Article summary

<ul data-end="785" data-start="311">
	<li data-end="459" data-section-id="5hbcyr" data-start="311">Pikos Group has released the five-penthouse collection at Skye Kangaroo Point, headlined by a two-storey sky home spanning more than 1,000 sqm.</li>
	<li data-end="561" data-section-id="1p7lq8n" data-start="460">Early buyer interest suggests the residences could set a new Queensland apartment price record.</li>
	<li data-end="667" data-section-id="1y70z0l" data-start="562">The collection includes four move-in ready penthouses and the highly customised Skye One residence.</li>
	<li data-end="785" data-section-id="yvm0y1" data-start="668">The release caps one of Bri​sbane's most ambitious luxury apartment developments overlooking the Brisbane River.</li>
</ul>

<hr data-end="790" data-start="787" />
Pikos Group has released the five-penthouse collection at its <a href="https://www.apartments.com.au/buildings/skye-residences-by-pikos-kangaroo-point-8-river-terrace-kangaroo-point-qld-4169">Skye by Pikos</a> development in Kangaroo Point, with early buyer interest indicating the flagship residences could eclipse every apartment sale previously recorded in Queensland.

The collection crowns the luxury riverfront development with five residences, including four completed penthouses and Skye One, a two-level sky home spanning more than 1,000 sqm that will be tailored to its eventual owner.

[smartcode_project:default project_id=90059 project_image_fid=374075]

Wanting to offer a fully customisable home, Pikos is offering Skye One as a blank canvas, allowing the buyer to work alongside the developer's design team to customise the home's layout, finishes and internal spaces.

The residence will feature a 247 sqm private rooftop terrace with its own swimming pool, sauna, steam room, outdoor kitchen and multiple entertaining areas overlooking the Brisbane River and CBD skyline.

The remaining four penthouses have been completed and are ready for immediate occupation, each offering four bedrooms, expansive open-plan living areas, soaring ceilings and private lift access.

[smartcode_project:default project_id=90059 project_image_fid=374059]

One of the defining features throughout the project is its use of Roman Classic Travertine, with more than 20,000 sqm of the natural stone imported from Italy after being personally selected by Pikos Group Founder and Executive Director Pedro Pikos, interior designer Julie Williamson and third-generation stone specialist Mario Caucci.

Pikos said the penthouse collection represented the culmination of the company's long-term vision for Skye.

"True legacy isn't measured by what we build today, but by what endures tomorrow," Pikos said.

"Our ambition is to create places that become more valuable with time, enrich the lives of generations, and stand as timeless landmarks long after we've stepped away."

[smartcode_project:default project_id=90059 project_image_fid=374060]

Williamson said the interiors were inspired by the natural character of Kangaroo Point and the Brisbane River rather than international design trends.

"Materiality tells the story of a place," Williamson said.

"We looked to the movement of the Brisbane River, the texture of the cliff face and the warmth of the surrounding landscape to create interiors that feel understated, enduring and unmistakably Brisbane."

Positioned above the Kangaroo Point cliffs, Skye places residents within walking distance of Howard Smith Wharves, South Bank and James Street while offering uninterrupted river and city views.

[smartcode_project_cta:default project_id=90059]

Joel Robinson

Brisbane's next apartment price record? Pikos unveils Skye's exclusive penthouse collection

Article summary

<ul data-end="888" data-start="289">
	<li data-end="442" data-section-id="8tsh6o" data-start="289">DVB Projects is preparing to launch its second Gold Coast apartment development, with demolition now underway at 137 Old Burleigh Road, Broadbeach.</li>
	<li data-end="573" data-section-id="1nyxl3e" data-start="443">The 34-level tower will comprise just 49 ultra-luxury residences, including half-floor, full-floor and penthouse apartments.</li>
	<li data-end="717" data-section-id="oiyimj" data-start="574">The launch follows strong demand at DVB's nearby Sea Glass project, which is more than 50 per cent sold and currently under construction.</li>
	<li data-end="888" data-section-id="epk9o9" data-start="718">The development adds to the transformation of Old Burleigh Road, with premium beachfront apartment projects continuing to reshape the tightly held Broadbeach strip.</li>
</ul>

<a href="https://www.apartments.com.au/developers/dvb-projects">DVB Projects</a> is preparing to launch its second Gold Coast apartment development, with demolition now underway on the Broadbeach site as the Sydney developer moves closer to bringing the ultra-luxury project to market.

The 34-level tower at <a href="https://www.apartments.com.au/new-apartments/137-old-burleigh-road-broadbeach-qld-4218">137 Old Burleigh Road</a> will comprise just 49 residences, ranging from half-floor apartments through to full-floor homes and a penthouse. The launch follows the strong sales performance of DVB's nearby Sea Glass development. More than half of the apartments at Sea Glass, on the other side of Broadbeach, have been snapped up, well ahead of its late 2027 completion

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="2944b4be-c84e-4b54-8dc1-c712e76704c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E02_Exterior_Street%20Level%20Entrance.jpg?VersionId=YoNig7pRdrE3HCue7sUj78LzJteeQf3H" />

The start of demolition at 137 Old Burleigh Road signals DVB Projects’ underlying confidence in the Gold Coast’s luxury beachside apartment sector.

“We see the Gold Coast as one of the most compelling lifestyle markets in Australia, particularly at the premium end where demand continues to deepen,” said Dean Brown, Managing Director of DVB.&nbsp;

“This project has been carefully designed to respond to that demand - delivering large-format residences with a level of quality, privacy and amenity that is still relatively rare in the apartment market on the beachside."

Brown says the site itself is "exceptional."

"Old Burleigh Road is one of the most tightly held beachfront strips, and opportunities to deliver a project of this scale and calibre in this location are extremely limited.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="398f377a-c037-455e-9250-0c5e0d84c35b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/I12_FF%20Balcony.jpg?VersionId=NwOiRWGMubR1c8wthuEfggklcja7al9." />

The project will comprise 40 half-floor residences of approximately 260 sqm, alongside eight full-floor residences spanning around 524 sqm.

A single penthouse will crown the building, featuring a private pool, barbecue area, indoor gym and dedicated entertaining spaces.

