<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 latest listing of the Regency Revival-style mansion Jenner House in Potts Point will be a three ring circus.
It has been listed with $20 million hopes by Barry Goldman of Raine &amp; Horne Double Bay, Jason Boon of Richardson &amp; Wrench Elizabeth Bay, and Michael Pallier of Sotheby's International.
<a href="https://www.rwebay.com.au/1600085/" target="_blank">The restored heritage-listed residence </a>has held the Potts Point record at $15 million since 2009 when luxury car dealer Terry Mullens and his wife Wendy bought the imposing property.
It had been sold unrenovated by horse breeder Tony Peterson.
<a href="/news/jenner-house-potts-point-record-setting-trophy-home-listing">It was briefly listed for sale</a> in May 2013.
Recent research suggests the home was once occupied by King George V while he was serving in the Royal Navy.
Peterson had secured the property from the Department of Defence for around $6 million when it sold its redundant Garden Island precinct holdings in the mid-1990s.
The now three-storey home is set on a 1970-square-metre Macleay Street block.
Built with a mix of Victorian and Italianate styles for wealthy merchant Lebbeus Hordern, the 1870s home is one of the district's surviving marine villas.
Originally known as Stramshall, named after patriach Anthony Hordern's English birthplace, Jenner was built by the colonial architect Edmund Blacket. It was also known as Kurrahjeen from 1880 to 1885 and Lugano from 1888 to 1911. Its current name was bestowed on it in 1914.
In the meantime <a href="/news/nsw/bomera-the-potts-point-italianate-sandstone-beauty-sells">Bomera on Wylde Street</a> was sold for $12.5 million after its restoration by Jorge and Monica Fernandez to Leanne Catelan, the daughter of the late property data entrepreneur Ray Catelan.
<a href="/news/miner-stephen-turner-mooted-rockwall-house-potts-point-trophy-home-buyer">Lilian Barclay sold her Georgian villa, Rockwall House for around $11 million to a local mining tycoon</a> earlier this year.
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jchancellor-FAypfDUnLy

Jenner House, Potts Point seeks $20 million buyers

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Sydney's cheapest long weekend sale was $348,000 at Auburn.
It sold pre-auction, as did many of the weekend offerings.
As soon as it was sold by First National Auburn Waters &amp; Carpenter, the investor buyer put <a href="https://www.firstnational.com.au/buy-residential-real-estate/apartment-unit-3-88-station-road-auburn-nsw-11421100562" target="_blank">the three bedroom 88 Station Road apartment</a> for lease pending its settlement.
Seeking $400 a week, the sale thereby reflects a 5.9% rental yield. It last sold at $230,000 in 2005.
Sydney agents secured 73.7% success rate from the initial 300 results. There are another 93 results yet to be tabulated by Australian Property Monitors.
<a href="/news/leichhardt-forges-another-residential-record-for-former-fire-station">Leichhardt has a new suburb record</a> with the current record-holder home selling on the long weekend for $3.05 million.
Set on 658 square metres, the four-bedroom, four-bathroom home <a href="https://www.realestate.com.au/property-house-nsw-leichhardt-116876611" target="_blank">sold through Ray White Inner West's David Eastway</a>. With that much land it is about three times bigger than the typical Leichhardt block.
It was sold by the banker Ashley Salter and his wife, Paspaley Pearls creative director, Christine Salter.
{qtube vid:=ZXtDXy8QCE}
The former Victorian fire station had been renovated by French antique furniture importers Bob and Helen Hargreaves, of Le Forge, who sold in 2007 for<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house-leichhardt-nsw-2040/50202" target="_blank"> a record $2.45 million</a> through McGrath.
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Auburn three bedroom apartment sells to investor in weekend's cheapest auction offering

