<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

<html><body>
The Bexley vendor and their estate agent who publicised their $570,000 reserve price ahead of its weekend auction secured a $613,000 sale.
The unusual tactic garnered a result at 7.5% above reserve, which suggests it was a tad conservative in its initial appraisal although recent surveys typically put sold prices at around 12% above price guidance.
Its web marketing didn't actually give the reserve price, with inspectees of 15A St Georges Road advised of it when they turned up or rung the agent.
The LJ Hooker listing agent confirmed to Property Observer that there was no marketing of the reserve price as he needed to engage possible buyers in a conversation which might not happen if the reserve price was publicly available.
<a href="https://www.realestate.com.au/property-house-nsw-bexley-117327823" target="_blank">The $570,000 disclosed reserve price was for a two bedroom, two bathroom property</a> which traded at $400,000 in 2004.
The buyers’ agent Patrick Bright attended the auction saying it was a test case for a fully transparent and successful auction for vendor and buyer alike by disclosing the reserve price prior to auction.
“Speaking with the under-bidder after the auction, she said she only bid on the property because the reserve price had been published in advance and she knew the property was truly within her budget," Bright suggested.
Though she did miss out.
Bright noted the underbidder "claimed she would not have even attended the auction if the reserve price had not been disclosed as she was ‘fed up’ with attending auctions that had reserves well over the price guide provided by agents".
Patrick Bright is currently petitioning the NSW government to disclose reserve prices prior to auction to stamp out underquoting.
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jchancellor-FAypfDUnLy

A 7.5% premium above disclosed reserve at Bexley auction experiment

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For investors hoping to use their properties as an income stream as well as a growth asset, some Sydney regions stand out more than others.
According to RP Data's Quarterly Rental Review, rental rates for houses in Sydney didn't move over the quarter to June, remaining at $520 per week.
While the median weekly rent for houses saw no change overall, one segment of the house rental market did grow in the June quarter. Four bedroom houses saw a 3.3% rise in rents to a median of $620 a week, while three bedroom houses stayed flat at $470 per week, as did five or more bedroom houses, which attracted $850 per week.
On a yearly basis, there was no area in Sydney which recorded a fall in rents for houses, although rents were flat for the year in the Fairfield-Liverpool region, at $450 per week. The Lower
Northern Sydney region saw a 10.4% jump in rents for the year, the biggest increase of any Sydney region and well above its own five year average of 6.7%. Its median rent per week is now $900.  
However, some growth was seen in the unit rental markets, with rents rising by 2% over the three months to June to a median of $500 per week. All unit types saw an increase for the quarter, with one bedroom units increasing by 1.1%, two bedroom units recording a 3.1% rise and rents for three bedroom units increasing by 3.5%.
The median weekly rent for units in Outer Western Sydney fell by 2.9% over the year to June - the region was the only Sydney area to see a yearly decrease in rents. The strongest regional rental performance for the unit market was seen in the Northern Beaches, where the median rent climbed 5.6% over the year, and Inner Sydney, where rents grew by 5.1%.
The top performing regions for rental houses over the past year
The following five areas had the strongest year on year growth in rents for Sydney houses.
<ol>
<li>
Lower Northern Sydney With 10.4% year on year growth in the median weekly rent, Lower Northern Sydney outperformed every other Sydney region's rental house market.  
</li>
<li>
Inner Sydney The median weekly rent for a house in inner-Sydney is now $750, up 7.1% from the same time last year. The area's rental market has shown consistent growth, with five year average rental increase of 6.4%. </li>
<li>
Northern Beaches Sydney's Northern Beaches have seen the median weekly rent for houses increase by 5.9% for the year to $900, the same median house rent as Lower Northern Sydney. However, the area has seen a dip in recent months - in the quarter to June, house rents dropped by 2.7%.  
</li>
<li>
Central Coast With 5.3% growth over the past 12 months, the median weekly rent for a house in the Central Coast is now $400. The region saw 2.6% quarterly growth.  
</li>
<li>
Canterbury-Bankstown The Canterbury-Bankstown area saw its median rent for houses increase by 5% in the past year, with 1% growth in the quarter to June. The median rent for a house in the area is now $520. </li>
</ol>
<hr class="system-pagebreak">
 The top performing regions for rental units over the past year
<ol>
<li>
Northern Beaches Units in the Northern Beaches attracted weaker rental growth than their house counterparts, with a 5.3% increase for the past 12 months. A renter can now expect to pay $550 per week for a unit in the Northern Beaches. </li>
<li>
Inner Sydney Inner Sydney units recorded 5.5% growth for the year, with the median weekly rent for a unit in the region now $580.  
</li>
<li>
Eastern Suburbs Units in Sydney's Eastern suburbs now attract a median weekly rent of $625 after a 4.2% growth for the year. The five year annual average growth for the area is 4.8%. <a href="/news"></a>
</li>
<li>
Lower Northern Sydney After 3.8% growth over the past year, the region now has a median weekly rent of $625.  
</li>
<li>
Inner Western Sydney Sydney's Inner West saw rents for units increase by 4% for the year. The past 12 months have outperformed the area's historical average - the five year annual average growth in rents for the region is 3.4%. <a href="/news">Click to open in new window: </a>
</li>
</ol>
<a href="/images/2014/07/21/rp-data-july-10-three.gif" target="_blank"><img src="/images/2014/07/21/rp-data-july-10-three.gif" alt=""></a>
<img src="/images/2014/07/21/rp-data-july-10-two.gif" alt="">
Source: RP Data.
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jrichardson-uRX5hFdKfN

