Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

Joel Robinson

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Bottega House secures landmark riverfront site in St Lucia 

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The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.

[smartcode_project:default project_id=112661 project_image_fid=359603]

<a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.

Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

[smartcode_project:default project_id=112661 project_image_fid=355935]

Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.

The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.

[smartcode_project:default project_id=112661 project_image_fid=361052]

Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.

The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.

[smartcode_project:default project_id=112661 project_image_fid=359607]

More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.
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[smartcode_project_cta:default project_id=112661]

SIERA kicks off construction at Northcliffe tower Exhale

Local Little Bay residents, along with buyers from premium postcodes across Sydney’s affluent Eastern Suburbs, have dominated purchases in developer-builder Urban Property Group’s first Eastern Suburbs apartment development, <a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a>.

The $250 million coastal project, one of the first new developments in the area in several years, has proven particularly popular with downsizers, especially those from Coogee and Bondi. One Double Bay downsizer paid $4.7 million for a four-bedroom penthouse, setting a new local apartment price record in the process.

Buyers have been attracted to the combination of coastal tranquillity, premium design and amenity-rich neighbourhood living. The walkable village setting, along with proximity to three of Sydney’s leading golf courses, New South Wales Golf Club, St Michael’s Golf Club and The Coast Golf Club, has also been a key drawcard.

[smartcode_project:default project_id=112343 project_image_fid=352689]

Built across two low-rise buildings designed by <a href="https://www.apartments.com.au/architects/hill-thalis-architecture-urban-projects-pty-ltd">Hill Thalis</a> and set along a lush, landscaped green spine, designed by leading landscape architect <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>, ESTE Little Bay offers a collection of one, two, three and four-bedroom residences with interiors by Richards Stanisich.

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> Sales Director, Tom McIvor said the response to ESTE has been "nothing short of extraordinary."

“Buyers have been quick to recognise ESTE as a rare opportunity to invest in a coastal sanctuary that offers both seclusion and connectivity to the heart of Sydney,” McIvor said.

[smartcode_project:default project_id=112343 project_image_fid=352687]

<a href="https://www.apartments.com.au/project-marketer/srm-residential">SRM Residential</a> Senior Director, <a href="https://www.apartments.com.au/project-marketer/srm-residential">Clayton Ross</a> said the local market has responded incredibly well, driven by ESTE’s exceptional location and the rarity it offers.

“We’ve seen strong interest from a variety of buyer groups, all of whom are drawn to the exclusivity and quality of the build and construction by the 4.5-star iCIRT-rated builder / developer, Urban Property Group. There’s truly nothing else like it along Sydney’s coastline.”

[smartcode_project:default project_id=112343 project_image_fid=352690]

The project also includes robust buyer protections, including Resilience Insurance’s Latent Defects Insurance, providing 10 years of structural cover, and an independent iCIRT-rating of the developer.

“The iCIRT-rating adds another layer of confidence,” Ross added. “Buyers see it as a safeguard for their investment and their lifestyle.” A highlight of ESTE’s offering is its exclusive wellness amenities, including a heated rooftop infinity pool and outdoor heated spa, a state-of-the-art Technogym fitness centre, and a sauna.

<a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a> is topped out and is on track to complete towards the end of 2026, with residents moving in before Christmas.

[smartcode_project_cta:default project_id=112343]

Eastern Suburbs buyers snap up ESTE Little Bay apartments

Auctions

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Spring is seeing a lift in the Brisbane and Adelaide auction markets, according to CoreLogic's latest weekly report.
Outside of the traditional biggest two cities for spring auctions, Melbourne and Sydney, there are far fewer auctions to measure. However, CoreLogic said that both the long-term trend line and short-term appreciation since the beginning of spring in Adelaide and Brisbane stands out.
CoreLogic's Cameron Kusher said that "across the smaller cities, auction activity has increased significantly over the week in Adelaide, Canberra and Perth while it is lower in Brisbane". The trend line for Brisbane has been more pronounced over a longer period of time, the uptick in auction success since the winter months is particuarly noticeable. 
While spring is typically a time where more properties go under the hammer, this does not always lead to a rise in auction clearances.
"Spring is typically characterised by a fairly significant upswing in stock for sale, this is driven by the belief that spring is the best time of year to sell (that is a topic for another day)," said Kusher.
"As supply increases, the value growth performance can slow and as we saw last year, auction clearance rates can actually start to dip."
<a href="/images/2016/10/24/Weekly%20clearance%20rate.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/24/Weekly%20clearance%20rate.jpg" alt="">
The longer term trends in auction success are also noticeable. In Adelaide, five years ago an auction clearance rate of less than 40% was typical, while now the clearance rate has nearyl doubled and is nudging 80%.
The Queensland capital shows similar gains, with a 20% clearance rate the norm five years back, while now the trend line hovers around 50%.
 