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It’s becoming a trend – well-located dumps selling for prices that would normally be achievable by trophy homes.
But, property owners shouldn’t go knocking walls in and stripping carpets from floors in an effort to get in on the action. It’s all about two things:
<ol>
<li>The buyer 
</li>
<li>The block</li>
</ol>
Property Observer notes that while the sales appear to be becoming more frequent, so-called “crazy Sydney prices” have been achieved by “dumps” for years.
For instance, in 2011 the termite-infested 58 View Street, Annandale sold for $800,000, $150,000 over reserve.
And 20 Union Street, McMahons Point, which was actually marketed by Blues Point Real Estate as “The Dump” (including on the signboard) snapped up $1,905,000 in June last year noting it was suited for builders, renovators and handymen. The 1880s terrace required a “total overhaul”.
Here are some of the most recent dumps achieving trophy home prices.
Stanmore - $923,000 sale
<img src="/images/2014/06/10/stanmore%20june%2010%20one.jpg" alt="">
This terrace home at <a href="https://www.realestate.com.au/property-house-nsw-stanmore-116950047" target="_blank">19 Durham Street, Stanmore</a> reportedly had more than 20 parties registered to bid.
The two-bedroom property saw bidding open at $600,000, according to the Inner West Courier, and sold to a builder – the majority of the interested notably came from developers and builders.
<img src="/images/2014/06/10/stanmore%20june%2010%20two.jpg" alt="">
<img src="/images/2014/06/10/stanmore%20june%2010%20three.jpg" alt="">
It hadn’t been on the market since its 1937 build and the two-bedroom, one-bathroom property was listed for auction as a deceased estate.
On 172 square metres, the agent described it as an art deco “very, very basic terrace” in “TOTAL disrepair” but on the best street. Photos show that there were holes in different surfaces as well as rubbish and dirt strewn around.
Leichhardt - $980,000 sale
<img src="/images/2014/05/26/leichhardt%20may%2026%20seven.jpg">
This property in Sydney’s inner west, in desperate need of renovation, was sold last month for just shy of $1 million, and had been empty for 20 years.
The <a href="/expert-insights/buying/rotting-leichhardt-shack-sells-for-just-shy-of-1-million">80 Edith Street house had an $800,000 opening bid, Jonathan Chancellor reported</a>, and was on 278 square metres.
<img src="/images/phocagallery/2014/05/leichhardt-may-26/liechardt_0003_leichhardt%20may%2026%20three.jpg.jpg">
It had development approval for a new home, and initial expectations were for $850,000 plus.
The rebuild is expected to net $1.6 million plus.
Redfern - $1.025 million
<img src="/images/stories/2014/02/03/red1/redfern_0000_1.jpg.jpg">
The February sale of a<a href="/news/redferns-median-house-price-hits-1-01-million-as-termites-dont-stop-debut-2014-auction-success"> “near knock-down” property at 48 Chelsea Street, Redfern came in $75,000 above reserve</a>.
The public trustee auction did require that the weatherboard timber façade would be kept under City of Sydney guidelines.
<img src="/images/stories/2014/02/03/red1/redfern_0002_3.jpg.jpg">
It was on 108 square metres and was marketed as “ripe for renovation”.
The buyer was from a family of builders.
Article continues on next page. Please click below.
<hr class="system-pagebreak">
Mona Vale - $1.8 million
<img src="/images/2014/06/10/mona%20vale%20june%2010.jpg" alt="">
Sold at auction in February, it was up for sale for the first time in 50 years, and was a timber and sandstone cottage on a 565 square metre block.
Including ocean and beach views, the advertisement noted that 93 Narrabeen Park Parade needed “substantial rejuvenation or demolition” of the two-bedroom, one-bathroom home.
Tennyson Point - $3,788,000
<img src="/images/2014/06/10/tennyson%20point%20june%2010.jpg" alt="">
Sold in September last year <a href="https://www.realestate.com.au/property-house-nsw-tennyson+point-114600047" target="_blank">27 Beach Street </a>was snapped up by a family who spends most of the year in China and are intending to live in the home, Domain noted.
The fibro cottage is on a waterfront site, and includes 1,120 square metres of land with 20 metre frontage.
Property Observer notes that the few images available suggest it is in slightly better condition than some of the other “shacks” on the market, but the 1950s home was advertised as presenting the opportunity to “modernise, further develop or rebuild and create the dream lifestyle in an amazing location (STCA).”
With “one of the largest stretches of tidal sandy beach available on the bay” the level of interest is unsurprising.
Bondi Beach – approx. $15 million
<img src="/images/2014/06/10/bondi%20june%2010%20one.jpg" alt="">
And then there’s this <a href="/news/bondi-beach-knock-down-sydney-school-architecture-mansion-fetches-around-15-million">intense late-September sale of 23 Wilga Street</a>, as reported by Property Observer.
The three-storey brick home was on the market for the first time in 53 years, and after passing in at auction sold afterwards for around $15 million, although the price and buyers remained undisclosed.
Previously, triplex apartment developers were keen, offering around the $10 million mark, however suggestions are that it was an owner occupier who finally snapped up the property.
The site was advertised as ready to “contemporise or reinvent” and includes 700 square metres of land with substantial frontage, including ocean views that “can never be built out”.
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jduke-EHk3XBmHkn

