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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.
</div>
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Abbotsford veggie garden plot sells on opening spring weekend

<a href="https://www.apartments.com.au/developers/consolidated-properties">Consolidated Properties Group</a> (CPG) is approaching the launch of its latest Brisbane riverfront development, Castile, on the dress circle Skyring Terrace in Newstead.

VIP buyers are now being engaged, with a full public sales launch coming later this year.

Positioned as the final opportunity to secure a new absolute riverfront residence on the East bank of Newstead, Teneriffe or New Farm, Castile at 47 Skyring Terrace has been designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> as a timeless addition to the Brisbane skyline.&nbsp;

[smartcode_project:default project_id=150489 project_image_fid=371113]

The name Castile draws on themes of permanence, sophistication and legacy, reflecting a broader vision centred on enduring architecture and timelessness in the rarest of riverfront positions.&nbsp;

CPG Chairman and CEO Don O’Rorke said the project had been envisioned as a future Brisbane icon.&nbsp;

“With 47 metres of direct river frontage and never to be built out views, 47 Skyring Terrace is the definitive address on the Brisbane River,” O’Rorke said.&nbsp;

[smartcode_project:default project_id=150489 project_image_fid=371114]

“Rather than following trend-based apartment design, Castile draws inspiration from Brisbane’s great heritage buildings, reinterpreting classical architecture into a contemporary riverfront landmark designed to stand proudly for the next 100 years,” he said.&nbsp;

The approved development will comprise 227 apartments across a 25-storey tower alongside a boutique six-storey riverfront building of just 12 residences.&nbsp;

Construction is scheduled to commence in September 2026.

[smartcode_project_cta:default project_id=150489]

Joel Robinson

CPG unveils Castile Newstead ahead of upcoming sales launch

Australia’s online shopping habits have shifted dramatically over the last decade. As eCommerce volumes surged, so too did the frustrations that came with traditional parcel delivery: missed deliveries, long Post Office queues, parcel theft and the challenge of being home during business hours.

Australia Post’s Parcel Lockers emerged as one of the more practical responses to that changing consumer behaviour.

What started as a relatively niche delivery option has evolved into a nationwide network of more than 1,400 self-service Parcel Lockers positioned at train stations, shopping centres, supermarkets and Post Offices across the country. The system allows Australians to send, collect and return parcels 24 hours a day, fundamentally changing how many people interact with deliveries.

The appeal is relatively straightforward: flexibility.

Instead of waiting at home for a delivery driver or rushing to a Post Office before closing time, users can direct eligible parcels to a Parcel Locker location of their choice. Once the parcel arrives, Australia Post sends a notification with a collection code or QR access through the AusPost app, allowing customers to retrieve their package at any time within the collection window.

For apartment residents in particular, the system has become increasingly valuable.

Higher-density living has created logistical challenges around deliveries, especially in buildings without concierge services or secure parcel rooms. Missed deliveries are common, while parcel theft has become an increasing concern as online shopping volumes continue to rise.

Australia Post itself has repeatedly highlighted the growing issue of “porch pirates” during peak shopping periods, encouraging customers to use Parcel Lockers as a safer alternative to unattended home deliveries.

That security aspect is one of the key reasons the Australia Post Parcel Locker network has grown so rapidly.

Parcel Lockers are positioned as secure, monitored collection points that reduce the risk of theft while also improving delivery efficiency for Australia Post. Instead of multiple redelivery attempts, parcels can be consolidated into a single secure destination.

The Parcel Lockers themselves are free to use through a MyPost account and support a range of parcel sizes up to 16 kilograms and dimensions of approximately 35 x 44 x 61 centimetres.

Beyond receiving parcels, the system has increasingly become integrated into the broader eCommerce ecosystem.

Customers can now use Parcel Lockers to return online purchases, while retailers have embraced the model as a way to improve delivery success rates and reduce friction in the shopping process. Australia Post has actively expanded partnerships with major retailers and promoted Parcel Lockers as part of a broader out-of-home strategy.

The timing of that expansion aligns with broader changes in Australian shopping behaviour.

The acceleration of online retail during and after the pandemic placed enormous pressure on delivery infrastructure. Parcel volumes reached record highs, particularly during Black Friday and Christmas periods, with Australia Post delivering more than 100 million parcels during peak festive seasons.

That growth forced logistics providers to rethink the “last mile” of delivery, widely regarded as the most expensive and operationally difficult stage of the process.

Parcel Locker systems have increasingly been viewed as part of the long-term solution.

The concept itself is not unique to Australia. Parcel Locker networks have become common globally, particularly across Europe and Asia, where dense urban environments and apartment living create similar logistical challenges. But Australia’s geography and suburban sprawl made adoption slower initially.

Now, however, the convenience factor is driving mainstream usage.

For commuters, Parcel Lockers near train stations allow parcels to be collected on the way home from work. For apartment dwellers, they remove the uncertainty around access and missed deliveries.

The rise of the AusPost app has also streamlined the experience, centralising notifications, tracking and Parcel Locker access into a single platform. Australia Post has increasingly pushed customers toward app-based delivery management, partly as a way to combat phishing scams and fake delivery notifications, which have become more sophisticated in recent years.

The Parcel Locker model is also beginning to influence property development itself.

Parcel management has become a growing consideration in apartment building design, particularly as online shopping becomes embedded in everyday life. Many new residential developments are now incorporating dedicated parcel rooms or Parcel Locker systems into foyers and communal spaces.

For developers, parcel management is increasingly viewed as part of the broader resident amenity offering, alongside gyms, wellness spaces and communal work areas.

That reflects a wider evolution in how residential buildings are designed.

Apartment buyers are placing greater emphasis on convenience, security and operational functionality, particularly in higher-density urban environments. Parcel delivery, once considered a minor operational detail, has become an increasingly important part of that equation.

Australia Post’s Parcel Locker network sits at the centre of that behavioural shift.

What began as a simple alternative delivery option has evolved into a key piece of infrastructure supporting Australia’s growing eCommerce economy and changing urban lifestyles.

And as online shopping continues to expand, the role of Parcel Lockers is likely to become even more embedded in how Australians live, shop and receive goods.

How Australia Post Parcel Lockers changed parcel delivery convenience in Australia

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

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

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

Sammut secures approval for debut Brisbane apartment development in Toowong

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

Jonathan Chancellor

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