<a href="https://www.apartments.com.au/developers/consolidated-properties">Consolidated Properties Group</a> (CPG) is approaching the launch of its latest Brisbane riverfront development, Castile, on the dress circle Skyring Terrace in Newstead.

VIP buyers are now being engaged, with a full public sales launch coming later this year.

Positioned as the final opportunity to secure a new absolute riverfront residence on the East bank of Newstead, Teneriffe or New Farm, Castile at 47 Skyring Terrace has been designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> as a timeless addition to the Brisbane skyline.&nbsp;

[smartcode_project:default project_id=150489 project_image_fid=371113]

The name Castile draws on themes of permanence, sophistication and legacy, reflecting a broader vision centred on enduring architecture and timelessness in the rarest of riverfront positions.&nbsp;

CPG Chairman and CEO Don O’Rorke said the project had been envisioned as a future Brisbane icon.&nbsp;

“With 47 metres of direct river frontage and never to be built out views, 47 Skyring Terrace is the definitive address on the Brisbane River,” O’Rorke said.&nbsp;

[smartcode_project:default project_id=150489 project_image_fid=371114]

“Rather than following trend-based apartment design, Castile draws inspiration from Brisbane’s great heritage buildings, reinterpreting classical architecture into a contemporary riverfront landmark designed to stand proudly for the next 100 years,” he said.&nbsp;

The approved development will comprise 227 apartments across a 25-storey tower alongside a boutique six-storey riverfront building of just 12 residences.&nbsp;

Construction is scheduled to commence in September 2026.

[smartcode_project_cta:default project_id=150489]

Joel Robinson

CPG unveils Castile Newstead ahead of upcoming sales launch

Australia’s online shopping habits have shifted dramatically over the last decade. As eCommerce volumes surged, so too did the frustrations that came with traditional parcel delivery: missed deliveries, long Post Office queues, parcel theft and the challenge of being home during business hours.

Australia Post’s Parcel Lockers emerged as one of the more practical responses to that changing consumer behaviour.

What started as a relatively niche delivery option has evolved into a nationwide network of more than 1,400 self-service Parcel Lockers positioned at train stations, shopping centres, supermarkets and Post Offices across the country. The system allows Australians to send, collect and return parcels 24 hours a day, fundamentally changing how many people interact with deliveries.

The appeal is relatively straightforward: flexibility.

Instead of waiting at home for a delivery driver or rushing to a Post Office before closing time, users can direct eligible parcels to a Parcel Locker location of their choice. Once the parcel arrives, Australia Post sends a notification with a collection code or QR access through the AusPost app, allowing customers to retrieve their package at any time within the collection window.

For apartment residents in particular, the system has become increasingly valuable.

Higher-density living has created logistical challenges around deliveries, especially in buildings without concierge services or secure parcel rooms. Missed deliveries are common, while parcel theft has become an increasing concern as online shopping volumes continue to rise.

Australia Post itself has repeatedly highlighted the growing issue of “porch pirates” during peak shopping periods, encouraging customers to use Parcel Lockers as a safer alternative to unattended home deliveries.

That security aspect is one of the key reasons the Australia Post Parcel Locker network has grown so rapidly.

Parcel Lockers are positioned as secure, monitored collection points that reduce the risk of theft while also improving delivery efficiency for Australia Post. Instead of multiple redelivery attempts, parcels can be consolidated into a single secure destination.

The Parcel Lockers themselves are free to use through a MyPost account and support a range of parcel sizes up to 16 kilograms and dimensions of approximately 35 x 44 x 61 centimetres.

Beyond receiving parcels, the system has increasingly become integrated into the broader eCommerce ecosystem.

Customers can now use Parcel Lockers to return online purchases, while retailers have embraced the model as a way to improve delivery success rates and reduce friction in the shopping process. Australia Post has actively expanded partnerships with major retailers and promoted Parcel Lockers as part of a broader out-of-home strategy.

The timing of that expansion aligns with broader changes in Australian shopping behaviour.

The acceleration of online retail during and after the pandemic placed enormous pressure on delivery infrastructure. Parcel volumes reached record highs, particularly during Black Friday and Christmas periods, with Australia Post delivering more than 100 million parcels during peak festive seasons.

That growth forced logistics providers to rethink the “last mile” of delivery, widely regarded as the most expensive and operationally difficult stage of the process.

Parcel Locker systems have increasingly been viewed as part of the long-term solution.

The concept itself is not unique to Australia. Parcel Locker networks have become common globally, particularly across Europe and Asia, where dense urban environments and apartment living create similar logistical challenges. But Australia’s geography and suburban sprawl made adoption slower initially.

Now, however, the convenience factor is driving mainstream usage.

For commuters, Parcel Lockers near train stations allow parcels to be collected on the way home from work. For apartment dwellers, they remove the uncertainty around access and missed deliveries.

The rise of the AusPost app has also streamlined the experience, centralising notifications, tracking and Parcel Locker access into a single platform. Australia Post has increasingly pushed customers toward app-based delivery management, partly as a way to combat phishing scams and fake delivery notifications, which have become more sophisticated in recent years.

