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

<html><body>
<form id="dateForm" action="https://www.mcgrath.com.au/buying/thisweek/" method="get" name="dateForm">
The most affordable Sydney property reported sold at the weekend was the two bedroom unit at 8/12 Palmerston Street, Kogarah (pictured above) at $415,000 through Raine and Horne.
It last sold at $120,000 in 1994, so over the two decades it went up 6.4% annually.
The agents had given buyer indications at $400,000 plus, so it was fractionally above estimate.
Property Observer checked the pre-spring guidance against 14 weekend sales results.
There was an average 11% difference above the pre-auction indication, with estimates ranging from 3% to 19% above.
The 11% weekend average was well below two weekends ago when <a href="/expert-insights/buying/paying-18-over-auction-estimates-sydneys-pre-spring-price-spurt">the 10 offerings under review averaged 18% above guidance</a>.
</form>
<table style="width: 460px;" border="1" cellpadding="0">
<thead><tr>
<td width="171">
Address
</td>
<td width="206">
Suburb
</td>
<td width="136">
State
</td>
<td width="199">
Price Guide
</td>
</tr></thead>
<tbody>
<tr>
<td width="171">
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house-petersham-nsw-2049/227011" target="_blank">9A Audley Street</a>
</td>
<td width="206">
PETERSHAM
</td>
<td width="136">
NSW
</td>
<td width="199">
Over $1,100,000 SOLD $1.236m
</td>
</tr>
<tr>
<td width="171">
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/apartment-randwick-nsw-2031/233458" target="_blank">1/37 Prince Street</a>
</td>
<td width="206">
RANDWICK
</td>
<td width="136">
NSW
</td>
<td width="199">
Over $1,150,000 SOLD $1.25m
</td>
</tr>
<tr>
<td width="171">
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house-surry-hills-nsw-2010/232445" target="_blank">129 Arthur Street</a>
</td>
<td width="206">
SURRY HILLS
</td>
<td width="136">
NSW
</td>
<td width="199">
Over $1,500,000 SOLD $1.67m
</td>
</tr>
<tr>
<td width="171">
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house-hurstville-grove-nsw-2220/232536" target="_blank">85 Waitara Parade</a>
</td>
<td width="206">
HURSTVILLE GROVE
</td>
<td width="136">
NSW
</td>
<td width="199">
Over $1,250,000 SOLD $1.4M
</td>
</tr>
<tr>
<td width="171">
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/apartment-bellevue-hill-nsw-2023/225270">9/10 Aston Gardens</a>
</td>
<td width="206">
BELLEVUE HILL
</td>
<td width="136">
NSW
</td>
<td width="199">
Over $725,000 SOLD $865,000
</td>
</tr>
<tr>
<td width="171">
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house-randwick-nsw-2031/232988">44 Howard Street</a>
</td>
<td width="206">
RANDWICK
</td>
<td width="136">
NSW
</td>
<td width="199">
Over $1,700,000 SOLD $1.765m
</td>
</tr>
<tr>
<td width="171">
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house-beverley-park-nsw-2217/125435">54 Battye Avenue</a>
</td>
<td width="206">
BEVERLEY PARK
</td>
<td width="136">
NSW
</td>
<td width="199">
Over $1,300,000 SOLD $1.5m
</td>
</tr>
<tr>
<td width="171">
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house-epping-nsw-2121/230260">106 Midson Road</a>
</td>
<td width="206">
EPPING
</td>
<td width="136">
NSW
</td>
<td width="199">
Over $1,400,000 SOLD $1.65m
</td>
</tr>
<tr>
<td width="171">
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house-north-curl-curl-nsw-2099/231760" target="_blank">5 Ian Avenue</a>
</td>
<td width="206">
NORTH CURL CURL
</td>
<td width="136">
NSW
</td>
<td width="199">
Over $1,700,000 SOLD $1.75m
</td>
</tr>
<tr>
<td width="171">
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house-woonona-nsw-2517/231444" target="_blank">33 Railway Parade</a>
</td>
<td width="206">
WOONONA
</td>
<td width="136">
NSW
</td>
<td width="199">
Over $700,000 SOLD $780,000
</td>
</tr>
<tr>
<td width="171">
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/apartment-balmain-nsw-2041/233342" target="_blank">8/3 Rosebery Place</a>
</td>
<td width="206">
BALMAIN
</td>
<td width="136">
NSW
</td>
<td width="199">
Over $800,000 SOLD $925,000
</td>
</tr>
<tr>
<td width="171">
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/apartment-cammeray-nsw-2062/232790" target="_blank">18/20 Warwick Avenue</a>
</td>
<td width="206">
CAMMERAY
</td>
<td width="136">
NSW
</td>
<td width="199">
Over $650,000 SOLD $690,000
</td>
</tr>
<tr>
<td width="171">
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house-hornsby-heights-nsw-2077/202677" target="_blank">14 Brett Avenue</a>
</td>
<td width="206">
HORNSBY HEIGHTS
</td>
<td width="136">
NSW
</td>
<td width="199">
Over $750,000 SOLD $815,000
</td>
</tr>
<tr>
<td width="171">
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house-marrickville-nsw-2204/233753" target="_blank">7 Park Road</a>
</td>
<td width="206">
MARRICKVILLE
</td>
<td width="136">
NSW
</td>
<td width="199">
Over $1,150,000 SOLD $1.361m
</td>
</tr>
</tbody>
</table>
</body></html>

