<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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Homebush, Petersham, Turramurra and Ryde are among 15 suburbs that will have price growth of about 12% this financial year, according to Domain Group's Australian Property Monitors.
Suburbs that have been in the shadows of higher priced neighbours dominate the list.
House prices should keep growing at between 5% and 7% this financial year, according to APM senior economist Dr Andrew Wilson.
Wilson forecasts the capacity of buyers to keep pushing up prices was reaching its limits, hence suburbs with the most growth this financial year would be the ones that had been overlooked or seen to be more affordable.
"People will start looking at suburbs that represent better value and are more affordable to them," he told Domain.
"It's those suburbs adjacent to the big movers and shakers, the bridesmaid suburbs, that still represent affordability ... and that's why we'll see stronger price growth [in those areas]."
Herron Todd White's head of valuers, Brendon Hulcombe, is a big believer in looking adjacent.
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<div class="section">
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"Faced with affordability challenges, it can pay to look at areas where neighbouring suburbs have experienced strong price growth," he advised in the recent Westpac property report.
"When suburbs share the same infrastructure facilities, notably transport links, there’s a good chance that price growth will ripple outwards," he said.
The Sydney suburbs with 12% growth prospects in 2014-15:
<ol>
<li>Homebush </li>
<li>Petersham </li>
<li>Eastwood </li>
<li>Epping </li>
<li>Marsfield </li>
<li>North Epping </li>
<li>Ryde </li>
<li>Turramurra </li>
<li>Herbersham </li>
<li>Lethbridge Park </li>
<li>North St Marys </li>
<li>Parramatta </li>
<li>South Granville </li>
<li>Tregear </li>
<li>Whalan</li>
</ol>
Source: Domain Group's Australian Property Monitors
</div>
</div>
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jchancellor-FAypfDUnLy

Sydney's bridesmaid suburbs: How APM identified 15 hotspots

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Sydney’s spring auction market notched up a strong 82.7% clearance rate on the first Saturday of the season.
The weekend's initial result was the fifth consecutive rate above 80%.
Sydney’s four weekend initial average clearance sat at 82.5% compared to 78.5% over the previous four-weekend period, according to Australian Property Monitors.
There were 522 auctions scheduled at weekend with 430 results included in the initial clearance rate.
There were 583 on the previous weekend when an 81.9% initial rate was reported, and then revised down to a very strong 79.5%.
The inner west reported the most number of sales at the weekend with 61 and the highest clearance rate of all the suburban regions with an 89.7% result.
The inner west was closely followed by the north west with 87.5%, the lower north 87%, Canterbury Bankstown 84.8%, the west 84.6%, the city and east 82.8%, and the upper north shore with a clearance rate at the weekend of 81.5%, according to APM's senior economist Dr Andrew Wilson.
The first Saturday of the spring autumn market had 21 reported sales at or above $2 million - just down on the prior weekend’s 22 sales result.
The most expensive property was a four bedroom home at <a href="https://www.homehound.com.au/listing/for-sale/nsw/sydney-region/inner-west/burwood-inner-west/16-eurella-st-burwood-nsw-2134/" target="_blank">16 Eurella Street, Burwood</a> (pictured above) which was sold for $4,460,000 by Raine and Horne Burwood. It last sold in 1994 for $540,000.
The most affordable property was a three bedroom home at 14 Mikkelsen Avenue, Tregear sold for $370,000 by Laing and Simmons Mount Druitt.
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Burwood helps inner west reign in Sydney spring auctions

