Joel Robinson

First Look: Sherlock Construction pitches apartments for low-rise Deception Bay

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.

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

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

Auctions

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Goldman Sachs managing director Alastair Lucas spent $3.025 million to buy in East Melbourne.
<a href="https://www.realestateview.com.au/Real-Estate/110-vale-street-east-melbourne/Property-Details-sold-residential-6961925" target="_blank">Lynda Manor</a>, the Italianate Victorian terrace was the most expensive Melbourne house sold at auction on the weekend, according to the REIV.
The three-bedroom, 1889 Vale Street ­terrace sold through Caine Real Estate director Paul Caine who's price guidance was $2.5 million plus.
There were three bidders after the initial $2 million vendor bid on the 209 square metre property.
It last sold for $95,000 in 1979.
In March 2013 some $2.62 million was paid for the terrace two doors along, a five bedrooms, three bathroom terrace with s, the formal lounge with Karl Fender designed extension.
There was a clearance rate of 70% at weekend auction, compared to 69% last weekend and 70% on the same weekend last year.
There were 576 auctions reported to the REIV.
The final clearance rate hasn’t risen above 70% since the week ending 23 March 2014. 
The clearance rate is trending lower, however auction numbers remain high.The next two weekend is expected to have about 1,000 auctions each. 
This would push up the total number of auctions for the month of May to 3,700, which is higher than the long-term average, Enzo Raimondo from the REIV said.
THE DEAREST FIVE HOUSES
<ol>
<li>110 Vale Street, East Melbourne $3,025,000</li>
<li>95 Kooyongkoot Road, Hawthorn $2,775,000</li>
<li>29 Brazilia Drive, Glen Waverley $2,416,000</li>
<li>832 Esplanade, Mornington $1,900,000</li>
<li>9 Bella Vista Road, Glen Iris $1,900,000</li>
</ol>
THE CHEAPEST FIVE HOUSES
<ol>
<li>22 Oak Avenue, Doveton $269,000</li>
<li>37 Nightingale Drive, Werribee $280,000</li>
<li>21 Hughes Crescent, Dandenong North $325,500</li>
<li>10 Paringa Avenue, South Morang $347,500</li>
<li>39 Hendersons Road, Epping $350,000</li>
</ol>
THE DEAREST FIVE APARTMENTS
<ol>
<li>2/6 Wellington Crescent, East Melbourne $1,360,000</li>
<li>13A Rose Street, Highett $1,228,000</li>
<li>2/64 Burke Road, Malvern East $1,157,000</li>
<li>1/33 Myrniong Grove, Hawthorn East $1,150,000</li>
<li>50 Were Street, Brighton $1,135,000</li>
</ol>
THE FIVE CHEAPEST APARTMENTS
<ol>
<li>16/6 Garnet Street, Brunswick $229,500</li>
<li>7/116 Inkerman Street, St Kilda $235,000</li>
<li>8 Elinda Place, Reservoir $265,000</li>
<li>12/42 Middle Road, Maribyrnong $290,000</li>
<li>6/3 Denbigh Street, Frankston $295,000</li>
</ol>
Source: REIV 
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jchancellor-FAypfDUnLy

Goldman Sachs managing director Alastair Lucas spends $3.025 million in East Melbourne

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The preliminary auction clearance rate of 67.4% was recorded this week across capital cities compared to 62.3% last week and 65.6% this time last year.
<img src="/images/2014/05/12/larocca%20may%2012%20one.jpg" alt="">
Volumes have been lower this week as the market heads into a traditionally quieter time in winter.
The higher clearance rate is largely a factor of a stronger Sydney market where a preliminary clearance rate 76.1% was recorded compared to 71.4% last week.
<img src="/images/2014/05/12/larocca%20may%2012%20two.jpg" alt="">
The higher national clearance rate does not represent a significant shift in the market and is broadly in line with the trend this year, particularly with the results prior to Easter and Anzac Day.
In Melbourne a preliminary clearance rate of 63.4% was recorded compared to 61.9% last week. Last week’s Melbourne clearance rate was the lowest since late 2012 and is running counter to the established trend through the last year and also reflects moderating growth in property values.
<img src="/images/2014/05/12/larocca%20may%2012%20three.jpg" alt="">
In Brisbane a preliminary clearance rate of 54.8% was recorded compared to 42.4% last week. Adelaide recorded a clearance rate of 60.5% compared to 62.7% last week.
In Canberra a clearance rate of 58.8% was recorded and in Perth there was one auction sale from eight results. In Tasmania there was two sales from three results.
<img src="/images/2014/05/12/larocca%20may%2012%20four.jpg" alt="">
<img src="/images/2014/05/12/larocca%20may%2012%20five.jpg" alt="">
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rlarocca-zWhvjay44N

