<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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The Barlow property development family have sold another Darling Point apartment.
<a href="https://www.realestate.com.au/property-apartment-nsw-darling+point-117102035" target="_blank">It sold at $6.4 million</a>, the third to sell in the complex.
It is set in the four apartment complex, The Bower, designed by architects JPRA and interior designers Collins Vergnaud.
The whole floor three bedroom abode comes with 326 square metres on title, and 232 square metres internal, reflecting $27,500 a square metre.
It is on the first floor of a new five-storey luxury building, developed by property developer Scott Barlow's Strada Group.
Last year it was for sale by expressions of interest with price hopes of more than $7.5 million closing 5 April through Julian Hasemer, a principal of 1st City Hasemer + Caldwell.Eyles, and LJ Hooker Double Bay's Bill Malouf. 
Scott Barlow is the son-in-law of Sydney FC's billionaire owner, David Traktovenko who it's suggested intends keeping the fourth apartment. 
The two level penthouse sold for $8 million.
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jchancellor-FAypfDUnLy

Scott Barlow secures another Darling Point apartment sale

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Another 31 suburbs have joined, perhaps temporarily, Sydney's million-dollar median house club, new figures from Australian Property Monitors show.
Sydney's northern beaches have eight suburbs with fresh seven-figure medians.
They include Warriewood, with a median house price of $1,077,000; North Narrabeen's median house price at $1,002,500, and Davidson with a $1,138,000 median.
One of the last inner city suburbs to break the barrier was Darlington at $1,026,000.
Dr Andrew Wilson, the senior economist at the Domain Group, noted the Canterbury-Bankstown region featured on the list for the first time.
Ashbury and Hurlstone Park have medians above $1 million.
APM noted in the first half of the year the median house price for the Canterbury-Bankstown region increased by 8.3% to a record $720,000 high.
There 123 suburbs in the club in 2013.
<a href="/expert-insights/buying/sydney-now-has-170-suburbs-with-1-million-median-house-price-apm">Then</a><a href="/expert-insights/buying/sydney-now-has-170-suburbs-with-1-million-median-house-price-apm"> 170 suburbs with a $1 million median house price</a>, according to Australian Property Monitors, from sales data over the six months to March this year.
Back in 1993 there were just five harbourfront suburbs.
A decade later there were 69 suburbs in million dollar territory. 
It is now more than one in five suburbs.
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Canterbury-Bankstown kicks off with two suburbs in Sydney's $1 million house median club

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<div>
The University of Western Sydney is to lease the new tower One Parramatta Square, aka 1PSQ.
The proposed new campus will have over 10,000 students.
The highrise campus will include 26,000 square metre space over 14 levels with UWS vice-chancellor Professor Barney Glover saying it chose the development due to the building’s design, flexibility and prominence.
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The tower will sit within the envisaged $2 billion urban renewal project, Parramatta Square, a six-stage, three hectare masterplan development by Parramatta City Council.
<a href="https://www.uws.edu.au/newscentre/news_centre/more_news_stories/new_uws_campus_to_drive_parramatta_square_vision" target="_blank">The $200 million A-Grade tower</a> is being developed by Leighton Properties which purchased the 4,132 square metre site at 169 Macquarie Street, after being announced as the preferred buyer by the Parramatta City Council last year.
"This project forms a vital part of the University's strategy to significantly expand its international student population, and will be a focal point for our postgraduate programs. The prime CBD location will embed UWS in the social, economic and civic life of Parramatta and Greater Western Sydney," Professor Glover said.
Students will benefit from existing public transport links plus the planned Western Sydney Light Rail Network, although construction work beginning in early 2015 and completed for the first university semester in 2017, will beat any light rail.
Last week Raffles Assets Australia, a subsidiary of Singapore’s Raffles Education ­Corporation, bought in Parramatta.
<a href="/expert-insights/investing/raffles-education-buys-enterprise-house-parramatta">Their $29 million purchase</a> which will assist the renaissance of the precinct, is a six-storey office building at 1-3 Fitzwilliam Street.
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UWS takes 1PSQ as Parramatta becomes an education hub