jchancellor-FAypfDUnLy

Buyers needed to add 11% to weekend Sydney pre-auction price guidance

<html><body>
A preliminary weighted average clearance rate of 68.4% was recorded this week across capital cities compared to 68% last week and 70.4% this time last year.
The health of the national auction market this year is highlighted by the fact that since the start of the year, not including this week, there had been 42% more homes sold under the hammer compared to this time last year. In raw numbers this is 36,608 homes sold at auction compared to 25,623 last year.
<img class="aligncenter size-large wp-image-3608" src="https://blog.rpdata.com/wp-content/uploads/2014/08/20140818-Capital-city-580x426.jpg" alt="RP Data nation auction review | Capital city" width="580" height="426">
A significant contributor to the improved national result is Sydney and this continued this week. In Sydney a preliminary clearance rate of 76.7% was recorded this week compared to 74.7% last week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/20140818-Sydney.jpg" rel="wp-prettyPhoto[g3607]"><img class="aligncenter size-large wp-image-3609" src="https://blog.rpdata.com/wp-content/uploads/2014/08/20140818-Sydney-580x383.jpg" alt="RP Data nation auction review | Sydney" width="580" height="383"></a>
Melbourne returned a result on trend this week with a preliminary clearance rate of 67.7% recorded compared to 69.6% last week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/20140818-Melbourne.jpg" rel="wp-prettyPhoto[g3607]"><img class="aligncenter size-large wp-image-3610" src="https://blog.rpdata.com/wp-content/uploads/2014/08/20140818-Melbourne-580x380.jpg" alt="RP Data nation auction review | Melbourne" width="580" height="380"></a>
In Brisbane a preliminary clearance rate of 50% was recorded compared to 33.3% last week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/20140818-Brisbane.jpg" rel="wp-prettyPhoto[g3607]"><img class="aligncenter size-large wp-image-3611" src="https://blog.rpdata.com/wp-content/uploads/2014/08/20140818-Brisbane-580x383.jpg" alt="RP Data nation auction review | Brisbane" width="580" height="383"></a>
Adelaide recorded a clearance rate of 69.2% compared to 69.1% last week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/20140818-Adelaide.jpg" rel="wp-prettyPhoto[g3607]"><img class="aligncenter size-large wp-image-3612" src="https://blog.rpdata.com/wp-content/uploads/2014/08/20140818-Adelaide-580x388.jpg" alt="RP Data nation auction review | Adelaide" width="580" height="388"></a>
In Canberra a clearance rate of 55.2% was recorded and in Perth there was a clearance rate of 27.3%.
</body></html>