The Sydney dumps that sold for trophy home prices

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McGrath Estate Agents now expects more than $850,000 for Lara Bingle's Darling Point apartment.
The agency initially was quoting more than $825,000 for the stylish one-bedroom that is set for <a href="https://www.mcgrath.com.au/buy/apartment-darling-point-nsw-2027/225301/?searchID=39312079" target="_blank">14 June auction through Richard Bonouvrie</a>. 
The model bought it from interior designer Blainey North for $882,000 in 2010, soon after her break-up with Test cricket captain Michael Clarke.
It is a Goomerah Court company title art deco apartment apartment with city and harbour views from most of its 65 square metre space. 
There have been two other McGrath sales in the block when $925,000 was secured for <a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/apartment-darling-point-nsw-2027/76865" target="_blank" style="line-height: 1.3em;">a two bedroom unrenovated listing</a> and then a <a href="https://www.mcgrath.com.au/buy/apartment-darling-point-nsw-2027/193910/?searchID=38820498" target="_blank" style="line-height: 1.3em;">renovated two bedroom sale last October</a> at around $800,000 which Title Tattle suggests would explain the initial pricing estimate.
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Lara Bingle Darling Point apartment gets upward price guidance revision

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Catherine Verschuer, wife of Westpac's managing director of foreign exchange and commodity Paul Verschuer, has emerged as the $5.2 million buyer of the Reserve Bank's Kirribilli property, Eversley. 
<a href="/expert-insights/buying/rba-sells-kirribilli-mansion-securing-impressive-7-8-annual-price-growth">It sold at March auction</a> through Kingsley Yates of Ray White Lower North Shore.
The couple own a nearby Victorian terrace on Peel Street which cost $2,775,000 in 2007.
Last year Title Tattle featured the Verschuers when they bought <a href="/news/nsw/notting-lane-cottage-point-waterfront-with-disco-sold-for-3-35-million-by-drew-muirhead">the Cottage Point mansion</a> of entrepreneur Drew Muirhead for $3.35 million.
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Westpac foreign exchange dealer buys RBA's Kirrbilli mansion

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Sydney’s apartment growth has been nothing short of amazing recently, and BIS Shrapnel has forecast in their Apartments in Sydney Suburbs 2014 to 2019 report that there are five local government areas expected to attract the most new high density apartment approvals over this period.
For the five years to 2018/2019, thousands of new apartments are expected per annum.
Here are the top five LGAs:
<ol>
<li>
City of Sydney Unsurprisingly, the City of Sydney tops the list with an expected 3,700 apartments per annum. The report notes that this is still, by far, Sydney’s main location for apartment development. It is under considerable occupier demand and offers “ample supply potential”. 
</li>
<li>
Parramatta LGA In what also could have been guessed by those keeping a close eye on the news, the fast growing Parramatta area is expecting a significant injection. This should see around 1,600 new apartments per annum, and will be in both the city centre and surrounds. Already, growth forecasts for this secondary CBD are significant. Increasingly, <a href="/expert-insights/buying/development-application-submitted-for-one-of-parramattas-tallest-towers">stories about the newest tallest towers are being seen for Parramatta</a>. A <a href="/expert-insights/buying/chinese-developer-taking-550-million-step-into-sydney-with-11-towers-in-parramatta">$550 million step into Parramatta is also being taken by a Chinese developer</a>, planning to bring 11 new towers, called Promenade, to the area. 
</li>
<li>
Ryde LGA A total of 1,200 apartments per annum are expected, particularly due to the Epping to Chatswood railway opening up major sites for new development. Areas have been <a href="/news/macquarie-park-village-secures-same-day-378-apartment-sales-on-initial-north-ryde-offering">opened up to high density development due to this decision already</a>. 
</li>
<li>
Auburn LGA With 1,100 apartments per annum expected, activity is expected to be focused around Wentworth Point, Olympic Park and town centres along the rail corridors through the council area. 
</li>
<li>
Ku-ring-Gai Shire And last on the list is Ku-ring-Gai expecting 900 apartments per annum. The area is apparently a consistent performer, usually attracting higher levels of development along the North Shore rail line.</li>
</ol>
For more of the findings of BIS Shrapnel's latest report, you can <a href="/expert-insights/buying/sydney-slowdown-fears-premature-15-unit-growth-tipped-over-next-two-years-bis-shrapnel">read Property Observer's summary here</a>.
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The five Sydney areas expecting to see the most high density apartments: BIS Shrapnel