Sydney's top five regions for rental growth: RP Data

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Strathfield’s newest residential development, marketed as a "one-of-a-kind for the up and coming area", Centric Strathfrield from Lumex Property Group launched on Saturday achieving a high number of sales - currently just a few of the penthouses remain.
The <a href="/expert-insights/buying/centric-strathfield-to-be-launched-with-57-inner-west-apartments">swish launch at the display suite on 9-13 Parnell Street</a>, just a two minute walk from the station, saw tuxedo-wearing staff members welcoming a large crowd into the development. While many of those looking to buy were of Asian appearance, Property Observer notes that the majority seemed to be local buyers – some moving from other areas of the inner west. Despite this, some investors were present.
<img src="/images/2014/07/21/strathfield-july-21-one.jpg" alt="">
Halfway between Parramatta and the city (less than 15 kilometres from both), the apartments launched to considerable success.
Just over halfway through the 8am to 10am launch, a CBRE marketing representative said that just six of the 57 one and two bedroom apartments were remaining. Prior to the commencement of the launch, a sell out was anticipated.
<img src="/images/2014/07/21/strathfield-july-21-three.jpg" alt="">
Centric Strathfield has positioned itself towards the owner occupier market, looking to offer top end finishes. Most apartments have northerly orientations, with winter gardens and terraces. All come with basement car parking and separate storage, as well as lift access.
The roof terraces offer CBD and Harbour Bridge views.
Spanning eight residential floors, and a commercial space at ground level, 51 square metre to 59 square metre one-bedroom apartments were being sold from $629,000. One bedroom and a study, 59 square metres, were selling from $685,000. Two bedrooms, from 71 square metres to 88 square metres were selling from $780,000.
The majority of the available apartments, 29 of them, were two bedrooms, with 24 one bedrooms and four one bedroom plus studies.
According to RP Data, the <a href="/news">median price currently recorded for a Strathfield unit is $570,000</a>, with a median advertised weekly rental price of $500 per week. The median unit price has significantly increased over the past year, profiting in on the growth seen across Sydney.
The designs, from SJB Architects, were also said to be a major drawcard for the interest in the development. Within the apartment building, there will be a number of community areas – including a roof top garden and an atrium lobby.
The properties themselves include limed European oak floors, AEG appliances and integrated banquette seats.
The display suited had been open from 5 July for interested viewers before the launch on 19 July.
Construction on <a href="https://www.centricstrathfield.com.au" target="_blank">Centric Strathfield</a> is expected to be finished by mid-2016.
How do property developers sell out mega residential projects? Where can financial planners find off the plan projects on one website? And what is all the fuss about with China?
Register now to join an expert panel in off the plan property marketing for an informative discussion and live Q&amp;A on Property Observer, in association with Investorist.
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jduke-EHk3XBmHkn