rlarocca-zWhvjay44N

National clearance rate stable: RP Data's national weekend auction wrap

<html><body>
Auction numbers have surged off the back of a strong market since the start of 2014, with 42% more homes sold under the hammer compared to this time last year, according to RP Data.
Not including this week, there have been 36,608 homes sold at auction across Australia, compared to 25,623 last year.
But demand is still meeting supply, as the national clearance rate lifts back up to 68.4% off 1544 auctions, despite a slight dip <a href="https://www.smartcompany.com.au/finance/investment/43209-a-tale-of-two-auction-cities-melbourne-misses-the-mark-as-sydney-soars-into-spring" target="_blank">last week</a>.
RP Data Victorian housing market specialist Robert Larocca told SmartCompany increased auction volumes were partly due to a general market improvement, but primarily due to a swell in the number of auctions throughout Sydney.
Australia’s biggest city scored a strong 76.7% clearance rate off 562 auctions at the weekend.
Larocca says a number of local home owners who traditionally would have shied away from selling their properties under the hammer, now have the confidence to go to auction.
“It looks like, for the first time, there’s a shift towards the auction sales method,” says Larocca.
“There have always been auctions in Sydney, but they have mostly played second rung to Melbourne.
Larocca says nationally, however, over the last 12 months there has been a higher proportion of residential sales via auctions.
“Auctions work well with a competitive market place,” he says.
“Given the clearance rates, it’s clear that decision by agents and vendors to go to auction is paying off.”
Larocca says there has been a 30% increase in the number of properties sold at auction in Melbourne compared to the same time last year, echoing the strong market.
This week, Melbourne had a clearance of 67.7% as 719 properties faced the auction block.
Brisbane had a better week, with 50% clearance on 98 homes, while Adelaide was solid at 69.2% off 71 properties.
We can expect a gradual building of stock numbers as we head into spring, according to Larocca.
Melbourne, the country’s largest auction market, is expecting to hit auction numbers at around 800-900 in the coming weeks, while Sydney is expected to sit just slightly below those figures.
Larocca say clearance rates indicate a positive outlook for vendors, with plenty of buyers still in the market.
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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Auction numbers swells as spring approaches

