Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

Joel Robinson

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

[smartcode_project_cta:default project_id=152737]

<h3 data-end="3697" data-section-id="q3n5ak" data-start="3672">&nbsp;</h3>
</main>

Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.

Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.

Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.

[smartcode_project:default project_id=150999 project_image_fid=374005]

The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.

Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.

Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.

[smartcode_project:default project_id=150999 project_image_fid=374010]

Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.

The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.

“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.

[smartcode_project:default project_id=150999 project_image_fid=374002]

“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”

The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.

[smartcode_project_cta:default project_id=150999]

Maréa Residences brings parkside apartments to Coolangatta

Melbourne developer PDG has secured Victorian Government approval for its $1.5 billion Southbank development <a href="https://www.apartments.com.au/new-apartments/the-one-1-queens-bridge-street-southbank-vic-3006">The One</a>, clearing the way for the long-dormant riverfront site opposite Crown to finally be developed.

The Minister for Planning has approved the project at 1-29 Queens Bridge Street, with the Department of Transport and Planning issuing the planning permit following its assessment.

The approval will allow PDG to develop the prominent 5,059 sqm site with a major mixed-use tower comprising premium apartments, including branded residences, a luxury hotel and boutique office space.

PDG acquired the site in late 2024, with its position directly opposite Crown's main entrance and near Melbourne's Arts Precinct making it one of Southbank's most significant remaining development opportunities.

<img alt="PDG" data-entity-type="file" data-entity-uuid="3933013e-6332-4386-b9be-089df05caf17" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.22%E2%80%AFAM.png?VersionId=sITIgBqDL0N3VNSMwWEmF5UA.uvcsRyu" />

Designed by COX in collaboration with ODO and PDG, the tower's architecture draws on the movement of the Yarra River, with six vertical pleats running the height of the sculpted facade.

The project will also see the heritage-listed Queens Bridge Hotel restored and incorporated into the development&nbsp;with new hospitality and public uses, including a rooftop venue.

A significant component of The One will be its residential amenity.

More than 5,000 sqm of resident facilities will be delivered across a single level, making it one of the largest consolidated residential amenity offerings proposed in an Australian apartment development.

The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.

<img alt="PDG" data-entity-type="file" data-entity-uuid="73167fcd-1031-4b6f-a408-a064cfe45ed1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.17%E2%80%AFAM.png?VersionId=Pf1AEWxw6SNmBqR0zQW5lyEze.MtxgFp" />

The existing square will be revitalised as a new civic and pedestrian space along the Yarra River, strengthening the connection between the project, Southbank and the riverfront.

PDG Founder and Managing Director Vince Giuliano said the approval represented a major milestone for a site which has remained largely underutilised for more than 15 years.

“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.

“For more than 15 years, this site has remained underutilised. This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne.”

The latest approval follows an earlier planning permit issued by the City of Melbourne covering demolition works across part of the site at 9-29 Queens Bridge Street. Those demolition and early works are already underway.

PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.

PDG secures approval for $1.5bn Southbank apartment development, The One

Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

First look: Harridan plans Burke Street transformation beside Boggo Road transport hub

Auctions

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A former electrical sub-station at 42 Philpott Street, Marrickville failed to sell at weekend auction.
The three-bedroom designer home was passed in at $1,005,000 <a href="https://www.sydneysiderealestate.com.au/listings/42-philpott-st/a" target="_blank">through Dani Chahine of Sydneyside Real Estate</a>. Higher offers are being sought.
It last traded as a decommissioned sub-station in 2011 for $515,000.
The redundant electricity substation on a 77-square-metre block at Marrickville<a href="/news"> </a>ranks as one of the 1,000 substations that were built across Sydney from the late 1870s as the demand for electricity grew throughout the city.
There were approved plans by Tanner Architects (pictured below) for conversion the <a href="/news">Marrickville </a>property into a 159-square-metre, three-bedroom, two-bathroom abode with roof terrace with louvered pergola on its 2011 offering which had been subdivided off the neighbouring Globe Mills apartment development.
 
