<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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Anzac Day is almost upon us, and it's crucial to pay our respects.
Now 100 years since war broke out, and 99 years since the Gallipoli expedition, many will head to remembrance ceremonies and services tomorrow.
Anzac Bridge was opened to traffic in 1995, before being given its official name on Remembrance Day in 1998.
Those familiar with the bridge, will also be familiar with also note the presence of more recent statues of an Australian digger and a New Zealand solider. 
Many properties around this area have views of the commemorative bridge. We have compiled five beautiful homes, currently on the market, that show the bridge in all its glory.
<a href="https://www.realestate.com.au/property-house-nsw-balmain+east-116564391" target="_blank">106 Darling Street, Balmain East</a>
<img src="/images/2014/04/24/balmain%20east%20april%2024.jpg" alt="">
At $2.45 million plus, and up for auction on 3 May, this four-bedroom, two-bathroom house includes views from Anzac Bridge to the city skyline and is set over three levels.
With large picture windows, a modern kitchen, landscaped garden and patio, and a master bedroom with a terrace and spa bath ensuite, it’s a beauty.
It includes an off-street car space, as well as a lock-up garage and internal access.
 
<a href="https://www.realestate.com.au/property-house-nsw-waverton-116652467" target="_blank">6 Ross Street, Waverton</a>
<a href="https://www.realestate.com.au/property-house-nsw-waverton-116652467" target="_blank"></a><img src="/images/2014/04/24/waverton%20april%2024.jpg" alt="">
This waterside two-bedroom, two-bathroom house overlooks a waterfront reserve, with a view from Balls Head Bay all the way to Anzac Bridge.
The lounge includes a combustion fireplace, and it has a number of beautiful features including French doors to an entertainment courtyard, high ceilings, underfloor heating in the bathrooms and a private beach/reserve area.
The home also comes with a carport and airconditioning, as well as the opportunity to build a second storey.
The price guide is set for $1,950,000 and it will go to auction next month on 10 May.
 
<a href="https://www.realestate.com.au/property-house-nsw-balmain-116696171" target="_blank">26 Grafton Street, Balmain</a>
<a href="https://www.realestate.com.au/property-house-nsw-balmain-116696171" target="_blank"><img src="/images/2014/04/24/balmain%20april%2024.jpg" alt=""></a> Also set for auction on 10 May, this four-bedroom, one-bathroom terrace house, with views of the city skyline and Anzac Bridge, has a number of traditional features, such as high ceilings, and ornate cornices. The main room includes its own study area, and the kitchen has a dine-in area. The garden also has an aviary. Three gas fires, an alarm and rear lane access to security parking are included. The property’s price is undisclosed.
 
<a href="https://www.realestate.com.au/property-house-nsw-balmain-116748455" target="_blank">29 Bradford Street, Balmain</a>
<img src="/images/2014/04/24/balmain%20april%2024%20tewo.jpg" alt=""> Meanwhile, also in Balmain, a single-level three-bedroom one-bathroom property will head to auction on 10 May as well.
Again with city skyline and Anzac Bridge views, it includes a dine-in gas kitchen, a sunroom opening to a courtyard and the suggestion that renovations and additions could add value.
The third bedroom is a study/bedroom situation, and it includes fresh carpets, a brick feature wall, and a single lock-up garage with rear lane access. It has a price guide over $1,050,000.
 
<a href="https://www.realestate.com.au/property-house-nsw-glebe-116779743" target="_blank">5 Talfourd Street, Glebe</a>
<img src="/images/2014/04/24/glebe%20april%2024.jpg" alt="">
This Glebe home is looking for offers over $850,000, and is an open plan two-bedroom, one-bathroom terrace with elevated views of the bridge from its alfresco deck.
It has rear lane access to an off-street car space, a covered balcony from the master bedroom and an internal laundry.
It heads to auction on 17 May.
Feature picture of the Anzac Bridge courtesy of Wikipedia/Creative Commons.
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jduke-EHk3XBmHkn

