Iwan Sunito's vision for a landmark mixed-use precinct in Sydney's Inner West has taken a major step forward, with approval granted for the $1.9 billion Five Dock development first unveiled earlier this year.

The approved scheme by <a href="https://www.apartments.com.au/developers/one-global-capital">One Global Capital</a> will deliver an 80,500 sqm mixed-use precinct comprising 840 apartments, integrated hotel accommodation, commercial and retail space, alongside publicly accessible open space designed to create a new destination for the growing suburb.

"This is a significant milestone for One Global Capital and for the future of housing delivery in Sydney," Sunito said.

"The Housing Delivery Authority was established to identify major housing projects capable of delivering meaningful supply more efficiently, and we are delighted that Spencer Street has been recognised as one of those projects.”

He said the declaration reflected the rapid progress achieved since acquiring control of the site.

"In less than seven months we have progressed from taking control of the site to securing entry into one of the NSW Government's most important planning pathways. It reflects the experience of our team, the strength of our consultant group led by Urbis, and our long-term commitment to delivering transformational projects that contribute to Sydney's future."

When the project was revealed earlier this year, Sunito described the opportunity as one of the strongest development sites he had worked on.

"I probably hadn't appreciated the uniqueness of the site until more recently when putting together the concept plans," Sunito said.

"The proximity to the water, and the golf course opposite, is unlike any other part of Parramatta Road. We have a unique position and view corridors over the water that makes this one of the best sites I've worked on."

The development has evolved since its initial announcement, with the approved plans increasing the residential component from the originally proposed 750 apartments to 840 homes while retaining the project's focus on creating an integrated neighbourhood rather than a standalone residential development.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/a-city-within-a-city-iwan-sunito-flags-1-5-billion-mixed-use-precinct-in-five-dock">"A city within a city": Iwan Sunito flags $1.5 billion mixed-use precinct in Five Dock</a>

The precinct will combine apartments with hotel accommodation, commercial workplaces, retail offerings and public spaces, creating a mixed-use environment intended to serve both residents and the broader Five Dock community. The proposal also continues the collaboration between One Global Capital and internationally recognised architect <a href="https://www.apartments.com.au/architects/koichi-takada-architects">Koichi Takada</a>, whose previous work with Sunito includes Infinity, Arc and Skye North Sydney.

Takada previously said the design was driven by a philosophy of integrating nature into the built environment.

"The concept for this development is born from our design approach to naturalising architecture," Takada said.

"The public realm benefits from biophilic design that integrates generous landscaping, and the development is optimised for natural daylight, airflow and water views to foster wellbeing, sustainability and spaces that foster community interaction."

Sunito has consistently described the project as a "city within a city", with a strong emphasis on creating a destination that extends beyond housing.

"We want to create a development that's not only to be seen, but to be experienced by the whole local community," he said.

The approval comes as Five Dock continues its transformation ahead of the opening of the Sydney Metro West line, with the new Five Dock station set to significantly improve connections between the Inner West, Parramatta and the Sydney CBD.&nbsp;

The precinct will also benefit from its proximity to the Parramatta Road corridor, nearby waterfront parklands and established retail and dining offerings that have made Five Dock one of Sydney's most tightly held Inner West suburbs.

Joel Robinson

Iwan Sunito secures approval for $1.9 billion Five Dock mixed-use precinct

The new <a href="https://www.apartments.com.au/new-apartments/yarraville-green-42-stephen-street-yarraville-vic-3013">Yarraville Green</a> development in Melbourne's inner west is showing that landscaping can be just as influential as architecture, with buyers responding strongly to the garden-first approach adopted from the outset by developer Excelon Projects and the project's design team.

Excelon appointed Six Degrees Architects and landscape architects SBLA to work collaboratively on the development, with a brief to create "a sustainable, design-led building with a focus on community."

That approach has resonated with buyers. According to Next Chapter Director Tom Hirini, who is leading the sales campaign, the landscaped communal garden has become one of the project's defining features, alongside its boutique scale and European-inspired cluster housing concept.

Local downsizers, right-sizers and established families already living in Yarraville and surrounding suburbs have accounted for the majority of purchasers.

[smartcode_project:default project_id=144913 project_image_fid=297740]

Yarraville Green will comprise 53 homes, including apartments and townhomes, arranged around the shared central garden to maximise connections to the landscaped open space. Parking has been moved underground, allowing the ground plane to be dedicated to greenery, pedestrian movement and communal spaces.

The landscape extends well beyond passive planting. Productive garden beds, a pergola, communal gathering spaces, garden sheds and a pet wash have all been integrated into the masterplan, creating spaces designed to encourage everyday interaction between residents.

[smartcode_project:default project_id=144913 project_image_fid=297741]

The interiors continue Excelon's focus on craftsmanship, incorporating bespoke elements by Melbourne artisans including leadlight detailing by Adadaz, hand-turned timber hardware by Auburn Woodturning and blown-glass lighting by Ruth Allen.