<img src="/images/stories/philpottflicker.jpg">
 
While many are simple designs, the Marrickville substation was built to fit into the architecture of its factory surroundings. It comes with three high steel roller shutter doors.
<img src="/images/stories/philpottplans.gif">
The initial weekend auction clearance rate dipped to 75.5%, according the Australian Property Monitors, down on the previous weekend’s revised 77.8% result.
The inner west hosted the most auctions with 164 followed by the upper north shore with 135, the city and east 121, the south 112, the lower north 110, the west 65, Canterbury Bankstown 60 and the northern beaches with 50 auctions scheduled.
The most popular suburbs for auctions was Mosman on the lower north and Maroubra in the city and east each with 14 auctions listed. 
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jchancellor-FAypfDUnLy

Marrickville substation conversion fails to ignite weekend auction buyer interest

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Some three years after heading north, the Greater Western Sydney (GWS) chief Dave Matthews and wife Jane have sold their former Albert Park, Melbourne family home. 
It fetched $2.57 million at weekend auction after initial price guidance of between $2 million and $2.2 million.
It sold at $820,000 in 2002.
The 1888 home on the Withers Street 320-square-metre block came with four bedrooms and a study. The garden shed had a TV point, so television can be watched in the yard.
It was offered through Parkinson's Frank Mlikota and Jane Mlikota having been leased by senior assistant coach of the Western Bulldogs Brett Montgomery and his wife Terri during some of the period.
It was initially listed for rent in 2010 at a $1200 a week asking rental.
It sold to a local, but inspections were undertaken by the former attorney-general Nicola Roxon and Scott Cam from The Block reality TV series.
Before moving north to helm the latest AFL franchise, Matthews was the code's general manager of national and international development.
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GWS boss Dave Matthews sells 1888 Melbourne home

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The man behind Melbourne's most famous burger joint couldn't sell his South Melbourne property.
Greg and Eleni Mitropoulos put in a $1.3 million vendor bid when their pretty four-bedroom Victorian cottage went to weekend auction.
It is not far from Andrew's Hamburgers in Albert Park, the Bridport Street diner which Greg Mitropoulos manages, which recently celebrated its 75th year trading.
The renovated home at 396 Dorcas Street had been listed <a href="https://www.marshallwhite.com.au/396-dorcas-street-south-melbourne-137375/" target="_blank" style="line-height: 1.3em;">through Marshall White agent Oliver Bruce</a> who was anticipating $1.25 million-plus.
Property Observer gleans it cost $1.21 million in 2010 after its renovation. It has 148 square metres of living space on its 162 square metre block.
The Melbourne weekend auction market resumed on Saturday after last weekend’s break for the Melbourne Cup holiday long weekend.
But high auction numbers led to a sharp fall in the clearance rate, to 71.6% according to Australian Property Monitors (APM), the lowest reported by the Melbourne market since the first weekend of July.
Some 977 homes were listed for auction at the weekend in metro Melbourne which was unsurprisingly well above last weekend’s 132 and also just higher than the 961 auctioned over the same weekend last year, according to APM.
Melbourne’s four weekend average clearance rate now stands at 74.3% compared to 78.8% over the previous four-weekend period. 
Melbourne’s south-east reported the highest regional clearance rate at the weekend with a strong 84% result, leading the outer east with 76.5%, the north-east 75.2%, the inner south 71.9%, the inner east 70.9% and the inner city with a clearance rate of 69.5%.
Melbourne’s inner south hosted the most number of auctions with 147 closely followed by the inner east with 143, the outer east  with 140, the inner city 138, the west 133, the north-east 131, the north 80 and the south-east 43.
The most popular suburb for auction listings in metro Melbourne was again Mount Waverley in the outer east with 20 auctions scheduled. The next highest was Glen Waverley also in the outer east with 16, Reservoir in the north-east and St Kilda in the inner city each with 15 and South Yarra in the inner city, Mitcham in the outer east and Glen Iris in the inner east with 13 auctions scheduled on the weekend.
The REIV reported a clearance rate of 68 per cent this weekend compared to 67 per cent last weekend and 68 per cent this weekend last year.
There were 934 auctions reported to the REIV this weekend, with 632 selling and 302 being passed in, 146 of those on a vendor bid.
 
 
 
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Flipping hamburgers easier than property in toughening Melbourne auction market

