Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

Joel Robinson

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

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

[smartcode_project_cta:default project_id=152737]

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Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.

Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.

Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.

[smartcode_project:default project_id=150999 project_image_fid=374005]

The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.

Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.

Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.

[smartcode_project:default project_id=150999 project_image_fid=374010]

Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.

The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.

“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.

[smartcode_project:default project_id=150999 project_image_fid=374002]

“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”

The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.

[smartcode_project_cta:default project_id=150999]

Maréa Residences brings parkside apartments to Coolangatta

Melbourne developer PDG has secured Victorian Government approval for its $1.5 billion Southbank development <a href="https://www.apartments.com.au/new-apartments/the-one-1-queens-bridge-street-southbank-vic-3006">The One</a>, clearing the way for the long-dormant riverfront site opposite Crown to finally be developed.

The Minister for Planning has approved the project at 1-29 Queens Bridge Street, with the Department of Transport and Planning issuing the planning permit following its assessment.

The approval will allow PDG to develop the prominent 5,059 sqm site with a major mixed-use tower comprising premium apartments, including branded residences, a luxury hotel and boutique office space.

PDG acquired the site in late 2024, with its position directly opposite Crown's main entrance and near Melbourne's Arts Precinct making it one of Southbank's most significant remaining development opportunities.

<img alt="PDG" data-entity-type="file" data-entity-uuid="3933013e-6332-4386-b9be-089df05caf17" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.22%E2%80%AFAM.png?VersionId=sITIgBqDL0N3VNSMwWEmF5UA.uvcsRyu" />

Designed by COX in collaboration with ODO and PDG, the tower's architecture draws on the movement of the Yarra River, with six vertical pleats running the height of the sculpted facade.

The project will also see the heritage-listed Queens Bridge Hotel restored and incorporated into the development&nbsp;with new hospitality and public uses, including a rooftop venue.

A significant component of The One will be its residential amenity.

More than 5,000 sqm of resident facilities will be delivered across a single level, making it one of the largest consolidated residential amenity offerings proposed in an Australian apartment development.

The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.

<img alt="PDG" data-entity-type="file" data-entity-uuid="73167fcd-1031-4b6f-a408-a064cfe45ed1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.17%E2%80%AFAM.png?VersionId=Pf1AEWxw6SNmBqR0zQW5lyEze.MtxgFp" />

The existing square will be revitalised as a new civic and pedestrian space along the Yarra River, strengthening the connection between the project, Southbank and the riverfront.

PDG Founder and Managing Director Vince Giuliano said the approval represented a major milestone for a site which has remained largely underutilised for more than 15 years.

“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.

“For more than 15 years, this site has remained underutilised. This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne.”

The latest approval follows an earlier planning permit issued by the City of Melbourne covering demolition works across part of the site at 9-29 Queens Bridge Street. Those demolition and early works are already underway.

PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.

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

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

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

Sydney

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The Surry Hills Shopping Village has been sold for around $100 million.
The vendor bought it for $6.3 million 30 years ago when it was a mall on the old Wunderlich factory site.
The redevelopment potential of the village at 2-40 Baptist Street and 397-399 Cleveland Street saw strong buyer interest, the Sydney Morning Herald commercial property editor Carolyn Cummins reported.
It was listed through Scott Timbrell and Jeff Moxham of <a href="https://www.realcommercial.com.au/property-land+development-nsw-surry+hills-501482783" target="_blank">Ray White Commercial</a> with a current gross passing income from a number of tenancies of $4.3 million a year.
It was marketed as a significantly underdeveloped parcel of land totalling approximately 12,322 square metres.
Sydney Local Environment Plan (LEP) 2012 provides for mixed use development (STCA) with a floor space ratio (FSR) of 2:1 for 2-38 Baptist St and 397-399 Cleveland St with an FSR of 1.25:1 for 40 Baptist St at the rear of the site anchored by a Coles supermarket.
It was 1992 when the shop owners at Redfern Mall voted to change the name to Surry Hills Shopping Village.
Although the site is technically in Redfern, shop owners believed they were missing out on business because of geographical confusion.
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jchancellor-FAypfDUnLy

