National Australia Bank (NAB) will fund <a href="https://www.apartments.com.au/new-apartments/palmera-residences-gold-coast-18-garfield-terrace-surfers-paradise-qld-4217">Palmera</a>, a $1 billion, 52-level luxury residential tower being developed by Central Equity in one of the Gold Coast’s most tightly held coastal locations at Northcliffe.

The project, launched recently by <a href="https://www.apartments.com.au/developers/central-equity">Central Equity</a>, one of Victoria’s largest private residential developers, comes at a time when construction funding for large residential developments has become increasingly competitive as lenders tighten exposure to the sector.

Multiplex has been appointed the builder, and construction is now underway.

[smartcode_project:default project_id=108274 project_image_fid=365784]

Since its first project, Central Equity has delivered more than 85 residential developments with a combined end value exceeding $8 billion.

Palmera reflects Central Equity’s growing focus on the Gold Coast luxury apartment market and continues a relationship between Central Equity and NAB that dates back to the late 1980s, when the bank funded one of Melbourne’s earliest inner-city residential towers at a time when high-rise apartment living in the CBD was largely unproven.

“NAB’s funding of Central Equity’s $36 million CBD development in the late 1980’s to the financing of the billion-dollar tower today highlights the long-term relationship between the two organisations in delivering major residential projects” said Central Equity Founder and Chairman Eddie Kutner.

He said NAB’s early support was instrumental in helping establish the company’s development model.

“When we commenced our first residential tower in the late 1980s the concept of funding off-the-plan apartments was still largely untested in Australia,” Kutner said.

“NAB recognised the opportunity early and supported the project when others were uncertain. That relationship has now continued for more than 37 years across many developments.”

[smartcode_project:default project_id=108274 project_image_fid=365771]

Central Equity was established in 1987 when Melbourne’s CBD and Southbank precinct were still dominated by warehouses and commercial buildings. Fewer than 100 residents lived in Southbank at the time, and large-scale residential development in the inner city was not widely considered.

Recognising changing demographics and lifestyle preferences, the company began developing high-rise residential projects designed to bring permanent residents into the city centre.

Central Equity has provided accommodation for approximately 40,000 residents across Melbourne’s CBD and Southbank, while also incorporating supporting infrastructure including essential lifestyle facilities like retail spaces, childcare facilities and neighbourhood activity centres.

Central Equity has spent many years assembling the Palmera development site on the corner of Garfield Terrace and Frederick Street in Northcliffe, creating a supersite of around 3,300 sqm.

The developer said the Palmera apartment tower reflects its long-term view of the Gold Coast as a growing and increasingly diversified economy.

[smartcode_project:default project_id=108274 project_image_fid=365768]

Supported by infrastructure including the light rail network, major road upgrades expanded education, hospital and medical facilities and continued expansion at the Gold Coast Airport with more internation and domestic flights.

Positioned in the tightly held Northcliffe precinct, the 52-level tower will deliver 347 apartments, targeting buyers seeking a high-end coastal lifestyle, from downsizers to interstate investors.

Designed by Marchese Partners with interiors by DBI, Palmera has been conceived as a next-generation residential offering, featuring a collection of oversized apartments, with premium three-bedroom residences offering sweeping northern views stretching from Surfers Paradise through to Burleigh Heads.

[smartcode_project_cta:default project_id=108274]

Joel Robinson

NAB funds $1 billion Surfers Paradise apartment development, Palmera

Two years after completing one of the newest developments in North Sydney, developer <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a> is turning its attention to the rapidly evolving St Leonards apartment market.

The developer, which completed AURA by Aqualand on North Sydney's Walker Street, has lodged plans for a 5,918 sqm site at <a href="https://www.apartments.com.au/new-apartments/33-37-herbert-street-st-leonards-nsw-2065">33-37 Herbert Street, St Leonards,</a> seeking approval for a pair of residential towers rising above a shared podium opposite Royal North Shore Hospital.

The proposal forms part of the broader transformation underway across the St Leonards-Crows Nest precinct, where former industrial and commercial sites are increasingly being redeveloped into high-density mixed-use projects tied to major transport infrastructure.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="2cc428cf-fe70-4cac-9cd5-264ad53af62c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.56%E2%80%AFAM.png?VersionId=otKSnHtbjAvAddOnovyXQMgcAwE6DMe1" />

According to the planning documents, the site sits “within the St Leonards–Crows Nest Strategic Centre, identified by the NSW Government as a key area for accommodating future jobs and housing across Sydney.”

The proposal has been designed by fjcstudio, formerly FJMT Studio, and is being progressed through the State Significant Development pathway due to its scale and affordable housing provision.

The scheme would comprise 413 apartments, including 46 affordable housing units, alongside retail and commercial uses fronting Herbert Street. The project would also include communal open space, landscaping, a swimming pool, gymnasium, children’s play areas and podium-level resident amenities.

Planning documents show the development would consist of a part-13, part-39 storey tower form positioned above a four-storey podium.

