&nbsp;

Developer GURNER™ Group has revealed $1.65 billion in residential sales nationally across the 12 months to December 2025, driven largely by the continued momentum of its Docklands wellness-focused precinct, Elysium Fields.

The sales result was generated across seven projects in Victoria and New South Wales, headlined by Elysium Fields, GURNER™’s $2.75 billion mixed-use precinct planned for Harbour Esplanade in Docklands.

The project has recorded more than $500 million in sales across the first three towers, equating to around 580 apartments sold.

The first tower, Helios, has now sold out of its 240 private residences, with GURNER™ preparing to release a premium penthouse collection comprising 15 three-bedroom penthouses in coming weeks.

[smartcode_project:default project_id=144441 project_image_fid=370975]

Elysium Fields is being developed on the long-held 20,000 sqm Docklands site at 208-226 Harbour Esplanade, which had remained undeveloped for more than two decades prior to GURNER™ taking over the project around four years ago.

Construction has now commenced across four towers ranging between 18 and 30 storeys, with Hamilton Marino and Maxcon appointed as builders.

Once complete, the precinct is expected to comprise around 1,100 residences, alongside retail, hospitality and public realm uses integrated throughout the site.

[smartcode_project:default project_id=144441 project_image_fid=370981]

Designed by Fraser &amp; Partners in collaboration with GURNER™ Design House, the project has been positioned around the developer’s broader focus on wellness-led residential living.

“We don’t sell apartments. We create a true luxury lifestyle that simply doesn’t exist elsewhere in the market today,” Founder and Executive Chairman Tim Gurner said.

“To deliver that requires an extraordinary level of detail, coordination and discipline across multiple verticals, from design and hospitality through to wellness and service.”

“We’ve always believed that living extends far beyond the physical residence. It’s about how you feel the moment you arrive, how you live day-to-day, and the ecosystem that supports that.” 
[smartcode_project:default project_id=144441 project_image_fid=370977]

The project’s design places a heavy focus on landscaping, wellness amenities and biophilic design principles.

Plans include around 3,700 sqm of landscaped gardens and open space throughout the precinct, alongside a retail and dining offering spanning approximately 5,000 sqm.

The broader public realm strategy centres around what GURNER™ describes as the “Path of Life”, an urban forest and landscaped pedestrian environment intended to connect the various buildings and wellness spaces across the precinct.

The apartments themselves will incorporate a range of wellness-focused inclusions, including purified air and water systems, circadian lighting, antimicrobial surfaces, and optional in-home wellness upgrades.

[smartcode_project:default project_id=144441 project_image_fid=370980]

Gurner said the company’s experience through its Saint Haven wellness clubs had directly informed the residential offering now being incorporated into Elysium Fields.

“We’re seeing a clear global shift toward longevity, performance and proactive health,” Gurner said.

“Our role is to deliver that in a way that feels seamless, highly private and beautifully resolved within the environments we create.”

A large component of the wellness offering is planned through the resident amenity and health facilities proposed within the precinct.

That includes plans for bathing and recovery facilities spread throughout the towers, incorporating mineral pools, saunas, steam rooms, flotation therapy, red light therapy and wellness lounges.

The developer is also seeking approvals for what it describes as a “reverse ageing medical clinic” within the precinct.

[smartcode_project:default project_id=144441 project_image_fid=370978]

According to project information released by the group, the proposed facility would include cryotherapy, IV infusion therapy, infrared and dry saunas, PEMF beds, MRIs, DEXA scans, brain scans and blood analysis services.

Within the first tower, Helios, residents will also have access to a dedicated amenity offering known as the Sky Private Club.

The upper 15 levels of the building will include private lounges, dining spaces, rooftop amenities and optional private wellness studios integrated within residences.

The Helios tower itself comprises 260 apartments ranging between 60 sqm and 300 sqm, including a collection of penthouses.

That includes a planned two-storey penthouse spanning around 600 sqm with uninterrupted bay views.

The Elysium Fields precinct is being delivered in partnership with Digital Harbour Holdings, a consortium that includes the Liberman family, which controls the development rights across the Docklands site.

[smartcode_project:default project_id=144441 project_image_fid=370979]

The sales result comes as GURNER™ continues expanding its national development pipeline beyond Victoria.

