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Property NSW, on behalf of Family and Community Services, has sold the final two apartment blocks on Dalgety Road as part of the Millers Point sales program.
The two-storey federation style apartment blocks, featuring a mix of two and three bedroom units, were sold via auction by Sydney’s Sotheby’s International Realty and Savills Australia.
27-29A sold for $4.35 million and 31-33A sold for $4.325 million.
Also sold at auction on Saturday, was 117 Kent Street. The four-bedroom, two-bathroom terrace split over four levels achieved a sale price of $2.55 million. 
There are four properties left to sell as part of the Millers Point sales program. A total of 187 sales have been managed by Property NSW in Millers Point since 2014.
Conservation Management Plans (CMPs) endorsed by the NSW Heritage Council are included in contracts for sale for all heritage listed properties. These contracts ensure new property owners are fully informed of their obligations and responsibilities when purchasing a heritage listed property.
Proceeds from the Millers Point sales program have delivered over $603 million for investment in social housing developments in NSW.
As of July 2018, a total of 1,101 units have been completed and 280 units are currently under construction using proceeds from the Millers Point sales.
Developments are occurring in areas of identified need for social housing, including Bankstown, Canterbury, Liverpool, Fairfield, the Sutherland Shire and Wollongong areas. New social housing is also under construction in Coffs Harbour and North Richmond. 
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j.ballantyne1990-6AQqhLzZaK

Just four to go in State Government Millers Point sell off

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A review by ASIC has found that reverse mortgages are allowing older Australians to achieve their immediate financial goals – improving their lifestyles in retirement – but longer-term challenges exist.
For older Australians who own their home with few other assets, a reverse mortgage can allow them to draw on the wealth locked up in their homes, while they continue to live in their property.
ASIC reviewed data on 17,000 reverse mortgages, 111 consumer loan files, lender policies, procedures, and complaints. We also commissioned in-depth interviews with 30 borrowers and consulted over 30 industry and consumer stakeholders.
The review found borrowers had a poor understanding of the risks and future costs of their loan, and generally failed to consider how their loan could impact their ability to afford their possible future needs. Lenders have a clear role to play here and need to do more: for nearly all of the loan files we reviewed, the borrower’s long term needs or financial objectives were not adequately documented.
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Importantly, under legal protections in place since 2012, borrowers can never owe the bank more than the value of their property, and can remain in their home until they pass away or decide to move out. However, depending on when a borrower obtains their loan, how much they borrow, and economic conditions (property prices and interest rates), they may not have enough equity remaining in the home for longer term needs (e.g. aged care).
ASIC Deputy Chair Peter Kell said “Reverse mortgage products can help many Australians achieve a better quality of life in retirement.”
“But our review shows that lenders and brokers need to make inquiries that would lead to a genuine conversation with customers about their possible future needs, not just a set of tick boxes on a form.”
ASIC’s report also finds that there is an opportunity for lenders to reduce the risk of elder abuse. Under the new Code of Banking Practice, recently approved by ASIC, banks will be required to take extra care with customers who may be vulnerable, including those who are experiencing elder abuse.
Consumers also had limited choices for finding a reverse mortgage. Several providers withdrew from the market after the global financial crisis. From 2013 to 2017, two credit licensees provided 80% of the dollar value of new loans from 2013 to 2017.
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Background
Reverse mortgages are a credit product that allows older Australians to borrow using the equity in their home. The loan does not need to be repaid until a later time, typically when the borrower has vacated the property or passed away. They are a more expensive form of credit compared to standard variable owner occupier home loans; the interest rates are typically 2% higher and, as there are no repayments required, interest compounds. 
Consumer demand for reverse mortgages has grown gradually since the global financial crisis, with the total exposure of ADIs to reverse mortgages increasing from $1.3 billion in March 2008 to $2.5 billion by December 2017.
ASIC commenced a review of lending practices and consumer outcomes in the reverse mortgage market to proactively examine issues that might emerge for older Australians.
As part of this review, we evaluated the effectiveness of enhanced responsible lending obligations for reverse mortgages which were introduced five years ago into the National Consumer Credit Protection Act 2009 (National Credit Act).
This review examined five brands, who collectively lent 99% of the dollar value of approved reverse mortgage loans in 2013-17. These brands were: Bankwest, Commonwealth Bank, Heartland Seniors Finance, Macquarie Bank and Westpac (comprising St George Bank, the Bank of Melbourne and BankSA). As of late 2017, Macquarie Bank and Westpac are no longer providing new reverse mortgages.
This project forms part of ASIC's broader work for older Australians to help bring about positive changes for these consumers in credit and financial services: see REP 537 Building seniors’ financial capability report 2017 and REP 550 ASIC’s work for older Australians.
ASIC’s MoneySmart website has information for consumers about reverse mortgages. Consumers can also use MoneySmart's reverse mortgage calculator to see how a reverse mortgage can impact the equity in their home. 
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ASIC issues reverse mortgage lending warning

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A long held Yamba trophy home sold for $700,000 at auction last weekend.
Located at 62 Yamba Road, Yamba, is a historical cottage with waterway frontage.
It came with views of the Yamba Marina.
Set on a 1423 sqm block, the four bedroom two bathroom home features living spaces with access to deck space on three sides of the home.
It has a gazebo overlooking the waterway.
<img src="https://www.urban.com.au/images/2018/8/29/Marina%202.JPG" alt="">
The home has timber flooring throughout.
It is just a 15 minute walk from the CBD.
The listing was sold by Daniel Kelly of Ray White.
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Yamba trophy home sold for the first time in decades

