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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After over 2,000 capital city auctions were held each week for the past two weeks, auction activity has fallen this week, with 1,718 capital city auctions scheduled.
While auction volumes are lower in each of the capital city markets, Adelaide, with 92 auctions this week compared to 94 last week and Canberra, with 47 auctions this week compared to 50 last week have seen the number of auctions held week-on-week remain relatively steady (down less than 10 percent compared to last week).
On the other hand, in the two busiest auction markets, the number of auctions currently being tracked by CoreLogic shows a more substantial fall, with Sydney volumes down around 16 percent and Melbourne auction activity falling by 29 percent.
Capital City Auctions this week:
<ul>
<li>Sydney: 567</li>
<li>Melbourne: 821</li>
<li>Brisbane: 140</li>
<li>Adelaide: 92</li>
<li>Perth: 43</li>
<li>Canberra: 47</li>
</ul>
The busiest individual suburbs for auctions this week are all in Melbourne and located to the south-east of the city, with 14 auctions scheduled in Richmond and 13 auctions scheduled in Glen Iris, Glen Waverley and Mount Waverley.
Summary of last week’s results:
<a href="/images/2016/05/12/20160512-cc-table.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/05/12/20160512-cc-table.png" alt="">
The final auction clearance rate fell for the third consecutive week last week, down to 67.7 per cent from 69.4 per cent the previous week and 69.7 per cent the week prior to that. Both Melbourne and Sydney maintained a clearance rate above the 70 per cent mark last week, at 73.2 per cent across Melbourne and 71.8 per cent in Sydney. Melbourne’s clearance rate represented a slight fall from the previous weeks result of 73.5 per cent, while Sydney’s clearance rate was virtually unchanged, up only slightly from 71.7 per cent the previous week.
<a href="/images/2016/05/12/20160512-time-series-graph.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/05/12/20160512-time-series-graph.png" alt="">
In all other cities, clearance rates fell over the week, while across Tasmania, both the clearance rate and volume of auctions were up week-on-week.
Outside of the capital city auction markets, regional markets saw a varied performance last week. On a week-on-week basis, clearance rates rose in Hunter, Wollongong and Geelong, while the two Queensland regions monitored, the Gold Coast and Sunshine Coast recorded a fall in clearance rates (and auction volumes) over the week.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2016/05/20160512-sub-region-table.png" target="_blank">Click to enlarge</a>
<a href="https://blog.corelogic.com.au/wp-content/uploads/2016/05/20160512-sub-region-table.png" rel="wp-prettyPhoto[g6776]"><img class="aligncenter size-full wp-image-6778" src="https://blog.corelogic.com.au/wp-content/uploads/2016/05/20160512-sub-region-table.png" alt="20160512 sub-region table" width="645" height="950"></a>
 
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smiller-vwPjRHTkST

National auction activity slowing: CoreLogic RP Data's Shana Miller

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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.
<a href="/images/2015/11/20151102-Capital-City.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/11/20151102-Capital-City.jpg" alt="" width="665" height="498">
 
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.
<a href="/images/2015/11/20151102-Melbourne.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/11/20151102-Melbourne.jpg" alt="" width="729" height="491">
 
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).
<a href="/images/2015/11/20151102-Sydney.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/11/20151102-Sydney.jpg" alt="" width="740" height="501">
 
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.
<a href="/images/2015/11/20151102-Brisbane.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/11/20151102-Brisbane.jpg" alt="" width="752" height="500">
 
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.
 
<a href="/images/2015/11/20151102-Adelaide.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/11/20151102-Adelaide.jpg" alt="" width="802" height="545">
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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Last week, the auction clearance rate across the combined capital cities was 71.2%, the lowest weekly clearance rate since February this year, however it was the fifth busiest week for auctions so far this year (2,654). 
To put this into perspective based on reported results, last week an estimated 1,890 homes were sold as a result of an auction campaign across the nation’s capital cities. This week, CoreLogic RP Data is tracking just shy of 2,600 auctions, showing the number of homes being taken to auction remains relatively steady.
This week, Melbourne is expected to host 1,120 auctions, followed closely by Sydney with 1,068. Last week, across both cities the clearance rates fell on a week-on-week basis, down to 74.3% for Melbourne and 73.1% for Sydney. This result for Sydney was the lowest recorded so far this year; however, it still represented the second strongest result across any other capital city market.
Across Adelaide, auction volumes will rise this week, up from 89 last week to 101 this week. In Canberra, 124 auctions are scheduled this week, compared to a lower 79 last week. Meanwhile, auction volumes remain relatively steady in Perth, down slightly from 35 last week to 32 over the current week.
Brisbane is expecting 149 auctions this week, compared to 179 last week and 154 at the same time last year.
The busiest suburb for auctions across Australia this week is located in Sydney, with 19 Mosman auctions to be held. Mount Waverley (Vic) and Reservoir (Vic) both have 18 residential auctions this week. 
 