“We have a strong pipeline across Australia and are now focused on scaling into key markets including New South Wales and Queensland, while continuing to build on our Melbourne base,” Gurner said.

“We currently have more than $3 billion in the market, growing to over $5 billion by October, and expect to materially outperform last year in the 2026 calendar year.”

The result also reflects the continued strength of the upper-end apartment market in Melbourne, particularly for owner-occupier-focused product with large-scale amenity and lifestyle offerings.

[smartcode_project_cta:default project_id=144441]

Record result anchored by the Group’s “utopian” Elysium Fields precinct – defying market headwinds in Docklands.

Joel Robinson

Elysium Fields drive Gurner to $1.65 billion in apartment sales over 2025

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]

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

Auctions

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A three-level townhouse in the former R. M. Crockett &amp; Son cricket bat factory at Seddon failed to sell at weekend Jas Stephens auction.
A $700,000 vendor bid came from auctioneer Branko Lemaic today.
A second vendor bid of $720,000 prompted the the two-bedroom conversion being passed in. 
<a href="https://www.realestateview.com.au/Real-Estate/3-138-charles-street-seddon/Property-Details-buy-residential-8437510" target="_blank">The reserve price</a> has been signalled as $769,000 for 3/138 Charles Street.
In the 1960s the firm of R.M. Crockett &amp; Son came under the control of the Slazenger. 
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<div id="link-photo"><a class="photobox cboxElement" href="https://www.realestateview.com.au/portal/viewphotos?OID=8437510&amp;popup=photos"><img src="https://images.realestateview.com.au/pics/510/3-138-Charles-Street-Seddon-VIC-3011-Real-Estate-photo-1-large-8437510.jpg" alt="3/138 Charles Street Seddon VIC 3011 Real Estate Photo 1" title="3/138 Charles Street Seddon VIC 3011 House - Photo 1"></a></div>
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<div>A Melbourne auction clearance rate of 79 per cent was recorded this weekend compared to 76 per cent last weekend and 69 per cent this weekend last year.</div>
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There were 1291 auctions reported to the REIV today.
 
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jchancellor-FAypfDUnLy

Bumper day, but with no bat or ball players, RM Crockett cricket bat factory residential offering passed in

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Thornbury tied Reservoir as the busiest Melbourne suburb for auctions last weekend, according to CoreLogic RP Data.
Both northern suburbs had 21 auctions scheduled on the weekend of 21 March.
<a href="https://www.realestate.com.au/property-house-vic-thornbury-119173103" target="_blank">99 Hutton Street</a> (pictured above) was one of the homes auctioned in Thornbury last weekend. The Californian style period house sold for $1.15 million through Nelson Alexander's Grant Leonard and Peter Egan.
The three bedroom, one bathroom house has timber flooring throughout and is set on a deep plot, with a garage, shed and cubby house at the back of the property. At $1.15 milion, the home is valued above the suburb's median price of $827,500 (as of February, according to CoreLogic RP Data).
<a href="/news">Thornbury's median price </a>has been gradually increasing since 2011 as the suburb gentrifies. CoreLogic RP Data recorded a 15% growth in Thornbury's median house price over 2014, after 5% growth the year prior.
While Thornbury is largely associated with period cottages, the suburb is increasingly offering renovated or new contemporary homes. <a href="https://www.realestate.com.au/property-house-vic-thornbury-119179815" target="_blank">195 Gooch Street</a> (pictured below) also sold at auction this weekend, for $820,000.
<img src="/images/2015/03/27/thornbury%20mar%2027%20two.jpg" alt="">
The three bedroom, two bathroom contemporary home is brand new, and has open plan living areas with glass doors opening onto a north facing courtyard. Each of the bedrooms has built in robes, and one includes city views. The house sold through Michael Divito and Gino De Iesi of Barry Plant Northcote.
The two bedroom townhouse at <a href="https://www.domain.com.au/property/sold/house/vic/thornbury/?adid=2011800315" target="_blank">6/42 Swift Street in Thornbury</a> (pictured below) sold on Saturday 21 March through Gino De Iesi and Luke Brizzi of Barry Plant Northcote for $567,500.
<img src="/images/2015/03/27/thornbury%20mar%2027%20three.jpg" alt="">
The new residence, one in a block of six, was designed by Cornetta Partners Architects. Another in the block, <a href="https://www.barryplant.com.au/property/208341/1-42-swift-street-thornbury/" target="_blank">1/42 Swift Street</a> (pictured below), is currently listed for sale.
<img src="/images/2015/03/27/thornbury%20mar%2027%20four.jpg" alt="">
CoreLogic RP Data recorded Thornbury's median unit price as $285,000 for February 2015, but the previous month it was at $460,00. The suburb's unit prices were up 3.9% over 2014, after 13.9% growth in 2013.
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jrichardson-uRX5hFdKfN