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j.ballantyne1990-6AQqhLzZaK

Spring auction success on the rise in Adelaide and Brisbane: CoreLogic

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Flemington has been recently ranked the Melbourne suburb with the fastest selling houses.
Houses listed by private treaty in Flemington sell in 39 days, according to Investar’s latest market report.
It was followed by Kensington at 40 days and Caulfield South at 42 days.
Houses price growth at Flemington appears to also have some gallop too.
The three bedroom Edwardian home at <a href="https://www.realestate.com.au/sold/property-house-vic-flemington-123684630" target="_blank">17 Sturt Street</a> (above) was offered for weekend auction with initial price guidance between $850,000 to $900,000, which was upped to $860,000 to $940,000 during the marketing campaign.
It fetched $1,237,000 at weekend auction having last sold at $585,000 in 2005.
The Malvern home of the late legendary bookmaker Sid Hill and his widow Marcia sold for $3.15 million on Saturday.
It was declared on the market at $2.95 million as four bidders battled for the home. 
Auction clearances rose to their highest level this year across Australia.
The national average rate clearance hit 80.2 percent, up from 76. 2 percent last week, CoreLogic's preliminary numbers showed.
In Sydney, the success rate rose to 85.6 percent from 81.4 percent last week as the number of spring auctions fell to 866 from 913.
Melbourne clearances increased too from 77.7 percent to 81.8 percent, while its auction numbers rose, to 1378 from 1182 last week given the push forward from the pending spring racing carnival distraction.
While listing numbers typically head higher the deeper into the spring selling season, this year they remain stubbornly weak.
Every capital city except Canberra had less weekend auction stock than a year ago.
Every capital city recorded a preliminary clearance higher than a year ago.
CoreLogic's Kevin Brogan noted the 2641 auctions scheduled for the week to Saturday was 16 percent below the 3143 of the same weekend last October. 
Domain had Reservoir and Richmond, in Melbourne, as the busiest suburbs for auctions across the nation with 21 residential homes set to go under the hammer.
They were followed by St Kilda (20) and Brighton (19) also have a relatively high number of auctions.
In Melbourne, Australia’s largest auction market, 81.8 percent of the 1,229 reported auctions sold this week.
"This is the second time this month the clearance rate for Melbourne has been above 80 per cent," Kevin Brogan said.
The 1,378 auctions held across Melbourne was lower than the 1,690 auctions held one year ago, when there was a notably lower clearance rate of 69.7 percent.
Melbourne's top sale was a Hawthorn house. The double fronted <a href="https://www.realestate.com.au/sold/property-house-vic-hawthorn-123674538" target="_blank">1890s Hawthorn Grove house</a>, (below) Brehon fetched $5.02 million with three bidders. 
<img src="/images/2016/10/24/Screen%20Shot%202016-10-24%20at%209.56.04%20AM.png" alt="">
It was listed by Jellis Craig with $4 million plus price guidance, then selling well above the $4.3 million reserve price set for the deceased estate which is one of the last unrenovated properties on the street. 
There was a $5.5 million top bid at Balwyn but it did not sell.
A <a href="https://www.realestate.com.au/property-apartment-vic-west+footscray-123678098" target="_blank">West Footscray apartment</a> (below) scored the nation's cheapest sale when a one bedroom unit sold for $200,000.
<img src="/images/2016/10/24/Screen%20Shot%202016-10-24%20at%209.57.06%20AM.png" alt="">
It was just $10,000 higher than its $190,000 sale in 2012. The one bedroom apartment had most recently been a $250 a week rental.
In Sydney, 866 auctions were held this week, down from 913 over the previous week.
"The preliminary clearance rate of 85.6 per cent is the highest recorded for the year to date," Kevin Brogan said.
Since the beginning of spring Sydney’s clearance rate has remained above 78 per cent.
The 85.6 per cent success rate sits significantly higher than this time last year, when a clearance rate of 61.3 per cent was recorded across 1,024 auctions.
The Blacktown region recorded the strongest clearance rate of 93.8 per cent across 22 auctions.
Sydney's top sale was a riverfront mansion which sold for <a href="https://www.realestate.com.au/property/72-champion-rd-tennyson-point-nsw-2111" target="_blank">$8.3 million at Tennyson Point</a> (below) smashing its $7 million reserve.
<img src="/images/2016/10/24/Screen%20Shot%202016-10-24%20at%209.58.16%20AM.png" alt="">
The selling agent Matthew Ward said four registered bidders competed to own the home which was built eight years ago.
Brisbane was host to 192 auctions this week and so far 118 results have been reported, with 53.4 per cent of successful sales.
Brisbane's top sale was $2.8 million in East Brisbane when the quintessential Queenslander, <a href="https://www.realestate.com.au/property-house-qld-east+brisbane-123695558" target="_blank">Quambathella</a> (below) was sold through Ray White.
<img src="/images/2016/10/24/Screen%20Shot%202016-10-24%20at%2010.00.24%20AM.png" alt="">
It was listed by the Brisbane hairdresser, Jon LeCourt who founded the hairdressing chain Jon LeCourt Salons in the early 1970s.
He purchased the home in 1987 for $325,000.
Quambathella, built in the early 1900s by real estate agent George Blocksidge, sits on a prime 3644sq m block.
The cheapest Brisbane district sale was $285,000 at Eagleby. 
<img src="/images/2016/10/24/Screen%20Shot%202016-10-24%20at%2010.01.39%20AM.png" alt="">
The f<a href="https://www.realestate.com.au/property-house-qld-eagleby-123711382" target="_blank">our bedroom late 1970s house</a> (above) had traded last in 1984 at $41,650.
Adelaide saw a preliminary clearance rate of 77.4 percent while Perth’s clearance rate was 46.2 percent across 33 auctions.
Canberra had a total of 64 auctions this week, compared to 72 last week and 58 at the same time last year. 
Canberra’s preliminary clearance rate of 74.4 percent was down on the previous week's 82.8 percent.
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jchancellor-FAypfDUnLy