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First State Super has won control of Victoria's land title registry with a $2.86bn bid.
It secured the right to operate the land titles and registry functions for 40 years.  
Victoria will keep control over prices for statutory land registry services.
The State Labor Government will use the cash for infrastructure, including new schools, hospitals and transport.
The public sector super fund and Hastings Funds Management last year won a 35-year lease on the the land titles registry in New South Wales with a bid of $2.6 billion.
First State Super has 773,000 member accounts — nurses, midwives, teachers, police, firefighters and paramedics — and $63.7 billion funds under management.
Michael Dwyer, First State Super’s CEO, says the fund has more than 180,000 members in Victoria.
“We see land registries as critical economic infrastructure with strong investment fundamentals.”
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First State Super secures Victorian land title registry with a $2.86bn bid

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This season's series of The Block is coming to the end, as the renovated apartments in St Kilda's Gatwick Hotel are listed for sale.
Each of the apartments are tipped to fetch over $2 million.
Melbourne locals and professional netball players Bianca and Carla are the bookies favourites, just ahead of South Australian husband and wife duo Kerrie and Spence.
The final will be aired live on September 22. Below are the renovated apartments from each contestant.
<h3><a href="https://www.domain.com.au/1-34-fitzroy-street-st-kilda-vic-3182-2014552025" target="_blank">1/34 Fitzroy Street, St Kilda</a></h3>
Team: Kerrie and Spence
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<div><img src="https://www.smh.com.au/content/dam/images/h/1/3/x/q/j/image.imgtype.articleLeadwide.620x349.png/1534212581030.png" alt="Heated towel rails are a must for luxurious bathrooms." title="" width="100%"></div>
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Kerrie and Spence’s refined style have ensured this apartment has a “sophisticated and timeless interior.”
The couple from South Australia’s apartment features a guest room with reading nook and library, a bedroom with floor to ceiling bookshelves and a main bathroom with “striking black cabinetry,” according to the listing.
Hockingstuart Albert Park agents Stephanie Evans and Emily Adams are marketing the property.
<h3><a href="https://www.domain.com.au/2-34-fitzroy-street-st-kilda-vic-3182-2014552033" target="_blank">2/34 Fitzroy Street, St Kilda</a></h3>
Team: Courtney and Hans
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<div><img src="https://www.smh.com.au/content/dam/images/h/1/3/x/q/n/image.imgtype.articleLeadwide.620x349.png/1534212470715.png" alt="The dropped ceiling and recessed LED lighting creates a high-end feel in Hans and Courtney's bathroom." title="" width="100%"></div>
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The winners of the first room reveal – Western Australian couple Courtney and Hans’ flawless finishes add to the elegance.
The main bathroom’s terrazzo floors are a favourite of The Block 2018 host Scott Cam. 
Wilson Port Phillips agents Jesse Raeburn and Graeme Wilson are marketing the apartment.
<h3><a href="https://www.domain.com.au/3-34-fitzroy-street-st-kilda-vic-3182-2014552048" target="_blank">3/34 Fitzroy Street, St Kilda</a></h3>
Team: Hayden and Sara
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<div><img src="https://www.smh.com.au/content/dam/images/h/1/3/x/q/p/image.imgtype.articleLeadwide.620x349.png/1534212265257.png" alt="Hiding the loo or keeping it separate makes a bathroom feel more luxurious" title="" width="100%"></div>
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Dubbed The Block‘s most controversial couple, Hayden and Sara’s sub-penthouse apartment features one of the most expensive bathrooms with an expensive brass bath.
At 250 square metres, the apartment is as big as a home.
The apartment is being marketed by Michael Townsend and Josh Stirling at McGrath St Kilda.
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<h3><a href="https://www.domain.com.au/4-34-fitzroy-street-st-kilda-vic-3182-2014552052" target="_blank">4/34 Fitzroy Street, St Kilda</a></h3>
Team: Norm and Jess
<img src="https://www.smh.com.au/content/dam/images/h/1/3/x/q/l/image.imgtype.articleLeadwide.620x349.png/1534212381488.png" alt="The tub took centre stage in every bathroom on The Block" title="" width="100%">
Put together by Queensland couple Norm and Jess, the luxe guest bedroom features a bed with a velvet bed head. The main bathroom includes a two-metre tall maple tree as well as a stone-looking bath.
Hockingstuart St Kilda agents Sam Inan and Julian Cannata said any visitor would love the welcoming feel and comfort factor in their guest bedroom.
<h3><a href="https://www.domain.com.au/5-34-fitzroy-street-st-kilda-vic-3182-2014552057" target="_blank">5/34 Fitzroy Street, St Kilda</a></h3>
Team: Bianca and Carla
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<div><img src="https://www.smh.com.au/content/dam/images/h/1/3/x/q/k/image.imgtype.articleLeadwide.620x349.png/1535080505023.png" alt="Bianca and Carla's massive marble slab impressed the judges this week." title="" width="100%"></div>
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Former professional netballers Bianca and Carla have luxury in their penthouse apartment.
The main bathroom boasts a silver galaxy dolomite stone feature wall.
Bianca and Carla’s master bedroom ensuite also features his and hers vanities.
Michael Papwroth and Peter Kakos at The Agency Melbourne have the listing.
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The Block Gatwick St Kilda apartments hit the market at $2 million plus

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A three bedroom High Wycombe home sold for $304,000. 
It was sold on 21 July, 2018.
It was sold by Kim Findlay.
Situated at <a href="https://reiwa.com.au/7-galena--court-high-wycombe-4094763/" target="_blank">7 Galena Court</a>, it has a formal family room with split system air conditioning, separate kitchen/meals area, opening via sliding doors onto secondary living/meals area, huge light filled living/meals area recently re-carpeted, master bedroom with split system air conditioning, and upgraded bathroom with separate bath &amp; shower.
It features dedicated WCS, undercover carport which provides access to rear (there is also potential for independent rear access next to the carport), large rear garden shed, the backyard is flat, level and ready for your rear development or awaiting your creative landscaping skills, the house is 145sqm of living, the block is 704sqm with 18.5m frontage.
The home last sold in 20011 for $325,000.
The suburbs median house price is <a href="/developments/high-wycombe-wa-6057">$420,000</a>, according to CoreLogic.
 
