Melbourne developer Spacious Group has completed Voyage Altona, one of the closest new apartment developments to Altona Beach.

Off the plan purchasers have started moving into the 49-apartment project on Pier Street, with the remaining move-in-ready one-, two- and three-bedroom apartments starting from just over $500,000.

Display apartments have now been fitted out, allowing prospective buyers to inspect the completed residences by appointment.

[smartcode_project:default project_id=112195 project_image_fid=372638]

The completed apartments feature open-plan living and dining areas which extend onto private balconies and terraces, while full-height glazing maximises natural light throughout the interiors.&nbsp;

Hybrid timber-look flooring, stone benchtops, Miele appliances, porcelain-tiled bathrooms and generous storage feature throughout the building which also features landscaped communal areas, expansive shared terraces, lift access and secure on-grade parking.

Drawing inspiration from its bayside setting, Voyage adopts a restrained palette of warm neutral tones and textured finishes. Many of the apartments take advantage of views across Port Phillip Bay, while the indoor-outdoor living spaces have been designed to make the most of the coastal outlook.

[smartcode_project:default project_id=112195 project_image_fid=3286]

Voyage was developed to address what Spacious Group identified as an undersupply of higher-quality apartment product in Altona, with a focus on owner-occupiers looking to remain within the bayside community.

"Voyage responds to very strong local buyer demand for quality, owner-occupier-focused product," says Barry Plant Projects Director Jarrod Farey, who has handled sales since the project's launch.

"The project delivers an elevated lifestyle proposition, with its design and quality of finish far exceeding anything previously produced in the area, as well as its proximity to Pier Street Village and the beach."

The majority of purchasers have been local downsizers and owner-occupiers looking to stay within the Altona community but who previously had limited opportunities to buy a brand-new apartment.

[smartcode_project_cta:default project_id=112195]

Joel Robinson

Spacious Group completes Voyage Altona in Altona's beachside precinct

Homecorp has secured approval for a $360 million apartment development at Budds Beach, paving the way for one of the Gold Coast's most amenity-rich residential projects to launch later this year.

Gold Coast City Council has approved Lýon Residences, a 32-level tower that will deliver 178 two and three-bedroom apartments across a prominent corner site at 8-10 Acacia Avenue and 25-27 Oak Avenue.

The approval comes as developers continue to invest in premium lifestyle-driven apartment projects on the Gold Coast, where owner occupiers are increasingly prioritising amenity as much as apartment size and location.

<a href="https://www.apartments.com.au/new-apartments/l-on-residences-25-27-oak-avenue-surfers-paradise-qld-4217">Lýon Residences</a> has been designed around a resort-style wellness offering, headlined by a Moroccan-inspired spa precinct featuring treatment rooms, a Nordic sauna and steam room, hot and cold plunge pools, a soaking pool and a residents-only juice bar.

The rooftop will include a heated infinity pool and spa, residents' lounge with private kitchen and bar, gymnasium, yoga and Pilates studio, outdoor entertaining areas and barbecue facilities overlooking the Surfers Paradise skyline.

<img alt="Lyon" data-entity-type="file" data-entity-uuid="2d3e29af-8793-486e-a684-52cef862241f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-15%20at%204.32.26%E2%80%AFPM.png?VersionId=ayG2zpLf3SS6Zy8XmKDcQods4kVWb0gm" />

Homecorp Founder and CEO Ron Bakir said Budds Beach provided the ideal location for the company's latest luxury apartment project.

"Budds Beach represents one of the most unique and sought-after pockets of the Gold Coast, and Lýon Residences has been designed to reflect that sense of rarity and refinement," Bakir said.

The project arrives as wellness continues to become a defining feature of new residential developments both in Australia and internationally.

The latest Global Wellness Institute figures show wellness real estate remains the fastest-growing segment of the global wellness economy and is forecast to exceed $1.8 trillion by 2030. Australia continues to rank among the world's 15 largest wellness real estate markets, with developers increasingly integrating health, recreation and community facilities into apartment projects.