“The development comprises a unified podium that activates the street interface, and two setback towers to accommodate new housing supply while maintaining an appropriate human scale at ground level,” fjcstudio noted in its Design Report.

The northern and southern towers have been shaped to respond to the surrounding skyline while also limiting overshadowing impacts to nearby public open space, particularly Talus Reserve.

The design report said the differing tower heights were intended to “contribute to a varied skyline while responding to the surrounding built form context and solar access considerations.”

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="36da62dc-ff9e-41f2-a7e3-7be38373751c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.45%E2%80%AFAM_0.png?VersionId=Mo6Rp2r.XRLTzIfg_PEEpw8NepDH8UBs" />

The site sits directly opposite Royal North Shore Hospital and within walking distance of both St Leonards Station and the new Crows Nest Metro station.

While the site itself sits just outside the formal Crows Nest Transport Oriented Development boundary, the planning documents repeatedly reference its alignment with the broader TOD objectives reshaping the Lower North Shore.

“The site is located adjacent to St Leonards Station and in close proximity to Crows Nest Metro which is within the Crows Nest Transit Orientated Development Accelerated Precinct which has been identified by the NSW Government to support housing delivery,” the Design Verification Statement noted.

According to fjcstudio, the project has been designed to respond to the broader transition occurring across St Leonards, where increasing residential density is being concentrated around transport infrastructure and employment hubs.

“The broader precinct is undergoing significant change, with a mix of existing mid-rise buildings and newer high-density developments,” the report stated.

“Recent and approved projects indicate a consistent shift toward taller built form, typically organised as tower-and-podium typologies with more active ground levels.”

The proposal includes close to 6,000 sqm of retail and commercial space across the ground floor and podium levels, designed to create a more activated street edge along Herbert Street.

Aqualand’s plans would also introduce a landscaped podium shared between the two towers, with communal open space in the form of a podium rooftop designed to support resident interaction and improve urban greening outcomes. The scheme would also introduce pocket parks at the northern and southern ends of the site, including a landscaped area at the corner of Herbert and Ella streets designed to improve pedestrian amenity and soften the streetscape.

&nbsp;

The proposal is being progressed through the NSW Government’s Housing Delivery Authority pathway, which was introduced to accelerate housing supply across the state. The application was declared State Significant Development in April 2025 following an expression of interest process.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="faf6d97d-2671-454f-b85a-fe1c6a7be608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.49%E2%80%AFAM.png?VersionId=diVd28OBVr5.YV.7prrOz.uAanwwwm7a" />

St Leonards has been particularly active with new developments in recent weeks. Developer SP Setia’s <a href="https://www.apartments.com.au/news/nsw/first-look-sp-setia-targets-st-leonards-skyline-with-40-storey-tod-tower">plans for a new 42-storey tower</a> recently went on exhibition through the same pathway, while <a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">Stockland’s 52-storey tower proposal</a> was also recently unveiled.

Aside from the St Leonards project, which is expected to take around nine months to move through the approvals process ahead of a potential 2027 launch, Aqualand is also preparing to launch Boronia, a new apartment project in Roseville comprising around 111 apartments on Larkin Street.

The developer also has approvals in place for the next stage of the Barangaroo precinct, which will feature new residential, retail, hospitality and community uses, alongside a new metro entry across the five-hectare site.

More than 50 new retail destinations are planned for Central Barangaroo, alongside a 270-metre-long boulevard connecting Hickson Park to Nawi Cove. Together with Harbour Park, more than 50 per cent of the precinct will comprise public open space and parkland.

First look: Aqualand joins St Leonards apartment party

<section data-scroll-anchor="false" data-testid="conversation-turn-5" data-turn="user" data-turn-id="e65dbe94-e3b6-47f7-b62a-9cbb30c9bf79" data-turn-id-container="e65dbe94-e3b6-47f7-b62a-9cbb30c9bf79" dir="auto">Time &amp; Place’s plans to transform the former David Jones factory building in Surry Hills into a mixed-use residential precinct have gone on exhibition through the NSW Government’s In-fill Affordable Housing pathway.</section>

<section data-scroll-anchor="false" data-testid="conversation-turn-6" data-turn="assistant" data-turn-id="request-WEB:f4d533b7-64a5-413d-86fd-5c99649c2b73-2" data-turn-id-container="request-WEB:f4d533b7-64a5-413d-86fd-5c99649c2b73-2" dir="auto">
The Marlborough House proposal, lodged for the <a href="https://www.apartments.com.au/new-apartments/marlborough-house-47-97-marlborough-street-surry-hills-nsw-2010">47-97 Marlborough Street</a> site, would see the adaptive reuse of the heritage-listed warehouse building alongside the construction of new residential additions and a separate apartment building on the northern portion of the site.

The proposal seeks approval for 172 apartments across three buildings, including 15 per cent affordable housing managed by a community housing provider for at least 15 years from occupation.

