National Australia Bank (NAB) will fund <a href="https://www.apartments.com.au/new-apartments/palmera-residences-gold-coast-18-garfield-terrace-surfers-paradise-qld-4217">Palmera</a>, a $1 billion, 52-level luxury residential tower being developed by Central Equity in one of the Gold Coast’s most tightly held coastal locations at Northcliffe.

The project, launched recently by <a href="https://www.apartments.com.au/developers/central-equity">Central Equity</a>, one of Victoria’s largest private residential developers, comes at a time when construction funding for large residential developments has become increasingly competitive as lenders tighten exposure to the sector.

Multiplex has been appointed the builder, and construction is now underway.

[smartcode_project:default project_id=108274 project_image_fid=365784]

Since its first project, Central Equity has delivered more than 85 residential developments with a combined end value exceeding $8 billion.

Palmera reflects Central Equity’s growing focus on the Gold Coast luxury apartment market and continues a relationship between Central Equity and NAB that dates back to the late 1980s, when the bank funded one of Melbourne’s earliest inner-city residential towers at a time when high-rise apartment living in the CBD was largely unproven.

“NAB’s funding of Central Equity’s $36 million CBD development in the late 1980’s to the financing of the billion-dollar tower today highlights the long-term relationship between the two organisations in delivering major residential projects” said Central Equity Founder and Chairman Eddie Kutner.

He said NAB’s early support was instrumental in helping establish the company’s development model.

“When we commenced our first residential tower in the late 1980s the concept of funding off-the-plan apartments was still largely untested in Australia,” Kutner said.

“NAB recognised the opportunity early and supported the project when others were uncertain. That relationship has now continued for more than 37 years across many developments.”

[smartcode_project:default project_id=108274 project_image_fid=365771]

Central Equity was established in 1987 when Melbourne’s CBD and Southbank precinct were still dominated by warehouses and commercial buildings. Fewer than 100 residents lived in Southbank at the time, and large-scale residential development in the inner city was not widely considered.

Recognising changing demographics and lifestyle preferences, the company began developing high-rise residential projects designed to bring permanent residents into the city centre.

Central Equity has provided accommodation for approximately 40,000 residents across Melbourne’s CBD and Southbank, while also incorporating supporting infrastructure including essential lifestyle facilities like retail spaces, childcare facilities and neighbourhood activity centres.

Central Equity has spent many years assembling the Palmera development site on the corner of Garfield Terrace and Frederick Street in Northcliffe, creating a supersite of around 3,300 sqm.

The developer said the Palmera apartment tower reflects its long-term view of the Gold Coast as a growing and increasingly diversified economy.

[smartcode_project:default project_id=108274 project_image_fid=365768]

Supported by infrastructure including the light rail network, major road upgrades expanded education, hospital and medical facilities and continued expansion at the Gold Coast Airport with more internation and domestic flights.

Positioned in the tightly held Northcliffe precinct, the 52-level tower will deliver 347 apartments, targeting buyers seeking a high-end coastal lifestyle, from downsizers to interstate investors.

Designed by Marchese Partners with interiors by DBI, Palmera has been conceived as a next-generation residential offering, featuring a collection of oversized apartments, with premium three-bedroom residences offering sweeping northern views stretching from Surfers Paradise through to Burleigh Heads.

[smartcode_project_cta:default project_id=108274]

Joel Robinson

NAB funds $1 billion Surfers Paradise apartment development, Palmera

Two years after completing one of the newest developments in North Sydney, developer <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a> is turning its attention to the rapidly evolving St Leonards apartment market.

The developer, which completed AURA by Aqualand on North Sydney's Walker Street, has lodged plans for a 5,918 sqm site at <a href="https://www.apartments.com.au/new-apartments/33-37-herbert-street-st-leonards-nsw-2065">33-37 Herbert Street, St Leonards,</a> seeking approval for a pair of residential towers rising above a shared podium opposite Royal North Shore Hospital.

The proposal forms part of the broader transformation underway across the St Leonards-Crows Nest precinct, where former industrial and commercial sites are increasingly being redeveloped into high-density mixed-use projects tied to major transport infrastructure.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="2cc428cf-fe70-4cac-9cd5-264ad53af62c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.56%E2%80%AFAM.png?VersionId=otKSnHtbjAvAddOnovyXQMgcAwE6DMe1" />

According to the planning documents, the site sits “within the St Leonards–Crows Nest Strategic Centre, identified by the NSW Government as a key area for accommodating future jobs and housing across Sydney.”

The proposal has been designed by fjcstudio, formerly FJMT Studio, and is being progressed through the State Significant Development pathway due to its scale and affordable housing provision.

The scheme would comprise 413 apartments, including 46 affordable housing units, alongside retail and commercial uses fronting Herbert Street. The project would also include communal open space, landscaping, a swimming pool, gymnasium, children’s play areas and podium-level resident amenities.

Planning documents show the development would consist of a part-13, part-39 storey tower form positioned above a four-storey podium.

“The development comprises a unified podium that activates the street interface, and two setback towers to accommodate new housing supply while maintaining an appropriate human scale at ground level,” fjcstudio noted in its Design Report.

The northern and southern towers have been shaped to respond to the surrounding skyline while also limiting overshadowing impacts to nearby public open space, particularly Talus Reserve.