Residents will have access to a resort-style suite of amenities, including a 20-metre pool with daybeds, a gymnasium, hot and cold plunge pools, a sauna, and private residents’ lounge and dining facilities.

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="d1642bb0-9a66-4427-a022-dfc0988c6287" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/A02_Pool%20to%20View.jpg?VersionId=c0IXPyn_Gp_Kn3XCwzMrqIVkAdCEwVXP" />

Sales agent Todd Matheson, of <a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a>, which is marketing both 137 Old Burleigh Road and Sea Glass, said 137 Old Burleigh Road would address a clear gap in the market for genuine luxury products.

“There are very few opportunities on the Gold Coast where buyers can secure a residence of this size and quality in a new building,” Matheson said.

“What we’re seeing is a growing cohort of downsizers and interstate buyers who still want space - they’re not willing to compromise on living area, entertaining or finishes.

“This project has been designed with that buyer in mind. It offers the scale of a home, combined with the convenience and security of apartment living, in one of the coast’s most desirable positions.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="59aae0ca-5639-4320-8aca-d0bf60f48e43" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E01_Exterior%20Hero.jpg?VersionId=DS8Zfy2WtgUEtdfe0TEUuf1W1GfcZq8S" />

Located on a 1,156 sqm site one block from the beachfront, the development will replace an ageing walk-up building and is expected to contribute to the ongoing transformation of the Old Burleigh Road strip into one of the Gold Coast’s most prestigious residential corridors.

With the development moving into the delivery phase, 137 Old Burleigh Road is slated to hit the market later this year.

[smartcode_project_cta:default project_id=145141]

DVB Projects to launch second Broadbeach apartment tower as demolition commences

A proposal to redevelop one of North Sydney's ageing commercial buildings has taken another step forward, with plans for a 38-storey mixed-use tower adding momentum to the long-awaited transformation of the Alfred Street precinct.

Now on public exhibition through the NSW Government's Housing Delivery Authority-led State Significant Development pathway, the proposal for 271-273 Alfred Street would replace an underutilised commercial building with 95 apartments, ground-floor retail, commercial space and affordable housing. The proposal was submitted by&nbsp;Tara Shore Pty Ltd, acting for the John Taylor Family Trust.

While the project will deliver much-needed housing on the southern edge of the North Sydney CBD, it also represents another piece of a broader precinct that has spent years in planning limbo.

<img alt="First look: New public domain vision underpins 95-apartment North Sydney tower on Alfred Street" data-entity-type="file" data-entity-uuid="7e1ce1b4-38df-48ab-992f-386814d86308" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Alfred%20St%20da%20podium.png?VersionId=sC_h6w.A9VEoB98qsqowPlIoz__sBZBt" />

Despite its proximity to both North Sydney Station and the Victoria Cross Metro, redevelopment of Alfred Street has progressed slowly over the past decade as broader planning controls, zoning and building heights remained unresolved. The introduction of the Housing Delivery Authority pathway has provided a new avenue for projects to progress, allowing rezoning and development assessment to occur concurrently and unlocking sites that have long been earmarked for renewal.

Designed by Office of Cortese &amp; Gilder, the proposal seeks to do more than replace an ageing office building. The architects have positioned the project as the first stage of a wider public domain vision that would improve pedestrian connectivity and create a more cohesive mixed-use precinct as neighbouring sites are redeveloped over time.

The proposal includes a widened Alfred Street setback, new street trees, landscaping and outdoor seating, along with a landscaped through-site pedestrian link connecting Alfred Street with Little Alfred Street. The connection is intended to become the first section of a future east-west pedestrian network extending across the precinct.

<img alt="First look: New public domain vision underpins 95-apartment North Sydney tower on Alfred Street" data-entity-type="file" data-entity-uuid="8ea39ac3-46ad-4562-b4a0-b862e91c2dda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Alfred%20St%20da%20site.png?VersionId=K7umCd21KpetEFuVfsPlnJKhUOsmTTdV" />

The mixed-use tower would comprise retail space at ground level, commercial uses on level two and apartments from level three upwards.

In total, the development would deliver 95 apartments, including nine one-bedroom, 28 two-bedroom, 56 three-bedroom and two four-bedroom residences. Twenty-one apartments, representing 15 per cent of the residential gross floor area, would be secured as affordable housing and managed by a registered community housing provider for at least 15 years.

Nine basement levels would provide 133 resident car spaces, seven motorcycle spaces and 111 bicycle spaces.

According to the Architecture and Urban Design Report, the public domain strategy is designed to transform what is currently an inward-facing commercial edge into a more active and connected pedestrian environment, creating a stronger relationship between the commercial core and surrounding residential neighbourhoods.

Office of Cortese &amp; Gilder has also prepared a broader public domain framework spanning neighbouring properties between 263 and 283 Alfred Street, arguing that a coordinated approach to redevelopment will deliver better public spaces, improved tower separation and a more connected streetscape as the precinct evolves.

The proposal comes at a time where North Sydney is slated for future residential growth. Commercial developer FiveX has residential plans for the neighbouring site at 275 Alfred Street. They've proposed a 39-storey mixed-use tower with 184 apartments, while Freecity was recently approved for nearly 300 apartments across a 51-storey building on Walker Street.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-freecity-gets-green-light-for-mixed-use-apartment-and-hotel-tower-in-north-sydney">First look: Freecity gets green light for mixed-use apartment and hotel tower in North Sydney</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-plans-39-storey-residential-tower-in-booming-north-sydney">First look: Fivex plans 39-storey residential tower in booming North Sydney</a>

&nbsp;

Alfred Street the latest North Sydney pocket to be transformed by residential development

Buyers considering a residence at boutique Gordon townhouse development <a href="https://www.apartments.com.au/new-townhouses/lume-gordon-43-47-dumaresq-street-gordon-nsw-2072">Lume</a>&nbsp;now have another reason to bring forward their decision.

For a limited time, purchasers of a residence at Lume will receive a BMW iX3 50 electric SUV, valued at more than $120,000, as part of their purchase. The offer is designed to add value for buyers while complementing the lifestyle envisioned for the architecturally designed Upper North Shore development.