Sustainability has also been embedded throughout the project, with Yarraville Green targeting an average 7-star NatHERS energy rating through passive design principles, rooftop solar servicing common areas and rainwater harvesting for landscape irrigation.

[smartcode_project:default project_id=144913 project_image_fid=297735]

Construction continues to progress at Yarraville Green, with structural works well underway and framing works approaching completion under builder Balmain &amp; Co. The project remains on track for completion in mid-2027.

Apartments at Yarraville Green are currently priced from $625,000, while townhomes start from $1.4 million.

[smartcode_project_cta:default project_id=144913]

Garden-led design drives buyer demand at Yarraville Green

National diversified developer Fortis has officially launched Crest &amp; Walker, its latest Brisbane apartment development, with construction now underway on the 20-storey Newstead project.

Award-winning builder BINAH has commenced construction on the Bureau^Proberts-designed building, which will deliver a limited collection of 65 two and three-bedroom apartments on Kyabra Street.

[smartcode_project:default project_id=145922 project_image_fid=373556]

The project marks Fortis' fourth active residential development in Brisbane, following River House, which is nearing completion, alongside projects in New Farm and Hamilton as the national developer continues to expand its South East Queensland pipeline.

Fortis General Manager – Development Queensland Dan Boman said Crest &amp; Walker reflects the developer's long-term commitment to delivering design-led residential projects in Brisbane's established inner-city suburbs.

"We're proud to be strengthening our presence in Brisbane with Crest &amp; Walker, particularly in such a sought-after lifestyle destination as Newstead," Boman said.

"Every Fortis project is shaped by its context, and we approach each one with the respect and care it deserves.

"Our focus is always on creating places that feel connected to their neighbourhood and elevate the everyday experience for residents. Newstead continues to evolve as one of Brisbane's most sought-after urban communities, and Crest &amp; Walker reflects our ambition to contribute meaningfully to that story."

[smartcode_project:default project_id=145922 project_image_fid=373559]

Positioned between Gasworks Plaza and James Street, <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a> has been designed as a boutique residential address offering privacy and generous living spaces within one of Brisbane's most established lifestyle precincts.

The building features a contemporary brick podium softened by integrated landscaping, while the upper levels are characterised by restrained architecture and enduring materiality. Interiors have been designed to maximise natural light, acoustic performance and long-term liveability.

[smartcode_project:default project_id=145922 project_image_fid=373583]

Residences comprise spacious two and three-bedroom floorplans, with two-bedroom apartments priced from $1.55 million and three-bedroom, half-floor residences from $3.95 million.

Residents will have access to a wellness-focused rooftop featuring a swimming pool, sauna, steam room, landscaped dining spaces and outdoor lounge areas overlooking Newstead and the Brisbane CBD.

[smartcode_project:default project_id=145922 project_image_fid=373571]

Sales are being managed by Slaite Projects, with Fortis expecting strong demand from owner-occupiers seeking a high-quality, design-focused apartment in one of Brisbane's most tightly held inner-city suburbs.

Completion of Crest &amp; Walker is slated for late 2028.

[smartcode_project_cta:default project_id=145922]

Fortis expands Brisbane pipeline with launch of Crest & Walker in Newstead

The enormity of delivering a true skyscraper in Australia's new development market is often overlooked.

It has taken the best part of a decade since plans for Chevron One were first unveiled, but the 41-storey tower is now complete, with residents collecting their keys and moving into what has become one of the Gold Coast's most recognisable new landmarks.

Rising 127 metres above Chevron Island, Chevron One stands almost twice as high as any other building on the island. Its scale places it alongside the trio of towers at Jewel, arguably the last truly significant addition to the central Gold Coast skyline when they were completed around six years ago.

While there are several developments underway around a similar height to Chevron One, they are more concentrated within clusters of the highest towers in the city. The fact Chevron One sits within a developing precinct, looking back at the other high-rise developments in Surfers Paradise and Broadbeach, makes it a different proposition altogether. It will certainly become a reference point on the Gold Coast skyline.

[smartcode_project:default project_id=6515 project_image_fid=68833]

Developer Bensons Property Group is behind the 41-storey tower, which has 229 apartments, along with an exhaustive list of resident amenity spread across what is the largest development site ever assembled on Chevron Island.

The tower has been the talk of the town for years, says Ray White Projects Gold Coast agent Caitlin Rosenboom, who is selling the remaining apartments.

"People have been watching Chevron One go up for years," Rosenboom says, adding that many prospective buyers have been surprised by the scale of the views once they step inside.

"It's only when they walk through a completed apartment that they truly understand the position of the building," Rosenboom says.

"The views are jaw-dropping. Whether you're looking east over the ocean, across Surfers Paradise, along the river systems or out to the hinterland, every level offers something different but equally impressive."

[smartcode_project:default project_id=6515 project_image_fid=360215]

One of Chevron One's defining advantages is its location on the eastern side of Chevron Island on Stanhill Drive, a position which protects the views forever.

"There's only one row of houses between Chevron One and the water, and the height restrictions along the river means views from Chevron One can never be built out,"&nbsp;Rosenboom says.

