Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

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MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

Joel Robinson

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

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The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

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Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

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Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

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Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

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Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.

Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.

Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.

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The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.

Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.

Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.

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Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.

The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.

“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.

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“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”

The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.

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Maréa Residences brings parkside apartments to Coolangatta

Melbourne developer PDG has secured Victorian Government approval for its $1.5 billion Southbank development <a href="https://www.apartments.com.au/new-apartments/the-one-1-queens-bridge-street-southbank-vic-3006">The One</a>, clearing the way for the long-dormant riverfront site opposite Crown to finally be developed.

The Minister for Planning has approved the project at 1-29 Queens Bridge Street, with the Department of Transport and Planning issuing the planning permit following its assessment.

The approval will allow PDG to develop the prominent 5,059 sqm site with a major mixed-use tower comprising premium apartments, including branded residences, a luxury hotel and boutique office space.

PDG acquired the site in late 2024, with its position directly opposite Crown's main entrance and near Melbourne's Arts Precinct making it one of Southbank's most significant remaining development opportunities.

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Designed by COX in collaboration with ODO and PDG, the tower's architecture draws on the movement of the Yarra River, with six vertical pleats running the height of the sculpted facade.

The project will also see the heritage-listed Queens Bridge Hotel restored and incorporated into the development&nbsp;with new hospitality and public uses, including a rooftop venue.

A significant component of The One will be its residential amenity.

More than 5,000 sqm of resident facilities will be delivered across a single level, making it one of the largest consolidated residential amenity offerings proposed in an Australian apartment development.

The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.

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The existing square will be revitalised as a new civic and pedestrian space along the Yarra River, strengthening the connection between the project, Southbank and the riverfront.

PDG Founder and Managing Director Vince Giuliano said the approval represented a major milestone for a site which has remained largely underutilised for more than 15 years.

“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.

“For more than 15 years, this site has remained underutilised. This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne.”

The latest approval follows an earlier planning permit issued by the City of Melbourne covering demolition works across part of the site at 9-29 Queens Bridge Street. Those demolition and early works are already underway.

PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.

PDG secures approval for $1.5bn Southbank apartment development, The One

Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

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Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

First look: Harridan plans Burke Street transformation beside Boggo Road transport hub

Sydney

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Sydney’s house and unit price recovery halted over the June quarter, with prices down by almost $23,000 and just over $14,000 respectively.
The June quarter also marks the first time house prices have moderated since early 2019.
While Sydney property prices remain higher than in 2019, house and unit prices are $55,000 and $52,000 below the mid-2017 peak respectively, presenting an opportunity for prospective buyers.
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June 2020 QoQ change for Sydney house and unit prices
“Sydney’s house and unit price recovery was abruptly halted over the June quarter, down 2 per cent and 1.9 per cent respectively. Houses have lost almost $23,000 and units just over $14,000 in the June quarter, the first quarter to show the impact of COVID-19. For houses, this is the first time prices have moderated since early 2019 and a year for units. Sydney was in an upswing prior to this interruption, highlighted by the strong annual growth, up by 10.5 per cent for houses and 7.3 per cent for units. House prices are $110,000 above the early 2019 trough but remain $55,000 below the mid-2017 peak. Unit prices are $50,000 above the mid-2019 trough but remain $52,000 below the mid-2017 peak.”
“Price falls to date have been minimal; significant government stimulus, mortgage holidays and low interest rates have helped to support home values. This is assisting many homeowners through economically challenging times and has kept distressed and urgent selling low. The risk to prices becomes greater once the stimulus measures cease and we face the fiscal cliff. While lenders have extended the mortgage pause for those under serious financial strain and the JobKeeper subsidy will be extended and tapered until the end of March next year, the outlook for prices largely depends upon how well the economy is tracking at the time stimulus ends.”
“The full impact of the economic shutdown was evident in the June quarter. Sales activity, listings and clearance rates fell in April but were rebounding by June. It is clear confidence has lifted from the April lows, sellers have returned, and more buyers think now is a good time to purchase - nationally rising to a six-month high, according to the Westpac Melbourne Institute Index of Consumer Sentiment. Buyer interest has renewed from the April lows - those with job security are being enticed by low mortgage rates, government financial incentives and taking advantage of improved affordability. Price expectations have changed rapidly in recent months, with more vendors adjusting asking prices downwards to seek a timely sale. In June, 15.2 per cent of sellers reduced asking prices, three times higher than the same time last year. The proportion of properties discounted is a leading indicator of price movement, evidence that further price weakness lies ahead,” said Domain Senior Research Analyst, Dr Nicola Powell.
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Sydney's property price recovery halted over the June quarter: Domain