Scott Timmins, Development Manager at <a href="https://www.apartments.com.au/developers/winim">WINIM</a>, said the partnership was created to provide buyers with a compelling reason to act.

"In today's market, buyers need a compelling reason to act now, and the BMW partnership was designed to create that catalyst. We wanted to add genuine value for our future purchasers. Choosing the all-electric BMW iX3 50 also reflects the values behind LUME, forward-thinking design, innovation and a more sustainable way of living. It's a premium incentive that complements the lifestyle our buyers aspire to and rewards those who commit early."

[smartcode_project:default project_id=7354 project_image_fid=374893]

Delivered by WINIM in partnership with Burtonwood Investment Partners, Lume comprises 14 architecturally designed two, three and four-bedroom townhomes created for families seeking the space of a freestanding house with the ease of modern, low-maintenance living.

The three-storey residences, designed by award-winning architecture practice <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, have been tailored for families and multi-generational living, featuring private internal lifts, flexible lower-level spaces, generous open-plan living and entertaining areas, media rooms, and landscaped outdoor spaces with custom outdoor kitchens.&nbsp;

Inside, engineered oak flooring, bespoke dining joinery with integrated wine fridges and backlit bars, sculptural porcelain bathrooms, Parisi freestanding baths and Astra Walker tapware create interiors that balance functionality with refined finishes.

Each townhome has been designed to combine generous internal spaces with sustainability initiatives such as EV charging infrastructure, while <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>'s landscaped communal areas, centred around a restored creek line and native planting, encourage residents to connect with nature and spend more time outdoors.

[smartcode_project:default project_id=7354 project_image_fid=269527]

Rothelowman's Gary Tsui said the architecture was conceived to respond carefully to its Upper North Shore setting.

"Our vision was to create elegant, uplifting homes that draw on and positively contribute to the local character through meticulously considered design and an interaction with the surroundings."

The communal landscape has been designed as more than an open space between homes. Arcadia's Ben Newell and Kate Phillips said the adjoining reserve provided an opportunity to create a distinctive natural retreat for residents.

"Just as waterways carve their way through Ku-ring-gai's landscape, a raised boardwalk weaves through the reserve, connecting the homes to this tranquil oasis."

[smartcode_project:default project_id=7354 project_image_fid=374892]

Located just 300 metres from <a href="https://www.apartments.com.au/developments/gordon-nsw-2072">Gordon</a> Village and Gordon railway station, Lume offers convenient access to Sydney's CBD while placing residents close to some of the North Shore's leading schools, including Ravenswood, Pymble Ladies' College and Knox Grammar. Lane Cove National Park, Gordon Golf Club and a range of cafés and restaurants further reinforce the family-focused lifestyle on offer, with the BMW iX3 50 complementing everything from local trips around Gordon to weekend drives and city commutes.

Construction is underway with completion expected in mid-2027.

[smartcode_project_cta:default project_id=7354]

Boutique Gordon townhomes now come with a BMW iX3 50

Two apartments have sold for more than $10 million at EADE Byron Bay, setting some of the highest apartment prices ever achieved in the coastal town and underlining the growing appetite for luxury beachfront apartments in Australia's most popular coastal locations.

The $210 million project by Vitale Property Group has now secured more than $70 million in sales, led by residences that changed hands for $12.75 million and $11.75 million.

The record-breaking transactions reinforce the shift occurring in Byron Bay's premium property market, where affluent downsizers and lifestyle buyers are increasingly opting for high-end apartments over large beachfront homes.

<a href="https://www.apartments.com.au/new-apartments/eade-byron-bay-29-shirley-street-byron-bay-nsw-2481">EADE Byron Bay</a> occupies a rare 6,000 sqm absolute beachfront site on the corner of Shirley and Milton Streets overlooking Main Beach and The Wreck surf break, just 350 metres from Byron Bay's town centre.

The 25-residence development is the first beachfront apartment project approved in Byron Bay in more than a decade and is currently under construction, with completion expected in May 2027.

[smartcode_project:default project_id=145590 project_image_fid=359521]

The project has attracted a mix of local Byron Shire residents downsizing from larger homes, alongside interstate buyers from Sydney, Melbourne and Brisbane seeking a permanent coastal lifestyle without compromising on space.

Designed by <a href="https://www.apartments.com.au/architects/hayball">Hayball</a> and with interiors by <a href="https://www.apartments.com.au/interior-designers/alexander-co">Alexander &amp; Co</a>, EADE comprises&nbsp;10 garden apartments ranging from 284 sqm to 622 sqm, nine with private pools, five full-floor apartments and 10 rooftop residences with private plunge pools, expansive outdoor entertaining areas and uninterrupted ocean views.

[smartcode_project:default project_id=145590 project_image_fid=359527]

<a href="https://www.apartments.com.au/developers/vitale-property-group">Vitale Property Group</a> Managing Partner Chris Vitale said the project's combination of scale, location and limited future supply was driving buyer demand.

"There isn't another beachfront holding in Byron Bay of this size and position that could be developed again," Vitale said.

"Buyers are responding to the scarcity and the irreplaceability of a site of this calibre and to floorplans they can't find elsewhere in the market.

"We are seeing buyers place significant value on quality, space, design, resort-style amenities and the rarity of the location. The sales achieved to date demonstrate that discerning purchasers recognise the long-term significance of what is being created at EADE Byron Bay.

"Many are coming from larger homes in the Byron region, or from Sydney, Melbourne and Brisbane, and are after the space, security and convenience, without the upkeep of a house."

&nbsp;

[smartcode_project:default project_id=145590 project_image_fid=359523]

The Byron Bay project follows Vitale Property Group's delivery of the Mondrian Hotel and Private Residences at Burleigh Heads, with EADE continuing the developer's focus on luxury coastal developments.

Residents will have access to a resort-style swimming pool, gymnasium, sauna, cold plunge pool, concierge services and dedicated workspaces, while the project is targeting an 8-Star Green Star rating.

EADE Byron Bay is being exclusively marketed by Projx Australia in conjunction with WHITEFOX Projects.

WHITEFOX National Projects Director Phillip Rand said demand had been driven predominantly by owner-occupiers.

