<a href="https://www.apartments.com.au/architects/bates-smart">Bates Smart</a> is one of Melbourne's longest standing architecture firms.

Founded in Melbourne in 1853 by Joseph Reed, the firm began as Reed &amp; Barnes and has evolved through various partnerships before adopting the Bates Smart name in the 20th century. With a continuous presence spanning more than 170 years, the practice has played a pivotal role in shaping Melbourne’s architectural identity.

In the 19th century, Bates Smart designed several of Melbourne’s enduring landmarks, including the Royal Exhibition Building (1880), a UNESCO World Heritage site, and the Melbourne Town Hall. The firm’s influence continued into the 20th century with notable works such as Ici House (1958), considered Melbourne’s first modern skyscraper and a milestone in post-war Australian architecture.

One of their landmark designs was&nbsp;The First Church of Christ, Scientist, at 336-340 St Kilda Road. The building, which is listed on the Victorian Heritage Register, was designed by Bates, Peeble and Smart with construction completed in 1922. Architecturally, the building is significant as a rare example of early twentieth century classicism applied to a religious building. Historically, the building is significant as the first church of the Christian Science movement.

Melbourne developer Time &amp; Place decided to bring Bates Smart back to the area to design their next residential apartment project, Park Modern.

[smartcode_project:default project_id=138453 project_image_fid=2138]

<a href="https://www.urban.com.au/new-apartments/park-modern-south-melbourne-1-middleton-lane-south-melbourne-vic-3205">Park Modern</a>, on one of the largest island sites on the Melbourne CBD fringe, bordered by Dorcas Street, Wells Street, and Middleton Lane, will comprise two sculptural towers. It is being positioned as a design-forward response to evolving owner-occupier preferences in the Domain precinct.

Tim Price, Director at <a href="https://www.apartments.com.au/developers/time-place">Time &amp; Place</a>, says&nbsp;Bates Smart have got a footprint on this city, probably like no other architect.

"It’s a really nice kind of next chapter story, that they created from a design perspective so long ago," Price told Apartments.com.au.

Park Modern will be the third time Time &amp; Place has worked with Bates Smart, having successfully designed and delivered Collins House and Opera on St Kilda Road together.

The brief focused on creating a built form that would feel contextually appropriate while offering a contemporary evolution of inner-city apartment living.

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The focus for Park Modern is squarely on owner-occupiers.

“It’s not always about downsizing," Price says.

"Sometimes it’s just about creating a space which is easily maintained, lock up and leave, reflecting people’s aspirations, whether they’re entertainers, big dining room spaces, big open terraces, they’re important parts of any design consideration.”

The building includes a mix of one, two and three-bedroom apartments, as well as penthouses, with layouts and floor plans designed to suit a broad demographic. The architecture has been shaped to capture&nbsp;view corridors to the Botanic Gardens, Port Phillip Bay and the CBD skyline.

Each apartment has been oriented to maximise natural light and provide a clear outlook, elements often cited by owner-occupiers as key criteria.

[smartcode_project:default project_id=138453 project_image_fid=351806]

Rather than defaulting to a generic luxury offering, the amenity strategy at Park Modern reflects specific insights into how residents want to live. The ground floor will include co-working areas, wellness facilities, and a concierge-led lobby that blends indoor and outdoor design cues.

“Wellness has become a more thoughtful consideration, not just gyms or lap pools, but things like magnesium plunge pools, saunas, daybeds, and studio spaces for Pilates and the regular cardio workout,” says Price.

One notable inclusion is a substantial porte-cochère, a covered vehicle drop-off zone integrated into the site plan. It’s a feature rarely seen in inner-urban developments and speaks to the team’s emphasis on ease of arrival and departure for residents and guests.

A display suite for Park Modern is now open by appointment, giving prospective buyers an early look at the project.

[smartcode_project_cta:default project_id=138453]

Joel Robinson

100 years on, Bates Smart returns to South Melbourne's Domain Precinct to design Park Modern

One of the most significant beachfront projects ever proposed for the small suburb of Miami on the Gold Coast, has taken a major step forward.&nbsp;Monaco Property Group has secured approval for <a href="https://www.apartments.com.au/new-apartments/nalu-miami-122-marine-parade-qld-4220">NALU</a>, a $500 million development comprising just 45 ultra-luxury residences on the iconic former Nobby’s Outlook site.

Acquired by <a href="https://www.apartments.com.au/developers/monaco-property-group">Monaco Property Group</a> in 2024 for $70 million, the rare 7,238 sqm Marine Parade parcel boasts more than 80 metres of uninterrupted ocean frontage.

With approvals now secured, Monaco Property Group will move NALU into its delivery phase. The project has been designed by&nbsp;<a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, who collaborated with&nbsp;<a href="https://www.apartments.com.au/landscape-architect/ldg-landscape-architecture">LDG Landscape Architecture</a> and <a href="https://www.apartments.com.au/interior-designers/tom-mark-henry">Tom Mark Henry Interiors</a>&nbsp;to create the low-rise building, its landscaping, and interiors.