Queensland is also experiencing strong population growth, with the Gold Coast continuing to outperform many other Australian cities as demand for new housing remains elevated ahead of the 2032 Olympic and Paralympic Games.

Bakir said the project had been designed to respond to that shift in buyer expectations.

"Strong population growth and sustained demand across the Gold Coast continue to highlight the need for well-designed new housing supply. Lýon Residences responds directly to this demand while setting a new benchmark for residential living," he said.

Each apartment has been designed to maximise views across the coastline, the Nerang River and the Gold Coast hinterland.

Located just minutes from Surfers Paradise beach and the Broadwater, the development also offers easy access to the light rail network, Broadbeach and Burleigh Heads.

Early site works are underway, with construction expected to commence later this year.

Homecorp approved for Budds Beach apartment tower, Lýon Residences

New apartment developments with uninterrupted, north-facing views over Perth's Swan River are exceptionally rare.

Recognising just how limited those opportunities are, <a href="https://www.apartments.com.au/developers/edge-visionary-living">Edge Visionary Living</a>, one of Perth's most respected builder-developers, targeted <a href="https://www.apartments.com.au/developments/applecross-wa-6153">Applecross</a>, assembling an unrepeatable 6,342 sqm riverfront site on the corner of Moreau Mews and Canning Beach Road to create one of Perth's only new north-facing apartment developments directly overlooking the Swan River.

Today, <a href="https://www.apartments.com.au/buildings/riviere-residences-applecross-59-canning-beach-road-applecross-wa-6153">Rivière Residences</a> offers buyers a unique opportunity to choose between completed residences ready to move into now and off-the-plan homes in the final stage, Rivière West.

[smartcode_project:default project_id=28384 project_image_fid=3823]

Across the completed East and Central buildings, residents are already enjoying the development's luxury amenity, while two of the precinct's hospitality venues are now open.

The completed component of the development gives buyers the advantage of experiencing the finished product firsthand, including its uninterrupted river views, while still having the opportunity to secure a residence in the final stage.

"People are wowed by the view and the quality of the apartments,"&nbsp;Edge Visionary Living Sales Executive, Holly McSweeney, says.

"They're looking for the convenience of lock-and-leave living, but they're not looking to downsize on quality."

[smartcode_project:default project_id=28384 project_image_fid=3826]

The rarity of the development hasn't been lost on prospective buyers, McSweeney says.

For McSweeney, it all comes back to a location that is becoming increasingly difficult to replicate.

"Location, location, location," she says. "We are nestled right on the front of the Swan River. You can never get built out, so wherever you are in Rivière Residences, you've got views of the river forever."

The unique waterfront position has resonated particularly strongly with local downsizers. McSweeney says many buyers are long-time Applecross residents looking to transition from large family homes into a luxury apartment without sacrificing space, quality or the lifestyle they've enjoyed for decades.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/N_FowNW0wu8?si=vb25XFq1wZ-iufAW" title="YouTube video player" width="560"></iframe>

A major focus for Edge in recent years has been resident amenity. Across its apartment portfolio, from beachfront developments in Scarborough to luxury towers in South Perth, the developer has increasingly invested in the spaces beyond the apartment itself.

The strategy has largely been shaped by downsizer demand. Many buyers are moving from large family homes with swimming pools and established gardens. While they're looking to leave the maintenance behind, they don't want to compromise on lifestyle.

At Rivière, <a href="https://www.apartments.com.au/architects/hillam-architects">Hillam Architects</a> designed the resident facilities as an extension of each apartment. A 25-metre heated swimming pool takes advantage of the north-facing river outlook, complemented by a large gym, sauna and steam rooms, private dining spaces, residents' lounges, a cinema, games room, and dedicated wine and whisky rooms.

[smartcode_project:default project_id=28384 project_image_fid=372542]

The waterfront location has also proved to be a major drawcard. Residents are within walking distance of the Raffles Hotel, South of Perth Yacht Club, the Heathcote Cultural Precinct and the cafés, restaurants and boutiques along Ardross Street.