<img alt="Marlborough" data-entity-type="file" data-entity-uuid="5d1d3c2a-bf13-47d6-a335-7c01102cdee1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.36%E2%80%AFAM.png?VersionId=cjMYrbR.BLUlWH4dar0RVDDo0bG.u2YT" />

Interior view from the Northern Building Penthouse overlooking the park

&nbsp;

The redevelopment is planned for the prominent 3,413 sqm site bounded by Marlborough Street, Goodlet Street and Lansdowne Street, directly opposite Eddie Ward Park and around 200 metres from the Surry Hills light rail stop.

Time &amp; Place acquired the former David Jones building in 2024, marking the first time the property had changed hands in around 50 years.

Designed by Wardle, the proposal centres around the adaptive reuse of the former David Jones factory, originally constructed between 1913 and 1935 in the Inter-War Chicagoesque architectural style.

Wardle noted in its Architectural Design Report that the building “occupies a significant place in the industrial and cultural history of Surry Hills” and at its peak was “the largest department store manufacturing facility in Australia, employing over 800 people and fuelling the growth of Sydney’s fashion and retail industries.”

The practice said the project positions itself “not as an isolated intervention, but as a contributor to the civic, social, and architectural grain of the precinct.”

The proposal would deliver 75 apartments within the retained southern heritage building, 59 apartments within the central addition, and a further 38 apartments within the new northern building fronting Lansdowne Street.

Planning documents show the scheme would comprise a mix of heritage apartments, new-build apartments, townhouses and penthouses.

<img alt="Marlborough" data-entity-type="file" data-entity-uuid="57758518-40a3-4b83-958c-d06e96a2cffa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.42%E2%80%AFAM.png?VersionId=VerlX9ST5xgBi8.1_YRsqdWTJeT6ygjs" />Interior View of the Heritage Building Apartment

The development would also include a ground-floor retail tenancy on the corner of Marlborough and Lansdowne streets, rooftop communal open space, a landscaped pedestrian link along the western edge of the site, and basement parking accessed from Lansdowne Street via a car stacker system.

&nbsp;

The scheme emerged from a competitive design process run by Urbis, with Wardle ultimately selected as the winning architect ahead of FJC Studio, TZG, Architectus and Wilkinson Eyre.

The Design Integrity Panel later described several aspects of the Wardle scheme as fundamental to the project, including “the stepped character of the new addition to the north of the site”, the landscaped western pedestrian link, and the “garden arrival” experience separating the original Marlborough House from the heritage addition.

Wardle’s design heavily references the site’s industrial and heritage history, while also responding to the surrounding Surry Hills streetscape.

The Architectural Design Report describes Surry Hills as “a finely grained neighbourhood with beautiful and expressive brickworks throughout the suburb,” with the proposal introducing a material palette intended to sit comfortably alongside the existing warehouse fabric and neighbouring terraces.

The report also outlines the project’s relationship with Eddie Ward Park and the broader landscape context of the area.

“Marlborough House occupies a site of deep cultural memory and the neighbouring Eddie Ward Park is of local ecological significance, where natural systems, topography, and stories have long shaped human experience,” Wardle noted in the report.

The architects said the proposal sought to “rebind built form to Country” through landscape, materiality and the adaptive reuse of the heritage structure.

<img alt="Marlborough House" data-entity-type="file" data-entity-uuid="9ae3f2f9-c85f-477a-a6f8-b43f6cb97c41" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.53%E2%80%AFAM.png?VersionId=B.qUCLqRvJOR.n9CvYcTpaknIX9LuqKZ" />

The project is also being progressed under the NSW Government’s in-fill affordable housing provisions, allowing developments that include affordable housing to access additional height and floor space incentives.

Under the plans, 2,593 sqm of the project’s floor space would be dedicated to affordable housing, slightly exceeding the required 15 per cent threshold.

In its Design Excellence Strategy, Urbis said the project aimed to “sensitively adapt and enhance the heritage-listed building on site through alterations and additions that preserve its historical significance” while delivering “high-quality market and infill affordable housing development in Surry Hills.”

Time &amp; Place has been one of the most active developers nationally in the last 12 to 24 months. Late last year they completed&nbsp;The Queensbridge in&nbsp;<a href="https://www.apartments.com.au/developments/southbank-vic-3006">Southbank</a>, a mixed-use tower with 353 apartments and a hotel. They are currently selling Park Modern, 246 apartments near the famous Botanic Gardens in&nbsp;<a href="https://www.apartments.com.au/developments/south-melbourne-vic-3205">South Melbourne</a>, and have future projects, <a href="https://www.apartments.com.au/new-apartments/the-wilmot-173-burke-road-28-hope-street-glen-iris-vic-3146">The Wilmot</a>&nbsp;in&nbsp;<a href="https://www.apartments.com.au/new-apartments/glen-iris-vic-3146">Glen Iris</a>, the redevelopment of the Northcote Plaza, and another tower in South Melbourne.

