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A Toorak trophy home fetched $7.05 million at weekend auction in the nation's highest sale, in what has been described as the best weekend for auctions since 2017.
There were just two bidders who took the sale price some $400,000 above reserve.
The result ranked as the most expensive Melbourne auction sale so far this year, according to CoreLogic.
Auctioneer Justin Long opened with a vendor bid of $5.9 million having pulled it from its May 18 election day auction given the vendor had had a medical scare the night prior.
The Herald Sun reported the five-bedroom property sold to a young couple. 
The 1930s home (top) on 739 sqm at <a href="https://www.marshallwhite.com.au/property/19-sargood-street-toorak-784484/" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">19 Sargood Street</a> had $6 million to $6.5 million price guidance.
It last sold in 2011 at $4.7 million.
Sydney's top sale was $6 million for a new build at Strathfield.
The six bedroom <a href="https://www.propertyobserver.com.au/https://www.randw.com.au/property/0000412793" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">10 Chalmers Road, Strathfield</a> mansion (below) was sold by Lawrence Chong at Richardson and Wrench who had offered a price guide of $5 million to $5.5 million.
<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/2019/8/19/10%20CHALMERS%20ROAD%20Strathfield.jpg" alt="">
The home, with an internal lift to all three floors, had full resort-style amenities, including a home theatre, gym, sauna, pool, wet bar, billiards room and an alfresco dining area.
Brisbane's top sale was $1.75 million at Camp Hill, which just edged out a $1.73 million sale of a restored Queenslander at Balmoral.
The <a href="https://www.eplace.com.au/property/QLD-Camp-Hill-R2-1863519" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">42 Koondara Street, Camp Hill</a> offering (below) was a five bedroom home marketed by Place agent Joanna Gianniotis has having a Hamptons style interior.
<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/2019/8/19/42%20Koondara%20Street%20Camp%20Hill.jpg" alt="">
The elevated house on a double block at <a href="https://www.propertyobserver.com.au/https://raywhiteascot.com.au/properties/residential-for-sale/qld/balmoral-4171/house/2145524" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">62 Victoria Street, Balmoral</a><a href="https://www.realestate.com.au/property-house-qld-balmoral-131600146" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable"> </a>last sold for $79,000 in 1984.
Auctioneer Phil Parker took bids from four of the 14 registered bidders after a successful marketing campaign by Ray White agent Damon Warat. 
Brisbane saw a 47 percent success rate.
<div dir="ltr">The other smaller auction markets – Canberra, Perth and Adelaide – performed strongly returning preliminary clearance rates of 81 per cent, 71 per cent and 70 per cent respectively.</div>
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There were 1,221 homes taken to auction across the combined capital cities returning a preliminary clearance rate of 76.6 per cent, up on the previous week that saw 1,111 homes taken to auction returning a final clearance rate of 67.8 per cent.
<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/2019/8/19/CoreLogic%20August%2019.jpg" alt="">
"I expect the final clearance rate across the combined capitals will revise lower, however it will likely hold above 70 per cent which is something we haven’t seen since May 2017," CoreLogic auction analyst Kevin Brogan said.
Over the same weekend last year, auction activity was higher with 1,684 homes taken to auction with a lower clearance rate of 53.3 per cent.
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Melbourne was host to 588 auctions returning a preliminary clearance rate of 78.3 per cent. 
Last week saw 500 homes taken to auction and a final clearance rate of 72.3 per cent.
Over the same weekend last year, a clearance rate of 54 per cent was recorded across 860 auctions.
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The highest reported number of registered bidders was when some 22 registered bidders descended on the semi-rural 2.4ha acreage property at <a href="https://www.raywhite.com/vic/yarrambat/2145314/" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">56-62 Ashley Road, Yarrambat</a>, 23 km north-east of Melbourne's CBD.
Ray White Diamond Creek agent Alan King said nine of them were active in the bidding for the property which had the potential to be sub-divided into 1ha lots.
One of the two neighbours bought it for $1.42 million after there was a total of 50 bids.
There had been $900,000 to $990,000 price guidance.
Sydney recorded a preliminary clearance rate of 81.7 per cent across 444 auctions, while final results for the prior weekend showed 76.2 per cent of the 367 auctions were successful.
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"It’s likely that thefinal clearance rate will revise down to similar levels again this week as the remaining results are collected," Brogan advised.
One year ago, 572 auctions were held across Sydney returning a final clearance rate of 51.9 per cent.
A four bedroom penthouse in the Manly apartment complex, Trident fetched $4.55 million.
Over 120 groups inspected the apartment throughout the campaign. 
Over 13 contracts were issued with three registered bidders present at the auction. 
There were two bidders after the $4 million opening bid.
The apartment at <a href="https://www.stonerealestate.com.au/property/4975221-41-62-north-steyne-manly-nsw/" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">41/62 North Steyne</a> offered 214 sqm space which had been a $1700 a week rental.
Candice Cattell, of Stone Real Estate Manly, noted every room had ocean views from the 14th floor which clears Manly’s renowned Norfolk pine trees.
The 1970s block is the second tallest on the oceanfront.
The penthouse last sold at $2.9 million in 2011 and at $2.5 million in 2003.
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j.ballantyne1990-6AQqhLzZaK