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Combined capital cities record lowest clearance rate since February: CoreLogic RP Data's Shana Miller

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The number of homes taken to auction this week increased to 3,086, up from 2,858 over the previous week, while the preliminary clearance rate of 66.6% is down from 67.4% last week, making this week the second lowest clearance rate recorded all year. 
The clearance rate has now been below the 70% mark for 6 weeks in a row. Over the corresponding week last year, the clearance rate was 69.3% and 3,231 auctions were held.
<a href="/images/2015/10/26/20151026-capital-city.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/10/26/20151026-capital-city.jpg" alt="" width="743" height="558">
 
Across Melbourne, auction volumes are the highest they have been all year with 1,663 properties taken to auction this week, while the clearance rate of 69.8% fell from 72.7 per cent across 1,398 auctions last week. This is the third lowest clearance rate for the year. At the same time last year, Melbourne was host to 1,837 auctions and a clearance rate of 71.0% was recorded. The busiest Melbourne sub-region this week was the Inner region where 341 auctions were held and a clearance rate of 73.7% was recorded.
<a href="/images/2015/10/26/20151026-Melbourne.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/10/26/20151026-Melbourne.jpg" alt="" width="676" height="454">
 
Sydney’s preliminary auction clearance rate improved this week after the lowest clearance rate for the year was recorded last week. This week, 64.4% of the 995 auctions scheduled were successful, up from 63.7% across 1,105 auctions over the previous week. Although the clearance rate has improved this week, it is still well below the 74.8% recorded across 961 auctions at the same time last year. The Eastern suburbs sub-region of Sydney has shown the strongest performance so far this week, with 84.3% of the 109 reported results selling, with 20 remaining results yet to be collected.
<a href="/images/2015/10/26/20151026-Sydney.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/10/26/20151026-Sydney.jpg" alt="" width="704" height="475">
 
In Brisbane, 223 auctions were held this week and a clearance rate of 54.8 % was recorded. Looking at last week, volumes were lower with 145 properties taken to auction and a clearance rate of 47.6%. Over the same week last year, 46.3% of the 211 auctions were successful. The Gold Coast saw 71.4% of the 21 reported auctions sell this week.
<a href="/images/2015/10/26/20151026-Brisbane.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/10/26/20151026-Brisbane.jpg" alt="" width="795" height="530">
 
This week, Adelaide recorded a preliminary clearance rate of 74.6%; with 67 reported results across a total of 103 scheduled auctions. In comparison, over the previous week Adelaide’s clearance rate was 67.5% and 56.5% one year ago.
<a href="/images/2015/10/26/20151026-Adelaide.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/10/26/20151026-Adelaide.jpg" alt="" width="814" height="552">
 
There were 33 Perth auctions this week and so far 16 results have been reported, with just 31.3%selling. Last week there was a 46.2% clearance rate for Perth although only 16 auctions were held.
Canberra’s preliminary auction clearance rate of 67.6% this week is similar to last week, when the final auction clearance rate was 68.0% and higher than the 58.3% recorded last year.
Of the 8 Tasmanian auction results reported so far this week, 4 sales have been recorded.
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Melbourne’s clearance rate falls below 70%: CoreLogic RP Data's Shana Miller