Surry Hills Shopping Village sells for around $100 million

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Another day, another media article about over-building in Sydney which will apparently lead property prices to come crashing down.
This is something I discussed very <a href="https://petewargent.blogspot.com.au/2015/04/zinged" target="_blank">briefly here previously</a>, in response to an article on ABC which referenced my data. 
The problem in cities such as Sydney, is not an necessarily an undersupply of total dwellings per se.
We'll always manage to shoe-horn in enough new 50 square metre flats, no worries at all.
Rather, the issue is one of a gross <a href="https://petewargent.blogspot.com.au/2015/04/zinged" target="_blank">mismatch of supply</a>, and an <a href="https://petewargent.blogspot.com.au/2015/04/zinged" target="_blank">utterly chronic shortage</a> of land being made for development in relation to the demand for it.
Over the short term, nobody can say with any certainty what will happen to prices - there have certainly been enough dreadful predictions over the past 15 years to prove that to be true.
The longer term problem is that with so little land being made available for development, the replacement cost of housing is set to continue rising faster than household incomes growth. 
Land supply bites down hard in 2014
Indeed, a biting undersupply of land being made available for development is already launching land prices across Australia's capital cities into orbit. 
CoreLogic-RP Data released its excellent property capital cities markets report which you can read <a href="https://corelogic.com.au/resources/pdf/reports/capital-markets-report-march2015-online.pdf" target="_blank">here</a>.
It showed that over 2014 the median land price increased by a ripsnorting 17.4% to $283,000.
<img src="https://2.bp.blogspot.com/-tKOcqSbXJcY/VTh-65dEEHI/AAAAAAAAUw4/aGfTlmGDOoQ/s1600/land%2Bvalues.jpg"> 
Compounding land prices
CoreLogic-RP Data's analysis shows that land prices have continued to rise at a compounding annual rate of 8.2% per annum over the past two decades.
The nature of compounding growth is such that these increases over time can become outlandish, and in fact land prices have increased by 382% over the past 20 years, while median lot sizes are declining. 
This is partly a consequence of Australia's strong population growth, and also of employment growth which is focussed so overwhelmingly upon four capital cities plus regional Queensland.
20 years ago 684 square metres of land for residential development in a capital city would on average have cost you $58,750. 
Today, that same 684 square metre lot would set you back $365,256.
Not typically the dynamic one would associate with a longer term easing of dwelling prices, but you never know.
PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>.
His book '<a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>' is out now.
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There's a biting undersupply of land being made available for development: Pete Wargent

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Any vendor on Sydney's lower north shore on the weekend would have been virtually guaranteed of finding a buyer.
50 of the 51 homes in the region sold, which APM's senior economist Dr Andrew Wilson noted amounted to a staggering 98% clearance rate. 
It is the awakening sleeping giant, as it was quite slow in recovering from the global financial crisis slowdown.
The three reported Mosman sale were all small apartments, not the trophy homes that dominate the market. The three apartments sold for between $552,000 and $891,000.
Neutral Bay had a pricier $2.5 million apartment sale within the prestigious Residenza La Mare complex.
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/apartment-neutral-bay-nsw-2089/255739" target="_blank">The two level sub penthouse </a>with harbour views (pictured above) sold through McGrath agent Adrian Rae. The 253 square metre sold at $2,125,000 in late 2013 and $2,066,000 in 2009 off the plan with two year delayed settlement terms by Luxcon Developments.
The 43 Kurraba Road complex was initially marketed during construction as the Lower North Shore’s newest, most exclusive and privileged new address.
The next best weekend auction region in Sydney after the lower north shore was the regular engine room, the inner west with 92%, from the most sales at 102. 
This was followed by the northern beaches with 91%, the upper north shore with 89%, the city and east with 88%, the south with 87%, the north west with 86%, the west with 85%, Canterbury Bankstown with 83%, the south west with 81% and the Central Coast with 70%. 
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The lower north shore: Sydney's awakening property giant

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Eastern suburb house rentals are Sydney's strongest rental market, in the most recent March quarter and historically, according to CoreLogic RP Data.
And they'd have to be to keep up for the land tax bills.
Sydney's northern beaches has the next strongest quarterly rental growth with its summer surge.
Click to open in new window:
<a href="/images/2015/04/10/sydney-april-13-one.jpg" target="_blank"><img src="/images/2015/04/10/sydney-april-13-one.jpg" alt=""></a>
<a href="/images/2015/04/10/sydney-april-13-two.jpg" target="_blank"><img src="/images/2015/04/10/sydney-april-13-two.jpg" alt=""></a>
Source: CoreLogic RP Data.
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po-LsXgBTHBmX