$7.05 million Toorak auction result topped the weekend results

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Star Indian cricketer Shikhar Dhawan’s Clyde North family home was sold for $935,000 in post-auction negotiations after its Sunday auction. 
The opening batsman’s 2012-built house at 6 Forest Drive had been listed with an $850,000 to $935,000 price guide.
OBrien Keysborough agent Darren Hutchins said more than 200 groups had toured the ex-display home during its campaign.
The 446 sqm home had passed in at $911,000, the Herald Sun reported.
Its listing went viral on realestate.com.au, with more than 64,000 views, well above the suburb’s average of 83 visits per property.
The home had previously sold at $730,000 in 2015 and $789,000 in 2013.
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Indian batsman Shikhar Dhawan sells Melbourne home

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Ray White TRG, The Rubinstein Group, have secured their first recruit since opening their new Woollahra office.
They've appointed the Ray White Double Bay agent Evan Williams as an associate director.
Williams, who worked alongside Gavin Rubinstein at the Double Bay office, told the Wentworth Courier it was Gavin who introduced him to Ray White Double Bay initially.
“I’m looking forward to being the ‘family man’ in the most progressive real estate outfit in the country," Williams, who left RW Double Bay last month, said.
Williams is married to Kashaya, a wedding planner, and they have three sons, James, 14, Aston, 9, and Jasper, 5.
Before joining Ray White Double Bay Williams was at Ray White's more established Woollahra office. He was a sales executive and auctioneer.
He had previously been a sales PA at First National Double Bay and later a property consultant at Laing &amp; Simmons Woollahra.
Williams was part of the $33.25 million, 2017 sale of Eynesbury, the <a href="/expert-insights/buying/eynesbury-the-tightly-held-art-deco-edgecliff-apartment-block-sold-for-33-25-million">tightly held art deco apartment block</a> in Edgecliff.
He also sold the <a href="/news/vaucluse-lighthouse-keepers-cottage-sells">landmark Lighthouse Keepers Cottage</a> in Vaucluse for $7.5 million in 2016. 
Williams is a Cranbrook School alumni.
Rubinstein <a href="/news/gavin-rubinstein-departs-ray-white-double-bay">departed Ray White Double Bay in late April</a> however was later retained by Ray White.
He <a href="/news/gavin-rubinstein-heading-to-queen-street-woollahra-under-ray-white-banner">opened a Woollahra office</a>, the second in the pricey suburb, with The Rubinstein Group, made up of agents Cae Thomas, Oliver Lavers and Bradley Plos, operations manager Jerome Srot and executive assistant Remi Quinlivan.
 
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Evan Williams joins Ray White's The Rubinstein Group 