The design report said the differing tower heights were intended to “contribute to a varied skyline while responding to the surrounding built form context and solar access considerations.”

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="36da62dc-ff9e-41f2-a7e3-7be38373751c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.45%E2%80%AFAM_0.png?VersionId=Mo6Rp2r.XRLTzIfg_PEEpw8NepDH8UBs" />

The site sits directly opposite Royal North Shore Hospital and within walking distance of both St Leonards Station and the new Crows Nest Metro station.

While the site itself sits just outside the formal Crows Nest Transport Oriented Development boundary, the planning documents repeatedly reference its alignment with the broader TOD objectives reshaping the Lower North Shore.

“The site is located adjacent to St Leonards Station and in close proximity to Crows Nest Metro which is within the Crows Nest Transit Orientated Development Accelerated Precinct which has been identified by the NSW Government to support housing delivery,” the Design Verification Statement noted.

According to fjcstudio, the project has been designed to respond to the broader transition occurring across St Leonards, where increasing residential density is being concentrated around transport infrastructure and employment hubs.

“The broader precinct is undergoing significant change, with a mix of existing mid-rise buildings and newer high-density developments,” the report stated.

“Recent and approved projects indicate a consistent shift toward taller built form, typically organised as tower-and-podium typologies with more active ground levels.”

The proposal includes close to 6,000 sqm of retail and commercial space across the ground floor and podium levels, designed to create a more activated street edge along Herbert Street.

Aqualand’s plans would also introduce a landscaped podium shared between the two towers, with communal open space in the form of a podium rooftop designed to support resident interaction and improve urban greening outcomes. The scheme would also introduce pocket parks at the northern and southern ends of the site, including a landscaped area at the corner of Herbert and Ella streets designed to improve pedestrian amenity and soften the streetscape.

&nbsp;

The proposal is being progressed through the NSW Government’s Housing Delivery Authority pathway, which was introduced to accelerate housing supply across the state. The application was declared State Significant Development in April 2025 following an expression of interest process.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="faf6d97d-2671-454f-b85a-fe1c6a7be608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.49%E2%80%AFAM.png?VersionId=diVd28OBVr5.YV.7prrOz.uAanwwwm7a" />

St Leonards has been particularly active with new developments in recent weeks. Developer SP Setia’s <a href="https://www.apartments.com.au/news/nsw/first-look-sp-setia-targets-st-leonards-skyline-with-40-storey-tod-tower">plans for a new 42-storey tower</a> recently went on exhibition through the same pathway, while <a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">Stockland’s 52-storey tower proposal</a> was also recently unveiled.

Aside from the St Leonards project, which is expected to take around nine months to move through the approvals process ahead of a potential 2027 launch, Aqualand is also preparing to launch Boronia, a new apartment project in Roseville comprising around 111 apartments on Larkin Street.

The developer also has approvals in place for the next stage of the Barangaroo precinct, which will feature new residential, retail, hospitality and community uses, alongside a new metro entry across the five-hectare site.

More than 50 new retail destinations are planned for Central Barangaroo, alongside a 270-metre-long boulevard connecting Hickson Park to Nawi Cove. Together with Harbour Park, more than 50 per cent of the precinct will comprise public open space and parkland.

First look: Aqualand joins St Leonards apartment party

<section data-scroll-anchor="false" data-testid="conversation-turn-5" data-turn="user" data-turn-id="e65dbe94-e3b6-47f7-b62a-9cbb30c9bf79" data-turn-id-container="e65dbe94-e3b6-47f7-b62a-9cbb30c9bf79" dir="auto">Time &amp; Place’s plans to transform the former David Jones factory building in Surry Hills into a mixed-use residential precinct have gone on exhibition through the NSW Government’s In-fill Affordable Housing pathway.</section>

<section data-scroll-anchor="false" data-testid="conversation-turn-6" data-turn="assistant" data-turn-id="request-WEB:f4d533b7-64a5-413d-86fd-5c99649c2b73-2" data-turn-id-container="request-WEB:f4d533b7-64a5-413d-86fd-5c99649c2b73-2" dir="auto">
The Marlborough House proposal, lodged for the <a href="https://www.apartments.com.au/new-apartments/marlborough-house-47-97-marlborough-street-surry-hills-nsw-2010">47-97 Marlborough Street</a> site, would see the adaptive reuse of the heritage-listed warehouse building alongside the construction of new residential additions and a separate apartment building on the northern portion of the site.

The proposal seeks approval for 172 apartments across three buildings, including 15 per cent affordable housing managed by a community housing provider for at least 15 years from occupation.

<img alt="Marlborough" data-entity-type="file" data-entity-uuid="5d1d3c2a-bf13-47d6-a335-7c01102cdee1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.36%E2%80%AFAM.png?VersionId=cjMYrbR.BLUlWH4dar0RVDDo0bG.u2YT" />

Interior view from the Northern Building Penthouse overlooking the park

&nbsp;

The redevelopment is planned for the prominent 3,413 sqm site bounded by Marlborough Street, Goodlet Street and Lansdowne Street, directly opposite Eddie Ward Park and around 200 metres from the Surry Hills light rail stop.

Time &amp; Place acquired the former David Jones building in 2024, marking the first time the property had changed hands in around 50 years.

Designed by Wardle, the proposal centres around the adaptive reuse of the former David Jones factory, originally constructed between 1913 and 1935 in the Inter-War Chicagoesque architectural style.