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Buying your first property can be nerve-wracking and in the public arena of an auction, even more so.
While purchasing a home is a big deal, it doesn't need to be the source of sleepless nights and endless stress. Here's our step by step guide to buying a property at auction.
<ol>
<li>
Attend auctions - lots of them If you thought researching your first home was all about finding your dream home, in your dream area, within your dream budget, you were wrong. You also need to know how to go about buying your dream property.  There are only so many articles on how to bid at auction you can read (even if they're <a href="/expert-insights/buying/twelve-tips-for-bidding-at-property-auctions">really good ones</a>).  What you really need is to go out and watch some auctions. Not one or two, but many - at least a dozen. Get a feeling of what the buyers are in your prospective area. Are they all nervous first home buyers making it on their own, like you? Downsizers? Well dressed hipsters bidding on their first homes, with their mothers standing slightly behind them, to the left?  Take note of the bidders - they're your competition. Get familiar with the terminology - do you know what a reserve is? A vendor bid? Did you realise that the reserve can change?  Viewing lots of auctions will also allow you to see how far prices tend to go above the price guide, if they do. What looks like a $400,000 property on a listing website might look like a $600,000 one to some on auction day. Use the opportunity different styles of various auctioneers, too. 
</li>
<li>Set your limit It's good to know well in advance how much you can afford to pay on auction day. There are lots of online calculators provided by lenders that will help you determine how much you can afford to borrow and pay for your first home. Remember, when it comes to budgeting for a big purchase, it pays to be prudent - keep in mind future career changes and any babies that might be on the way. It's not a bad idea to build a small buffer into your maximum - don't lose out on your dream property because of a bid that's $1,000 over your "limit".  Keep an eye on the <a href="/expert-insights/buying/what-does-a-home-really-cost-for-a-first-time-buyer">hidden costs you might not have factored in</a> - there's more to purchase costs than just the deposit.  </li>
<li>
Identify your potential home Once you've done your research, figured out where you can afford, driven around lots of suburbs and probably adjusted your expectations a little, you've come across a home you really love at an open for inspection. Chat to the real estate agent and keep in contact. If there isn't a price guide listed on the advertising material, ask them for an indication of what the vendor wants. Go to subsequent open for inspections and arrange some private inspections too (more on that later). 
</li>
<li>
Secure your finance. Unfortunately, there is occasionally a discrepancy between what you think you can afford and what your lender thinks you can afford, after they've had a look at the property in question, your income and your credit history. Before putting in a bid at auction, you'll need to know how you're going to pay for your new house. No finance, no purchase, and when you place the winning bid, you'll need to put down a deposit - there's no backing out, unless there's a built in cooling off period (which is best avoided and may require you forfeiting part of your deposit). Decide on <a href="/expert-insights/buying/getting-your-first-loan-heres-what-you-need-to-know">the kind of loan</a> you want and<a href="/expert-insights/finance/a-quick-guide-to-home-loan-pre-approval"> get pre-approval for your loan</a> from the bank. While this isn't a guarantee that you'll get a loan, it's about as close as you can get. And while you're at the bank, get a cheque book. You'll need one to put down your deposit. 
</li>
<li>
Order an inspection. About a week out from the auction day, you should order a building inspection for the house. Just because it has four walls doesn't mean it's stable - there could be issues with the roofing, asbestos or structural damage. An independent <a href="/expert-insights/investing/the-importance-of-building-inspections-in-property-transactions">building inspector should be able to spot the things you can't</a>, and hopefully can save you from ending up with a dud.  Make sure you <a href="/news/how-to-choose-a-building-and-pest-inspector">choose a building inspector who is independent and reputable</a>. While you're at it, ordering a pest inspection can also be worthwhile - pest inspectors might spot termite damage that will cost you a lot of money down the track. 
</li>
<li>
Have a lawyer or conveyancer look over your contract. Seeing as this will probably be the first time you've seen a property contract, it's best to bring in the experts (actually, we recommend always getting a lawyer to look over your contract.) 
</li>
<li>Figure out your strategy Now you <a href="/news/understanding-auction-talk-patrick-bright">know your auction lingo</a>, it's time to prepare yourself on how and when you will bid. Part of this may be putting in an offer before the day. However, when you get to the auction, should you dive in with the early slam-dunk all-cards-on-the-table bid, or wait until close to the bidding has stopped? Much of this will become clear to you as you watch other bidders in action in step one. However, it'll make you feel that little bit better if you know when you'll be likely to bid and what the plan is if there are quite a few other keen bidders. If you're not entirely confident, you <a href="/expert-insights/investing/engaging-a-buyers-agent-will-level-the-playing-field">may decide to hire a buyer's agent</a> to act on your behalf, some of whom employ a number of strategic tactics they have learned over years of bidding at auction, such as bidding in unusual increments.</li>
</ol>
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Buying your first property at auction: A step by step guide

