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

<main data-perf-region="main">
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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There was an initial 81.9% clearance rate at Sydney weekend auctions, continuing the recent renewed strength.
The revised APM prior weekend result was a strong 78.9%.
Umbrellas galore when Sydney's wet auctions got underway today on the busy last Saturday in August.
There were six bidders, barely visible, spotted amid the downpour when <a href="https://www.ppdre.com.au/selling/NSW/Eastern-Suburbs/Queens-Park/House/1P0577" target="_blank">53 Alt Street, Queens Park</a> went to auction.
<img src="/images/2014/09/01/rainy-day-sept-1-one.jpg" alt="">
Bidding opened at $2 million, with the hammer coming down on the Federation home at $2.51 million when auctioned through Debbie Donnelly at Phillips Panzter Donnelly. It was $160,000 over reserve.
The 53 Alt Street offering, Mayo was sold as a deceased estate.
The double-fronted brick house presented as an exciting prospect for a complete renovation and transformation with rear and second floor extensions (STCA) similar to neighbouring homes. Owned by the same family for many decades, it has a wealth of original features including leadlight windows and a tessellated tiled verandah with timber fretwork.
Another nearby offering at 6 Lynch Avenue, Queens Park (pictured below) sold this afternoon for $1.45 million.
<img src="/images/2014/09/01/quenns%20park%20sept%201%20towo.jpg" alt="">
<div>There were five registered bidders – with competition from three of them.</div>
<div> </div>
<div>The buyers are a young couple upgrading from a unit in Bondi.</div>
<div> </div>
<div>He’s a builder and they will add the approved second storey.</div>
<div> </div>
<div>The two bedroom house had already been renovated when it last traded for $1.325 million in November 2011.</div>
APM noted auction numbers in Sydney have risen steadily over recent weekends with this weekend some 573 auctions scheduled compared to the previous weekend’s 440.
There were the 550 listed over the same weekend last year.
The city and east hosted the most number of auctions with 82 followed by the inner west with 81.
Mosman hosted the most auctions this weekend in Sydney with 12. Next highest was Epping on the upper north shore, Strathfield in the inner west and Manly on the northern beaches each with 9 auctions.
With five Saturdays, Sydney has recorded its highest ever August for auction listings this year with 2660 properties going under the hammer.
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jchancellor-FAypfDUnLy

Bids aplenty as rain buckets down on Sydney weekend auctions

<html><body>
The suburbs with the highest proportion of owner occupiers differ in value and tend to have one thing in common – they are well established and in contrast to those proving popular for investors.
Last week’s post revealed that many of <a href="/news/vic/the-melbourne-suburbs-investors-are-most-active-in">the most popular suburbs for investors</a> were those that are more recently developed.
In the inner city the suburbs within a 10 kilometres of the CBD such as <a href="/news">Aberfeldie</a>, has the highest proportion of houses with 90% of these owner occupied. Aberfeldie recently became the first million dollar suburb in the city’s west. <a href="/news">Strathmore </a>ranked second with owner occupiers accounting for 88.6% of houses. The top five is rounded out by <a href="/news">Kew East</a>, <a href="/news">Ivanhoe </a>and <a href="/news">Malvern</a>.
In the middle ring of suburbs, those between 10 and 20 kilometres of the CBD, there is greater disparity in the prices of suburbs popular with owner occupiers.<a href="/news"> Eltham North</a> recorded 94.3% of houses as being owned by their occupiers and second on the list, <a href="/news">Campbellfield</a>, had 91.4%. Campbellfield is much more affordable with a median house value of $334,601 compared to $646,869 in Eltham North.
Finally, in the outer suburbs the highest proportion of owner occupiers at 95.2% can be found in <a href="/news">Montrose</a>. Four of the top five suburbs are in fact are in or near-to the Dandenongs. Second on the list, <a href="/news">Mount Evelyn</a>, has 94.1% of houses owned by their occupiers and <a href="/news">Warranwood </a>has 93.8%. Fifth on the list, <a href="/news">The Basin</a>, recorded 93.7%.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/RankedByProportionOfOwnerOccupiers-rpdata.jpg" rel="wp-prettyPhoto[g3656]"><img class="aligncenter size-large wp-image-3657" src="https://blog.rpdata.com/wp-content/uploads/2014/08/RankedByProportionOfOwnerOccupiers-rpdata-580x432.jpg" alt="Melbourne suburbs ranked by proportion of owner occupiers | RP Data" width="580" height="432"></a>
There are 809 auctions scheduled this week in Melbourne compared to 837 for the same time last year. The highest number of auctions are expected in the <a href="/news">South Yarra</a> with 21 expected.
The auction market is gathering strength with an average clearance rate of 70.6% over the past four weeks.
This is the last week before spring officially starts and the latest research from RP Data shows that there have been, including last week, 26.7% more homes sold at auction than the same time last year.
Importantly there have been almost as many extra sales with 24.7% more sales at auction in Melbourne.
At this stage conditions are well balanced between buyers and sellers across the market.
Time on market results for houses sold at private sale was stable at 44 days over the last week whilst vendor discounting rose from -5.1% to -5.2%.
Key data
<ul>
<li>Clearance rate week ending 31 August: 70.7%</li>
<li>Melbourne auctions expected week ending 31 August: 809</li>
<li>Melbourne private sales time on market week ending 24 August: 44 days (houses)</li>
<li>Melbourne vendor discounting market week ending 24 August: -5.2% (houses)</li>
<li>Listings being prepared for market are -0.2% lower in month ending 24 August (seasonally adjusted)</li>
</ul>
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rlarocca-zWhvjay44N