Wardle noted in its Architectural Design Report that the building “occupies a significant place in the industrial and cultural history of Surry Hills” and at its peak was “the largest department store manufacturing facility in Australia, employing over 800 people and fuelling the growth of Sydney’s fashion and retail industries.”

The practice said the project positions itself “not as an isolated intervention, but as a contributor to the civic, social, and architectural grain of the precinct.”

The proposal would deliver 75 apartments within the retained southern heritage building, 59 apartments within the central addition, and a further 38 apartments within the new northern building fronting Lansdowne Street.

Planning documents show the scheme would comprise a mix of heritage apartments, new-build apartments, townhouses and penthouses.

<img alt="Marlborough" data-entity-type="file" data-entity-uuid="57758518-40a3-4b83-958c-d06e96a2cffa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.42%E2%80%AFAM.png?VersionId=VerlX9ST5xgBi8.1_YRsqdWTJeT6ygjs" />Interior View of the Heritage Building Apartment

The development would also include a ground-floor retail tenancy on the corner of Marlborough and Lansdowne streets, rooftop communal open space, a landscaped pedestrian link along the western edge of the site, and basement parking accessed from Lansdowne Street via a car stacker system.

&nbsp;

The scheme emerged from a competitive design process run by Urbis, with Wardle ultimately selected as the winning architect ahead of FJC Studio, TZG, Architectus and Wilkinson Eyre.

The Design Integrity Panel later described several aspects of the Wardle scheme as fundamental to the project, including “the stepped character of the new addition to the north of the site”, the landscaped western pedestrian link, and the “garden arrival” experience separating the original Marlborough House from the heritage addition.

Wardle’s design heavily references the site’s industrial and heritage history, while also responding to the surrounding Surry Hills streetscape.

The Architectural Design Report describes Surry Hills as “a finely grained neighbourhood with beautiful and expressive brickworks throughout the suburb,” with the proposal introducing a material palette intended to sit comfortably alongside the existing warehouse fabric and neighbouring terraces.

The report also outlines the project’s relationship with Eddie Ward Park and the broader landscape context of the area.

“Marlborough House occupies a site of deep cultural memory and the neighbouring Eddie Ward Park is of local ecological significance, where natural systems, topography, and stories have long shaped human experience,” Wardle noted in the report.

The architects said the proposal sought to “rebind built form to Country” through landscape, materiality and the adaptive reuse of the heritage structure.

<img alt="Marlborough House" data-entity-type="file" data-entity-uuid="9ae3f2f9-c85f-477a-a6f8-b43f6cb97c41" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.53%E2%80%AFAM.png?VersionId=B.qUCLqRvJOR.n9CvYcTpaknIX9LuqKZ" />

The project is also being progressed under the NSW Government’s in-fill affordable housing provisions, allowing developments that include affordable housing to access additional height and floor space incentives.

Under the plans, 2,593 sqm of the project’s floor space would be dedicated to affordable housing, slightly exceeding the required 15 per cent threshold.

In its Design Excellence Strategy, Urbis said the project aimed to “sensitively adapt and enhance the heritage-listed building on site through alterations and additions that preserve its historical significance” while delivering “high-quality market and infill affordable housing development in Surry Hills.”

Time &amp; Place has been one of the most active developers nationally in the last 12 to 24 months. Late last year they completed&nbsp;The Queensbridge in&nbsp;<a href="https://www.apartments.com.au/developments/southbank-vic-3006">Southbank</a>, a mixed-use tower with 353 apartments and a hotel. They are currently selling Park Modern, 246 apartments near the famous Botanic Gardens in&nbsp;<a href="https://www.apartments.com.au/developments/south-melbourne-vic-3205">South Melbourne</a>, and have future projects, <a href="https://www.apartments.com.au/new-apartments/the-wilmot-173-burke-road-28-hope-street-glen-iris-vic-3146">The Wilmot</a>&nbsp;in&nbsp;<a href="https://www.apartments.com.au/new-apartments/glen-iris-vic-3146">Glen Iris</a>, the redevelopment of the Northcote Plaza, and another tower in South Melbourne.

The developer broke into Sydney just a few years ago with Two Tides in Manly. They have another project nearby, which is at the ultra-luxury end of the market on&nbsp;<a href="https://www.apartments.com.au/buildings/shoreline-manly-beach-89-90-north-steyne-manly">North Steyne</a>, fronting the beach.

It is also continuing to work through the <a href="https://www.apartments.com.au/news/nsw/first-look-time-place-settles-on-design-for-the-chimes-potts-point-redevelopment">redevelopment of The Chimes building</a> on Macleay Street in&nbsp;<a href="https://www.apartments.com.au/developments/potts-point-nsw-2011">Potts Point</a>, as well as a project on <a href="https://www.apartments.com.au/news/nsw/time-place-to-take-on-mosman-apartment-market">Mosman's Redan Street</a>.
</section>

First look: Time & Place unveils Marlborough House redevelopment designs for former David Jones warehouse in Surry Hills

The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.

Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.

The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.

The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.

Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.

The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.

The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.

Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.

Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.

The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.

Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.

Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.

Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

Melbourne

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<div>There was a 79% success rate in the first big test of the strengthening Melbourne auction property market.</div>
<div> </div>
<div>
Houses achieved a median price of $866,250 while apartments sat at a $590,000 median.
</div>
<div>
The REIV was expecting about 1,530 auctions in 288 suburbs this weekend, its chief Enzo Raimondo said.
The preliminary results of around 1240 auctions saw the top reported sale of $5.5 million in Middle Park, a four bedroom Edwardian home at <a href="https://www.realestateview.com.au/Real-Estate/136-page-street-middle-park/Property-Details-buy-residential-8244022" target="_blank">136 Park Street</a> (pictured above). It had been initially listed by Cayzer Real Estate with $4 million plus price guidance which was raised to $4.2 million plus hopes. It was announced on the market at $4.7 million.
There was a similar $1 million plus over achievement in the second top price set in a $5.085 million Hawthorn result. Marshall White auctioneer John Manton had <a href="https://marketnews.com.au/auction-reviews/38472/38-Kooyongkoot-Road-HAWTHORN/" target="_blank">four motivated bidders</a> with two after it went on the market at $4,100,000.
Property Observer is also aware of <a href="https://www.realestateview.com.au/Real-Estate/11-maple-grove-toorak/Property-Details-buy-residential-8286286" target="_blank">a $7,625,000 Toorak auction sale</a>. There were three bidders for the renovated 1940s Maple Grove house last sold at $6.2 million in 2009. Some $7 million plus had been tipped for 11 Maple Grove by Jellis Craig.
The busiest auction locations were St Kilda (25 auctions), Kew (24 auctions) and Reservoir (23 auctions).
There was a $550,000 sale (below) at 89 Crookston Road, Reservoir.
<a href="https://www.realestate.com.au/photogallery_new.ds?id=118980127&amp;theme=rea.sold" rel="photos" data-id="118980127"><img src="https://i1.au.reastatic.net/456x342/e2cc686241cb7b474082a33ada32bda56bac426005978491e3a45b3bc4b7446f/main.jpg" alt="89 Crookston Road, Reservoir" title="89 Crookston Road, Reservoir" data-index="0"></a> There were around 3,000 auctions held for the month of February, the highest number of auctions ever for the month of February.
The REIV noted the previous record being 2,574 in February 2014.
The top clearance rate suburbs in the year to date before today's results were Bentleigh East (91%), South Yarra (81%) and Brighton (74%), and after today's auctions the busiest auction suburbs this year have been South Yarra (43 auctions), Reservoir (42 auctions) and Bentleigh East (33 auctions). 
There will be fewer auctions next weekend with 317 scheduled.
This weekend’s Super Saturday of auctions reflected a decision by sellers to avoid a clash with next weekend’s Labour Day holiday.  
</div>
<div>Melbourne recorded a clearance rate of 75% last Saturday – and 73% recorded over the same weekend last year.</div>
<div> </div>
<div>The weekend's sales included:</div>
<div>
<div class="wysiwyg">
TOP 5 HOUSES 1. 136 Page Street, Middle Park $5,500,000 2. 38 Kooyongkoot Road, Hawthorn $5,085,000 3. 266 Cotham Road, Kew $3,610,000 4. 146 Yarrbat Avenue, Balwyn $3,500,000 5. 29 Myers Avenue, Glen Waverley $3,308,800 
TOP 5 BARGAIN HOUSES 1. 1A Dartford Court, Craigieburn $277,500 2. 155 Morris Road, Hoppers Crossing $282,500 3. 32 Ovens Circuit, Whittlesea $290,000 4. 9 The Glen, Pakenham $301,000 5. 14 Kimberley Grove, Pakenham $315,000
TOP 5 APARTMENTS 1. 1/2A Ormsby Grove, Toorak $1,755,000 2. 20-22 Setani Crescent, Heidelberg West $1,640,000 3. 8.1/193 Domain Road, South Yarra $1,610,000 4. 3/5 Thomson Street, South Melbourne $1,531,000 5. 11/243 Beaconsfield Parade, Middle Park $1,485,000 
TOP 5 BARGAIN APARTMENTS 1. 3/39 Ovens Circuit, Whittlesea $180,000 2. 2/232 Nicholson Street, Footscray $200,000 3. 7/230 Ascot Vale Road, Ascot Vale $250,000 4. 5/24 Daly Street, Brunswick $260,000 5. 4/21 Nepean Avenue, Hampton East $267,000
</div>
</div>
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jchancellor-FAypfDUnLy