While new apartment developments continue to emerge across the Gold Coast, Rosenboom says opportunities to secure a completed apartment with this level of outlook are becoming increasingly rare.

"The size of the site is something that would be incredibly difficult to replicate today," she says.

"That's allowed Chevron One to deliver the sort of amenity, open space and resident facilities that very few projects can offer. There are not many completed apartment buildings on the Gold Coast right now that can compete with the combination of scale, quality and amenity."

[smartcode_project:default project_id=6515 project_image_fid=68839]

There's around 2,000 sqm of amenity solely for the use of residents of Chevron One. Club One features a uniquely shaped swimming pool that mirrors the footprint of the building itself, set within a extensively landscaped gardens. There's also an indoor pool and spa, a fully equipped gym with a Pilates room, a yoga garden, a bookable private dining area and lounge that can host up to 30 people, and a 24-hour concierge service.

As for the buyers, Rosenboom is fielding enquiry from everywhere: Sydneysiders and Melburnians looking at the new and off-the-plan market following the changes in the Federal Budget, as well as those looking to relocate, through to South East Queenslanders seeking either a permanent home or a weekender bolthole.

"The Gold Coast lifestyle continues to resonate with people relocating from the southern states, and when they see the views and the quality of what's been delivered at Chevron One, it becomes very easy for them to understand the appeal," Rosenboom says.

A diverse mix of one, two and three-bedroom apartments remain available, with each offering "something a little different", be it the orientation and views, configuration, or level, to suit a wide variety of buyers.

The remaining apartments are ready to inspect in person, by appointment.

[smartcode_project_cta:default project_id=6515]

A decade in the making: Residents to move into Chevron One as construction wraps up

A general rule of thumb in new apartment developments is that the penthouses get the rooftop.

It's a formula that's become commonplace across Australia's apartment market. Residents might have access to a pool, gym or barbecue facilities on a dedicated lower level, but the most desirable outdoor spaces are typically reserved for the highest-priced homes at the top of the building.

<a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Property Group</a> has taken the opposite approach.

Rather than dedicating the rooftop to a handful of buyers, the Gold Coast developer has made it the centrepiece of its Flourish collection, creating expansive shared spaces from the best vantage point in the building.

The philosophy has reached its most ambitious expression at <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> in Palm Beach, where two rooftop precincts connected by a skybridge will deliver one of the most extensive lifestyle offerings seen in a residential apartment project on the Gold Coast.

[smartcode_project:default project_id=150017 project_image_fid=374053]

"We're seeing a clear move toward developments that offer more than just an apartment," Sherpa Group founder Christie Leet said.

"People want spaces that support how they actually live, whether that's working from home, staying active, or spending time with family and friends.

"That's where amenity becomes critical. It's not just about what's included, but how those spaces are designed to be used every day."

[smartcode_project:default project_id=150017 project_image_fid=374052]

The breadth of amenity has already attracted buyers across multiple demographics. Younger first home buyers have been drawn to Soleira's one-bedroom apartments, a product rarely delivered in Palm Beach, while families have responded to practical inclusions such as the shallow children's pool adjoining the main lap pool and the extensive communal recreation areas.

Instead of a single rooftop, Soleira delivers two distinct lifestyle zones.

[smartcode_project:default project_id=150017 project_image_fid=372547]

The southern rooftop has been dedicated to wellness, featuring a gym, yoga and Pilates studio, work-from-home facilities, a wellness centre, spa, and hot and cold plunge pools.

The northern rooftop focuses on recreation and entertaining, incorporating a heated resort-style pool, private dining rooms, pizza ovens, barbecues, a golf simulator, children's recreation areas, and what is expected to be the Gold Coast's first rooftop basketball court, which will also double as a squash court.

[smartcode_project:default project_id=150017 project_image_fid=374054]

Beyond the rooftops, Soleira will introduce 1,500 sqm of curated retail beneath the towers, creating one of Palm Beach's first genuinely mixed-use lifestyle precincts where cafés, restaurants and convenience retail become part of residents' everyday lives.

Sherpa has also retained management rights across the development, allowing it to oversee the long-term operation of the building through a 24-hour concierge model. The developer is also exploring additional revenue streams within the precinct aimed at helping offset ongoing body corporate costs for residents.

[smartcode_project:default project_id=150017 project_image_fid=370962]

While Soleira is the largest project Sherpa has delivered, the rooftop-first philosophy has been evolving for several years.

It began with <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>, the first project released under the Flourish brand. Rather than competing at the ultra-luxury end of the market with oversized half-floor and full-floor residences, Sherpa focused on creating lifestyle-driven apartments supported by resort-style shared spaces.

Amargo introduced more than 800 sqm of rooftop amenity, combining wellness facilities, heated pools, entertaining areas, cabanas, pizza ovens and private dining spaces into what was designed as an extension of residents' homes rather than a facility used only occasionally.