Five beautiful properties with views of Anzac Bridge

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It appears that the high levels of growth experienced by Sydney last year, and into the December quarter, is slowing down, with new data showing an increasingly moderate March quarter result for this year.
In an APM report commissioned by Fairfax Media it was revealed that the only area of Sydney seeing a higher growth rate than that in the December quarter is the Lower North, now at 8% growth compared to 5.3%.
APM noted a dramatic slowdown of growth from the December quarter 2013, to the March quarter 2014 for every area in Sydney other than the lower north shore. This included a drop from 8.9% to 1.7% growth in the ‘City and East’, and from 9.2% to 4.3% in the Upper North Shore and North West.
This comes as no surprise to observer Pete Wargent, who previously tipped the lower north shore’s growth at the end of last year as the “ones to watch” in an <a href="https://allenwargent.com/wp-content/uploads/2013/12/AW-SYDNEY-BE-SU13.pdf" target="_blank">AllenWargent ‘Buyers Eye’ Sydney - Summer 2013 report</a>. In particular, he pointed to those with “key transport links to the city via Sydney ferries and the north shore train line”.
Just this morning, he took to Twitter to share his jubilation at clients purchasing in his suggested areas.
Previously, Wargent has also expressed his enjoyment, noting “The lower north shore is now absolutely flying!”
He also indicated his expectation for Milsons Point and Waverton to outperform in 2014.
“Next on our hit-list will include three suburbs in particular to the west and south-west, a little further out than the traditional capital growth hotspots, in order to catch the ripple effect of capital growth which is repeated in most property market cycles,” he said.
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Sydney property price growth winding down, but lower north shore surging

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Styled akin to villas on the French Riveria or the Amalfi Coast, a 1,150 square metre oceanfront offering at Whale Beach is sure to attract keen interest. If not just because of its striking terracotta colour!
It has been listed with offers due by May 21 through LJ Hooker agents David Edwards and Amethyst McKee who are quoting $6.5 million plus.
This coastal <a href="https://palmbeach.ljhooker.com.au/2W3F6Z" target="_blank">residence</a> (pictured above), now painted in almost an Uluru ochre, holds a significant place in Northern Beaches folklore.
With prized views down over the beach, out across the ocean, and north to Cape Three Points, this was Lady (Susan) Renouf's pink palace with full length terraces framed in bougainvillea.
Of course it is just along from where the late Dame Joan Sutherland spent her time when not in Switzerland or Potts Point. It had been in the 1970s that Dame Joan Sutherland bought her occasional retreat for just $167,000.
But it was Susan Renouf who brought Rayner Road its prominence from the late 1980s given her many guests at Villa Balena included Sarah Ferguson, Duchess of York who came to stay accompanied by Princesses Beatrice and Eugenie. The society hostess bought the property in 1989 for $1.9 million when it was already known for its cement-rendered pink exterior.
Title Tattle recalls her purchase followed the 1988 sale of her Point Piper matrimonial home, Toison d'Or (also called Paradis sur Mer) for $19.2 million after her estrangement from her husband, New Zealand businessman Sir Frank Renouf. She also sold her Mittagong retreat, Kennerton Green that year to Marilyn Zweck-Abbott.
"I always wanted a house by the beach," Lady Renouf once told me, recalling her holidays at Whale Beach during the 1960s.
But following her London mews purchase in 1991, Susan signalled her desire to sell the home with it ending up in 1993 selling to adman Greg Daniel and Louise McBride, then a tax partner with the law firm Clayton Utz.
They purchased it for $1.85 million in December 1993, selling for $7 million in 2006 to the Allan family, reportedly expats then living in London, who are now the vendors. It seems Donald Allen, a former director of Equigroup, and wife, Margaret are downsizing closer to the city.
 