The Parcel Locker model is also beginning to influence property development itself.

Parcel management has become a growing consideration in apartment building design, particularly as online shopping becomes embedded in everyday life. Many new residential developments are now incorporating dedicated parcel rooms or Parcel Locker systems into foyers and communal spaces.

For developers, parcel management is increasingly viewed as part of the broader resident amenity offering, alongside gyms, wellness spaces and communal work areas.

That reflects a wider evolution in how residential buildings are designed.

Apartment buyers are placing greater emphasis on convenience, security and operational functionality, particularly in higher-density urban environments. Parcel delivery, once considered a minor operational detail, has become an increasingly important part of that equation.

Australia Post’s Parcel Locker network sits at the centre of that behavioural shift.

What began as a simple alternative delivery option has evolved into a key piece of infrastructure supporting Australia’s growing eCommerce economy and changing urban lifestyles.

And as online shopping continues to expand, the role of Parcel Lockers is likely to become even more embedded in how Australians live, shop and receive goods.

How Australia Post Parcel Lockers changed parcel delivery convenience in Australia

Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

[smartcode_project:default project_id=110291 project_image_fid=302785]

<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

[smartcode_project:default project_id=148957 project_image_fid=364102]

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

&nbsp;

Lanevick to cater for Hunters Hill downsizers with new Gladesville apartment development

