Parnell Developments is the latest to seek significant uplift through the NSW Government's Housing Delivery Authority on a Strathfield site previously approved for a much smaller apartment development.

Parnell has sought approval for a 32-storey mixed use tower across&nbsp;<a href="https://www.apartments.com.au/new-apartments/7-lyons-street-strathfield-nsw-2135">3-7 Lyons Street and 18 Parnell Street</a>, a&nbsp;1,857 sqm site around 400 metres from Strathfield Station. The building would yield 160 apartments, 15 per cent of which will be dedicated affordable as per the government mandate for buildings seeking additional uplift.

Approved previously was a nine-storey building back in 2022 with just over 30 apartments. That approval came prior to the project being&nbsp;progressively reconsidered as planning policy shifted toward greater density around transport hubs.

<img alt="Strathfield" data-entity-type="file" data-entity-uuid="c5af5281-a643-4eb2-b8c4-0081b59c04c7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.16.48%E2%80%AFAM.png?VersionId=37bd3mI7rHNpThOV_75VO8xsGFwWOi1u" />

Turner has designed the latest building that would replace&nbsp;existing detached homes across the four lots.

The apartment mix comprises 22 one-bedroom apartments, 107 two-bedroom and two-bedroom-plus configurations, and 31 apartments with three or more bedrooms. The scheme also includes 203 car spaces across six basement levels and 58 bicycle spaces.

The proposal has been designed around a three-storey podium addressing Lyons Street, with the tower rising above and stepping toward its upper levels.

Turner said the podium was deliberately scaled to respond to the existing street, while the taller element has been designed as part of the emerging skyline anticipated around Strathfield Town Centre and the wider Homebush transport-oriented development precinct.

The Lyons Street frontage would have a more active, pedestrian-focused character, incorporating the commercial tenancy, landscaping and a brick-framed podium with an awning.

<img alt="Strathfield" data-entity-type="file" data-entity-uuid="14b20874-b8c3-4ac7-bc03-92be9a69fb78" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.17.48%E2%80%AFAM.png?VersionId=av.9TxtqIRTC6v3PkSuu1rL9rreWoe2h" />

Parnell Street, which faces the railway corridor, has been given a different architectural treatment, with double-height breeze blocks, landscaping and communal areas used to soften the interface with the rail infrastructure.

The tower itself uses curved and recessed facade elements, with wave-like indentations across the northern elevation breaking the building into three vertical forms.

A palette of grey concrete, brick and breeze blocks is complemented by clay and terracotta accents, while the upper tower adopts a lighter expression through articulated slab edges, vertical fins and recessed glazing.

Residents would have access to 467 sqm of communal open space spread across three levels. The ground floor would accommodate the more active resident areas, including barbecue and group gathering spaces and an internal communal room capable of being used for working from home.

A more passive viewing deck is proposed at level three, overlooking the ground-level landscaping and neighbouring tennis courts, while a rooftop "sunset deck" at level 30 would provide another social and relaxation space.

<img alt="Parnell" data-entity-type="file" data-entity-uuid="c3dce401-a80f-4682-8471-4caa01180880" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.17.34%E2%80%AFAM.png?VersionId=Xyo8JVqbOhSJXNy6Ih.1cHL.O6i0bGR." />

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Strathfield has been earmarked for substantial change through the Strathfield Town Centre planning work and the nearby Homebush TOD precinct.

Turner's report says the project has been designed to act as a transition between the existing low and mid-rise development surrounding the site and the taller built form expected to emerge across the town centre.

The proposal is being assessed as State Significant Development under the HDA pathway, alongside the concurrent request to amend the Burwood Local Environmental Plan.

Joel Robinson

First look: New apartment tower pitched for Strathfield Town Centre precinct

An $18 million penthouse has hit the market in Main Beach as construction tops out on La Mer, the $155 million apartment development rising just metres from the beach.

Spanning around 600 sqm across the top two levels of the 29-storey tower on Main Beach Parade, the four-bedroom penthouse is one of the latest eight-figure residences to test the upper end of the Gold Coast apartment market.

Its launch comes amid continued activity at the very top of the market, following the $30 million off-the-plan sale of a Burleigh Heads penthouse earlier this year, which surpassed the Gold Coast's previous $24 million apartment record set in 2023.

The <a href="https://www.apartments.com.au/new-apartments/la-mer-main-beach-3580-main-beach-parade-main-beach-qld-4217">La Mer penthouse</a> has been designed as a private residence in the sky, with 360-degree views spanning the ocean, Broadwater, hinterland and Gold Coast skyline.

[smartcode_project:default project_id=95606 project_image_fid=378731]

All four bedrooms have ensuites, while the ocean-facing master retreat occupies around half of the upper level and includes its own lounge, private balcony, two walk-in wardrobes and an oversized ensuite with a freestanding stone bath positioned to take in the views.

The residence also features a kitchen designed to accommodate a private chef, a 3.6-metre island bench, expansive butler's pantry, wine cellar and integrated bar.

[smartcode_project:default project_id=95606 project_image_fid=378732]

A rooftop pool and substantial outdoor entertaining area with its own kitchen sit above the residence, while a grand staircase connects the two internal levels. The penthouse also has its own express lift.

OTP Group Director James Elliott, who is marketing La Mer, said the penthouse was expected to appeal to high-net-worth buyers seeking either a permanent Main Beach residence or Gold Coast holiday home.

“The La Mer penthouse represents exceptional value, considering its quality design, size, privacy and location, not to mention the 360-degree views capturing the beach and Gold Coast Broadwater,” Elliott said.

“We’re anticipating interest from high-net-worth individuals and couples seeking a residence or holiday home in the sought-after village enclave of Main Beach, taking advantage of the unprecedented growth underway in the area and neighbouring The Spit.”

[smartcode_project:default project_id=95606 project_image_fid=378736]

La Mer is being developed by developer-builder ODUS and Nazero, in partnership with funder Metrics Credit Partners.

ODUS Director Byron Sakha said topping out the tower had provided the opportunity to release the project's most significant residence.

“We’ve worked with internationally-recognised studio Sici Design on the penthouse interiors, with a focus on ensuring it isn’t luxury for luxury’s sake. Every element has been thoughtfully designed to enhance quality of life for those who call it home,” Sakha said.

“The views are the hero of virtually every space, but we’ve given equal attention to the fittings and finishes, so every detail exudes elegance and refinement.”

Sici Design Founder and Director Maria Papadopoulos said the extensive views became an integral part of the interior design rather than simply something the residence was designed around.

“The views weren't something we designed around, they became part of the design itself, with the true luxury of La Mer in its feeling of peace, calm and wellbeing,” Papadopoulos said.

“Luxury isn't defined by how something looks, but how it makes you feel, and we believe a luxurious home should be beautiful to live in, not stressful to maintain.”