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I’ve always liked the saying “It isn’t difficult to make a mountain out of a molehill – just add dirt.”
The focus on clearance rates by some commentators is plain ridiculous especially when they insert the word “Sydney” into the clearance rate debate.
As we all know Sydney is made up of some 700 suburbs – where some are still performing above expectations and some are caught in a downward spiral. This is not an historic first as we have seen this pattern on many occasions previously with the areas of western Sydney, north – west Sydney, Canterbury Bankstown and surrounding areas the hardest hit.
These areas coincidentally have been the engine room for the Sydney property boom so they were always going to break – down. This is not a collapse rather a correction.
If you take the areas within a 5 to 10 kilometre radius of the Sydney CBD they are still performing with gusto<a href="https://www.rwm.com.au/news/" target="_blank">.</a> Although it should also be noted that quite a few properties are withdrawn from public auction which go unreported. Properties that are passed in and sold an hour or two later are reported as sold – at – auction.
When I do a Domain search for properties in Greater Sydney that are on the market I see all up there are presently 12,922 properties, which isn’t a lot on the grand scale of things. The estimated Sydney population in 2015 is 4,840,000. What is interesting is that approximately one – third of these properties would be set down for public auction. So why the focus on clearance rates?
What I find even more interesting is why all the properties are bundled together? Well that’s easy to explain as most of the commentators are connected to some media organisations in some shape or form. If they were to list areas where clearance rates are identifying a nose – dive then nobody would advertise in those local newspapers, so it’s commentary by self-preservation.
Yes the call for concern is well justified with Sydney posting an annual growth of 12.8% and Melbourne even higher at 15.6%. To put this into some sort of perspective Auckland is presently running away at 27% annual capital growth – which is scary.
There are two game – breakers in property markets; interest rates and unemployment. The Australian Bureau of Statistics have just released its labour force survey for October which recorded that the seasonally – adjusted unemployment rate fell to 5.9%, down 0.3 points from September. We live in a funny society where some sections were desperately hoping that the unemployment figure would rise.
Now the interest rate scenario is even more interesting as we need to take into account that the Sydney property market has experienced a massive change to its normal landscape. We need to factor in the new significant buyer – investors. They have been driving the markets to levels never seen before, so we need to pay particular attention to yields.
Sydney 12 months ago was recording 3.7 per cent, today it has dropped back to 3.3%. Melbourne 12 months ago was 3.3%, today it is 3.0%. Brisbane 12 months ago was 4.5%, today it’s 4.4%. Adelaide has seen no change and sits at 4.2% and Perth has gone from 4.1% to 4.0%. (Source: Core Logic RP Data)
From these figures the two biggest investor markets, Sydney and Melbourne, are not surprisingly recording the highest downward corrections. Yields in 2016 will command special interest especially in the Sydney and Melbourne property markets. The cash rate debate is anyone’s guess where if the Reserve Bank of Australia decided to cut the cash rate there are absolutely no guarantees that the banks will pass that cut on after their last decision to increase interest rates.
Yes I have no doubt that we will see some interesting corrections in 2016 where I predict the areas that have experienced massive infrastructure expenditure to suffer the most. This is not anything new as it’s happened plenty of times previously, although some areas of Sydney have not seen any infrastructure expenditure in over fifty years. Take the northern beaches for example where their last significant expenditure was that dumb Spit Bridge in 1959.
If one was to sit back and collate all the stamp duty paid from Palm Beach to Seaforth over the last 56 years you would come up with a near nil return for infrastructure expenditure. Still the state government insists on thousands and thousands more high density housing developments with no proposals to build new transport plans aside from double – decker buses.
Maybe stamp duty rates should be determined by infrastructure expenditure within a particular region?
<h4>MOSMAN – 2088</h4>
• Number of houses on the market this time last year – 114
• Number of houses on the market last week – 75
• Number of houses on the market this week – 74
• Number of apartments on the market this time last year – 76
• Number of apartments on the market last week – 60
• Number of apartments on the market this week – 61
<h4>CREMORNE – 2090</h4>
• Number of houses on the market this time last year – 13
• Number of houses on the market last week – 12
• Number of houses on the market this week – 13
• Number of apartments on the market this time last year – 36
• Number of apartments on the market last week – 17
• Number of apartments on the market this week – 16
<h4>NEUTRAL BAY – 2089</h4>
• Number of houses on the market this time last year – 10
• Number of houses on the market last week – 6
•Number of houses on the market this week – 5
• Number of apartments on the market this time last year– 34
• Number of apartments on the market last week – 30
*Number of apartments on the market this week – 36
 