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A new report from BIS Shrapnel has said that recent concerns around a Sydney property market downturn are “premature” with strength expected over 2014/2015 and 2015/2016.
Just yesterday, <a href="/expert-insights/buying/four-reasons-the-property-boom-is-ending-propell">Propell National Valuers predicted that the property boom in Sydney is ending - for these four reasons</a>. Terry Ryder suggested that <a href="/expert-insights/investing/no-substance-behind-sydney-property-boom">the property boom is without "substance"</a> in November last year, and <a href="/expert-insights/buying/median-values-fall-for-the-first-time-in-a-year-lets-get-some-perspective">RP Data noted the first median value decline since May 2013 last month</a>.
According to BIS Shrapnel, behind the strength of the property market are low vacancy rates, low interest rates, relatively attractive yields and the expectation of capital gain.
BIS Shrapnel’s Apartments in Sydney Suburbs 2014 to 2019 report points to strong off the plan sales, which will underpin further rises in new high density apartment construction.
No oversupply is expected, but vacancy rates should ease and reduce pressure on prices “by the time the Reserve Bank starts looking at tightening interest rate policy” the report notes, suggesting that off the plan sales will come off their peak over 2016.
Senior manager and report author for BIS Shrapnel, Angie Zigomanis, said that the peak in apartment prices and sales by 2004 did result in the market being overvalued and oversupplied.
“The subsequent downturn resulted in the oversupply being absorbed by 2006/07, but it took several more years of rental growth before returns increased sufficiently for residential property to become attractive to investors again,” said Zigomanis.
“By the time interest rate policy was eased at the end of 2011, the Sydney market was coiled like a spring, and ready to take off,” he said.
“Successive cuts to interest rates continued to reduce the gap between rental income and mortgage repayments, causing investor demand to surge and drive up prices.”
KEY FIGURES
$45 billion
Total borrowed in the 12 months to March 2014 for the purchase of residential property in New South Wales
76%
The proportion this is above the 2010/2011 total
9,932
High density dwelling approvals in 2010/2011
20,354
High density dwelling approvals in the year to March 2014
18%
The estimated amount Sydney unit prices have risen over the past two years
15%
Forecast increase in unit prices over the next two years
Overseas buyers’ influence was also noted by Zigomanis, noting they’ve been buying apartments within inner Sydney and selected centres.
Gen X and Gen Y are also starting to contribute, with owner occupiers’ presence growing. Notably, however, investors are still the overarching dominance in the Sydney apartment market.
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Sydney slowdown fears “premature”, 15% unit growth tipped over next two years: BIS Shrapnel