The interiors combine Austral Dream Dolomite natural stone and travertine with timber flooring and a restrained coastal palette.

[smartcode_project:default project_id=95606 project_image_fid=378734]

Designed by Plus Studio, La Mer is one of the more boutique additions to the rapidly changing Main Beach apartment market.

The tower comprises just 24 full-floor, three-bedroom plus multipurpose room apartments below the two-level penthouse, giving the project a considerably lower density than many of the larger towers being developed across the Gold Coast.

Residents will have access to a pool and spa, gym, sauna, barbecue facilities, private sun lounges, yoga lawn and outdoor beach shower.

The penthouse has been released as part of the final collection of residences at La Mer, with remaining apartments priced from $4.3 million.

Construction is expected to complete later this year, with a fully furnished display apartment now open on level four.

[smartcode_project_cta:default project_id=95606]

ODUS releases $18 million penthouse crowning La Mer Main Beach

<a href="https://www.apartments.com.au/developers/far-east-consortium">Far East Consortium</a> is preparing to commence construction on <a href="https://www.apartments.com.au/new-apartments/640-bourke-street-melbourne-640-bourke-street-melbourne-vic-3000">640 Bourke Street</a> this October, marking the next milestone for the Melbourne CBD development and its higher-end Eliza Collection.

Spanning levels 44 to 68 of the 68-storey <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>-designed tower, the Eliza Collection has been conceived as a lower-density offering within the broader development, with only five apartments on each floor, dedicated lift access and a collection of resident spaces reserved exclusively for Eliza Collection residents.

The Eliza Collection forms part of Far East Consortium's broader move toward larger-format residences at 640 Bourke Street, where the number of apartments was reduced from earlier plans as apartment sizes increased.

[smartcode_project:default project_id=509 project_image_fid=365685]

"What it's meant for 640 Bourke is we've actually reduced the number of apartments. We've increased the overall size of the apartments. We don't have any studios in here, and what that does for a project is it elevates it," Far East Consortium Director of Sales and Marketing Lauren Sheldon said.

Rothelowman Associate Jun Chang said the design process provided an opportunity to create more generous floorplans.

"We were given the opportunity to be more generous. The apartments became bigger and squarer than any other apartments which had been designed in the CBD before that."

[smartcode_project:default project_id=509 project_image_fid=368869]

That thinking carries through to the Eliza Collection, where the residences have been designed around the space and functionality associated with a larger home, but positioned high above the centre of Melbourne.

Kitchens are equipped with Gaggenau appliances, a butler's pantry, temperature-controlled wine cabinet and sculptural pendant lighting, while engineered timber flooring, stone and porcelain finishes and custom cabinetry feature throughout the broader interiors.

Privacy and security are another point of distinction. Eliza Collection residents have dedicated lift access, while 640 Bourke Street will provide concierge services and secure resident parking. Short-stay accommodation, including Airbnb, will not be permitted within the development.

[smartcode_project:default project_id=509 project_image_fid=365689]

Eliza Collection residents will also have exclusive access to selected amenity spaces across levels one and three of the restored Eliza Tinsley building. These include the Salon with grand piano, an art therapy room, private dining rooms and treatment rooms.

They sit within more than 3,000 sqm of amenity planned across 640 Bourke Street, alongside facilities including a pool, gym, whisky lounge and further social and wellness spaces.

The Eliza Tinsley building itself is central to the wider project's identity. Rather than treating the existing Eliza Tinsley façade as a separate element, Rothelowman used it as a starting point for the architecture of the new tower, with the historic building to accommodate the project's gallery and lobby.

"It's a significant asset and wants to be celebrated and experienced by all residents every single time they go in and out of the building," Rothelowman Principal Stuart Marsland said.

[smartcode_project:default project_id=509 project_image_fid=368872]

The tower will rise behind the retained heritage building at 640 Bourke Street, placing residents within walking distance of Southern Cross Station, Flagstaff Gardens, Queen Victoria Market and the Docklands waterfront.

With construction scheduled to begin in October, Far East Consortium has established an onsite display gallery at 640 Bourke Street, including fully built apartments that allow the project's layouts, materials and finishes to be inspected at full scale.

A fully built Eliza Collection apartment is also available to view at the display suite by appointment ahead of the planned October construction commencement.

Eligible purchasers who buy before construction commences can secure the full available off-the-plan stamp duty savings, subject to eligibility and applicable conditions.

[smartcode_project_cta:default project_id=509]

Far East Consortium brings Eliza Collection to 640 Bourke Street ahead of October construction start

By the time S&amp;S Projects began planning <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia</a>, the developer already had three Rainbow Bay projects from which to draw.

Flow, Awaken and Esprit had given <a href="https://www.apartments.com.au/developers/ss-projects">S&amp;S Projects</a> experience developing in the southern Gold Coast enclave, as well as buyer feedback that could be carried into its fourth project, a boutique collection of 38 residences at 271 Boundary Street.

“We have experienced a lot of success in this location and as this was our fourth building we had taken all of the learnings and buyer feedback from previous projects to arrive at a design and apartment mix that we believe had captured all of that experience and remained a true S&amp;S Project in its design and amenity,” the developer said.

That experience has translated into a collection of two, three, four and five-bedroom residences including two penthouses positioned on an elevated corner in Rainbow Bay, where the site opens to multiple coastal view corridors and the area's distinctive north-facing bay.

[smartcode_project:default project_id=140491 project_image_fid=284542]

S&amp;S Projects says the Boundary Street site took years to assemble, having previously comprised six units, a house and a duplex. The developer worked individually with the existing owners to bring the properties together after an earlier attempt to sell the site had been complicated by the number of parties involved.

“We are constantly looking for properties that meet our brand standards of location, views, and sites that are rare with unique aspects that we can develop to maximise the lifestyle of residents who live in our buildings,” S&amp;S Projects said.

The Boundary Street site gave <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a> a different set of conditions to work with.&nbsp;

“Our design brief was to design a building that took advantage of its unique elevated corner siting offering a range of spectacular view corridor opportunities,” Cottee Parker said.

“The design had to reinforce the strong brand pillars of S&amp;S which are quality, luxury and superior resident amenity.”

[smartcode_project:default project_id=140491 project_image_fid=284543]

Cottee Parker responded with a sculptural floorplate and strong horizontal banding, with continuous balconies and landscaped planters wrapping the building. Operable screens along the balcony edges allow residents to manage light and shade while creating an additional layer of pattern across the facade.

The tower rises above a heavily landscaped podium incorporating the entry lobby and recreational level, while the broader architectural expression takes cues from Rainbow Bay's coastal environment through its organic forms and light material palette.