 ROBERT SIMEON is a director of <a href="https://www.rwm.com.au/" target="_blank" title="RWM" rel="nofollow">Richardson Wrench Mosman and Neutral Bay</a> and has been selling residential real estate in Sydney since 1985.  He has also been writing real estate blog <a href="https://www.rwm.com.au/news/" target="_blank" title="Virtual Realty News" rel="nofollow">Virtual Realty News</a> since 2000. 
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robertsimeon-hRNTwJyXkQ

Why clearance rates aren’t clear: Robert Simeon

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The preliminary auction clearance rate once again surprised on the upside, rising to 72.3 per cent this week, compared to 70.1 per cent last week and 74.0 per cent over the same week one year ago.  
Sydney has shown a remarkable bounce in clearance rates over the past few weeks, recording a 78.6 per cent preliminary clearance rate last week, compared with clearances that were tracking in the high 50 percent range during December last year. 
So far this week, CoreLogic RP Data has captured a total of 1,020 auction results with 1,331 having been scheduled across the nation’s capitals. Auction volumes are higher than they were last week when 916 residential homes were taken to auction, however they are still tracking below the volume recorded over the relative week last year (1,541).
<a href="/images/2016/02/15/20160215-Capital-city.jpg" target="_blank"> Click to enlarge</a>
<img src="/images/2016/02/15/20160215-Capital-city.jpg" alt="" width="545" height="411">
 
There were 539 Melbourne auctions this week, 268 last week and 584 over the same week last year. Of the 440 reported results, 73.6 per cent were successful, lower than the 77.6 per cent clearance rate last week and higher than one year ago when 70.9 per cent of reported auctions were successful. Melbourne’s auction clearance rate has fallen below Sydney’s for the first time since mid-September last year. This week, the strongest performing Melbourne sub-region was the Inner East, with a clearance rate of 81.4 per cent across 52 auctions. Following on from this, Inner South, West and Mornington Peninsula all recorded a clearance rate above the 75 per cent mark.
<a href="/images/2016/02/15/20160215-Melbourne.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/02/15/20160215-Melbourne.jpg" alt="" width="670" height="452">
 
Across Sydney, the nation’s second largest capital city auction market, there were 469 auctions held this week with a preliminary clearance rate of 78.6 per cent. Last week, Sydney’s clearance rate was lower at 75.0 per cent; auction volumes were also lower, with just 313 homes taken to auction over the period. Conditions across Sydney were relatively different one year ago, 662 auctions were held and 83.3 per cent were successful. Across the individual sub-regions of the city, North Sydney and Hornsby (92.5 per cent), City and Inner South (89.1 per cent) and Eastern Suburbs (88.3 per cent) were the strongest performers, while the weakest performing sub-region was South West, with a clearance rate of 52.9 per cent.
<a href="/images/2016/02/15/20160215-Sydney.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/02/15/20160215-Sydney.jpg" alt="" width="596" height="404">
 
Brisbane’s preliminary clearance rate was 53.3 per cent this week, compared to 54.0 per cent last week and 49.5 per cent one year ago. The city was host to 110 auctions, similar to last week when 111 were held. In comparison, 38.5 per cent of the reported Gold Coast auctions were successful this week, with 26 results reported so far.
<a href="/images/2016/02/15/20160215-Brisbane.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/02/15/20160215-Brisbane.jpg" alt="" width="657" height="438">
 
Across Adelaide, the preliminary auction clearance rate for this week is 81.4 per cent, up from 70.5 per cent last week and higher than one year ago (69.0 per cent). This week 87 residential homes across Adelaide were taken to auction, bringing the year to date number of auctions across the city to 348, compared to 352 last year.
<a href="/images/2016/02/15/20160215-Adelaide.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/02/15/20160215-Adelaide.jpg" alt="" width="697" height="473">
25 per cent of Perth’s auctions were successful this week, compared to 35.3 per cent last week and 46.7 per cent one year ago. 45 auctions were held across the city.
In Canberra, a total of 58 homes were taken to auction this week, down from 71 last week and higher than one year ago when 49 homes were auctioned. Canberra’s preliminary clearance rate this week is 73.3 per cent, remaining steady compared to both last week (71.4 per cent) and one year ago (72.3 per cent).
There have been 18 Tasmanian auctions reported to CoreLogic RP Data this week. Of the reported results, 10 have been sold.
 