Melbourne's most popular owner occupier suburbs: RP Data's weekend auction preview

<html><body>
Over the first five months of the year, across the combined capital cities of Australia, RP Data has recorded 35,367 auctions of which 24,320 (69%) sold either under the hammer or shortly before/after the auction date. 
Over the same time frame we have recorded a total of 128,437 house and unit sales. Based on these numbers, auction sales account for about 19% of all sales across the capital cities of Australia (excluding Darwin).  Excluding the month of January, where very few auctions are held, the proportion of auctions to total sales increases to 22% between February and May.
The remaining 81% of home sales were sold by private treaty. The fact that private treaty sales account for the vast majority of all home sales often gets overlooked when people are commenting on recent market conditions and trends.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/Auction-and-private-treaty-sales-as-a-pc-of-all-sales.jpg" rel="wp-prettyPhoto[g3629]"><img class="aligncenter size-large wp-image-3630" src="https://blog.rpdata.com/wp-content/uploads/2014/08/Auction-and-private-treaty-sales-as-a-pc-of-all-sales-580x252.jpg" alt="Auction and private treaty sales as a pc of all sales" width="580" height="252"></a>
Source: RP Data.
Of course the proportion of auctions varies substantially from city to city. Melbourne and Sydney have historically had a selling culture that is more heavily aligned with auctions as a method of sale.  Between February and May of this year, auction sales accounted for 35% of all Melbourne sales and 31% of all Sydney sales. At the other end of the spectrum is Perth where auctions are comparatively rare, comprising just 2% of all sales over the same time frame.
Another trend we have seen in the market since the growth phase kicked off in June 2012 is a substantial rise in auctions as a proportion of the total market. Clearly auctions as a method of sale are more popular when housing market conditions are ‘hot’; a fact which comes as no surprise. Auctions work best when there is high buyer demand providing a competitive bidding environment.
Of course, home value growth is strongest at the moment in Sydney and Melbourne which are the two most auction-centric markets.  What is interesting though is that auctions as a proportion of all sales are significantly higher over the current growth cycle (ie June 2012 to current) compared with the previous growth cycle (ie Jan 2009 to Oct 2010).
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/Auctions-as-a-pc-of-all-sales-history.jpg" rel="wp-prettyPhoto[g3629]"><img class="aligncenter size-large wp-image-3631" src="https://blog.rpdata.com/wp-content/uploads/2014/08/Auctions-as-a-pc-of-all-sales-history-580x254.jpg" alt="Auctions as a pc of all sales history" width="580" height="254"></a>
Source: RP Data.
Considering that private treaty sales account for a larger proportion of housing sales than auctions, what high frequency metrics are available to monitor this side of the market?  RP Data publishes a variety of vendor metrics each week, with the most commonly referred to metrics being the average selling time and average level of vendor discounting which are both measures of private treaty conditions.  Both of these measures exclude auction results.
The average selling time is a measure based on the number of days from when a home is first advertised to the contract date of sale.  The vendor discount provides a metric on how much vendors are reducing their initial asking price in order to sell their home.  It’s based on the percentage difference between the initial asking price and the contract price on the home.  Both indicators are updated weekly by RP Data based on data received over the past 28 days.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/Tom-and-Vee.jpg" rel="wp-prettyPhoto[g3629]"><img class="aligncenter size-large wp-image-3635" src="https://blog.rpdata.com/wp-content/uploads/2014/08/Tom-and-Vee-580x172.jpg" alt="Tom and Vee" width="580" height="172"></a>
Source: RP Data.
There are additional weekly metrics where you can follow the housing market trends such as updates to the RP Data Home Value indices, median selling prices, number of listings in the market, and metadata indices that indicate mortgage demand (RP Data Mortgage Index) and how many homes are being prepared for sale (RP Data Listings Index).
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/Values.jpg" rel="wp-prettyPhoto[g3629]"><img class="aligncenter size-large wp-image-3636" src="https://blog.rpdata.com/wp-content/uploads/2014/08/Values-580x143.jpg" alt="Values" width="580" height="143"></a>
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/Listings.jpg" rel="wp-prettyPhoto[g3629]"><img class="aligncenter size-large wp-image-3632" src="https://blog.rpdata.com/wp-content/uploads/2014/08/Listings-580x146.jpg" alt="Listings" width="580" height="146"></a>
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/RMI.jpg" rel="wp-prettyPhoto[g3629]"><img class="aligncenter size-large wp-image-3634" src="https://blog.rpdata.com/wp-content/uploads/2014/08/RMI-580x153.jpg" alt="RMI" width="580" height="153"></a>
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/RLI.jpg" rel="wp-prettyPhoto[g3629]"><img class="aligncenter size-large wp-image-3633" src="https://blog.rpdata.com/wp-content/uploads/2014/08/RLI-580x150.jpg" alt="RLI" width="580" height="150"></a>
 