"We are seeing buyers at EADE place significant value on quality, space, design, resort-style amenities and the rarity of this location," Rand says.

"The sales achieved to date demonstrate that purchasers at this level recognise the long-term significance of what is being created at EADE Byron Bay."

Residences at EADE Byron Bay are currently priced between $4.75 million and $15.95 million.

&nbsp;

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[smartcode_project_cta:default project_id=145590]

Vitale breaks Byron Bay records with EADE sales flurry 

Prominent New Zealand apartment and hotel operator, <a href="/developers/safari-group">Safari Group</a>, is offering up a prime investment opportunity for Australians to purchase off the plan in one of the world’s most popular ski destinations.

They recently took to market Mountain Oak Queenstown Apartments, in the growing precinct of Remarkables Park in Frankton, near the airport and at the foot of The Remarkables - the mountain range the locals like to call “The Remarks”.&nbsp;

Sydney investors have shown interest in the one, two and three-bedroom apartments that secure high-season occupancy six months over the year, primarily over summer and winter months.

They average 90 per cent occupancy across their portfolio over January, February, March, August, November and December, while shoulder season months of April, July, September and October are still occupied 70 per cent of the time, with the growing appeal of Queenstown becoming not just a hotspot for the snow, but a lifestyle destination.

Even in the low seasons of May and June, occupancy levels reach around 40 per cent.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Ext_Cam15_Sunny.jpg?VersionId=SJAROUM_1s.Tr5ciMk4EEj5oAt_Vewmv" />

Safari’s Safari Hotels arm can also manage the holiday letting for an investor, from the listing on holiday accommodation websites such as Airbnb and Booking.com to the cleaning and maintenance of the investment. They’ve been in the short stay management business for 15 years and offer 24/7 support for investors, an important convenience benefit for any overseas investor

Another major drawcard for Australians is that New Zealand doesn’t have a stamp duty policy - so the entry price of NZ$639,000 (AU$586,000), is all that is payable on completion.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/313_Livingv2_WEB.jpg?VersionId=nV229fM0ZeYpoxOrX372HyGjfwY_LR8c" />

Safari is starting construction of the 141 apartments in Q2 this year, with a two-year build estimated to complete in mid-to-late 2027.<img alt="" data-entity-type="" data-entity-uuid="" height="15" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXczFpFAb7WuA6f4f9TtKWcqXyNwR8qqtakWv352ERkpqNlP3KwIo8YKxw67jZNHfpjEGIZGv5MQTbnvLZwNt8iu9IVdOrswOjCvBZ4zhSoOOLrpt6etVEZTN1gkBho0r_R72zdHNA?key=yq3daOanqHSb88QFd8jGYKdb" title="Click and drag to move" width="15" />​

The apartments will feature modern amenities and contemporary designs with expansive windows capturing sweeping views of The Remarkables mountain range.&nbsp;

Interiors are equipped with modern finishes, premium appliances, and secure electronic key-locked doors, ensuring a comfortable living experience for residents and guests alike.

With its strategic location near Coronet Peak and Cardrona Alpine Resort, as well as key retail and dining precincts such as Market Street, Five Mile Shopping Centre, and Remarkables Market, Mountain Oak offers a strong proposition for investors seeking high rental yields and capital appreciation in one of New Zealand’s most sought-after locations.&nbsp;

Queenstown’s sustained demand for visitor accommodation and rental properties is underpinned by a shortage of housing options, attracting both local and international buyers.

Safari Group offers low-touch investment proposition in Queenstown’s popular ski fields district

<html><body>
The ongoing decline in bonuses among merchant bankers and financial sector executives has serious implications for prestige property markets.
This is especially true for Mosman, the Sydney suburb that headlines the prestige markets that previously relied on bonus recipients buying and selling houses.
Until the global financial crisis, vendors enjoyed the home-buying spree in the merchant banker belts that followed, like clockwork, the cash-dominated bonuses.
But the bonus-inspired property purchases disappeared during the depths of the 2008 and 2009 financial crisis, and the after-effects linger.
Salaries may have risen, but bonuses have shrunk given the fallout from government bailout packages, and are typically now tied to company stock incentives.
So estate agents struggle to get competitive buying interest for the top-end listings.
The main challenge for Mosman is the double-digit-million market. 
{yoogallery src=[images/stories/feb27mandolong]}
Mosman’s first big test on 2012 comes with the 1885 Mandolong House (pictured above), a renovated hillside residence listed with $17 million reported hopes – a suburb-record price for a non-waterfront residential property, which currently stands at $15.25 million for a Stanley Street residence.
The Mandolong Road property is situated in a 2,909-square-metre location high on the slopes of Balmoral and comes with a north-south tennis court and swimming pool. It is the home of businessman Barry Roberts-Thomson and his wife, Victoria.
The property last traded for $3,375,000 in 1989.
Last year’s top Mosman sale was the $19 million sale of a Hopetoun Avenue waterfront property to neighbour Ros Oatley of the Oatley wine family. Its price reflected a serious price weakness, since it had traded at $22.5 million in pre-global financial crisis 2007.
The Mandolong House listing comes at a time that Richardson &amp; Wrench Mosman agent Robert Simeon notes “a significant increase in Mosman house listings”.
But Simeon adds it’s well below the spring 2011 peak of 168 house offerings.
“We may now hit 140 houses on the run up to Easter,” he forecasts.
Simeon’s most recent critique of the Mosman house market noted 2011 sales results surpassed 2010. Over the Christmas break the number of Mosman houses on the market dropped to 83, and it had peaked in mid-November at 168 house listings.
“The only statistic that went down during 2011 was the auction clearance rate – Mosman is a private treaty/expressions of interest market, which is clearly evidenced by the figures,” he says.
<ul>
<li>2010 Mosman Median Price – $2,250,000</li>
<li>2011 Mosman Median Price – $2,275,000</li>
<li>2010 Mosman Average Price – $2,684,319</li>
<li>2011 Mosman Average Price – $2,711,657</li>
<li>Total House Numbers Offered in 2010 – 289</li>
<li>Total House Numbers Offered in 2011 – 324</li>
<li>Total Houses Offered By Private Treaty in 2010 – 193</li>
<li>Total Houses Offered By Private Treaty in 2011 – 226</li>
<li>Total Houses Offered By Auction 2010 – 40</li>
<li>Total Houses Offered By Auction 2011 – 115</li>
<li>Adjusted Clearance Rate 2010 – 25 percent</li>
<li>Adjusted Clearance Rate 2011 – 24 per cent</li>
<li>Total Number Sold 2010 – 233</li>
<li>Total Number Sold 2011 – 266</li>
<li>Total Value Sold 2010 – $499,283,500</li>
<li>Total Value Sold 2011 – $623,681,292</li>
</ul>
<a target="_blank" href="https://www.rwm.com.au/2012/02/">Source: Richardson &amp; Wrench</a>
“It will finish at close to $700,000,000 when all sales are recorded,” Simeon suggests.
“Bear in mind that at close to $1 billion our market is a boom level.
“This coincides with my previous thoughts that the Mosman market has bottomed,” Simeon adds.
Much of Mosman’s strength and weakness is the so-called Mosman merry-go-round.
As Simeon says, families move within the 2088 postcode, they don’t move out.
Remuneration consultant John Egan of Egan Associates says pay structures in investment banking had changed dramatically since the global financial crisis.
Whereas previously, a top banker's base pay would be in the $300,000 to $400,000 range, the bonuses were often five to 10 times the base.
He suggests salaries might have risen about 50%, but bonuses are now only one to two times the base, he told the Weekend Australian.
Mosman has also been hurt with fewer upgrading local buyers but also the disappearance of the expatriate given the currency situation.
At weekend auctions, a three-bedroom home with harbour views in Parriwi Road, Mosman, was passed in on a $3.9 million vendor bid despite four contracts having been issued pre-auction.
Mosman agent Sandie Dunne had previously exchanged contracts at $4 million but the client got "cold feet".
It last sold for $3.85 million in 2008.
Mosman's most significant waterfront listing is a relisting of a Curraghbeena Road property that was the home of the London-based Greg Clarke, who once headed Lend Lease, and his wife, Anne.
Offers close this week through agent Paul Gotch who tried to get $12 million plus on its 2010 marketing.
The <a href=""></a>property last traded in November 2007 for $14.5 million when it was sold by retired Deutsche banker Ken Borda and his wife, Ellen.
This time Gotch has been reluctant to put a price estimate on the 933 sq m property, merely noting it was paid for in British pounds when the exchange rate with the Australian dollar was much stronger.
 
