pitched as softening demand in what was then a peaking property market, which also happened to help the budget bottom line.
Morrison has been the most attentive to housing affordability of any treasurer in recent times.
He gave a keynote speech last year that noted housing affordability is not a new problem, pointing out, he like anyone in Sydney had actual experience that it has never been easy to buy a home. 
Morrison's first property purchase cost $330,000 with his wife, Jenny, bought in Bronte in 1995, where he grew up as a child, and then they upgraded to the Shire at $920,000 in 2009.
He rightly suggested, dealing with housing affordability must involve a scalpel, not a chainsaw given the likely or even unintended consequences of policy shifts.
He warned declining housing affordability can't be answered with lower economic growth especially as some two million taxpayers have an interest in a residential investment property.
Around 1.3 million of these taxpayers negatively gear, as mum and dad investors put a roof over the head of around a quarter of all renting households in the country.
Morrison has noted the Labor policy disrupting negative gearing would come at a cost, not only for investors but also to the households who rent. 
It was interesting for him to suggest previous governments had avoided dealing with many housing issues "for fear of raising and disappointing expectations."
There are some who argue the long run of low interest rates along with reduced price growth has lessened the need for the provision of negative gearing benefits.
Lower interest rates have cut the cost of money investors borrow and – as a result – the losses being claimed on tax.
But there will be a time when investors will seek out the opportunity.
Taking the prospect of the benefits away will lessen the demand for property.
Labor says its intends to reform negative gearing and the capital tax discount from a yet-to-be-determined date after the next election.
Subject to legislation, investors will likely not be able to use net investment losses on existing properties to offset wage income. And the capital gains tax discount on an investment property will be reduced to 25 per cent.
They have advised the negative gearing changes will be for existing homes, not newly built homes.
It is important to note Labor states that investments and tax arrangements already in place will not face retrospective impacts. 
So I expect there might just be a pickup in investors seeking out the opportunity of buying established property ahead of the election, given the possibility of a Labor win.
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Labor's negative gearing policy will see investors buy established property ahead of next Federal election