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Fashion maven Rozalia Alpert's Potts Point apartment has sold at auction for $3,625,000.
It was initially listed with $5 million plus hopes in mid-2012 which were revised recently to around $4 million.
The three-level Wylde Street apartment is one of three in Tarana, a circa 1885 Victorian Italianate-style mansion that was converted to strata residences in 2003 by developer Jorge Fernandez.
The 415 square metre apartment has an enormous living area that originally was the Tarana ballroom along with ornate Italianate features including parquet floors, corinthian columns and vaulted ceilings.
Alpert was the founder of Cara &amp; Co, which sold cutting-edge fashion as well as food, music and art.
The apartment was relisted with revised expectations, with hopes that the apartment in the heritage building might match its $4 million 2005 purchase price<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/apartment-potts-point-nsw-2011/226991" target="_blank"> through McGrath's Peter Starr and Jared Ginsberg</a>.
With three interested parties, the auction had just the one bidder on the somewhat awkwardly shaped apartment and car parking.
Its location too just a little too far out of the neighbourhood to attract competitive bidding.
Title Tattle recalls it was last sold for $4million by Retro Security's Koste Stefanoff. The apartment, with 258sqm of internal space plus a 160sqm garden, is in the triplex developed in the 1880 Victorian-Italianate-style mansion built for Arthur McQuade, whose family also owned the adjacent sandstone mansion, Bomera.
Tarana stands on Wylde Street, high above the sandstone cutting that was opened up to car traffic many decades ago. In 1907, a third storey was added to the residence and the original billiards room was extended into a ballroom.
The 2003 restoration was undertaken by the heritage-sympathetic Jorge Fernandez who secured $10.5million from the three apartment sales - with $2.55million from Stefanoff.
The Potts Point result sat within Sydney’s strengthening winter auction market with the weekend’s clearance rate the highest reported for 10 weeks.
The initial August weekend commenced on a high recording a preliminary clearance rate of 79.1%, bringing the four weekend Saturday night average to 77.9% compared to the previous four weekend result of 74.4%, according to the Domain Group's Australian Property Monitors.
Sydney has now recorded four consecutive weekends with clearance rates above 77 percent for the first time since March.
Auctions numbers in Sydney were down with 416 properties scheduled to go under the hammer – 90 fewer than the 506 that were auctioned the previous weekend.
However auction numbers were ahead the same weekend last year when 331 homes were auctioned.
APM senior economist Dr Andrew Wilson said this continued the trend over recent months with 1757 homes listed for auction over July again well ahead of the 1233 auctioned over July last year.
Sydney’s inner suburban regions led the charge at the weekend recording exceptionally strong results.
The top performer was the lower north shore with a clearance rate of 92.9% followed by the inner west at 89.9%, the city and east with 84.4%, the northern beaches at 84.2%, the south with 82.2% and the upper north shore with a clearance rate of 81.8%.
The most expensive property reported sold at auction at the weekend was the Wylde Street, Potts Point offering.
The most affordable property reported sold at the weekend was a two bedroom unit at 9/12 Drummond Street Warwick Farm that sold for $296,000 through Professionals Canley Heights.
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Prestige Tarana, Potts Point apartment sold at 10% discount