Auctions volumes trending lower: RP Data's national auction market wrap

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The historic Mount Macedon estate, Alton was passed in on a $5 million vendor bid at its weekend auction.
The property known for its botanic gardens, was offered by vendors mining executive Eduard Eshuys and his wife, Marjorie who restored its 1870s-built Venetian Gothic house.
Gardens make up four hectares of<a href="https://www.alton-mountmacedon.com" target="_blank"> the 10.5-hectare holding</a>.
It also has a small farm and an 1870s-built Venetian Gothic home, known as the gingerbread house.
Established by Sir George Verdon, at various times Victoria’s treasurer and Agent General, it was subsequently owned by Judge Hood and then by George Nicholas, the co-founder of ASPRO, this property has been always been prominent in the minds of Victorians.
The Eshuys' bought the estate in 1997 from Coles Myer-owned ­company Silver Meadows.
Its listing agent Jock Langley of Abercromby, who had the property in conjunction with Lindsay Hill Real Estate, Mount Macedon, had been issuing price guidance that other sales in the area had averaged about $380,000 per acre.
The property at 239 Alton Road, Mount Macedon, Alton was marketed as among the finest hill station estates. The hill stations concept comes from are high-altitude towns in India used, especially by European colonialists, as a place of refuge from the summer heat.
The garden includes 24 National Trust recognised trees.
The road's last sale was $3.25 million when the seven hectare estate, the 1870s <a href="https://www.realestate.com.au/property-house-vic-mount+macedon-112416011" target="_blank">Duncraggan</a> sold last June.
The highest sale for the district was when Fosters brewery group secured $8.17 million in 2005 when the Gribbles Group director, Wallace Cameron bought the 8.8 hectare Sefton estate at Mount Macedon.
Built by <a href="https://adb.anu.edu.au/biography/baillieu-william-lawrence-willie-5099" target="_blank">William (Willie) Lawrence Baillieu as a summer retreat early in the century</a>, the property included a nine-tee golf course, tennis court and croquet lawn.
It was offered at $12 million without success in 2010. 
It has an <a href="https://www.slv.vic.gov.au/pictoria/gid/slv-pic-aab45596" target="_blank">English garden</a> influenced by noted Royal Botanic Gardens directors Baron von Mueller and W. R. Guilfoyle.
<a href="https://www.fionabarkerdesign.com.au/folio/residential/sefton/" target="_blank">The Sefton interiors were done by Fiona Barker Design</a>.
Mount Macedon's first $1 million plus acreage sold in the late 1980s.
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Alton, 1870s Mount Macedon garden estate passed in

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During an auction you may hear the auctioneer making a bid – known as a ‘vendor bid’ – but what does this mean?
Essentially, a vendor is legally allowed to make a bid on the property to help move the auction on. Laws vary from state to state on the specifics, however it is generally acknowledged that it should be made through the auctioneer, and should be said to be a vendor bid.
Vendors do not have to use the vendor bid, but if they do use it then they should not bid the amount of, or more than, the reserve price.
If it is not identified by the auctioneer as a vendor bid then it becomes what is called a ‘dummy bid’, which is illegal.
A vendor may bid for a number of reasons, including to encourage bidding and to increase the recorded price in the instance the property is ‘passed in’ (a practice that <a href="/news/passing-in-on-a-vendor-bid-on-the-decline-reiv">was last year recorded to be on the decline in Victoria</a>).
Fair Trading New South Wales explains that only one bid can be made in New South Wales on behalf of the seller.
“The seller’s bid by the auctioneer cannot be used unless notice of the right to bid is notified in the conditions of sale, which must be clearly displayed and be available for inspection before the auction commences. When the seller’s bid is made by the auctioneer, the auctioneer must state that it is a ‘vendor bid’,” Fair Trading explains.
The auctioneer should also announce this prior to the auction.
In the situation that the property is co-owned and one of the co-owners wants to purchase the property, this is not a vendor bid. They will not be able to make the bids through the auctioneer.
The Victorian Sale of Land Act notes further that it is not sufficient for the auctioneer to merely identify the vendor by name – they should state that the vendor is a vendor.
In Victoria, there is no limit to the number of vendor bids allowed – however, common advice is to keep it to one or two.
In Queensland, auctioneers can accept numerous vendor bids.
The number of vendor bids allowed has previously become a big topic, with some - such as buyer's agent Frank Valentic - arguing that it should be restricted to just one bid in states that allow multiple. He <a href="/news/vendor-bid-auction-reform-needed-melbourne-buyers-agent-call">cited an auction where there had been three vendor bid</a><a href="/news/vendor-bid-auction-reform-needed-melbourne-buyers-agent-call">s</a>.
<a href="https://www.lawyersconveyancing.com.au/faq/auctions-faq/#9" target="_blank">Lawyers Conveyancing has been vocal against vendor bidding</a>, noting that if anything it is a counter-offer and buyers should not have to pretend that the vendor is buying as "one of them" wanting to buy their own home.
What are your thoughts on vendor bidding?
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jduke-EHk3XBmHkn