Beyond the location and amenity, McSweeney says many buyers take confidence from Edge's fully integrated development model.

Having delivered apartments across Perth for decades, Edge now designs, develops and constructs its projects in-house, giving the company greater control over quality, delivery and the finished product.

"What I love is when people walk through their apartment for the first time and say, 'This is better than what we imagined,'" McSweeney says. "We hear that all the time."

Completed apartments in the East and Central buildings are now available to inspect by appointment, while Rivière West, the final stage of the precinct, is expected to be completed in the first quarter of 2027.

[smartcode_project_cta:default project_id=28384]

North-facing Swan River views drive demand at Rivière Residences in Applecross

Nearly 60 per cent of apartments at McNab Group's $220 million The Tannery development in Brisbane's West End have sold ahead of the project's public launch, including a suburb-record $2.57 million sale for a two-bedroom apartment.

The early sales campaign has secured buyers for 50 of the project's 87 apartments, highlighting continued demand for larger owner-occupier apartments that combine generous floorplans with premium lifestyle amenities in one of Brisbane's most tightly held inner-city suburbs.

[smartcode_project:default project_id=143337 project_image_fid=374768]

McNab Group Executive Chairman Michael McNab said selling more than half the project before launch reflected changing buyer expectations.

"Selling more than half the project before public sales open tells us buyers are actively seeking apartments that offer something genuinely different," McNab said.

"Today's buyers are looking beyond four walls. They want homes that genuinely enhance the way they live, with spaces that support health, connection and everyday wellbeing."

[smartcode_project:default project_id=143337 project_image_fid=374767]

A key point of difference for the project is the adaptive reuse of the heritage-listed Dixon's Tannery building, which will become The Retreat, a residents-only wellness precinct rather than being redeveloped into additional apartments.

The Retreat will feature a sauna and steam room, hot and cold plunge pools, a commercial-grade gym, Pilates studio, cinema, library, co-working spaces and private dining room. Rooftop amenities will include a swimming pool, landscaped gardens, outdoor entertaining areas and dog-friendly spaces.

[smartcode_project:default project_id=143337 project_image_fid=374760]

Designed by Cottee Parker Architects with interiors by Tom Mark Henry and landscape architecture by Aspect Studios, The Tannery comprises 87 two, three and four-bedroom apartments across 11 levels overlooking the Brisbane River.

Cottee Parker principal Dee Passenger said preserving the original tannery building had been central to the project's design.

"The easy option would have been to maximise the site's development potential with additional apartments. Instead, McNab has chosen to preserve the original tannery as a shared wellness retreat, ensuring this important piece of Brisbane's history remains at the heart of the community."

Passenger said sustainability also played a key role in the design, with materials from the original industrial site salvaged and repurposed throughout the development.

[smartcode_project:default project_id=143337 project_image_fid=374761]

Motiv CEO Carly Cottam said buyers had responded strongly to the combination of larger apartments, wellness facilities and the West End lifestyle.

"We are seeing more buyers looking for homes in the sky that provide the space and functionality of a traditional home, while benefiting from the convenience and lifestyle that apartment living brings," Cottam said.

She said purchasers included both owner occupiers and investors, with demand coming from local buyers as well as interstate purchasers.

Coinciding with the public launch, McNab also announced a partnership with Queensland Ballet, whose neighbouring Thomas Dixon Centre shares historical ties with the original Dixon family.

Located on a 4,465 sqm site at 439 Montague Road, The Tannery overlooks the Brisbane River and is around 10 minutes from the CBD.

Construction is underway, with completion expected in the second half of 2027.

[smartcode_project_cta:default project_id=143337]

More than half of residences sold before public sales as McNab announces significant partnership with Queensland Ballet

McNab's The Tannery nears 60 per cent sold before public release, sets two-bedroom West End record

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.