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EXPERT OBSERVER
The June quarter has brought a very modest lift in wage inflation.
In the quarter the Wage Price Index (WPI) lifted 0.6% vs market expectation for a 0.5% rise and up slightly from the 0.5% rise in the March quarter. This held the annual rate flat at 2.3%yr which is a modest lift from the low of 1.9% in 2017 but can hardly be described as a breakneck pace.
We still expect wage inflation to drift higher from here - our forecasts have it peaking around 2¾%yr in 2020 - but given how well contained wage inflation is across the nation, and between sectors, even this modest increase looks optimistic and the risks to this forecast remain more to the downside than upside.
<a href="https://www.propertyobserver.com.au/images/2019/8/14/wage%201.jpg" target="_blank">Click here</a> to enlarge: 
<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/2019/8/14/wage%201.jpg" alt="">
In the March quarter, total hourly wages ex bonuses rose 0.6% compared to a market median (and Westpac) expectation for 0.5%.
The print was 0.61% at two decimal places with a 0.54% rise in private sector wage rates and a very solid 0.82% rise in public sector wages, the largest quarterly rise in public sector wages since Q1 2014.
But it should be noted that this followed the smallest quarterly rise in public sector wages since March 2000 of 0.45% rise in the last quarter highlighting a bit more volatility in this series than what is normally the case. It appears that state governments have released the purse strings, a little, for wages.
In the quarter, the largest increase in public sector wages was in Victoria (1.5%) with a more average rise in Queensland (0.5%) and a below average rise in NSW (0.2%).
<a href="https://www.propertyobserver.com.au/images/2019/8/14/wage%202.jpg" target="_blank">Click here</a> to enlarge: 
<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/2019/8/14/wage%202.jpg" alt="">
Private sector wages printed 0.54% in the last two quarters. The annual pace eased back to 2.3% from 2.4% as the March 2018 quarter print of 0.55%, the fastest pace since December 2014, dropped out of the equation.
Public sector wage inflation lifted a little to 2.6% from 2.4% over the year to be back on par with the recent peak of 2.6% in September 2018.
So while an annual pace of wages growth of 2.3% is a modest lift from the 2.1% held from December 2017 to September 2018 which, in itself, was an improvement from the record low of 1.9% in the four quarters before 2017 Q3, it does not suggest any reason to suspect a “wages breakout” is hiding in the wings as wage inflation is well contained and remains under the historical average.
Since 2018, Westpac watched the rapid fall in the Victorian unemployment rate, and because of this, we have been looking an acceleration in Victorian wage inflation.
In the June quarter, Victorian wages lifted 0.7%, stronger than the 0.5% gain in March but a moderation from the 0.8% gain in both Q3 and Q4 of 2018.
The annual pace of Victorian wage inflation has lifted to 2.9% - the fastest pace by any state and the fastest pace in that state since September 2013.
<a href="https://www.propertyobserver.com.au/images/2019/8/14/wage%203.jpg" target="_blank">Click here</a> to enlarge: 
<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/2019/8/14/wage%203.jpg" alt="">
Contrast that with NSW, where wage inflation was flat at 2.3%yr. Here there has been a longer history of a tighter labour market and yet it has failed to generate wage inflation as it has in Victoria.
We are closely watching how far the lift in Victorian wages extends. If it continues into 2020, it should lead to modest wages pressures in other states (particularly in NSW) as employers start competing for labour.
But we would not overstate this as we expect the overall impact to be modest given that the improvement in the national labour market, as measured by the fall in underutilisation, has not been as significant as it is has been in Victoria.
<a href="https://www.propertyobserver.com.au/images/2019/8/14/wage%204.jpg" target="_blank">Click here</a> to enlarge: 
<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/2019/8/14/wage%204.jpg" alt="">
<a href="https://www.propertyobserver.com.au/images/2019/8/14/wage%205.jpg" target="_blank">Click here</a> to enlarge: 
<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/2019/8/14/wage%205.jpg" alt="">
Private sector wages including bonuses continues to run at a faster pace than the measure excluding bonuses (2.4%yr vs 2.3%yr respectively) but the pace has slowed from a recent peak of 2.7% in Q4 2018.
The faster pace growth of growth in variable compensation, which tends to be positively correlated with the economic cycle, was pointing to some upside risk for wages.
However, as the pace of economic activity slows, this modest pressure is easing, suggesting the pressure on variable compensation is unlikely to be transferred to fixed compensation.
<a href="https://www.propertyobserver.com.au/images/2019/8/14/wage%206.jpg" target="_blank">Click here</a> to enlarge: 
<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/2019/8/14/wage%206.jpg" alt="">
By industry, the fastest gains in wages are still in what we consider to be non-cyclical sectors such as heath care (3.3%yr), arts &amp; recreation (2.8%yr), public administration (2.5%yr), education &amp; training, other services and professional &amp; scientific (last three all on 2.4%yr).
The slowest wage growth remains in the cyclical industries such as wholesale trade (1.7%yr), retail trade and construction (both 1.9%yr) with manufacturing at just 2.0%yr.
Even in mining, where there is talk of a modest recovery in investment and talk of emerging shortages of skilled labour, wages are growing just 2.2%yr.
<a href="https://www.propertyobserver.com.au/images/2019/8/14/wage%207.jpg" target="_blank">Click here</a> to enlarge: 
<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/2019/8/14/wage%207.jpg" alt="">
Overall, today’s WPI print is a disappointing update and one that will make us take a closer look at our forecast for wage inflation to get back to around 2¾%yr in 2020.
Click here to see the <a href="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/file/Australia/2019/August/Q2Wages-FI.pdf" target="_blank">full chart pack</a>.
JUSTIN SMIRK is ‎a senior economist for Westpac,
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Wage inflation modest, but upside surprise does not change weak fundamentals: Justin Smirk 