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YTC SEPTEMBER MORTGAGEE High Wycombe home sold by mortgagee

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EXPERT OBSERVER
The franchise model is being disrupted by technology that’s making it easier than ever for individual agents to run their own show more flexibly and efficiently. But could bots – backed by AI, automation and big data – come to the rescue and help the big real estate brands deliver new value to agents? 
To explore this idea, let’s look at a typical day in the life of an agent in 2020 who works at a franchise (we’ll call it Robot Real Estate) that uses bots to delivers a wide range of automation. The strategy behind the AI support is for the franchise to empower their agents to deliver highly personalised service that puts human relationships at the heart of the data, which in turn creates unprecedented loyalty both from their agents, and the buyers and sellers they service.
Meet Tanya. She’s been an agent at Robot Real Estate for the past 10 years. About three years ago, she was considering leaving Robot Real Estate – she felt the fees were too high and locked her into technology that was out of date and clunky to use. It was a lot of money to pay for a desk and a lead database that was usually out of date. 
But then Robot Real Estate introduced an end to end bot-driven infrastructure for agents. And while it took a little getting used to, Tanya now loves it. Because it takes care of all the back-end tasks that used to keep her busy, and allows her to spend her day focused on what she’s passionate about – helping people on their journeys of buying and selling property.
Here's what Tanya’s day looks like:
Wakeup: When Tanya exercises each morning (she’s a 5am Club gal!) her Robot Real Estate assistant (an automated assistant that she fondly calls REVA) reads out her schedule for the day and outlines a list of tasks that she has preset for her bot team. At her request, REVA also reads out profile information of the people she’s going to meet that day so she’s fully informed and pumped for the day. Breakfast:  Tanya has her first client meeting with Jane a buyer. By the end of the breakfast, REVA has sent the buyer a list of suitable properties and inspection times based on their conversation and some background video information on the areas that Jane said she was interested in. 
The bot has tagged the client as originating from the relationship with Tanya and assigned Jane to Tanya in their database. This means that even if another agent finds Jane a home, Tanya will receive a payment to recognise the fact that she introduced her to the agency. 
The bot has also set a calendar entry for Tanya to make a follow up call a few days later. By that time, the automation at the back end will have identified if Jane has clicked on any of the properties in the information that was sent, and recognised how long she has spent on each property and if she shared any of the properties with friends or family, or returned to one or two of them. 
This information will both inform the conversation that Tanya will have with Jane when she follows up and allows the bots to refine future property selections that are sent to her. 
Tanya also encourages Jane to become “identity-authorised”. This will allow Jane to visit any property at the time of her choosing – not just wait for opens. It can also be – if Jane gives permission – linked to her credit approval rating which will give Jane the advantage of pre-approval for loans and a much quicker turn around on her finances when she decides to make an offer on a home. 
Again, regardless of who sells Jane a home, Tanya’s introduction of Jane to the identity authorisation and credit approval process means Tanya will receive a trailing commission payment when Jane transacts.
Early Mornings: In these days of automated contact, Tanya is a big proponent of the personal touch. She uses the first hour or so of every morning to make phone calls to prospects and clients and people she’s sold to recently to see how they’re settling in. She finds people are usually happy to talk first thing or on their commute. 
After each call she dictates outcomes to her REVA who annotates the client data and schedules or carries out follow up actions such as sending property reports, investment analysis, and lookbooks or contracts. She loves the Robot Real Estate Concierge Service that allows her to order thoughtful gifts for her buyers and sellers and send them to their home or office via drone in just an hour or so.
Mid Mornings: On mornings when there is no Robot Real Estate sales meeting, Tanya likes to spend her time creating videos about her local community, helpful information for buyers or sellers, or a roundup on properties that she loves.  Of course, the Robot Real Estate bots can now automatically create both report-styled or video content about her local market, but Tanya is a bit old school. She likes the personal touch, will sometimes interview people in her community and has fun being on camera. 
When the videos are shot, she alerts her REVA to the new content, and the bot automatically schedules it to social media and targets it to an appropriate audience based on the latest insights from her social media pages. REVA will also tag anyone she interviewed. 
REVA also inserts content into her email newsletters to keep her click through rates high. In addition, Tanya uses this time to direct the Virtual Reality video of properties she’s selling because she cares about the details. 