Cottee Parker says the design has also been developed to complement S&amp;S Projects’ three previous Rainbow Bay developments while retaining its own architectural identity.

Inside, the residences continue that coastal response through two interior schemes centred on warm timbers and neutral tones, alongside patterned natural stone and fluted detailing.

Floor-to-ceiling sliding glass doors connect open-plan living areas to wraparound balconies, while natural stone is used across benchtops, splashbacks and bathroom walls. Specifications also include light-washed timber flooring, gas fireplaces, integrated bar and wine fridges, freestanding stone baths and 100 per cent wool carpet.

[smartcode_project:default project_id=140491 project_image_fid=284559]

Cottee Parker Director Sandra Brown said the intention was to create an architectural response closely connected to its surroundings.

“Imagine architecture that breathes with the rhythm of nature, where every curve and line flows seamlessly – creating spaces that dance with the elements, where sunlight kisses every surface and the gentle sea breeze fills every space,” Brown said.

The lessons S&amp;S Projects carried into Radia also extend to its resident amenity, with a substantial collection of shared facilities planned for just 38 residences.

A dedicated Residents Club will include a lap pool and spa, gymnasium, ice bath, sauna, steam room and hot rocks sauna. A residents' lounge, private dining room, outdoor dining and barbecue area and business centre are also planned, along with storage and dedicated surfboard and beach lockers.

S&amp;S Projects Founding Director Paul Gedoun said the facilities were also designed around the project's Rainbow Bay setting.

“Each amenity is designed to capitalise on the lifestyle of Rainbow Bay, ensuring residents can enjoy the relaxed coastal experience the enclave is famous for,” Gedoun said.

[smartcode_project:default project_id=140491 project_image_fid=284555]

<a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a> says purchasers to date have predominantly included local downsizers, interstate lifestyle investors and families, alongside a strong contingent of repeat S&amp;S purchasers.&nbsp;

According to the project sales team, feedback has centred on the natural stone and joinery, generous floorplans, natural light and the ability for residences to capture views in multiple directions. The completed Flow, Awaken and Esprit developments have also provided prospective purchasers with an existing reference point for S&amp;S Projects' delivery in Rainbow Bay.

There has also been interest from high-profile surfers and people connected to the surf community, with the elevated building providing outlooks towards several of the area's recognised surf breaks.

Radia continues S&amp;S Projects' concentration of development in a tightly held part of the southern Gold Coast, close to Rainbow Bay Beach, Snapper Rocks, Duranbah Beach, Greenmount Beach and the Tweed River. The neighbourhood also includes a growing collection of hospitality venues, while Coolangatta Airport provides connections beyond the southern Gold Coast.

Hutchinson Builders is now delivering Radia, continuing the project from early works privately funded by S&amp;S Projects. The $250 million development is expected to reach completion in the third quarter of 2027.

“With our history in Rainbow Bay, we have been fortunate to be heavily involved in how the development landscape has unfolded and this project slides into the property landscape comfortably and will feel like it was always there,” the developer said.

[smartcode_project_cta:default project_id=140491]

How three Rainbow Bay projects shaped S&S Projects' fourth, Radia

Nearly 40 years after <a href="https://www.apartments.com.au/developers/sheida-group">The Sheida Group</a> began working on the northern Gold Coast, the family-owned developer is continuing its involvement in Hope Island with Marina Point Apartments, where apartment scale has been a central part of the development.

Across the 235-apartment waterfront community, the developer has prioritised larger floorplans, substantial open space and marina access, responding to a purchaser base that has predominantly comprised local owner-occupiers and downsizers moving from larger homes.

"Having already delivered Anchorage nearby, we also understood this particular market and how people live here," developer Rick Sheida said.

"<a href="https://www.apartments.com.au/new-apartments/marina-point-apartments-hope-island-66-view-line-terrace-hope-island-qld-4212">Marina Point&nbsp;Apartments</a> gave us the opportunity to build on those lessons and create the next evolution of our work in Hope Island."

[smartcode_project:default project_id=136992 project_image_fid=293151]

The Sheida Group acquired the Marina Point land around 2018. Its appeal, Sheida says, went beyond having a waterfront address.

"What attracted us was not simply that the site was waterfront, but the way it meets the water," he said.

"It sits at the junction of broad waterways, creating long sightlines, changing views and a sense of movement throughout the day. Its shape also allowed us to orient the buildings outward, improve privacy between residences and make better use of natural light and breezes."

The buildings have subsequently been positioned around the perimeter of the site, allowing most apartments to take in water views while others look across the resort amenity or hinterland. Once all four buildings are complete, approximately one hectare of the site is expected to remain as open space.

The waterfront also provides the potential for up to 50 marina berths, with berths ranging from 15 to 24 metres and options designed to accommodate wider vessels including catamarans. Access from the marina to the Gold Coast Seaway is bridge-free.

[smartcode_project:default project_id=136992 project_image_fid=293149]

The developer says purchasers to date have predominantly been owner-occupiers and downsizers from <a href="https://www.apartments.com.au/new-apartments/marina-point-apartments-hope-island-66-view-line-terrace-hope-island-qld-4212">Hope Island</a> and elsewhere on the Gold Coast, generally aged between 45 and 70. Many have sold larger family homes or properties requiring significant upkeep.

That purchaser profile informed a design brief centred on retaining the space and functionality of a larger home within an apartment format.

"Many of our buyers are coming from large, well-appointed homes in Sanctuary Cove and the surrounding area," the project team said.

"They are accustomed to generous spaces and thoughtful design, so it was important that the apartments delivered the same sense of comfort and functionality.

"Every room needed to feel well proportioned, every space needed a clear purpose and nothing could feel compromised."

Residences range from 139 sqm through to 319 sqm penthouses, with two car spaces provided to apartments and three to penthouses. Minimum 2.7-metre ceilings, floor-to-ceiling glazing, entertainer's kitchens with butler's pantries, substantial storage and balconies ranging from 18 sqm to 37 sqm further reflect the emphasis on space.

One purchaser from Sanctuary Cove has taken the concept further, combining two of Marina Point's largest apartments to create a 552 sqm residence with raked ceilings reaching up to 4.5 metres.

[smartcode_project:default project_id=136992 project_image_fid=293155]

With Building 1 now complete, the developer is also seeing its original design assumptions tested against purchaser feedback.

Three completed display residences allow prospective purchasers to compare apartment sizes, layouts, finishes and outlooks in person. The sales team says one of the most consistent responses has been to the scale of the apartments, with visitors describing them as feeling more like homes than conventional apartments.

The first stage of resident amenity is also operational, including a 25-metre heated lap pool, Technogym-equipped gym, infrared sauna, golf simulator and yoga room. Future facilities are set to include a resort-style pool and spa, waterfront barbecue area and a residents' lounge with a library, fireplace, pool table, kitchen and bar.