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

Clearance Rate

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Sydney has recorded its lowest auction clearance rate since March 2013 at 58%, according to CoreLogic RP Data.
CoreLogic RP Data head of research Tim Lawless said the broad trend in clearance rates is downwards, with the weighted average trending consistently lower since peaking over the last week of March this year at 82% to reach 61% over the past two weeks.
"Melbourne’s clearance rate has also been trending lower, but has showed more resilience than Sydney’s," he said.
"The clearance rate across Melbourne was below 70% over the past three weeks, but has held around the mid to high 60% mark.
"Over the first ten weeks of Spring we have recorded 25,727 auctions which is 3,138 more auctions that at the same last year and 22% higher than the ten weeks leading up to Spring. With auction volumes higher, even though the clearance rate is moderating, the raw number of successful auctions has held reasonably firm."
He added most homes are selling through private treaty. 
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“The only capital cities where auctions comprise more than one third of all sales is Melbourne and Sydney, where, over the first seven months of the year, auctions accounted for approximately 35% of all home sales. In Perth, auction sales comprised only 1.9% of all sales, 2.9% across Tasmania, 6.4% in Brisbane and just over 11% in Adelaide,” he said. 
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Broad downward trend in clearance rates: Tim Lawless

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Last week, the combined capital city auction clearance rate held relatively steady, up slightly from 61% the previous week to 61.4%. Of the 2,947 auctions held, CoreLogic RP Data captured 2,683 results, equivalent to a collection rate of 91%.
The two major capital city markets of Sydney and Melbourne are both showing variations in their latest results. While both cities each had a similar number of auctions, 1,204 in Melbourne and 1,248 in Sydney, Melbourne’s clearance rate rose from 65.6% the previous week to 69% last week while Sydney’s clearance rate was down to 58.4% after recording 60.2% the previous week.
The clearance rate for Sydney this week is the lowest seen since the Easter weekend in 2013 and  represents the 9th consecutive week where Melbourne’s clearance rate has been stronger (this shift is highlighted in the graph below).  Between 2010 and mid-2013, it was common for Melbourne’s clearance rate to outperform Sydney’s, however since that time, Sydney’s auction clearance rate has been consistently outperforming until recently.
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For the second week in a row, auction activity across the capital cities is expected to increase, with just over 3,300 auctions currently expected by CoreLogic RP Data, providing plenty of stock for buyers to choose from. Melbourne is expecting 1,563 residential auctions, reflective of conditions seen one year ago when 1,504 auctions were held, while across Sydney 1,270 auctions are being held this week, lower than one year ago (1,417).
Brisbane is set for a busy week, with 207 auctions, compared to 168 last week, while in Adelaide (121 compared to 146), Canberra (97 compared to 122) and Perth (37 compared to 44) auction activity this week will be quieter than last week.
The two busiest suburbs for auction this week are Reservoir, in Victoria with 29 auctions, and Mosman in New South Wales where 20 properties will go under the hammer.
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Auction volumes rise again: CoreLogic RP Data's Shana Miller

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Melbourne's Geelong holds a preliminary clearance rate of 67.9% from a total of 43 reported auctions for the week ending 8 November, according to CoreLogic RP Data's latest Property Market Indicator Summary.
Nationwide, the Gold Coast had a preliminary clearance rate of 55.9% from a total of 58 reported auctions.
The Hunter region in New South Wales recorded 53.3% from 50 auctions. 
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Victoria's Geelong nets clearance rate of 67.9%: CoreLogic RP Data

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New South Wales auction results for the week ending Sunday 8 November show a preliminary clearance rate of 62% from 1222 scheduled auctions.
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<div class="num">According to data from realestate.com.au, 364 were sold at auction within NSW, 241 passed in and 218 sold prior to auction.</div>
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<div class="num">One standout property in the Sydney suburb of Mosman sold was a six bedroom, four bathroom family home at <a href="https://www.realestate.com.au/property-house-nsw-mosman-120924617" target="_blank">1 Elfrida Street Mosman</a> (above) that sold for $5,375,000. The median price for a house in Mosman is $2,80,000.</div>
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<div class="num"><a href="https://www.realestate.com.au/auction-results/nsw?rsf=edm:auction:nsw" target="_blank">Click here to see the full state breakout.</a></div>
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New South Wales auction results show 62% clearance rate: Realestate.com.au