Source: RP Data.
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tlawless-5VLUrbAk9s

How important are auction clearance rates in the housing market?

<html><body>
A preliminary weighted average clearance rate of 66.7% was recorded this week across capital cities compared to 70.8% last week and 70% this time last year.
All capital cities have seen a higher number of auctions than last year. Compared to last year the best performing auction markets from the perspective of relative improvement this year have been Sydney, Tasmania and then Adelaide. Sydney has seen a 63% rise in the number of homes sold at auction, Tasmania a 56% rise and a 48% rise was recorded in Adelaide.  
It should be noted that there have been 357 auctions in Tasmania this year, 2,467 in Adelaide and 22,329 in Sydney.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/20140824-Capital-city.jpg" rel="wp-prettyPhoto[g3640]"><img class="aligncenter wp-image-3641 size-large" src="https://blog.rpdata.com/wp-content/uploads/2014/08/20140824-Capital-city-580x430.jpg" alt="RP Data auction market review | Capital city" width="580" height="430"></a>
In Sydney a preliminary clearance rate of 76.2% was recorded this week compared to 76.2% last week. Compared to last year and over recent months Sydney has clearly been the strongest auction market.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/20140824-Sydney.jpg" rel="wp-prettyPhoto[g3640]"><img class="aligncenter wp-image-3642 size-large" src="https://blog.rpdata.com/wp-content/uploads/2014/08/20140824-Sydney-580x382.jpg" alt="RP Data auction market review | Sydney" width="580" height="382"></a>
In Melbourne there was a preliminary clearance rate of 64.1% recorded compared to 73.3% last week. Melbourne remains on trend and once final results are in should confirm it has a healthy auction market on the eve of spring.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/20140824-Melbourne.jpg" rel="wp-prettyPhoto[g3640]"><img class="aligncenter size-large wp-image-3643" src="https://blog.rpdata.com/wp-content/uploads/2014/08/20140824-Melbourne-580x386.jpg" alt="RP Data auction market review | Melbourne" width="580" height="386"></a>
In Brisbane a preliminary clearance rate of 52.1% was recorded compared to 50% last week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/20140824-Brisbane.jpg" rel="wp-prettyPhoto[g3640]"><img class="aligncenter size-large wp-image-3644" src="https://blog.rpdata.com/wp-content/uploads/2014/08/20140824-Brisbane-580x383.jpg" alt="RP Data auction market review | Brisbane" width="580" height="383"></a>
Adelaide recorded a clearance rate of 68.5% compared to 65.6% last week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/20140824-Adelaide.jpg" rel="wp-prettyPhoto[g3640]"><img class="aligncenter size-large wp-image-3645" src="https://blog.rpdata.com/wp-content/uploads/2014/08/20140824-Adelaide-580x391.jpg" alt="RP Data auction market review | Adelaide" width="580" height="391"></a>
In Canberra a clearance rate of 46.9% was recorded and in Perth there was a clearance rate of 38.9%.
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National auction market well placed for spring sales: RP Data's national auction wrap