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Some 7.6 per cent of resales saw a nominal loss across Sydney, according to CoreLogic's Pain and Gain Report March Quarter 2020. 
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Alongside Hobart, Sydney was the only capital city to see a decline in 95 per cent the portion of loss making sales, down from 7.9 per cent in the previous quarter.  
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Source: CoreLogic Pain and Gain March Quarter 2020 report.
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Across the council regions of Sydney, the highest portion of loss making sales were across Burwood (22.4 per cent), Parramatta (15.9 per cent), and Ryde and Strathfield (13.5 per cent). The Burwood council region had a high portion of loss marking sales off a 75 per cent relatively low base. There were about 18 loss making sales observed across the region, most of them units with a relatively low hold period.
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Higher levels of profitability tended to concentrate in higher socio-economic areas of Sydney, such as North Sydney, where profit making transactions made up 98.0 per cent of resales in the quarter.
The Blue Mountains also proved to be the second most profitable region for property sales in the March quarter, with 96.9 per cent of sales seeing an increase in the nominal sale price. However, the gain in the region was relatively low, at $287,250.
Increased profitability in resales was aided by a strong uplift in dwelling values over the quarter. March saw Sydney dwelling values increase 3.9 per cent. Importantly, the decline in demand resulting from responses to the pandemic has since seen values fall - 0.8 per cent over June, which will likely manifest in more loss making sales in the coming months.
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Source: CoreLogic Pain and Gain March Quarter 2020 report.
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7.6% of Sydney resales saw a loss: CoreLogic Pain & Gain

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We are in recession; unemployment is rising, and we should be in a situation where house prices catastrophically fall. Yet, they remain resilient.
Across Australia, prices have softened slightly since March (except in Canberra), but comparing prices to the same time last year, Sydney is doing remarkably well. A lot of this has to do with how hot the market was leading up to March, but the surprising resilience is also being driven by a stable banking sector.
In Sydney, the strongest markets continue to be those priced well above the current house price median of $969,500. There are definitely some areas of weakness in Sydney at the moment, but it isn’t for houses in premium suburbs, many of which have seen double digit price growth.
Topping the list for price growth is Petersham with a 32% increase since last year. Meanwhile, the most expensive suburb on the top growth list is the north shore suburb of Lindfield, which is now getting close to a $3 million median.
It does appear that people are also keen to hold on to their properties if they can, and would prefer to tap into superannuation or selling shares.
A recent survey by Fidelity Investments found that 26% of Australians plans to access their super early in the next 12 months, while 4.5% plan to sell shares.In comparison only 1.8% plan to sell property. This is a major contributor to stable pricing; COVID-19 doesn’t appear to be denting our obsession with property.
<img src="https://www.urban.com.au/images/2020/7/20/REA%20July%201.JPG" alt="">
NERIDA CONISBEE is the Chief Economist at REA
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Sydney suburbs seeing double-digit price growth: REA's Nerida Conisbee