It’s also the time in her day when she reviews the sales collateral the bots have created for her sales listings – those bots are truly amazing in how they assemble the ads, online listings and reports, but Tanya has an experienced eye and she likes to think that it’s her attention to the personal details that makes the difference. It’s also a great way for her to familiarise herself with her listings and it boosts the quality of her data within the Robot Real Estate system which in turn improves her micropayment commissions.
Lunchtime: Tanya has an Open Home. Of course, they’re not as necessary now with so many people being accredited to inspect the property at a time that suits them securely, and with the availability of VR. 
But Tanya likes the ceremony of an Open being held at least a few times during the sales period – it signals to the neighbourhood that a property is on the market which can often lead to surprise offers. You never know where a passive buyer might be. And it’s a great way to meet the neighbours, who in turn can become valuable sales leads to Tanya. 
Everyone who does enter the property is automatically identified through their mobile phone and added to the Robot Real Estate database – that’s because Tanya is so good at making people feel at ease and learning about them. Even if they’re unlikely to buy or sell for many years, Tanya’s initial discovery is at the root of their relationship with Robot Real Estate and allows their experience with Robot Real Estate and Tanya to be truly personalised.
Afternoon: Tanya has a meeting with a potential vendor, Rebecca. Rebecca has a lovely home but wants to upgrade and there’s a few small repairs that if done, would help the home get a better price. 
During her visit, Tanya shoots both video and photos of each room, paying particular attention to areas that she thinks might need some work to bring up to sales presentation stage. Her REVA captures these and attaches them to the address record, and with Rebecca’s permission, sends them to Robot Real Estate’s Presentation Concierge system, which requests quotes from the appropriate trades and services. 
By the end of the visit, Tanya is able to provide Rebecca with a detailed quote on the work that would need to be done to the property, the time it would take, and a schedule for the sale, including an accurate estimate of the price Rebecca can expect with Tanya’s clever marketing approach. 
Rebecca’s other alternative is that Robot Real Estate buy the property outright and provide her with the funds in just 48 hours. Such an approach means a sale price that is below what was quoted, but some clients like the speed and certainty of the approach, especially if they have personal circumstances that mean they have to move by a deadline.
End work: Tanya ends her day with another round of phone calls to clients, finalising negotiations and giving contracts the once-over just to ensure she’s across the details. A couple of days a week, she has evening appointments scheduled with vendors. Tanya’s REVA gives her an update on all the reports and contacts that have been sent and actioned across the day and allows her to set any new tasks. 
Sometimes she does this by reading the report, sometimes if she’s busy or in the car, she’ll ask REVA to read it out and she’ll instruct the bot verbally. 
She loves the AI assisted support that she’s offered by Robot Real Estate – it’s really changed her life by removing so much of the busy, repetitive work that used to stress her out. It allows her to focus on the human connections that are the most important part of her job at a price point and uptake level that she would never have been able to afford, or get her brain around on her own. 
Robot Real Estate supports its sales teams and its AI strategy with regular training offsites and sales rallies. These provide Tanya and the Robot Real Estate team with the opportunity to learn new skills, re-energise their sales focus, and hear about new trends and the systems the franchise is trialling. 
There are also always personalised intensive training times in the schedule, when Tanya is taught to become proficient in the new skills needed. Her training is tracked and is tied to her commission levels. 
While the additional money that comes from doing the training is nice, Tanya feels that the value really comes from segmenting the time this way as it is extremely effective. It’s made her feel more secure about trying new things and gives her time to practice and become familiar with new systems. This makes her more confident about using the coaching tools in the system which step her through whenever she is out on the road and needs a quick refresher. 
Since introducing the AI, Robot Real Estate’s profits have soared, buoyed by reduced running costs, increased agent retention and significantly improved customer loyalty and brand value awareness that has really driven their sales and revenue. 
It’s also opened up new revenue streams to the franchise, which has now significantly increased its referrals revenue from mortgage brokers, financial institutions, insurance and credit score companies. 
The new approach by Robot Real Estate has removed the stressful “busy-ness” from the life of Tanya and their other agents. This lets them get more done in less time, while at the same time providing a significantly higher level of personalised service to buyers and sellers that has won awards.
Agents have reported feeling significantly less stress and love that the REVA support and back end systems allow them to genuinely switch off and focus on family time when they are home, while feeling secure that the details are being taken care of.
Could this be the future? What do you think?
Kylie Davis is the head of marketing for property services at CoreLogic.
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Could robots rescue real estate franchises? Kylie Davis