Sydney

<html><body>
Last week there was an ordinary 53% auction success rate when 34 homes were offered in Sydney's eastern suburbs.
But last night it worsened to a 42% clearance rate on the official list of 35 offerings.
Most of the sales - some nine in total - were locked in prior, so on the night there were just six sales.
The six declared sales on the night sales ranged from $450,000 in Ruschutters Bay to $2.06 million in Clovelly.
There were undisclosed negotiations after a $5.65 million Rose Bay property was passed in by LJ Hooker agent Alain Waitsman which resulted in an undisclosed higher priced sale.
There were some bright spots with five registered parties on a Randwick offering through Goodyer Real Estate.
The initial shock 53% auction clearance rate came when 34 eastern suburbs listings were put under the hammer on 7 April through Cooley Auctions.
"It had to happen," one agent told Property Observer after the clearance rate dipped to just 42%.
"Up to $2 million is still okay," another agent advised.
Last night had six properties passed in with prices between $900,000 in Redfern and $5.3 million in Woollahra. Significantly five of them were on a vendor bid, suggesting acute buyer hesitation or even absence.
There was also 14 official withdrawals or postponements.
That's 40% of the offerings that were pulled from auction given the unsustainable pre-Easter swelling in supply. But another factor was Jewish passover.
The 42% clearance rate was well below the 75% plus that has become the norm in the latter stages of the 11 auction weekends so far this year.
As indicated over the past few weeks, Property Observer has sensed the slight turn in market sentiment with the results suggesting some vendors have got too greedy, some buyers are getting understandably cautious at not overpaying, and some estate agents have got a bit slack at doing their job of knocking heads together.
<table>
<colgroup>
<col width="180">
<col width="75">
<col width="55">
<col width="190">
<col width="90">
</colgroup>
<thead><tr>
<th>
Property
</th>
<th>
Result
</th>
<th>
Price
</th>
<th>
Agency
</th>
</tr></thead>
<tbody>
<tr>
<td>7 Brisbane Street Bondi Junction</td>
<td>Passed In (VB)</td>
<td>$1,100,000</td>
<td><a href="https://www.raywhitebj.com.au/" target="_blank">Ray White Bondi Junction/Coogee</a></td>
</tr>
<tr>
<td>3/240 Bondi Road Bondi</td>
<td>Sold Prior</td>
<td>$812,000</td>
<td><a href="https://www.rhbondibeach.com.au/" target="_blank">Raine &amp; Horne Bondi Beach</a></td>
</tr>
<tr>
<td>38 Pauling Street Coogee</td>
<td>Withdrawn</td>
<td>-</td>
<td><a href="https://www.belleproperty.com/bondijunction" target="_blank">Belle Property Bondi Junction</a></td>
</tr>
<tr>
<td>2/1 Caledonian Road Rose Bay</td>
<td>Passed In (VB)</td>
<td>$1,280,000</td>
<td><a href="https://www.cooleyauctions.com.au/www.ppdre.com.au" target="_blank">Phillips Pantzer Donnelley</a></td>
</tr>
<tr>
<td>2/208 Gardeners Road Kingsford</td>
<td>Sold Prior</td>
<td>undisclosed</td>
<td><a href="https://www.mint360property.com.au/" target="_blank">Mint360property</a></td>
</tr>
<tr>
<td>71 wentworth Street Vaucluse</td>
<td>Withdrawn</td>
<td>-</td>
<td><a href="https://www.alisoncoopes.com/" target="_blank">Agency by Alison Coopes</a></td>
</tr>
<tr>
<td>G619/780 Bourke Street Redfern</td>
<td>Passed In (VB)</td>
<td>$900,000</td>
<td><a href="https://www.mortonandmorton.com.au/" target="_blank">Morton &amp; Morton</a></td>
</tr>
<tr>
<td>296 Clovelly Road Clovelly</td>
<td>Sold Prior</td>
<td>$1,987,500</td>
<td><a href="https://www.belleproperty.com/bondijunction" target="_blank">Belle Property Bondi Junction</a></td>
</tr>
<tr>
<td>10/2A Darling Point Road Darling Point</td>
<td>Postponed</td>
<td>-</td>
<td><a href="https://www.ljlevi.com.au/" target="_blank">LJ Levi Real Estate</a></td>
</tr>
<tr>
<td>106/12 Macleay Street Potts Point</td>
<td>Passed In (VB)</td>
<td>$1,350,000</td>
<td><a href="https://www.belleproperty.com/pottspoint" target="_blank">Belle Property Potts Point</a></td>
</tr>
<tr>
<td>6/118 Curlewis Street Bondi Beach</td>
<td>Sold Prior</td>
<td>$590,000</td>
<td><a href="https://www.belleproperty.com/bondijunction" target="_blank">Belle Property Bondi Junction</a></td>
</tr>
<tr>
<td>693A Old South Head Road Vaucluse</td>
<td>Postponed</td>
<td>-</td>
<td><a href="https://www.ljlevi.com.au/" target="_blank">LJ Levi Real Estate</a></td>
</tr>
<tr>
<td>3/45 Birriga Road Bellevue Hill</td>
<td>Passed In</td>
<td>$950,000</td>
<td><a href="https://www.ljlevi.com.au/" target="_blank">LJ Levi Real Estate</a></td>
</tr>
<tr>
<td>6/257-261 Carrington Road Coogee</td>
<td>Sold Prior</td>
<td>undisclosed</td>
<td><a href="https://www.mybhr.com/" target="_blank">BHR Estate Agents</a></td>
</tr>
<tr>
<td>1 Judge Street Randwick</td>
<td>Sold</td>
<td>$1,375,000</td>
<td><a href="https://www.goodyer.com.au/" target="_blank">Goodyer Real Estate</a></td>
</tr>
<tr>
<td>19 Olphert Avenue Vaucluse</td>
<td>Postponed</td>
<td>-</td>
<td><a href="https://www.rhdb.com.au/" target="_blank">Raine &amp; Horne Double Bay</a></td>
</tr>
<tr>
<td>4/42 Bayswater Road Rushcutters Bay</td>
<td>Sold</td>
<td>$445,000</td>
<td><a href="https://www.enr.com.au/" target="_blank">Eastern Network Realty</a></td>
</tr>
<tr>
<td>2/51 Wolseley Road Point Piper</td>
<td>Withdrawn</td>
<td>-</td>
<td><a href="https://www.ballardproperty.com.au/" target="_blank">Ballard Property</a></td>
</tr>
<tr>
<td>50 Shackel Avenue Clovelly</td>
<td>Sold</td>
<td>$2,060,000</td>
<td><a href="https://www.ljlevi.com.au/" target="_blank">LJ Levi Real Estate</a></td>
</tr>
<tr>
<td>19 Broughton Street Paddington</td>
<td>Postponed</td>
<td>-</td>
<td><a href="https://www.1stcity.com.au/" target="_blank">1st City Hasemer + Caldwell-Eyles</a></td>
</tr>
<tr>
<td>301/1 Hollywood Avenue Bondi Junction</td>
<td>Sold</td>
<td>$1,150,000</td>
<td><a href="https://www.belleproperty.com/pottspoint" target="_blank">Belle Property Potts Point</a></td>
</tr>
<tr>
<td>8/28 Oxford Street Woollahra</td>
<td>Withdrawn</td>
<td>-</td>
<td><a href="https://www.ljlevi.com.au/" target="_blank">LJ Levi Real Estate</a></td>
</tr>
<tr>
<td>42 Hopetoun Street Paddington</td>
<td>Withdrawn</td>
<td>-</td>
<td><a href="https://www.bradfieldcleary.com.au/" target="_blank">BradfieldCleary</a></td>
</tr>
<tr>
<td>12/130-138 Avoca Street Randwick</td>
<td>Postponed</td>
<td>-</td>
<td><a href="https://www.mint360property.com.au/" target="_blank">Mint360property</a></td>
</tr>
<tr>
<td>303/281 Elizabeth Street Sydney</td>
<td>Sold Prior</td>
<td>$975,000</td>
<td><a href="https://www.wilsonproperty.com.au/" target="_blank">Wilson Property Agents</a></td>
</tr>
<tr>
<td>1/1 Ocean Street Woollahra</td>
<td>Withdrawn</td>
<td>-</td>
<td><a href="https://www.cooleyauctions.com.au/www.ppdre.com.au" target="_blank">Phillips Pantzer Donnelley</a></td>
</tr>
<tr>
<td>2 Forbes Street Paddington</td>
<td>Sold</td>
<td>$1,250,000</td>
<td><a href="https://www.charlesstuart.com.au/" target="_blank">Charles &amp; Stuart</a></td>
</tr>
<tr>
<td>13/366 Edgecliff Road Woollahra</td>
<td>Sold Prior</td>
<td>$1,225,500</td>
<td><a href="https://www.ljhooker.com.au/doublebay" target="_blank">LJ Hooker Double Bay</a></td>
</tr>
<tr>
<td>271A Old South Head Road Bondi Beach</td>
<td>Withdrawn</td>
<td>-</td>
<td><a href="https://www.ljlevi.com.au/" target="_blank">LJ Levi Real Estate</a></td>
</tr>
<tr>
<td>2 Wallaroy Crescent Woollahra</td>
<td>Passed In (VB)</td>
<td>$5,300,000</td>
<td><a href="https://www.alisoncoopes.com/" target="_blank">Agency by Alison Coopes</a></td>
</tr>
<tr>
<td>8/20 Abbott Street Coogee</td>
<td>Sold Prior</td>
<td>$750,000</td>
<td><a href="https://www.mybhr.com/" target="_blank">BHR Estate Agents</a></td>
</tr>
<tr>
<td>3/56 Wilberforce Avenue Rose Bay</td>
<td>Withdrawn</td>
<td>-</td>
<td><a href="https://www.ljlevi.com.au/" target="_blank">LJ Levi Real Estate</a></td>
</tr>
<tr>
<td>1 Cecil Road Rose Bay</td>
<td>Sold</td>
<td>undisclosed</td>
<td><a href="https://www.ljhooker.com.au/doublebay" target="_blank">LJ Hooker Double Bay</a></td>
</tr>
<tr>
<td>3/6 Pine Street Randwick</td>
<td>Sold Prior</td>
<td>undisclosed</td>
<td><a href="https://www.mybhr.com/" target="_blank">BHR Estate Agents</a></td>
</tr>
<tr>
<td>7/33 Kimberley Street Vaucluse</td>
<td>Withdrawn</td>
<td>-</td>
<td><a href="https://www.ljlevi.com.au/" target="_blank">LJ Levi Real Estate</a></td>
</tr>
</tbody>
</table>
</body></html>