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Auction volumes remain high with 2,898 properties taken to auction this week, up from 2,547 last week, while the clearance rate has increased to 63.7%, up from 61.0%, the lowest clearance rate since the week ending 8th June 2014 (60.6%). 
The higher weighted average clearance rate was mainly the result of a stronger clearance in Melbourne, where, despite high volumes, the preliminary clearance rate rose to be just under 70%. At the same time last year, auction volumes were comparable, with 2,942 homes taken to auction and a clearance rate of 63.5%. Last week’s result brought the October clearance rate across the capital cities to 66%, down from 70.9% over September and lower than October 2014 (68.4%).
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Across Melbourne, volumes have increased after the Spring Racing Carnival, with 1,189 properties taken to auction, compared to 629 last week. The clearance rate was recorded at 69.3 %, up from 65.6 % last week, making it the third week in a row where the clearance rate has been below 70 %. Over the same weekend last year, the clearance rate was 65.5 % across 1,139 auctions. Of the 9 individual Melbourne sub-regions, this week the strongest performer, in terms of clearance rate was the Mornington Peninsula. So far, CoreLogic RP Data has collected 37 results for the region and the preliminary result shows 78.4 % of these auctions were successful.
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Sydney’s preliminary clearance rate this week was 61.9 % across 950 auction results. There were a total of 1,222 auctions held across the city. Last week, Sydney recorded the lowest clearance rate since Easter 2013 (58.2 %) with only 60.2 % of the 1,391 auctions recording a successful result. Looking back at this weekend last year, 1,261 auctions were held across Sydney and a clearance rate of 68.1 % was recorded. North Sydney and Hornsby hosted the most auctions of any Sydney sub-region this week, with 198 properties taken to auction. The preliminary clearance rate for the region is 67.1 % across 149 results.
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There were 167 Brisbane homes taken to auction this week, with 109 results reported so far. The preliminary clearance rate for the city is 42.2%, down from 48.8% last week and lower than one year ago, when 43.1% of the 188 properties taken to auction were successful. Across the Gold Coast 34 results have been reported so far, with a success rate of 55.9% (19 sales).
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This week, Adelaide’s preliminary clearance rate was 64.0 per cent, with 114 reported results across a total of 143 scheduled auctions. In comparison, over the previous week Adelaide’s clearance rate dipped to 57.0 per cent and 57.4 per cent one year ago.
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In Perth, 44 auctions took place this week, with 28 results reported so far. Perth’s preliminary clearance rate of 17.9% across these 28 results is significantly lower than both last week’s result (58.1%) and the clearance rate from one year ago (50%).
Canberra’s clearance rate was 78.3% this week across 119 auctions, up from 71% last week across 131 auctions.
Of the 9 Tasmanian auction results reported so far this week, 2 sales have been recorded.
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Clearance rate improves after last week's lowest in 73 weeks: CoreLogic RP Data's Shana Miller