Eastern suburb house Sydney's strongest rental market: CoreLogic RP Data

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Sydney Swans player Daniel Hannebery has his North Bondi home listed for 7 May auction.
Ric Serrao of Raine &amp; Horne Double Bay/Bondi has the two-storey home listing.
It was bought in August 2012 pre-auction for $1.48 million.
News Ltd report about $2.2 million is tipped for the four-bedroom semi, so while not quite the actual millionaire or billionaire he has ridden the coastal eastern suburbs wave.
The previous owner of the 1930s semi had it too for three years, but only made $150,000.
<a href="/news">CoreLogic RP Data </a>suggest the median house price has moved within the period from about $1.55 million to $2 million currently. 
There is a nearby single storey offering going to 23 April which ought provide some price indications.
It was the home of the late Luigi Coluzzi, whose cafe in Darlinghurst was a place for decades where artists rubbed shoulders with politicians, actors, leading lawyers and late night taxi drivers.
Luigi Coluzzi died last year, aged 84, with his two-bedroom home last traded in 2000 for $571,700.
It goes to auction on 23 April through McGrath agent Peter Starr in conjunction with Raine &amp; Horne's Ric Serreo.
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Near Bondi millioniare Daniel Hannebery lists North Bondi semi

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Sydney's auction market scaled new heights on Saturday to a record clearance rate of 88.2 per cent.
The current boom was responsible for the previous record when a month ago an initial 87.5 per cent clearance was notched from a record number of listings.
There were 737 auctions scheduled this weekend, with the initial results by Australian Property Monitors including 626 results.
Briggs Auction Services secured 10 from 10 sales with the highlight 18 Highgate Street, Strathfield selling for $4,420,000 with 25 registrations.
It was the weekend's highest sale, having last sold in 1992 at $1,046,000. 
The price six-bedroom estate which sold through Strathfield Partners included a tennis court, pool and granny flat on its 1483 square metre offering.
CoreLogic RP Data records show it languished on the market unsold from mid-2011 to mid-2014.
Cooley Auctions achieved a "very strong clearance of 94%, when the team sold 49 of 52," auctioneer Damien Cooley advised Property Observer with highlights including 33 Parer Street, Maroubra at $1.460 million. Some 13 registered bidders took it well beyond the $1 million paid in March 2013.
Sydney vendors pocketed a $1.18 median house price and a $760,000 median apartment price.
There were sales from A to Z across Sydney.
This Annandale house (below) fetched $1.81 million through Julie Hatch at Cobden &amp; Hayson. Cooley Auctions took 35 bidder registrations.
It is a three bedroom renovated terrace at 213 Johnston Street. It sold at at $602,000 in 2004.
<img src="https://i1.au.reastatic.net/456x342/c9504eade76b58e9ffa4391c1042d4c39d7181d9dbe1d1d98e61da2da926c863/image4.jpg" alt="213 Johnston Street, Annandale" title="213 Johnston Street, Annandale" data-index="3">
At Zetland $828,000 was paid through EE Real Estate agent Ken Lin for 69/22 Gadigal Avenue.
<img src="https://i4.au.reastatic.net/456x342/07a47139d9f980142946c74b3430525d2d4a18a1d9e4dc015565553d508e3887/image7.jpg" alt="69/22 Gadigal Avenue, Zetland" title="69/22 Gadigal Avenue, Zetland" data-index="6">
It was a 12th floor, two bedroom apartment (above) in the Elite complex. It had 88 square metre internal space, plus 12 square eyre balcony, plus car space and storage.
Huge crowds are flocking to weekend auctions with Auction Services opting around 150 attended their auction of 14 Cobham Avenue, Melrose Park that sold for $1,410,000, some $210,000 over reserve after the opening bid of $1 million through Michael Green at Green Real Estate Agency.  Auctioneer Rob Trovato said there were four bidders, slightly below their regular number.
"It has increased week to week and year to year, totalling nine per property on the weekend (up 1 week to week and up 2 to 3 from April 2014)," he said.
Last weekend's initial 86.8% success rate was revised down to 83.6% after late results were supplied to APM.
Other than the subdued Easter weekend, the Sydney auction clearance rate has remained above 80% - both initial and revised results - since the 2015 auction season began in early February 2015.
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Stellar 88% weekend Sydney auction success rate ensures sales from A to Z