What is a “vendor bid”? Property investment terms explained

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There are 643 auctions scheduled this week in Melbourne compared to 807 this weekend last year. This is a 20% reduction and reflects the record seven weekends with over 1,000 auctions already held.
Last weekends clearance rate was the lowest since late December in 2012.
The most popular areas for auctions this weekend are in the inner north where there are 10 in both Pascoe Vale and Preston.
Melbourne is currently returning a below average clearance rate when compared to the market nationally and that should translate into better conditions for buyers over the next few months. The lower clearance rate should also indicate to vendors with an auction in the next month the importance of taking current market conditions into account when setting a selling price.
Conditions eased slightly in the private sale market with time on market for houses stable at 33 days and vendor discounting still stable at -5.6%. The lowest vendor discount on a suburban basis is in Armadale for units at -2.6% followed by houses in Vermont at -2.7% and houses in Bayswater South at -3%.
Key data
<ul>
<li>Clearance rate week ending 4 May: 61.9% 
</li>
<li>Melbourne auctions expected week ending 11 May: 643 
</li>
<li>Melbourne private sales time on market week ending 4 May: 35 days (houses) 
</li>
<li>Melbourne vendor discounting market week ending 4 May: -5.6% (houses) 
</li>
<li>Listings being prepared for market are 7.5% higher in month ending 4 May (seasonally adjusted)</li>
</ul>
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Falling clearance rates translate to better buyer conditions: RP Data's Melbourne auction preview

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A single mother on a disability pension in Caulfield, Ella Piro, recently lost her 27 year old son. Facing financial distress, a number of property industry members stepped in to lend a helping hand - resulting in a first of its kind auction coming up. A two-storey period home, renovated by Olive Constructions, at <a href="https://292gleneiraroadelsternwick.com/" target="_blank">292 Glen Eira Road, Elsternwick</a>, is being auctioned. A percentage of the proceeds will be dedicated to Piro, and it's expected to attract a lot of interest - few properties of this particular style are often on the market in the area, explained director of Hodges Caulfield, Alex Flamm. "We encourage potential buyers and community members to come and show their support on auction day. People looking to buy, will not only be presented with a sensational family lifestyle opportunity, but will also take part in raising funds for a community member,” said Flamm. Olive Constructions will also contribute a sum made from the sale of their property. Attendees to the auction are expected to be Masterchef contestant, and host of Kitchen Whiz, Alice Zaslavsky, who will be providing baked goods for attendees. Similarly, a Melbourne guitar duo will be there for entertainment. The four-bedroom, two-bathroom, two-car space property will go to auction on Sunday 18 May, with food and drinks from 11am, and the live auction at 11.30am. Piro's son, Robbie Piro, was the youngest registrar in Australia at 24, and an active community member in Caulfield. At 27 he attained his Bachelor of Medical Science, Bachelor of Medicine, Bachelor of Surgery and Masters of Psychiatry from the University of Melbourne. Those not in the market for the Elsternwick house can still donate via <a href="https://www.youcaring.com/memorial-fundraiser/in-memory-of-dr-robbie-piro/140416%20" target="_blank">You Caring</a>.
Correction: This article initial said that the property had two car garages. It actually has two car spaces. The text has been amended to reflect this fact.
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City of Glen Eira's biggest 2014 auction expected