Rather than treating the four buildings independently, the design brief called for a complete waterfront neighbourhood, balancing private residences with landscaping, open space, marina access and shared amenity.

[smartcode_project:default project_id=136992 project_image_fid=293152]

For Sheida, Marina Point Apartments is ultimately an extension of the developer's longer-term involvement in Hope Island and its view of how the suburb is evolving.

"We were equally interested in the long-term future of Hope Island," he said.

"Its position between Brisbane and the central Gold Coast gives residents access to both, while improving transport connections are making the northern Gold Coast increasingly attractive as a permanent place to live."

Hope Island Marketplace is 1.3 kilometres from Marina Point, while Sanctuary Cove and Paradise Point are within six kilometres. Links Hope Island, The Pines and The Palms golf courses are also nearby, and the new Hope Island train station is under construction around five kilometres from the development.

Building 2 is under construction, with completion scheduled for 2027.

[smartcode_project_cta:default project_id=136992]

Marina Point Apartments continues The Sheida Group's 40-year Hope Island story

Auctions

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CoreLogic has revised commercial auction results to the 10th of February, which indicate a slight increase in activity as the year progresses, according to CoreLogic’s Cityscope.
The property data firm says that listings in the second week of February ramped up to 11, compared with just five in the previous week.
Three of the 11 listings cleared at auction, bringing the clearance rate up to 27.27 percent from the previous week of 20 percent.
The sales for the week ending 10th of February had a combined worth of $2.75 million, also up from $1.58 million in the previous week.
The following image summarises the type and value of properties sold at auction collected by CoreLogic across the country.
<a href="https://www.propertyobserver.com.au/images/2017/02/24/Corelogic-5.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/02/24/Corelogic-5.jpg" alt="">
Unsurprisingly, the high performing economies of New South Wales and Victoria have seen most of the first few sales in 2017.
The average sale price is just under $1 million.
</body></html>

j.ballantyne1990-6AQqhLzZaK

Auction activity increases as year progresses: Cityscope

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GUEST OBSERVER 
Ferocious bidding on the right homes – despite this being the largest auction start to a year in Melbourne auction history – the market lapped it up, spat out a few and said ”feed me, feed me, give me more.”
 <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/02/28/expert%20story%201.jpg" width="619" height="410">
At 6.00 pm the James Clearance Rate on Inner Melbourne Homes was close enough to 90% – yep 90% and that was on a Super Saturday (a big test).
James Bidderman was 2.6 bidders per auction, which means that whilst around 170 bought –  an incredible 270 didn’t  – and those 270 wounded underbidders will be back next week to fight it out, against a new wave of buyers; which in turn means the market will be going up, not down, ceteris paribus (all things being equal) over the next little while.
Absolutely no surprises – the market is strong and rising.
What else would you expect the Melbourne auction market to be doing?
No really, what else would you expect of the Melbourne auction market in the current environment.
Hands up if you are expecting the market to fall in the near future?
Can we ask why?
Not because we know for sure it won’t, we just want to know why you think the market will fall anytime soon?
Why will the market bake a different cake, whilst the market ingredients remain the same?
Demand=buyers=people=population is going up and not likely to stop, until change.
Supply=homes=land is going down and not likely to change.
This is a Demand, Supply and Price Interaction outlined by economists a few centuries ago (stood the test of time), tweaked as it applies to Inner Melbourne Home Market today.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/02/28/DandS-597x448.jpg" width="597" height="448">
 
Here are the major political parties increasing Demand/Buyers/Population policies. Google was the search function.
Liberal Party: We could not find a population policy among their key policies. 
Labour Party: We could not find a population policy among their top 100.  At least they were attempting to address the housing issue.
Greens: We found a population policy – well, it’s a commentary. But let’s be fair – at least they recognise that population is an issue. 
One Nation: They do not appear to have an easy to find population policy – they do have a migration policy that states a zero net migration. Dick Smith supports this part – No, not the boat people and Muslim commentary – the population management policy of zero net migration and infrastructure. 
None of the above is designed to be a criticism of politicians, we believe most are sincere and trying and that is not our role at James Buyer Advocates, as we see it.
Anyway back to the Demand=Buyers=Population side of the Home Market.
We hear you – what about interest rates and income and debt?
Yes, they affect (mainly at the lower levels), but the real driver is population demand, mainly from overseas.
Our belief, at the higher level, is the Inner Melbourne market has moved through the phase of infinite demand and supply interactions to a more finite one.
Our belief, at the higher level, is the Inner Melbourne market is slowly moving away from income, debt and interest rates; to an asset wealth exchange. In our opinion, assets not income are now beginning to steer the Inner Melbourne High End market.
Meaning the Inner Melbourne home-with-land market is moving to finite asset to asset transactions within any given time period and an increasing number of the interactions will only involve wealthy overseas investors, local intergenerational wealth and the occasional new-to-the-scene successful entrepreneur/very high salary earner – rather than banks, interest rates and anybody can buy a home.
Melbourne through the internationalism of its market, through Australia’s population and immigration policies (particularly the 2009 FIRB change) is in the process of becoming like Mumbai, New York, Inner London – where homes are exchanged on a different basis and with different players to mum and dad, rolling up to a bank, out to an auction and sign a contract, after they had a idea they wanted a nice house in Hawthorn last week.
Those days are well and truly gone for many and getting that way for others. That is not to say that another GFC would not have a significant effect on the Inner Melbourne market, of course it would, as debt is still involved. However, in our opinion, it would need to be as serious as that, for there to be a significant drop in prices.
Economic cataclysms are not that common and the buyers and sellers that recover best are usually the bricks’n’mortar asset rich anyway.
Our point – the logic of an Inner Melbourne homebuyer waiting for a meaningful drop in prices is, well, seemingly illogical to us.
Why will prices drop when the government and the opposition have no obvious focus on demand=buyers=population policies except full steam ahead – meaning more and more population (read more and more buyers, read more and more demand)? That is the demand side.
On the supply side it’s also just as simple.
Land and Infrastructure – they are not making it any more.
There will be no long lasting significant increase in supply in Inner Melbourne (ever again).
In fact we are losing more and more land to make more and more apartments.
As well, many buyers (local and overseas) are buying and holding and not selling – further reducing supply.
Many of these apartments are being bought by buyers on no stamp duty – so no contributions to infrastructure in the form of new taxes.
And whilst it was a bit of a joke, they are not making anymore infrastructure – it’s actually unfortunately sort of true (governments are not focussing on keeping pace anyway – they are more concerned about welfare and refugees, than new railways and regional living and immigration control).
We are not looking to suggest there should be specific changes on anything, that is for our leaders, whom we support.
All we are trying to do is outline the real issues – the real situations – so as our buying clients can make informed decisions going forward.
Noticed the increased traffic lately?  
That is demand=buyers=population increase and supply=land &amp; infrastructure decrease.
So back to the question we ask our clients/buyers – why do you think prices on good quality homes in Inner Melbourne will fall any time soon – unless there is a major change in …….. something?
Is waiting a good strategy?
Is buy-now a better strategy (if it’s the right home long term)?
Unless you see a major change in population policies, such as immigration and/or a big push to regional infrastructure or ….. something else we can’t see now, then, in our opinion at James, good homes with land will continue to rise and rise and rise in price, in the longer term future (yes of course with hiccups along the way)…….. and interest rates……Mmmm – not sure what affect they might have………. some yes……….but………. that may be history, the game may have changed?
Macro Change – will it come?
Our leaders current assessment is business wealth, turnover, profits, trade and so on is of greater community importance than owning your own home, village atmosphere, culture and so on.
They may be right, maybe its a pipe dream – personally we feel sad about that.
There is talk around the Inner Melbourne home buying market edges like monetary policy tweaking, but there is silence, a vacuum of policy about immigration and population (the real drivers) – and many buyers are just hoping things will be different, so they are not speaking up – population increase is the elephant in the room.
Hope is great, but it is action that changes things.
Are there any signs of action and change coming on a macro level?
If the Melbourne market was Canberra and buyers were kangaroos, there would be some calls for a cull – eg their would be noise in an attempt to reduce the problem – if there was going to be widespread action and change.
If the Melbourne market was the environment, many would be up in arms protesting about overgrazing and looking for strategies for change – there would be noise if there was going to be widespread action and change.
There is no noise on population issues – there will be no change in demand without you hearing the noise.
The macro noise is not there.
So Micro Change – yes you – you still have options.
1) Lie in the foetal position and give up on buying a good home.
2) Keep thinking the same ingredients will bake that different cake for you – knowing that almost every quality home has between 3 and 7 bidders up against you – and that number is increasing and your opposition is becoming better resourced (they are being forced to).
3) Or act now – do something about it – engage with a different idea in a different way – you need to make it happen. You may need to understand there is no magical wand coming from above. Maybe get some professional assistance – just a thought.
James Buyer Advocates – 5 from 5 this February month so far (for normal people/buyers) – but we were very, very picky on which properties we went after.
Suggestion to get you rolling on the MICRO.
Consider making an immediate mindset change in dealing with the population and home buying issue.
Consider moving away from focussing on saving money in the deal and buying cheap to focussing on doing what you need to do ($ prudently of course) to secure a good long term home (for you), that will last you 10-15 years and longer.
Your solutions may well be micro (you) – as macro ones simply ain’t happening anytime soon.
MAL JAMES is principal of<a href="https://www.jamesbuyeradvocates.com.au/" target="_blank" title="James Buyer Advocates" rel="nofollow"> James Buyer Advocates</a>, which advocates on behalf of buyers of property over $1 million. Mal writes auction reports, advice and in-depth market analysis on James' website.
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jchancellor-FAypfDUnLy