[smartcode_project:default project_id=146527 project_image_fid=366550]

That approach continued with Flourish Oasis, where the same amenity-led philosophy was refined into a more boutique development. Strong demand from Sherpa's growing VIP database saw much of the project sold before it reached the broader market, reinforcing buyer appetite for apartment communities centred around shared lifestyle experiences.

Flourish Amargo is slated for completion mid-way-through next year, with Oasis to be delivered by late 2027. Flourish Soleira is expected to complete in 2030.

[smartcode_project_cta:default project_id=150017]

Sherpa takes amenity to the sky as Flourish Soleira captures booming Palm Beach demand

Clearance Rate

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Auction volumes continued to increase across the combined capital cities last weekend, according to CoreLogic.
The national auctions recorded a preliminary clearance rate of near 68 percent.
Number of listings nearly doubled, with 1,464 homes going under the hammer this weekend in comparison to 790 the weekend before.
Click here <a href="https://www.propertyobserver.com.au/images/2018/2/12/CORELOGIC%201.jpg" target="_blank">to enlarge.</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/2/12/CORELOGIC%201.jpg" alt="">
The nation are still behind from this time last year when there were 1,591 auctions held. The February 2017 clearance rate was stronger too, up at 72 percent.
Melbourne had the strongest clearance rate at 72.5 percent, while Sydney was at 68.7 percent, up from 57 last week.
The strongest of Sydney's 15 sub-regions were the Eastern Suburbs (85.2 per cent), the Northern Beaches (79.1 per cent) and the Inner West (75 per cent) regions. 
The lowest clearance rate was across the Sutherland Shire where 46.7 per cent of the 30 reported auctions were successful.
Click here <a href="https://www.propertyobserver.com.au/images/2018/2/12/CORELOGIC%20.jpg" target="_blank">to enlarge. </a>
<a href="https://www.propertyobserver.com.au/images/2018/2/12/CORELOGIC%20.jpg" target="_blank"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/2/12/CORELOGIC%20.jpg" alt=""></a>
There was a big divergence in success rates between Sydney's east and the Sutherland Shire. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/2/12/CORELOGIC%207.jpg" alt="">
The gap was not as great in Melbourne between strongest region and weakest, i.e. the inner city and the Mornington Peninsula.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/2/12/CORELOGIC%208.jpg" alt="">
 
 
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Clearance rates warming up after January slowdown: CoreLogic