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Around one in 10 of all residential home sales in Melbourne transact for more than $1 million and most are concentrated in the inner east and south-east.
Such is the concentration that it is very hard to find a suburb with a median house price of under $1 million along the length of Burke Road.
That is of course no surprise to anyone who follows the local market.
More surprising is the suburbs with million dollar sales in the outer suburbs. For this exercise ‘outer’ includes those suburbs that are 20 kilometres or more from the CBD.
In those areas, the outer suburban million dollar market is most concentrated in the Mornington Peninsula and in the Kingston council area.
A common theme in these suburbs is the proximity to the bay and its associated recreational options.
The highest prevalence was in <a href="/news">Mount Eliza</a> where 83 homes have sold for over $1 million in the past year, 10 of which were sold for more than $2 million. <a href="/news">Mount Martha</a>, which shares many of the same attractions recorded 48 sales at or in excess of $1 million, almost one a week. The median sale price in Mount Eliza was $775,000 and in Mount Martha it was $620,000.
As you travel further south there are a range of other suburbs that recorded more than 10 sales above the $1 million mark including <a href="/news">Sorrento</a>, <a href="/news">Mornington</a>, <a href="/news">Safety Beach</a>, <a href="/news">Rye </a>and <a href="/news">Blairgowrie</a>. Obviously like Mount Eliza and Mount Martha the majority of homes in all of these suburbs sell for well under a million dollars so the data shows that, due to the location within the suburb, a different group of buyers is active.
Clearly you can’t fully judge a suburb by its median sale price.
This is also the case in the City of Kingston, in <a href="/news">Mentone</a>, <a href="/news">Parkdale</a>, <a href="/news">Patterson Lakes</a> and <a href="/news">Mordialloc </a>where between 24 and nine $1 million sales occurred in the last year. With the exception of Patterson Lakes these sales will mostly be in the section of these suburbs between the Nepean Highway and Port Phillip Bay.
The positive impact of the bay on property values extends to Frankston as well where 13 sales in excess of $1 million were recorded in <a href="/news">Frankston South</a> and eight in <a href="/news">Frankston</a>.
Other areas that saw these sales at the very top end of the market were <a href="/news">Eltham</a>, <a href="/news">Mitcham </a>and <a href="/news">Vermont</a>.
There are 658 auctions scheduled this week in Melbourne compared to 668 for the same time last year.
The growth in the volume of homes being listed for sale in Melbourne has slowed following a strong first half of the year.
A range of data available which highlights the moderate, but not strong, nature of the Melbourne market. The most recent of this is the settled sales so far for this year. It shows transactions have only risen by 5% compared to 2013 and remain 18% below the peak of 2007. On current numbers the total number of residential sales in Melbourne is projected to be between 85,000 and 87,000 compared to 82,495 last year and 72,757 in 2012. Remarkably the proportion of homes sold at auction is 35% higher than last year.
Time of market results for houses sold at private sale contracted from 46 days to 43 days over the last week whilst vendor discounting rose from -5.1% to -5.3%. This reflected a largely stable market for houses at private sale.
Key data
<ul>
<li>Clearance rate week ending 10 August: 69.6%</li>
<li>Melbourne auctions expected week ending 17 August: 658</li>
<li>Melbourne private sales time on market week ending 10 August: 43 days (houses)</li>
<li>Melbourne vendor discounting market week ending 10 August: -5.3% (houses)</li>
<li>Listings being prepared for market are 2.7% higher in month ending 10 August (seasonally adjusted)</li>
</ul>
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You can’t always judge a suburb by its median sale price: RP Data's Melbourne auction preview

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Sydney's cheapest weekend auction sale was 8/58 MacDonald St, Lakemba, a two bedroom offering at $326,000 sold by John Shalala at Ray White Croydon.
<a href="https://www.realestate.com.au/property-unit-nsw-lakemba-117420671" target="_blank">It last sold in 2010 at $245,000, so reflected 7.8% annual growth over the four years</a>.
As Property Observer reported yesterday, Sydney's most expensive property sold at weekend auction <a href="/expert-insights/buying/mosman-price-shocker-tops-sydneys-weekend-auctions">was a three-bedroom Beauty Point home with Middle Harbour views</a>.
The house at 12 Euryalus Street, Mosman fetched $3.23 million.
However, Property Observer noted it last sold at $3.1 million in June 2010, so not even 1% price growth during the past four years.
The bungalow property comes with approval to rebuild a three level family home on the elevated, north facing 773 square metre block.
Sydney's 80% weekend auction result was the highest clearance rate reported since early April.
Australian Property Monitors reported the Sydney weekend auction market was in "revival mode" over the past five weekends with the average initial clearance rate over that period rising to 78.3% compared to just 74.1% over the previous five-weekend period.
Auction listings have flattened over recent weekends. The significantly higher volumes this year compared to past years has almost disappeared.
There were 434 auctions scheduled in Sydney on the weekend compared to 404 listed over the same weekend last year, just 7.5% higher.
But prior weekends over the past two months were up on last year by 24%; 52%; 31%; 35%; 54%; 37%; 37%; 32% and 61% on the June long weekend.
Sydney's north-west recorded a 92.3% clearance rate at the weekend and was the best performer of all the Sydney suburban regions.
This was closely followed by the inner west with 90.7%, the south 85.7%, the upper north shore 84.3%, the city and east 81.8%, the northern beaches 81.3% and Canterbury-Bankstown with a clearance rate of 80%.
Next weekend Sydney agents have around 430 auction offerings (about 10% up on last year) and APM's preliminary figures for the 23 August weekend is currently sitting at 410 offerings, which is around the same weekend last year.
The recent rise in volumes - that may have waned - has not been just a Sydney trend. A  review of volumes nationally over the first eight months of the year shows there have been nearly 50,833 capital city auctions in total, or 38% more auctions held when compared to the same period last year, according to RP Data.
Fewer listings with strong buyer demand means the days of 80% clearance rates will return, making it harder to buy without strong competition.
Back to that cheapest weekend sale at 8/58 MacDonald St, Lakemba, a two bedroom offering sold at $326,000 pre-auction. 
It was sold by an investor who got around $270 a week on its 2010 purchase to an investor who will be hoping to now secure around $325 a week.
So in the past four years the yield has tightened from 5.7% to a 5.1% yield now.
The 2013-2014 price upswing has triggered this drop in rental yields, into which investors still rush.
Recent RP Data research shows rents have failed to keep pace with prices in all capital cities.
Sydney and Melbourne have the lowest yields of all capital cities, at 3.9% and 3.4% respectively.
Most investors must be chasing capital growth rather than rental return. Be wary when at the currently highly competitive auctions.
Sydney rents rose by 3.7% in the past year, making it the only city where growth outstripped inflation. 
By comparison, house prices in the city increased by 16.7% since April 2013.
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As investors dominate, Lakemba sale highlights price growth and tightening yields

