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

Joel Robinson

CPG unveils Castile Newstead ahead of upcoming sales launch

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

How Australia Post Parcel Lockers changed parcel delivery convenience in Australia

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

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

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

Sammut secures approval for debut Brisbane apartment development in Toowong

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

Lanevick to cater for Hunters Hill downsizers with new Gladesville apartment development

Sydney

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Apartment development Bosco, from EG Funds Management, is a $130 million project with a Mediterranean style that borders on Italianate, but with a contemporary approach.
<a href="https://www.boscofivedock.com.au" target="_blank">Bosco</a>, which translates to ‘woodland’ in Italian, will include 152 one, two and three bedroom apartments and terraces with parking in Five Dock, nine kilometres from Sydney CBD.
Designed by Bates Smart, the apartments will include balcony rooms and views of Canada Bay, with striking sandstone, terracotta and chocolate Roman brick.
Apartment prices start from $600,000 for one bedroom offerings. There are 51 available, with one car space, ranging from 53 to 87 square metres.
The 74 two bedroom offerings, with one car space, will start from $760,000, spanning 70 to 90 square metres.
The largest apartments, 95 square metres to 107 square metres, are the 14 three bedroom two car park units from $1,100,000.
While those looking for the highest end offering could consider the three bedroom terraces, with two car parks, spanning 119 to 137 square metres. These range upwards of $1,350,000.
The VIP launch of the development will be later this month, on October 25. Completion of the development is expected in mid-2017.
Communal facilities include perimeter landscaping, with fig screen building canopies from the surrounding trees, pedestrian pathways and a central courtyard garden.
The development is being marketed through CBRE.
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jduke-EHk3XBmHkn

Not quite Italianate Bosco in Five Dock slated for 2017 completion

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The ­Australian Centre for Photography on Sydney’s Oxford Street has been sold for $5,035,000.
The centre will lease back the premises for the time being with the site has potential for development.
The 5.9% yield was secured by Miron Solomons, of Colliers International.
 “Yields of this level have not been seen on Oxford Street in several years, indicating a resurgence of the area,” he told Fairfax Media.
The 663-square metre building has been the home of the Australian Centre of Photography for 33 years.
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Paddington retail secures 5.9% yield with Australian Centre for Photography sale

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A Kings Cross terrace with 10 bedrooms and 10 bathrooms has been relisted by McGrath Estate Agents, with its front façade repainted since initially sold last month.
The property sold recently for $2 million when more than $1.8 million was being sought by the <a href="https://www.mcgrath.com.au/buy/house-potts-point-nsw-2011/241590/?searchID=43511206" target="_blank">agent Peter Starr</a>.
The buyer has spotted another investment opportunity, so have put the property up for sale after a splash of beige paint on its façade. Its former black exterior is pictured below. 
<img class="img-responsive" src="/images/phocagallery/2014/07/potts-point-july-22/potts%20point_0000_1.jpg.jpg" alt="Pre-auction $2 million deal for Kings Cross 'special' offering">
Last month Property Observer reported Martindale sold for <a href="/expert-insights/investing/pre-auction-2-million-deal-for-kings-cross-special-offering">$2 million pre-auction</a> through McGrath Estate Agents with a distinctive black facade at 52 Kellett Street features an insightful floor plan indicating (pictured below) the purposeful layout.
The property at 52 Kellett Street features an insightful floor plan indicating (pictured below) the purposeful layout. 
Click to open in new window:
<a href="https://propertyobserver.com.au/images/2014/07/22/potts-point-july-22-floor-plan.gif" target="_blank"><img src="/images/2014/07/22/potts-point-july-22-floor-plan.gif" alt=""></a>
It featured in the 1999 SMH report by the investigative duo Kate McClymont and Andrew Clennell entitled, "Our Brothel Barons".
At the time it reportedly traded as Classique, a brothel whose advertising once boasted of a speciality in lesbian double acts. It has more recently traded as Studio 52, Star 52, Antonio’s Angels and Secret Desire. The rates have been at around $120 for 30 minutes.
The building, which has been marketed as in Potts Point, was listed previously in 2011, 2012 and 2013 without success.
It last traded at $2.1 million in 2006 when bought by ETC Australias Group Pty Ltd. Its earlier sales were $1.5 million in 2004 and at $1.38 million in 1999.
The premises were for sale, not the business.
There is no registered lease, with no rental income advisory given in <a href="https://www.mcgrath.com.au/buy/house-potts-point-nsw-2011/228008/?searchID=41071082" target="_blank" style="line-height: 1.3em;">the first McGrath marketing</a>.
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Same 10 bedroom, 10 bathroom Kings Cross re-offering

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A three bedroom Rooty Hill cottage, one for the avid gardener, was Sydney's cheapest weekend auction sale.
There were 12 registered parties at the auction, with estate agent Caroline Gray at Tesoriero Real Estate Rooty Hill estimating that 10 got to make a bid before <a href="https://www.realestate.com.au/property-house-nsw-rooty+hill-117845595" target="_blank">its $401,000 sale</a>.
As an investment opportunity, the property had the potential to earn a weekly return of $380 to $390 per week, so if it did sell to an investor it reflected a 5% yield.
Three quarters of those interested were investors, but it sold to a first time buyer.
The home is set on a 252 square metre block of land.
 