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The first weekend of September saw far fewer auction listings and even fewer willing sellers than the opening salvo of spring last year.
But an Abbotsford veggie garden, with chook pens, water tank and a shed, attracted three bidders to fetch $1.26 million.
The <a id="x_mcntLPlnk228144" class="x_mcntOWAAutoLink" href="https://www.realestateview.com.au/real-estate/100-little-charles-street-abbotsford-vic/property-details-sold-residential-12031724/" target="_blank" data-auth="NotApplicable">305sqm potential building site</a> (pictured above) had been in the Harold family since 1936, when the now rare patch of greenery was located next door to their former shoe factory.
The building family buyer will construct townhouses with views back towards the Melbourne CBD skyline.
It had been given $1.1 million to $1.2 million price guidance.
The weekend national tally was 1,752 capital city auction listings, a decrease on last week’s 1,915 auction offerings on the final Saturday of winter.
It was substantially lower than over the same time last year when 2,074 homes went to auction.
The lower week-on-week volumes returned a preliminary auction clearance rate of 58.2 per cent, up at this stage on the 54.6 per cent final clearance rate over the week prior.
But after late results the final clearance rate will likely revise lower, according to CoreLogic auction analyst Kevin Brogan.
This time last year the success rate was 66.4 percent. 
It has been tracking in the low to mid 50 per cent range each week since May this year, Brogan said.
"The softness continues into spring," AMP Capital senior economist Shane Oliver noted.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/9/3/Toorak%20edzell.jpg" alt="">
Melbourne's top recorded sale was in Toorak when <a id="x_mcntLPlnk578315" class="x_mcntOWAAutoLink" href="https://www.realestateview.com.au/real-estate/12-edzell-avenue-toorak-vic/property-details-sold-residential-12033318/" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">12 Edzell Avenue</a> (pictured above) sold for $3.68 million through Marshall White.
It last sold in 1999 at $770,000.
The English style 1932 maisonette residence had pre-auction price guidance of $2.75 million to $2.85 million, with Domain reporting it was $680,000 over its reserve.
A South Yarra property sold at an undisclosed price post-auction after being passed in at $4,010,000 through Kay &amp; Burton, understood to be $4,150,000.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/9/3/Avoca.jpg" alt="">
The <a id="x_mcntLPlnk777465" class="x_mcntOWAAutoLink" href="https://www.realestate.com.au/sold/property-house-vic-south+yarra-129007418" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">32 Avoca Street offering</a> (pictured above) attracted just the one bidder.
It had last sold at $3.02 million in 2014. The price guide was $4 million to $4.25 million.
Melbourne's top offering at <a id="x_mcntLPlnk289393" class="x_mcntOWAAutoLink" href="https://www.realestateview.com.au/real-estate/12-hill-street-toorak-vic/property-details-buy-residential-12034429/" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">12 Hill Street Toorak</a> was passed in on a $6.7 million vendor bid. The Tudor style home is now listed at $7,195,000.
Its pre-auction price guidance for the five bedroom, three bathroom house had been $6.7 million to $7.37 million.
Last traded at $3.9 million in 2007, it has been a $1900 a week rental.
There were at least 18 no bidder prestige auctions, according to the Melbourne buyers' agent Mal James.
Melbourne was host to 810 auctions returning a preliminary clearance rate of 59.1 per cent, compared to last week when 56.5 per cent of the 899 auctions cleared.
One year ago, there were 976 auctions held in Melbourne, returning a much higher clearance rate of 71.3 per cent.
There were 662 auctions held in Sydney returning a preliminary auction clearance rate of 58.6 per cent.
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Last week there were 721 auctions held with 53.2 percent successful, while this time last year, 65.5 per cent of the 779 auctions held were successful.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/9/3/Narooma.jpg" alt="">
The highest auction sale was <a id="x_mcntLPlnk555572" class="x_mcntOWAAutoLink" href="https://www.realestate.com.au/property-house-nsw-northbridge-128986198" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">24 Narooma Road, Northbridge</a> (pictured above) which sold for $4,460,000 through Richardson and Wrench.
The modern five bedroom home was constructed since the 765 sqm block sold three years ago for $2,450,000.
But there was no sale nearby when there was just one registered bidder for the five-bedroom home at <a id="x_mcntLPlnk9409" class="x_mcntOWAAutoLink" href="https://www.realestate.com.au/property-house-nsw-northbridge-128968670" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">11 Dalkeith, Street Northbridge</a>, which now has a $3.8 million asking price.
<img src="https://www.urban.com.au/images/2018/9/3/Newscliff.JPG" alt="">
<a href="https://www.realestate.com.au/sold/property-house-nsw-queenscliff-128949562" target="_blank">One of Queenscliff's finest trophy homes</a> (pictured above) sold pre-auction for $12 million through Jake Rowe Partners agents Jake Rowe and Nathan Tse.
They had an $11 million to $12 million guide, with it sold within days of its first open for inspection.
Renovated since last traded for $3.8 million in 2008, the tri-level home on its 805 sqm Pavilion Street block has five bedrooms, five bathrooms and two home offices.
The lounge with gas log fireplaces, and the glass framed dining and living rooms flow to seaside terraces featuring a fire-pit and heated plunge pool.
Across the smaller auction markets, the highest preliminary clearance rate was recorded in Canberra where 63.3 per cent of auctions were successful, followed closely by Adelaide where 61.7 per cent of homes sold.
Brisbane, where the clearance rate was the nation's weakest at 45.9 percent, had the nation's cheapest sale.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/9/3/Holland.jpg" alt="">
It was $210,000 for a two bedroom townhouse at <a id="x_mcntLPlnk300916" class="x_mcntOWAAutoLink" href="https://www.realestate.com.au/property-townhouse-qld-capalaba-128919906" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">11/30 Holland Crescent, Capalaba</a> (pictured above).
It had sold at $166,000 in 2003.
It has been for sale three times over recent years seeking $300,000.
Its most recent asking rental was $330 a week.
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Abbotsford veggie garden plot sells on opening spring weekend

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

Joel Robinson

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

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

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

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

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

Parcel delivery is joining the apartment amenity checklist

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

Jonathan Chancellor

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