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Auction clearance rate tracks higher with a preliminary rate of 72.3 per cent: Shana Miller

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GUEST OBSERVER
This week 1,667 capital city auctions were held, less than last week (1,831)  and also less than one year ago (2,603).
Auction volumes were substantially higher last year as there were only two weeks between the Easter long weekend and the ANZAC day weekend. Preliminary results show that 68.6 per cent of auctions were successful this week, marking the third consecutive week of auction clearance rates below the 70 per cent mark. This week’s result is higher than last week (67.1 percent), but much lower than one year ago when 78.9 percent of the capital city auctions held were successful.
<a href="/images/2016/04/19/20160418-capital-city.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/19/20160418-capital-city.jpg" alt="">
Across Australia’s largest auction market of Melbourne 882 residential homes were taken under the hammer this week, with a preliminary clearance rate of 71.7 per cent, falling from 73.2 per cent last week (the strongest result since February) and lower than one year ago (79.5 per cent). While the clearance rate fell, auction volumes rose from 803 last week. The most auction activity for the city was held in the Inner region where 170 homes went to auction and 73.5 per cent of reported auctions were successful.
<a href="/images/2016/04/19/20160418-melbourne.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/19/20160418-melbourne.jpg" alt="">
Sydney has recorded a preliminary clearance rate of 69.7 percent this week across 457 auctions, compared to a low of 67.1 percent last week and a substantial difference from 87.0 percent one year ago, which happened to be the 11th consecutive week for the city of clearance rates over 80 percent, and the city’s clearance rate remained above 80 percent until mid-July. This week’s top performing Sydney sub-region was the Eastern Suburbs with a clearance rate of 87.0 percent, followed by Sutherland (84.2 percent) and North Sydney and Hornsby (80.4 percent).
<a href="/images/2016/04/19/20160418-sydney.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/19/20160418-sydney.jpg" alt="">
The preliminary clearance rate across Brisbane was 53.5 per cent this week, up from 47.7 per cent and also higher than the 46.4 per cent last year. This week 145 Brisbane auctions were held, compared to 160 last week and 140 one year ago. With the two upcoming public holidays, it is expected that Brisbane’s auction market will be relatively quiet over the next two weeks. This week 47 Gold Coast auctions have been reported with 21 sales.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2016/04/20160418-brisbane.jpg" rel="attachment wp-att-6654"><img class="aligncenter size-full wp-image-6654" src="https://blog.corelogic.com.au/wp-content/uploads/2016/04/20160418-brisbane.jpg" alt="20160418 brisbane" width="971" height="653"></a>
Adelaide saw 99 auctions take place this week and based on the 75 results so far, the preliminary clearance rate was 66.7 per cent. Last week Adelaide’s clearance rate was 63.6 per cent, while one year ago it was higher, at 69.7 per cent.
The number of Perth auctions held this week was 30, down from 36 both last week and one year ago. Preliminary results show 28.6 per cent of Perth auctions cleared this week.
Preliminary results for Canberra show the clearance rate for this week sitting at 71.9 per cent, up from 61.9 per cent last week when 68 homes were taken to auction.
There were 9 Tasmanian auctions this week with 5 reported results and 4 sold.
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Capital city clearance rate below 70 percent for three weeks running: CoreLogic RP Data's Shana Miller