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Hong Kong Chinese nationals paid around $7 million for a dress circle waterfront property in Seaforth.
The home is set on on 1,200 square metre deep waterfront block complete with jetty and marina pen.
The buyers saw 55 Seaforth Crescent on the Juwai website, then contacting Glen Wirth of LJ Hooker Seaforth.
“It took three weeks for their application to go through the Foreign Investment Review Board,” Wirth told the Manly Daily.
The architect-designed trophy home has floor to ceiling glass walls and 180 degree views of the Spit at Middle Harbour.
It was advertised for sale at $7.8 million.
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Chinese boaties secure Seaforth, Middle Harbour waterfront

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Sydney purchasers need to be very careful, because at some point there has to be some correction, HSBC Australia chief economist Paul Bloxham has again warned.
"Sydney house prices are running at an unsustainable pace," he told AAP.
Following recent strong gains that are set to continue, HSBC is forecasting Sydney house prices will be broadly flat in 2016, though not experiencing a big fall.
"The more Sydney house prices go up, the more likely it is that they will have to correct, and that's not necessarily a bubble," the former RBA economist said.
Earlier this year, after the February rate cute, he noted he was worried about the Sydney property market.
Speaking at the Australian Mortgage Innovation Summit, HSBC’s chief economist, Paul Bloxham, said the only housing market that the RBA and APRA needed to be cautious of was Sydney.  "In Sydney, this is going to be quite a challenge.
"The rest of the market doesn’t look over inflated. 
"I don’t think there is a housing bubble in Australia. 
"I think that if Sydney sees the same trends as we have seen over the last year or two, that is house prices is running at an annual inflation rate of 13% year on year, then if that continues for very much longer than you will need to see prices at some point will come down.”
The summit was hosted by Asia-Pacific Banking &amp; Finance.
 
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Not necessarily a bubble: HSBC's Paul Bloxham on Sydney house prices

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GUEST OBSERVATION
New Sydney flats will have to be bigger, <a href="https://www.afr.com/real-estate/residential/ruling-could-make-sydney-apartments-bigger-and-more-expensive-20150414-1mjpmk" target="_blank">the NSW Land and Environment Court ruled last week,</a> overturning long accepted common practice allowing minimum one-bedroom unit sizes at 50 square metres.
Dual-aspect flats must be a minimum 58 square metres and more common single-aspect flats 73.4 square metres.
Property observers have been watching the steady shrinking of highrise flats with some alarm. This isn’t about dizzy planners imposing costs on struggling home buyers, this is about permanent additions to our housing stock and how useful they are.
Highrise reinforced concrete buildings are <a href="https://www.theage.com.au/victoria/melbournes-new-wave-of-skyscrapers-could-survive-100-years-20150318-1m1dmx" target="_blank">very hard if not impossible to change</a>.
The one bedroom flats are mostly being sold to investors who have no intention of living in them. They are the developers’ customers, not the occupants.
In theory, two cramped flats could be amalgamated to make a single spacious one. Sadly the numbers go against this. Putting two $350,000 flats into one worth $600,000 makes no financial sense. The next buyer will simply reverse this and pocket the sacrifice. This is why minimum standards are so important.
Meanwhile, the average size of a <a href="https://www.oliverhume.com.au/news/melbourne-new-apartment-sizes-shrinking-again" target="_blank">new one bedroom flat in Melbourne</a> has fallen to 44 square metres and two bedders to 59 square metre. Smaller flats aren’t cheaper – the savings are simply capitalised into higher land prices on all future developments.
There were moves last year to establish minimum standards in Melbourne, with former Coalition Planning Minister, now Opposition Leader, <a href="https://www.theage.com.au/victoria/strict-new-rules-for-highrise-apartments-on-table-20140723-zw4qk">Matthew Guy making encouraging noises</a>, however implausably, but vanished with the election of the Andrews ALP government.
There is a democracy lesson in all this. If the bureaucracy can’t act and the parliament won’t, the judiciary must – which is why the NSW Land and Environment Court ruled on minimum flat sizes.
David Collyer is policy director of <a href="https://www.prosper.org.au/" target="_blank">Prosper Australia</a>.
David ran as a Senate candidate for the Australian Democrats in the 2013 federal election.
This article first appeared on Prosper's website.
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Sydney apartment size ruling a lesson in democracy: David Collyer