 
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Mandolong House listing set to test Mosman market after banking bonuses dry up

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NSW Premier Barry O'Farrell has embraced plans by James Packer for a second Sydney casino at the Barangaroo site.
James Packer's casino group, Crown, advised O'Farrell that Crown envisaged the casino could be part of a new hotel and restaurant complex in the centre of the harbourside site.
O'Farrell says the proposal for a second venue would bring jobs and tourism to Barangaroo, but it would need to gain regulatory approval before going ahead.
At the moment the Barangaroo Delivery Authority says the site is intended for ''civic, educational and recreation spaces''.
O'Farrell says: ''I think it's an exciting proposal which could add extra life to Barangaroo, give Sydney another world-class hotel, generate jobs and boost tourism.''
''It's the sort of tourism-related investment we want in Sydney but everyone's aware there are a range of regulatory approvals needed before it could proceed,'' O'Farrell says.
Only one casino licence is allowed in NSW until 2019.
On Friday Crown increased to 10% its stake in Echo Entertainment, which owns the nearby Star casino, and has sought permission from regulators to increase its stake further.
If Crown can gain control of the Star, its executive chairman, James Packer, could pursue his plan for a Barangaroo casino to operate under an extended licence for the Star.
He has signalled that such a casino would not need poker machines and could simply have gaming tables, of which the Star can have an unlimited number.
It was 1994 when James Packer’s late father, Kerry Packer, lost the battle over who would run Sydney's first casino.
At the time the preferred tenderer, Leighton and Showboat, accused rival Kerry Packer consortium of running an orchestrated campaign to discredit Leightons over details within the report of the royal commission into the building industry involving Leighton and other builders over sharing tendering fees.
The Sydney Morning Herald’s coverage of the latest $1 billion casino entertainment plan came with an immediate condemnatory tone given it had been envisaged that the land was to be set aside as "playing fields for office workers."
The ABC report quotes architect Philip Thalis, who was on the original Barangaroo design winning team, and is horrified at the way decisions are being made.
"This just shows what a complete failure of planning we've had in Sydney," he said.
"We've had a continual erosion of what could have been, what should have been, Sydney's great new public western waterfront."
John Lee from the Tourism Transport Forum says it would add life to the area.
"You only have to go to Melbourne and see that area around the Yarra River, yes there's Crown Casino there, but there is also movie cinemas, bowling alleys – there's all sorts of things that entertain people when they go to the precinct," he said.
Echo Entertainment chairman John Story has told the Australian Financial Review he will not allow James Packer to win control of the company cheaply.
Story said Echo shareholders were concerned Packer was trying to seize control of the $2.96 billion casino group without having to pay a takeover premium, after the Crown Limited chairman more than doubled his stake in Echo to 10 per cent in a $256.6 million share raid on Friday.
Packer will need the approval of both the NSW and Queensland governments to increase his holding Echo beyond 10 per cent as ownership of the group is capped at that level.
Mr Packer, who owns 46 per cent of Crown, has indicated he does not wish to take full control of Echo, although he is expected to increase his holding.
“We are just concentrating on getting the government to lift the 10 per cent shareholder cap at the moment. That is out primary goal,” Packer said.
 