Clearance rate gallops to year high, as auction listings stay stubbornly low

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Auctions in Sydney are expected to cool this weekend along with Melbourne, however Melbourne's listings could still make for one of the biggest state auction weekends so far this year.
Listings slated to go under the hammer in Sydney are around 600, down from last week's 673 with the inner west the busiest region with 95 auctions. Some 796 auctions were held over the same weekend last year.
In Melbourne, the super Saturday weekend before Derby Day, hosts some 1190 auctions this Saturday but that figure is 20 percent down on the same weekend last year. This year is the smallest for a super Saturday since 2012, according to Domain Group.
In Sydney, homebuyers in continue to be constrained for choice compared with the record offerings auctioned over spring last year according to Andrew Wilson from the Domain Group.
"The inner west continues its reign as Sydney’s most popular region for Saturday auctions this weekend with 95 listings. Next highest is the upper north shore with 84, followed by the city and east 77, the south 74, the lower north 59, the south-west, west and north-west each with 42, the northern beaches 41, Canterbury Bankstown 37, the central coast 18 and the Blue Mountains with just one auction scheduled this weekend," he said.
"Randwick, Lane Cove North, Epping and Carlingford lead the pack as the most popular auction suburbs in Sydney this weekend. Next highest is Drummoyne with nine, followed by Baulkham Hills eight and a number of suburbs with seven auctions scheduled, including Lane Cove, Maroubra, Killara, Wahroonga, Strathfield, Stanmore and Marrickville.
"The Sydney weekend auction market recaptured its boom-time vibe last weekend with the clearance rate moving back into the 80s in a spring market that continues to blossom."
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jonathanchancellor-7SQnKwU6yx

Sydney's auction cooling, Melbourne's super Saturday listings smallest since 2012