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There are 999 auctions scheduled this week in Melbourne compared to 1,123 for the same time last year.
The most auctions will be found in <a href="/news">Mount Waverley</a> with 20, followed by 19 in <a href="/news">St Kilda</a> and 16 in <a href="/news">Glen Waverley</a>.
With just under two months remaining in the year it is worth noting that October was a relatively good month for sellers with the growth in home values increasing more strongly than in August and September.
The release this week of the RP Data CoreLogic Home Value Index showed that Melbourne house values rose by 2.1% over the month and by 1.8% over the last three months. Units saw a small rise of 0.5% in the month and 2.2% in the quarter. Over the more important longer term, the house value index outpaced units with a 9.5% rise over this year compared to 3.1%.
Auction market conditions are similar to those in the private sale market. On a citywide basis, the time on market results for houses sold at private sale tightened again from 33 days to 31 days over the last week whilst vendor discounting remained stable at -4.8%.
Key data
<ul>
<li>Clearance rate week ending 2 November: 69.6% 
</li>
<li>Melbourne auctions expected week ending 9 November: 999 
</li>
<li>Melbourne private sales time on market week ending 2 November: 31 days (houses) 
</li>
<li>Melbourne vendor discounting market week ending 2 November: -4.8% (houses) 
</li>
<li>Listings being prepared for market are 5.2% higher in month ending 2 November (seasonally adjusted)</li>
</ul>
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rlarocca-zWhvjay44N

RP Data's Melbourne weekend auction preview

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A preliminary weighted average clearance rate of 71.1% was recorded this week across capital cities compared to 69.3% last week and 70.3% this time last year.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/11/20141103-Capital-City.jpg" rel="wp-prettyPhoto[g3924]"><img class="aligncenter size-large wp-image-3925" src="https://blog.rpdata.com/wp-content/uploads/2014/11/20141103-Capital-City-580x429.jpg" alt="RP Data Auction Comments | Capital City" width="580" height="429"></a>
With volumes low in Melbourne due to the Melbourne Cup the main activity in the auction market was in Sydney which had its eighth week with over 1,000 auctions for the year and continued to record above trend results.
The Sydney market continues to strengthen with a preliminary clearance rate of 78.5% recorded compared to 74.8% last week and 75% last year. The improving trend is apparent over the medium term as well with a citywide clearance rate the first ten months of the year of 75.1% compared to 72.5% a year ago.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/11/20141103-Sydney.jpg" rel="wp-prettyPhoto[g3924]"><img class="aligncenter size-large wp-image-3926" src="https://blog.rpdata.com/wp-content/uploads/2014/11/20141103-Sydney-580x389.jpg" alt="RP Data Auction Comment | Sydney" width="580" height="389"></a>
In Melbourne there was a preliminary clearance rate of 68.2% recorded compared to 71% last week and 70.8% this time last year. From a clearance rate perspective the Melbourne market is marginally down on a year ago with a year to date clearance rate of 68.9% compared to 69.6%.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/11/20141103-Melbourne.jpg" rel="wp-prettyPhoto[g3924]"><img class="aligncenter size-large wp-image-3927" src="https://blog.rpdata.com/wp-content/uploads/2014/11/20141103-Melbourne-580x378.jpg" alt="RP Data Auction Comments | Melbourne" width="580" height="378"></a>
In Brisbane a preliminary clearance rate of 47.3% was recorded compared to 46.3% last week. The Brisbane auction market is stronger than a year ago with a clearance rate of 46.3% compared to 41.2%.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/11/20141103-Brisbane.jpg" rel="wp-prettyPhoto[g3924]"><img class="aligncenter size-large wp-image-3928" src="https://blog.rpdata.com/wp-content/uploads/2014/11/20141103-Brisbane-580x376.jpg" alt="RP Data Auction Comment | Brisbane" width="580" height="376"></a>
Adelaide recorded a clearance rate of 61.5% compared to 56.5% last week.
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Sydney leads the way: RP Data's weekend auction wrap