<img src="/images/stories/flagtitletat.jpg" alt="flagtitletat" width="25" height="34" style="font-size: 14px; margin: 5px; float: left;">
It has taken four year but art dealer Roger McIlroy, the former head of Christie's in Australia, has finally sold his <a href="https://webcache.googleusercontent.com/search?q=cache:BcVhkvC0y2wJ:palmbeach.ljhooker.com.au/23YF6Z+&amp;cd=3&amp;hl=en&amp;ct=clnk&amp;gl=au" target="_blank">Palm Beach retreat, Jeeda</a>.
It was initially listed with $5 million hopes, selling at an undisclosed price presumably at around its revised asking indication of $4.5 million. It had been listed through LJ Hooker Palm Beach agents David Edwards and Peter Robinson in conjunction with Christie's agent Ken Jacobs.
The 1,534 square metre Sunrise Road holding with sandstone cottage (pictured below) has been in the family since 1922, when wool broker Eldred Moser bought it for £1,025 from pioneer doctor Lucy Gullett, who had paid £100 to the Barrenjoey Company in 1917.
<img src="/images/2014/04/24/palm%20beach%20apirl%2024.jpg" alt="">
Gullett had just returned from World War I, where she served in a French Red Cross military hospital in Lyon.
Its 2010 listing followed an unsuccessful land tax challenge, which determined Melbourne-based McIlroy lived at Palm Beach only 10 percent of the time and it was therefore not his principal place of residence. 
His family happy snaps, clothes and personal possessions were there, with the Administrative Decisions Tribunal member Robin Handley ruling the evidence established that McIlroy's connection to the Palm Beach property was an enduring, long-term one, rooted in his family and personal history. But the NSW Office of State Revenue fought back hard and won a reversal. He and his sister, Jane Strang, had inherited it in 1972. 
McIlroy, who bought his first surfboard at the age of seven, was billed $161,930 for the period from 2002 until 2006. The 2009 land valuation was at $3.87 million, down on its $3.91 million valuation in 2008.
The former Shore boy McIlroy lived in Melbourne for decades while working for Christie's and was its managing director until the upmarket art auction house closed its doors in Australia in 2006.
McIlroy then went into business in Mayfair with one of the most influential figures in the London art world, the dealer Lady Angela Nevill. 
 
<img src="/images/stories/flagtitletat.jpg" alt="flagtitletat" width="25" height="34">Lawyer Derek Heath and his wife Elizabeth have sold their five-bedroom Palm Beach home, which Christie's Ken Jacobs was seeking a $7.65 million asking price.
Designed by architect Simon Parsons in the mid-1990s, <a href="https://www.kenjacobs.com.au/1098244/" target="_blank">the still contemporary beachhouse</a> (pictured below) sits on the dress circle hilltop strip on a 1,000 square metre block.
They bought the Sunrise Road block in 1994 for $830,000, and it became the couple's permanent home in 2007 after they sold their 1969 Peter Hirst-designed home in Pymble for $2.8 million. It was the modernist house designed by architect Peter Hirst of Harry Seidler &amp; Associates at Pymble on Sydney's upper north shore.
It was built for the Blunt family set on a 2384-square-metre block with a heated swimming pool, level lawns and established gardens. The Pymble Avenue property was renovated in 2006 undertaken for the Heath's by Lesiuk Architects. 
<img src="/images/2014/04/24/palm%20beach%20apirl%2024%20two.jpg" alt="">
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Former Lady (Susan) Renouf's pink palace home listed at Whale Beach

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No need for the daily surf report. Looking out the window will do.
Australian pro surfer Taj Burrow has spent $2.3 million on a Tamarama investment apartment, which he will move into in a few years.
<a href="https://house.ksou.cn/house_img.php?t=0&amp;sta=nsw&amp;id=60178&amp;seq=0&amp;price=&amp;addr=2%2F22+Gaerloch+Avenue&amp;region=Tamarama&amp;img=7" target="_blank">The three-bedroom 126 square metre Gaerloch Avenue </a>top floor duplex apartment was bought from investment banker David Sutherland.
It sold through McGrath agent Damian Steele.
The Margaret River, West Australia based Burrow, who won the 2007 Rip Curl Pro at Bells, was runner up this week to Mick Fanning.
His acquisition occupies the entire top floor of the 1950s Wairakei duplex overlooking one of the world's most famous coastlines.
The three bedroom, one bathroom flat with garage last traded at $493,000 in 1988 and at $185,000 in early 1986, which Title Tattle suggests graphically highlights the amazing wave of price rises in the property boom of the time. It's a 66 square metre tandem lock up garage.
Sutherland thought about selling it in 2010 but a desired $2.5 million sale didn't eventuate. 
Sharon Marsh at Ray White Randwick and Monica Touma at Mint360 have been seeking $1,500 a week tenants.
Its past known asking rent was $1,250 a week in 2011.
The lower level of the duplex also sold last month. It also sold at $2.3 million when snapped up before its scheduled auction through Belle Bondi Junction agents Matt Douglas and Daniel Gillespie. But Taj didn't buy it, as the locals say it was sold to Midnight Juggernauts band member Daniel Stricker.
<a href="https://www.realestate.com.au/property-apartment-nsw-tamarama-116178135" target="_blank">It had last sold at $198,000</a> in 1986.
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Surfer Taj Burrow spends $2.3 million on top floor Tamarama investment apartment