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Barry O’Farrell endorses Packer Barangaroo casino concept

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Barring a global meltdown or significant deterioration in Europe, borrowers should not expect any interest rate relief from the Reserve Bank on March 6 or at the following monetary policy meeting on April 3, according to a survey of economists.
All 23 economists surveyed by Bloomberg expect the RBA to leave the cash rate on hold at 4.25% during the next two months.
A strong majority – 16 out of 23 – expect the cash rate to fall by 0.25% in May to 4%, including all the major bank economists, while 14 out of 23 expect a further 0.25% cut in June, taking the cash rate to 3.75%.
Only three out of 27 economists surveyed by Bloomberg ahead of the February rate cut correctly tipped the RBA to leave rates on hold – the others all forecast a rate cut.
In his latest RBA note, HSBC chief economist Paul Bloxham wrote that while the bank has long though the Australian economy is in pretty good shape, “we have been less comfortable about the global outlook.
“And despite better global data recently, particularly in the US, and the recent rally in markets, we still remain somewhat sceptical. We still think global weakness and the flow on to the local economy will probably see the RBA cut a bit further.”
The median forecast is for rates to finish the year at 4%, with the survey of economist responses ranging from 3.7% to 4%.
In the recently published February minutes, the RBA indicated that global demand would play a key role in future interest rate decisions.
And in a speech to the House of Representatives Standing Committee on Friday RBA <a target="_blank" href="https://www.propertyobserver.com.au/economy/no-rate-cut-in-march-but-one-more-likely-by-june-hsbcs-paul-bloxham/2012022453537">governor Glenn Stevens said</a> that the likelihood of lenders passing on rate cuts to consumers was also factored into rate decisions.
In his address Stevens said: “We repeatedly made clear that the shifting relationship between the cash rate and other [lending] rates in the economy is a factor the Board takes into consideration in setting the cash rate”.
 
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Economists unanimously tip rates to remain on hold until May: Bloomberg

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So you've done it, you have reached that point in your life where you can afford a multimillion-dollar home. Well, why not, what's to stop you? You are successful and worked hard to build your business and your fortune. You are a supreme winner in your own area of business, and good for you. Success is sweet and greatly admired by all.
So you find your perfect home. It just came on the market at a price you can afford. Let's say the agent's name is Bill and you have already heard of him around the traps. He has a reputation for achieving astronomic sales prices for his clients, and his reward is a well-earned and generous commission from the vendor. After all, his job is to get the highest possible price for his client.
But what about you, the buyer? Who represents you in this deal? OK, you've got the wife, the mother-in-law and numerous friendly advisors who know exactly what you should do.
To quote John McGrath of McGrath Real Estate, “While a vendor has their selling agent to negotiate for them, buyers are on their own unless they have a buyers’ agent to act on their behalf.”
And here comes the inevitable. The selling agent (who acts exclusively for the vendor) will do his or her best to outwit you every step of the way. That is his job, and they are usually very good at doing it. If you had spent 20 years doing the same thing six days of the week I’m sure you would be, too.
But you can even up the odds: engage a buyers’ agent (or buyers’ advocate) and use their experience, market knowledge and negotiating skills to give you the winning edge.
Depending on the deal he or she can to save you money on your purchase, and give you “peace of mind” about your new home.
The most frequent question asked about engaging a buyers’ agent is, “Will they save me money?”, and the answer nine times out of 10 is yes. These guys are professionals, and their income and reputation depends on successful transactions.
There are cases where the saving on the price of home purchases has largely been negated by the cost of the agent’s fee (although in investment property purchases the fee is tax deductible in New South Wales).
On the other hand there have been several deals done over the last couple of years in the upper end of the market in Sydney where the saving was well over $1 million.
All buyers’ agents charge a fee for their services; they can’t do it for nothing. There was a recent story in the international press about a buyers’ agent in Spain who acted on a “no foal, no fee” basis. The agent soon went out of business.
Buyers’ agents cannot guarantee success, but they will do their utmost to save you money and ensure that the final purchase price was the very best possible.
Tim Mansfield is founder and principal of Sydney-based buyers' agency <a target="_blank" href="https://www.primepropertybuyer.com/">Prime Property Buyer</a>.
 
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Million-dollar savings

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A combination of too many projects and historically low demand could result in oversupply of new apartments in inner-city Brisbane suburbs like Fortitude Valley and Bowen Hills, valuation firm LandMark White has warned. 
The warning comes as the latest figures from the Real Estate Institute of Queensland for the December 2011 show that rental vacancies in inner Brisbane increased from 1.4% in the September 2011 quarter to 1.9% in the December 2011 quarter, while the overall city vacancy rate remained unchanged at 2.3%.
LandMark White anticipates that low level migration into Queensland will continue to undermine the market. 
“This will see the inner-Brisbane apartment market continue to battle through one of the toughest phases in the property cycle in the last decade,” the firm says. 
As a consequence, it says “developers will need to ensure their ability to target niche markets through well-designed, appropriately priced product and high-quality amenity in an attempt to avoid oversupply or project deferral”. 
There was a 30% increase in sales of inner-Brisbane city units off the plan in the traditionally active September quarter, with 312 transactions taking place compared with 240 in the previous quarter. However, this figure was down 27% compared with the September 2010 quarter. 
“Incentives and rebates are also prevalent in this market as developers struggle to achieve sales,” says LandMark White. 
On the positive side, the RBA is tipped to further cut rates early in 2012, which should improve affordability and raise investment yields. 
“Rentals in the inner-Brisbane apartment market have experienced strong growth over the year to September 2011, with a 6.8% increase in the median weekly rent to $470. Coupled with historically very low vacancy rates should see the inner-Brisbane residential market become more attractive to the investor market,” the report says. 
And while the report notes there have been some encouraging signs for the inner-city residential market, particularly after the last interest rate drop, it says the market needs confidence and that may be dependent upon the outcome in Europe. 
“The first three months of 2012 may set the tone for the remainder of 2012.” 
LandMark White has calculated that there are around 12,100 apartments currently in the development pipeline and around 100 projects in total. 
Of these projects, nearly half (47%) have received development approval and nearly a third (33%) are under construction. 
Nearly two-thirds of the projects under construction are located in the expanding inner-northern Brisbane market, which includes the suburbs of Fortitude Valley and Bowen Hills.
<img src="/images/stories/landmarkwhite.gif">
 Source: LandmarkWhite
Some of the highest profile developments are in these two suburbs, including <a href="https://www.propertyobserver.com.au/developments/alex-perry-development-and-others-all-the-fashion-in-fortitude-valley/2011091551568" target="_blank">Alex Perry’s designer apartment building on Ann Street</a> (131 apartments) being developed by the Chrome Property Group  and <a href="https://www.propertyobserver.com.au/developments/fortitude-valley-s-brooklyn-development-offers-a-taste-of-the-big-apple/2011100551797" target="_blank">Metro Property Development’s 14-storey Brooklyn complex on Brookes Street</a> (191 apartments) a joint project with Indian-based Pearls Australiasia. 
One of the biggest urban regeneration projects is Lend Lease’s redevelopment of the RNA showgrounds into a predominantly residential mixed-use community. The project will be completed during 13 stages and is expected to accommodate a resident population of 10,000 people and a workforce of 8,000 people.
Upon completion, it will have 2,500 apartments, a hotel, convention centre and other commercial and retail facilities including restaurants and fresh food market. Stage 1, known as “The Green”, has already commenced earthworks and will comprise 340 one- and two-bedroom apartments priced from mid $300,000.
Photo courtesy of <a href="https://www.flickr.com/" target="_blank">Flickr</a>.
 