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Property buyer's agent Pete Wargent gets a <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2015-04-15/housing-shortage-not-as-certain-as-we-think/6395326" target="_blank">zinging</a> from Michael Janda of ABC News today. No probs with that, I've been a long-time fan of Mike's work.
Below is my chart which initiated the debate on Sydney's housing shortage (or otherwise), which shows that over the past nine years, population growth in New South Wales has accelerated while dwelling completions have remained at or below their long run averages.
<img src="https://1.bp.blogspot.com/-Qyzz354APPQ/VRPWZSpyqyI/AAAAAAAAT-o/RgOP6BmiWes/s640/Dem9.jpg">
What Mike is arguing is that over the long run, New South Wales has built enough homes, and he has the <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2015-04-15/housing-shortage-not-as-certain-as-we-think/6395326" target="_blank">data</a> to back this up. 
Of course, in one sense this is inarguable - there aren't tens of thousands of people living on the streets in Sydney, so by definition the market has coped, and there is no easily quantifiable "housing shortage".
Housing markets are complex beasts, however, and my point is rather more nuanced.
In the simplest terms if Greater Sydney's population growth continues as it has been of late (<a href="https://petewargent.blogspot.com.au/2015/04/the-decline-of-regional-australia" target="_blank">massively outstripping regional New South Wales</a>), and as is projected, then based on historical dwelling completions data the market is likely stuffed, particularly at the granular level.
As I'll explore below, the reason is related to a mismatch of supply within Sydney's relatively confined boundaries.
<img src="https://4.bp.blogspot.com/-MxJUxCxWRI4/VRoinS4zV7I/AAAAAAAAUFc/c3Oq6k4IoXI/s640/RPG.jpg">
As alluded to above, the notion of a housing shortage is something of a nebulous concept, but here are three shortages that I believe do exist.
Shortage 1 - Land available for development
Over the past six years, in aggregate residential land values in New South Wales have increased by <a href="https://petewargent.blogspot.com.au/2015/02/sydney-land-it-goes-ballistic-supply-is" target="_blank">37%</a>.
<img src="https://3.bp.blogspot.com/--1QHYuB7c8Q/VS5BVDTdqTI/AAAAAAAAUkY/WuE-soJgDjA/s1600/Janda1.jpg">
But as Mike points out in his ABC piece, the use of averages can lead one to very average conclusions, and this figure disguises the intense pressure on Sydney's drip-fed land supply.
While regional Australia has generally only experienced benign land price inflation, lot prices in Sydney have been going ballistic, exploding <a href="https://petewargent.blogspot.com.au/2015/02/sydney-land-it-goes-ballistic-supply-is" target="_blank">19.7% higher in 2014</a>.
In some suburbs such as Kellyville land price inflation is bordering upon out of control, with prices rising 38.2% in 2014 alone, up to $912 per square metre. Median prices in Glenmore Park rose by 30.6%, in Riverstone by 20.2%, and in Pitt Town 26.4%. The median price of land in the south west soared by 25% to $350,000, while prices in Sydney's west, where lot sizes can be larger, rose by 8.3% to $410,500. Extrapolating existing trends Dr. Andrew Wilson of Domain Group expects Sydney's median land prices to increase by another $40,000 in 2015 until "the chronic undersupply of residential development land is effectively addressed". The system is not functioning as it should. Land supply in Sydney is in dire straits <a href="https://petewargent.blogspot.com.au/2015/02/sydney-land-it-goes-ballistic-supply-is" target="_blank">as I considered in more detail here</a>. Shortage 2 - Appropriate dwelling stock
Over FY14 Greater Sydney saw a measly 6,793 dwelling approvals in its inner suburbs, and only 18,610 in the middle ring suburbs (5 kilometres to 20 kilometres radius from the Central Business District).
There were a further 13,670 approvals in the outer and fringe suburbs, but as highlighted by the <a href="https://petewargent.blogspot.com.au/2014/05/rba-on-housing" target="_blank">Reserve Bank</a>, job density is increasing faster in the inner city areas, and thus so too is demand for residential property.