jchancellor-FAypfDUnLy

Sydney's eastern suburb auction overload sees 42% clearance rate after 14 withdrawals

<html><body>
The cheapest Sydney property sold on the mega pre-Easter super Saturday was a 15 square metre studio in the Belgenny, Surry Hills apartment block which fetched $220,000.
That's $14,600 a square metre in the 1937 art deco block.
It was on the third floor at <a href="https://www.domain.com.au/property/for-sale/studio/nsw/darlinghurst/?adid=2011063994" target="_blank">305/389 Bourke Street</a> on the Campbell Street corner, overlooking Taylor Square, selling through through Bill Lazaris Real Estate in conjunction with Raine &amp; Horne Commercial agent Jayne Edwards.
It last sold at $124,500 in 2006, reflecting seven percent price growth, and before that at $68,000 in 1995, $53,5000 in 1993 and $53,000 in 1992.
The studio, which overlooks the lively Taylor Square, was offered vacant possession but with a current annual rental income of $14,300 - around $275 a week since tenanted in mid-2011 - reflecting a 6.5% yield.
The light filled 15 square metre studio was offered in original condition with kitchenette and bathroom.
It was marketed by the local agent Bill Lazaris as a "great investment opportunity for your SMSF, inner city pad or first home buyers.
Bill Lazaris told Property Observer the investor buyer had already asked the tenant to vacant when convenient so a renovation can get underway.
"It offers a pretty good return as is," he added.
There were eight registered buyers who attended the 15 square metre studio auction which was held concurrent with the auction of a same floor 34 square metre studio unit that fetched $320,000, up from its $245,000 sale in 2008. It had a $20,800 annual income, again reflecting a 6.5% rental yield and 4.3% annual price growth during the past six years.
Mr Lazaris told Property Observer he has secured a $200,000 sale late last year in the nine storey apartment block that reflected $16,600 a square metre sale price.
Strong seven percent price growth isn't guaranteed highlighting the importance of not overpaying.
A recent seventh floor one bedroom sale at $352,500 was only marginally higher than the $320,000 sale secured in boom time 2003 when offloaded by the Cameron Oates Property group. Its price growth during the decade was not even one percent per year. It has since become available at $400 a week rental, reflecting 5.9% rental yield.
The most expensive property sold on Sydney’s mega super Saturday was a Northwood waterfront with the lower north shore offering selling for $4.95 million with three registered parties.
With views over Woodford Bay<a href="https://www.mcgrath.com.au/buy/house-northwood-nsw-2066/217756/?searchID=38320798" target="_blank"> from its 845 square metre holding</a>, 111B Northwood Road, Northwood, attracted a $4.6 million opening bid.
It was passed in at $4.75 million selling shortly afterwards, reflecting $5,850 a square metre.
McGrath agent Brent Courtney told Fairfax Media that the vendor's selling reserve was “adjusted” during the negotiations.
Canterbury Bankstown reported the highest regional clearance rate in Sydney at the weekend with a strong 89.1% result.
The next best district was Sydney's northern beaches at 85.5% followed by the south with 83.3%, the lower north with 82%, and the north west with 81.8%.
The inner west's 81% represented the district being in the unusual position of being at the weaker end of the auction market.
"Sydney’s record-breaking early autumn auction market takes a well-earned breather over the next two weekends with the distractions of the Easter and ANZAC Day holiday breaks," APM's senior economist Dr Andrew Wilson said.
"The market will pick-up over the weeks following the break but lower buyer and seller activity can be expected moving into the typically quieter winter period.
"Not surprising perhaps given record listing numbers, Saturday’s clearance rate failed to reach 80% for the first time this year.
"After recording 10 consecutive weekends with a clearance rate at or above 80% since 1 February, the market stepped back just a fraction for a nonetheless strong 78.1% result.
"Although record listing numbers were a factor in a reduced clearance rate this weekend, the result nevertheless adds to the recent downward trend that indicates a moderating of buyer activity as affordability constraints start to bite in the market," he added.
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Art deco Surry Hills studio sells for $220,000 reflecting 7% annual growth

