Abadeen has released the whole-floor penthouse crowning its recently completed <a href="https://www.apartments.com.au/buildings/park-residences-cremorne-2-sutherland-street-cremorne-nsw-2090">Park Residences</a> development in Cremorne, bringing the near-300 sqm residence to market for the first time.

Occupying the entire top floor of the boutique Lower North Shore development, the penthouse includes 221 sqm of internal living and a 74 sqm wraparound terrace, with a prized north-facing aspect taking in views across Middle Harbour.

The residence has been completed and fully furnished following a collaboration between Abadeen Executive Chairman Justin Brown and internationally recognised interior designer Jack Freeman, Founder and Managing Director of FREEMAN &amp; CO.

<a href="https://www.apartments.com.au/developers/abadeen">Abadeen</a> and Freeman approached the penthouse as a finished home, sourcing furniture, artwork, lighting and objects from Australia and overseas.

&nbsp;

[smartcode_project:default project_id=114246 project_image_fid=378718]

Pieces from Parisian design house Pierre Augustin Rose sit alongside contemporary artworks and bespoke lighting, with Freeman drawing on recent visits to PAD Paris and Salone del Mobile Milano for the final collection.

Brown said the aim was to create a penthouse that felt more like a large-scale private home than a traditional apartment.

"The experience begins the moment the lift doors open. You're welcomed into an elegant dining room before the home opens into an extraordinary living space framed by sun-drenched harbour views.

"Every time someone walks through the front door they pause. It's not just the view, it's the incredible sense of space, the warmth created by the northern sunlight that fills the interiors, and the way every room connects so effortlessly.

"It has all the proportions of a luxury home, while delivering the effortless lifestyle and personalised experience of living in a world-class six-star hotel, combined with the simplicity and convenience of apartment living."

&nbsp;

[smartcode_project:default project_id=114246 project_image_fid=378713]

A secure lift provides exclusive access to the penthouse level, opening to a dedicated arrival foyer and dining area before the residence expands into its main living and entertaining spaces.

Floor-to-ceiling glazing runs across the northern side of the home, connecting the interiors with the terrace and Middle Harbour outlook.

The penthouse also features a fireplace and substantial chef's kitchen, while the wraparound terrace has been designed to accommodate both everyday outdoor living and larger-scale entertaining.

[smartcode_project:default project_id=114246 project_image_fid=378720]

Freeman said the interiors had been deliberately kept restrained to complement the scale, natural light and outlook already established by the architecture.

"The penthouse is a serene study in quiet luxury," Freeman said.

"The interior pairs soft, sculptural forms with warm timber, pale stone and a restrained neutral palette. Curated artwork and metallic accents add depth, while abundant natural light creates a calm, effortlessly refined atmosphere. In my world, less is always more."

Freeman said the approach was centred around collecting individual pieces rather than simply decorating the apartment.

"Every material, every object and every piece of furniture has been curated with intention. I am a true believer in collecting versus decorating.

"The architecture already provided extraordinary natural light, remarkable volume and an uninterrupted connection to Middle Harbour. Our role was to complement those qualities with unique one-of-a-kind pieces of fine art and collectible design sourced from recent travels around the world."

[smartcode_project:default project_id=114246 project_image_fid=378694]

Among the collection are solid bronze sculptures by Lorenzo Quinn, alongside a curated crystalware collection and pieces sourced from international design fairs.

Park Residences sits opposite Cammeray Golf Club, Cammeray Croquet Club and Grand Slam Tennis Cammeray, around 300 metres from Neutral Bay Village and its established collection of restaurants, cafés and retail.

Brown said the combination of a whole-floor floorplan, northern aspect and proximity to Neutral Bay was becoming increasingly difficult to find on the Lower North Shore.

"Completed whole-floor penthouses with a sun-drenched north-facing aspect and sweeping Middle Harbour views are exceptionally rare," Brown said.

"Add a quiet position opposite golf, croquet and tennis facilities, a level walk to Neutral Bay Village and only minutes to the CBD, and you have a lifestyle that's incredibly difficult to replicate.

"This is a home that offers the privacy and generosity of a luxury residence together with the convenience of one of Sydney's best-connected harbourside locations."