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The high profile investor syndicate of John Singleton, Gerry Harvey and Mark Carnegie have spent $80 million to buy the Entertainment Quarter at Moore Park.
Known as the 'three amigos', the trio see the potential for redevelopment at the Centennial Park location.
''We - John Singleton, Katie Page, Mark Carnegie and I - visited it a couple of times and realised it was hard to get 11 hectares with development opportunities and its location, anywhere else in Sydney,'' Harvey told Fairfax Media.
He signalled about 26,000 square metres within could be readily redeveloped after consultation with the local residents.
"We will look at all options, including a hotel, pubs, serviced apartments and an updated retail sector,'' Harvey suggested.
The syndicate's portfolio has centred on hotel acquisitions.
The 11.08 hectare site centres around the Bent Street retail precinct and the former Sydney Showground show-ring.
CFS Retail Property Trust listed its leasehold interest in The Entertainment Quarter through Sam McVay from McVay Real Estate who secured the offer from the consortium headed by the Carnegie Private Opportunities Fund No. 1.
The sale of the mixed use asset focused on retail, entertainment, leisure and space in the Centennial Park precinct is conditional on the approval of the ground lessor and the NSW government. 
CFS and one of its wholesale funds, CFSGAM Property Retail Partnership, jointly hold a leasehold interest in the asset. The most recent CBRE valuation as at December 2013 was $63 million, with no vacancy rate, however down on its mid-2013 valuation of $66.4 million.
Michael Gorman, the deputy CEO, said the sale was in line with its strategy of divesting non-core assets.
It was sold by the CFS almost 10 years after it was bought from Rupert Murdoch's News Corporation and the developer, Lend Lease.
Photo courtesy of J Bar/ <a href="https://creativecommons.org/licenses/by/2.5/" target="_blank">Creative Commons</a>.
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'Three Amigos' buy Moore Park's Entertainment Quarter

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The sale of the Potts Point Georgian villa Rockwall House appears a little less mysterious, with word from the neighbourhood that an Elizabeth Bay mining tycoon is its buyer.
It sold for an undisclosed $10.2 million last month, the suburb's third-highest house price.
The biggest clue came when the contents of the 1830s-era house were recently auctioned through Mossgreen Auctions.
Title Tattle noticed the keenest bidding came from mining industry magnate, Stephen Turner, a non-executive director of Iluka Resources Limited, the world’s largest producer of zircon, and his wife, Phi Phi, aka FiFi.
<img src="/images/2014/06/05/potts-point-june-5-one.jpg" alt="">
Stephen and Phi Phi Turner at the Rockwall House, Potts Point contents auction
 Stephen Turner has delivered resource projects in Australia, Southern Africa, Fiji, New Caledonia and the Solomon Islands. 
He headed International Ferro Metals Limited for seven year, which produces over 3% of global ferrochrome supply. He's non-executive chairman of Vantage Goldfields Limited, an Australian gold company operating in South Africa. The charter accountant was a founding director of the Australian subsidiary of PSG Investment Bank, then South Africa’s fifth largest investment bank.
The property developer Mirvac, who built the adjacent Rockwall apartment complex, had its restoration overseen by heritage architect Howard Tanner.
The heritage-listed villa designed by architect John Verge last traded in 1999 when bought it for $2 million.
Relisted last December <a href="https://www.blacketglasgow.com.au/property/Potts%20Point/Rockwall/listing" target="_blank">through Peter Blacket of Blacket &amp; Glasgow</a>, it was offloaded by antique enthusiast Lilian Barclay-Rollason, the partner of solicitor John Rollason, who first sought to secure its sale in 2011 with $13 million hopes.
The couple married at the house on April 26 in 2008, though the title remained in her name only.
John Cameron Rollason was for a number of years a partner at Gadens and then a contractor consultant to Lane &amp; Lane from 1996.
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Miner Stephen Turner mooted Rockwall House, Potts Point trophy home buyer

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The 165 room Vibe Hotel on Sydney’s North Shore at Milsons Point, has been listed for sale with approval for 87 residential apartments and 10 commercial suites over 16 floors.
It has been listed by a syndicate associated with Greg Shand’s Barana Group through CBRE’s Scott Gray-Spencer and JLL agents James Aroney and Robert Sewell.
The address at <a href="https://cbre.realcommercial.com.au/property-land+development-nsw-milsons+point-501162175" target="_blank">88 Alfred Street</a> could attract Chinese developer interest.
The 1545 square metre holding was bought for $3.166 million in 2003.
There is a Bates Smart design available for the buyer with six month vacant possession if required.
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