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Investors miss out in Rooty Hill auction battle

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Sydney’s most expensive property to sell at auction this weekend was in Strathfield, 14 km from the CBD, for $3,005,000. 
According to APM, the newly constructed five-bedroom, four bathrooms house at <a href="https://www.raywhite.com/nsw/strathfield/1192007/" target="_blank">65 Barker Street</a> sold through Ray White Burwood. 
The vendor YK Global Developments bought a red brick knock down on 699 square metres in June last year for $1.310 million and created the new home.
According to figures on RP Data, the record price paid for a house in Strathfield is $6.8 million in a deal that transpired at the start of this year.
The top price for a Barker Road house was recorded last year when another new residence sold for $3.185 million.
The median house price for Strathfield in August this year was $1.937m, a significant rise the median price for August 2013, which was at $1.285 million.
Sydney’s record-breaking early spring home auction market weakened at the weekend reporting its lowest clearance rate for two months, according to Australian Property Monitors.
The 79.3% initial result broke a sequence of nine consecutive weekend rates above 80% when 747 homes were listed to go under the hammer at the weekend, the highest weekend offering since May.
The inner west continued the recent trend of reporting the highest suburban region clearance rate at the weekend with 89 auction sales from 100 reported results for a clearance rate of 89%.
The inner west was again this weekend closely followed by the lower north shore with a clearance rate of 84%.
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andreadixon-oif3j7eKne

Strathfield tops Sydney weekend results as auction clearance rate eases

How much does it cost to be closer to Sydney CBD?

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Crown Group’s Sydney by Crown is set to be the last new apartment building in the CBD to launch and begin sales before moving into 2015.
The 220-apartment development, at 161 Clarence Street, includes designs from Koichi Takada Architects. The 25-storey building will include heritage-style lower levels and a modern glass and steel tower. It will include a rooftop bar and garden with water features, and is walking distance to Barangaroo. It will also include a number of serviced apartments. The ground level will feature health and fitness facilities, including a pool and gym. Crown Group chief executive Iwan Sunito said that the development, pictured below, set to become a centerpiece of Sydney.
<img src="/images/2014/10/2/Sydney_by_Crown_buildingexterior.jpg" alt=""> 
Image supplied.
“The location of Sydney by Crown in the heart of the city and also walking distance to tourist hotspots such as the Sydney Opera House, Barangaroo and Darling Harbour is exceptional,” he said. They have already received a number of registrations of interest after enquiries opened earlier this year. Construction will be complete in 2017. Apartment sales begin on November 22.
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The last Sydney apartment building to launch and begin sales before 2015

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A residential inner city Elizabeth Bay car space fetched a record $210,000 at auction last night.
It was sold at Laing Real Estate auction, reflecting 13% annual price growth over the past 37 years.
The buyer is understood to own an apartment close to the Elizabeth Bay Gardens complex, and presumably doesn't have off street parking.
It is not a Sydney record, as Property Observer recalls a 16 square metre single car parking space at North Bondi sold for $240,000 in 2010.
The Elizabeth Bay car space looks like a lockup garage, <a href="https://laing.com.au/1730654/" target="_blank">but it shares a common, somewhat dated, roller door,</a> making it difficult for storage which is a popular use for jammed packed, downsized inner city dwellers.
The sale comes a week after the State Government <a href="/expert-insights/investing/cheaper-new-sydney-apartment-drive-as-compulsory-car-spaces-scrapped">unveiled a policy that will restrict the supply of car spaces in n</a><a href="/expert-insights/investing/cheaper-new-sydney-apartment-drive-as-compulsory-car-spaces-scrapped">ew Sydney apartments</a> built near ­public transport.
It was a deceased estate auction with the security undercover 14.8 square metre strata offering through agents Vicki Laing and Simon Polito.
Property Observer gleans car space sales in the Onslow Avenue block had previously topped $130,000.
It last sold in 1977 for $2000.
“Is it out of line? Maybe,” Polito said.
Elizabeth Bay Gardens is a sought after residential 1960s building at 15 Onslow Avenue, off Greenknowe Avenue.
Simon Polito suggested the highest known price in the area had been $136,000 for a space in 7 Rockwall Cresent, Potts Point last year.
The local King Cross car park bay doesn't yield anywhere near similar prices to the prime residential car spaces in the inner city location.
A Bayswater Road car space sold earlier this year at $50,000 which reflected two percent price growth since its initial 2002 sale. Another, sold in 2002 for $38,000 resold at $48,000 in 2010 and at $48,000 again earlier this year.
Raine &amp; Horne Double Bay agent Ric Serrao sold the $240,000 Brighton Boulevard parking spot at North Bondi.
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Record $210,000 car space at Elizabeth Bay auction