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The number of homes being taken to auction is continuing to increase with 1,677 capital city homes scheduled to go under the hammer this week.
While Sydney had more auctions than Melbourne over the past two weeks, this week, Melbourne’s auction activity is set to rise, bringing the total number of residential auctions to 730, as opposed to the 624 scheduled for Sydney.
This week, auction volumes are higher than last week in the two major auction markets of Melbourne and Sydney, while they remain relatively steady across the remaining capital cities.
Capital City Auctions this week:
<ul>
<li>
Sydney: 624
</li>
<li>
Melbourne: 730
</li>
<li>
Brisbane: 145
</li>
<li>
Adelaide: 70
</li>
<li>
Perth: 32
</li>
<li>
Canberra: 65
</li>
</ul>
The three busiest individual suburbs for auctions this week are all located in Melbourne, with 17 auctions scheduled to take place in Mount Waverley, 16 in Reservoir and 14 in Preston.
Summary of last week’s results:
<a href="/images/2016/04/7/20160407-cc-table.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/7/20160407-cc-table.png" alt="">
Across the combined capital cities, clearance rates softened last week from 70.9 percent for the previous week to 66.6 percent last week. Much of the fall in clearance rates was driven by Sydney, which was the busiest auction market over the week, host to 664 auctions and recorded a clearance rate of 69.8 percent, far lower than the 77.9 percent over the previous week.
In Melbourne, the auction clearance rate remained relatively steady, down to 69.2 percent from 71.4 percent the previous week.
<a href="/images/2016/04/7/20160407-graph.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/7/20160407-graph.png" alt="">
Despite the fall in Sydney’s auction clearance rate, there were some very strong sub-regions in the city. City and Inner South (91.4 percent) and Eastern Suburbs (90.5 percent) both saw clearance rates in excess of 90 percent, while in Parramatta only one third of auctions were successful.
The strongest clearance rate across Melbourne was 76.3 percent in the Inner East.
Of the other capital city auction markets, Adelaide was the best performer last week with 71.2 percent of auctions clearing, while in all other cities only around half of the properties taken to auction resulted in a sale.
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<img src="/images/2016/04/7/20160407-sub-region.png" alt="">
 
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Melbourne auction levels outpacing Sydney: CoreLogic RP Data's Shana Miller

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It was a quiet week for auctions this week due to the grand finals and the Labour Day long weekend. 
841 properties were taken to auction across the combined capital cities and the preliminary clearance rate was recorded at 69.6 per cent, the lowest clearance rate since the second week of February. In comparison, last week was the busiest week for auctions since the end of March with 2,835 auctions held, however the final clearance rate was only 69.7 per cent. Over the same weekend last year, when only the NRL grand final was being played (The AFL grand final was held a week earlier) almost twice as many auctions were held (1,650); however the clearance rate was a lower 66.9 per cent. 
<a href="/images/2015/10/06/20151006-capital-city.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/10/06/20151006-capital-city.jpg" alt="" width="837" height="630">
 
Across Melbourne, 90 auctions were held this week and the preliminary clearance rate was recorded at 67.7 per cent, the third lowest clearance rate for the year, compared to last week’s final clearance rate of 72.7 per cent across 1,201 auctions. This time last year, 69.1 per cent of the 912 properties taken to auction sold. Across Melbourne’s individual sub-regions, the strongest performer in terms of clearance rate this week was the North West region, where 8 of the 10 reported auctions were successful. Meanwhile, the South East region was host to the highest number of auctions (21).
<a href="/images/2015/10/06/20151006-Melbourne.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/10/06/20151006-Melbourne.jpg" alt="" width="682" height="447">
 
In Sydney, preliminary results show a clearance rate of 71.4 per cent across 448 results, with a total of 567 auctions held across the city this week. Last week, the clearance rate was 71.7 per cent across 1,200 auctions. Looking at last year, there were 473 auctions held and a clearance rate of 76.4 per cent was recorded. The Inner West region of Sydney, where 32 auction results have been reported with a clearance rate of 90.6 per cent, is the strongest performing sub-region this week. City and Inner South (79.4 per cent), and North Sydney and Hornsby (78.2 per cent) also recorded strong clearance rates.
<a href="/images/2015/10/06/20151006-Sydney.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/10/06/20151006-Sydney.jpg" alt="" width="709" height="480">
 
Brisbane was host to 118 auctions this week, down from 203 last week and similar to last years 117. Of the 87 results reported so far, 64.4 per cent have sold, up from last week’s final clearance rate of 54.9 per cent and the 47.4 per cent clearance rate recorded last year. This week, 28 Gold Coast auction results have been reported and the preliminary clearance rate based on these results is 42.9 per cent.
<a href="/images/2015/10/06/20151006-Brisbane.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/10/06/20151006-Brisbane.jpg" alt="" width="726" height="487">
 
There were 32 Adelaide homes taken to auction this week with a preliminary clearance rate of 71.4 per cent across 28 results. This week’s clearance rate is higher than both last week, when 68.1 per cent of the 127 auctions sold, and this time last year, when a clearance rate of only 53.7 per cent was recorded across 63 auctions.
<a href="/images/2015/10/06/20151006-Adelaide.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/10/06/20151006-Adelaide.jpg" alt="" width="803" height="542">
 