The developer broke into Sydney just a few years ago with Two Tides in Manly. They have another project nearby, which is at the ultra-luxury end of the market on&nbsp;<a href="https://www.apartments.com.au/buildings/shoreline-manly-beach-89-90-north-steyne-manly">North Steyne</a>, fronting the beach.

It is also continuing to work through the <a href="https://www.apartments.com.au/news/nsw/first-look-time-place-settles-on-design-for-the-chimes-potts-point-redevelopment">redevelopment of The Chimes building</a> on Macleay Street in&nbsp;<a href="https://www.apartments.com.au/developments/potts-point-nsw-2011">Potts Point</a>, as well as a project on <a href="https://www.apartments.com.au/news/nsw/time-place-to-take-on-mosman-apartment-market">Mosman's Redan Street</a>.
</section>

First look: Time & Place unveils Marlborough House redevelopment designs for former David Jones warehouse in Surry Hills

The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.

Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.

The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.

The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.

Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.

The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.

The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.

Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.

Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.

The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.

Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.

Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.

Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

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>

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

Auctions

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Melbourne's strengthening auction market is now consistently nudging 80%, the strongest rally for five years.
The REIV advised a 79% success rate on the April 18 weekend, matching the 79% pre-Easter weekend clearance rate.
It compared to 75 per cent last weekend, Enzo Raimondo, the REIV chief advised, having had an initial 78% advisory.
The year-to-date Victoria wide clearance rate sits at around 77%.
Melbourne's auctions finished 2014 and started 2015 in the 60s, so has enjoyed the biggest fillip of the capital city markets since the February RBA are cut.
<a href="/expert-insights/buying/melbourne-auction-spike-on-back-of-february-rate-cut-westpacs-matthew-hassan">It was noted recently</a> by the Westpac senior economist Matthew Hassan.
There were 1060 auctions reported to the REIV with the highest sale (below) in Surrey Hills.
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<div id="link-photo"><img src="https://images.realestateview.com.au/pics/610/44-Suffolk-Road-Surrey-Hills-VIC-3127-Real-Estate-photo-1-large-8539610.jpg" alt="44 Suffolk Road Surrey Hills VIC 3127 Real Estate Photo 1" title="44 Suffolk Road Surrey Hills VIC 3127 House - Photo 1"></div>
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The four bedroom Edwardian era home on 1089 square metres was sold by <a href="https://www.realestateview.com.au/Real-Estate/44-suffolk-road-surrey-hills/Property-Details-buy-residential-8539610" target="_blank">Tim Heavyside at Fletchers</a>.
There were pricier offerings that failed to sell including the contemporary 4 First Point, Port Melbourne (below) townhouse which was passed in at $5.25 million.
<img src="https://i1.au.reastatic.net/456x342/f97aba401b197f5a9d09596902ee7b8ba6ba53836c70f7575f3db108236ff79a/main.jpg" alt="4 First Point, Port Melbourne" title="4 First Point, Port Melbourne" data-index="0">
Also the bungalow at 8 Normandy Road, Elwood was passed in at $3.55 million and a contemporary house in Leigh Bailey gardens at 50 Wentworth Avenue, Canterbury was passed in at $3.5 million.
There was an $813,000 median house price and a $590,000 median apartment price at weekend auction.
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TOP 5 HOUSES 
1. 44 Suffolk Road, Surrey Hills $3,370,000 2. 15 Kildare Street, Hawthorn East $2,800,000 3. 37 Medina Road, Glen Waverley $2,486,000 4. 63 Rushall Crescent, Fitzroy North $2,250,000 5. 3 Westfield Drive, Doncaster $2,225,000 
TOP 5 BARGAIN HOUSES 
1. 8/29 Eldridge Street, Footscray $263,000 2. 5/14 Kelvinside Road, Noble Park $268,000 3. 76 Macedon Street, Sunbury $270,000 4. 15 Kynoch Street, Deer Park $300,000 5. 21 Highbury Circuit, Craigieburn $307,000
TOP 5 APARTMENTS 
1. 400 Beach Road, Beaumaris $2,830,000 2. 4/32 Walmer Street, Kew $1,890,000 3. 157 Were Street, Brighton $1,525,000 4. 9 Fourth Street, Black Rock $1,513,000 5. 1/3 Rangeview Grove, Balwyn North $1,510,000 
TOP 5 BARGAIN APARTMENTS 
1. 25/31 Smith Street, St Kilda $143,000 2. 7/10 Heather Avenue, Brooklyn $245,000 3. 14/441 Brunswick Road, Brunswick West $258,000 4. 11/158 Napier Street, Essendon $280,000 5. 23/470 Punt Road, South Yarra $280,000
 
Source <a href="https://www.reiv.com.au/Property-Research" target="_blank">REIV</a> 
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jchancellor-FAypfDUnLy