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A Hampton trophy home was passed in at auction last weekend. 
The final bid for <a href="https://www.realestate.com.au/property-house-vic-hampton-128976254" target="_blank">20 Bridge Street</a> was $3.1 million following a vendor bid of $3.05 million which was not enough for the owners.
There was only a single bidder among the 20 attendee's present.
Despite a later offer of $3.125 million the owners didn't budge, holding to their $3.2 to $3.3 million price guide for the three bedroom one bathroom home.
The home located in the Sandringham's Gypsy Village area close to cafe's, shopping and public transport.
<img src="https://www.urban.com.au/images/2018/8/28/Sandy%20village%202.JPG" alt="">
The 499 sqm holding last sold for $1,212,500 in 200.
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Hampton trophy home passes in just under price guide

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Sutherland had the poorest results at auction of any Sydney region on the weekend, discounting the Central Coast, with a clearance rate of just 31 percent of its 16 notified results.
It compared to last week's results where they had a 62 percent success rate from its 31 properties.
The 31 percent is much weaker than the overall Sydney clearance rate of 59 percent which has been showing improvements recently.
There are still seven unreported results from the Shire yet to be added to the tally.
<img src="https://www.urban.com.au/images/2018/8/27/Sutherland%201.JPG" alt="">
The 3 Loretta Avenue, Como (pictured above) offering was passed in at auction.
The five bedroom three bathroom home has $1.6 million hopes.
The 563 sqm holding last sold in 2009 for $450,000.
<img src="https://www.urban.com.au/images/2018/8/28/Sutherland%203.JPG" alt="">
The 60 Siandra Drive, Kareela (pictured above) offering which was passed in without price disclosure.
The four bedroom two bathroom home has been listed $1,149,000 hopes
The 618 sqm holding is currently listed by Stuart Castle Real Estate.
<img src="https://www.urban.com.au/images/2018/8/28/Sutherland%204.JPG" alt="">
The 45 Raglan Road, Miranda (pictured above) was passed in with no price disclosure.
The five bedroom three bathroom home had $2.3 million hopes.
The 792 sqm holding last sold in late 2003 for $660,000.
<img src="https://www.urban.com.au/images/2018/8/28/Sutherland%205.JPG" alt="">
The 140 Holt Road, Taren Point (pictured above) offering which was passed with no bids.
The four bedroom two bathroom home has a price guide of $1.15 to $1.25 million
The 637 sqm holding last sold in 2002 for $430,000.
<img src="https://www.urban.com.au/images/2018/8/28/Sutherland%206.JPG" alt="">
There was a sale, 9B Edinburgh Crescent, Woolooware (pictured above) for $1,290,000.
The three bedroom one bathroom home was sold by Purplebricks NSW agent Joshua Singer.
The 655 sqm holding sold after just 30 days on the market.
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Sutherland Shire auctions didn't fare well for weekend offerings

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The Sydney hoarder’s house, deplete of the mummified body found earlier this year, sold at weekend auction for $2.07 million.
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The result was $270,000 above the $1.8 million reserve for the Greenwich offering.
The purchasers of <a id="x_mcntLPlnk337040" class="x_mcntOWAAutoLink" href="https://www.realestate.com.au/sold/property-house-nsw-greenwich-128954682" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">31 Greendale Street</a> were an expatriate family in Singapore who beat off keen bidding from a young Marrickville couple.
There are plans to initially renovate and rent it out until it is knocked down.
The skeletal remains of a suspected murder victim Shane Snellman were found rolled in carpet inside a bedroom in June with police revealing the corpse had likely been there for at least a decade.
The owner Brian Roberts, who died of a heart attack last year, had bought the freestanding double-brick house on its 557-square-metre block, in 1991 for $200,000. 
The police theory was Snellman, who had suffered several injuries, was trying to rob the house when Roberts killed the intruder.
The Sunday Telegraph reported the notoriety, cobwebs, peeling paint, disgusting kitchen and mouldy bathroom was no discouragement for the 11 registered buyers.
Domain suggested it was like a macabre museum exhibit.
Sydney's top sale was nearby when <a id="x_mcntLPlnk514211" class="x_mcntOWAAutoLink" href="https://www.realestate.com.au/sold/property-house-nsw-greenwich-128928586" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">15 Vista Street, Greenwich </a>sold pre-auction for $3.55 million.
Built in 1935 by architect, Nigel Ashton, the home had been by the same family for 83 years.
It came with views of the harbour bridge and the city skyline. 
Sydney's highest sale under the hammer result was at Willoughby where $3,265,000 was paid for <a id="x_mcntLPlnk24636" class="x_mcntOWAAutoLink" href="https://www.realestate.com.au/property-house-nsw-willoughby-128925434" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">3 Hollywood Crescent</a>.
It was a 1930s bungalow last sold at $1.95 million in 2009.
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There were 717 auctions held in Sydney returning a preliminary clearance rate of 59.1 per cent. One year ago, 832 auctions were held and the clearance rate came in at 67.4 per cent.
In Melbourne, a preliminary auction clearance rate of 58.6 per cent was recorded across 898 auctions on the weekend. This time last year, 1,124 auctions were held, returning a clearance rate of 72.3 per cent.
<img src="https://www.urban.com.au/images/2018/8/27/CoreLogic%20Greenwich.JPG" alt="">
Melbourne's top sale was also secured ahead of its Saturday scheduled auction, a South Yarra home renovated under the guidance of INARC design.
It was the $6.25 million sale of <a id="x_mcntLPlnk447497" class="x_mcntOWAAutoLink" href="https://www.realestate.com.au/sold/property-house-vic-south+yarra-128158838" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">23 Airlie Street, South Yarra</a>, which had an asking price of $8.25 million earlier this year.
It had been listed this time with $6.5 million hopes through RT Edgar. 
Under the hammer, Melbourne's top result was in Camberwell when <a id="x_mcntLPlnk615615" class="x_mcntOWAAutoLink" href="https://www.realestateview.com.au/real-estate/12-derby-street-camberwell-vic/property-details-sold-residential-12017091/" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">12 Derby Street</a> sold for $3.8 million through Jellis Craig.
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The indicative selling price had been $3,500,000 to $3,800,000 for Gladstone Villa, a graceful four bedroom 1889 Victorian residence.
Not far away a 1930s Canterbury changed hands for $1.91 million for the first time after competition between five bidders at its Kay &amp; Burton auction.
Given its one family ownership, Laurel-Leigh, the heritage-protected three-bedroom home <a id="x_mcntLPlnk376881" class="x_mcntOWAAutoLink" href="https://www.realestateview.com.au/real-estate/26-maysia-street-canterbury-vic/property-details-sold-residential-12021336/" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">at 26 Maysia Street</a>, came with intact lead lighting, stucco walls, ornate ceilings, terrazzo flooring and bow window.
Its pre-auction price guidance was $1.7 million to $1.8 million.  
There were five bidders.
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On the latest weekend of winter, CoreLogic calculated 1,909 homes were taken to auction across the combined capital cities, up from 1,684 over the previous week. 
"Auction volumes have slowly started to increase over the last couple of weeks however current volumes remain lower than this time last year when 2,270 auctions were held," Corelogic auction analyst Kevin Brogan noted.
"Through winter, the number of homes taken to auction has been tracking roughly 20% lower than a year ago, highlighting a substantial weakening in vendor confidence driven by the softer housing market conditions and consistently lower clearance rates."
Preliminary results show a clearance rate of 57.9 percent this week, increasing from last week’s final clearance rate of 53.3 per cent, although this will revise as the remaining results are collected. 
Over the same week last year the final clearance rate was 68.3 percent.
Canberra's 66.7 percent weekend clearance rate result was the top selling capital city.
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Greenwich tops Sydney weekend auctions

An entity directed by HSN's Rafi Assouline and Rebel Property's Allen Linz has filed plans for an impressive new precinct in Woolloomooloo.