Let’s face a home truth – the elephant in the room – population: Mal James

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Melbourne hosted the highest number of February auctions on record over the weekend and recorded a boom time clearance rate according to Domain's Dr Andrew Wilson.
He said Sydney had its third consecutive weekend clearance rate above 80 percent over the weekend.
"It was the first Super Saturday of auctions in Sydney with a February record of 940 homes listed, which was significantly ahead of the 674 auctioned the previous Saturday, and the 654 offered over the same weekend last year," he said.
"The previous February record for Saturday auctions was 785 in 2014.
"Inner-suburban, higher-priced suburban regions dominated the results in a pattern that has been consistent in Sydney over the past year.
"The Blue Mountains had a 100 percent clearance rate at the weekend, although only a single reported auction. Next highest clearance rate was the upper north shore with 86.9 percent, followed by the inner west with 85.6 percent
"The city and east recorded 84.2 percent and the highest sales at 117, the lower north scored 83.8 percent and the northern beaches 82.5 percent.
"Melbourne recorded a remarkable clearance rate of 82.4 percent on Saturday, which was higher than the 79 percent the previous weekend, and well ahead of the 75.3 percent over the same weekend last year.
"All of Melbourne’s suburban regions recorded strong clearance rates at the weekend with the early-season market now in full swing and regional results resembling the consistency and narrow range of outcomes typical for most of last year.
"And again similar to last year, lower priced outer-suburban regions continue to record the highest results. 
"The south-east recorded the highest clearance rate on Saturday with 88.1 percent followed by the north-east 86.3 per cent and the west had 85.9 percent with the highest number of sales at 152."
In Melbourne, 17 Spring Road, Malvern (above) sold for $5,075,000 over the weekend. 
Sydney's most affordable sale was at 28/144 Moore St, Liverpool. The two bedroom unit sold for $423,500 (below).
<img src="https://www.urban.com.au/images/2017/02/27/Screen%20Shot%202017-02-27%20at%2011.39.53%20AM.png" alt="">
 
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jonathanchancellor-7SQnKwU6yx