The <a href="https://petewargent.blogspot.com.au/2015/03/grattan" target="_blank">Grattan Institute</a> has arrived at similar conclusions highlighting how although nearly 60% of jobs are created with 10 kilometres of Australia's CBDs, the percentage of jobs which can be reached within 60 minutes by public transport quickly evaporates as one travels outward, making outer suburban living ever less desirable as traffic congestion increases.
The result, as found by both AHURI and the Reserve Bank, is that the <a href="https://petewargent.blogspot.com.au/2015/04/do-house-prices-rise-faster-close-to-cbd" target="_blank">gradient of house price growth</a> has remained skewed towards the inner Sydney suburbs, both over the long term and over the past decade.
Moreever, while there may be "enough" dwellings in aggregate, all that has really happened in terms of the supply response is that since 2010 we have been approving previously unthinkable volumes of "shoebox apartments" in high rise complexes (see the green line in the graphic below).
<img src="https://3.bp.blogspot.com/-rYuFPcmQ3MA/VS5Hj4AZMDI/AAAAAAAAUk4/SdbvE1Qyg00/s1600/Janda3.jpg">
Much of this stock is sold offshore to Asian investors, and in my opinion the underlying demand for it domestically is likely to be weak, both from tenants and home buyers. Meanwhile we are building far fewer houses, two-storey dwellings or stock which is actually like housing than was ever the case before.
The recent experiences of Melbourne suggest that this dynamic may not impact housing markets or housing affordability in the positive way that many expect.
Shortage 3 - A shortage of ideas
What I haven't seen any compelling evidence of is how Sydney is planning to absorb its projected 8 to 9 million population of 2061 effectively. 
<img src="https://4.bp.blogspot.com/-h-IfKvfV-qU/VS5Eb1zNC-I/AAAAAAAAUkk/qt1gvkZmEFg/s1600/Janda2.jpg">
I don't even know where to start with this as the numbers are mind-blowing. Are there realistic plans for public transport or infrastructure? Any encouragement for corporates to relocate their headquarters to regional centres? Or indeed, any genuine investment in regional employment growth at all?
I have believed for years that Sydney will end up as a housing affordability disaster zone, and while the property crash warnings keep coming as regularly as the tides at Bondi (or the traffic congestion reports from the Harbour Bridge), over the longer term I haven't yet seen anything to change my view.
That said, it's not all doom and gloom.
It's not so fashionable now that markets are so much tighter than they once were, but in times past it be said that a market "in equilibrium" should have a vacancy rate of 3% - and Sydney doesn't have anything like that yet, <a href="https://petewargent.blogspot.com.au/2015/04/vacancy-rates-rise-in-darwin-and-perth" target="_blank">sitting at just 1.6%</a>.
<img src="https://4.bp.blogspot.com/-QWGY4ErVhvQ/VRcVTWnxWDI/AAAAAAAAUB4/_7ftk2qsucA/s640/SQM%2Bvr.jpg">
However, vacancy rates are finally being nudged higher around a few key construction hubs, which will ultimately put upwards pressure on apartment vacancy rates and an equivalent downwards pressure on unit rents.
These include certain suburbs in the inner west (Erskineville), the inner south (Mascot, Green Square), north Sydney (Chatswood, North Sydney), and the surrounds of Olympic Park (Homebush Bay, Rhodes), to name a few.
In that sense, then, there is no actual "shortage" of dwellings, which I think on balance is Mike's point - in a downturn some of these investor hotspots could get clobbered, leading in turn to unanticipated adverse outcomes through the wider market.
The wrap
Mike is also correct that the current boom is now being led by demand. No arguments there, it's been largely an investor-led phenomenon through this cycle, although the latest data suggested that owner-occupiers are now gearing up due to a fear of missing out.
 <img src="https://3.bp.blogspot.com/-UP8AnS5iB2Q/VS5RmaVyEqI/AAAAAAAAUlI/tDnWAGJsvjM/s1600/LF1.jpg"> 
Supply can tackle housing affordability over the longer term, though I'm not convinced of how effective this will be. Over the shorter term only restricting credit and curbing or discouraging demand can work quickly. Over to APRA.
PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>.
His book '<a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>' is out now.
 
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