Strongest Melbourne Saturday auction rally since 2010 - consistently nudging 80%

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

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Brother and sister fashion label Alpha60 designer Alex and Georgie Cleary have listed their Northcote abode, the three-bedroom Westgarth Hall.
<a href="https://www.realestateview.com.au/Real-Estate/98-union-street-northcote/Property-Details-buy-residential-8658560" target="_blank">Nelson Alexander</a> agent Arch Staver is expecting more than $2 million at its 16 May auction.
The former community hall at 98 Union Street is an open-plan home created after being bought for $945,000 in 2009.
Alpha60, which has boutiques in Melbourne, Sydney and Perth, is celebrating its 10th anniversary this year, known for bending the rules of classic wardrobe pieces, playing with androgyny. 
The Westgarth village home is entered via imposing double doors, a huge Chuck Close portrait visible on entrance.
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Alpha60 brother and sister duo list in Westgarth village

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By the end of last year, 59 Melbourne suburbs had median house prices of more than $1 million, in particular, suburbs in inner and middle Melbourne, notes Enzo Raimondo, the chief executive of the Real Estate Institute of Victoria.
"Three suburbs – Northcote, Richmond and Strathmore - had million-dollar medians for the first time in the December quarter," said Raimondo.
"Flinders, benefiting from the opening of the Peninsula Link, also joined the list."
The sales have gained momentum into 2015, with <a href="https://www.realestateview.com.au/Real-Estate/10-dally-street-northcote/Property-Details-sold-residential-8520088" target="_blank">Northcote's most recent sale reported on realestateview.com.au last weekend at $1.01 million</a> (pictured above).
But how many buyers are actually paying more than $1 million for our homes?
In the three months to the end of December last year there were 15,127 house sales across Victoria, with 2769 of those at or above $1 million, he said.
That represents 18% of sales.
In dollar terms their total value was $4.4 billion - around 40% - of the $10.7 billion worth of property sold.
"It’s no great surprise that most of these were in Melbourne’s sought-after inner suburbs, close to infrastructure such as public transport and to the CBD, where the most million-dollar suburbs are located," said Raimondo.
"There were 4,572 sales during those three months in the inner suburbs and more than a quarter of them – 1,433 – were for $1 million or more.
<a href="https://www.reiv.com.au/Property-Research/Median-Prices/Million-dollar-suburbs" target="_blank">The 59 suburbs</a>.
"It is also not surprising that most of these million-dollar sales were auctions sales – after all, Melbourne’s inner and middle suburbs have given rise to its reputation as Australia’s auction capital, while auctions in outer suburbs and regional Victoria have gained popularity more recently.
"While just over a quarter of all sales in inner Melbourne were private sales, only 274 of the one million-dollar-plus sales were private sales."
He said in the middle ring suburbs – that is, those between 10 km and 20 km from the centre of the city – there were 5199 transactions with more than one fifth of them, 1081, for $1 million or more.
Melbourne’s outer suburbs - often thought of as comprising mostly affordable homes - had 226 sales worth more than $1 million in the December quarter with 29 such sales in regional Victoria.
"So far this year Victorians have spent $5,799 million buying homes – with about $2,430 million, or a bit less than half of that total – on million-dollar-plus homes," he concluded.
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Melbourne $1 million plus buyers' club secure 18% of sales

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GUEST OBSERVATION
This week, CoreLogic RP Data is currently tracking 2,936 auctions across Australia, with 2,296 scheduled in the capital cities. 
The coming week of auction activity will bring auction volumes back into line with where they were sitting prior to the seasonal Easter slow-down. At the same time last year, only 642 capital city auctions were held, given the seasonal effect from Easter.
The final auction clearance rate for last week confirms that Sydney’s auction market is not showing any signs of slowing down; with last week signifying the 9th week in a row in which the Sydney auction clearance rate remained above the 80% mark. 
The consistently high rate of clearance highlights that there is increasingly more incentive for Sydney vendors to consider selling their home by auction. The last time an auction market was recording results this strong was towards the end of 2009 and the start of 2010, when Melbourne’s clearance rate was trending above the 80% mark.
At this time, however, the number of auctions being held across the city was lower than what is currently being experienced across Sydney.
Melbourne is set to host 1,145 auctions this week, an increase from 716 last week. Melbourne’s final auction clearance rate was recorded at 77.6% last week, strengthening when compared to the 76.2% clearance rate recorded over the first quarter of 2015.
Last week, 671 Sydney auctions were held with a final auction clearance rate of 83.4%. This week, 845 Sydney auctions are expected. The number of auctions have not returned to the volumes seen in the lead up to Easter, however, the clearance rate is maintaining strength with no signs of slowing down.
Brisbane is expecting 119 auctions this week, almost unchanged when compared to the 117 auctions held last week. Brisbane’s final auction clearance rate was recorded at 54.4% last week, a strong result for the city. Over the March 2015 quarter, Brisbane’s auction clearance rate was recorded at 46.5%, having improved from 44.3% over the final three months of last year.
This week, Adelaide has 85 auctions scheduled, up only slightly from 83 last week. While Adelaide recorded a strong preliminary auction clearance rate this week, as additional results were reported the clearance rate revised down to 68.6%, which is trending in line with what was observed over the few weeks leading up to the Easter slow down.
Canberra has 56 auctions scheduled this week, compared to 53 last week, when a final clearance rate of 72.7% was recorded.
There are 32 Perth auctions scheduled for this week, up from 24 last week. Over the same week last year, Easter brought the volume of Perth auctions down to virtually nothing, with just 3 homes taken to auction over the seven day period.
Nationally, the two suburbs with the most auctions scheduled this week are both located in Melbourne. The neighboring suburbs of Glen Waverley and Mount Waverley each have 17 auctions scheduled to take place on Saturday.
Shana Miller is a research analyst at <a href="https://www.myrp.com.au/" target="_blank" rel="nofollow">RP Data</a>.
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smiller-vwPjRHTkST