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International fashion brands H&amp;M, UNIQLO, Zara and Gap have all been confirmed as tenants for the Macquarie Centre, North Ryde shopping centre's second stage of development, set to open on 16 October.
An AMP announcement said that Macquarie Centre will have more large-format overseas brands than any other shopping centre in the country.
Another international brand is expected to be announced in the coming weeks, with speculation that it will be American fashion retailer Forever 21.
Forever 21's first Australian store was <a href="https://www.smartcompany.com.au/marketing/sales/34690-forever-21-joins-raft-of-fashion-retailers-entering-australia" target="_blank">announced in November 2013 for Brisbane's Queen Street Mall</a>, with plans to open in mid-2014. However, the store which will neighbour the new Zara shop, has not yet opened,.
Macquarie Centre will be <a href="/expert-insights/investing/h-ms-first-sydney-store-set-for-a-16-october-opening-at-macquarie-centre-north-ryde">H&amp;M’s first Sydney store</a> and <a href="/expert-insights/investing/uniqlo-to-open-macquarie-centre-store-later-this-year">UNIQLO’s second New South Wales offering</a>. 
The first stage of the Macquarie Centre <a href="/expert-insights/investing/sydneys-largest-suburban-shopping-centre-amp-capitals-macquarie-centre-now-open">opened earlier this year</a>. 
The $440 million transformation also includes Myer, David Jones and 130 speciality fashion and beauty stores. These range from Sass &amp; Bide, Zimmerman and Willow to Alice McCall, Gorman and Scanlan Theodore.
Macquarie Centre will be the largest suburban shopping centre in New South Wales, spanning 138,500 square metres of floor space.
AMP Capital's $2.8 billion shopping centre pipeline also includes major redevelopments at the Gold Coast’s Pacific Fair, Ocean Keys in Perth and proposed redevelopments of Perth’s Karrinyup, Booragoon and Garden City.
AMP Capital Shopping Centres managing director Bryan Hynes said that the centre includes international brands, and established local brands, as well as aspirational fashion retailers, unique leisure and lifestyle retailers and fresh food offerings.
“Macquarie Centre will be transformed into a leading fashion, lifestyle and leisure hub for Sydney with the first and highly anticipated H&amp;M, the first UNIQLO in the city’s north and Zara will be the only store on Sydney’s north side to stock a full children’s range, complementing the strong children’s offer from H&amp;M, UNIQLO and Gap,” he said.
“We have some grand plans for when our doors open on 16 October including two fashion shows curated by fashion industry experts to showcase everything we will have on offer at Macquarie Centre.”
A dining and café precinct, 5,000 car spaces, valet parking, porter shopping and free WIFI will be in the centre. Coles, ALDI and a refurbished Woolworths will be in the Fresh Food Market, including eateries Costi’s Seafood Market Macquarie, Inlakesh Living Foods and F&amp;L Gourmet.
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jduke-EHk3XBmHkn

Zara, Gap, H&M and UNIQLO announced for Macquarie Centre, North Ryde

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The biodynamic farmers Charlie and Angelica Arnott, of the biscuit making family, are now willing to accept $3.1 million offers for their Bronte investment pad.
It had been initially listed with $3.25 million break even hopes ahead of the weekend auction with <a href="https://www.mcgrath.com.au/buy/apartment-bronte-nsw-2024/223216/?searchID=42409349" target="_blank">McGrath agent Bethwyn Richards</a> and Briony Carnohan.
It remains for sale after being passed in at weekend auction.
The north facing whole floor 160 square metre three-bedroom, 3/467 Bronte Road apartment is opposite the beachside park. It has 348 square metre space including 64 square metre rooftop space.
Set above the cafe strip, it has three bedrooms, two bathrooms and a two car tandem space. It has been a $2,000 a week plus rental.
It has large, sliding glass doors to a balcony that overlooks Bronte Park in the project undertaken by the Linz property development clan.
The Arnott's paid $3.25 million in late 2005 when they bought from entertainment industry couple, Baz Luhrmann and Catherine Martin.
The $5,500 quarterly strata levies were seen as a buyer negative. 
Now based in Boorowa, Angelica is a member of the '80s pop band The Chantoozies.
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Prestige Bronte apartment goes backwards a bit since Baz's $3.25 million sale