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The Sydney weekend auction market passed its biggest-ever Saturday September test, according to Australian Property Monitors senior economist Dr Andrew Wilson.
Hosting 723 auctions - a new record for a September Saturday – the Sydney market secured its eighth consecutive weekend clearance rate above 80 percent with an 81.9% initial result.
"Sydney has produced the best start to a spring selling season in its history with historically high levels of auction sales for this time of the year," Dr Wilson said.
The weekend’s record early spring auction numbers were well ahead of the previous weekend’s 621 auctions and the 593 listed over the same weekend a year ago.
Sydney’s four-weekend average clearance rate now stands at 82.9% compared to 82% over the previous four-weekend period.
The inner west reported the highest clearance rate of all the suburban regions at the weekend with a 92.5% result from 93 reported auctions.
This was closely followed by the upper north shore with a clearance rate of 89.3 percent, the city and east with 85.1 percent, the northern beaches at 84.1 percent, the south 84.0 percent, the lower north 80.4 percent, the west 78.7 percent and the north west with a clearance rate of 76.2 percent.
Sales included Kelso, grand Federation Epping residence on a 1239 square metre corner block at $2,002,000.
The <a href="https://www.realestate.com.au/property-house-nsw-epping-117838903" target="_blank">91 Eastwood Avenue</a> property sold through Ray White.
Earlier this month Fourwinds, the 1409 square metre Epping property at <a href="https://www.realestate.com.au/property-house-nsw-epping-117721347" target="_blank">107 Kent Street</a>, sold for $2.46 million, occupied by only two families since constructed 87 years ago. It was a subdividable block (STCA).  
A renovated character home at 56 Cliff Road, sold recently under the hammer for $2.355 million, which Wayne Vaughan from McGrath Epping said was a record for an Epping residential property not earmarked for rezoning.
 
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Epping strength continues in weekend Sydney auctions

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In case anyone needed someone to say it, Residex’s John Edwards has noted that Sydney is now more unaffordable than ever before recorded, and that prices are still rising.
Yet despite the headlines, he says there is no bubble.
Edwards noted that an affordability measure, based on median household income, is now at historic highs.
Sydney house growth from August 2012 to August 2013 was 9.43%. From August 2013 to August 2014 it was recorded at 16.93%. Over the last quarter, 3.5% growth was recorded, with 1.52% over the month.
Sydney's unit growth from August 2012 to August 2013 was 2.68%. From August 2013 to August 2014 it was recorded at 14.31%. Over the last quarter, 3.64% growth was recorded, with 0.1% over the month.
“It takes about 54% of after tax income to make loan repayments on the median value home of $852,500; it takes close to eight times the annual median income to buy the median Sydney home. These ratios are extraordinarily high based on historical data,” said John Edwards.
However, he noted that fortunately Sydney is slowing down, albeit not as quickly as had been expected.
“Historically, at these levels our markets would fall in value. It is this high level of un-affordability that probably leads many to suggest that we are in a “housing bubble”.
“However, something has changed: The buyers in our markets. Our measure is likely no longer as valid as it once was, because the current buyers are no longer median income families. Median income families living in the median value areas of Sydney are largely renting,” he said.
He noted that house and land buyers are second and third time purchasers with income levels much higher than the median recorded wage, and that median income families are purchasing in the slightly more affordable city fringe.
He notes that the median price is very high, just $147,500 from reaching the $1 million median value mark.
By the first half of 2019, Edwards forecasts that Sydney can be assumed to reach a median value of this amount.
“It is equally clear that there are going to be large numbers of suburbs with a median above $2 million,” he said.
“By the end of 2019 it is estimated that there will be 91 suburbs with a median value in excess of $2 million. This represents about 9.5% of the city. The percentage of the city with median suburb value over $1 million will be approximately 43.25%.”
However, despite this, he maintains there’s no suggestion of a bubble.
He notes that a bubble exists when significant growth in asset values is driven by borrowings.
“In more general terms it is driven by greed and lack of careful thought by both lenders and borrowers. It is excessive bank lending which allows leverage and preparedness by borrowers to pay unreasonable prices for property,” he said.
Nothing suggests we are in this situation, Edwards explains, noting that banks and financial intermediaries, while becoming more aggressive to maintain market share, have acceptable risk policies.
“The driving force behind the growth in values seems to be existing home owners who have reasonable levels of income and assets to support their property purchases which are likely investments.
“In this situation the lenders can be more aggressive due to the capacity of borrowers to meet their obligations,” he said.
{mijopolls 43}
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