The major mixed-use development would transform a prominent William Street site into a new residential village anchored by affordable housing and a large public park.

The proposal, submitted as a State Significant Development Application, covers 164-172 and 174-194 William Street, a 6,398 sqm site between Forbes Street and Dowling Street on the southern edge of Woolloomooloo.

Designed by fjcstudio in collaboration with Bangawarra, Studio Bright and Tribe Studio Architects, the scheme would deliver 227 apartments across four residential buildings ranging in height up to 18 storeys, alongside retail space, public domain improvements and a new publicly accessible park.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="0eb59b7c-914a-4a5c-b849-3a56749f5e93" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.18.51%E2%80%AFAM.png?VersionId=mxM6EEqeoLjrCiTlCzTKTvzpKuh6kSkH" />

It's another design scheme for Rebel, who took <a href="https://www.apartments.com.au/news/nsw/first-look-rebel-property-group-takes-woolloomooloo-precinct-to-nsw-government">concept plans to the NSW Gov late last year</a>.

The latest plans will be a mix of 167 build-to-sell apartments and 60 affordable apartments, with the affordable housing component representing 15 per cent of the project's gross floor area. The apartment mix includes 12 one-bedroom, 53 two-bedroom, 89 three-bedroom apartments and 13 penthouses, while the affordable housing component would comprise 42 one-bedroom and 18 two-bedroom apartments.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="3b3d4553-8a8c-4af5-aa8c-519ffb1e28c6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.20.12%E2%80%AFAM.png?VersionId=_Yb6ibN7eDnOtQjCNDK2eviORa4qzgv." />

Rebel Property is seeking to take advantage of the NSW Government's infill affordable housing bonus provisions under the Housing SEPP, which provide additional floor space and height in exchange for the delivery of affordable housing for a minimum of 15 years. The planning pathway allows a 30 per cent increase in floor space ratio and building height where 15 per cent of the development is dedicated to affordable housing.

&nbsp;

At the centre of the development is a 1,356 sqm sunlit public park designed to become a new community gathering space at the gateway to Woolloomooloo. The park would be complemented by a network of pedestrian laneways connecting William Street with the surrounding streets, improving permeability through what is currently a largely impermeable block.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="257af931-a393-4007-8c6d-7219796df58d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.20.51%E2%80%AFAM.png?VersionId=KAHy94GrhaReFsWTGDKfy39EDJ8gEEv4" />

The design team says the public domain has been heavily influenced by the site's topography and Aboriginal cultural heritage, drawing on the escarpments, gullies and landscape characteristics that historically defined the area before urbanisation. The landscape design has been developed in partnership with First Nations consultancy Bangawarra.

The project would be delivered across four separate buildings. The William Street East and William Street West buildings, designed by fjcstudio, would contain the majority of the apartments. Melbourne-based Studio Bright has designed the Forbes Street building, while Tribe Studio Architects is responsible for the Dowling Street building.

Rebel had secured approval for the concept plans late last year.

Joel Robinson

First look: HSN, Rebel, advances Woolloomooloo precinct plans

A locally heritage-listed furniture showroom on Water Street is set to become the centrepiece of a new mixed-use residential development as local developer&nbsp;<a href="https://www.apartments.com.au/developers/keylin-group">Keylin</a> seeks approval for <a href="https://www.apartments.com.au/new-apartments/lotus-on-water-street-290-water-street-fortitude-valley-qld-4006">Lotus on Water Street</a>, a 15-storey project on the Fortitude Valley side of Spring Hill.

The proposal spans 290 Water Street and 137-141 Warry Street, combining several properties into a 2,869 sqm site that sits between Fortitude Valley, Spring Hill and the rapidly evolving Victoria Park precinct. Keylin's plans would deliver 132 apartments alongside new retail, hospitality and commercial space, while retaining and repurposing the historic Brunswick Home Furnishers Showroom that fronts Water Street.

Designed by <a href="https://www.apartments.com.au/architects/jackson-teece">Jackson Teece</a>, Lotus on Water Street comprises a 12-storey residential tower rising above a three-storey podium and communal rooftop terrace. The development includes 76 apartments classified as multiple dwellings and a further 56 units proposed as short-term accommodation, designed to be flexibly used as either accommodation or permanent residences. The apartment mix comprises six one-bedroom, 54 two-bedroom and 16 three-bedroom homes.

<img alt="First look: Keylin unveils heritage-led Lotus on Water Street tower in Fortitude Valley" data-entity-type="file" data-entity-uuid="9822bb79-6c49-49c9-95ba-319e8c8d81c3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/fortitude%20valley%20front.png?VersionId=ioW8zbN4UVebbLetTFuv92t.HkdgfR5e" />

Residents would have access to an extensive rooftop recreation level spanning more than 1,200 sqm of communal open space. Plans include a pool, gym, sauna, infrared sauna, yoga area, library, private dining room, barbecue facilities and landscaped entertainment spaces, making the rooftop the project's largest shared amenity offering.