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GUEST OBSERVER 
Australian dwelling price growth has moderated over October. The latest CoreLogic RP Data figures show that dwelling prices rose by a small 0.2% over the month.  House prices were up by 0.1% and units rose by 0.4%.  Cooling house price growth fits in with other indicators of the housing market which show that the pace of activity is moderating.
A sizeable fall in dwelling prices in Perth over October was offset by rises across the other capital cities. Perth property prices are reflecting the combination of rising supply and vacancy rates at the same time as economic growth is slowing and population growth rate is falling.  
Dwelling price growth looks to be cooling in Sydney while property price growth has remained buoyant in Melbourne despite plenty of additions to the stock of housing. For Melbourne, it’s all been about the lift in house prices as opposed to unit prices.  House prices are running at 15.1%pa in Melbourne compared with 5.5% for apartments. The divergence is unusual and reflects the big lift in high‑rise construction over the past few years which has seen the available stock of apartments lift considerably against the stock of houses.  This trend looks likely to continue given the pipeline of high‑rise construction to come.
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There is nothing in today’s dwelling price data that looks surprising. Recent moves by the ‘big banks’ to lift mortgage rates were always going to have a cooling influence on the housing market. And they have come at a time when vacancy rates and rental yields are both falling and housing supply is lifting. The combination of the aforementioned means that dwelling price growth was always going to slow. 
The question is really a matter of how much price growth will slow and the short answer is that we simply don’t know.  In our view, running models to project dwelling price growth is too fanciful because there are too many moving parts that impact on dwelling prices. 
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One of the more accurate leading indicators of dwelling prices is auction clearance rates. These have been on a downward trend since record high levels mid‑year.  So we expect to see some further moderation in dwelling prices over coming months, particularly given the small lift in mortgage rates which will ease the pace of credit growth, especially to investors.  
One thing which could potentially reignite the housing market over the short run is a near term RBA interest rate cut, possibly as early as tomorrow. Market pricing is putting the odds of a Melbourne Cup day rate cut at around 40% and that looks about right to us.  We have the RBA on hold at 2.0% tomorrow. 
 
We don’t think that policymakers will be too perturbed by the easing in house price growth.  Indeed, they will most likely welcome it.  As recently as two weeks ago the RBA aired concerns around parts of the housing market in its semi‑annual Financial Stability Review.  Last week’s private sector credit data showed a marked lift in business credit growth and an easing in housing credit growth which is exactly what policymakers have been looking for – a lift in business credit growth is a precursor to capital investment.  So it looks like the different parts of the credit space are moving in the directions that policymaker’s desire. 
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Gareth Aird is economist at Commonwealth Bank and can be contacted <a href="https://www.propertyobserver.com.au/https://au.linkedin.com/pub/gareth-aird/14/790/905" target="_blank">here</a>.
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jchancellor-FAypfDUnLy

Property prices cool over October: Gareth Aird

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Despite some cooling, Melbourne was the hottest housing market in the nation, with Sydney in second place over the past quarter, according to CoreLogic RP Data.
Melbourne and Sydney saw continued easing in the rate of capital gain during October, as values rose modestly by 0.3%, and 0.6% respectively over the month, according to the CoreLogic RP Data Hedonic Home Value Index.
But over the three months Melbourne's 3.1% growth outperformed Sydney's 1.5%, taking their annual growth to 12.8% for Melbourne and 15.6% for Sydney.
National dwelling values across the combined capital city index rose 0.2% over the month of October, were up by 1.4% over the quarter, and 10.1% higher over the year.
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The annual rate of growth across the combined capitals index has been easing since July when the index was rising at 11.1% per annum.
Adelaide and Hobart, the perennial laggards, led the nation in monthly growth during October.
According to CoreLogic RP Data head of research, Tim Lawless, a range of factors are contributing to the big capital city slowdown.
“It’s not just the fact that mortgage rates have recently risen outside of any lift in the cash rate. 
"We are also seeing approximately a 30% premium on investment-related mortgage rates, tighter lending standards and borrowers generally requiring a larger deposit.
“Gross rental yields at record lows and affordability constraints are acting as a further disincentive, particularly in Sydney where the median unit price is equal to, or higher than the median house price in every other capital city.
"Additionally, new housing supply is moving through record levels which should help to ease the upwards trajectory of home values.”
Lawless said since the end of 2008, the Sydney housing market has recorded a cumulative capital gain of 77%, while Melbourne values have moved a cumulative 66.6% higher.
"Based on the median selling price at the end of 2008, Sydney home owners have made a gain of about $316,000 from the housing market compared with around $246,000 in Melbourne.”
“While the rate of growth is significant, it is important to remember that this growth is across two cycles; dwelling values were broadly tracking backwards during both the 2008 calendar year and between late 2010 through to mid-2012.”
“The only capital city where home owners have seen the value of their homes move lower since the end of 2008 is Hobart where the CoreLogic RP Data index is down 0.4% (approximately $1,155) since the end of the GFC,” Lawless said.
The weakest housing market conditions are found in Darwin and Perth where dwelling values are down 3.7% and 3.6% respectively over the past year.
The slowdown in resources-related infrastructure spending has hurt the economy and is likely to persist for some time, he said.
“Capital expenditure relating to the mining and resources sector has fallen substantially which means tougher labour conditions and little in the way of migration which has previously fueled housing demand in these areas.”
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j.ballantyne1990-6AQqhLzZaK