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Australia’s property market had a solid weekend at auction, despite the clearance rate taking <a href="https://www.smartcompany.com.au/finance/investment/43308-auction-numbers-swells-as-spring-approaches">a slight dip from last week</a>.
The national market achieved a 66.7% clearance rate on the 1,675 auctions held across the county at the weekend, down from 68.4% of 1,544 auctions the week before, according to RP Data.
Sydney again outshone the other capital cities with a robust 76.2% clearance as 632 homes went under the hammer.
RP Data Victorian housing market specialist Robert Larocca said Sydney is continuing to be a strong market in more ways than one.
“Sydney is continuing to set a whole range of records,” says Larocca.
Larocca says Sydney has seen the biggest rise in the number of homes sold at auction compared to the same time last year, at 63%.
But he notes this trend towards auction is true of all the capital cities, with particularly strong results also recorded in Tasmania, with a 56% rise in auction volumes, and Adelaide, with a 48% lift in homes sold at auction. 
Larocca says although Tasmania’s relatively lower figures should be taken into account, vendors are still trending strongly towards the auction sales method in the state and finding good results.
This week, Melbourne had a solid clearance of 64.1% off 749 auctions, while Brisbane continued to struggle with a 52.1% off 134 auctions.
Larocca shrugged off comments made by Jeremy Lawson, a former senior economist at the Reserve Bank of Australia, this week that suggested the housing market was overvalued by at least 30%.
Larocca says, in Melbourne, values still haven’t reached the peaks of 2010 and transactions numbers overall were down from figures seen in 2007.
However, he says the points Lawson makes about the impact of the economy on the property market are sound.
“Australia is an island geographically, not economically,” he says.
“Employment figures and the economy as a whole has to have an impact on prices.”
Yet Larocca says evidence currently points to the market’s strength.
“On the eve of spring, the market is looking very sound,” says Larocca.
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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Auction volumes on the rise as Sydney continues to lead the way

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The property at 12 Attunga Street, Woollahra - the former home of artist Charles Blackman - sold at weekend auction. 
The five bedroom-bedroom home sold for $2.8 million. Sotheby’s International agent Michael Pallier was quoting $2.3 million plus.
The upper level was the studio of Blackman when he and wife Barbara lived in the Attunga Street house.
The Blackmans sold the house in 1994 for $1.22 million.  
It has been renovated by architect Anthony Gill, since it last traded at $2.1 million in 2007.
There was an initial weekend clearance rate of 83% from the 319 auctions reported to Domain Group's Australian Property Monitors.
There are another 120 results yet to be reported given the total of 440 auctions.
Sotheby's sold the weekend's highest sale when a five-bedroom house on 697 square-metres at 73 O'Sullivan Road, Rose Bay fetched $4.39 million through Michael Pallier. It previously traded at $3,075,000 in 2007.
The Rose Bay property briefly had high price hopes which were revised down to $4.5 million.
It was available for rent at $3500 a week in 2012.
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Artist Charles Blackman's former Woollahra home sold

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The 1892 trophy home built for the Northcote's second mayor, fetched $2.52 million at weekend auction through Marek Olech from Nelson Alexander.
Around <a href="/news/grand-view-northcote-listed-by-strange-fruits-roderick-poole">$2 million was the initial price guidance</a>.
It was sold by the Otway-bound Roderick Poole, founder of performing troupe Strange Fruit, and his partner, opera and theatre director Suzanne Chaundy.
They paid $900,000 in 2003.
It was owned between 1974 and 1980 by the then teacher librarian, turned cook Stephanie Alexander with veggie patch of course outback. Stephanie Alexander and her then husband barrister Maurice Alexander sold for $77,500.
The 28 Mitchell Street home is located on the Prospect Grove corner block on Ruckers Hill with views of the Dandenongs.
The two-storey five bedroom home has period detailing. There is as a studio/workshop.
Northcote's second mayor was the Glasgow-born butcher William Smith.
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Northcote's Grand View sold at 20% above guidance