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Entreprenuer Brett Blundy and wife, Vanessa have secured about $18 million for their Kutti Beach, Vaucluse offering.
The Wharf Road property cost $17.75 million when the family also bought next door on The Crescent for $7.95 million.
The Vaucluse<a href="/news"> </a>acquisition of over 2,000 square metres was <a href="/news/nsw">listed in late 2012</a> with the family off to Singapore.
So it took 22 months to sell, though it was only relisted with its fresh agents James Dack at McGrath and Brad Pillinger at Pillinger Real Estate early last month with revised $18 million plus expectations.
No official sale price has been given.
The five-bedroom, five-bathroom mid-1990s Vaucluse home was constructed for the television entrepreneur Michael Willesee, who sold for $10.3 million in 2000. The residence was designed by Ancher Mortlock and Woolley architect Ken Woolley with championship-sized tennis court and heated swimming pool occuping its elevated 1,597-square-metre block.
Blundy sold the adjoining non-waterfront 549 square metre holding with house in April for $7 million to the Woollahra-based Yim family.
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Brett Blundy secures $18 million Kutti Beach, Vaucluse sale

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Martindale, a Kings Cross terrace with 10 bedrooms and 11 bathrooms has been sold for $2 million pre-auction by McGrath Estate Agents.
The property with a distinctive dark crimson facade at 52 Kellett Street features an insightful floor plan indicating (pictured below) the purposeful layout.
Click to open in new window:
<a href="/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.
More than $1.8 million was being sought.
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">the McGrath marketing</a>.
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Pre-auction $2 million deal for Kings Cross 'special' offering

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Apartment towers around transport nodes are needed to cope with Sydney's growing population, according to property development industry group Urban Taskforce, who advocate 5,000 new towers for Sydney.
Urban Taskforce chief executive Chris Johnson claims that Sydney needs to double the number of currently existing homes over the next 50 years, and has proposed clustering apartment towers around railway stations and transport hubs.
The industry group estimates that about one third of Sydney's projected growth could live in towers around transport hubs, which Johnson claims could protect many low rise suburbs.
"The other two thirds of the future growth would occur in fringe development, lower rise medium density near centres and large redevelopment sites," he proposes, noting poor public sentiment around apartment towers.
“Currently many community groups, political representatives and planners in councils have developed a negative attitude to towers preferring to favour town houses or detached houses. We must swing the discussion around to support for towers when they are close to transport," Johnson says.
"A 12 storey tower uses far less land than the equivalent number of houses spread across the landscape. To house the same number of households in detached houses would require 30 times as much land as placing the homes in a 12 storey building."
According to Johnson, Sydney is approaching its spacial limits, a locating "thousands of apartment towers" along the city's main rail lines would help make a metro rail system feasible.
He cites apartment towers developed by Urban Taskforce members Winten Property Group, Deicorp and Meriton as "excellent examples of towers related to transport".
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jrichardson-uRX5hFdKfN