Just 10 auctions were held in Perth this week, significantly lower than both last week (25) and last year (23). Perth’s clearance rate was 75.0 per cent this week, up from 31.6 per cent last week and 25.0 per cent last year.
Across Canberra, the preliminary clearance rate was 53.8 per cent across 13 results. Last week, Canberra’s clearance rate was 58.5 per cent, while one year ago, only 29.3 per cent of auctions were successful.
Of the 4 auctions held in Tasmania this week, there were 2 successful sales.
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Grand finals upstage capital city auction markets: Shana Miller

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CoreLogic RP Data’s preliminary auction clearance rate was recorded at 77.0 per cent this week, across a total of 1,790 reported auctions. Auction volumes rose over the week, up from 1,903 the previous week to 2,378 this week, the largest number of capital city auctions held since 10 weeks ago. 
Along with the increase in the number of homes taken to auction, the preliminary clearance rate this week (77.0 per cent) was also higher than the previous week (74.6 per cent) and conditions across the auction market remain stronger than they were one year ago, when 68.0 per cent of the 1,555 homes taken to auction sold.
<a href="/images/2015/08/10/20150810-capital-city.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/08/10/20150810-capital-city.jpg" alt="" width="680" height="508">
 
As Australia’s largest auction market, Melbourne’s auction market remained strong this week, with a preliminary clearance rate of 78.6 per cent, compared to the previous week, when the clearance rate for the city was 78.2 per cent. The number of homes taken to auction in Melbourne this week was 1,057, up from 787 last week. One year ago, Melbourne’s auction clearance rate was 69.6 per cent across 774 auctions. Across the individual sub-regions of Melbourne, there were three regions where the clearance rate was over 80 per cent this week; Inner Melbourne (80.5 per cent), Inner East Melbourne (81.1 per cent) and Outer East Melbourne (85.6 per cent).
<a href="/images/2015/08/10/20150810-Melbourne.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/08/10/20150810-Melbourne.jpg" alt="" width="700" height="475">
 
After its record strong performance at the start of the year, Sydney’s auction market is starting to show some signs of slowing down. In saying this, Sydney’s preliminary results this week showing that 77.8 per cent of the 711 reported results sold. In comparison, last week 76.0 per cent of Sydney auctions were successful, while last year the clearance rate was 74.7 per cent. The number of auctions across the city is much higher this week (1,008) than last week (825) and substantially higher than at the same time last year when just 530 homes went to auction. This week, the two strongest performing Sydney sub-regions were Northern Beaches and Inner West, where more than 93 per cent of the reported results for each region were successful.
<a href="/images/2015/08/10/20150810-Sydney.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/08/10/20150810-Sydney.jpg" alt="" width="778" height="535">
 
Brisbane’s preliminary clearance rate this week was 61.8 per cent, up from 57.9 per cent last week and significantly stronger than the 33.3 per cent from one year ago. There were 141 auctions across the city this week, similar to the number held last week (144) and higher than the 123 held one year ago. Further south of Brisbane, the Gold Coast saw 14 auction results reported this week, with 35.7 per cent selling.
<a href="/images/2015/08/10/20150810-Brisbane.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/08/10/20150810-Brisbane.jpg" alt="" width="721" height="486">
 
This week, Adelaide’s preliminary clearance rate was 81.4 per cent, a strong result for the city with 43 results from the 76 auction reported so far. In comparison, last week’s clearance rate for the city was 67.7 per cent and 69.1 per cent at the same time last year. The number of auctions across the city remained steady this week, with 76 held this week, compared to 75 last week and 61 at the same time last year.
<a href="/images/2015/08/10/20150810-Adelaide.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/08/10/20150810-Adelaide.jpg" alt="" width="792" height="538">
 
The preliminary auction clearance rate for Perth was 44.4 per cent this week, with 18 results reported so far. There were 28 Perth auctions held this week, compared to 23 last week, when the final clearance rate was 40.0 per cent and 25 last year, when 57.9 per cent of the auctions were successful.
There were 59 Canberra auctions this week and the preliminary clearance rate of 81.1 per cent is higher than last week (72.2 per cent) and one year ago (55.2 per cent).
So far, 7 Tasmanian auction results have been reported to CoreLogic RP Data and of these 6 were sold.
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