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Inner-Brisbane apartment market risks oversupply: Report

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Let's be honest; the outlook for 2012 is probably best described as “turbulent”. Some of the more influential voices in the community (Michael Yardney, Catherine Cashmore, for example) are touting 2013 as the more positive year for investment property.
With 2012 being an arguably tough year ahead, young investors feel the stress of this as much as, or even more than, experienced investors. This is because even at the best of times, new investors face the challenge of discerning mass volumes of data, stats, opinions, and trends, so in more ambiguous times, navigating the brevity of data becomes an even greater challenge. More and more conflicting opinions and even hard data (numbers, statistics, and trends) become harder to understand.
From here, new investors begin to question not only the data, but their own skills in interpreting it. They begins to lose trust in themselves and ask questions like, “What am I getting myself into?” and “Am I just throwing money blindly at something and hoping it works?”. You're not alone in doing this; I too go through these doubts from time to time, all based on the conflicting information I uncover.
One of the best ways to combat a case of analysis paralysis is to invest in your own property sleuth skills. Become like a detective; don't be afraid to follow a hot lead based on instinct, and remember to use all of your instincts and logic to lead to you the answers you seek. This means using logic such as questioning current data/numbers and comparing it to historical data, listening to the opinions of experts and agents, and comparing these with market sentiments observed on trusted media sources such as Property Observer and community blogs. As for instinct – go with your gut feeling. Sometimes a great deal that just doesn't feel right, probably isn't right for you. This does not mean it isn't a great deal – it just isn't the deal that's the right solution for your brief.
It's like anything in life: you need to use logic and instinct to achieve the best results. For example, lately I've been trying to improve travel time on my 15-kilometre journey to work each day, so I can map out a new route that gets me there faster. So the logic-based influences that I deduced were things like; Google Maps (for the shortest distance map), personal experience of the busiest stretches of the journey and the number of traffic lights I encounter on such a journey. Then there are the instinct-influenced factors, such as knowing the likely effect that bad weather has on traffic congestion, plus the day of the week it is (Fridays for example have a different flow to say Tuesdays).
Absolutely do your due diligence on any property decision you set out with,yes, but remember to use both logic and instinct when arriving at decisions, and you'll be making the best and most informed decisions you can. So trust your sleuth skills, listen to others, but invest first and foremost in yourself first, and in property second.
Cameron McEvoy is a property investor and maintains a blog, <a href="https://propertyspectator.blogspot.com.au/" target="_blank">Property Spectator.</a>
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Trust your property-buying instincts

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At the moment it is very hard to work out what the Sydney property market is doing. Certainly none of the experts seem to have a handle on it.
February is always a time when we exercise more caution than usual, particularly with our investor clients. Normally at this time of the year we have a combination of a stock shortage and fresh buyer activity from rested property hunters and new entrants. It takes a while for the market to take up the slack caused by the downtime over the Christmas period, so we usually see heightened competition, increased auction clearance rates and a spike in prices. And this situation can last until the end of March. In boom years it continues unabated until spring. In 2007 I remember the market ran full steam ahead right up to Christmas.
So far this year has been no exception on two counts. There is a stock shortage, and there also appear to be plenty of buyers out there.
But we are now more than halfway through February and last weekend the auction clearance rate was still only 52%, which is a similar level to where it was at the end of 2011. Some properties are languishing (more so in the higher price bracket) while others are selling way above expectations (a number of 2 bedroom cottages in Marrickville spring to mind).
The open houses over the past few weekends have also been a mixed bag. At some properties we have had to queue up before taking a peek inside, while at others we had the house and the agent to ourselves. And there hasn’t been a clear pattern as to why this is so. It is not as simple as saying that anything over $1.5 million struggles while everything under $1 million flies out the door. We have seen properties well under $1 million without any interested buyers.
Feedback we are getting from selling agents is that both buyers and vendors have been sitting on their hands while they wait for another interest rate drop. Now that the banks have taken matters into their own hands and instigated their own rate rises, we hear that a lot of potential vendors have decided to delay listing their properties for sale. Conversely, a lot of buyers seem to have decided they are sick of waiting for lower rates and will take the plunge regardless.
So if these indications turn into a trend we will start to see a rise in both clearance rates and sale prices.
The upshot? Well, we will still exercise caution. That is certainly not to say we won’t be buying anything, however. Because we know the market so well and understand prices, we can assess value and strike accordingly. We also know when to leave something alone because it is selling at a premium that may not be sustainable come April.
And for owner-occupiers who have just found their dream property it may well turn out that it is worth paying a premium and it’s just bad luck that their perfect new home came on the market now instead of a more advantageous time. Just remember to decide on your maximum limit before you begin bidding or negotiating so that the emotion doesn’t take over.
Veronica Morgan is principal of <a href="https://www.gooddeeds.com.au/Default.htm" target="_blank">Good Deeds Property Buyers </a>in Sydney.
 