The penthouse will be exclusively marketed by SRM Residential.

[smartcode_project_cta:default project_id=114246]

Joel Robinson

Abadeen unveils signature penthouse at Park Residences in Cremorne

New Brisbane developer Dalcott has unveiled Marrone, the first of three residential projects it is planning in and around Browning Street in South Brisbane.

<a href="https://www.apartments.com.au/new-apartments/marrone-south-brisbane-39-browning-street-south-brisbane-qld-4101">Marrone</a> will comprise 97 predominantly two- and three-bedroom apartments, with larger residences aimed squarely at the owner-occupier market.

The project will sit in a quiet pocket of South Brisbane between South Bank and West End, close to the restaurants, cultural attractions and riverfront amenity that have driven the suburb's continued transformation.

Dalcott is targeting buyers looking for more space and amenity than has traditionally been offered in the inner-city apartment market, particularly downsizers and professionals wanting to remain close to the city.

[smartcode_project:default project_id=149951 project_image_fid=377072]

Resident facilities will be concentrated around an extensive rooftop amenity offering, including a swimming pool, spa, infrared sauna, warm and cold magnesium plunge pools, private lounge, dining room and outdoor entertaining areas.

Dalcott Managing Director Lachlan Cottee said South Brisbane's combination of lifestyle, connectivity and established character had been central to the approach to Marrone.

“South Brisbane offers a combination of lifestyle, connectivity and character that’s difficult to replicate elsewhere in Brisbane,” Cottee said.

“Our focus has been on creating homes that feel connected to that environment while providing the level of design, functionality and quality that today's owner-occupiers expect.”

The residences will feature an expressive material palette. Italian Calacatta Viola marble, known for its deep burgundy veining, will be paired with aged brass tapware, Chestnut engineered timber flooring and Tuscan Oak joinery.

<img alt="Marrone" data-entity-type="file" data-entity-uuid="b8d833da-3b30-496a-ae30-07bdff371b50" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%2010.52.35%E2%80%AFAM.png?VersionId=P6DAgOfaQzIXljKKK5j3e5NhWtrHIu9G" />

Bathrooms will feature Nara Japanese ceramics and glass bricks, while clay, walnut and brass lighting will be used throughout the apartments.

Dalcott has appointed Realm Projects, led by Managing Director Shane Foley, to handle sales and marketing following previous sold-out collaborations between the groups.

Foley said the Brisbane apartment buyer had become increasingly focused on the quality of the home itself rather than simply securing an inner-city address.

“We expect to see strong demand from buyers who still want all the advantages of inner-city living but aren’t prepared to compromise on the quality of their home,” Foley said.

“Many will be downsizers looking to leave behind the maintenance of a traditional family home without giving up the space they enjoy, while others are likely to be professionals wanting a residence that reflects the way they live today.”

“Marrone responds directly to that demand, with generous floorplans, exceptional resident amenity and a location that places some of Brisbane’s best dining, entertainment and cultural attractions within walking distance.”

<img alt="Marrone" data-entity-type="file" data-entity-uuid="61f7b22f-899e-4c0f-940a-7d3ab1bfb93a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%2010.52.44%E2%80%AFAM.png?VersionId=PvN1JYxBgUpyCB7efKo52WGdSDs9nmim" />

Marrone will be the first project delivered as part of Dalcott's broader investment in the precinct.

It will be followed by La Terra, a boutique project comprising penthouse-style, single-level apartments on a northeast corner site with extensive resident amenity and city views.

Cottee said Marrone represented the first stage of the group's longer-term plans for the area.

Dalcott was established in 2025 by Lachlan Cottee and Ben Dalgliesh, combining development and construction capability under an integrated model and focusing on architecturally considered residential projects.

Marrone will initially be offered through a pre-release registration campaign ahead of its broader public launch.

Dalcott targets owner-occupiers with South Brisbane debut Marrone

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." />

&nbsp;

&nbsp;

&nbsp;

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.

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

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).
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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.
<a href="/images/2016/09/26/Screen%20Shot%202016-09-26%20at%201.14.41%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/09/26/Screen%20Shot%202016-09-26%20at%201.14.41%20PM.png" alt="">
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