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<img src="https://counter.theconversation.edu.au/content/66990/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Deciding on the best way to divvy up a business when the owners decide to go their own ways can be tricky.
It has to be fair in the eyes of everyone involved, but what if everyone has different expectations?
When people first form a business partnership, they’re often advised to sign a binding contract that specifies how the assets will be divided in the event of death, disability, divorce or departure. This is similar to a prenuptial agreement couples sign before they get married.
However it’s often not practical to sell the business to a third party and divide the proceeds. The partners may have skills or knowledge that make the business less valuable to a third party than to them. 
So we’ve developed another way of dissolving business relationships - through an auction.
<h2>The different ways of dividing</h2>
In the United States the most common exit mechanism for two-person, equal-share partnerships is the “Texas shootout”. The partner who wishes to dissolve the partnership triggers a shootout by naming their price. The other partner is then compelled to either buy out their partner or sell their own interest at that price.
A Texas shootout is like a “divide and choose” mechanism used by parents everywhere to split a piece of cake between two children. This is where one child divides the cake and the other child chooses which piece to take.
Divide and choose has the compelling feature that each child can guarantee themselves at least half the cake. By cutting the cake in what he regards as two equal pieces, the divider gets half the cake. By choosing the “larger” piece, the chooser gets what she regards to be at least half the cake.
Likewise, in a Texas shootout each partner can guarantee they capture at least half of the value they place on the whole partnership. A partner who names a price that leaves him indifferent to whether his partner buys or sells is guaranteed to receive half of his value on the partnership. Likewise, his partner, by simply taking the best deal cannot leave with less than 50% of her value.
However, the Texas shootout is unattractive for a number of reasons. For starters, the procedure does not easily scale if there are more than two joint owners. Nor does it treat the partners symmetrically. 
This point can be illustrated with a simple example. Suppose that Ann’s value for the partnership is $10, Bob’s value for the partnership is $16, and suppose, further, that each knows the other’s value. 
If Ann triggers the shootout, she should propose a price of $8. Bob will buy her out, and she gets $8. On the other hand, if Bob triggers the shootout, he should propose a price of $5, which Ann should accept. 
This way Ann is better off if she triggers the shootout, because she captures $8 rather than $5 – which may lead Ann to trigger the shootout if she fears Bob will trigger it.
Finally, if each partner is uncertain of how highly the other values the partnership, then the buyer in the shootout may not be the partner who values it most highly. 
Suppose Ann, for example, knows that Bob values the partnership more highly than she does but is uncertain of what that value is. If there’s a possibility that Bob values the partnership very highly, it may be optimal for Ann to name a price so high that there is some risk Bob will choose to sell rather than buy.
<h2>The auction method</h2>
So, we have developed a new method – called a “compensation auction” – which avoids the negative features of the Texas shootout while retaining the attractive feature that each partner can guarantee themselves an equal share of the value for the business.
The auction takes place over several rounds. At the beginning of each round, the amount of compensation is set to zero. 
Compensation is then increased continuously, until one of the partners agrees to take this amount of compensation in return for giving up his claim to the business. This partner exits, and a new round begins. 
The process is then repeated until only one partner remains. That partner is awarded the business and he pays each of the others their individualised compensation.
For example, suppose that Ann, Bob and Cathy wish to dissolve their business partnership. In the first round of the auction, compensation rises until Ann becomes the first to drop out, at $8. She surrenders her claim to the partnership and receives $8. Bob and Cathy remain to participate in the second round. 
Compensation is set to zero and then increases continuously. Suppose Bob then agrees to accept compensation when it reaches $6. Cathy buys the business, paying $14 in compensation – $8 to Ann and $6 to Bob.
The rules of the compensation auction treat the partners symmetrically, with no partner having a special role. The auction accommodates any number of players and is also efficient.
In addition, each partner can also guarantee themselves an equal share of his or her value for the business. To illustrate, suppose in the example above that Ann’s value for the business is $15 and she follows the plan of accepting compensation if it reaches $5 (that is, a third of her value). 
There are two possible outcomes: the first is that she accepts compensation of $5 at either the first or second round, getting a third of her value; the alternative is that she buys the partnership after Bob and Cathy have both dropped out, each having accepted less than $5 as compensation. 
In the latter case, Ann gets the business (which she values at $15) and pays at most $10 in compensation, obtaining a net value of at least $5.
The compensation auction therefore ensures each partner can capture an equal share of their value for the partnership. The compensation auction is “fair” in that it treats the partners symmetrically, takes into account any number of partners and is efficient.
John Wooders is professor of Economics at New York University Abu Dhabi and Distinguished Research Professor, University of Technology Sydney and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/john-wooders-172104" target="_blank">here</a>.
Matt Van Essen is professor of Economics, University of Alabama and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/matt-van-essen-308206" target="_blank">here</a>.
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Property 101: Why auctions are a better way to resolve business splits