 
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Sydney market could be turning around

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The Reserve Bank is likely to hold off on cutting the cash rate until the second quarter of 2012, according to HSBC chief economist Paul Bloxham, who believes global weaknesses will dictate the RBA’s next move. 
“While we have long thought the Australian economy is in pretty good shape, we have been less comfortable about the global outlook. 
“And despite better global data recently, particularly in the US, and the recent rally in markets, we still remain somewhat sceptical. We still think global weakness and the flow on to the local economy will probably see the RBA cut a bit further. 
“However, a March cut now seems unlikely. We expect one more 25 basis points cut in the second quarter,” Bloxham says in his latest RBA Observer update. 
Bloxham points out that interest rate market pricing has shifted aggressively in the past three weeks – from pricing 75 basis points in cuts over the next year to pricing 45 basis points in cuts. 
Although he says “nothing should be ruled out” in the current uncertain environment, the “economy is still in pretty good shape, the mining boom is continuing and the RBA’s cuts last year are providing some support”.
On the other hand Bloxham expects a clutch of factors – higher mortgage rates, a very strong Australian dollar as well as an “further upward drift in unemployment” and “benign inflation” to motivate one more rate cut.
Bloxham’s comments come as RBA governor Glenn Stevens delivered his opening statement to House of Representatives Standing Committee today where, according to CommSec economist Savanth Sebastian, he made it clear that the “higher cost of wholesale funding and resulting out of cycle rate hikes by the domestic banks was anticipated by the Reserve Bank and was a key reason why interest rates were not cut in February”.
In his address Stevens said: “We repeatedly made clear that the shifting relationship between the cash rate and other [lending] rates in the economy is a factor the Board takes into consideration in setting the cash rate”.
“That will remain the case. Recent developments do not materially affect the capacity of monetary policy to achieve its goals.”
According to Sebastian, Stevens has “delivered the clearest message yet that the Central Bank has a strong degree of confidence in the outlook for the domestic economy”.
“The tone and comments from the testimony is consistent with CommSec’s view that the cash rate will remain on hold until at least the May meeting.”
 
 
 
  
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No rate cut in March, but one more likely by June: HSBC’s Paul Bloxham

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The top end of the housing market in the major metropolitan regions will continue to struggle in 2012, according to Aussie Home Loans founder John Symond, who is seeing signs of life at the more affordable end of town.
“We have seen the property market show some signs of life in recent times because first time buyers and property investors seem to be out there in the price range of $600,000 and $650, 000,” he says in a video on Aussie's YouTube channel.
“So I think the lower price range in the metro cities is going to be active as the months go by; but certainly the higher priced properties are still going to struggle in finding buyers.”
And following on from him re-appearing as the face of Aussie advertising and once again urging borrowers to consider alternatives to the major banks, Symond urged borrowers to see beyond the current marketing spin of NAB.
Symond dismissed NAB’s pledge to offer the standard variable rate of all the major banks throughout 2012 as ‘more clever marketing then substance”.
“When you look at the lowest standard variable and the highest standard variable [of the major banks], you’re only talking a couple of basis points,” he says.
 
 
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Metro housing market sweet spot under $650,000: John Symond

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The record-setting $5.71 million Surry Hills, Sydney warehouse sale by businessman Neville Miles and his artist wife Beryl topped the prices in the year's first bumper weekend of capital city auctions.
It's McGrath selling agents Ben Collier and Andrew Hackett had been seeking $5 million plus for the Bennett Place warehouse, which dates back to the 1870s.
It's been extensively renovated by Hare + Klein since the 247-square-metre holding that spans three levels last sold at $3.1 million in early 2009.
Vendors and agents were hoping auctions got a wiggle on the weekend.
Volumes were up, and Melbourne's success rate, which has been a bit wobbly so far in February was 62% on initial results, and 63% after Sunday's results, bettering the 57% in the prior weekend.
"In light of the increased number of auctions this result provides an indication that demand is gradually improving this year," REIV chief Enzo Raimondo says.
Despite a negative forecast from the SMH property editor, Sydney also secured a slight improvement too with its 56% success rate - on initial returns - bettering the 54% of the previous weekend, according to Australian Property Monitors.
Both capital city results could come down slightly once the final results come in, but the industry will be happy that the weekend with the first big boost in auction numbers also brought sufficient buying demand that was steady or better than in the previous three weeks.
SQM managing director and industry commentator Louis Christopher today urged higher same-day reporting rates to ensure buyers and sellers get a better indication of market direction.
<div class="press-release-article">
John Edwards' Residex indicated its 90% collection of all auction sales across NSW for the week ending February 25 showed a 52% clearance rate for the Sydney metro (51% in the week prior) and 40% in NSW regions (34% in the week prior).
The McGrath agency secured a 56% success rate from its 125 NSW Saturday auction listings. 
</div>
Hocking Stuart's Anna Perry noted the Armadale office's four out of four sale in the 38 degree Melbourne heat.
Buxton auctioneer Matthew Young secured five sales from his five Melbourne auctions, although the Foam Street, Elwood listing was sold for $1,341,000 shortly after being passed in at $1,325,000.
The Real Estate Institute of Victoria was expecting around 880 auctions. The highest number of auctions will be held in Prahran (17), Richmond (15) and South Yarra (15).
With a full month’s auction volumes now known, Robert Larocca at the REIV says it is now apparent that the overall number of February listings is about 17% below the average between 2007 and 2011.
This year there will be about 1,900 auctions in February, compared with the five-year average of 2,285.
Melbourne buyers' agent Mal James noted for the second week in a row there was "some spark in the market". But noting eight of the top 10 reported auctions over $2.5 million were passed in, James suggests "we are not saying there is any fire, just isolated sparks".
Australian Property Monitors had 494 auctions on its scheduled Sydney list. It’s 21% down on the same time last year according, to Clinton McNabb, the APM research analyst.
The highest number of auctions in Sydney were held in Strathfield (12), Mosman (10), Kensington (nine) and Randwick (nine).
Simon Pryce, who works for The Wiggles as Ringo the Ringmaster, has sold his Coogee Art Deco apartment before this weekend’s scheduled auction. It was listed through McGrath agent Kel Gray, and Pryce was aiming for more than $625,000 for the apartment, which last traded for $470,000 in 2002. It’s understood to have sold at about $650,000.
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