Thornbury's busy auction weekend

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In 2014 a total of $53.7 billion, over one billion dollars a week, was spent on Melbourne residential real estate.
This is an increase from the $52.9 billion in 2013 and $43.8 billion in 2012, reflecting the overall growth in the market over the last few years. It is worth noting that last year was still slightly below the all time record of $54 billion in 2010.
The citywide changes are also reflected at a suburban level.
Whilst the top 10 Melbourne suburbs ranked by the total spent on residential real estate did not show a lot of change between 2013 and 2014, the amount spent did.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2015/03/Highest-spend-by-suburb-2014.jpg" rel="wp-prettyPhoto[g4422]"><img class="aligncenter wp-image-4423 size-full" src="https://blog.corelogic.com.au/wp-content/uploads/2015/03/Highest-spend-by-suburb-2014.jpg" alt="Highest spend by suburb 2014" width="652" height="282"></a>
Top of the list was Brighton. Last year an average of $2.3 million was spent every day in Brighton property purchases and $378,213 more every day than the previous year.
This pushed the entire value of sales from $700 million to $841 million. Brighton may have a higher value of sales than any other suburb, however the increase was dwarfed by the rises recorded in Melbourne, Glen Waverley, Kew and Toorak.
In 2013 for instance, $1.49 million was spent on units in the suburb of Melbourne and this rose by half a million dollars a day to $2.05 million. This rise is partly due to the increased prices being paid and partly the increased construction.
Glen Waverley recorded the most significant difference.. Over the course of the year $233 million more was spent on houses which in turn pushed the median house price up from $807,000 to $970,000. Neighbouring Mount Waverley also saw a significant rise of $311,747 on a daily basis.
Key points:
<ul>
<li>Over one billion dollars a day was spent of residential real estate last year 
</li>
<li>Brighton recorded the highest spend, $842 million 
</li>
<li>Glen Waverley recorded a $233 million rise</li>
</ul>
WEEKEND AUCTION PREVIEW
There are 1,459 auctions scheduled this week in Melbourne compared to 1,414 for the same time last year. The highest volume of auctions in a single suburb will be found in Reservoir where 29 are expected. There are 26 scheduled in St Kilda and 24 in Brighton.
The compressed autumn auction market, the three weeks between Labour Day and Easter, are delivering excellent results to vendors with clearance rates tracking nearly 10 points above the same time last year while simultaneously showing high volumes.
At the end of last year the market appeared to have a slowing trend but the interest rate cut has clearly reversed that.
Citywide across the private sale market over the past week the time on market results for houses sold at private sale fell to 31 days, down from 32 days in the previous week. Overall vendor discounting contracted to -5.2% from -5.4%.
Key data:
<ul>
<li>Clearance rate week ending 22 March: 77.1% 
</li>
<li>Melbourne auctions expected week ending 29 March: 1,459 
</li>
<li>Melbourne private sales time on market week ending 22 March: 31 days (houses) 
</li>
<li>Melbourne vendor discounting market week ending 22 March: -5.2% (houses) 
</li>
<li>Listings being prepared for market are 11.2% higher in the month ending 22 March (seasonally adjusted)</li>
</ul>
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More than a billion dollars a week spent on Melbourne property in 2014: Robert Larocca