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The past month has seen a number of restrictions being eased which has seen activity begin to increase in the Sydney market, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm took a look at how a budget of $700,000 could be invested in property markets across the nation. 
The report notes auction numbers have steadily increased and the number of auctions is now in line with the same period last year when the market was beginning its recovery from the previous downturn.
Clearance rates are tracking above this time last year but are still below those being achieved in February and March prior to the COVID-19 lockdowns.
Despite activity increasing, according to CoreLogic the number of new properties listed for sale is down 6.6 per cent on this time last year, while the number of total listings is down 21.2 per cent. 
"This lack of stock is likely insulating prices somewhat, although we are now seeing the Sydney median price starting to decline, down 0.3 per cent in the week ending 21 June and down 0.8 per cent in the month ending at that date," the valuation firm said. 
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"We are still seeing some strong results in the market with quality product still generally performing quite well," the valuation firm added. 
The lack of stock has seen quality homes continue to do well in the COVID-19 property market. 
Pagewood, located eight kilometres from the Sydney CBD, has seen strong results with two suburb records in May. 
A dwelling at 24 Macarthur Avenue, Pagewood sold for the suburb record of $3.15 million and a brand new duplex at<a href="https://www.realestate.com.au/sold/property-house-nsw-pagewood-133173110" target="_blank"> 58a Ocean Street, Pagewood</a> (pictured above) sold for $2.17 million.
 Local agents are also taking advantage of their buyer database which in one case led to an off market sale of 138 Bay Street, Pagewood for $2.625 million.
Another record sale of $2.205 million was recorded in Beaumont Hills for<a href="https://www.realestate.com.au/sold/property-house-nsw-beaumont+hills-133062354" target="_blank"> 37 Guardian Avenue</a> (pictured below).
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This property is a six-bedroom, four-bathroom, contemporary style dwelling with excellent street appeal and quality finishes and ancillaries such as an indoor pool and outdoor kitchen with a land size of 838 square metres. 
With a suburb median of $1.165 million, this record sale is almost double the median value.
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In the prestige space, above $5 million, the limited number of transactions has made it difficult to ascertain how this market is performing since the COVID-19 lockdowns, the report noted. 
A recent Vaucluse sale of a modest single level home, set slightly back from the water with expansive harbour views towards the city and Harbour Bridge, may be a sign of the market having softened. 
The property just sold for $10.9 million in June, having previously sold just under 12 months ago for $11.8 million according to CoreLogic.
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On the flip side, Middle Dural recorded a record breaking sale in April at <a href="https://www.realestate.com.au/sold/property-house-nsw-middle+dural-132107638" target="_blank">52A Cranstons Road</a> (pictured below), the report noted. 
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The property is a five-bedroom, four-bathroom executive style dwelling with extensive landscaping, inground pool and a tennis court with a land size of 1.44 hectares.
The property sold through LJ Hooker Dural, with the price currently confidential, however reports have suggested an $8 million plus figure which is a significant result for a sub two- hectare block.
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A Lazy $700,000
In a property market as diverse as Sydney, $700,000 is going to buy you very little in some parts whilst in others it can still mean a good quality home on a decent sized block of land. 
"We’ve gone around the grounds to show the type of property you would be looking at for this price point in some of the regions in Sydney," the valuation firm said. 
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Sydney market sees increasing auction numbers: HTW residential 

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Unit rent fell over the quarter and year, representing the sharpest decline in more than 15 years, with rents now at its lowest in half a decade. according to the Domain Rental Report for the June quarter
House and unit rents fell by as much as $50 a week in areas like the city and eastern suburbs.
Tenants are in a strong position to negotiate prices or seek out cheaper properties.
<img src="https://mcusercontent.com/b16c0b957ea98f662ab985606/images/24eb4c6b-dc5f-491e-9f23-55c9de4700a2.png" data-imagetype="External">June 2020 QoQ change for Sydney rental prices
“Sydney’s rental market conditions have become highly varied. House rents remained stable over the quarter and year, and are 3.6 per cent below the 2017 peak. Rents fell in the quarter across several Sydney regions, tumbling as much as $50 a week in the city and eastern suburbs and $40 a week in the northern suburbs. Tenants are in a strong position to negotiate prices or seek out cheaper properties. Rental price growth appears to be supported by more stable conditions across Sydney’s outer areas while house rents fell substantially in the inner areas. There were also significant increases in advertised rentals in Sydney’s inner areas at a time of weakened demand. Foreign student numbers and overseas migration have plummeted, as well as a drop in tourism. These are also areas more exposed to drops in migration, tourism, jobs losses and have a high portion of rentals.” “For the past two years Sydney unit rents have tumbled annually as tenants benefited from heightened investor activity in previous years, as completed off-the-plan apartments add to supply. The pace of decline has now gathered additional momentum. The depth of the fall over the quarter and year is the sharpest in more than 15 years. Unit rents have now fallen 9.1 per cent from the 2017 peak, pushing them back to the lowest in half a decade. The city and east, inner west and lower north shore have felt the brunt. Deteriorating unit rents have forced Sydney’s gross yields to a record low of 3.66 per cent.” “Tenants now have the novelty of choice. The rapid rise in advertised rentals have put pressure on rents. Tenants are using this as bargaining power to negotiate a deal while landlords compete to lure them. The number of advertised rentals jumped almost 13 per cent across Sydney from March to June, surging 43 per cent in the city and east and 29 per cent in the inner west, as a wave of short-term rentals converted to long-term as border closures curtailed international tourism. Demand has weakened as migration ceases, international students remain offshore and economic uncertainty rattles many tenants, forcing them to evaluate their personal circumstances,” said Domain Senior Research Analyst, Dr Nicola Powell.
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Sydney rents hit hardest in the city and eastern suburbs: Domain