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The private investment firm MGC Wealth Pty Ltd has purchased a vacant land block in Wolli Creek from a private vendor that has the potential for a residential development.
The $3.16 million sale, at 15-17 Gertrude Street, is an 840 square metre block of vacant land that could house a boutique block of 20 apartments.
<a href="/news">Wolli Creek</a>, located in South Sydney, is in the City of Rockdale.
Knight Frank senior executive, industrial - South Sydney, Adam Bodon, said that the block, near Wolli Creek train station, Woolworths and opposite Cahill Park, is a rare opportunity.
“This property represented an extremely rare opportunity to create a boutique development in this rapidly evolving precinct. The end product will have a clear point of difference against most other developments in Wolli Creek due to this site’s incredible amenity, location and aspect," he said.
It was negotiated by Knight Frank's Adam Bodon.
The site is also close to Sydney International Airport. Currently, Getrude Street sits on the list of those affected to some degree by noise.
Council plans from 2010 suggested that around six storeys may be able to be built on the site, to ensure that there won't be too many buildings in the development's shadow.
Wolli Creek has been suggested as <a href="/expert-insights/investing/sydney-s-wolli-creek-and-melbourne-s-parkville-among-strong-performers-as-australand-forecasts-improved-residential-performance-in-second-half-of-2013">a strong area for off the plan sales</a> for some time. Buyer demand has previously brought forward other releases, such as <a href="/news/buyer-demand-brings-forward-southbanks-second-stage-in-wolli-creek">Southbank development, which expects to be completed in 2016</a>.
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Potential residential development for Wolli Creek after $3.16 million sale

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Causing waves in Sydney's gay community, LGBTIQ icon Midnight Shift in Darlinghurst, at 85 to 91 Oxford Street, is up for sale, with two retail shops - up to 95 Oxford Street. The longest running Oxford Street hotel, with 31 years under its belt, has been a loved part of the street's culture for many years, but it appears its days may be numbered.
Samesame.com.au suggest that the closure may be due to a lack of business, with opening nights reduced from seven to four nights this month, but reassured that the venue is open for business as usual until the sale date. Midnight Shift began charging for shows in 2011, but has still been referred to as a "must attend" venue. The downstairs bar has remained free, but charges were increased to head to Upstairs Shift.
<img src="/images/bar.png" alt="">
<img src="/images/bar2.png" alt="">
The reduction of nights open was said to be due to changes in liquor legislation and the impact of a five-year freeze on the CBD entertainment precinct, the promotions manage for the venue, Leigh Harder, said in March.
While some have taken to Facebook lamenting the loss of an icon, it does provide a good chance for an opportunistic business and party-minded new owner to grab one of Oxford Street's renowned venues with 28 metre frontage.
<img src="/images/decor.png" alt="">
<img src="/images/pokey.png" alt="">
On approximately 849 square metres and being offered with vacant possession tenure, the colourful <a href="https://www.realcommercial.com.au/property-land+development-nsw-darlinghurst-501111067" target="_blank">Real Commercial listing was put up today</a>.
The listing notes that it is within "one of Australia's premier entertainment and retail precincts on the edge of Sydney," and that "Valuable hotel license and entitlements that can be purchased with the sale".
It has dual street access.
93 Oxford Street, which appears to be included in the listing, is Liquor on Oxford, which was sold in 2008 with a first level office lease to Midnight Shift on a 5+5 year lease commencing in September 2008 and a 5+5 year retail lease to House of Fetish from August 2008. The other shop appears to be a Pad Thai (pictured below) at present. According to RP Data, the November 2008 sale for 85-91 Oxford Street was for $8,250,000, settling in December. Before that it had been sold in 1994 for $3,300,000, with one other previously recorded sale - in 1992 for $2,900,000.
<img src="/images/pad%20thai.png" alt="">
Expressions of interest are closing 21st May 2014 after its listing today. Disco dancing, a stage and everything theatrical, Midnight Shift has been home to many a memorable night, including colourful Strip Karaoke, that will see some mourning its sale.
<img src="/images/theatre.png" alt="">
It is being advertised through Oxford Commercial, and sits between the Lick-Her Shop and House of Fetish.
It is currently owned by Arunta Investments after the 2008 sale, previously with the Midnight Shift title being in the hands of long-time owner Tim Berry, in a <a href="https://www.propertyobserver.com.au/https://www.starobserver.com.au/news/local-news/new-south-wales-news/berry-sells-midnight-shift/30033" target="_blank">somewhat bitter situation reported on by the</a> Star Observer back in 2010.
“Weighing the pros and cons of that, Tim decided that it was probably time that [Arunta executive director] Mark Madar gets the place and experiences for himself what it takes to run a pub," they reported Berry's partner Clarence Cruz as saying.
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Oxford Street, Sydney's oldest gay hotel venue up for sale