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Intelligent Property Services says recent Sydney auction price guidance is around 12.7% below actual sale prices.
"With the Sydney market getting off to a cracking start in 2014 we saw that agents and vendors’ price expectations were being regularly eclipsed," the general manager of <a href="https://www.ipsg.com.au/" target="_blank">Intelligent Property Services</a>, Ramon Mitchell, said. 
"We believe that price guides need to be more accurate, especially given the information available to agents and the large sums of money involved in property transactions. 
"Not only do real estate agents have a plethora of information available to them when they price each property, they are also supposed experts in their local area," he said.
A survey issued in August 2013 by Intelligent Property Services (IPS) reported that there was a variance of 13.1% between real estate agent price guides and the final auction result in Sydney, and<a href="/news/nsw/sydney-auctions-selling-15-3-above-price-guides-since-september"> a November 2013 survey showed the gap had got to 15%</a>.
The latest 30 auction sample selection, with tabulation undertaken by head of research at Intelligent Property Services, Joe Kotevich, was from Bondi in the east to Burwood in the west at auctions from $549,000 to $1.7 million.
The results ranged from 1.5% above to the largest variance at 26%, recorded for a $1,362,000 terrace in Alexandria’s golden triangle which had an initial guide of $1 million plus.
"Some sales are pushed significantly over expectations by exuberant bidders as evidenced by the oversized studio at 12/7 Ithaca Road, Elizabeth Bay selling for $725,000 which was a whopping $165,000 over reserve, some 24% above the original guide of $550,000," said Mitchell.
"Another recent example was at the sale of <a href="https://www.homehound.com.au/listing/withdrawn/nsw/sydney-region/eastern-suburbs/darlington-eastern-suburbs/72-ivy-street-darlington-nsw-2008/" target="_blank">72 Ivy Street, Darlington</a>. 
"With a price guide of $700,000 plus there was approximately 100 people in attendance at the auction. 
"After a slow auction bidding stalled in the $700,000’s and a vendor bid of $810,000 was used by the frustrated auctioneer; perplexing many in the crowd. 
"The dilapidated terrace then passed in at $811,000 and finally sold after negotiation for $820,000 – some $120,000 over the price guide."
Mitchell said with the traditional spring selling season fast approaching, "what better time for the industry to show greater levels of transparency in order to temper buyer frustration and to give them a better chance in picking the proverbial battles that they actually have a shot at winning". 
"Whilst our intention is not to infer that all properties are deliberately underquoted, nonetheless the impact remains the same.
"Whenever we ask prospective property buyers what they would rank as the most frustrating aspect of the buying process invariably the answer is the agent “lowballing” the price guide. 
"In our day-to-day role as buyers agents we regularly see selling agents give would-be buyers enticingly low price guides so as to bolster their auction attendance numbers. 
"Time and again we watch disappointed registered bidders walk out of auction rooms without even having had a chance to bid after having watched opening bids knock them straight out of contention," Ramon Mitchell said.
IPS will continue to monitor the market and track the results. 
Auctions numbers in Sydney are down this weekend with 416 properties scheduled to go under the hammer – 90 fewer than the 506 that were auctioned last weekend, according to Australian Property Monitors.
However auction numbers are well ahead the same weekend last year when 331 homes were auctioned.
"This continues the trend over recent months with 1,757 homes listed for auction over July well ahead of the 1,233 auctioned over July last year," APM senior economist Dr Andrew Wilson said.
The inner west will host 75 auctions followed by the south with 64, Canterbury Bankstown  with 45, the upper north shore with 42, the west with 41 and the city and east with 39.
The most popular suburb for auctions this weekend in Sydney is Blacktown in the west with eight followed by Bankstown.
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Add 12% to Sydney auction estimates to secure purchase: Intelligent Property Services

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Crown Resort executives have refuted silly Fairfax Media speculation that the billionaire James Packer was intent on selling the Barangaroo casino resort penthouse for a windfall $100 million plus.
The project’s award-winning architect Chris Wilkinson from <a href="https://www.wilkinsoneyre.com/projects/crown-sydney.aspx?category=asia-and-pacific" target="_blank">Wilkinson Eyre</a> told a business breakfast only last week that the top three floors of the proposed 270 metre tower would be an integral part of the six-star hotel.
Crown Resorts subsequently confirmed the top three floors would be reserved for the hotel’s “most prized international VIP customers".
News Ltd's John Lehmann noted this week that Fairfax were long-time critics of Barangaroo, although Property Observer would suggest perhaps less so since the effective abandonment of the urban affairs reporting unit formerly headed by the enthusiast Matthew Moore. Records show fewer than 25 urban affairs bylined articles this year in the SMH, compared to the same period in 2011 having close to 150 articles. 
This week Fairfax Media mischievously speculated a $100 million plus sale price would: "mean Mr Packer's company could recoup the entire $100 million licence fee it has paid the NSW government for the right to operate a VIP-only casino in the facility with a single apartment sale."
The resort is scheduled for a 2019 completion.
 
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Barangaroo casino penthouse not for sale: Crown Resorts

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Despite off the plan apartments increasingly attracting investor attention, from both Australian and offshore buyers, Parramatta’s Promenade has seen 74% of its current early buyers identify as owner occupiers.
The five-hectare waterfront development is on Parramatta’s northern bank, and of those providing a registration of interest deposit - $3,000 – the majority are looking to live in the <a href="https://www.promenadeliving.com.au" target="_blank">Promenade</a> development.
Irene Lau, a director of Savills Residential project marketing, said that it’s due to the focus on lifestyle from Starryland Australia developers.
“People appreciate that Promenade will provide a healthy lifestyle in which to raise their family, especially given its close proximity to quality schools, universities and hospitals,” she said.
“Promenade will also have expansive lush landscaping, tree-lined streets and a central square.”
It will include 1.2 hectares of landscaped foreshore open space.
The 12-storey building three hits the market on 2 August, offering 153 apartments.
Starryland Australia was established by the 23rd largest publicly-listed company in China, Fuxing Huiyu Real Estate Co Ltd. Promenade will be across 11 towers and 774 apartments in a $550 million project, and <a href="/expert-insights/buying/chinese-developer-taking-550-million-step-into-sydney-with-11-towers-in-parramatta">Starryland’s first foray into Australia</a>.
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Parramatta Promenade bucks trend with 74% owner occupier interest