At street level, the proposal focuses on the adaptive reuse of the heritage buildings along Water Street, where 518 sqm of retail and commercial space is planned across shop, office and food and drink outlet uses. A permeable residential lobby would be positioned between the retained heritage buildings, creating a pedestrian connection between the historic streetscape and the new tower behind.

<img alt="First look: Keylin unveils heritage-led Lotus on Water Street tower in Fortitude Valley" data-entity-type="file" data-entity-uuid="269cf3e0-7d13-48bf-a318-05a00deb5c10" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/fortitude%20valley%20podium.png?VersionId=DLXmTCLsp6GOcLpQ0h.0z7wKCw59EhN_" />

The heritage retention strategy is central to the scheme. The development application notes that the Brunswick Home Furnishers Showroom and adjoining heritage buildings will remain, with only non-significant structures on the site earmarked for removal under a previously issued Heritage Exemption Certificate. Levels one and two of the new podium are recessed behind the heritage façades to maintain their prominence within the streetscape.

Jackson Teece has drawn inspiration from the site's manufacturing history when designing the podium. The planning documents state that the façade incorporates perforated metal screening that references the woven and rattan furniture historically produced on the site. Cascading and climbing plants are integrated throughout the podium to soften the building's presentation and screen parking levels behind. The landscape strategy also informs the project's name, Lotus on Water Street, drawing on the historic Spring Hollow waterholes that once ran through Spring Hill and the blue water lilies associated with Meeanjin, Brisbane's traditional name.

The proposal also incorporates the neighbouring property at 141 Warry Street, currently occupied by a healthcare service. The existing building would remain, with nine dedicated parking spaces allocated within the new development to support its ongoing operation. In total, Lotus on Water Street proposes 117 car spaces, including 110 resident spaces and seven visitor bays, alongside 100 bicycle spaces.

<img alt="First look: Keylin unveils heritage-led Lotus on Water Street tower in Fortitude Valley" data-entity-type="file" data-entity-uuid="70cf07bc-4fd8-4e70-92dd-be8b21c4e4f0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/fortitude%20valley%20site.png?VersionId=txlxrJImM0Sm_vTzHVKh5DDUkyL_CiiA" />

The site sits within the Spring Hill East Precinct of the Spring Hill Neighbourhood Plan and is positioned around 650 metres from both Fortitude Valley Station and Exhibition Station. It is also within walking distance of the King Street precinct, Royal Brisbane and Women's Hospital, Herston Quarter and Victoria Park, which is earmarked to become a major venue precinct ahead of the Brisbane 2032 Olympic and Paralympic Games.

Planning documents describe the location as a key gateway between Spring Hill and Fortitude Valley and highlight the area's increasing importance as new transport infrastructure and Olympic-related investment reshape Brisbane's inner north. The development team argues the project will contribute additional housing supply while activating a section of Water Street that has historically received less investment than other parts of the Valley.

Keylin has become increasingly active across Brisbane and southeast Queensland, assembling sites in strategic inner-city locations. They are currently selling and delivering <a href="https://www.apartments.com.au/new-apartments/oria-spring-hill-447-gregory-terrace-spring-hill-qld-4000">Oria Spring Hill</a>, just over 140 apartments due for completion in 2027.

Keylin plans heritage-led Lotus on Water Street apartment development in Fortitude Valley

Roseville is poised for a wave of new apartment development following the NSW Government's rezoning of land around Roseville Station under its Transport Oriented Development program.

The new planning controls have unlocked significant development potential within walking distance of the station, with a number of sites expected to be amalgamated and redeveloped in the coming years as developers seek to take advantage of the increased density allowances.

One of the more restrained developments in the precinct, and set among the first to be delivered having commenced well before the recent changes, is Hyecorp's Juliet. The boutique apartment project is already well under construction and remains on track to welcome residents by the end of the year, offering a markedly different proposition to many of the larger-scale developments now likely to emerge across the suburb.

[smartcode_project:default project_id=7395 project_image_fid=278194]

<a href="https://www.apartments.com.au/new-apartments/juliet-roseville-64-pacific-highway-roseville-nsw-2069">Juliet</a> will comprise just&nbsp;34 one-, two-, and three-bedroom apartments opposite Roseville Station. For Hyecorp, which has delivered projects across Sydney's Lower North Shore for more than three decades, Roseville presented a rare opportunity to address a growing gap in the market.

"<a href="https://www.apartments.com.au/developments/roseville-nsw-2069">Roseville</a> has long been one of the North Shore's most tightly held and desirable suburbs, offering a unique combination of village charm, established greenery, excellent transport connections, and proximity to some of Sydney's best schools and lifestyle amenities," Hyecorp said.

"We recognised a growing demand from local homeowners seeking to downsize without leaving the community they have built their lives around. The location presented a rare opportunity to create homes that cater specifically to that buyer profile."

[smartcode_project:default project_id=7395 project_image_fid=278196]

The six-level development has been designed by <a href="https://www.apartments.com.au/architects/pbd-architects">PBD Architects</a> as a collection of residences that feel more like homes than apartments. The brief centred generous floorplans, abundant natural light, quality finishes, and strong connections to outdoor space.

PBD Architects drew inspiration from Roseville's established garden suburb character, creating a building that sits comfortably within its surroundings rather than dominating them. The architecture incorporates natural materials, soft forms, layered landscaping, expansive balconies, and generous setbacks to strengthen the connection between residents and the suburb's leafy environment.

"The focus was on designing spacious, house-like residences for discerning owner-occupiers and downsizers who wanted to remain on the North Shore without compromising on comfort, privacy, or design," PBD said.&nbsp;

"Every apartment was to feel considered, timeless, and highly functional."