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Shanghai-based Greenland Group are behind <a href="https://www.greenlandcentre.com.au" target="_blank">Greenland Centre</a>, the tallest residential tower in Sydney and their first foray into the heart of the CBD, and they are set to launch their second stage tomorrow with expected significant Chinese interest.
It seems Chinese buyers are, unsurprisingly, being actively marketed to - with the entire site, at a click of a button, translatable to Chinese, and a similar tower, Wuhan Greenland Centre, under construction in Wuhan, China, from the same developer. Marketing efforts are expected to be rolled out in Shanghai, Singapore and Hong Kong. In fact, Wuhan's building has also been reported overseas as likely to be the third tallest building in China, and the fourth tallest in the world at around 600 metres, making them no stranger to heading skyward.
<img src="/images/2014/04/11/greenland-april-11-one.jpg" alt="">
Above: Screenshot of the Greenland Centre Sydney website, translated into Chinese
The $680 million development’s Stage 2 will see 200 apartments and penthouses released to the market, adding to the <a href="/expert-insights/buying/greenland-centre-launches-second-sales-stage">300 released and sold in Stage 1 in a sellout</a>.
Greenland Centre, at 115 Bathurst Street, looks to include new technology to re-use the existing structure and rejuvenate the building, with a design from BVN Donovan Hill and Woods Bagot.
It includes views to the ocean, mountains, across the Harbour and Hyde Park.
There will also be commercial and retail spaces at the site, as well as a boutique hotel with a swimming pool, roof terrace and concierge. The tower residents will also be able to use the roof terrace.
The public launch of Stage 2 is today, 12 April, with the entire development set for completion in late-2017.
Half of the apartments will have parking spaces.
In Stage 2 it’s yet to be confirmed how many of each type of property will be available, but the range will include one-, two- and three-bedroom apartments, studios and penthouses.
Studios range from $595,000 upwards, with an unconfirmed internal size. One-bedroom apartments, from 38 to 66 square metres, also range from $595,000 upwards. Two-bedroom apartments, from 70 to 91 square metres, the prices are set to be from $1.1 million, and three-bedroom apartments, at 105 to 144 square metres, will be from $2.175 million.
An opportunity to buy the highest penthouse in the area, with the entire building estimated to be 235 metres tall, may just be on the tickets tomorrow in what will prove to be a coveted position. However, you'll need to pay dearly for the property. Penthouse prices, despite the Saturday launch date, are still to be confirmed, estimated at up to $10 million each. In the Stage 1 release, Bloomberg reported that the most expensive sale was a three-bedroom unit on the 55th floor for $3.7 million, that sold to a Chinese buyer living in Australia. Whether they have citizenship was not mentioned. Sub-penthouses are also available.
Next to the site, 339 Pitt Street, the former Sydney Water head office site, is also slated to be turned into a hotel, according to<a href="https://development.cityofsydney.nsw.gov.au/Datasource/DANotifications/1128322_049.pdf" target="_blank"> the Preliminary Construction Management Plan</a>. It is on the state heritage council register of NSW, and the plans suggest "adaptive reuse" of the building and remedial work to the facade. Building works are suggested to maintain hours from 7am to 7pm Monday to Friday and 7am to 5pm on Saturdays.
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Opportunity to buy the highest penthouse in Sydney