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The 1930s Wahroonga mansion, Rothiemay has been relisted for sale.
It is being <a href="https://www.domain.com.au/Public/PropertyDetails.aspx?AdID=2011322835&amp;eb=761220&amp;utm_source=domain&amp;utm_medium=email&amp;utm_campaign=ebrochure" target="_blank">offered by Chadwick Turramurra agents Scott Chadwick and Jane Colyer</a> for 23 August auction.
More than $8 million had been tipped on prior sale attempts, with the current estimate given as $6 million.
Rothiemay at Wahroonga was once home of Field pastoral empire. The inter-war Georgian revival home, with art deco touches, was designed by F Glynn Gilling for Herbert Field Jr and his wife, Patricia Macken, in 1939.
It was built on the foundations of an even larger nineteenth-century mansion, a 1906 John Reid-designed manse.
The seven-bedroom, six-bathroom two-storey home sits on an 8600 square metre Fox Valley Road holding. 
The property is the only site that retains a lot boundary from the initial subdivision of Brown’s estate. 
The late Victorian subdivision by the Brown family was carried out in 1896. In 1854 John Brown, a timber merchant, had purchased a large portion of the land granted to Thomas Hyndes in 1838 that saddled Fox Valley Road. Brown progressively cleared the land and planted the area with orchards.  
Its owner, Jim Neale, a property developer has been there until recently, having bought it in 1987 when it cost $2.2 million.
The house was briefly listed for sale in 2012 and again earlier this year. Rubbish from inside the house and garage filled a 20 cubic skip bin in recent weeks.
Jim Neale, a property developer, is the fourth occupant.
Surgeon Sir Alexander MacCormick bought it from the Field family, and he sold the home to Judge Christian Langworth.
Neale reckons a retirement village or nursing home should be built on the land, although no development application has been lodged or approved.
<a href="https://www.environment.nsw.gov.au/heritageapp/HeritageItemImage.aspx?ID=1880087#ad-image-0" target="_blank">Ku-ring-gai Council regards Rothiemay as a heritage item</a>, showing the house in its hey day.
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Rothiemay, Wahroonga trophy home for August auction

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A B-Grade Sydney CBD office has been leased to Petrofin International as they grow their Australian operations.
CBRE’s Jamie King leased the 495 square metre 14th level office on behalf of lessor AIHL Properties Australia.
It is located at 189 Kent Street, and Petrofin International has committed to a seven-year term for an initial rate of $485 gross per square metre.
The national property representative for the client, Corporate Relocations, handled the negotiation for Petrofin. Their brief was to have all the staff on one level, and being close to Barangaroo was seen as a benefit.
“Petrofin was attracted to the building's central position in the CBD, as well as the building's recent refurbishment, which included upgrades to the lobby and lifts,” King said.
“Flexibility with the incentive structure also contributed to the successful conclusion of negotiations.”
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Petrofin Inernational leases Sydney CBD office

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Raffles Assets Australia, a subsidiary of Singapore’s Raffles Education ­Corporation, has bought in Parramatta.
Their $29 million purchase which will assist the renaissance of the precinct, is a six-storey office building at 1-3 Fitzwilliam Street.
It sold vacant possession opposite Parramatta Train Station and the Westfield shopping centre through Arland Domingo and Peter Hanzis of Knight Frank.
It was last sold in late 2010 by Trinity Property at $28.3 million representing an initial yield of 9.15% when occupied by the NSW Office of Fair Trading on leases until May 2013, returning net income of $2,509,434 per annum.
Enterprise House was bought in 2010 by Action Office Pty Limited, of the Chandru Tolani property investment group, which paid $18 million in late 2012 for nearby 16-18 Wentworth Street property whose tenants included the Australian Vocational Learning Centre Pty Ltd.
Raffles Education Corporation is the largest private education group in Asia Pacific, according to its website.
The property will be redeveloped as a permanent campus for the company’s college in Sydney, the Raffles College of Design and Commerce – which currently operates out of leased premises.
The building with a net lettable area of 9,782 square metres has been occupied by the NSW Department of Fair Trading.
It has a land size of 2,049 square metres.
Photo courtesy of Google. 
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