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I must be missing something here.  I have been told that I am slow.
But for the life of me I cannot see how the recent price growth in Sydney and Melbourne (up 15% and 12% respectively over the last 12 months) is anywhere near sustainable.
Nor can I see how the median Australian house price (which apparently is $535,000) is just over four times the disposable average family household income.  That would mean that on a gross basis, the average Aussie family earns about $175,000 each year.
Hmmm, something must be amiss.
Experiment
Each article i write is kind of like an experiment.  Topics are chosen often because the common rhetoric doesn’t seem to add up.  Sometimes they get picked because I like to disagree.  Many more are actually written than published.
In most cases we go back to basics – “explain it to me like I was a five year old” – it worked for Denzel Washington in the movie, Philadelphia, and it works for us too.
So in this regard we did the following:
<ul>
<li>Went to the 2011 Census for each capital city and found the median family household income 
</li>
<li>Worked out – via average weekly earnings – which are updated by state/territory twice each year –how much, by proxy, family incomes may have risen since the last census.  There was a big variation between each city. 
</li>
<li>Determined disposable income (gross wages minus tax) using an up-to-date (2013/14) online calculator. 
</li>
<li>Recorded dwelling prices by capital for all dwellings; houses and attached product according to the latest release from RP Data. 
</li>
<li>Used AFG’s mortgage index to determine the average loan to value ratio for each state/territory.  Overall, the average equity is 32% on recent home loans according to AFG. 
</li>
<li>Applied a basic online mortgage calculator using a principal and interest loan; 30 year time frame and 5.95% variable interest rate (the average rate, according to the RBA). </li>
</ul>
Our aim here is to find out two things:
<ul>
<li>The current dwelling price to income ratio for each capital, and 
</li>
<li>The proportion of disposable family income needed to pay the average mortgage in each city today. </li>
</ul>
Now that sounds pretty logical, right?  No silly things like prices versus nominal GPD; nor is income determined by national accounts.  Just a simple comparison between what we say we earn; what we have left over, in theory at least (as day to day expenses just seem to be escalating far beyond CPI), after tax; and how much a dwelling costs to buy.  Importantly, it is measured on a city by city basis.
So here are the results – all for March 2014.
Sydney 
<table style="width: 523px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="433">
Median dwelling price
</td>
<td width="90">
$762,000
</td>
</tr>
<tr>
<td>
Median detached house price
</td>
<td>
$818,000
</td>
</tr>
<tr>
<td>
Median attached dwelling price
</td>
<td>
$585,000
</td>
</tr>
<tr>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr>
<td>
Median family household income
</td>
<td>
$97,500
</td>
</tr>
<tr>
<td>
Median disposable household income
</td>
<td>
$72,000
</td>
</tr>
<tr>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr>
<td>
Ratio - dwelling price to disposable income
</td>
<td>
10.6
</td>
</tr>
<tr>
<td>
Ratio - house price to dis. income
</td>
<td>
11.4
</td>
</tr>
<tr>
<td>
Ratio – attached price to dis. income
</td>
<td>
8.1
</td>
</tr>
<tr>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr>
<td>
% dis, income needed to buy dwelling
</td>
<td>
50%
</td>
</tr>
<tr>
<td>
% dis, income needed to buy house
</td>
<td>
54%
</td>
</tr>
<tr>
<td>
% dis, income needed to buy attached
</td>
<td>
38%
</td>
</tr>
</tbody></table>
Houses are very overpriced; attached property is heading that way.
Melbourne
<table style="width: 523px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="433">
Median dwelling price
</td>
<td width="90">
$669,000
</td>
</tr>
<tr>
<td>
Median detached house price
</td>
<td>
$699,000
</td>
</tr>
<tr>
<td>
Median attached dwelling price
</td>
<td>
$498,000
</td>
</tr>
<tr>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr>
<td>
Median family household income
</td>
<td>
$93,500
</td>
</tr>
<tr>
<td>
Median disposable household income
</td>
<td>
$69,500
</td>
</tr>
<tr>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr>
<td>
Ratio - dwelling price to disposable income
</td>
<td>
9.6
</td>
</tr>
<tr>
<td>
Ratio - house price to dis. income
</td>
<td>
10.1
</td>
</tr>
<tr>
<td>
Ratio – attached price to dis. income
</td>
<td>
7.2
</td>
</tr>
<tr>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr>
<td>
% dis, income needed to buy dwelling
</td>
<td>
50%
</td>
</tr>
<tr>
<td>
% dis, income needed to buy house
</td>
<td>
52%
</td>
</tr>
<tr>
<td>
% dis, income needed to buy attached
</td>
<td>
37%
</td>
</tr>
</tbody></table>
Like Sydney, Melbourne’s houses are very expensive and attached property is heading the same way.
Visit Michael's <a href="https://www.matusik.com.au/" target="_blank">website</a>, read <a href="https://www.matusikmissive.com.au/" target="_blank" rel="nofollow">his blog</a>, follow him on <a href="https://www.facebook.com/ThinkMatusik?fref=ts" target="_blank" rel="nofollow">Facebook</a> and <a href="https://www.twitter.com/michaelmatusik" target="_blank" rel="nofollow">Twitter</a>, or connect via <a href="https://www.linkedin.com/in/michaelmatusik" rel="nofollow">LinkedIn</a>.
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michaelmatusik-49YzLvdmNv