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There is an estimated $1.1 billion in property available for purchase this weekend across Sydney. And it includes one of the last Paddington unrenovated terraces with backyard dunny (pictured above).
It's among the record offering of 1,107 houses and units up for auction across Sydney this weekend with a potential $935 million in houses available for purchase and $175 million in apartment stock going under the hammer.
There are 1,261 offerings in Melbourne, with an $870 million worth of stock with around $640 million in houses set to be offered under the hammer and $230 million worth of apartments.
The Saturday before Easter weekend is traditionally a big weekend for auctions, ahead of the quieter winter hibernation.
This year carried the spring 2013 momentum, and the later Easter on the calendar allowed the chance for more vendors to join the listings rush.
Australian Property Monitors research assistant Neil Tan has advised that this weekend's 1,107 Sydney offerings is some 196% higher than the same weekend last year. And Melbourne's tally is 142% up.
The last Sydney record auction bonanza was the 970 offering on 14 December in the lead up to Christmas 2013 when $584 million in sales came based on a $900,000 median house price and a $605,000 median unit price. There was another $584 million in sales secured on the 22 February weekend based on a $1.08 million house median and a $720,000 unit median sale price.
So it will the busiest Sydney Saturday on record, with official records being compiled since Australian Property Monitors started keeping the data in the late 1980s when Sydney was only just beginning to take a shine to onsite auction with the lead from the trend setter Andrew Gibbons agency.
The long mooted possibility that Sydney would break the 1,000 auction barrier for the first time occurs at a time when auction clearance rates sits at historically high levels on the back of buyer demand.
The initial Saturday figures from APM have been running at 80% for 10 consecutive weeks, but increasingly revised down to around 75% after final results have been tallied. This week at a mid-week auction a 53% auction clearance rate was secured at Double Bay, suggesting the deterioration might be setting in.
Melbourne's 1,261 auctions this saturday will be its fourth weekend above 1,000 this year, so that total is no news for them.
Indeed late last year Melbourne had three consecutive weekends with auction numbers over 1,300 from 30 November to 14 December. And Melbourne has also been showing signs of auction success rate weakness the further into autumn the weekends went.
So while a 100% success rate simply won't happen, the weekend $1.1 billion tally is huge based just on the offering. It is based on the median weekend house price last weekend which was $1.1 million in Sydney and the median Sydney auction unit price which was $700,000. These weekly auction medians have been ratcheting up, as witnessed in the figures given above for December and February super Saturday results.
Of course the auction offerings always reflect a much higher price than the typical $765,000 median for houses and the $540,000 median for typical units.
This weekend there are about 250 units and 850 houses for scheduled Sydney auction.
This weekend there are about 450 units and 810 houses for scheduled Melbourne auction.
Melbourne's median last weekend for house prices was $790,000 and the median unit price was $510,000.
And again, that's much higher than the typical $568,000 Melbourne median for houses and the median for typical $420,000 Melbourne units.
Listing agent Susie Peica and Dean Jarman of Ray White Paddington gave initial around $1 million price expectations for 54 Underwood Street which has been<a href="https://www.raywhite.com/nsw/paddington/1109943/" target="_blank"> listed for auction this weekend</a>.
It is an 1885 weatherboard terrace on an 185 square metre holding. The agents are now saying $950,000 plus after a bit of buyer feedback.
According to RP Data, the median house price for <a href="/news">Paddington</a> sits at a record $1.52 million.
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Sydney's $1.1 billion pre-Easter Super Saturday offering - backyard Paddo dunny thrown in

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Agent: Peta Antoniou
<img src="/images/2014/04/07/Peta-Antoniou-profile.jpg" alt="" style="float: right;">
Position: Manager - South Sydney, industrial
Company: Knight Frank
Location: South Sydney
How long have you been in the industry?
I have worked in the property industry for five years, having started as a research analyst when I began my university degree then progressing into a sales and leasing role.
What’s happening in the area you specialise in?
Over the past 12 months especially, developments sites in South Sydney have become highly sought after. As a result the idea of South Sydney as a traditional industrial precinct has slowly diminished with increased amounts of residential development and amenity coming to the area.  We have also seen the adaptive re-use of existing buildings to creative workspaces evolve within the area. Warehouse conversions such as The Cannery in Rosebery completed approximately 24 months ago and The Woolstores in Alexandria due to complete mid 2014, are incredibly popular among tenants in South Sydney and city fringe locations.
Describe the most interesting property you have sold 
The most interesting property I have sold was 242 Young Street Waterloo. This 1,600 square metre freestanding building features creative office/showroom and warehouse. The building has the potential to be occupied in one line or split into four creative spaces. The mixed use zoning allowed for a wide number of permissible uses and it was interesting to work with each purchasers particular requirements. The building was sold to the International Screen Academy who established their educational facility in the building.
What are the ingredients to being successful in your job?
Drive, determination and passion. I think people like dealing with people who show they take a genuine interest in solving their property requirements. Attention to detail and follow up are also incredibly important.
What aspects of your role do you enjoy the most?
The diversity my role offers is what I enjoy most. No two clients, prospects or properties are alike. Each day is different with new challenges, opportunities and things to learn.
Where would you invest a spare $750,000?
I would buy a residential property.
Which football team do you support?
South Sydney Rabbitohs.
What’s your favourite app or techno gadget?
My favourite app is Timeout Sydney. The app shows you the best restaurants, cafes, bars and gigs happening in certain locations along with reviews of each place.
How do you use social media?
I am not a huge social media guru, but I use social media to keep in touch with friends and clients.
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kjiminez-eaYKfU7qd2

In profile: Knight Frank's manager - South Sydney, industrial, Peta Antoniou

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The development set to be Sydney’s tallest residential tower is set to release its second stage of stock this month.
Stage two of the $680 million Greenland Centre development will see 200 one, two and three bedroom apartments hit the market, accompanied by the release of several luxury penthouses. All 300 apartments offered in the first sales release have been sold.
Designed by BVN Donavan Hill and Nik Karalis with Domenic Alvaro of Australian architectural firm Woods Bagot, Greenland Centre will be 66 storeys high upon completion.
Different apartments in the complex will offer ocean and mountain views, along with views across the Sydney Harbour and Hyde Park. Buyers of apartments on the upper levels of the 235 metre high building will enjoy uninterrupted panoramic views.
The tower comes from Greenland Holding Group Co, a Chinese state-owned developer. There are also plans for commercial and retail spaces on the site, including a boutique hotel. The hotel will include a swimming pool, a roof terrace and concierge services. 
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jrichardson-uRX5hFdKfN