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Australia's top weekend auction sale was on the waterfront at Birchgrove on Sydney Harbour. 
The<a href="https://www.realestate.com.au/property-house-nsw-birchgrove-126924754" target="_blank"> grand 1900s residence</a> (above and below), Clevedon fetched $7,225,000 when the four bedroom Wharf Road offering with art nouveau finishes, was auctioned through Belle Property.
There were four registered bidders.
It sits on a 692sqm parcel taking in views including Balls Head and the Harbour Bridge. There was a self-contained boatshed along with a mooring for a 30ft vessel, with an application lodged to increase permission to 50ft.
It last sold in 1997 at $2.025 million.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/12/11/birch2.jpg" alt="">
Melbourne's Malvern was next priciest as $6.6 million was paid for <a href="https://www.realestate.com.au/sold/property-house-vic-malvern-126962542" target="_blank">6 Moorakyne Avenue</a> (bottom) at its Jellis Craig auction. It was an English-style family residence, renovated by Nicholas Day over a decade ago. It had sold at $3.6 million in 2006.
The nation's cheapest result was when $187,500 secured <a href="https://www.realestate.com.au/property-townhouse-qld-mount+warren+park-126917262" target="_blank" rel="noopener noreferrer">a three bedroom townhouse at Mount Warren Park</a>, near Brisbane's Logan. It was a mortgagee offering which had sold at $251,000 in 2009.
CoreLogic auction analyst Kevin Brogan noted that Geelong, Victoria's second largest city, posted the strongest clearance rate for any market, of 83 percent.
Geelong's sales included a <a href="https://www.realestate.com.au/sold/property-apartment-vic-geelong-126911098" target="_blank" rel="noopener noreferrer">two bedroom apartment</a> at $1.17 million overlooking Eastern Beach.
Capital city auction volumes remained high with 3,353 homes taken to auction over the week.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/12/12/corelogic4.jpg" alt="">
There was an overall preliminary clearance rate of 63.1 per cent, but it's likely to be lower after final results.
The final clearance rate for the prior week was 60.3 percent across the capitals, the lowest this year, ands the lowest reading since late 2015.
Melbourne's clearance rates have been tracking below 70 per cent across for five consecutive week, as volumes across the city have been consistently higher.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/12/11/malvern.jpg" alt="">
The weekend volumes in Melbourne reached their second highest level this year at 1,837 offerings.
Melbourne's weekend results included the history-making yachtsman Jesse Martin whose <a href="https://www.realestate.com.au/property-house-vic-emerald-126999874" target="_blank" rel="noopener noreferrer">Dandenong Ranges family home</a> sold post-auction.
Martin, who became the youngest person to circumnavigate the globe solo in 1999, expected $1.2 million to $1.32 million for the Emerald home.
But the modern main residence that incorporates the site’s original two bedroom 1800s cottage on the 4024 square metre property fetched $1.15 million, the Herald Sun noted. 
One year ago there were 1,685 Melbourne auctions held, with a notably higher clearance rate (78.4 per cent). The Inner region of Melbourne had the highest number of auctions this week (304), with a preliminary clearance rate of 67.3 per cent.
The strongest Melbourne clearance rate was recorded across the North West region, where 74.4 per cent of the 182 auctions held sold. 
Sydney’s clearance rates, which have tracked around the mid-high 50 per cent range over seven consecutive weeks, came in at 58.7 per cent across a total of 990 auctions held, increasing on last week’s final clearance rate of 56.2 per cent when 1,143 auctions were held.
Over the same week last year, 1,163 auctions were held across Sydney and a clearance rate of 73.7 per cent was recorded. Domain put the prior week's revised result at 52 percent.
Across the smaller markets, Canberra recorded the highest preliminary clearance rate this week, while Brisbane returned the lowest again.
In Canberra, 106 auctions were held this week, and of the 84 reported results, 66.7 per cent were successful. Last week, only 102 auctions were held and the clearance rate was a higher 71.6 per cent. This time last year, results were similar with 118 auctions held and a clearance rate of 60.8 per cent.
Canberra prices ranged up to <a href="https://www.propertyobserver.com.au/https://www.allhomes.com.au/ah/act/sale-residential/5-butler-place-campbell-canberra/1317459709911" target="_blank" rel="noopener noreferrer">$1.6 million at Campbell</a>.
There were 183 Brisbane homes taken to auction, with 131 results reported so far. The preliminary clearance rate for the city is 46.6 per cent, up from 42.8 per cent last week and higher than one year ago, when 43.5 per cent of the 206 properties taken to auction were successful. 
Brisbane sales included <a href="https://www.realestate.com.au/property-house-qld-ascot-114528031" target="_blank" rel="noopener noreferrer">a $3.355 million newly built Queenslander in Ascot</a>. The block had sold at $1.3 million in 2014 before its construction.
The now demolished cottage featured in the Dwayne “The Rock” Johnson movie, San Andreas, The Courier Mail noted.
A total of 163 Adelaide homes were taken to auction this week, returning a preliminary clearance rate of 65 per cent across 120 results, up from 59.1 per cent last week when 144 auctions were held across the city.
Adelaide cheapest price was <a href="https://www.realestate.com.au/property-house-sa-highbury-127011518" target="_blank" rel="noopener noreferrer" style="font-size: 12.16px;">$349,000 at Highbury</a>, with views back to the city It had traded at $300,000 in 2007.
It was marketed as an opportunity to renovate the split level home or develop the 614 sqm land.
Perth’s clearance rate of 46.7 per cent across 62 auctions was up from the previous weekend, when 50 auctions were held and a clearance rate of 32.6 per cent was recorded. Over the same weekend last December, the clearance rate was 20 per cent from 76 auctions.
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Sydney's weekend auction clearance rate falling away fast into the very lows 50s

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Over recent weeks, auction clearance rates across the nation’s two largest housing markets (Sydney and Melbourne) have been significantly lower than they were 12 months ago however, they haven’t necessarily been all that much lower than the previous years.  While comparing auction volumes and clearance rates to a year ago is valuable, it is much more valuable to look at how these metrics compare across a number of years.
<h3>Melbourne</h3>
<img src="https://www.corelogic.com.au/sites/default/files/styles/article_image_570w_/public/2017-11/2017-11-27-blogimg1.png" alt="2017-11-27--melbourneweeklyauctionclearancerates" width="570" height="214">
Auction clearance rates in Melbourne are currently substantially lower than they were a year ago.  In fact, the clearance rate of 66.9% last week was the lowest since July of last year.  Although clearance rates are lower than they were a year ago, they are at fairly similar levels to what was being recorded at the same time of year in 2013, 2014 and 2015.  The chart really highlights just how much stronger the auction market in Melbourne was a year ago relative to other recent years.
<img src="https://www.corelogic.com.au/sites/default/files/styles/article_image_570w_/public/2017-11/2017-11-27-blogimg2.png" alt="2017-11-27--melbourneweeklyauctionvolumesoverrecentyears" width="570" height="214">
  The volume of properties being taken to auction, particularly over recent months, has generally been higher than over recent years.  By comparison, in 2016 when clearance rates were much higher than they have been this year, the number of properties being taken to auction was relatively lower than over recent years.  The higher number of properties being taken to auction is likely to be having some impact on the weaker clearance rates this year relative to last however, volumes are also much higher currently than they were in 2013, 2014 and 2015 a time at which clearance rates were fairly similar to current levels. Given this, clearance rates are actually holding up quite well considering much higher volumes of auctions.
<h3>Sydney</h3>
<img src="https://www.corelogic.com.au/sites/default/files/styles/article_image_570w_/public/2017-11/2017-11-27-blogimg3.png" alt="2017-11-27--sydneyweeklyauctionclearancerates" width="570" height="214">
Auction clearance rate in Sydney have been at their lowest levels since 2012 over recent weeks and have been on a steady decline throughout 2017.  If you exclude the low volumes in January, last week’s auction clearance rate of 54.8% was the cities lowest clearance rate since December 2015.  Clearance rates have not been consistently as low at this time of year since 2012.  Clearance rates are substantially lower than they were a year ago and are also slightly lower than they were two years ago when APRAs first round of macroprudential policies were significantly impacting Sydney housing demand.  If the previous round of macroprudential policies is a guide we can expect a further weakening of clearance rates over the coming weeks.
<img src="https://www.corelogic.com.au/sites/default/files/styles/article_image_570w_/public/2017-11/2017-11-27-blogimg4.png" alt="2017-11-27--sydneyweeklyauctionvolumesoverrecentyears" width="570" height="214">
  Unlike Melbourne, Sydney is not seeing a substantially higher number of properties being taken to auction compared to recent years.  In fact over recent weeks there has been an equivalent number of auctions across the city to volumes last year when clearance rates were much higher than they are currently, while there have been fewer auctions than in 2015 when clearance rates were similarly weak.  
There has been clear evidence over recent weeks that auction clearance rates have softened in Sydney and Melbourne.  The falling clearance rates in Sydney are occurring on similar volumes of auctions to recent years but matches the recent declines in dwelling values.  In Melbourne, auction clearance rates have slowed and there has also been a moderate slowdown in value growth.  The big difference in Melbourne has been that auction volumes have been much higher so it is difficult to know if the weaker clearance rates are because of the market overall or due to their being too much stock being put up for auction each week. Keep in mind that clearance rates typically soften through Spring as auction volumes increase so we may have to wait until 2018 to truly understand what is driving the apparent weakness in the Melbourne auction market.
Cameron Kusher is head of research for CoreLogic. You can contact him <a href="https://blog.corelogic.com.au/about/">here</a>.
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What is driving the clearance rate weakness in Sydney and Melbourne? Cameron Kusher