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The practice by unethical real estate agents to – ‘quote them low and watch it go’ could very well finally be a thing of the past – well in Queensland anyway (for starters). Governments from all political persuasions have struggled for decades to establish a best practice platform for the real estate industry.
Queensland is close to implementing the new legislation although they are struggling at the last hurdles given they are seeking that agents are not permitted to provide any price guides. The reforms have now been altered to permit agents providing a price guide on the internet.
This just keeps getting dumber and dumber given this whole process could be fixed so easily – all that’s required is for the vendors to publish their reserve price to all parties making inquiries. The prospective purchasers then make up their own minds as to what they believe the property is worth based on the published reserve price – a clean and transparent selling process.
I have always argued (successfully) that the difference between a good real estate agent and an average one is about 10% of the sale price. The difference by not quoting the agents price guide is that this figure is generally skewed to the attraction price as against the selling price which is exactly what should be the case in this day and age.
If a buyer wants to pursue a property at the vendor’s reserve price then all well and good. If on the other hand they construe that the expectations are too high then let the property run a reverse course – which is interesting as this then goes back to the respective agent’s negotiating skills. I’m not exactly sure what parts of this the agents don’t get as reserve price quoting will reward the agents with superior negotiating skills – which is exactly what vendors should be looking for.
There is a great role for public auctions in the real estate industry, just the system requires critiquing because rogue agents will always struggle with the truth. Watch this debate get very heated in coming weeks and months although rest assured there will be major changes across the board to the Australian property auction system.
Another fascinating week that had the “experts” (whatever they are) calling the end of the biggest Sydney property boom in a decade – what a load of rubbish!
To add some weight to these idiotic statements there are approximately 637 (and growing) suburbs that make-up Sydney. Yet in typical lackadaisical reporting fashion we read “dwelling values across Australia’s capital cities have recorded declines” – so they take the weighted averages over 637 suburbs in the case of Sydney to get an accurate positioning? Anyone applying this methodology is simply delusional as this in no way accurately defines real estate market trends – until such time as it is suburb by suburb this collective data is as useful as an ashtray on a motor bike.
<a href="https://www.rwm.com.au/files/2014/05/30-04-2014-1-59-49-PM.jpg"><img class="aligncenter size-full wp-image-8520" src="https://www.rwm.com.au/files/2014/05/30-04-2014-1-59-49-PM.jpg" alt="30-04-2014 1-59-49 PM" width="647" height="342"></a>
Source: Digital Finance Analytics
<a href="https://www.rwm.com.au/files/2014/05/30-04-2014-1-58-58-PM.jpg"><img class="aligncenter size-full wp-image-8521" src="https://www.rwm.com.au/files/2014/05/30-04-2014-1-58-58-PM.jpg" alt="30-04-2014 1-58-58 PM" width="664" height="361"></a>
Source: Digital Finance Analytics
The latest monthly banking statistics from APRA identify consistent lending to the end of March 2014. In February owner-occupied and investment loans were $1.231 billion and in March they came in at $1.236 billion. The ‘Big Four’ increased their market share from 84.3% to 84.4% which will have many suggesting that should there be a correction they will be in all sorts of bother.
What I would like to see is a graph showing where their respective loans were as we should remember during the global financial crisis (GFC) Mosman was tipped as having the highest delinquency rate in Australia where it was later proved it had the lowest.
As they say, be careful about calling yourself an expert. An ex is a has–been and a spurt is a drip under pressure. For some, it’s human nature to predict/promote themselves as some type of modern day Nostradamus who quite remarkably possess this innate ability to read the future.
Recently we read that in America, Dr Marc Faber is predicting that this year we will witness a 1987-type stock market crash although this time it will be much more severe. For those who have no idea what exactly happened here it is <a href="https://www.federalreserve.gov/pubs/feds/2007/200713/200713pap.pdf" target="_blank" title="Black Monday – 1987.">Black Monday – 1987.</a>
Given what transpired recently in the GFC, I would think that the vast majority are erring on the side of caution – which history has conclusively shown to be the smartest path.
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Is the public auction system going – going – gone?