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The stellar property run of Australian Idol 2006 winner Damien Leith and his wife Eileen Stapleton has stalled.
Their inner west 1920s Petersham house didn't sell at weekend auction. It was withdrawn and is now available via private treaty.
The four bedroom 133 square metre house, on a 278 square metre block, cost $940,000 in 2011.
More than $1.2 million was tipped ahead of its <a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house-petersham-nsw-2049/239867" target="_blank" style="line-height: 1.3em;">1 November McGrath auction</a>, with the Leiths holding $1.3 million aspirations.<a href="/news/midas-touch-australian-idols-damien-leith-lists-petersham-house"> </a><a href="/news/midas-touch-australian-idols-damien-leith-lists-petersham-house">The couple will be trading up to something larger</a> again.
The musician had enjoyed great private property success since he won the hit singing competition.
In 2009, the Leiths spent $675,000 on a Marrickville house which was sold for $935,000 in 2010.
Their two-bedroom Stanmore unit, which cost $291,000 in 2005, was for rent at $360 a week in 2009, and sold in 2011 for $481,000.
The Sydney home auction market steamed into November at record pace at the weekend despite the Leith result.
Sydney recorded an 82.4% initial clearance rate which was well ahead of last weekend’s 78.9% result which was revised down to 77%.
It was above the 81.2% recorded over the same weekend last year.
Sydney’s lower north was the leading suburban region on the weekend with a strong 89.0% clearance rate with 65 sales from 73 reported results. 
The northern beaches also reported a strong result with 86.5% closely followed by the inner west at 85.8% with the highest number of sales at 103. 
The next best was the upper north shore with 84.1%, while the south followed with 80.7%, Canterbury Bankstown 80% and the city and east with a clearance rate at the weekend of 79.8%.
"Sydney buyers however remain hungry for property with the market bouncing back with vengeance at the weekend," Andrew Wilson, the Australian Property Monitors senior economist said.
Some 883 homes were listed to go under the hammer, which was well ahead of the 753 conducted last weekend and the 739 auctions listed over the same weekend a year ago.
"Auction numbers will continue to surge over the remainder of the year with Sydney set to break the November record for auction activity following record breaking performances over August, September and October," Wilson said.
"Sellers are rushing into the market to take advantage of high competition for property amongst buyers."
The most expensive property reported sold at auction at the weekend was a four bedroom home at 5 Simmons Street Balmain East sold for $6,560,000 by McGrath Balmain.
The most affordable property reported sold at the weekend was a one bedroom unit at 18/8 Hope Street, Rosehill sold for $181,000 by Ray White Parramatta.
It was a split level one bedroom fully furnished serviced apartment, leased and managed by 4.5 star APX Hotel Apartments, situated opposite Rosehill racecourse. The current net rental return is $1,258 per month, reflecting an 8% yield.
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Damien Leith fails to sell Petersham home amid 82% Sydney weekend success rate

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Heading to an auction to purchase a property can be an exciting time for any home buyer or investor, however, if you want to avoid a number of “nightmare” scenarios then you need to research carefully.
EPS Property Search’s Patrick Bright, who wrote the Insider’s Guide to Saving Thousands at Auction, said with the practice of underquoting widespread  in Sydney and Melbourne, it’s more important than ever to do your research.
“As soon as searching for a property becomes a major chore, people tend to start cutting corners on the research that’s needed just to get the process over and done with,” said Bright. You don’t want to be that person.
“Remember a property is likely to be one of the biggest purchases you will make in your life,” he said.
“From my experience in reading hundreds of building and pest reports, around one in three properties have what I would regard as significant structural damage, and or, pest issues that you need to take into consideration when making an offer.”
He recommends researching 100 properties ahead of time.
 “Researching 100 properties may sound like a lot of work but it’s really only 10-12 properties a week over a 10-week period,” said  Bright.
“Given that this work will save you tens if not hundreds of thousands of dollars I would think it’s a very worthwhile investment of your time.”
So what are the major traps you can get caught in? Here are his four nightmares and how to avoid them:
<ul>
<li>Getting carried away</li>
</ul>
Everyone wants to be a winner and unfortunately auctions can turn into an expensive game or an ego play for inexperienced and highly emotional bidders. The problem is that one extra bid can easily turn into a handful of extra bids which could result in you paying a price above fair value and beyond your financial means.
If you’re the type of person who could get carried away in the moment then engage a trusted friend or family member or a professional buyers’ agent to bid at the auction on your behalf.
<ul>
<li>Forgetting the selling agents’ role</li>
</ul>
You need to always keep in mind that the selling agent is acting in the best interest of the seller not the buyer. On auction day, don’t let the selling agent pressure you into increasing your bid if the auction stalls.
If you’re the highest bidder and the property isn’t on the market, then allow the property to be passed in and start your negotiations in the post auction environment. Stay focused on the job at hand in order to avoid bidding against yourself at auction.
I witness this happening quite often and in speaking recently with two auctioneers with over 40 years’ experience between them they estimate it happens at roughly one in three auctions.
Typically the highest bidder gets caught up in the moment of the first call, second call and ends up bidding against themselves through fear of missing out as they are not sure if they are the highest bidder at that time.
<ul>
<li>Over-extending yourself</li>
</ul>
Follow my 20-25-20 rule which is a 20% deposit and no more than 25% of your income in repayments over a 20 year loan.
When purchasing a home or investment property you should always aim to put down at least a 20% deposit so that you avoid paying mortgage insurance and have some equity in your property.
I call this “the ability to sleep peacefully at night buffer”. That way you know that you and your family can cope if unexpected financial challenges arise.
<ul>
<li>Ignoring property inspections</li>
</ul>
You’ve already paid for pest and building inspections on two previous properties that you’ve missed out on buying. You’ve found another property and you’ve convinced yourself that you don’t need the checks on this one.
You start thinking these inspections aren’t really necessary. Wrong! You absolutely need to know what you’re buying into.
The property may be termite infested, the construction may be shoddy or the wiring and plumbing may be faulty. Any of these major faults will costs significant dollars to fix and this expense should be factored into the equation when working out your maximum bid figure prior to auction.
Source: Patrick Bright
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Four auction nightmares and how to avoid them