Melbourne notches up strongest quarterly growth: CoreLogic RP Data October index

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There were 2,493 auctions held across the combined capital cities this week, with a preliminary auction clearance rate of 63.3%, the second lowest clearance rate for the year. 
Last week, a clearance rate of 64.9% across 3,143 capital city auctions was recorded. At the same time last year, auction volumes were lower than this week, with 2,033 properties taken to auction, however the clearance rate was stronger (68.1%). Clearance rates have been consistently trending lower, albeit on higher volumes, since April this year. The number of auctions being held so far across the Spring season is approximately 20% higher than what was recorded over the same period a year ago.
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Melbourne’s clearance rate fell further this week, down to 65.4%, the second week in a row where the clearance rate has been below 70% after slipping to 69.7% last week. Auction volumes have also fallen in the lead up to Melbourne Cup, with 611 auctions held over the week, compared to 1,690 over the previous week. At the same time last year, the clearance rate was 69.6% across 220 auctions. Looking at Melbourne’s sub-regions, the North East region was the best performer in terms of clearance rates, with a 74.6% success rate across 72 auctions, followed by the Inner South region, where 72.9% of the 52 auctions sold.
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In Sydney, 1,361 auctions were held this week, up from 1,024 over the previous week. The preliminary clearance rate of 63.5 per cent has increased from a low 61.3 per cent last week; however it is significantly lower than this time last year, when a clearance rate of 75.6 per cent was recorded across 1,259 auctions. Looking at the sub-regions of Sydney, the City and Inner South region recorded the strongest clearance rate of 73.9 per cent across 119 auctions, while the Eastern Suburbs had the highest volume of auctions (206).
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The preliminary clearance rate in Brisbane this week was 58.2 per cent, up from 48.8 per cent over the previous week. Auction volumes were lower this week with 186 auctions held, down from 223 last week. Meanwhile, across the Gold Coast, 51 per cent of the 49 reported auctions were successful.
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A total of 146 Adelaide homes were taken to auction this week, with a preliminary clearance rate of 58.1 per cent across 117 results. Last week, Adelaide was the strongest performer of all capital cities in terms of the clearance rate, recording a 70.3 per cent success rate across 91 reported auctions.
 
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Perth’s clearance rate of 55.6 per cent across 49 auctions is up from the previous week, when 33 auctions were held and a clearance rate of 25.9 per cent was recorded.  Over the same week last year, the clearance rate was a lower 40 per cent, and 40 auctions were held.
Across Canberra a total of 130 auctions were held this week, the highest volumes have been all year, compared to 58 last week and 89 at the same time last year. Canberra’s preliminary clearance rate of 68.7 per cent is higher than it was the previous week (63.3 per cent).
In Tasmania, 6 auctions were reported to CoreLogic RP Data with 2 sales. Last week, 9 auctions were reported with 4 sales.
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Combined capital city clearance rate below 65% for second week: CoreLogic RP Data's Shana Miller