Auction volumes to rise in Sydney, Melbourne and Perth: Shana Miller

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A house in Connells Point designed by architect Erik Rudolfosson has sold for $3.1 million.
The five bedroom, two bathroom contemporary home at <a href="https://www.realestate.com.au/property-house-nsw-connells+point-119302039" target="_blank">5 Loch Maree Crescent in Connells Point</a> sits on a 973 square metre plot. It includes two master bedrooms, both with en suites, and a three car garage.
Sitedesign Studios designed the gardens. The home overlooks the waterfront reserve at Donnelly Park, which has a boatramp, jetty and slipway.
Sasha Tasic and Greg Tsaprazis of Lang+Simmons St George secured the sale. The vendors paid $430,000 for the site in February 1996.
{qtube vid:=MqSTQ1xg2NQ}
The $3.1 million sale put the property in equal second place on CoreLogic RP Data's top 10 sales of the week.
The 10 most expensive sales of the week ending 12 April, according to CoreLogic RP Data:
<ol>
<li>
31 Ocean View Road, Freshwater, NSW 3 bed, 2 bath, 2 car house $3,150,000 Clarke &amp; Humel Property, Manly 
</li>
<li>
3 Edwin Road, Templestowe, Vic 5 bed, 3 bath, 3 car house $3,100,000 Jellis Craig Real Estate &amp; Vendor Advocacy Australia 
</li>
<li>
5 Loch Maree Crescent, Connells Point, NSW 5 bed, 3 bath, 3 car house $3,100,000 Laing + Simmons St George 
</li>
<li>
5a Fortescue Street, Chiswick, NSW 4 bed, 3 bath, 2 car house $3,050,000 Mac Lee Realty 
</li>
<li>
76 Pellisier Road, Putney, NSW 2 bed, 1 bath, 1 car house $2,825,000 Ray White Gladesville/Ryde 
</li>
<li>
2505/26 Southgate Avenue, Southbank, VIc 3 bed, 2 bath, 2 car unit $2,800,000 Lucas Real Estate Docklands 
</li>
<li>
32 Spencer Road, Mosman, NSW 4 bed, 2 bath, 2 car house $2,600,000 Prestige Home Sales Crows Nest 
</li>
<li>
16 Dangar Street, Randwick, NSW 4 bed, 2 bath, 2 car house $2,600,000 Phillps Pantzer Donnelley Real Estate 
</li>
<li>
1/39 Mona Road, Darling Point, NSW 3 bed, 2 bath, 2 car unit $2,500,000 Di Jones Real Estate Woollahra 
</li>
<li>
3/45 Wharf Road, Birchgrove, NSW 3 bed, 2 bath, 1 car unit $2,310,000 Cobden &amp; Hayson Balmain</li>
</ol>
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jrichardson-uRX5hFdKfN

Erik Rudolfosson-designed Connells Point home sells for $3.1 million

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The RBA’s February interest rate cut had given the most apparent boost to the Melbourne auction market, according to Westpac senior economist Matthew Hassan.
"Perhaps the most notable development since the start of the year though is the rise in Melbourne clearance rates," he said today.
"These were notably more subdued in 2014, both compared to Sydney and to previous peaks in 2009-10 and 2007. 
"However, they have surged 7-9ppts since Feb to be within striking distance of those previous peaks.
<img src="/images/2015/04/14/westpac-april-14-one.jpg" alt="">
"This suggests the RBA’s Feb rate cut has given a material boost to activity that should be most apparent in the Melbourne market where price growth had been travelling at a more subdued 5% annual pace compared to double digit growth in Sydney."
Matthew Hassan noted his belief that weekly auction market indicators are easily the most timely housing market data available, preceding most other measures by a good four to five weeks.
<img src="/images/2015/04/14/westpac-april-14-two.jpg" alt="">
 
He added caution must be applied in their interpretation especially as coverage issues mean auctions are only valid gauges for the Sydney and Melbourne markets and even then are skewed to particular parts. 
He suggested clearance rates also exhibit clear seasonality that must be adjusted for to provide a cleaner read of conditions.
<img src="/images/2015/04/14/westpac-april-14-three.jpg" alt="">
He highlight whereas seasonality was flattering clearance rates with 1½-3½ppt boosts in Feb and Mar, this effect has dropped back to about ½ppt in April;
"Seasonally adjusted clearance rates are unambiguously strong with April on track for a record high in Sydney."
<img src="/images/2015/04/14/westpac-april-14-four.jpg" alt="">
He added that conditions appear to be weakening more rapidly in markets not well covered by auction statistics.
<img src="/images/2015/04/14/westpac-april-14-five.jpg" alt="">
 