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A ground floor 56-square-metre Darlinghurst unit fetched $650,000 ahead of its recent auction.
With high ceilings and ornate cornices, the 2/265 Palmer Street offering had initial $580,000 plus hopes.
It was at the cheaper end of Darlinghurst's median price for two bedroom units.
The classic art deco apartment is tenanted for $655 a week until early 2015, so <a href="https://www.realestate.com.au/property-apartment-nsw-darlinghurst-118033331" target="_blank">the BresicWhitney sale </a>reflected a 5.2% yield.
The stone kitchen has stainless steel Smeg appliances and the updated bathroom has travertine floors. 
The master bedroom has plantation shutters and a good-sized balcony leads off the lounge. 
Its levies were $1,152 per quarter.
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Darlinghurst two bedder sale reflected 5.2% rental yield

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Melbourne property market transaction numbers are marginally higher on what they were this time last year, with the growth largely coming through auction sales.
Comparing the months with the vast majority of settled sales, from January to July, the results show a rise of 3.7% compared to a year ago.
On a month by month basis, the majority of the growth occurred in March and April when in excess of 1,000 auctions were recorded across five consecutive weeks.
This same occurrence also took place between 2012 and 2013. In 2013 there were 9,738 more home sales in Melbourne than in 2012 and there were 10,175 extra sales by auction.
The growth in volumes was completely accounted for through the use of auctions. The same seems to be the case this year.
Based on the first seven months of the year, there have been 1,725 more home sales and at the same time 3,248 more sales by auction.
These numbers highlight one of the key characteristics about auctions and where they work well when there is competition between buyers. Competition such as this can arise through many means; there may be an inadequate number of homes on the market or something unique about the property in question.  This is why auctions are rarely used in the outer suburbs and more frequently used in the inner city.
When making the decision of how to sell, owners would be well advised to keep this factor in mind and listen to the advice of their real estate agent.
There are 175 auctions scheduled this week in Melbourne compared to 196 for the same time last year. The low volumes are a result of the Melbourne Cup on Tuesday and ensure that the week’s auction results will not be a useful auction market indicator.
Last week’s record volume of auctions and sales provides a clear indication that the remaining seven weeks should provide healthy outcomes for sellers.
On a city wide basis, the time on market results for houses sold at private sale tightened again from 36 days to 33 days over the last week whilst vendor discounting remained stable at -4.8%.
Key data
<ul>
<li>Clearance rate week ending 26 October: 71%</li>
<li>Melbourne auctions expected week ending 2 November: 175</li>
<li>Melbourne private sales time on market week ending 26 October: 33 days (houses)</li>
<li>Melbourne vendor discounting market week ending 26 October: -4.8% (houses)</li>
<li>Listings being prepared for market are 4.7% higher in month ending 26 October (seasonally adjusted)</li>
</ul>
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Melbourne auctions providing growth in transactions: RP Data's weekend preview

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Ardoch Youth Foundation will receive a portion of the sale price of a St Kilda East apartment block after it is auctioned today.
Selling agents Hodges St Kilda will also contribute a portion of their commission to the charity.
The apartment block at <a href="https://www.realestate.com.au/property-unitblock-vic-st+kilda+east-118045907" target="_blank">105 Westbury Street</a>, on a 760 square metre plot, was formerly a halfway house. There are now two period apartments on the site and a three level town house at the rear of the plot.
According to listing information, the property falls within the General Residential Zone, which allows multi-unit development, subject to council approval. It's located within walking distance of Carlisle Street and Balaclava cafes and restaurants.
Vendor Andrew Robinson, who has owned the five-apartment block for almost 25 years, will be making a donation. He is a volunteer for the Ardoch Youth Foundation and runs music classes for disadvantaged young people.
The Ardoch Youth Foundation provides education services for young people experiencing barriers to education. They support Port Phillip Bay schools including St Kilda Primary, Elwood College and Elwood Primary School.
The auction of 105 Westbury Street will take place at 1pm, 29 October.
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