Boom time clearance rate for Sydney, Melbourne auctions 

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The glamour Geelong AFL couple, Jimmy Bartel and his wife Nadia and son Aston, the new Essendon captain Dyson Heppell, St Kilda star Leigh Montagna and the Western Bulldogs midfielder Mitch Wallis were all sideline spectators in the weekend Albert Park auction crowd.
They, along with 300 others on <a href="https://www.realestate.com.au/sold/property-house-vic-albert+park-124620682" target="_blank">Park Street</a> (above), saw three bidders compete for the big-ticket four-bedroom Victorian home.
Marshall White agent Oliver Bruce asked for an opening bid of $3.5 million but was immediately met with a $4 million offer from the eventual buyer. 
It soared about $700,000 over reserve selling at $4.735 million. Bruce told the Herald Sun that the house was “the most inspected property” he’d ever marketed.
It traded in 2013 at $2.31 million, before its rear extension and renovation.
Melbourne had the cheapest and dearest reported weekend auction sales.
A four bedroom, <a href="https://www.realestate.com.au/property-house-vic-malvern-124595406" target="_blank">three level Malvern</a> home (below) sold for $5,075,000. The opening bid was $100,000 over the $4.3 million reserve.
<img src="https://www.urban.com.au/images/2017/02/27/Screen%20Shot%202017-02-27%20at%208.28.56%20AM.png" alt="">
The Spring Road property, with views to the Dandenong ranges, comes with a home theatre, wine cellar, and lift access to the six car garage.
The property was marketed through RT Edgar as the latest offering from home builders R &amp; K Developers.
A two bedroom <a href="https://www.realestate.com.au/property-apartment-vic-mernda-124510094" target="_blank">apartment at Mernda</a>, which has been a $310 a week rental in the City of Whittlesea suburb, fetched $245,000.
<img src="https://www.urban.com.au/images/2017/02/27/Screen%20Shot%202017-02-27%20at%208.29.59%20AM.png" alt="">
Offered through Ray White, the Rowell Drive unit fetched less than its $295,000 off the plan price.
The auction price guidance had been $240,000 to $260,000 for the 70 sqm ground floor apartment that was completed in 2012.  
Sydney had the highest bid property, but the <a href="https://www.domain.com.au/124-126-paddington-street-paddington-nsw-2021-2013355286" target="_blank">combined Paddington terraces </a> (below) did not sell, passed in at $8.1 million.
<img src="https://www.urban.com.au/images/2017/02/27/Screen%20Shot%202017-02-27%20at%208.31.29%20AM.png" alt="">
Set on 394 sq m on Paddington Street, there are 520 sqms of interior living space.
At Longueville, there was a $5,050,000 sale of the 1898 Federation <a href="https://www.realestate.com.au/sold/property-house-nsw-longueville-124603454" target="_blank">four-bedroom home, Nirvana</a>, (below) owned by the late obstetrician and gynaecologist Rod Macdonald and his widow Robin.
<img src="https://www.urban.com.au/images/2017/02/27/Screen%20Shot%202017-02-27%20at%208.32.24%20AM.png" alt="">
The home sat on almost 1600 sq m on Mary Street. 
Back in Melbourne, <a href="https://www.realestate.com.au/sold/property-house-vic-toorak-124539974" target="_blank">the Toorak home</a> of late socialite Lady Susan Renouf (below) sold in a post-auction negotiations for around its quoted price of $5 million.
Across the capital cities, the number of properties taken to auction increased dramatically, with 3,232 auctions held, according to CoreLogic’s latest report.
 <img src="https://www.urban.com.au/images/2017/02/27/Screen%20Shot%202017-02-27%20at%208.34.03%20AM.png" alt="">
It was significantly higher than over the same weekend in previous years, with auction volumes generally reaching their seasonal peaks around March.
"The record highs for the number of auctions were confined to the Sydney and Melbourne markets, where auction numbers were the highest on record for the month of February," Kevin Brogan at CoreLogic noted.
Despite the high auction numbers for February, the combined capital city clearance rate also reached a new record high over the year to date.
Some 78 per cent of auctions recorded a positive result, which is higher than the 71 per cent last year, across its lower volume of 2,700 auctions.
"Overall activity has increased week-on- week, with volumes increasing across all the capital cities, with clearance rates also rising in most capital cities with the exception of Canberra and Perth, where clearance rates fell over the week," Kevin Brogan said.
Melbourne's clearance rate rose to 80.1 per cent, up from 75.7 per cent last weekend and remaining above the clearance rate for the city one year ago of 74.8 per cent.
Melbourne saw a substantial increase in volumes, with 1,613 auctions held, higher than the 1,091 held last week and also higher than a year ago when there were 1,347 Melbourne auctions.
Of the 9 individual Melbourne sub-regions, the strongest performer, in terms of clearance rate was the Outer East region where 87 per cent of  auctions were successful.
Sydney’s preliminary auction clearance rate increased to 81.5 per cent.
Last week, Sydney’s clearance rate was 80.6 per cent, while one year ago results sat at 72.1 per cent.
This week volumes were higher, up to 1,169 from 856 last week and also higher than what was seen over the same week last year with 919 Sydney homes.
The Inner West sub-region of Sydney has shown the strongest performance with 90.2 per cent of the 61 reported results selling.
There were 174 Brisbane homes taken to auction, with 99 results reported so far showing a preliminary clearance rate at 63.3 per cent, up from 47.1 per cent last week and higher than one year ago, when 57.4 per cent of the 179 properties taken to auction were successful.
Brisbane's priciest was when the restored home, <a href="https://www.propertyobserver.com.au/%20http:/www.realestate.com.au/property-apartment-qld-ascot-124074438%20" target="_blank">Arden at Ascot</a> (below) sold for $3.55 million through Ray White. The unrenovated 1913 home cost $2.25 million in 2006, then it was expanded to its 1460 sqm offering with an $800,000 purchase of a neighbouring 400 sqm block in 2013.
<img src="https://www.urban.com.au/images/2017/02/27/Screen%20Shot%202017-02-27%20at%208.35.24%20AM.png" alt="">
Adelaide saw a preliminary clearance rate of 76.3 percent, with 80 reported results across a total of 121 scheduled auctions.
In comparison, over the previous week Adelaide’s clearance rate was 65.8 percent and 64 percent one year ago.
There were 46 Perth auctions this week, with a preliminary clearance rate of 21.4 percent. Last week, 31.0 percent of the 42 auctions held were successful.
Across Canberra a total of 100 auctions were held this week, compared to 92 last week and 75 at the same time last year.
Canberra’s preliminary clearance rate of 77.3 percent is lower than the prior 80.2 percent result.
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AFL stars line up as spectators at Albert Park auction  