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The shortage of property listings is the biggest talking point of the 2016 spring selling season in Sydney and Melbourne.
There's many factors at play but a vicious cycle with home owners not wanting to sell while there is little on the market to then buy.
Melbourne finally gets its long awaited surge in auctions next weekend, much to the relief of buyers feeling deprived.
But the traditional pre-Derby Day-Melbourne Cup fillip sees around 1200 offerings, significantly below the record 1479 over the pre-Cup Super-Saturday last year.
Sydney's auction activity will fall away next weekend with just over 600 auctions scheduled, which according to Domain, is down on the 800 last year.
Despite home prices rising, the volumes languish well below previous highs, CoreLogic research recently noted.
CoreLogic estimates 339,000 houses and 132,000 units sold in Australia over the year to April.
The combined 471,000 annual tally was down almost 26 percent from the 633,000 transactions over the 12 months to May 2002, the last sales volume peak year.
CoreLogic research head Tim Lawless foresees the consequences of property owners less willing to list properties for sale.
Any short supply of housing stock is likely causing some urgency amongst buyers which is contributing to the upwards pressure on dwelling values, Lawless suggests.
Strong auction clearance rates continued given the lower weekend volumes with Canberra's near 84 percent narrowing topping the recent market leader, Sydney which had an 83 percent success rate.
"It has been another strong week for auction results, with a preliminary national auction clearance rate of 77.9 percent," CoreLogic's Kevin Brogan advised. The clearance rate has remained above 70 percent since the last week in July. 
There were 2,405 auctions held across the combined capital cities, up on last week's 2,290, but down on the 2,858 capital city auctions held last year.
Auction numbers were down a touch in Canberra where there were 74 auctions and an 83.9 percent success, as opposed to 86 auctions held on the same weekend last year when there was a clearance rate of 68 per cent.
Canberra prices ranged between $445,000 at Flynn and <a href="https://www.domain.com.au/3-finniss-crescent-narrabundah-act-2604-2013072115" target="_blank">$1.6 million at Narrabundah</a> (below). 
<img src="/images/2016/10/17/Screen%20Shot%202016-10-17%20at%208.30.02%20AM.png" alt="">
The Canberra top seller last sold for $240,000 in 1998. Luton Properties had offered a $1.2 million plus pre-auction price guidance on the property that had been a $1000 a week rental. 
The nation's top sale was in Toorak where $6.25 million was paid on Albany Road.
There had been a $5.5 million reserve at the Kay &amp; Burton auction which saw four bidders.
Across Melbourne, the preliminary clearance rate was steady at 78 per cent, remaining above the clearance rate for the city one year ago when it was 72 per cent.
Melbourne's outer east region was the strongest at 87 per cent.
Melbourne also had the nation's cheapest result when <a href="https://www.realestate.com.au/property/5-327-high-st-thomastown-vic-3074" target="_blank">$265,000 was secured at Thomastown</a> (below).
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The two bedroom had last sold at $168,000. The prior top sale in the complex of five was $260,000 in 2014.
Sydney’s preliminary auction clearance rate was 83.3 percent, the 26 consecutive week above 70 percent.
The eastern suburbs of Sydney showed the strongest performance with 97 per cent of the 69 reported results selling.
Adelaide's clearance rate was 68 percent; Brisbane’s clearance rate this week was 52 percent, while Perth’s clearance rate of 50 percent was among the strongest in recent times.
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Spring racing carnival triggers short spike in Melbourne auction offerings