Price growth in Melbourne and Sydney is not sustainable

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Industrial raw material supplier Bisley &amp; Company Pty Ltd has leased an office suite in Sydney's northern suburb of Chatswood.  
The company secured 529 square metres of space, at suite 12.01,799 Pacific Highway on a five-year term. The lease was struck at an initial rental of $538 gross per square metre.
CBRE’s Stefan Perkowski negotiated the lease on behalf of lessor Tackelly Pty Limited.
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kjiminez-eaYKfU7qd2

Bisley & Company Pty Ltd lease Chatswood office suite

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The longest standing prerequisite for being a politician in Australia is to turn a question into a rhetorical question – cue Sydney’s political self-preservation argument for a second airport.
This particular debate goes way back to the 1970s where nearly five decades after the initial announcement reality has now come to the fore. The only reason for this five decade delay was the concern of politicians losing office should they back such a controversial recommendation.
The Sydney to Melbourne route in 2011 was declared as the fifth busiest in the world. Sydney airport is by far the busiest in Australia with approximately 36 million passenger movements and 320,000 aircraft movements annually. By 2035, projections have passenger movements at 80 million and aircraft movements at nearly 430,000.
For too long Sydney has fictitiously survived under the falsehood that everything happens within just a 15 kilometre radius of the Sydney CBD. This myth was exposed further in 2014 when the state government moved that 24 hour a day, seven day a week clearways would come into force. Sydney was suffocating and the only solution was to move west – the embarrassing part of this entire debate is why has it taken so long?
<blockquote>
For too long Sydney has fictitiously survived under the falsehood that everything happens within just a 15 kilometre radius of the Sydney CBD.
</blockquote>
Look no further than the fact that Sydney does not have a plan to cope with the fastest growing population in Australia – which has resulted in residents moving elsewhere for a better lifestyle.
Kudos to Parramatta which has fast-tracked itself as Australia’s boomtown over the next five years with a record $8 billion designated with 33 major projects on the drawing board – when completed this will make it Australia’s fifth biggest CBD. An extra 838,000 square metres of commercial space and more than 3,700 apartments and townhouses have been approved.
This week’s announcement for a second Sydney airport at Badgerys Creek will add the largest construction growth spurt that NSW has ever seen – not surprisingly this will have a flow on effect to north and south coastal areas which will be watching the Sydney expansion with enormous interest – cue Newcastle and Wollongong.
Three graphs that will be of great interest not only to NSW but for every capital city in Australia will be:
<img class="aligncenter size-full wp-image-8505" src="https://www.rwm.com.au/files/2014/04/17-04-2014-11-17-08-AM.jpg" alt="17-04-2014 11-17-08 AM" width="599" height="401">
<img class="aligncenter size-full wp-image-8506" src="https://www.rwm.com.au/files/2014/04/17-04-2014-11-12-09-AM.jpg" alt="17-04-2014 11-12-09 AM" width="518" height="465">
<img class="aligncenter size-full wp-image-8507" src="https://www.rwm.com.au/files/2014/04/17-04-2014-11-15-26-AM.jpg" alt="17-04-2014 11-15-26 AM" width="525" height="453">