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GUEST OBSERVER
With price growth slowing in Australia’s biggest housing markets, many sellers have been pondering what is the best strategy for a strong sales result.
Prospective sellers keenly eye the auction clearance rate as a leading market barometer, and with a bumper volume of properties to go under the hammer this weekend, property pundits will have their opinions on what figure dictates a sellers’ or buyers’ market.
But when auction volumes fluctuate, the clearance rate is not the best way to determine buyer sentiment. While it indicates the percentage of properties selling via auction, it doesn’t address the number of sellers achieving success through this method. It also doesn’t capture the number of properties sold through post auction negotiations in the day following the event.
For the record, LJ Hooker, in general, believes auctions are the best method to capture a wide net of buyers in a short-time period, and offers the greatest potential for sellers to achieve a premium result. But in slowing markets, the real efficacy of auctions is laid bare.
In Sydney – the nation’s largest market – data for the September quarter showed the median house price moderated -1.9% over the period. In comparison, the median price had risen 8.2% over the last 12 months. In the second largest market of Melbourne, growth slowed to 1.3% over the quarter, however, it’s still up 13.9% gain over the year.
When price growth slows, sellers want a quick way to capture the last measurements of growth. An auction provides the market with a three to four-week timeframe to put their best offer forward.
And in slowing markets, a nominated price can often be the first thing which deters a buyer from exploring a property and assessing it for its suitability for lifestyle or location, rather than price. 
Nationwide, 18,349 properties sold at auction in the last quarter, which was a 14 per cent increase compared to the September quarter last year (16,147).
In Sydney, there were 9,968 auctions over the same period this year, compared to 8,249 for the same period in 2016. 
While the average daily auction clearance rate dropped from 76 per cent to 69 per cent over the period year-on-year, more homes sold under the hammer in Q3 this year (6,678) than the same period last year (6,517).
Economics dictates that clearance rates will increase when there is an under-supply of auctions; conversely, it’s likely that the clearance rate will drop when there is a flood of properties on the market. 
Property markets fluctuate in cycles – it’s a tenet that’s almost as certain as death and taxes. But don’t hinge your assessment of market performance on auction clearance rates – the underlying data shows more people are having success selling via auction.
David Holmes is national auction manager with LJ Hooker.
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jrobinson-rf4aSBido9

The truth about clearance rates: LJ Hooker's David Holmes

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<div>The final auction clearance rates for last weekend have been released.</div>
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<div>They show Sydney's clearance rate begins with a '5' for the first time since late 2015, CoreLogic analyst Cameron Kusher noted.<a href="https://twitter.com/hashtag/ausbiz?src=hash" data-query-source="hashtag_click"> </a>
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<div>Sydney's revised success rate was put at 58.3 percent.</div>
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<div>Canberra edged ahead of Melbourne which is still above 70 percent.</div>
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Sydney's spring clearance rate slips into the 50s, while Canberra soars