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Across the combined capital cities this week, the number of properties taken to auction increased dramatically, with 3,232 auctions held, according to CoreLogic’s latest report.
The property data firm says that is significantly higher than what has been recorded over the same period across previous years, with auction volumes generally reaching their seasonal peaks around March.
The record highs for the number of auctions were confined to the Sydney and Melbourne markets, where auction numbers were the highest on record for the month of February.
<a href="https://www.propertyobserver.com.au/images/2017/02/26/Screen%20Shot%202017-02-26%20at%2010.16.07%20am.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/02/26/Screen%20Shot%202017-02-26%20at%2010.16.07%20am.jpg" alt="">
Despite auctions reaching record highs for February, the combined capital city preliminary clearance rate also reached a new record high over the year to date.
78.6 per cent of auctions recorded a positive result this week, which is higher than the 71.4 per cent last year, across a lower volume of auctions (2,701).
<a href="https://www.propertyobserver.com.au/images/2017/02/26/Screen%20Shot%202017-02-26%20at%2010.16.20%20am.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/02/26/Screen%20Shot%202017-02-26%20at%2010.16.20%20am.jpg" alt="">
Overall activity has increased week-on- week, with volumes increasing across all the capital cities, with clearance rates also rising in most capital cities with the exception of Canberra and Perth, where clearance rates fell over the week.
Across Melbourne, this week’s preliminary clearance rate rose to 80.1 percent, up from 75.7 per cent last week and remaining above the clearance rate for the city one year ago (74.8 per cent).
This week, Melbourne saw a substantial increase in volumes, with 1,613 auctions held, higher than the 1,091 held last week and also higher than a year ago when there were 1,347 Melbourne auctions held over the week.
Of the 9 individual Melbourne sub-regions, this week the strongest performer, in terms of clearance rate was the Outer East region.
<a href="https://www.propertyobserver.com.au/images/2017/02/26/Screen%20Shot%202017-02-26%20at%2010.14.32%20am.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/02/26/Screen%20Shot%202017-02-26%20at%2010.14.32%20am.jpg" alt="">
So far, CoreLogic has collected 77 results for the region and the preliminary result shows 87.0 percent of these auctions were successful.
Sydney’s preliminary auction clearance rate increased to 81.5 percent this week, across a higher volume of auctions.
Last week, Sydney’s clearance rate was 80.6 percent, while one year ago results show that 72.1 per cent of Sydney homes taken to auction were successful.
This week volumes were higher, up to 1,169 from 856 last week and also higher than what was seen over the same week last year, when 919 Sydney homes were taken to auction over the week.
<a href="https://www.propertyobserver.com.au/images/2017/02/26/Screen%20Shot%202017-02-26%20at%2010.14.39%20am.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/02/26/Screen%20Shot%202017-02-26%20at%2010.14.39%20am.jpg" alt="">
The Inner West sub-region of Sydney has shown the strongest performance so far this week, with 90.2 per cent of the 61 reported results selling.
There were 174 Brisbane homes taken to auction this week, with 99 results reported so far.
<a href="https://www.propertyobserver.com.au/images/2017/02/26/Screen%20Shot%202017-02-26%20at%2010.14.47%20am.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/02/26/Screen%20Shot%202017-02-26%20at%2010.14.47%20am.jpg" alt="">
The preliminary clearance rate for the city is 63.3 percent, up from 47.1 percent last week and higher than one year ago, when 57.4 percent of the 179 properties taken to auction were successful.
Across the Gold Coast 40 results have been reported so far, with a success rate of 55.0 percent (22 sales).
This week, Adelaide saw a preliminary clearance rate of 76.3 percent, with 80 reported results across a total of 121 scheduled auctions.
<a href="https://www.propertyobserver.com.au/images/2017/02/26/Screen%20Shot%202017-02-26%20at%2010.14.56%20am.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/02/26/Screen%20Shot%202017-02-26%20at%2010.14.56%20am.jpg" alt="">
In comparison, over the previous week Adelaide’s clearance rate was 65.8 percent and 64.0 percent one year ago.
There were 46 Perth auctions this week, with a preliminary clearance rate of 21.4 percent. Last week, 31.0 percent of the 42 auctions held were successful.
Across Canberra a total of 100 auctions were held this week, compared to 92 last week and 75 at the same time last year.
Canberra’s preliminary clearance rate of 77.3 percent is lower than it was the previous week (80.2 per cent).
In Tasmania, 6 auctions were reported to CoreLogic with 3 sales.
Canberra saw the sale of 45 Tinderry Circuit, Palmerston for $435,000 (above).
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Weekend auction success rate highest for the past year: CoreLogic

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National auction numbers are up this week with 1,555 Melbourne auctions scheduled and 1,142 homes set to be taken to auction across Sydney according to CoreLogic.
Some 3,122 auctions are slated for this weekend. According to CoreLogic, auction activity is higher than the corresponding week last year, with 2,701 auctions.
CoreLogic said outside of Sydney and Melbourne, each of the remaining capital cities is set to see a higher number of auctions this week compared to last week with 161 auctions are set to take place in Brisbane this week, 44 more than the previous week.
"The three busiest suburbs for auctions this week are all in Melbourne with Reservoir (28), St Kilda (26) and Elwood (20) topping the list. The busiest suburb for auctions outside of Melbourne is Sydney’s Mosman, with 18 auctions scheduled."
CAPITAL CITY AUCTIONS THIS WEEK
                        Sydney: 1,142
                        Melbourne: 1,555
                        Brisbane: 161
                        Adelaide: 114
                        Perth: 44
                        Canberra: 95 
 
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National auction numbers up this week: CoreLogic

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Sydney weekend auctions yielded boom time results and market momentum in Melbourne is building according to Dr Andrew Wilson.
He said Sydney recorded its second consecutive boom time result with a clearance rate of 83.1 percent and Melbourne recorded a clearance rate of 79 percent on Saturday.
"Higher auction numbers failed to dampen the Sydney market," he said.
"About 675 home were listed on Saturday, which was well ahead of the 546 auctioned the previous Saturday and the 558 offered over the same weekend last year.
 "A total of $460.9 million of property was reported sold at auction in Sydney at the weekend.
"The north-west had a clearance rate of 95.2 percent, with 20 out of 21 reported auctions selling. Similarly, the Central Coast was strong at 92.9 percent, with 13 out of 14 homes sold.
"The next highest was the south with 91.8 percent, followed by the inner west with 89.6 percent, the northern beaches 87.2 percent and the lower north at 86 percent.
"In the upper north shore the clearance rate was 85.9 percent, the city and east at 79.8 percent with the highest sales at 75. The clearance rate in Canterbury Bankstown was down to 70.6 percent and the west and south-west each recorded  66.7 percent.
"Melbourne’s northern suburbs again recorded strong auction results at the weekend, while the inner city was back as a top performer after trailing the regions the previous Saturday.
"All regions recorded clearance rates well above 70 percent for the first time this year – another indication of the underlying consistency of the local market.
"The north-east recorded the highest clearance rate at 86.8 percent, followed by the inner city at 83.7 percent, the north at 82.1 percent, the south-east at 80.6 percent, the inner south at 79.8 percent, the inner east at 77.5 percent, the west at 75.5 percent and the highest sales at 105, and the outer east at 74.2 percent."
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Boom time results for Sydney auctions, Melbourne building momentum