"Annual price growth has stalled flat in Perth and slipped to just 2.5% in Brisbane. 
"Auctions account for less than 3% of transactions in these cities. 
"As such conditions on a national ‘average’ basis have likely improved by much less than the rise in Sydney and Melbourne clearance rates indicates."
<img src="/images/2015/04/14/westpac-april-14-six.jpg" alt="">
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Melbourne auction spike on back of February rate cut: Westpac's Matthew Hassan

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The record-breaking Sydney weekend auction streak resumed after the Easter holidays with an initial 86.8% clearance rate reported this weekend. Melbourne auctions remained strong, recording a clearance rate in the high 70s.
Sometimes the Easter break triggers a change in energy, sometime upwards, sometimes downwards (as it did in 2014), but not this year in the major auction cities which have been both having schools holidays.
There were 525 Sydney auctions listed this weekend with another rise in numbers scheduled next weekend, before a pause in activity <a href="/expert-insights/buying/agents-ensure-anzac-day-auction-slim-pickings">for the centenary of the Anzac </a>landings at Gallipoli.
Abbotsford secured the top sale at $5,215,000, while there were nine auctions at Neutral Bay  followed by St Ives, Ryde and Wahroonga each with seven offerings, according to Australian Property Monitors.
These had been a record initial 87.5% election day auction success rate on the pre-Easter 28 March weekend as Sydney’s supercharged housing market hit eight weeks above 80%. The revised figure was 83.7%. The Easter weekend had just the 34 offerings.
There was a strong $1.28 million McGrath auction sale (below) of a Toongabbie development offering.
<img src="https://i3.au.reastatic.net/800x600/95b0ba13455400e6d1c3ec87240c68586b9973e93f35186015651ac9415b2624/main.jpg" alt="43 Cornelia Road, Toongabbie" title="43 Cornelia Road, Toongabbie" data-index="0">
The 1,552 square metre approved two lot Toongbabbie subdivision with existing three bedroom cottage had been marketed at $990,000 plus expectations.
The Abbotsford top seller had been held by the same family for six decades on the shores of the Hen and Chicken Bay. 
Selling agent Fayez Yammine of Devine Real Estate said the past record was set in February with a sale on St Albans Street at $4.9 million, well up on the suburb's CoreLogic RP Data $1.46 million median house price.
Melbourne had a 78% weekend success rate among the initial 540 REIV results.
The REIV was expecting about 670 auctions in 252 suburbs on the 11 April weekend across Melbourne.
The top Melbourne auction locations were Reservoir (11 auctions) and Mount Waverley (10 auctions), followed by Carnegie and South Yarra with seven auctions in each.
There were just the 44 auctions, mostly coastal, on the Easter weekend in Victoria.
On the busy 28 March pre-Easter weekend there was a Melbourne clearance rate of 79% on the initial 1,291 auctions reported to the REIV.
Auctions included a three-level warehouse residential conversion at 118 Victoria Street, Brunswick East, (top above) that been listed with adjusted expectations above $875,000. It fetched $917,500.
The open-air home comes with two bedrooms, industrial concrete floors, trussed ceilings, and infinity edge pool.
<a href="https://www.jelliscraig.com.au/property-details-118-Victoria-Street-Brunswick-East/218699#.VRMrFDpMIzU" target="_blank">Jellis Craig agent Craig Shearn</a> had the scheduled auction.
It last sold at $614,000 in 2006 when Craig Shearn was quoting $500,000 to $550,000.
It had been the Youngs Motor Product premises.
The REIV reported the top sale was in Middle Park. <a href="https://www.realestateview.com.au/Real-Estate/162-page-street-middle-park/Property-Details-buy-residential-8528338" target="_blank">Realestateview</a> indicates it was a 1915 single fronted terrace sold through Marshall White agents Oliver Bruce and Michael Paproth.
Top 5 Houses
162 Page St MIDDLE PARK $3,375,000 3 Edwin Rd TEMPLESTOWE $3,100,000 1 Nerolie Ct WANTIRNA SOUTH $2,210,000 259 Bridport ALBERT PARK $2,022,000 1/96 Campbell Rd HAWTHORN EAST $1,915,000
<div class="pd-content-line">Top 5 Bargain Houses</div>
3 Fuchsia Ct NEWCOMB $235,000 70 Cox Rd CORIO $237,000 19 Mortlake Av DALLAS $283,500 43 Filipi Dr ST ALBANS PARK $314,000 25 Wynnette Ct EPPING $325,000
Top 5 Flats/Apartments
23/156 Rose St FITZROY $1,400,000 80A Marriage Rd BRIGHTON EAST $1,175,000 1/8 Loddon St BOX HILL NORTH $1,170,000 33 Lilly St CLIFTON HILL $1,115,000 2/65 Park La MOUNT WAVERLEY $1,000,000
Top 5 Bargain Flats/Apartments
1/38 Balliang St SOUTH GEELONG $195,000 18/54 Balston St BALACLAVA $270,000 3/54 Cunningham St NORTHCOTE $290,000 21/81 Edinburgh St RICHMOND $300,500 6/5 Redan St ST KILDA $326,000
<a href="/news">Source: REIV </a>
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Only the slightest dip as Sydney and Melbourne auctions resume with energy after Easter