A 79% success rate for Melbourne's first 2015 Super Saturday

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Five years ago there were 3,335 homes sold for in excess of $1 million in Melbourne – not so surprising is that the top 10 sales were in the city’s most expensive addresses.
The top three, Brighton, Camberwell and Kew, saw 266, 162 and 157 houses sold for over a million dollars in 12 months. Remarkably, in the bayside suburb of Brighton, 109 of those were in excess of $2 million. Bay views command incredible sale prices due to their scarcity.
The remaining seven in the list are Toorak, Brighton East, Hawthorn, Malvern,Malvern East, Canterbury and Surry Hills.
Over the past year, the million-dollar list has changed and shows some interesting shifts in the market. Firstly, there are many more with 9,684 sales over a million. Secondly five of the top 10 are new.
Balwyn North, Glen Waverley, Glen Iris, Balwyn and Mount Waverley are newly into the list.
Balwyn and Balwyn North are not a surprise, along with neighbouring Mont Albert and Mont Albert North, they have seen the highest capital gains on an annualised basis over the past five years in Melbourne.
The most significant shift is found in Mount Waverley and Glen Waverley.  Between these, 442 houses sold for over a million dollars, 41 of those for over two million.
Both have seen increases in demand well in excess of the comparable suburbs to the north and south with buyers attracted by a range of factors from transport choices to schools.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2015/02/melbourne-sales-million-dollar-table.jpg" rel="wp-prettyPhoto[g4285]"><img class="aligncenter size-full wp-image-4287" src="https://blog.corelogic.com.au/wp-content/uploads/2015/02/melbourne-sales-million-dollar-table.jpg" alt="Melbourne sales million dollar table" width="459" height="330"></a>
Key points
<ul>
<li>Over the past five years the number of million dollar homes sold has almost tripled;</li>
<li>Glen Waverley and Mount Waverley are in the top 10 and were not five years ago;</li>
<li>Nearly 10,000 homes have sold in the last year for more than $1 million.</li>
</ul>
There are 1,401 auctions scheduled this week in Melbourne compared to 1,334 for the same time last year.
This is the second week with over 1,000 auctions for the year and volumes at auctions have risen to a level that is similar to last year now. Once listings for private sale are taken into consideration there are fewer new homes on the market than a year ago. There were 1.8% fewer homes listed for sale in the past month than last year which suggests consumers are still approaching the market is caution.
In respect of the private sale market in the past week, on a citywide basis, the time on market results for houses sold at private sale fell to 60 days, down from 66 days in the previous week. Overall vendor discounting was up slightly to -5.4% from -5.1%.
Key data
<ul>
<li>Preliminary clearance rate week ending 22 February: 75.8%</li>
<li>Melbourne auctions expected week ending 1 March: 1,401</li>
<li>Melbourne private sales time on market week ending 22 February: 60 days (houses)</li>
<li>Melbourne vendor discounting market week ending 22 February: -5.4% (houses)</li>
<li>Listings being prepared for market are 0.7% higher in the month ending 22 February (seasonally adjusted)</li>
</ul>
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Where are most of Melbourne’s million dollar homes sold? Weekend auction preview

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Glen Waverley pipped Mount Waverley to top the 10 most searched Australian suburbs for Chinese buyers in 2014.
The latest data came from property portal myfun.com built and designed by REA Group to showcase Australian property to Chinese buyers.
The neighbouring eastern Melbourne suburbs of Glen Waverley and Mount Waverley sit at the top of the list for most clicked neighbourhoods in Australia.
There's often a distinct price footprint left that identifies the buyer ancestry, the use of the lucky number 8 in the price.
Earlier this month a house on <a href="https://www.realestateview.com.au/Real-Estate/5-st-albans-street-mount-waverley/Property-Details-buy-residential-8299104" target="_blank">St Albans Street, Mount Waverley</a> (pictured above) sold by private treaty through Jellis Craig at $1,502,888.
It was sold by vendors of Chinese descent who had bought in 1999 for $286,000, indicating the heightened presence of the Chinese in the suburb actually has long standing origins.
Indeed the house's previous sale in 1988 was similarly to buyers of Chinese descent.
<ol>
<li>
<a href="/news">Glen Waverley</a>, VIC 
</li>
<li>
<a href="/news">Mount Waverley</a>, VIC 
</li>
<li>
<a href="/news">Doncaster</a>, VIC 
</li>
<li>
<a href="/news">Balwyn</a>, VIC 
</li>
<li>
<a href="/news">Southport</a>, QLD 
</li>
<li>
<a href="/news">Box Hill</a>, VIC 
</li>
<li>
<a href="/news">Carindale</a>, QLD 
</li>
<li>
<a href="/news">Toowong</a>, QLD 
</li>
<li>
<a href="/news">South Yarra</a>, VIC 
</li>
<li>
<a href="/news">Chatswood</a>, NSW</li>
</ol>
Source: myfun.com.
The local agents say among the attractions are two of Victoria’s best state schools, Glen Waverley Secondary College and Mount Waverley Secondary College, along with two of Melbourne’s best private schools, Wesley College and Caulfield Grammar helps.
“It’s also halfway between the city and the hills, but retains a cosmopolitan atmosphere with over 100 cafes and restaurants in the area,” one agent told News Ltd.
Just the two recent auction sales at Glen Waverley, according to the REIV.
<table style="width: 460px;"><tbody>
<tr>
<td>5  Sagan  Court</td>
<td>$2,020,000 </td>
<td>Ray White Glen Waverley </td>
</tr>
<tr>
<td>17  Lindwall  Street</td>
<td>$1,200,000 </td>
<td>Stockdale &amp; Leggo Waverley</td>
</tr>
</tbody></table>
Source: REIV.
There were four auction sales at Mount Waverley.
<table style="width: 460px;"><tbody>
<tr>
<td>64  Alice  Street </td>
<td>$1,950,000 </td>
<td>Jellis Craig </td>
</tr>
<tr>
<td>3/ 8  Edna  Street</td>
<td>$758,000 </td>
<td>Jellis Craig </td>
</tr>
<tr>
<td>1/ 3  Morrison  Court<a href="https://www.realestateview.com.au/Real-Estate/1-3-morrison-court-mount-waverley/Property-Details-sold-residential-8266672"> </a>
</td>
<td>$792,000 </td>
<td>hockingstuart </td>
</tr>
<tr>
<td>2  Vila  Court</td>
<td>$1,310,000 </td>
<td>Noel Jones</td>
</tr>
</tbody></table>
Source: REIV.
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Chinese buyers' property love affair with the Waverley's - Glen and Mount