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AMP Capital’s Real Estate business has been realigned along specialist sectors, with new and expanded roles taken up by its leadership team.
It includes the creation of two new managing director roles for retail and office and logistics, accountable for fund, investment, property and development management for their specialist sectors.
Brett Williams has been appointed to the new role of managing director, retail.
Currently fund manager for the AMP Capital Diversified Property Fund (ADPF), Williams will lead AMP Capital’s entire retail platform including the shopping centres asset management platform as well as the wholesale pooled funds with retail exposure, the AMP Capital Shopping Centre Fund (ASCF), as well as ADPF.
Mark Kirkland will work closely with Williams under the new title of Head of Retail and will continue to be responsible for leading the retail asset management platform including the delivery of the retail development pipeline.
Luke Briscoe will take on the new and expanded role of Managing Director, Office &amp; Logistics.
Briscoe will be accountable for the whole office and logistics platform including the AMP Capital Wholesale Office Fund (AWOF), and the investment, property, leasing and development management functions, as well as of some of real estate’s shared functions including Sustainability, EWHS and Asset Technology which work across the entire office, logistics and retail business platform.
Other changes to the Real Estate Leadership team include Merran Edwards appointed to the new role of Chief Financial Officer, Real Estate, where she will lead the finance, global strategy, business planning, strategic partnerships and risk functions.
Kylie O’Connor’s COO role will shift to be fund management focused which will see her taking on fund operations and governance, while leading one of the largest separate account businesses in the market, as well as private investor funds. To reflect this change, her title will change to Chief Operating Officer &amp; Managing Director, Separate Accounts.
John Dynon will take on the role of Head of Origination &amp; Capital where he will be accountable for sourcing new opportunities and placing capital for new and existing clients as well as overseeing the real estate transactions and distribution teams.
Global Head of Real Estate Carmel Hourigan said the new integrated sector specialisation structure and bolstered client focus will best enable AMP Capital to deliver for its clients and achieve its growth strategy.
As the overall business structure is now sector aligned, there have been some leadership changes and the role of Head of Real Estate Funds Management held by Chris Judd is no longer required.
Judd has had a distinguished career at AMP Capital and made a significant contribution to the business over the past 13 years. 
He has played a fundamental role in the governance, growth and management of the pooled fund and New Zealand portfolios and will work closely with the team on this transition and remain as a director on Precinct Properties until early 2020.
These changes will be effective 16 August 2019, and all of the above roles on the Real Estate Leadership team will report to Global Head of Real Estate &amp; Chief Investment Officer, Carmel Hourigan.
AMP Capital is one of the largest and most experienced direct real estate fund managers in the Asia Pacific, with more than $28 billion in funds under management as at 30 June 2019.
AMP Capital offers institutional and private investors access to real estate equity and debt opportunities globally through a range of wholesale funds and separately managed solutions.
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AMP Capital repositions real estate business along specialist sectors

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One of few institutional grade heritage assets in Brisbane’s CBD has hit the market. 
The property at 308 Queen Street and 88 Creek Street has been listed for sale via expressions of interest campaign. 
 JLL’s Seb Turnbull and Luke Billiau have been appointed sell the property. 
“Demand for quality CBD assets remains at an all-time high in Brisbane. Sub $100 million opportunities are rare in the Golden Triangle and assets on the most prominent corner in the Golden Triangle are even rarer,” JLL’s Seb Turnbull said. 
“Brisbane has been the most active commercial market in 2019, primarily due to its relative value proposition compared to the southern states, as well as the strong leasing market outlook underpinned by the $12.7 billion infrastructure spend in the CBD alone.”
The building was built in 1885.
It underwent a major repositioning in 2008, which included the addition of the boutique A-Grade tower at 88 Creek Street, bringing the asset’s total NLA to 4,501 square metres. 
The property has only been offered to the market once before.
JLL’s Luke Billiau noted that the asset is underpinned by a diverse mix of income from a number of quality tenants in both the retail and office accommodation.  
The building is close to the Queen Street Mall. 
308 Queen Street has the benefit of the integrated 88 Creek Street that offers modern A-Grade standard of accommodation.
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Brisbane CBD heritage building listed for sale  