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After two subdued weeks for auctions, the number of auctions held across the combined capital cities increased this week, with 2,033 capital city properties taken to auction, compared to just 881 over the previous week. 
The preliminary clearance rate for last week was recorded at 66.3%, having increased from 64.6% the previous week. After an unseasonably strong start to the year, auction clearance rates are showing signs of softening, albeit only by a very small amount.
One year ago, there were 1,749 capital city properties taken to auction and the auction clearance rate was recorded at 67.7%. This is the first time so far this year where the current clearance rate has underperformed when compared to the same time one year ago.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/05/20140504-Capital-city.jpg" target="_blank"><img class="alignnone size-full wp-image-3192" src="https://blog.rpdata.com/wp-content/uploads/2014/05/20140504-Capital-city.jpg" alt="20140504 Capital city" width="1003" height="734"></a>
In Sydney last week, 817 auctions were scheduled and the preliminary clearance rate was recorded at 75.7%, up from 71.3% over the previous week when the auction market was much quieter, with 361 Sydney properties taken to auction.
So far this year, Sydney has been the strongest performing auction market in terms of clearance rates and has continuously been stronger when compared to the same week last year, however, this gap is beginning to close, with the current clearance rate more reflective of the clearance rates seen across the city at the same time last year when the market was beginning to strengthen.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/05/20140504-Sydney.jpg" target="_blank"><img class="alignnone size-full wp-image-3197" src="https://blog.rpdata.com/wp-content/uploads/2014/05/20140504-Sydney.jpg" alt="20140504 Sydney" width="996" height="651"></a>
A preliminary clearance rate of 63.7% was recorded last week in Melbourne from 691 auction results with a total of 878 auctions scheduled across the city.  At the same time last year, a clearance rate of 70.4% was recorded from 822 auctions. The total number of auction results will rise to exceed the total from last year but the clearance rate will not.
Auction demand for last week matched last month when a clearance rate of 62.3% was recorded. Overall results for April were lower than the 69.4% recorded in March.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/05/20140504-Melbourne.jpg" target="_blank"><img class="alignnone size-full wp-image-3196" src="https://blog.rpdata.com/wp-content/uploads/2014/05/20140504-Melbourne.jpg" alt="20140504 Melbourne" width="991" height="655"></a>
Much like Melbourne and Sydney, Brisbane recorded an increase in auction volumes last week, with 141 properties taken to auction across the city. The preliminary auction clearance rate for these properties was recorded at 42.5%, down from 49.2% the previous week across just 66 auctions. At the same time last year the Brisbane clearance rate was recorded at 45.1% with 153 properties auctioned over the week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/05/20140504-Brisbane.jpg" target="_blank"><img class="alignnone size-full wp-image-3195" src="https://blog.rpdata.com/wp-content/uploads/2014/05/20140504-Brisbane.jpg" alt="20140504 Brisbane" width="995" height="649"></a>
Last week, 98 Adelaide properties were taken to auction, up from 51 over the previous week. Similar to auction volumes, the auction clearance rate increased over the week from 64.4% to 65.6%. At the same time last year, conditions across the auction market were weaker with 92 auctions and a 56.4% clearance rate.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/05/20140504-Adelaide.jpg" target="_blank"><img class="alignnone size-full wp-image-3194" src="https://blog.rpdata.com/wp-content/uploads/2014/05/20140504-Adelaide.jpg" alt="20140504 Adelaide" width="998" height="662"></a>
If we take a quick look around Australia’s other capital cities and regions performance was varied, much like it is most weeks.
In Canberra there were 45 auctions with a clearance rate of 60%, in Perth 40 properties were auctioned and the clearance rate was recorded at 50%, while across the Northern Territory, 11 residential properties were taken to auction and the preliminary clearance rate was recorded at 37.5%.
Across Tasmania 14 properties were taken to auction over the week, but at this point RP Data has only collected five results, with no successful sales.
Currently, RP Data is tracking 1,376 capital city auctions over the coming week.
Melbourne auction commentary provided by Robert Larocca, RP Data’s Victorian housing market specialist.
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Clearance rates softening: RP Data's national auction market wrap