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GUEST OBSERVATION
A key objective of Plan Melbourne is to create a city of 20 minute neighbourhoods, suggesting that 20 minute neighbourhoods are healthy communities, where “housing is within walking, cycling or public transport distance of employment, education, social, cultural, recreational and health facilities, and where people have access to open space and places where they can gather.”
The idea is that the provision of these services will encourage a 'walkable neighbourhood', from which in turn flow the health benefits of a more active lifestyle.
We are all about using hard data to support business decisions, so we have decided to test out whether proximity to transport and services does indeed encourage walking.
The Victorian government undertakes the Victorian Integrated Survey of Travel and Activity (VISTA). The most recent survey was undertaken in 2009/10 and classifies a household as being located within 1 kilometres of a train station (approx 10 mins walk), within 3 kilometres of a train station (approx 30 mins walk), and greater than 3 kilometres of a train station.
As retail and services, as well as other public transport options, are often based around train stations, we have taken the train station as a proxy for the likely centre of a 20 minute neighbourhood.
Chart 1 (below) shows the average number of walking movements per person per day across total Metropolitan Melbourne and for Outer Melbourne regions only. In this instance we refer to a “movement” as a journey from one destination to another, or a component of a journey with more than one mode of travel.
<img src="https://www.bis.com.au/verve/_resources/Walkable_Melbourne_Chart_1.png" alt="">
For total metropolitan Melbourne, those within 1 kilometres of a train station had a much greater propensity to choose to walk, with an average 1.3 walking movements a day undertaken across the whole population. The average dropped to 0.9 movements per day for those living 1 to 3 kilometres from a train station, or around 10 minutes to half an hour walk, and 0.57 movements per day for those living further than 3 kilometres from a train station.
In contrast, the propensity to be walking for those living in outer Melbourne was stable, and lower, at around 0.4 to 0.5 walking movements per day regardless of distance from a rail station.  
Similarly, the amount of walking is greater for those closer to a train station (and consequently the services surrounding most train stations). Across total Metropolitan Melbourne, walking movements of those within 1 kilometres of a train station averaged 1.2 kilometres per day, with the average distance walked steadily decreasing as the distance from a train station increased—thereby increasing the need for other forms of transport such as motor vehicles.
The average daily distance walked by those within 1 kilometres of a train station across total Melbourne is six times larger than for those within 1 kilometres of a train station (at 0.2 kilometres per day) in outer Melbourne, which in turn was also approximately the average distance walked across the all of outer Melbourne regardless of distance from a train station. This suggests that proximity to a train station played little part in encouraging walking in outer Melbourne. 
 <img src="https://www.bis.com.au/verve/_resources/Walkable_Melbourne_Chart_2.png" alt="">
Given most activity centres around a train station in outer Melbourne contain a similar array of services as much of the rest of Melbourne, other factors must be at play that make a neighbourhood conducive to walking. In this regard, outer suburban train stations are more likely to be surrounded by a large amount of car parking and lower density housing, while many activity centres in outer Melbourne also contain freestanding shopping centres that are inwardly focussed and are surrounded by significant parking.
In contrast, train stations in inner and middle Melbourne suburbs typically have a greater level of housing density close by. Retail and services also face the street and passing walking traffic. This encourages interaction between transport modes, services and housing when travelling between each. The increased density in these locations also provides a catchment of sufficient size to support these services at the local level.
This suggests that a neighbourhood not only needs the services required by the surrounding community, but also good design and density that encourages walkability. The challenge for planners in creating new neighbourhoods is to ensure the design will be conducive to walking and avoid the design mistakes of previous town centre developments that discourage walkability.
But why would you want a walkable neighbourhood?
The National Physical Activity Guidelines recommend 30 minutes of moderate-intensity physical activity on most days of the week as the minimum requirement for good health. Walkable neighbourhoods go a long way to more of the population achieving this target. With a study commissioned by Medibank Private putting the cost to the economy of the population not meeting this threshold at $13.8 billion per year in 2008, everybody benefits from the improved health outcomes.
<a href="https://www.bis.com.au/key_people/name/angie_zigomanis" target="_blank">Angie Zigomanis</a> is senior manager of <a href="https://www.bis.com.au/" target="_blank" title="BIS Shrapnel" rel="nofollow">BIS Shrapnel.</a>
This article first appeared on BIS Shrapnel's blog.
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Encouraging walkable neighbourhoods is about more than proximity: Angie Zigomanis