Centric Strathfield's weekend launch success - handful of penthouses remain 

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A 12-bedroom 1888 Victorian Petersham trophy home sold at weekend auction for $3.3 million to an investor.
 Converted into 10 apartments in 1942, the four-storey mansion comes with 10 bathrooms.
The owners, Isabel Crespo and Vincente Traversa, who live in a three-bedroom rooftop apartment, collected an annual rental income of about $154,000. It will be higher once the vendor moves out and the investor buyer finds tenants for the two level penthouse, which is tipped to likely be around $650 a week, thereby giving a 5.6% overall yield.
They paid $75,000 for it in 1985, reflecting 13% annual price growth.
More than $2.5 million was tipped <a href="https://www.belleproperty.com/9P3648" target="_blank">by selling agents</a><a href="https://www.belleproperty.com/9P3648" target="_blank"> Rob Clarke and Callum Edmonds of Belle Property Annandale</a> for 29 Croydon Street, Petersham. The reserve price was $2.8 million. The suburb's median house price is $945,000, <a href="/news">according to RP Data</a>. 
It was among the 399 auctions are scheduled over the weekend in Sydney, some 92 more than the 307 homes auctioned over the same weekend last year, according to Australian Property Monitors.
The preliminary clearance rate was 77.3%, so another strong result.
"The weekend will likely prove to be the low point for auction listings this winter with numbers now set to rise through to spring with the July school holiday break now over," Dr Andrew Wilson, the Domain Group senior economist said.
The inner west hosted the most number of auctions with 64 followed by the city and east with 52, the south with 51, the upper north shore with 46 and the west with 41.
<div id="conditionalAd-300x250-pos-3" class="ad adCentred">
Mosman was the most popular suburbs for auctions along with Greenacre in Canterbury Bankstown and Blacktown in the west, each with eight.
</div>
The Potts Point apartment of the founder of Cara&amp;Co fashion and accessories concept store Rosa Alpert was withdrawn from weekend auction.
It is in the converted Victorian Italianate mansion Tarana.
The three-level apartment, first listed in 2012 with hopes of $5 million, was bought in 2005 for $4 million.
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Petersham boarding house fetches $3.3 million in Sydney weekend auctions

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The NSW government has announced a summit to help decide upon the future of Sydney Harbour's Bays Precinct.
The move that had been welcomed by the Urban Development Institute of Australia’s New South Wales branch who are interested to see what private sector opportunities there may be for the harbourfront land.
UDIA NSW chief executive Stephen Albin said that the 5.5 kilometre site of prime land has been dormant, with this decision coming almost two years since The Bays Precinct Taskforce released its Strategic Framework Report. This report looked at the future of Blackwattle Bay, Rozelle Bay, White Bay and Glebe Island.
“After years of stagnation at the Bays Precinct site it’s positive to see the Government reigniting a discussion about future uses for the area,” said Albin.
“Previously, there’s been little information about the role the private sector could play in delivering future outcomes at the Bays Precinct,” he said, noting their interest in hearing about potential opportunity.
Albin believes this site will help cater for growth, and that while there are innovations occurring offshore, it’s worth recognising talent on Australian shores.
What would you do with the site?
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Bays Precinct, Sydney Harbour summit welcomed after “years of stagnation”: UDIA