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EXPERT OBSERVER
Sydney has been the market most visibly impacted by the Covid-19 period. The number of growth suburbs has dropped sharply and danger markets have doubled.
While other major cities have been notably resilient in the face of the virus crisis, Sydney’s statistics on sales trend and vacancies have deteriorated significantly – although prices in many markets sectors remain resilient.
In our previous (Autumn 2020) quarterly survey, we reported “the strongest Sydney market we have recorded in the five years we have been conducting our quarterly sales surveys”.
But our latest (Winter 2020) survey shows the number of suburbs with rising buyer demand has dropped from 67 to 24, while the number of suburbs we classify as danger markets has increased from 12 to 24.
This coincides with a marked increase in vacancy rates in many parts of the Greater Sydney Area. Sydney overall has the highest vacancy rate among the capital cities and the inner-city postcodes have recorded a major blowout, caused primarily by investors who had previously used short-term letting methods like Airbnb.
Sydney is also most impacted by the shutdown of international travel and overseas migration.
The Covid-19 impact has been a particular blow to Sydney markets because in late 2019 and early 2020 there was a notable revival after a prolonged slump throughout 2018 and most of 2019. Our Autumn 2020 survey showed Sydney surging back to a position of strength, with sales activity and prices rising, only to be sabotaged by the virus crisis.
The most visible manifestation of the Covid-19 downturn comes from the number of suburbs we classify as danger markets. These are locations where a decline in sales activity has coincided with a major blowout in vacancy rates, factors which have greatly impacted locations dominated by apartments - and 16 of the 24 danger markets are in the Sydney City and Parramatta municipalities.
The eight danger markets in the Sydney City LGA include Pyrmont, Ultimo, Waterloo, Haymarket, Forest Lodge, Chippendale and the Sydney CBD - while Glebe, Woolloomooloo and Erskineville are classified as declining markets.
The Parramatta LGA also has eight danger markets: Carlingford, Epping, Harris Park, Lidcombe, North Parramatta, Parramatta, Rosehill and Wentworth Point.
On the positive side of the ledger, there are precincts which are showing a high level of resilience – notably two municipalities in the south of Sydney, Georges River and Sutherland.
The LGA of Sutherland is the market leader in this coronavirus period, with three growth suburbs (Menai, Engadine and Miranda), five consistency markets and none classified as declining or danger. This precinct offers a great lifestyle based on water and national park access, plus lower prices than the suburbs of the inner west and north shore.
In terms of growth markets, quarterly sales in Engadine have been 42-58-73-76, while Menai sales have been 30-41-45-42-50.
The nearby Georges River LGA has two growth suburbs (Allawah and Peakhurst), three consistency suburbs and none classified as declining or danger.
Penrith is another standout, because of the high number of consistency suburbs and the absence of declining or danger markets. In the suburb of Penrith, quarterly sales have been 60-73-85-92-103-112, a pattern that has defied the broader trends.
In the more upmarket sectors, the Northern Beaches has two growth suburbs, (Balgowlah and Dee Why), six consistency markets and none ranked as declining or danger. Frenchs Forest and Freshwater rank nationally for their high level of consistency over several years, regardless of the broader market trends.
The Waverley LGA also has been quite steady, with sales in North Bondi quarter by quarter being 30-39-40-51-45-46-56.
Other upmarket precincts showing steadiness in the face of negative forces include the Woollahra and Ku-ring-gai municipalities.
Notwithstanding the destructive impacts of the virus crisis, Sydney has recently shown a notable level of resilience in terms of prices.
While only 25% of house markets and 27% of apartment markets have recorded annual growth in their median prices, 84% of house markets and 75% of apartment locations have delivered growth in the most recent quarter.
This reflects the recovery in prices that was under way as we entered the Covid-19 period and the strong price resistance shown by many Sydney markets during the shutdown phase.
Terry Ryder is the founder of hotspotting.com.au ryder@hotspotting.com.au twitter.com/hotspotting
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Sydney property market hit hardest by coronavirus crisis: Hotspotting's Terry Ryder