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Auctions in Melbourne are set to rise over 1000 for this weekend, the first time since May and Sydney auctions are expected be considerably below the 970 slated for this time last year, according to Domain Group’s chief economist Andrew Wilson.
He said Melbourne listings, although higher, will still be well down again on the 1232 homes that went under the hammer during the same weekend last year.
"Melbourne’s west is again the most popular region for auctions this weekend with 174, followed by the inner south with 132, the inner east 129, the inner city 127, the north-east 126, the outer east 119, the north 96 and the south-east with 51 auctions so far scheduled on Saturday with more expected to come," he said.
"Reservoir is yet again the most popular auction suburb in Melbourne this Saturday with 23, followed by Essendon and Glen Iris each with 15, Glen Waverley 14, Richmond 13 and St Albans, South Yarra and Craigieburn, which will each host 12 auctions on Saturday.
"Strong auction market activity is predictably translating to higher prices, which will be welcomed by Melbourne home owners. Potential first home buyers, however, will not welcome higher prices, which will act to offset the benefits of record-low interest rates and a highly competitive lending environment."
According to Dr Wilson, more than 660 homes will again go under the hammer in Sydney on Saturday, likely only marginally more than the 651 auctioned last weekend,  with auction numbers tracking about 30 percent lower than those recorded over spring last year.
"The inner west is again the most popular region in Sydney this weekend for auctions with 113 listed followed by the south 94, the upper north shore 83, the city and east 81, the lower north 59, the south west 58, Canterbury Bankstown 44, the west 42, the northern beaches 41, the north west 24, the central coast 18 and the Blue Mountains with three auctions so far scheduled on Saturday," he said.
"Earlwood is the most popular suburb in Sydney for auctions this weekend, with nine, followed by Randwick, Mosman, Rozelle, Bexley and Croydon Park each with eight, and several suburbs with seven auctions listed including Blacktown, Darlinghurst, Eastwood, Chatswood and Leichhardt.
"Strong auction market activity is predictably translating to higher prices, which will be welcomed by Sydney home owners.
"Potential first-home buyers, however, will not welcome higher prices that will act to offset the benefits of current record-low interest rate and a highly competitive lending environment."
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Sydney, Melbourne auctions numbers increasing: Andrew Wilson

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Four capitals secured 80 percent plus weekend auction clearance rates. 
The strengthening markets of Canberra, Melbourne and Adelaide have joined Sydney, which is now being challenged as the nation's strongest auction market. 
There were around 2,246 held across all the capital cities with a preliminary national clearance rate of 79 percent. 
At the same time last year, CoreLogic had the results as substantially lower, with 69 percent of auctions sold, with considerably higher volume, some 3,016 capital city auctions.
Canberra had the top clearance rate at 86 percent across 68 auctions.
"This is the highest clearance rate Canberra has recorded this year, while one year ago the clearance rate was lower at 62 percent," Kevin Brogan at CoreLogic advised. 
Canberra prices ranged in a tight range between $285,000 at Gungahlin for a one bedroom townhouse and <a href="https://www.realestate.com.au/sold/property-house-act-yarralumla-123595690" target="_blank">$1.37 million in Yarralumba</a> (below).
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Sydney hosted 774 auctions this week with an 81.5 percent clearance. Last year 1,197 auctions were held and the clearance rate was 69 percent. 
Melbourne, with 1,110 scheduled auctions, had an 81.2 percent success rate.
"One year ago, in Melbourne, the clearance rate was 73.4 percent," Brogan noted with 1,400 offerings on the same Saturday last year. 
Almost 4,000 Melbourne auctions are expected in October with three Super Saturdays scheduled, the REIV chief, Geoff White said.
Melbourne had the highest sale when $4.35 million was paid in Canterbury, well above the $3.5 million plus price guidance for the<a href="https://www.realestate.com.au/sold/property-house-vic-canterbury-123581542" target="_blank"> four bedroom Monomeath Place offering (below).</a>
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Next most expensive was a vast 1920s apartment on the Beaconsfield Parade, Middle Park promenade which sold for $3.07 million having had a <a href="https://www.realestate.com.au/sold/property-apartment-vic-middle+park-123587986" target="_blank">$2.7 million plus price guidance</a> (below).
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The third priciest home sold in Melbourne was by Dea and Darren Jolly, stars of past series of Channel 9 show, The Block.
They pocketed a nice gain from the sale of their Kew East-rebuild with a $2.908 million auction result (below). 
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They'd spent a year and about $1 million rebuilding the <a href="https://www.realestate.com.au/property-house-vic-kew+east-123577366" target="_blank">1920s California bungalow</a> after purchasing it in a rundown state for $1.395 million in June last year. 
Melbourne also had the nation's cheapest result which was $259,000 for a three bedroom brick house in Melton.
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In Adelaide auction activity, the 80 percent success rate was the highest reported for the year from around 100 listings.
Over the same week last year it was 64 percent of the 127 offerings. Adelaide prices ranged between $280,000 at Oaklands Park and $1.3 million for a four bedroom 1930s Tudor style home at <a href="https://www.realestate.com.au/property-house-sa-linden+park-123514022" target="_blank">Linden Park which was sold pre-auction</a> (below).
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Preliminary results show that Brisbane’s clearance rate sat at 55 percent, comparable to the 54 percent last year. Brisbane prices ranged between $530,000 at Calamvale and <a href="https://www.realestate.com.au/property/11-glasnevin-st-indooroopilly-qld-4068" target="_blank">$3 million pre-auction at Indooroopilly on the river</a> (below).
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Sydney's top sale which was $4.12 million in Vaucluse (below), the onetime home of then barrister, Neville Wran, who became the state's 35th premier in 1976.
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The <a href="https://www.realestate.com.au/property-house-nsw-vaucluse-123565550" target="_blank">10 Princes Avenue home</a> was where Wran lived in the 1960s with his first wife Marcia and their two children, Glenn and Kim.
Daniel Baran, of The Agency, said the $4.12 million sale was above reserve by more than $600,000.
The 1920s home on its 650 sq m block was purchased by Wran for £13,000 in 1961 and sold five years later for $40,000.
The property last traded in 1993 for $890,000.
It was the city and east with the highest regional clearance rate at the weekend with 98 per cent success, according to CoreLogic.
The next highest was the lower north with 92 percent.
The Sydney south west had the lowest clearance rate of 52 per cent.
Melbourne's sub-region top performer was the North East region at 87 percent from 114 auction results which included an <a href="https://www.realestate.com.au/property-house-vic-heathmont-123557894" target="_blank">$858,000 three bedroom home at Heathmont</a> (below).
<img src="/images/2016/10/10/500_melbourne.jpg" alt="">
It's sale price was close to the $878,000 median house price paid at weekend auctions across Melbourne, according to Domain calculations.
CoreLogic's Kevin Brogan said auction volumes had rebounded following the Labour Day long weekend which coincided with the AFL and NRL grand finals.
<a href="/images/2016/10/10/Screen%20Shot%202016-10-10%20at%2010.48.11%20AM.png" target="_blank">Click to enlarge</a>
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Canberra, Melbourne and Adelaide challenge Sydney as the nation's strongest auction market