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The clearance rate across the combined capital city auction market fell to 67.8% over the September 2017 quarter, down from 71.7% over the June quarter, according to CoreLogic.
On a quarterly basis, clearance rates fell across the larger auction markets, with Sydney down 6.5% to 66.8%.
Melbourne was down 3.1% to 72.6%, while clearance rates also fell across Brisbane (2.3%) and Adelaide (1.5%).
Clearance rates improved across the smaller markets, with Tasmania recording the largest increase in clearance rates over the September quarter, up 13.2% to 65.6%, followed by Perth, up 6.3% to 43.4%.
Canberra increased by 2.8% to 71.1%.
Overall, the combined capital city clearance rate for the September quarter is lower on both a quarterly and annual basis.
Looking at auction volumes across the combined capital cities, there were 1,278 fewer homes taken to auction over the September quarter when compared to June 2017.
Brisbane was the only capital city to see an increase in auctions over the quarter, with an additional 88 homes taken to auction.
Although the number of auctions held across the combined capital cities fell over the quarter, auction activity is 26.4% higher than the same time last year, with 27,953 homes taken to auction over the September 2017 quarter, up from 22,119 in September 2016. 
Across the non-capital city markets monitored by CoreLogic, the Sunshine Coast (up 2.6%) and Geelong (up 2.3%) were the only regions to see an increase in the auction clearance rate over the September quarter.
The biggest fall was seen across Wollongong, where the clearance rate fell 14.4% from 70.4% over the June quarter, to 56.1% over the September quarter.
Clearance rates across the Hunter region remained relatively stable, down just 0.6% over the quarter, while the Gold Coast clearance rate fell 5.6% to 39.1%.
Auction volumes fell across all but one of the regional markets over the September quarter, with the Sunshine Coast the only place to see an increase in activity, hosting an additional 73 auctions.
Compared to this time last year, Geelong saw a significant increase in auction activity with 501 auctions held this quarter, 154 more than September 2016. 
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September quarter auction clearance rates ease with Tassie going against the trend: CoreLogic

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The weekend auction clearance rate in Sydney came to 69.6 percent on Saturday, just above the previous weekend’s public holiday rate of 67.1 percent according to domain's Andrew Wilson.
He said over the first two weeks of winter, Sydney’s auction market has had consecutive sub-70 percent clearance rates.
"It’s the lowest fortnightly result since December 2015, when the market was impacted by increases in mortgage rates," he said.
"Last year’s winter market was reactivated by the May cut to official interest rates and although auction results have clearly declined over recent months, a similar revival may be in prospect this year with significant stamp duty reductions for first-home buyers coming into force on July 1.
"Record level auction numbers may also be impacting the local market, providing buyers with more choice and sellers with more competition.
"A total of 787 homes were listed for auction at the weekend, which was predictably higher than the previous weekend’s holiday total of 406 and also well ahead of the 650 auctions conducted over the same weekend last year.
"June is set to follow May as a monthly record for auctions with next weekend again set to test the fading market with nearly 750 homes set to go under the hammer."
 
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jonathanchancellor-7SQnKwU6yx

Consecutive sub-70 percent clearance rates for Sydney's weekend auctions

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Melbourne reported a strong clearance rate of 80.1 percent over the Queens Birthday long weekend, sharply reversing the weakening trend of the past month according to Domain's Andrew Wilson.
He said this figure was well above the year-low 75.9 percent recorded the previous weekend and well ahead of the 65.8 percent recorded over the same holiday weekend last year.
"The local market hosted typically low numbers of holiday listings at the weekend with just 267 auctions scheduled, which was well below the previous weekend’s 1047 auctions but similar to the 265 conducted over the Queen’s Birthday holiday weekend last year," he said.
"The Sydney home auction market tracked back sharply over the Queen’s Birthday holiday weekend, continuing the declining trend of the past month
"Though it was a predictably slow weekend, with 407 homes on offer, it was still the most auctions ever held over a Queen’s Birthday public holiday. 
"Sydney recorded a clearance rate of 67.1 percent on Saturday, which was well below the previous weekend’s 74.3 percent and also lower than the 70.4 percent recorded over the same holiday weekend last year, when 284 auctions were held.
"Saturday’s clearance rate was the fourth consecutive decline in weekend results and the lowest rate recorded by the local market since December 2015."
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Melbourne auctions strong for long weekend, Sydney retreats