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Dexus has announced that it has conditionally exchanged contracts to sell 45 Clarence Street, Sydney to Peakstone.
The sale will realise net proceeds of $530 million, which is consistent with the property’s book value at 31 December 2019.
It was bought in 1998 at $165 million.
45 Clarence Street is a 28-level, A-grade office tower across 32,000 square metres, located in the western corridor of Sydney’s financial district and was built in 1990.
On 31 December 2019, the property was 100% occupied and had a weighted average lease expiry of 3.3 years.
The sale was concluded following the receipt of an off-market unsolicited offer from Peakstone, a Singapore headquartered manager of Asian capital, and is subject to the purchaser receiving FIRB approval.
 “This transaction reinforces the resilience of prime quality office asset values in the Sydney CBD and enables us to recycle capital into higher returning opportunities that we expect will become more prevalent over the coming period,” said CEO Darren Steinberg.
The transaction follows the completion or exchange of more than $800 million of property divestments across the group during FY20.
The net sale proceeds will initially be used to repay debt.
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Dexus announces conditional contract to sell 45 Clarence Street to Peakstone

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Renovation is a popular option in many parts of Sydney, particularly in inner Sydney and harbour side locations, according to the latest Herron Todd White (HTW) residential report. 
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The valuation firm suggests that in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month's HTW residential report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
The HTW report first provided a short COVID update. 
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"Since last month’s edition, we have seen the number of daily new cases of COVID-19 in New South Wales remain low. We have also seen the first stage of the easing of restrictions and also the lifting of restrictions on live auctions and open homes.
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"This has at least made the process of selling more straightforward and has seen an instant bounce to auction clearance rates, back up above 70% for Sydney, mainly as a result of the number of auction withdrawals returning to more normal levels," the valuation firm said. 
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The last month has still seen prices remain fairly stable overall, however as discussed previously, there are some localities and price points seeing some discounting. This is mainly due to the number of new listings remaining subdued, meaning that supply and demand are staying relatively in balance. 
The report notes that the concern is what will happen later in the year when government stimulus and mortgage pauses end.
There potentially could be a significant increase in new listings, some under distressed circumstances, which could have a large impact on prices heading into 2021.
"In the rental market we have continued to see an increase in vacancy rates and a fall in asking rents. Houses, somewhat surprisingly, have experienced a quicker fall than units over the past two months. 
"With restrictions around travel within the state and within Australia likely to be eased in the coming weeks and months, short-term holiday rentals that have been transferred to the long-term rental market may start to transfer back to the holiday market, easing vacancy rates," the valuation firm said. 
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The valuation firm suggests renovation is a popular option in many parts of Sydney, particularly in inner Sydney and harbour side locations where extension and renovation of an existing home is a more viable option than a knock- down and rebuild.
These areas often have heritage and other planning restrictions that make it difficult to get approval to do a complete rebuild, the report noted. 
In addition, it is also desirable to maintain the period features of older dwellings whilst upgrading the fit out and increasing the floor space.
A Victorian residence situated in the heart of Marrickville has recently been sold for $1.5 million. 
The freestanding home at <a href="https://www.realestate.com.au/sold/property-house-nsw-marrickville-133533598" target="_blank">1 Hastings Street</a> (pictured below) presented a good opportunity for renovation. 
It consists of four bedrooms, two bathrooms, large formal and casual areas and front veranda. 
<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/2020/6/10/marrickville.jpg" alt="">
In the middle and outer rings, there is more of an appetite for knock-down and rebuild, increasingly for duplex and small townhouse style developments to take advantage of larger land parcels.
Granny flat builds continue to be a popular option in these areas too, either for extended families or for those looking to obtain some additional rental income.
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"This doesn’t mean that renovations aren’t an option here, as owners look to enhance their homes by something as minor as a fresh paint or some additional landscaping, through to a full blown second floor addition and full renovation," the valuation firm said. 
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A two bedroom granny flat in Bass Hill is currently on the rental market with a price guide of $400 a week.
The well maintained home at <a href="https://www.realestate.com.au/property-house-nsw-bass+hill-429296034" target="_blank">15A Handle Street </a>features large covered entertaining area, gas cooking and split system air conditioning. 
It is situated close to local schools, transport and shops. 
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Renovation remains a popular option in Sydney: HTW residential 