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Much ado has been made of the Narraweena fibro on Sydney's northern beaches, where $1,105,000 was paid for a cottage with an outside toilet.
The News Ltd local paper, The Manly Daily, noted six bidders fought it out to secure a fibro cottage with no inside toilet.
<img src="/images/2015/03/25/headline-mar-25-bre.png" alt="">
Source: Manly Daily
The four-bedroom cottage at 25 Nimbey Avenue (pictured below) also had an original kitchen, backyard laundry and a carport.
<img src="/images/2015/03/25/narraweena%20mar%2025%20one.jpg" alt="">
Set on a level 632 square metre block, the 1940s home sold for $105,000 over reserve.
But Property Observer can do better given 23 Fairmount Street, Dulwich Hill (pictured in the gallery above) set a street record price of $1.5 million - and it too had only an outside toilet.
Forget about any working bathroom and kitchen too.
Carisbrook, the 1890s house, still has an elegance with its picturesque front bay window.
There were three original generous fireplaces. Title Tattle gleans it sold to a fireman, one of the nine bidders at the auction where 25 registered to particpate.
Its porch has tessellated tiles and there were original cedar folding doors divide formal rooms in the three bedroom property. 
The 420 square metre holding is close to the Dulwich Hill Light Rail. "This is one for the discerning eye and the determined restorer/renovator not deterred by the effects of sad neglect of a property unoccupied for 20 years," the selling agent Grisha Podinovsky at Alan Dale Real Estate advised.
Inner west News Ltd columnist Scott Rochfort tweeted the sale price reflected "boom" conditions.
The Dulwich Hill outhouse didn’t work.
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I'll see your Narraweena fibro and raise you 23 Fairmount Street, Dulwich Hill

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A family home designed by architect Michael Suttor has sold for $5.85 million after 24 years of ownership.
The four bedroom house at <a href="https://www.realestate.com.au/property-house-nsw-woollahra-118040975" target="_blank">8 Wallaroy Road, Woollahra</a> sold at auction through Georgia Cleary of Bradfield Cleary Double Bay. The first bidder, who eventually secured the home, placed the opening $5 million bid. The house was declared for sale at $5.65 million.
With an outdoor entertaining area by Annie Wilkes, the double storey home includes multiple formal and informal living areas. Each of the four bedrooms have built in robes, while there is an additional fifth bedroom or library space. The house also includes a wine cellar and a solar heated pool.
CoreLogic RP Data named the home the most expensive to sell in the past week, with the data house not including the sale of <a href="/expert-insights/buying/sandringhams-7-8-million-versace-inspired-trophy-home-tops-sydneys-weekend-auctions">Sandringham's $7.8 million Versace-inspired mansion</a>.
CoreLogic RP Data's top 10 sales of the week ending 23 March:
<ol>
<li>8 Wallaroy Road, Woollahra, NSW, 2025, four-bedroom house, sold at auction on March 17 by Bradfield Cleary Real Estate for $5.85 million</li>
<li>15 Tamarama Marine Drive, Bronte, NSW, 2024, four-bedroom house, sold at auction on March 21 by McGrath Estate Agents for $4.51 million</li>
<li>15 Tusculum Street, Potts Point, NSW, 2011, three-bedroom house, sold on March 17 by McGrath Estate Agents for $3.5 million</li>
<li>3 Stack Street, Balmain East, NSW, 2041, four-bedroom house, sold prior to auction on March 20 by Cobden &amp; Hayson Balmain for $3.275 million</li>
<li>70 Carabella Street, Kirribilli, NSW, 2061, three-bedroom house, sold at auction on March 21 by Belle Property Neutral Bay for $3.2 million</li>
<li>32 Cutler Road, Clontarf, NSW, 2093, four-bedroom house, sold on March 20 by L J Hooker Balgowlah for $3.1 million</li>
<li>8 Slade Avenue, Lindfield, NSW, 2070, four-bedroom house, sold at auction on March 21 by McGrath Estate Agents for $3.095 million</li>
<li>16 Alfred Street, Bronte, NSW, 2024, five-bedroom house, sold prior to auction on March 18 by McGrath Estate Agents for $3 million</li>
<li>35 Gellibrand Street, Kew, VIC, 3101, five-bedroom house, sold at auction on March 21 by R T Edgar Hawthorn for $3 million</li>
<li>67 Crows Nest Road, Waverton, NSW, 2060, four-bedroom house, sold prior to auction on March 21 by L J Hooker Milsons Point for $2.925 million</li>
</ol>
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Michael Suttor designed Woollahra house sells for $5.85 million