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Sydney's property boom is now in its fifth year - an unusually long period with unusually high price growth.
But the May auction results suggest there's been a light tap on the breaks.
The slightly lower Saturday auction success has contributed to the current thinking that we've perhaps seen the peak. 
But which peak?
Last weekend Ryde recorded the strongest clearance rate of 90 percent from 46 auctions, but Blacktown, with half the volume, secured just 55 percent.
The overall Sydney figure was 76 percent.
There's so many markets across Sydney each having their own telling characteristics.
As a buyer or seller in the market, it is important to take note of the suburban, citywide and national trends, as they all contribute to the commentary which shapes sale outcomes.
Despite it being at the pricier end of activity, auction trends are a portent of the wider property market direction.
There are indicators that cover the private treaty market.
Some of these have yet to suggest any shift in sentiment, but these to tend to lag auction momentum so should emerge over coming months.
Days on market for Sydney private treaty sales sits at a speedy 28 days, the nation's fastest market, CoreLogic advise. The buying discount off the vendor asking price is just four percent.
Stock on market is up six percent suggesting a bumper winter selection for buyers.
The latest CoreLogic figures show supply of established housing stock for sale is at the highest level for this time of year since 2012.
Estate agent John McGrath senses the booming market has turned.
"Demand softens because prices get to such a high point after a long period of growth that buyers start giving up and exiting the market."
Would-be upgrader buyers choose to stay put and renovate or extend because they feel trading up is just too difficult.
"Whether this new data from CoreLogic indicates a turn of the cycle or a blip, we don’t yet know," McGrath said.
But his feeling is that Sydney is at, or around, its peak for the cycle.
"We’re certainly overdue for a period of price consolidation, which I continue to believe is a healthy sign for the market.
"Vendors are still in the driver’s seat but this won’t last forever, especially if demand is on the way down."
Along with the auction and private treaty market, there is another major segment, separate but also infectious, which is off the plan apartment offerings.
One index I like is the number of residential cranes on the Sydney skyline. According to the latest count, there are 34 more over the past six months. The 292 cranes total account for 53 percent of all Australian residential cranes, the RLB Crane Index indicated. 
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jchancellor-FAypfDUnLy

May auction results suggest Sydney's property boom may be slowing

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The weekend preliminary auction clearance rate remains strong despite last autumn auction volumes increasing marginally, according to CoreLogic.
The property data firm says that Melbourne had the highest preliminary clearance rate at 77.3 percent.
The amount of auction activity across the capital cities increased slightly this week, up from 2,824 last week to 2,850 this week, while this time last year auction volumes were lower, with 2,480 homes taken to auction across the combined capital cities.
<a href="https://www.propertyobserver.com.au/images/2017/05/28/Screen%20Shot%202017-05-28%20at%2010.39.51%20am.jpg" target="_blank">Click to enlarge</a>
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This week’s preliminary weighted average clearance rate across the combined capitals was 74.6 percent, increasing from 73.1 percent over the previous week and up from 67.7 percent one year ago.
<a href="https://www.propertyobserver.com.au/images/2017/05/28/Screen%20Shot%202017-05-28%20at%2010.39.59%20am.jpg" target="_blank">Click to enlarge</a>
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Melbourne saw the highest preliminary clearance rate across the cities at 77.3 percent, down slightly from last week.
Sydney's clearance rates increased week-on week though Adelaide and Tasmania saw clearance rates fall.
There were 1,350 Melbourne auctions this week, making it the busiest capital city for auctions. Across the 1,155 reported results, 77.3 per cent were successful this weekend.
The number of auctions held and the clearance rate across Melbourne this week were very similar to last week, when 1,326 auctions were held and a clearance rate of 77.9 percent was recorded.
Interestingly, the clearance rate in Melbourne is yet to fall below 75.0 percent so far this year.
<a href="https://www.propertyobserver.com.au/images/2017/05/28/Screen%20Shot%202017-05-28%20at%2010.40.08%20am.jpg" target="_blank">Click to enlarge</a>
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This week’s strongest performing Melbourne sub-region was the Outer East with 88.8 percent of auctions clearing.
This week, 1,086 Sydney homes were auctioned and preliminary results show that 76.2 percent were successful, increasing from 74.0 percent last week across 1,075 auctions.
One year ago, 811 auctions were held across Sydney and a clearance rate of 73.2 percent was recorded.
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Ryde recorded the strongest Sydney clearance rate of 90.9 percent across 46 auctions, followed by Sydney's Inner West at 88 percent.
There were 159 Brisbane homes taken to auction this week, with 109 results reported so far.
<a href="https://www.propertyobserver.com.au/images/2017/05/28/Screen%20Shot%202017-05-28%20at%2010.40.26%20am.jpg" target="_blank">Click to enlarge</a>
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The preliminary clearance rate for the city is 56 percent, up from 46.3 percent last week and stronger than one year ago, when 41.7 percent of the 192 properties taken to auction were successful.
Adelaide recorded a clearance rate of 54.9 percent across 111 auctions this week, down from 62.9 percent across 116 auctions last week.
<a href="https://www.propertyobserver.com.au/images/2017/05/28/Screen%20Shot%202017-05-28%20at%2010.40.34%20am.jpg" target="_blank">Click to enlarge</a>
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At the same time last year, 125 Adelaide homes were taken to auction, with 52.6 percent recording a successful result.
In Perth, 46 auctions were held this week, and of the 14 reported results, 71.4 percent were successful.
Last week, 50 auctions were held and the clearance rate was a lower 35.3 percent.
This time last year, 58 auctions were held and a clearance rate of 30.6 percent was recorded.
Canberra’s clearance rate of 75.9 percent across 93 auctions is up from the previous week, when 83 auctions were held and a clearance rate of 74.4 percent was recorded.
Over the same week last year, the clearance rate was a lower 70.5 percent, and 109 auctions were held.
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