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Sydney’s auction clearance has softened, now sitting at below 80% for the fourth consecutive weekend. 
The decline followed 10 consecutive weekends with initial clearance rates above 80% in the early part of 2014.
The revised clearance rate, compiled after more results are added, now sits in the lows 70s.
There is little doubt the market has stepped down a gear over the past month, economist Dr Andrew Wilson at Australian Property Monitors acknowledges.
Ditto price growth, as after 11 months of solid growth, Sydney house prices have slowed, according to RP Data Rismark.
Though the 0.5% average rise in April pushed the median price for Sydney houses above $800,000 for the first time to sit at $802,000.
RP Data senior analyst Cameron Kusher said the slowing of price growth was to be expected as consistent increases were unsustainable.
Sydney prices were up 16.7% annually, compared with the combined capital growth rate of 11.5%. 
“The last time Sydney strung together 11 consecutive month-end increases was in November 2007 when the market added 14.7% and before that in November 2002 when it delivered 19.6% growth,” Rismark chief executive Ben Skillbeck advised.
After the Easter and ANZAC Day long weekend holidays, there were around 630 properties that were put to weekend auction across Sydney.
There was a 77.3% initial clearance rate on Saturday, with the weekend prior's rate revised down to 72.3%. That followed the previous 73.7% revised figure.
APM had the lower north reporting the highest regional initial clearance rate at the weekend at 89.5%. 
Next best was the northern beaches with 88.9% followed by the south with 87.2%, Canterbury Bankstown 84%, the city and east at 80.6% and the inner west at 80.3%.  
The most expensive property reported sold at auction at the weekend was a six bedroom 1974-built house at 11 South Street Strathfield (pictured above) sold for $3,850,000 through the McGrath agency. It was given a cautious pre-auction price guidance of $2.55 million to $2.95 million by an out of area agency.
 The most affordable property reported sold was an unrenovayed three bedroom house on a 556 square metre block at <a href="https://www.propertyobserver.com.au/https://www.starrpartners.com.au/10385653?&amp;favourite=add&amp;propertyID=10385653remove" target="_blank">65 Luxford Road Whalan</a> sold pre-auction for $255,000 by Starr Partners Blacktown.
Meanwhile Melbourne recorded it highest clearance rate for two months at the weekend when 760 properties went under the hammer in the Melbourne metro area.
APM had Melbourne recording a clearance rate of 73.4% at the weekend.
The outer east had a clearance rate of 82.4%. The next best region was the north with 79.6% followed by the inner south with 77.4%, the inner east at 75.9% and the inner city with a weekend clearance rate of 71.9%.
Melbourne dearest weekend sale was at Brighton at $3.22 million for 11a Wolseley Grove through RT Edgar.
The cheapest sale was a one bedroom through Sweeney Footscray when 10/21 Hampton Parade, West Footscray sold for $185,000. It last sold in 1990 for $56,000. Its price guidance was $180,000 to $198,000.
Greville Pabst from the Melbourne-based WBP Property Advisory expects clearance rates to ease slightly in the coming weeks and be in the range of 67% to 70% as auction volumes start increasing again.
RP Data's combined capital cities preliminary auction clearance rate was recorded at 66.3 per cent this week, having increased from the 64.6 per cent over the previous week.  This is the first time so far this year where the current clearance rate has underperformed when compared to the same time one year ago.
RP Data’s national research director Tim Lawless has noted there is an underlying concern among consumers about the sustainability of dwelling value growth. 
He said he number of respondents who believe the housing market is vulnerable to a significant correction has now grown to 66 per cent. 
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Sydney auction clearance rates weakening, with Melbourne tipped to join the easing

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There are 851 auctions scheduled this week in Melbourne compared to 822 this weekend last year.
It’s interesting to note that the suburbs which have had the highest volume of houses for sale as a proportion of the total number of homes over the past year, are found in the Mornington Peninsula.
<a href="/news">Mount Eliza</a> had 8.6% of its housing stock on the market followed by 7.9% in <a href="/news">Mount Martha</a> and in <a href="/news">Safety Beach</a>. At the other end of the spectrum is the highly sought after <a href="/news">Fitzroy North</a> where a mere 2.6% of houses were on the market. Given the high demand in Fitzroy North there is no doubt that if more homes were on the market they would find sellers.
Conditions remain tight in the private sale market with time on market for houses stable at 33 days and vendor discounting also stable at -5.6%.
Key data
Preliminary clearance rate week ending 20 April: 63%
<ul>
<li>Melbourne auctions expected week ending 4 May: 851 
</li>
<li>Melbourne private sales time on market week ending 27 April: 33 days (houses) 
</li>
<li>Melbourne vendor discounting market week ending 27 April: -5.6% (houses) 
</li>
<li>Listings being prepared for market are 13.5% higher in month ending 27 April (seasonally adjusted)</li>
</ul>
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