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The historic Collingwood warehouse of the Hong Kong-based banker Richard Lee was passed in at weekend auction at $1.3 million.
Lee, chief operating officer of the investment banking division of CLSA, and his wife Peta, bought the property in 2010 for $905,000.
They spent the next 18 months renovating part of the 150-year-old Victoria distillery.
The four-level three bedroom warehouse at <a href="https://www.realestateview.com.au/Real-Estate/14-21-northumberland-street-collingwood/Property-Details-buy-residential-7289509" target="_blank">14/21 Northumberland Street</a> had been listed Sarah Sharp, of RT Edgar.
The warehouse conversion was within the Barrett Burston Collingwood Malthouse.
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The Barley House, 1860s Collingwood warehouse fails to sell

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A preliminary weighted average clearance rate of 65.9% was recorded this week across capital cities compared to 68.9% last week, and 70.1% this time last year. 
The lower clearance rate was a result of a softening in the Melbourne market. This contrasted with the very buoyant outcome in Sydney and Adelaide.
<img class="aligncenter size-large wp-image-3590" src="https://blog.rpdata.com/wp-content/uploads/2014/08/20140811-Capital-city-580x430.jpg" alt="RP Data National Auction Comment" width="580" height="430">
Sydney continues to be the capital city with the strongest and most consistent auction market. A preliminary clearance rate of 75.5% was recorded this week compared to 76.7% last week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/20140811-Sydney.jpg" rel="wp-prettyPhoto[g3589]"><img class="aligncenter size-large wp-image-3591" src="https://blog.rpdata.com/wp-content/uploads/2014/08/20140811-Sydney-580x380.jpg" alt="RP Data National Auction Comment - Sydney" width="580" height="380"></a>
The lowest result in nine weeks occurred in Melbourne where a preliminary clearance rate of 63.9% recorded compared to 69% last week.
Auction numbers have risen in the inner east after a seasonal lull. Rising stock numbers in the next month will clearly test the market.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/20140811-Melbourne.jpg" rel="wp-prettyPhoto[g3589]"><img class="aligncenter size-large wp-image-3592" src="https://blog.rpdata.com/wp-content/uploads/2014/08/20140811-Melbourne-580x384.jpg" alt="RP Data National Auction Comment - Melbourne" width="580" height="384"></a>
In Brisbane a preliminary clearance rate of 35.3% was recorded compared to 36.7% last week.
<img class="aligncenter size-large wp-image-3593" src="https://blog.rpdata.com/wp-content/uploads/2014/08/20140811-Brisbane-580x383.jpg" alt="RP Data National Auction Comment - Brisbane" width="580" height="383">
Adelaide recorded a very strong clearance rate of 75% compared to 61% last week.
Low stock numbers at this time of the year can affect the clearance rate by making in more variable than in spring and summer.
In Canberra a clearance rate of 45.8% was recorded and in Perth there was a clearance rate of 66.7%.
<img class="aligncenter size-large wp-image-3594" src="https://blog.rpdata.com/wp-content/uploads/2014/08/20140811-Adelaide-580x387.jpg" alt="RP Data National Auction Comment - Adelaide" width="580" height="387">
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Sydney leads as national clearance rate dips: RP Data's national auction wrap