<html><body>
Have you been keeping an eye on Sydney this week?
Test how well you've been paying attention.
<ol>
<li>Which area of Sydney is the best place to buy, according to Arek Drozda? 
</li>
<li>What is the name of Sydney's largest shopping centre, which opened this week?  <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/phocagallery/2014/07/macquarie-july-17/macquarie_0000_1.jpg.jpg"> 
</li>
<li>Which model just paid $4 million for a new home for two adjoining Newport properties? 
</li>
<li>Architect Chris Howe and his wife, tax lawyer Betsy Anne, finally sold their home in which Sydney suburb? <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/phocagallery/2014/07/vaucluse-july-16/vaucluse_0000_1.jpg.jpg"> 
</li>
<li>Property investors MarksHenderson recently spent how much money on Walsh Bay offices? 
</li>
<li>How many Sydney homes made the top 10 most expensive sales of the week? 
</li>
<li>What was Sydney's auction clearance rate for the weekend of 12 July? 77.7% 
</li>
<li>Significant Investor Visa approvals are how many times higher in Victoria than New South Wales? 
</li>
<li>How many Sydney suburbs made the Housing Institute of Australia's top 20 hotspots for construction and population growth? 
</li>
<li>How many years had this Artamon home been in the ownership of a single person before it was sold this week? <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/phocagallery/2014/07/artarmon-july-15/artarmon_0000_1.jpg.jpg">
</li>
</ol>
The answers on the next page
<hr class="system-pagebreak">
 How closely were you paying attention?
<ol>
<li>Which area of Sydney is the best place to buy, according to Arek Drozda? Sydney's <a href="/expert-insights/investing/inner-ring-the-best-bet-in-sydney-and-heres-why">inner-ring is your best bet</a>, said Drozda. 
</li>
<li>What is the name of Sydney's largest shopping centre, which opened this week? The <a href="/expert-insights/investing/sydneys-largest-suburban-shopping-centre-amp-capitals-macquarie-centre-now-open">Macquarie centre</a>. 
</li>
<li>Which model just paid $4 million for a new home for two adjoining Newport properties? <a href="/news/jennifer-hawkins-spends-4-million-on-newport-waterfront">Jennifer Hawkins</a>. 
</li>
<li>Architect Chris Howe and his wife, tax lawyer Betsy Anne, finally sold their home in which Sydney suburb? The couple have finally <a href="/news/architect-chris-howe-sells-vaucluse-trophy-home-finally">sold their Vaucluse home</a>.  
</li>
<li>Property investors MarksHenderson recently spent how much money on Walsh Bay offices? MarksHenderson splashed out <a href="/expert-insights/investing/markshenderson-splashes-28-million-on-walsh-bay-office">$28 million on their new offices</a>. 
</li>
<li>How many Sydney homes made the top 10 most expensive sales of the week? Eight of <a href="/expert-insights/buying/the-10-most-expensive-sales-of-the-week-rp-data--66486">the week's top 10 sales</a> were from Sydney. 
</li>
<li>What was Sydney's auction clearance rate for the weekend of 12 July? 77.7% of homes auctioned sold last weekend. 
</li>
<li>Significant Investor Visa approvals are how many times higher in Victoria than New South Wales? SIV approvals are <a href="/news/siv-approvals-in-victoria-six-times-higher-than-nsw">six times higher in Victoria</a> than New South Wales. 
</li>
<li>How many Sydney suburbs made the Housing Institute of Australia's top 20 hotspots for construction and population growth? One - Homebush Bay. <a href="/expert-insights/investing/list-of-the-day-top-20-building-and-population-hotspots">Two, if you count Silverwater along with it</a>. 
</li>
<li>How many years had this Artamon home been in the ownership of a family before it was sold this week? The house had been in the possession of a woman <a href="/expert-insights/buying/stayput-aunts-artarmon-federation-fetches-record-price-after-99-year-ownership">for 99 years.</a>
</li>
</ol>
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Friday quiz: Sydney's property market