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GUEST OBSERVATION
According to preliminary auction results, there were a reported 852 residential properties auctioned in Melbourne at the weekend, 76% or 494 of these selling.
Total auction volumes included 520 houses and 316 apartments, with clearance rates of 81% and 71% respectively. The balance of auctions consisted of vacant land sales.
The highly anticipated unofficial opening of Melbourne’s real estate auction calendar occurred at the weekend, and, as predicted by WBP’s property advisers, with as much ferocity as it closed in December last year.
The keen interest observed at open for inspections and the market’s handful of auctions in January and early February converted to participation at the weekend, with a multitude of bidders driving strong outcomes for many properties across Melbourne. And, the results are telling.
A clearance rate of 76% signifies over three quarters of vendors received an offer to purchase their property either equal to or exceeding their expectations. This demonstrates high confidence levels among both buyers and sellers – a factor that will continue to drive market performance until the Easter period, in the least, particularly following the RBA’s surprise cut to already record low interest rates earlier this month.
It’s interesting to note the consistency of performance across Melbourne’s metropolitan market. All residential markets, ranging from the city’s outer east to the west are clearing at rates higher than this same time last year. But still, Melbourne’s litmus suburbs experienced mixed results – Richmond showed a strong clearance rate, commanding strong prices for quality properties, while Reservoir cleared at lower rates with just half of auctioned properties transacting.
Other standout performer was St Kilda, due partly to a proportion of properties selling prior to auction. It’s not unusual for many properties to transact prior to auction in January and February amid concerns the market may not meet vendor price expectations prior to buyer interest peaking. This trend is likely to dissipate over coming weeks as markets heat up and vendors feel more at ease.
The Melbourne market has opened strongly overall, however, micro level analysis continues to demonstrate not all properties perform the same. Don’t rely heavily of macro property statistics when selecting a home or investment property. Instead, investigate the individual asset’s long-term performance as a gauge of future expectations.
Greville Pabst is CEO of <a href="https://www.google.com.au/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=1&amp;ved=0CEAQFjAA&amp;url=http%3A%2F%2Fwww.wbpproperty.com%2F&amp;ei=Jb4hUevODOyamQX6mIGYDQ&amp;usg=AFQjCNH0u8Ji9ymluq8AKARfB-KjHZ-aFA&amp;sig2=DNsIKQR7tQj4PtYuiJOHPA&amp;bvm=bv.42553238,d.dGY" target="_blank" rel="nofollow">WBP Property Group.</a>
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Melbourne's auction season swings back into action with ferocity: Greville Pabst

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A former two-storey Middle Park scout hall that had residential zoning sold at weekend auction for $2.43 million. It was Melbourne's fifth highest sale.
The starting bid was $1.5 million, with 165 Ashworth Street confirmed on the market at $1.95 million.
There was a bidding war between five buyers for the two-storey shell on a 140 square metre block.
Scouts Australia had owned the property since the 1950s.
Cayzer Albert Park sold it to a local resident.
There was a weekend clearance rate of 76%, according to the REIV.
It compared to 72% last weekend and 73% the same weekend last year.
There were 852 auctions reported to the REIV, the first major auction weekend of the year.
There are 1,470 auctions scheduled for next week.
After a slow start the REIV chief Enzo Raimondo said by the end of February, more than 3,000 homes are expected to have been auctioned, which is about 500 more than February last year.
The clearance rate for the year to date is 71%, compared to 70% in 2014.
TOP 5 HOUSES
1. 31 Cosham Street, Brighton $6,050,000
2. 20 Madden Street, Balwyn North $2,708,000
3. 73A and 75 Tower Road, Mount Eliza $2,600,000
4. 36 Bourne Road, Glen Iris $2,540,000
5. 165 Ashworth Street, Middle Park $2,430,000
TOP 5 BARGAIN HOUSES
1. 28 Hurlingham Way, Craigieburn $316,000
2. 45 Ross Street, Dandenong $317,000
3. 22 Seacrest Avenue, Seaford $328,000
4. 7 Bembridge Mews, Craigieburn $330,000
5. 5 Jesson Crescent, Dandenong $337,000
TOP 5 APARTMENTS
1. 4/12 St James Park Drive, Brighton $1,945,000
2. 1/6 Stanley Street, Brighton $1,506,000
3. 28B Well Street, Brighton $1,420,000
4. 38B Langdon Road, Caulfield North $1,360,000
5. 5/94 Charles Street, Ascot Vale $1,340,000
TOP 5 BARGAIN APARTMENTS
1. 5/90 Roberts Street, West Footscray $181,000
2. 6/7 Jepson Street, Yarraville $225,000
3. 11/7 Hatfield Court, West Footscray $255,000
4. 6/41 Cumming Street, Brunswick West $264,500
5. 3/30 Eldridge Street, Footscray $270,000
Source: REIV
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Middle Park scout hall sold at $2.43 million

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The Chinese dev­el­oper, Jiyuan “Louis” Li, has secured the Prince of Wales hotel at St Kilda.
St Kilda's iconic Prince of Wales Hotel was <a href="https://cbre.realcommercial.com.au/property-hotel+leisure-vic-st+kilda-501285447" target="_blank" style="line-height: 1.3em;">listed</a> by the syndicate headed by the van Haandel family, who revitalised the formerly decrepit hotel.
John van Haandel, with his brother, Frank, paid $4.3 million in 1995 for the freehold property before Frank later exited his stake.
The classic corner pub comes with frontages to Fitzroy and Acland streets.
It is a four level freehold building providing 5,802 square metres space, along with a multi-storey car park.
There are leases to seven retailers and venue operators. The net income is $2.3 million.
The agents suggest there is immediate development potential with approved plans and permits for four additional levels of 60 apartments with plans done by architects Woods Marsh.
The sale of the freehold was tipped to fetch well over $25 million, according to industry sources, but fetched around $45 million according to both Fairfax Media and The Australian.
The site, with its various businesses, including Circa restaurant, has been leased to Melbourne Pub Group (MPG) since 2011. Prince Bandroom is one of Melbourne's most prominent live venues, previously hosting acts such as Lenny Kravitz, Jack Johnson, Scissor Sisters, Pink and Coldplay.
It was bought by Pub Li City Pty Ltd, a company registered to Chinese-born national Jiyuan Louis Li, with two other shareholders, Jie Li and Wenxiu Zhao.
 