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The most affordable property reported sold at Melbourne weekend auction was a one bedroom Essendon unit.
The 10/29 Raleigh Street offering sold for $260,000 by Considine Real Estate.
It is leased at $999 a month until October, reflecting a 4.6% yield.
Chauntel Considine at Considine Real Estate marketed the top floor one bedroom apartment as a "fantastic first home or investment opportunity in the heart of Essendon".
It sold to an investor who aims to update the unit.
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Essendon unit was the most affordable auction offering across Melbourne

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National auction success rates have racheted down from levels, according to CoreLogic RP Data.
A preliminary weighted average clearance rate of 77.4% was recorded this week across capital cities compared to 77.2% last week and 69.4% this time last year.
<img src="/images/2015/03/23/auctio-mar-24-two.jpg" alt="">
Source: CoreLogic RP Data
Last week there was a preliminary weighted average clearance rate of 78.3%, a six year high.
A 79.7% clearance rate was recorded in September 2009. 
<img src="/images/2015/03/23/auctio-mar-24-one.jpg" alt="">
Source: CoreLogic RP Data
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National auction success rates rachet down from recent levels: CoreLogic RP Data

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There were 35 sales at $600,000 or under at weekend auction across Sydney.
APM had the house median at $1.2 million and the unit median at $800,000.
There were just the four Sydney sales in the $400,000s among the 600 results.
A $385,000 Marrickville flat was the cheapest, excluding one cheapie at Gorokan in the Central Coast. But the Marrickville sale reflected a 4% yield based on its September 2014 rental asking price.
The sale was achieved pre-auction when an investor secured the 39 square metre flat at 4/3 Ann Street, Marrickville (pictured above).
The freshly painted, first floor one bedroom apartment was marketed as ideally suited to the first home buyer or investors. 
The First National Iskandar Real Estate agents Taylor Spratt and Tony Iskandar advised its rental was around $300 per week
The strata levy was $554 per quarter, the water at $176 per quarter and council at $276 per quarter.
The super strong Sydney weekend auction market recorded its highest ever clearance rate for a regular weekend on Saturday with APM's result of 86.1%. The previous highest was an on federal election in September 2013 when 86.5% was achieved on slim 200 volumes.
Four suburban regions reported clearance rates in excess of 90%.  The best was the north west with 94.7% followed by Canterbury Bankstown 92.9%, the city and east 92.2% and the northern beaches with a clearance rate on Saturday of 91.1%.
The inner west had a still strong 88.2% clearance rate, the same recorded by the south. Next best was the lower north with 85.5% followed by the upper north shore 83.2%, the south-west 77.4%, the west 75% and the central coast 64.7%.
The most expensive property reported sold at auction was <a href="/expert-insights/buying/sandringhams-7-8-million-versace-inspired-trophy-home-tops-sydneys-weekend-auctions">22 Primrose Avenue, Sandringham</a> for $7.8 million by McGrath.
"Sydney’s extraordinary home auction market is starting to defy superlatives but will face its biggest ever test next weekend," Andrew Wilson, the Domain Group senior economist said.
The pre-Easter super Saturday of auctions is set to break the all-time record of 1111 auctions as sellers rush to take advantage before the Easter break of the strongest market in Sydney’s history, he advised.
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Investor secures cheapest sale in Marrickville on record clearance rate weekend