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Wellings, one of the oldest estates in Sydney's inner west, has been listed for 16 August Ray White auction by artisans Frank and Marcellina Civardi, of Civardi Furniture.
They secured the 3,679 square-metre Burwood estate in 1990 for $900,000 when it was unliveable. 
Heritage architect Lester Tropman has helped restore the gothic-style villa which dates back to 1813.
It was first officially recorded in the 1830s as owned by London shipowner William Richards and extended over the year starting from 1860.
The eight-bedroom estate has been<a href="https://raywhiteburwood.com.au/nsw/burwood/1166145/" target="_blank"> listed by Janeta Biviano of Ray White Burwood</a>, with a well in excess of $6 million suburb record tipped for its 16 August auction.
The three-bedroom gatehouse is one of the first pre-fabricated homes in Australia.
The gatehouse was made in Hamburg, then exhibited in Paris in 1854 before it was imported for the French Consul General's residence in Hunters Hill, Passy.
It was moved to Wellings in 1967 by former owner Dr Lindsay Grant and his wife, Adeline (nee Agnew).
Wellings is located at 4 Woodside Avenue East on 3,679 square metres, not only the main residence but also The Gatehouse.
The previous owners lived in the property from 1953.
The previous renovation had been made in 1947 and took away a lot of the property’s original grandeur.
 
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Wellings, the hidden Gothic Burwood offering

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North Ryde, Sydney’s Macquarie Centre’s $440 million redevelopment has seen the first stage open as part of the AMP Capital’s Shopping Centres $2.8 billion development plan.
The <a href="https://www.macquariecentre.com.au" target="_blank">Macquarie Centre</a> is located in a total trade area of 337,770 people that expects to reach $6 billion in retail spending by 2021, explained AMP Capital Shopping Centres’ managing director Byran Hynes. He noted that the north-west corridor is the new capital of household wealth in Sydney.
The project’s second stage, set to be complete for this Christmas’ shopping season,will see the centre increase by 38,000 square metres to a new 138,500 square metre total, or the largest shopping centre in suburban Sydney.
“Today we have unveiled, ahead of schedule and on budget, more than 37 food and specialty retailers, 29 of which are new to Macquarie Centre,” he said.
“The centre will offer our customers a one-stop-shop for fresh food, specialty Asian food stores and market-style restaurant options from local producers.”
The first stage includes a Fresh Food Market precinct with Coles, ALDI and a refurbished Woolworths in residence. Costis Seafood Market Macquarie, Inlakesh Living Foods and F &amp; L Gourmet are eateries available.
The centre has also been redeveloped to include a 21-metre curved digital panel, which they note is a first nationally, that is for advertising and other content.
“Consumers are savvier yet more time poor than ever before and are craving distinct experiences in unique environments where they feel special.  We’re transforming Macquarie Centre into a leading contemporary urban centre, offering diverse experiences to the students, residents and workers in the area,” said Hynes.
On completion, international designers and Australian designers, as well as David Jones, will be in residence.
{qtube vid:=yrkUzoGNdbE}
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Sydney's largest suburban shopping centre, AMP Capital's Macquarie Centre, now open