NSW has been stymied by a lack of direction which has been highlighted by elected politicians preferring their own vote protection over making crucial decisions that will guarantee growth, jobs and prosperity for NSW. Comparing the Olympic Games in Sydney in 2000 to the second airport announcement is like comparing a skateboard to a train. It is interesting to note that over the last 40 years Melbourne has increased its population by two thirds while Sydney has managed just a little over half.
So what will these announcements do to property prices? Well that’s pretty easy to answer as property prices are determined by supply v demand. For too long properties within a 15 kilometre radius of the Sydney CBD have attracted all the interest – this will now change significantly with the move by businesses in a westerly direction given that is where the workforces are (or will be). <a href="/news">Parramatta</a> and surrounding areas will flourish given that such infrastructure spending is unprecedented in an area outside the Sydney CBD region. Another bonus is that this construction boom will (in time) significantly bring down rents.
Australia is right in the middle of a housing affordability crisis which also has been conveniently ignored by politicians given this too is placed in the too hard basket. So it was interesting to note this week that New Zealand’s Housing Minister (yes, they have one and Australia does not) Nick Smith announced that he set an ambitious target to reduce housing affordability in NZ back to the long-run average of four times. Australia and NZ both share a median market of around 5.5%. Although this grand scheme lacks detail at least it has been tabled which is not the case in Australia given it’s not spoken about, and we don’t even have a designated minister.
Premier Barry O’Farrell fell on his sword last week and there is no denying he had to go. Brace yourself for plenty more revelations from ICAC and the Royal Commission into unions where I predict a record number of by-elections across Australia.
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robertsimeon-hRNTwJyXkQ

The announcement that finally had Sydney smiling

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Cronulla Sharks coach Shane Flanagan has listed his longtime Bangor home having spent $2.3 million on a contemporary five-bedroom house in Caringbah South.
It has been listed for 30 April auction <a href="https://raywhitemenai.com.au/nsw/bangor/1122210/" target="_blank">through Ray White Menai agent Matt Debreczen</a> who expects about $1 million.
The two level 1980s built house was bought for $330,000 in 1994 with wife, Cathie.
<a href="/news/cronulla-sharks-coach-shane-flanagan-spends-2-3-million-in-caringbah-south">His next architecturally designed property</a> overlooking Burraneer Bay was recently sold through John Schwarzer, of Highland Property Agents.
Flanagan, who also signed on with the club last month for another three years, has been suspended by the NRL following the ASADA investigation for its part in the 2011 supplements scandal.
Flanagan took over the lead coaching role from Ricky Stuart, who after quitting the Parramatta Eels is now with the Canberra Raiders.
The former plumber, Flanagan, a Sutherland Shire resident for the past 29 years, had been Stuart's right-hand man for six years previously at the Roosters and the Sharks.
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Cronulla Sharks coach Shane Flanagan auctioning longtime Bangor house