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Auction volumes fell significantly last week due to long weekends and the AFL and NRL grand finals with just 872 capital city auctions, down from 2,480 the previous week.
CoreLogic collected results for 81% of auctions over the week. The final clearance rate was recorded at 75.8%, up from 75.4% over the previous week. In Melbourne last week there were 114 auctions, down from 1,103 the previous week.
On a much lower volume, the auction clearance rate jumped to 87.2% from 77.2% the previous week. Sydney’s auction clearance rate was recorded at 82.5% across 530 auctions last week, with clearance rates increasing from 80.4% over the previous week across 946 auctions.
Melbourne auction clearance rate has now been above 75% for eight consecutive week while in Sydney clearance rates have been above 80% for five weeks in a row. With auction volumes set to surge much higher this week it will be interesting to see if the recent auction market strength can be maintained.
Number of homes for sale <a href="/images/2016/10/06/Number%20of%20homes%20for%20sale.jpg" target="_blank">Click to enlarge</a>
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There were 45,634 newly advertised properties added to the market nationally over the past 28 days, which was 0.5% higher than at the same time a year ago. There were 231,650 total properties advertised for sale over the same period, which was -1.9% lower than a year ago.
Across the combined capital cities, there were 27,337 newly advertised listings over the past 28 days, which was -2.6% lower than a year ago, and 103,739 total listings which was 3.4% higher than a year ago.
Newly advertised listings are currently lower year on year in Sydney (-16.1%), Melbourne (-2.2%), Adelaide (-2.5%) and Canberra (-4.7%) with new listings higher elsewhere. In terms of total properties advertised for sale, supply is lower than a year ago in Sydney (-4.1%), Hobart (-26.9%) and Canberra (-12.8%).
Despite the fact that new and total listings are slightly lower year on year, the number of both have been trending higher. However, the most recent weak has seen a moderate decline in both new and total listings.
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Sydney spring property listings down 16%: CoreLogic

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Sydney took a preliminary clearance rate of 84.4 percent across 770 reported results for the week ending 25 September according to CoreLogic.
Sydney's Eastern Suburbs has a clearance rate of 88.3 percent and North Sydney and Hornsby 88.2 percent.
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Sydney's Eastern Suburbs, Hornsby take highest clearance rates: CoreLogic

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The preliminary clearance rate for Melbourne for the week ending 25 September is 79.1 percent according to CoreLogic.
The strongest clearance rate was 89.7 per cent recorded across the Mornington Peninsula region, with the Inner South region next at 83.5 percent.
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