Greenland Centre launches second sales stage

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Demand for new housing in Sydney will continue to outstrip supply as development targets have been set too low to accommodate population growth, according to NSW Department of Planning and Infrastructure director general Sam Haddad.
“Indicators are that for the next couple of years we are going to achieve our targets of 25,000 to 27,000 dwellings in Sydney and I’m not sure that’s enough,” Haddad said last week at an industry forum organised by the Committee for Economic Development of Australia.
The department last year predicted the NSW population would increase by two million people to reach 9.2 million by 2031. Since then it has been examining updated Australian Bureau of Statistics data and invested in improving its population forecasts.
“Indications are that we are expecting a much higher population than we have predicted before,” Haddad said.
A larger population in Sydney meant demand for new housing would be much higher than previously anticipated and the existing targets for housing development would be too low.
The total number of dwelling units approved in NSW fell 0.2% in February after rising for 24 months, ABS data shows.
Approval times for new dwellings fell in 2012-13 compared with the previous year, according to the Local Development Performance Monitoring Report for 2012-2013. It took 68 days on average to approve a development application in 2012-13, three days less than in the previous year. Fast-tracked approvals took 17 days on average, one day less than the year before.
Haddad said there was a lag between dwellings being approved and work commencing, which the department was trying to understand but its key focus was on driving changes to the NSW planning system.
The department released a white paper outlining a new planning system for NSW and draft planning legislation on April 16 last year. The paper and legislation were on public exhibition until June 28.
The draft legislation has not yet been passed but Haddad said he was hopeful that it would pass soon as existing legislation could not cope with changes to population, community and investor expectations, environmental concerns and how infrastructure was integrated into urban developments.
“NSW is changing and we need to look ahead as to how we are going to manage this change and manage growth ... The current planning legislation cannot cope with the change that I’m talking about. It can no longer deliver to the community,” he said.
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zfielding-GvX3Uq9KTa

Housing development supply targets set too low: NSW Department of Planning and Infrastructure

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ABC television channel News 24 took about two minutes to encapsulate why misinformation is the greatest issue facing real estate investors.
Presenters Michael Rowland and Virginia Trioli and guest James Kirby managed to articulate every major myth in residential property in roughly 100 seconds of information mayhem last Friday.
Never in the history of human conflab has so much twaddle been dispensed to so many, by so few, in such a short space of time.
First we had Eureka Report’s Kirby, who may be informed on business affairs but is clearly not a real estate expert, making quite sweeping statements about “the property market” based on one set of numbers from a single source.
He made the mistake everyone in media is making – he extrapolated the situation in Sydney and, to a lesser extent, Melbourne to the whole country. (If Sydney’s having a boom then the whole nation is, apparently.)
<blockquote>
TV presenters simply should not comment on important issues about which they know little or nothing. This clearly includes real estate.
</blockquote>
Kirby also compared alleged price growth in the two big cities with current economic growth and inferred that this was out of balance, ignoring the reality that this is Sydney’s first growth year in a decade and that over the past 10 years Sydney price growth has averaged less than wages growth and not much more than the inflation rate (according to multiple sources, not the one source that misinformed Kirby’s generalised comments).
Kirby probably doesn’t realise he made a twit of himself because real estate is not his field of expertise. I get the feeling he had a quick scan of someone’s press release before going on the show to add his two bob’s worth to the great mass of misinformation that afflicts property markets nationwide.
Then the two ABC presenters weighed in.
Rowland spoke about “the blistering pace of housing prices right around Australia”. Given that six of the eight capital cities have recorded house price growth of less than 5% in the past 12 months, not forgetting the moderate growth in many regional markets, Rowland’s statement is quite irresponsible.
He and Trioli then made other off-the-cuff remarks about the lack of affordable housing, the importance for governments to take urgent action and the need to wind back negative gearing, presumably in the belief that this somehow will make housing more affordable.
Where does this nonsense come from? Everything they appear to believe about Australian real estate is contradicted by the research evidence.
I should point out that News 24 is my favourite channel on free-to-air TV and I enjoy Rowland and Trioli as one of the best news presentation teams in media.
But they simply should not comment on important issues about which they know little or nothing. This clearly includes real estate.
If you’re going to analyse an important industry to a national audience, for pity’s sake inform yourselves first. Do some research, rather than skimming the headlines in the Sydney Morning Herald, Australia’s biggest source of real estate misinformation.
Otherwise you’re part of the cycle of misinformation that hurts Australian consumers.
Here’s how media figures like Rowland and Trioli contribute to that cycle. They read something in a newspaper, they assume it’s accurate and they repeat it as fact. Through this process of regurgitation of misinformation, lies, half-truths and propaganda become accepted as fact by consumers, who then make bad investment decisions.
This helps to explain why most Australians who buy an investment property have a bad experience and, within five years, no longer own that property.
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