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Seven years ago a real estate professional in Tasmania sent me a bottle of whiskey because he liked what I wrote about his area.
I don’t particularly like whiskey and I don’t want gifts for writing positive things about a location, because it carries a whiff of corruption. But it was an expensive brand of liquor and I do remember receiving it, the name of the person who sent it, who he worked for and the fact that I sent him a thank-you note – although it was seven years ago.
I’m certain that if someone sent me a $3,000 bottle of wine and I sent that someone a hand-written thank you note, I would remember it.
So I’m incredulous that some sections of the media are painting NSW Premier Barry O’Farrell as a noble statesman who sacrificed himself at the altar of ethics in politics after a memory lapse. Give me a break; he is merely the latest politician to be mired in the cesspool that is the Australian Water Holdings, which is shaping up as Australia’s Watergate. More big names will fall before this one has played out.
Favours to businesses and property developers, in return for gifts or party donations, are all too common in Australian politics. It’s the single most likely explanation for the unnatural enthusiasm of the Victoria state government for approving more and more apartment towers in a vastly oversupplied market, often over the top of local councillors who said ‘no’ to the project.
If you want to understand how the politics of property development work in Melbourne, read the novels of Peter Temple, which have been turned into a series of television movies starring Guy Pearce and currently running on ABC TV.
But back to New South Wales, which now has a new Premier. Whatever the reality of the Barry O’Farrell situation, there’s no doubt that the state economy and the Sydney property market have benefited from his governance.
For almost 10 years, most of it under an ALP government that gets my vote as the worst in my lifetime, the Sydney market went nowhere and was the chronic under-achiever of capital city Australia. Then last year it sparked to life and showed the first meaningful growth since 2003.
<blockquote>
Suburbs will rise not so much because they’re near the airport, but because they have rail or motorway links that previously did not exist.
</blockquote>
The single biggest difference is that money is being spent on infrastructure. As I have often remarked, infrastructure spending is the number one game-changer in residential real estate.
Until recently Adelaide, a city a quarter the size of Sydney, had more new infrastructure happening than did the nation’s biggest city. But now Sydney is receiving belated impetus from long-overdue spending on infrastructure, included rail links, motorway upgrades and hospital expansions.
Many investors are asking whether they’ve missed the boat in Sydney. The short answer is that they should have been buying in 2012, when prices were down and competition was scarce. The 2013 upturn was highly predictable – and now many areas have had double-digit annual growth. I would be focusing on regional areas of NSW with strong growth prospects and a much higher degree of affordability, including <a href="/news">Wollongong</a> and <a href="/news">Dubbo</a>.
The longer answer is that there is still more growth to come to Sydney and the key to finding it is to follow the infrastructure trail.
There will a considerable boost to locations out towards <a href="/news">Rouse Hill</a> as completion of the North West Rail Link draws closer. Plans to build the missing link motorway in the north of Sydney will impact suburbs in that area. And now a whole new series of impacts have been introduced with the possibility that the Badgerys Creek Airport may actually happen.
Don’t be in too much of a rush to exploit the airport plan, because the best clues about where to buy are yet to be revealed. The most influential aspect about that facility will be the transport infrastructure to be built around it – the road and rail links feeding into it.
Suburbs will rise not so much because they’re near the airport, but because they have rail or motorway links that previously did not exist.
You can contact Terry via <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email</a> or on <a href="https://www.twitter.com/hotspotting" target="_blank">Twitter</a>. 
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terryryder-YECXbqmri2

Follow the infrastructure trail to find future growth suburbs

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Manly-Warringah fullback Brett Stewart has listed his Balgowlah house with hopes of $1.35 million-plus.
The four-bedroom townhouse, with water glimpses, comes with a pool. It cost $1.33 million in late 2011.
It is scheduled for 4 May auction through Anthony Calacoci of Belle Property Manly.
<a href="https://www.belleproperty.com/12P4661" target="_blank">The three storey Nield Avenue townhouse duplex</a> was built five years ago.
The News Ltd local paper, The Manly Daily reported it was a move that would prompt further speculation surrounding his future at the Sea Eagles.
However, Stewart said the sale was about downsizing, as he was tired of cleaning and maintaining such a big home.
He said he would be remaining in Balgowlah.
 
 
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