[smartcode_project:default project_id=7395 project_image_fid=278195]

Inside, residences feature engineered timber flooring, stone kitchen benchtops and splashbacks, integrated Fisher &amp; Paykel appliances, ducted air conditioning, and large outdoor entertaining areas designed to take advantage of district and treetop views.

Residents will also have access to a rooftop barbecue and lounge area, alongside practical amenities including parcel lockers, EV charging capability, bicycle storage, a dog wash bay, and a basement car wash facility.

The majority of purchasers so far have been local owner-occupiers from Roseville, Lindfield, Chatswood, Killara, and the broader Upper North Shore, many of whom are transitioning from larger family homes.

"Buyers are looking for spacious, house-like apartments that allow them to downsize without feeling like they are sacrificing comfort or functionality," Hyecorp noted.

"They value large kitchens, generous living areas, ample storage, quality finishes, secure parking, lift access, and low-maintenance living."

[smartcode_project:default project_id=7395 project_image_fid=278204]

Juliet sits directly opposite Roseville Train Station and within walking distance of Roseville Village, while Chatswood's retail and dining precinct is only minutes away. The development is also surrounded by some of Sydney's most established schools, including Roseville College, Ravenswood, Pymble Ladies' College, and Knox Grammar, as well as nearby parklands and golf courses.

Juliet is currently more than 75 per cent sold ahead of its anticipated completion in late 2026.

[smartcode_project_cta:default project_id=7395]

Juliet to sit quietly amid Roseville apartment boom

Sherpa Property Group has unveiled the third instalment of its Flourish series, securing full approval for the two-tower, $500 million Flourish Soleira development in Palm Beach.

<a href="https://www.apartments.com.au/new-apartments/flourish-soleira-1150-1154-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> will rise from a prominent site in the commercial heart of Palm Beach, the long-time home of Cash Converters and a range of local retailers.

The project will introduce a new retail and dining precinct at ground level, beneath 286 apartments.

[smartcode_project:default project_id=150017 project_image_fid=370959]

“We’re very committed to not only providing affordable residential offerings that are much needed in Palm Beach, but also delivering a vibrant new commercial heart that complements the extraordinary growth of the southern Gold Coast,” Sherpa Property Group founder Christie Leet said.

The development will sit under Sherpa's Flourish brand, which is aimed at providing a pathway into the beachside suburb for locals, first-home buyers and downsizers. In a move designed to assist first-home buyers entering the market, Sherpa has reserved all one and two-bedroom, one-bathroom apartments exclusively for eligible first-home buyers.

[smartcode_project:default project_id=150017 project_image_fid=370964]

“Our vision through Flourish is to create a vibrant retail and lifestyle focal point within the Palm Beach centre zone, delivering thriving communities underpinned by lifestyle-rich locations,” Leet said.

“So far, Flourish has been an incredible success, and we hope to carry this momentum as we progress the next two Flourish projects in Palm Beach.”

[smartcode_project:default project_id=150017 project_image_fid=371430]

Located across 1150-1164 Gold Coast Highway and 3 Sixth Avenue, the development will comprise two towers. The northern tower will deliver 154 apartments, while the southern tower will add a further 132 residences, helping address ongoing demand for new apartments in the tightly held coastal suburb.

Flourish Soleira will also feature the most extensive rooftop amenity offering ever delivered in Palm Beach.

The two towers will be connected by a skybridge, with residents gaining access to a rooftop recreation deck featuring a full-width swimming pool, hot and cold plunge pools, wellness spaces, a gymnasium, private dining facilities, massage treatment rooms, barbecue areas, a basketball court, golf simulator, indoor and outdoor dining spaces, sun lounges and extensive landscaping.

LPS Group is expected to start construction later this year.

Sherpa is already well advanced on construction of its debut Flourish project, Flourish Amargo, located just around the corner from Soleira. Meanwhile, Flourish Oasis, positioned opposite Amargo, recently commenced construction and has nearly sold out its collection of 47 apartments.

[smartcode_project_cta:default project_id=150017]

Sherpa unveils $500m mixed-use Palm Beach precinct, Flourish Soleira

Are mortgage holders set to get a reprieve from the RBA in 2026?

Big Four bank NAB believes so. They are now expecting the next move from the RBA to be a cut, rather than a hike, which they had pencilled in for August. They are unsure of the timing of the cut however, they note in their latest&nbsp;NAB Economics RBA Watch.

NAB Chief Economist, Dr Sally Auld, said recent data suggests the economy has lost momentum and the outlook for rates has shifted, noting that the broader economic backdrop has changed since earlier in the year.

“The next move in the cash rate is likely to be down, but the timing is uncertain," Dr Auld said.

"In February, growth was above trend, the economy was operating above capacity and there was uncertainty over the restrictiveness of rates. None of these conditions exist today,” she outlined.

Dr Auld said recent data pointed to softer momentum across the economy while acknowledging that at the same time, uncertainty remains a key feature of the outlook.

“Both Q1 GDP data and the NAB business survey suggest momentum in the economy has slowed, meaning that growth has likely peaked for the cycle. That said, we are cognisant there is still considerable uncertainty around the outlook, both with respect to activity and inflation.”

Dr Auld said inflation risks and labour market outcomes would be important to watch.

“On the prices side, we are still forecasting above target core inflation through to mid-2027. Margins will compress and weaker labour market outcomes are a risk.”

She said tighter financial conditions are expected to weigh on housing and activity.

“Tighter financial conditions will be reflected in a slowing in house price growth and housing credit growth. In summary, we have greater conviction that the next move in rates is down, but less conviction on the timing.”

Staff reporter

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