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St Kilda's Prince of Wales sold to Chinese buyer

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Moonee Ponds had the weekend's top auction sale in Melbourne.
The $2.44 million trophy home - a simple Calirfornian bungalow at 26 Ardmillan Road - last sold at $915,000 in 2003.
The 1920s house came with 275 square metre one level space on its 805 square metre block.
It was renovated in 2004.
David Vaughan at Nelson Alexander secured the weekend sale having offered buyers a $2.2 million to $2.4 million price guidance.
The next highest was a likely knockdown house on a 1,736 square metre corner site at 112 Winmalee Road, Balwyn through Peter Dixon and William Chen of Jellis Craig.
A clearance rate of 74% was recorded on the Valentine's Day weekend compared to 65% last weekend and 70% the same weekend last year.
There were 458 auctions reported to the REIV, with 338 selling and 120 being passed in, 61 of those on a vendor bid.
TOP 5 HOUSES
<ol>
<li>26 Ardmillan Road, Moonee Ponds $2,440,000</li>
<li>5 Winmalee Road, Balwyn $2,344,000</li>
<li>6 James Street, Surrey Hills $2,218,000</li>
<li>38 Manning Road, Malvern East $2,115,000</li>
<li>37&amp;39 Bradley Street, Newport $1,850,000</li>
</ol>
TOP 5 BARGAIN HOUSES
<ol>
<li>24 Marie Street, Doveton $265,000</li>
<li>45 Middleton Drive, Woori Yallock $276,000</li>
<li>191 Werribee Street, Werribee $285,000</li>
<li>28 Piccolotto Drive, Melton West $315,000</li>
<li>20 Citronelle Circuit, Brookfield $330,000</li>
</ol>
TOP 5 APARTMENTS
<ol>
<li>1/721 Toorak Road, Malvern $1,620,000</li>
<li>36A Anne Street, Mckinnon $1,231,000</li>
<li>1/19-21 Ormond Esplanade, Elwood $1,230,000</li>
<li>17A Dickmann Street, Richmond $1,195,000</li>
<li>1B Hamilton Avenue, Blackburn $1,055,000</li>
</ol>
TOP 5 BARGAIN APARTMENTS
<ol>
<li>2/18 Third Avenue, Dandenong North $255,000</li>
<li>3/44 Type Street, Richmond $270,000</li>
<li>6/62 Snell Grove, Oak Park $290,000</li>
<li>340 Grand Boulevard, Craigieburn $310,000</li>
<li>9/52 Caroline Street, South Yarra $310,000</li>
</ol>
Source REIV
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Moonee Ponds tops Melbourne's Valentine's Day auctions

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GUEST OBSERVATION
The RBA’s decision is good news for home owners as they can pay off their mortgage quicker than expected.
It’s also a positive move for those looking to enter the market.
But these buyers need to keep in mind that shrinking rates will drive more competition, which may cause property prices to rise.
Particularly in Melbourne’s inner north where supply is limited, suburbs such as Carlton, Princess Hill, Brunswick East and North Melbourne have experienced growth of 18.97%, 14.87%, 12.9% and 17.3% for houses respectively over the past 12 months without interest rate cuts.
It will be interesting to see how upper pressure on asset prices and more competition will impact these already bustling, low supply areas.
Rob Elsom is director of <a href="https://www.hockingstuart.com.au/" target="_blank">hockingstuart </a>Brunswick, Carlton, North Melbourne and Northcote.
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Rate cuts will benefit Melbourne's inner north market: Rob Elsom

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There are 506 auctions scheduled this week in Melbourne compared to 783 for the same time last year.
Auction volumes continue to be well below those recorded 12 months ago and last week saw the lowest clearance rate for 26 months.
Recent analysis from CoreLogic RP Data &amp; the Australian Bureau of Statistics (ABS) shows that, once inflation is accounted for, Melbourne home values were not quite yet at a new peak.
The results showed that home values were 2.7% below the peak in September 2010; when the improvement in January is included home values will be very close to peak in real terms.
It’s also illustrative to compare the strength of the market in this cycle to the last in 2010. Values rose at just half the rate of pace in 2010 which has helped to underscore the more moderate market conditions and consumer conservatism.
The private sale market has also begun. On a citywide basis, the time on market results for houses sold at private sale was 65 days over the last week and vendor discounting was -5.1%.
Key data
<ul>
<li>Clearance rate week ending 8 February: 60.7%</li>
<li>Melbourne auctions expected week ending 15 February: 506</li>
<li>Melbourne private sales time on market week ending 8 February: 65 days (houses)</li>
<li>Melbourne vendor discounting market week ending 8 February: -5.1% (houses)</li>
<li>Listings being prepared for market are 9% lower in month ending 8 February (seasonally adjusted)</li>
</ul>
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