New Sydney towers should be built around train stations: Urban Taskforce

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GUEST OBSERVATION
As has been widely reported, the Sydney auction market continued its strong performance throughout August.
Clearance rates have remained strong with consistent 80% plus weekly results.
In addition to strong auction results we have also seen a continuation in the high variance between real estate agents’ auction price guides and the final sales result.
In July we reported that agents were underquoting on average by 13%, according to the auctions we have monitored over the year to date.
<a href="/expert-insights/buying/add-12-to-sydney-auction-estimates-to-secure-purchase-intelligent-property-services">For the month of August</a> IPS observed a similar level of underquoting and recorded an average variance of 17.6% (however this was skewed upwards by a few out of line sales).
This month IPS observed 19 auctions, all of which sold for more than the agents indicative guide.
The results ranged from 2.78% to 45% out and covered locations from <a href="/news">Queens Park</a> to <a href="/news">Lakemba</a>.
 One doesn’t have to look far to obtain hard and fast examples of this underquoting. 
While the variance is up on last month’s results, we are confident that this was skewed by a few sales that were included in the data. 
The recent sale of several Department of Housing properties in Sydney’s <a href="/news">Millers Point</a> have raised a number of eyebrows because their sales result was so far out of line with their sales agents’ expectations. 
Marketed by different sales agents both properties sold for significantly more than the official price guide quoted.
<a href="/expert-insights/buying/vacated-millers-point-four-level-terrace-fetches-1-911-000-at-private-state-government-auction">119 Kent Street</a><a href="/expert-insights/buying/vacated-millers-point-four-level-terrace-fetches-1-911-000-at-private-state-government-auction"> sold</a> for $1,911,000 and <a href="/expert-insights/buying/the-second-millers-point-offering-fetches-2-56-million-for-state-government-housing">29 Lower Fort Street</a><a href="/expert-insights/buying/the-second-millers-point-offering-fetches-2-56-million-for-state-government-housing"> for</a> $2,560,000, 35.5% and 45% more than their official guides respectively. 
Another notable sale was the freestanding house at <a href="https://www.realestate.com.au/property-house-nsw-queens+park-117619607" target="_blank">53 Alt Street, Queens Park</a>. It sold for $2.51 million after a revised guide of $2.2 million. It was originally $2 million plus earlier in the campaign.
 It’s not just renovation opportunities that are exceeding guides; this beautifully presented warehouse conversion at <a href="https://www.realestate.com.au/property-apartment-nsw-chippendale-117517043" target="_blank">13/92 Shepherd Street</a> in inner city Chippendale sold for $1,426,000 – a whopping $426,000, or 31.5%, over the guide.
Our prediction is, that with continued record low interest rates and pent up buyer demand off the back of slightly subdued winter stock levels, we’ll see a buoyant spring selling season ahead. 
It will be interesting to see which direction agent price guides trend as the public becomes increasingly wise to this practice.
Ramon Mitchell is the general manager of <a href="https://www.ipsg.com.au" target="_blank">Intelligent Property Services</a>, a specialist residential property advisory firm with buyers advocacy division.
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Will agents adjust price guides ahead of buoyant Sydney spring auction season?

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Sydney’s house prices are rising so much that yields will soon fall below those in Melbourne, according to RP Data’s latest statistics.
With 16.2% growth recorded for Sydney over the past 12 months, of which 1.8% was seen over the past month pushing it to 5% over the quarter, the RP Data Core Logic Home Value Index for August notes that Sydney’s yields are falling proportionately.
RP Data’s research director Tim Lawless said that given the rate of value growth and moderate rental growth, it won’t be long until the yields are below Melbourne’s.
“Over the past year we have seen Sydney’s gross rental yields fall from by 47 basis points, from 4.1% to 3.6%,” said Lawless.
“With yields so low in the cities where values are seeing the largest capital gains, it is clear that investors remain very much focussed on value growth rather than yield,” he said.
Sydney’s house yields are currently recorded at 3.6%, with units at 4.5%. Meanwhile, Melbourne houses were recorded at 3.2% and units at 4.2% representing a subtler drop and some 0.4% and 0.3% difference to Sydney respectively.
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Sydney's 16.2% year on year growth straining yields: RP Data

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The recent House Rules contestants Ryan Pusic and former partner Candy Stuart secured a bullish $590,000 when they sold the Emu Plains house they renovated on the hit Channel 7 show.
It represented a $190,000 subsidised flip success.
Selling agent Paul Wallace at Property Central Penrith told Property Observer that he had issued 15 contracts pre-auction.
There were eight registered bidders with around four getting in a bid at the weekend auction.
45 Gough Street had been listed with $499,950 plus price guidance for its August 30 on site auction which was attended by a crowd of 250, including the two vendors.
Ryan Pusic said it closed a chapter in the now separated couple’s lives.
He plans to stay in the Penrith region.
Since the show ended, the entire house had been rendered along with a fresh paint job.
The property is on a 626 square metre block.
<img src="/images/2014/08/08/house%20rules.jpg" alt="">
Above: Candy and Ryan's unrenovated home in 2013. 
Candy and Ryan purchased the home for $400,000 in August 2013.
The suburb, <a href="/news">according to RP Data</a>, comes with a median house price of $471,000, up from $437,000 when the couple made their purchase.
The neighbouring four bedroom 1970s house fetched $500,000, in the street's most recent comparable in 2012, then put up for rent at $530 a week.
Property Observer understands that contestant couples are contracted not to immediately sell their renovated home post-production, other than in circumstances deemed appropriate by Channel 7.
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