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Racecourse Lane Vineyard, a boutique vineyard property set on 29 acres in Pokolbin of Hunter Valley, has hit the market with $1.75 million hopes. 
It has been listed by Cain Beckett and Alan Jurd of Jurd's Real Estate Cessnock. 
Surrounded by shade trees, the property at<a href="https://www.realestate.com.au/property-viticulture-nsw-pokolbin-700047218" target="_blank"> 28 Racecourse Lane, Pokolbin</a> offers views across the neighbouring vineyards to the Brokenback Range. 
Racecourse Lane Vineyard also offers water from three dams and PID irrigation from the Hunter River. 
<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/2019/8/15/pokolbin%202.jpg" alt="">
The homestead has been recently renovated with travertine floors.
It comprises three bedrooms, two new bathrooms, new kitchen with stone tops and wrap around verandahs with opening roof. 
<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/2019/8/15/pokolbin%203.jpg" alt="">
Other features of the home include water-garden, machinery shedding, and insulated wine storage facility. 
Race Lane Vineyard is two hours from Sydney and surrounded by restaurants, vineyards and concert venues. 
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Pokolbin vineyard with renovated home listed for $1.75 million

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A 1920s designer style building located in the heart of Bendigo, Victoria has hit the market with $2.4 million to $2.6 million hopes.
It has been offered by Amy Sim from McKean and McGregor Real Estate.
Once the tallest building in Bendigo, the building at <a href="https://www.realestate.com.au/property-house-vic-bendigo-130394334" target="_blank">31 View Street</a> was built in 1925 and was originally the offices of T&amp;G Mutual Life Assurance.
With approval for both commercial and residential titles, it offers panoramic views and heritage features in a mixed zone package. 
<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/2019/8/15/bendigo%202.jpg" alt="">
The ground floor, with an existing tenant, features open plan space and rear terrace leading to the garden.  
Above the shop are four bedrooms, formal living areas, concrete swimming pool, garden and terrace. 
<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/2019/8/15/bendigo%203.jpg" alt="">
Other features of the building include ceiling fans, custom-built cabinetry, automatic water system in rear garden and double garage. 
It is within close proximity to the historic Alexandra Fountain.  
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Bendigo 1920s building hits the market 

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A four bedroom house constructed of stone and timber in Forest, Tasmania is on the market with a price guide of $360,000.
It has been listed by Duncan Spinks from Spinks Property Services.
Nestled on 1.56ha, the home at <a href="https://www.realestate.com.au/property-acreage+semi-rural-tas-forest-130549410" target="_blank">171 Backline Road</a> is set on two levels. 
The ground level consists of two bedrooms, living room, kitchen and bathroom.
<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/2019/8/15/forest%202.jpg" alt="">
The octagonal-shaped dining room comes with 10 seater dining table and carved log lounge seat.
Upstairs comprises two bedrooms, rumpus room, and balcony area with views of the creek and bush. 
<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/2019/8/15/forest%203.jpg" alt="">
Additional features of the home include wood heater, carport space for 4 vehicles and separate workshop.
It's only a 10-minute drive to the beaches at Stanley.
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Stone and timber home in north west Tasmania listed 

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A three bedroom Eglinton, Western Australia home has been listed by mortgagees for $285,000.
John Douglas of Professionals holds the listing. 
Nestled on a 290 sqm allotment, the 2014 built home at <a href="https://www.realestate.com.au/property-house-wa-eglinton-131126606" target="_blank">87 Cinnabar Drive</a> comes with open-plan living/dining area, home theatre/formal lounge, modern kitchen, carpeted master bedroom and two other bedrooms. 
Other features include internal laundry, reverse cycle air conditioning and rear access to double lock up garage. 
The house is situated opposite a park.
It was previously listed with a price guide of $339,000 and $369,000 back in June 2018 which was reduced to $329,000 by the end of November 2018 when the property was taken off market again.
More recently, in May 2019, the abode sought $325,000.
Last sold in 2013 the previous home traded for $193,000.
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According to CoreLogic, the annual change in median price in <a href="/developments/eglinton-wa-6034">Eglinton</a> over the past 10 years is -2.8%.
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Eglinton, WA mortgagee home listing slashed again to $280,000

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>

Staff reporter

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