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Three medical centres went under the hammer at Burgess Rawson's 100th portfolio auction, with yields in the 5-6% range.  
The property at 1, Nettleford Street in ACT's Belconnen is leased out to Top 100 ASX-listed Primary Health Care Ltd and netted $8.65 million.  
It was second on the auction list and opened with a bid of $6.5 million.
The building spans 1,725 square metres and is fitted out with treatment and x-ray rooms, dental surgery and a pharmacy.
The land area is 9,706 square metres with parking space for 60 cars.
The asset's annual net income is estimated at $483,346, translating to a yield of about 5.6 percent. The rent increase is 3 percent.
The lease was recently renewed for 10 years with a five-year option expiring in early 2030.
The tenant pays all outgoings, including management fee.
Belconnen suburb has a population of 95,000 and growing.
The other two medical centres auctioned were in the suburbs of Sydney.   
The first, in Dee Why, is leased to PRP Diagnostic Imaging, and fetched $2.9 million.
The 5&amp;6/812 Pittwater Road property is set on 417 square metres, with a lease that expires in 2020.  
Set in the Northern Beaches, the property has prominent exposure to a six-lane arterial road.
The estimated net income is $195,132 per annum, with the yield working out to 6.7%.
PRP pays all outgoings, including management fee.
The annual rent increases to greater of CPI or 4%.
The property at Hawkesbury Road in Westmead is leased out to ASX-listed Laverty Pathology and was the centre of much drama at the auction.
Bidding started at $1.2 million and each time the hammer was about to strike, a fresh offer was made. This went on for at least five times until the hammer finally came down at $1.815 million. 
The pathology centre at Unit 6 of 151-155 Hawkesbury Road is leased out until 2019 end.
This medical centre is spread over 133 square metres of space and is part of a building occupied by medical specialists.
With an estimated annual net income of $107,780, the yield works out to around 5.9 percent.
The lease comes with annual CPI rent increases.
Laverty Pathology serves more than 4 million patients every year. 
All the properties were sold by Darren Beehag and Dean Venturato.
Beginning in 1975, Burgess Rawson established a nationwide network of offices and is Australia's largest locally owned and operated commercial property agency, marketing more than 10,000 properties and generating sales in excess of $25 billion over the past 40 years. fro more information, <a href="https://www.burgessrawson.com.au/portfolio-auctions" target="_blank">click here</a>.
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jonathanchancellor-7SQnKwU6yx

Three medical centres sold under the hammer

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The final auction clearance rate last week fell to 64.9%, down from 67.4% the previous week and similarly, lower than one year ago (68.1%).
 The fall in capital city clearance rate can be largely attributed to a weaker result across Sydney last week, the second largest capital city auction market.
Last week was Melbourne’s busiest for the year, with 1,690 auctions held, however given the Melbourne cup next Tuesday, auction activity across the city this weekend is set to be somewhat quieter, with just 621 scheduled for the week. Melbourne was the strongest performing capital city market last week, with 69.7% of reported auctions successful and CoreLogic RP Data estimates over 1,150 transactions took place as a result of the cities auction activity.
In Sydney, last week there were 1,024 auctions with a clearance rate of just 61.3%, far from the strength seen earlier this year, when for 22 consecutive weeks the city recorded a clearance rate of 80% or above. Despite the weaker result last week, there are 1,450 Sydney homes scheduled for auction this week, more than at the same time last year (1,259) and the highest number of weekly auctions seen since the final week of March this year.
Although auction activity is set to slow down temporarily this week in Melbourne, the same cannot be said for Adelaide, where there will be 155 auctions this week, compared to 103 last week, Canberra, with 131 scheduled compared to 58 last week and Perth, up from 33 last week to 49 this week.
Brisbane is the only other capital city where auction volumes will be lower this week, down to 197 from 223 last week, which was the busiest week for auctions across the city so far this year. Despite the increased activity, Brisbane’s final auction clearance rate last week showed that less than half (48.8%) of the auctions resulted in a transaction.
The lower volumes across Melbourne this week have added some more variety into the list of the busiest individual suburbs for auctions, as opposed to last week when each of the suburbs were located in Melbourne.
<ul>
<li>-  20 auctions in Reservoir (Vic) </li>
<li>-  18 auctions in Bellevue Hill (NSW) </li>
<li>-  16 auctions in Paddington (NSW) </li>
<li>-  15 auctions in Coogee (NSW), Killara (NSW) and St Ives (NSW) </li>
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