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When Anzac Day falls on a Saturday – as it does this centennial year – the law restricts auctions as only permitted in the afternoon.
For many the respect dictates auctions are avoided all together.
But Property Observer has spotted quite a few listings, and indeed APM research analyst Neil Tan confirmed to Property Observer there were 51 scheduled for Sydney and 81 in Melbourne on the Anzac Day weekend.
At Killara, <a href="https://www.realestateview.com.au/Real-Estate/20-garnet-crescent-killara/Property-Details-buy-residential-8526754" target="_blank">20 Garnet Crescent </a>(pictured above) has been listed for 3pm auction through Chadwick's agent Sophie Su.
The typical industry wide practice is to avoid having Anzac Day auctions.
There are therefore some 700 plus auctions scheduled for 18 April in Sydney and 1,000 plus in Melbourne, according to Australian Property Monitors.
With not many auctions booked for the Anzac Day weekend, "the weekend before and after are heavily booked", said Rocky Bartolotto from Auction Services.
Cooley Auctions also noted the trend.
The Cooley Index for March 2015 saw the clearance rate remain in the 80s for the first three months of the year.
Cooley Auctions conducted 615 auctions across the company and the traditional pre-Easter rush delivered an influx with 300 auctions conducted in the last week of the month.
There was a $1.13 million average sale price, auctioneer Damien Cooley said.
{mijopolls 104}
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Agents ensure Anzac Day auction slim pickings 

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There was 20% annual growth achieved on a recent Sylvania Waters flip.
<a href="https://www.mcgrath.com.au/buy/house-sylvania-waters-nsw-2224/250586/?searchID=48403317" target="_blank">The house</a> sold at auction for $1,441,000 after an update. 
<img src="/images/2015/04/07/sylvania%20waters%20april%207%20two.jpg" alt="">
This was the house in <a href="https://www.mcgrath.com.au/buy/house-sylvania-waters-nsw-2224/221941/?searchID=48403317" target="_blank">April last year</a> sold at $1.2 million.
The place had been spruced up during the unintended quick flip.
Bidding on 9 Roper Crescent opened at $1.1 million.
<img src="/images/2015/04/07/sylvania%20waters%20april%207%20three.jpg" alt="">
It was signalled as on the market at $1,436 million.
There were four bidders, but just two for the last $200,000 or so.
<img src="/images/2015/04/07/sylvania%20waters%20april%207%20four.jpg" alt="">
David Greig at McGrath Sylvania Waters told Property Observer that there were six registered parties on the four bedroom, two bathroom house.
There was $1.2 million plus price guidance on the part two storey house with rear oasis-like swimming pool with Travertine and palm surrounds.
Sylvania Waters is the suburb where the governor of the Reserve Bank Glenn Stevens resides.
The governor, too, owns a non-waterfront property; it's a two-storey house on 657 square metres which was bought in 1993 for $312,500.
Given price growth and renovations over the past 16 years, he could also recoup over $1 million.
"My house is not a fibro house, but it is a piece of spec rubbish built in the 1970s, and in many respects it shows that," Stevens told a 2007 House of Representatives hearing.
Back in the 1950s, Gwawley Bay oyster farmers sold out to the developer Jim Goyen, who constructed the suburb on land reclaimed from the Georges River.
After installing an eight-kilometre concrete retaining wall, more than 2 million cubic metres of shell-strewn sand was dredged during the 1 million pound infrastructure scheme.
The local council approved the development, with privately owned waterways, after sending the shire engineer to Florida Keys in the US to see how it could be done.
Property Observer noted there are diminishing numbers of original buyers remaining in the 50 year old houses, but some turned up to the recent auction.
The suburb's record was set at $4.6 million in 2004. The six bedroom, six bathroom house in the governor's street is on an unusually large 1,290 square-metre block on the open waters. 
There was one residence aiming for a waterfront record with $4.8 million expectations. The two-storey James Cook Island residence featured as Lois Lane's home in the 2006 movie Superman Returns. But it sold at $3.55 million in 2013, after four years on the market, unable to withstand the kriptonite effect of the global financial crisis.
It is among the last seven sales above $3 million that have all gone to buyers of Chinese descent since 2010.
Loss-taking was the norm on the waterfront after the global financial crisis. Four 2009 sales reflected losses between 6% and 25% on their purchase price. 
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