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You're house is being auctioned off and the proceedings have stalled - significantly.
You feel like all the buyers need is a little push, but they aren't moving - and the highest bid is well below your reserve.
Suddenly, you're wishing that you had authorised your auctioneer to put in a vendor bid on your behalf to keep the ball rolling.
A vendor bid is just what it sounds like - a bid from the seller to help push up the price at auction. The regulations around vendor bids vary from state to state, but in general, an auctioneer must announce if a bid is being made through the vendor.
Everyone wants to do what they can to push up the price of their property at auction, but when exactly do you use a vendor bid?
Vendors certainly don't have to bid on their own property. If a vendor does want to put in a bid, it should only be put in if the prices are hovering below the reserve price, and shouldn't be put in above the reserve price.
In fact, once you've passed your reserve, making a vendor bid is illegal in some states and known as a false bid - if you're not willing to accept a price above your reserve, you should have set your reserve higher. After the reserve is passed, the highest bid must be accepted by the vendor as the sales price (assuming finances all come through as they should).
Similarly, if your auctioneer doesn't announce that the bid came from you, it becomes a dummy bid - also illegal. The same goes for bids made by your family or friends if they don't intend to purchase the property. 
In New South Wales, only one vendor bid can be made, while other states accept multiple vendor bids. If you're selling a property in NSW, carefully talk over when you should make a vendor bid (if necessary) with your auctioneer before the auction, because you only get one chance.
 
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When should you use a vendor bid?

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There are 689 auctions scheduled this week in Melbourne compared to 712 for the same time last year.
It is encouraging for sellers that for each of the last five weeks the clearance rate has risen in the lead up to spring.
As the market has appreciated over the past year it has resulted in some new suburbs joining the ranks of those with million dollar median values for houses. The new suburbs were <a href="/news">Aberfeldie</a>, <a href="/news">Caulfield South</a>, <a href="/news">Fitzroy North</a>, <a href="/news">McKinnon</a>, <a href="/news">Ormond</a>, <a href="/news">Park Orchards</a>, <a href="/news">Princes Hill</a>, <a href="/news">South Melbourne</a> and <a href="/news">South Yarra</a>.
This is particularly noteworthy as Aberfeldie is the first suburb from the western region of Melbourne to upgrade to the million dollar median value ranks while Fitzroy North and Princess Hill are the first in the north. These changes underscore just how much the structure of the housing market has changed in the last decade.
Time on market results for houses sold at private sale was essentially stable with a small rise from 43 to 44 days over the last week whilst vendor discounting fell from -5.3% the previous week to -5.1%.
Key data
<ul>
<li>Clearance rate week ending 17 August: 73.3%</li>
<li>Melbourne auctions expected week ending 24 August: 689</li>
<li>Melbourne private sales time on market week ending 17 August: 44 days (houses)</li>
<li>Melbourne vendor discounting market week ending 17 August: -5.1% (houses)</li>
<li>Listings being prepared for market are 1.2% higher in month ending 17 August (seasonally adjusted)</li>
</ul>
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Melbourne's new million dollar median suburbs: RP Data's weekend auction preview

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Sydney's fifth most expensive sale of the weekend was a four-bedroom house in Pymble.
The 1920s house at <a href="https://www.domain.com.au/property/for-sale/house/nsw/pymble/?adid=2011326005" target="_blank">1 Selwyn Street</a> sold for $2.62 million through Carole McCrea of McConnell Bourn Lindfield.
It came with a solar-heated pool on its 917 square metre block.
Auctioneer Vic Larouso secured $120,000 over reserve when the property sold under the hammer.
The agents had issued 10 contracts, with six registering to bid.
The bidding started at $2.2 million. It sold to a Roseville family.
Currawilla, a five-bedroom house in Mosman was the weekend's most expensive with the two block 1,230 square-metre block offering at 59 Moruben Road (pictured below), sold for $5.05 million through Kate Galetto of Galetto.
<img src="/images/2014/08/19/mosman%20aug%2019.jpg" alt="">
Listed with $4.95 million plus hopes, it was sold as a development opportunity with potential for a single freestanding dwelling or two semi-detached dwellings. Property Observer gathers the buyers will live in he existing home.
The most popular suburbs for auctions one the weekend in Sydney was <a href="/news">Strathfield</a> in the inner west with nine followed by <a href="/news">Mosman </a>on the lower north.
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