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In the light of high commercial vacancy rates along the retail strip on Sydney’s Oxford Street, stretching from Hyde Park to Bondi Junction, Raine &amp; Horne’s Max Raine has weighed in with support for calls to the Sydney City Council to take over management from Woollahra Council.
Raine, a local property owner and recognised industry member, said that the growing vacancies are affecting Oxford Street’s name as a leading fashion and lifestyle destination, and that it’s time boundaries were changed to bring it under the financial clout of the City of Sydney.
“As a lifetime resident of Sydney’s Eastern Suburbs, I am truly gutted that this famous retail strip, which is also home to many heritage buildings such as the Paddington Town Hall and Victoria Barracks, has fallen on such hard times,” said Raine.
“Oxford Street is at the risk of becoming a retail white elephant like Newcastle’s once bustling Hunter Street, and it would be a significant blight on the history of this great city if this iconic strip is not restored to its past glories.”
A Property Observer survey in February 2013 found <a href="/news/nsw">35 out of 198 storefronts on the north side of Paddington’s Oxford Street shopping strip</a> – between Barcom Street and Jersey Road – were empty. Some were recorded as having been unoccupied for more than six months.
Notably, <a href="/expert-insights/investing/darlinghursts-oxford-square-retail-centre-listed-with-70-million-plus-hopes">Darlinghurst's Oxford Square retail centre was listed with $70 million-plus hopes in April 2013</a>.
Then, in February this year, a <a href="/news/nsw/oxford-street-retail-building-offered-for-sale">1,946 square metre retail building was offered up for sale in the Paddington section of Oxford Street</a>.
And in April 2014, <a href="/expert-insights/investing/oxford-street-sydneys-oldest-gay-hotel-venue-up-for-sale">Sydney's oldest gay venue on Oxford Street, Darlinghurst hit the market</a>.
The call comes a few months after a comprehensive Sydney Morning Herald feature on Oxford Street, which noted a mass retail and restaurant exodus from Oxford Street had the empty shops numbering 29 in the City of Sydney, 41 in Woollahra and 19 in Waverley. Paddington, bearing the brunt of the storm, clocks up 46, a vacancy rate of just over 18 per cent. In the area immediately surrounding Jersey Road, it is as much as 65 per cent.
The Activate Oxford St draft proposal commissioned by Woollahra Municipal Council was welcomed by Raine, although he notes it misses the problem of a parking station.
“The report suggests ways to improve the struggling street, such as creating new uses for vacant shops, the introduction of street theatre activities, as well as implementing improvements to the operation of Paddington Markets, however what the strip needs more of is parking, to attract shoppers back to the boutiques, cafes, bars and restaurants,” he said.
“It’s pretty simple, if you can’t park, then you can’t shop and there are some properties along Oxford Street that would make perfect sites for additional parking, including the site of the underutilised St Matthias Church on the corner of Oxford Street and Moore Park Road.” Improvements in parking infrastructure will be a costly exercise, which is part of the reason the Sydney City Council is being called upon to control the strip.
“Woollahra Council has done its best but Oxford Street desperately needs the financial clout of Sydney City Council to help return it to its former glories,” he said, promising his support behind any representations to the New South Wales Local Government Minister Paul Toole around boundary changes.
Photo of Oxford Street Mall courtesy of Wikimedia Commons.
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Oxford Street at risk of becoming a "retail white elephant": Max Raine

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A new zoning plan and planning controls for much of the City of Sydney’s employment lands has been endorsed by the council for exhibition. This covers much land currently zoned for business or industrial purposes.
Some industrial areas are expected to be retained for traditional uses, while other zones are to be introduced or expanded. This includes a B6 Enterprise Corridor zone to add to the B7 Business Park zone.
Knight Frank’s manager of town planning for Sydney, David Workman, said that the proposed changes are extensive and it is crucial to be aware of the implications on an individual property basis.
“A small change can often make a significant difference either positive or negative, particularly in terms the type of development permitted within a new zone and at what density,” Workman said.
The report that had been prepared for the Council included the following proposed changes:
<ul>
<li>A core industrial zone in the South West part that will continue to accommodate ‘traditional industrial’ uses;</li>
<li>A flexible enterprise corridor zone through the centre part that will accommodate lower density industrial and commercial uses; and</li>
<li>Business park zones in the North West and South East parts that are close to transport, services and amenities and that will provide for denser commercial activity over time.</li>
</ul>
Source: Knight Frank
It’s noted that private residential development will be restricted on the employment lands, with the exception of a Botany Road section that currently permits shop-top housing and senior housing.
Affordable housing opportunities may also be provided for.
Daniel O’Brien, Knight Frank South Sydney agency director, said that the rezoning for some of those currently zoned IN1 General Industrial means good things with the potential for higher order commercial uses than currently allowed. He also noted that it’s expected to drive employment, and therefore commercial development.
“The trend for older industrial style buildings, to be regenerated into funky office space will only gather more pace and as long as the current demand for this type of office accommodation remains strong, it will be a win:win for developers, tenants and occupiers and building owners,” Mr O’Brien said.
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