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Sydney’s outlook on housing dipped further in May, despite the easing of pandemic restrictions, according to the UDIA Urbis Home Purchaser Sentiment Survey.
The poll - carried out between May 7 and 12 - found that the proportion of residents feeling ‘very positive’ about the property market dropped six percentage points (to 21 per cent) compared with this time last year.
Overall, homeowners had a more pessimistic outlook than renters.
The proportion of homeowners who were positive about the market fell seven percentage points to 54 per cent over the year.
This was compared with just a two-percentage point drop among renters (down to 50%).
"The report shows a downward shift in sentiment since the last survey, with increased pessimism around purchasing property in the next 12 months," associate director of Urbis Kylie Newcombe said.
"The softening in sentiment was, however, relatively moderate, suggesting cautious optimism by prospective purchasers in the medium-term fundamentals of the Sydney property market.
Almost half of all Sydney residents also believe that house prices will drop in the next six months – more than double the number from a year ago.
Just over one in four believe prices will drop over the next 12 months – a seven percentage points rise compared with a year ago.
The city, and Sydney's east, saw the residents who were the most negative about the prospect of home prices, with 55 per cent expecting prices to drop over the next six months.
More than two-thirds said they were unlikely to buy a property in the next 12 months – a seven percentage points increase from July last year.
And 72 per cent said they were unlikely to buy in the next six months.
In more bad news for apartment developers, 61 per cent said they preferred free-standing houses compared with units or apartments.
However, the report noted that "it is not possible to conclude a relationship between COVID-19 and preferences.”
There was also a strong support for stamp duty reform as a tool to improve confidence among home owners and some renters.
Fifty-four per cent of renters said policies targeting first home buyers would have a positive effect on their confidence.
Given a choice, Sydney residents would like to live in Parramatta, Castle Hill, Chatswood, Blacktown and Balmain.
The poll surveyed 531 Sydney residents.
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Sydney housing sentiment slumps further in May: UDIA Urbis Home Purchaser Sentiment Survey

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Crown Resorts marked a milestone for its Crown Sydney development on May 22. 
The ‘topping out’ of the building marked the completion of vertical construction for the 275-metre-high hotel resort and residences. 
The building, designed by world renowned architects WilkinsonEyre, is set to change the city’s skyline as well as create over 2,000 jobs in NSW. 
The 'topping out' was marked by a short site visit by the NSW Treasurer, The Hon Dominic Perrottet MP due to COVID-19 social distancing requirements. 
Alongside the Treasurer, was Crown’s Chair, The Hon Helen Coonan, Crown’s Chief Executive Officer, Ken Barton, Crown’s Executive Vice President - Strategy and Development, Todd Nisbet and Group Chief Executive Officer and Managing Director of Lendlease, Steve McCann. 
The continuation of the construction industry in NSW has enabled the site to keep over 1,300 workers employed daily.
There has been almost four million hours of work having taken place during the construction phase in total. 
Ken Barton, Chief Executive Officer of Crown, said: “The COVID-19 pandemic has presented Crown with many challenges and has required us to make some difficult decisions. We are grateful for the NSW government’s decision to keep the construction industry open with strict COVID-19 measures in place. 
"Not only has this supported over 1,300 jobs at our site at a time of great economic uncertainty, it also keeps us on track to provide over 2,000 more jobs when we open.”
Steve McCann, Group Chief Executive Officer and Managing Director of Lendlease, said: “When complete, the transformation of Barangaroo from a disused industrial site to world-class urbanisation precinct will deliver to the people of NSW a once-in-a-generation integrated residential, office, entertainment, transport and leisure destination.  
Crown Sydney will open its 349-room hotel in December 2020, alongside 14 restaurants and bars, and select retail. 
Homeowners at Crown Residences at One Barangaroo, located in the upper floors of the building, are on schedule to move into the building in the first half of 2021.  
Over 1,300 people will continue to work on the interior fit-out of Crown Sydney throughout the remainder of 2020. 
To date:  
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<li>Almost 8,000 of the 10,000 glass panels have been placed on the building’s exterior</li>
<li>Almost 237,888 tonnes of concrete have been poured </li>
<li>Over 20,000 tonnes of steel reinforcement and steel structure have been put in place </li>
<li>Over 100 suppliers have been involved in its construction with over 97% of suppliers being local providers operating in NSW and around Australia </li>
<li>Crown has remediated 220,000 tonnes of contaminated material as part of the redevelopment of its site and has contributed to the clean-up and remediation of the Barangaroo precinct throughout the build </li>
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By the end of fit-out there will be: 
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<li>50 different types of marble and stone used throughout the building </li>
<li>The hotel will feature crystal light installations, including 50 custom made designs </li>
<li>Around 1,800 artworks will be installed, 70% of which are by Australian artists </li>
<li>Over 50,000 shrubs and 300 trees grown in local nurseries will be installed</li>
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