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A dilapidated home with soiled carpets and hazard tape hanging across its doorways on Melbourne’s foreshore has sold for $4.51 million, during another strong auction weekend in the city.
<a href="https://www.heraldsun.com.au/realestate/news/run-down-home-sells-for-18-million-over-reserve-price/story-fni0ckoj-1227272835908%5D" target="_blank">The Herald Sun reports </a>the Saturday auction of 208 Beaconsfield Parade, Middle Park, attracted around 80 spectators who watched the home soar $1.8 million above its reserve price of $2.5 million.
Five bidders pushed the sale price to $4.05 million in the first 90 seconds, before a Melbourne couple placed the winning bid. The couple plans to demolish the bay-front home and start again, according to the Herald Sun.
But RP Data Victorian housing market specialist Robert Larocca said the result was “not surprising in the least” given the location.
“Middle Park and Albert Park are on a per square metre basis, the most expensive residential properties in Melbourne,” says Larocca, who believes forking out $4 million for land facing the Port Phillip Bay is “not outrageous”.
Larocca says as a seller of a home found in such a premium location, it may not be worth renovating it or doing much work before listing it for sale.
“In some respects you can easily over capitalise, so you may as well leave develop dream to the next person,” he says.
“For the buyer, if you can afford $4 million for land, building the property will hardly be an issue.”
The Beaconsfield Parade home was one of 1,322 properties that went under the hammer across Melbourne at the weekend, ending in a strong preliminary clearance of 78.1%, according to RP Data.
Larocca says volumes are “a touch higher” than this time last year in Melbourne, but the clearance is 10 points higher than the same period last year.
Melbourne contributed to a solid national clearance rate of 77.4%, alongside the continued strength of the Sydney market, which logged a clearance of 84.7% off 1,042 auctions.
The national clearance has remained in the mid- to high-70s for six consecutive weeks now.
Larocca says lower interest rates have clearly had their desired impact across the market.
“At the end of last year, we were entering a diminishing cycle, and I thought we’d see that trend continue, but quite the reverse has been true,” he says.
“Just interest rates alone have had quite a substantially large impact. An impact all those vendors who have listed their homes for sale will be very happy about.”
“The results just speak to very strong market right across the south-eastern seaboard – Melbourne, Sydney and Canberra, and even Adelaide are seeing excellent outcomes.”
Larocca says this weekend will be another strong weekend in terms of volumes, with more than 1000 properties again listed in both Melbourne and Sydney.
This will be ahead of a slow-down for Easter and the school holidays, which traditionally has a significant impact on the Melbourne market.
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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Dilapidated Melbourne home sells for $4.5 million during strong auction weekend

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Australian banks are really dotting their i’s and crossing their t’s with prestige property lending in 2015, according to the Melbourne buyers' agent Mal James.
"It is obvious that there have been directives from the top through most banking hierarchies," said James.
"Prudential banking is a good thing, just so long as it’s fair and equitable to local buyers as well," he suggested on the issue of offshore borrowings versus local.
He added the banks will lend if local buyers get in shape – with the right valuations, right loan to value ratios and updated earnings figures.
<div id="attachment_49545">But the now "massive differences between the agents quote and the end result" was becoming a major issue, he said.</div>
"Many Chinese buyers have worked out agent quoting, but some local buyers appear to have not.
"Chinese buyers have in many cases no real contact with agents and in many cases can’t even speak English, yet they are able to buy well and locals are not.
"Chinese buyers form their own opinions on values or get assistance from their friends or buyer advocates.
"Local buyers listen to agents, who fill their heads with mush."
<img src="https://marketnews.com.au/wp-content/uploads/Quoting-Bidding-597x448.jpg" alt="Quoting Bidding" width="597" height="448">
<a href="https://marketnews.com.au/2015/03/some-chinese-buyers-have-worked-out-agent-quoting-but-many-local-buyers-appear-to-have-not/" target="_blank">A James Buyers Agency graphic</a> (above) was used to show in red the agent quote on offerings in Brighton, Kew and Hawthorn.
The orange is the Chinese bidding which was consistently high across the board. He said his agency had some Chinese buyers on its books.
The blue is what Mal James bid and the black boxes is the range James Buyer Advocates gave to its clients the week before the auction on where it felt the home would sell.
"See how consistent it is with three different agents on three different homes in three different suburbs," said James.
"During the first few weeks of 2015 it was understandable for agents and advocates and buyers to get it wrong as the market shifted big time and yes, agents and advocates can’t get it right every time (but they shouldn’t get it wrong every time either)."
He noted many were underestimating the power of the inner Melbourne prestige market, saying "they think it is an aberration. 
"We do not share that view while the fundamentals are so obvious and so strong. 
"Of course we have no idea how long it will last but the bidder depth from overseas buyers is as David Hart from Brighton Buxton described it – 'profound'."
He advised values change dramatically with:
+ Building Quality + Chinese Bidding + Better Precincts + Building Size + Auction Volcano Interest - Poor Floor plan - Poor Land Features - Poorer Precincts - High Vendors
James also noted some houses - especially ones that cannot be bulldozed are actually discounting their land value; "such is the insatiable appetite by overseas buyers for land you can build on."
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