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The combined capital city weekend clearance rate remained in the high 70s, despite auction volumes reaching the highest level so far this year
The larger number of auctions was driven by a substantial rise across the Sydney and Melbourne markets, while there was a small decrease across the smaller capital cities.
The strongest clearance rates, based on preliminary data, were in Sydney and Canberra, where 83 per cent and 81 percent of auctions returned a successful result.
Melbourne recorded a strong preliminary clearance rate, with 76 percent of auctions clearing, just below the 77 percent national average.
The preliminary combined capital city clearance rate was higher on the weekend than the 71 percent in same period last year.
The 2,280 auctions held was lower as 2,347 auctions were held over the same time last year.
<a href="https://www.propertyobserver.com.au/images/2017/02/19/Screen%20Shot%202017-02-19%20at%209.57.23%20am.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/02/19/Screen%20Shot%202017-02-19%20at%209.57.23%20am.png" alt="">
Across Melbourne, this week’s preliminary clearance rate was recorded at 76.7 percent, up from 75.9 percent last week and also higher the clearance rate recorded over the same week last year (74.1 percent).
This week, Melbourne was host to 1,103 auctions, higher than the 556 held last week, and only marginally lower than what was seen one year ago, when there were 1,105 Melbourne auctions held over the week.
<div class="cq-article-content-paras section">
This weekend in Melbourne, the number of properties for sale is expected to rise to 1400 with Domain's Dr Andrew Wilson suggesting the listings were big for February when auctions were usually only just starting to build up again.
</div>
<a href="https://www.propertyobserver.com.au/images/2017/02/19/Screen%20Shot%202017-02-19%20at%209.59.33%20am.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/02/19/Screen%20Shot%202017-02-19%20at%209.59.33%20am.jpg" alt="">
Of the Melbourne sub-regions, the highest clearance rate was recorded across the North East region, with preliminary results showing 85.5 percent of the 91 auctions were successful.
Sydney’s preliminary clearance rate this week was 83.5 percent across 661 auction results.
There were a total of 844 auctions held across the city. Looking back at the same weekend last year, 800 auctions were held across Sydney and a clearance rate of 76.5 percent was recorded.
The North Sydney and Hornsby region hosted the most auctions of any Sydney sub-region this week, with 137 properties taken to auction.
"It's another extraordinary result for Sydney," Domain chief economist Dr Andrew Wilson told Domain.
"Next week it could be even bigger with the number of property listings to rise about 30 percent to 900." 
<a href="https://www.propertyobserver.com.au/images/2017/02/19/Screen%20Shot%202017-02-19%20at%209.59.42%20am.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/02/19/Screen%20Shot%202017-02-19%20at%209.59.42%20am.jpg" alt="">
The preliminary clearance rate for the region is 89.8 percent across 108 results.
Brisbane’s preliminary clearance rate this week was 50.6 percent, decreasing from 53.1 percent last week.
There were 117 Brisbane auctions this week, compared to 131 last week.
<a href="https://www.propertyobserver.com.au/images/2017/02/19/Screen%20Shot%202017-02-19%20at%209.59.53%20am.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/02/19/Screen%20Shot%202017-02-19%20at%209.59.53%20am.jpg" alt="">
The Gold Coast was host to 59 auctions this week.
Based on the 42 results reported to CoreLogic so far, 50.0 percent were successful.
Adelaide recorded a clearance rate of 68.9 percent across 86 auctions this week, up from 66.7 percent across a higher volume of auctions last week (91).
At the same time last year, 112 homes were taken to auction, with 64.6 percent recording a successful result.
<a href="https://www.propertyobserver.com.au/images/2017/02/19/Screen%20Shot%202017-02-19%20at%2010.00.03%20am.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/02/19/Screen%20Shot%202017-02-19%20at%2010.00.03%20am.jpg" alt="">
Perth’s clearance rate of 36.8 percent across 41 auctions is up from the previous week, when 74 auctions were held and a clearance rate of 25.0 percent was recorded.
Over the same week last year, the clearance rate was a lower 41.0 percent, and 42 auctions were held.
Canberra’s preliminary auction clearance rate of 81.5 percent this week is consistent with last week, when the final auction clearance rate was 81.5 percent and higher than the 61.9 percent recorded last year.
Tasmania saw 5 auctions take place this week, 3 results have been reported so far, with 1 sale.
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Preliminary auction clearance rate remains in high 70 percent: CoreLogic

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Sydney's property market needs more listings to lessen the pressure that has contributed to the recent rampant price growth.  CoreLogic's Hedonic Home Value Index calculates since the growth cycle commenced in mid-2012 that Sydney dwelling values have increased by a cumulative 70 percent.
We're only at the early stages of 2017 but there are tentative signs the listings drought may be breaking.
Total Sydney listings sat at around 18,000 at the end of January - six percent down on the same time last year. But a week on it is 19,200 which is 11 percent lower.
New listings were up nine percent with 7,000 hitting the market over January, but now at 7700 over the past 28 days, which is just up one percent on the same time last year.
Any sustained higher listing numbers ought show up in an easing in the auction clearance rate, but seemingly not quite yet.
The opening 78 percent auction weekend was up on last year's 75 percent, according to CoreLogic. And last weekend it jumped into the mid-80s.
Even Sydney's annualised price growth has edged up in the past five week, currently sitting at 16.3 percent, up on the 15.5 percent growth during 2016.
That's come because investors have returned big time, competing with home buyers. 
The real estate agency, McGrath Estate Agents, has reported little change in their February numbers in Sydney as the Autumn auction season approaches.
McGrath has 349 scheduled auctions compared to 344 in 2016 with the eastern suburbs the busiest region with 66. 
McGrath’s chief auctioneer, Scott Kennedy-Green said these low volumes have already translated into competitive bidding at auctions. 
Last weekend McGrath sold 91 percent of their 23 properties with all seven sold in the $1.5 million to $3 million bracket.
Kennedy-Green indicated that February 25 will be his busiest auction Saturday for February with 146 auctions. 
McGrath Ltd's chairman, Cass O'Connor blames rocketing real estate prices having created "an environment in which vendors are reticent to sell, fearing they will not get back into the market."
She said the trend really set in this time last year.
"It was as though every vendor woke up in the New Year and made a resolution not to sell," she told shareholders last November. 
Taking a more positive marco view, the LJ Hooker network chairman Janusz Hooker noted while listings were low, it's not as bad as many people were saying. 
As a percentage of total stock it is at historic lows, he noted with under three per cent of total stock turning over. 
But Hooker points out the industry is growing at 200,000 homes per annum.
But the LJ Hooker boss acknowledges Sydney has too many buyers and too few listings. 
Buyers still have some leverage in the current market, with lingering listings from last year and longer selling times leading to higher rates of required vendor discounting.  
Ofcourse some of 2016's frustrated would-be buyers have abandoned their search. Many will now renovate rather than move, as it is more affordable than ever before. 
But the new year always brings a new pool of buyers. Good luck!
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Sydney needs listings for balanced market

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<div>Never mind the record high temperatures in Sydney at the weekend, the preliminary auction clearance rate rose as high as an exceptionally strong 84.8 percent (CoreLogic), while Domain had the figure at 84.2 percent. A blazing start to the auction year, then. This was the first weekend from which there was a reasonable sample of auctions to draw data. The median auction price in Sydney was $1,200,000, which was 15 percent higher than on the corresponding weekend of last year when the median price under the hammer was $1,041,500. There will, however, be far bigger tests ahead as auction listings ramp up from here.</div>
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<a href="https://www.propertyobserver.com.au/images/2017/02/13/Sydney.jpg" target="_blank">Click to enlarge</a> <div class="separator"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/02/13/Sydney.jpg" alt=""></div>
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PETE WARGENT is the co-founder of <a href="https://allenwargent.com/">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/">blogger</a>. 
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