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The Melbourne property market stumbled over its first hurdle at the weekend, as a rise in auction volumes saw the city post a relatively poor clearance rate of 63.9%.
The result pulled down the national average to 65.9%, after it <a href="https://www.smartcompany.com.au/finance/investment/43101-national-clearance-rate-lifts-as-spring-market-expected-to-still-bloom">lifted last week</a> to 69.7%.
Melbourne sold only 397 of the 738 properties that went under the hammer, according to RP Data.
RP Data Victorian housing market specialist Robert Larocca told SmartCompany the weekend was the first real test for Melbourne, with a rise in auction numbers in the all-important inner-east area.
“The first weekend with better volumes has created a cause for concern,” Larocca says.
Larocca says the announcement of unemployment figures last week detracted from consumer confidence in Victoria, which has lately been “middle of the road” in the state.
But he notes this is potentially good news for buyers, as vendors may lower their price expectations.
In contrast, Sydney scored a 75.5% clearance on its 530 auctions, with 332 properties changing hands across the city.
“Sydney is proving a consistent and strong market,” Larocca says. “It really is building a solid base for spring.”
Larocca says Sydney will be the market to watch from an auction perspective as spring approaches, if stock volumes remain as high as anticipated.
“It could be a spring like Sydney has never seen before,” he says.
Around the country, the smaller auction markets were mixed. Adelaide notched a 75.0% clearance on 55 auctions, while Brisbane lagged again with a 35.3% clearance on 121 properties.
New listing activity is up 2.5% on a seasonally adjusted month-on-month change, according to RP Data.
Larocca says this is to be expected at this time of year as the market heads into the full bloom for spring.
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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A tale of two auction cities: Melbourne misses the mark as Sydney soars into spring

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Mooloolaba's Pink House sold at weekend auction for $3.8 million, when offered for the first time in 100 years.
Set on Queensland's Sunshine Coast, the Pink House is among the last freestanding homes remaining in the locality.
Sunshine Coast Next Property agents<a href="https://www.realestate.com.au/property-house-qld-mooloolaba-117375011" target="_blank"> Loren Wimhurst and Karen Jones marketed the property</a> as "one of the last development opportunities on the Mooloolah River never before offered to the market".
The former fishing shack on the Mooloolah River, north of Brisbane, has a glamourous history given its association with old world Hollywood stars.
Cary Grant, Jean Harlow and Errol Flynn stayed at the holiday home of the Eager car dealership family. 
Fred Eager was the son of the cigar-smoking businessman from Ohio, E.G. Eager who was responsible for the the introduction of the Overland car in 1911 to Australia. The family were later the representatives of General Motors Holden.
Fred Eagar died in 1949 at his home, Craigston on Wickham Terrace, Brisbane, aged 62. 
His skill as a big game fisherman and yachtsman was undisputed. He held the Queensland shark record with a 1941 catch of a white shark weighing 1324 lbs. 
Fred Eager actually had two holiday houses on the Mooloolah River, Tangalooma and four doors away, Terrawina. Property Observer believes it was Tangalooma which was the weekend offering.
Among his fleet of water-craft was the luxury yacht, Tangalooma which was commandeered by the Navy in the second world war. 
Part-owner Jillian Chalmers told the Weekend Australian it was sad to sell the home which had been passed down to friends and family over the generations. It was also co-owned by the Hooper and Knobel family. 
"Originally built as a fishing shack, legendary stories still circulate in reference to the size of the fish and the catch, to this day," the marketing said.
"Many similar shacks surrounded this one, and the Pink House is the last one standing." 
The 1,012 square metre property at 63 River Esplanade boasts 37 metres of Mooloolah River frontage within a 350 metre walk to the Mooloolaba Surf Club.
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