<img alt="NALU" data-entity-type="file" data-entity-uuid="3fdf578e-7cc4-4b17-bbc2-ba853522a5d8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/122_Marine_Parade_002.jpg?VersionId=zFhJWVzX0jmCO.5iIIxNELImHesTjWS4" />

Residences will range from 237 sqm layouts to beachfront homes exceeding 1,400 sqm.

At the heart of the project is a 2,200 sqm lifestyle precinct with a bathhouse, fitness centre and resort-style pool, elevated by a concierge service.

Jonathan Grasso, Co-Founder of Monaco Property Group, said the council approval marks an exciting milestone for NALU, which will launch in Q1 2026.

“The project will now progress toward construction, working alongside our world-class collaborators to bring NALU to life," Grasso said.

“Our vision is to create a legacy project for the Gold Coast, one that not only honours the history of the site but also elevates its future, setting a new standard for coastal living in Australia. NALU embodies the pinnacle of design and location and will stand as an enduring icon of prestige and liveability.”

<img alt="NALU" data-entity-type="file" data-entity-uuid="6ae8545b-87ca-4dea-90ed-ac273ec6515d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Image7.jpg?VersionId=Wnmie4bu3x2WQonnG4Pwmh39NdZVKeOV" />

Originally developed in the 1970s as Nobby’s Outlook and later refurbished in 2019 as Nalu, the property has long held a place in the local community’s coastal identity. The new vision will build on this legacy, creating luxury residences that capture ocean views while fostering a lifestyle defined by wellness, connection, and ease.&nbsp;

Beyond its residential offering, NALU will deliver significant economic benefits to the Gold Coast through job creation and opportunities for local suppliers and contractors. Construction is anticipated to commence in early 2026, with completion expected in Q3 2028.

Monaco Property Group approved for $500 million NALU apartments on Miami beach

The most elevated residential tower in Palm Beach, <a href="https://www.apartments.com.au/new-apartments/corallo-palm-beach-5-palm-beach-avenue-palm-beach-qld-4221">Corallo</a>, has officially launched this week, however only a handful of buyers will have an opportunity to buy in to the 17-storey project.

The $200 million mixed-use project includes ground floor dining and retail and is considered so valuable its developer, <a href="https://www.apartments.com.au/developers/changfa-group">Changfa Group</a>, will be staging its release of one-, two- and three-bedroom apartments and penthouses to the market.

[smartcode_project:default project_id=112194 project_image_fid=806]

<a href="https://www.apartments.com.au/project-marketer/colliers">Colliers</a> International, Director, David Higgins, said the development’s location just metres from the beach on the corner of Palm Beach Avenue and the Gold Coast Highway influenced the sculptural design by the acclaimed Plus Architecture studio.

“<a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a> locals understand the rare opportunity here at Corallo, particularly being the tallest building in the suburb and its proximity to the beach and local restaurants, and they’ve represented the bulk of pre-launch enquiries,” Higgins said.

“The orientation of the apartments captures views of the coastline from Surfers Paradise to Currumbin, and the diversity of floor plans and apartment types provide an exceptional level of choice.

“The first release includes just 59 one-, two and three-bedroom apartments and two half-floor penthouses, with flexible use designed to appeal to both owner-occupiers and investors."

&nbsp;

[smartcode_project:default project_id=112194 project_image_fid=799]

In addition to the ground floor amenity, residents will also have access to a private dedicated wellness level offering 734 sqm of resort-style amenities including a pool, cold plunge, wet deck, steam room, sauna, gym, day bed, fire pit, barbecue area, dining area and yoga/stretch deck.

The project is located within walking distance of Tallebudgera Creek, Burleigh Heads village, Currumbin Alley and Palm Beach Currumbin High School. The Gold Coast Airport is under 10 minutes away.

[smartcode_project:default project_id=112194 project_image_fid=814]

Higgins said Palm Beach remained a hotly contested suburb for home buyers, with prices doubling in the past five years.

“What makes Corallo so appealing to the local market is the diversity of apartment types and pricing, with one-bedroom apartments starting from $841,000 and two-bedroom apartments starting from $1.34 million,” he said.

“The ground floor retail and dining offering will further expand on Palm Beach’s village atmosphere and create a meeting place for locals, and those opportunities for connection are highly valued.”

&nbsp;

[smartcode_project:default project_id=112194 project_image_fid=807]

The on-site sales display, which includes a fully fitted kitchen, bathroom and bedroom, will be open until early works commence in Q1 2026. Each residence at Corallo will feature premium finishes including natural stone, artisanal brickwork, and warm copper accents.

Changfa Group has a two-decade history of delivering premium developments in Australia and internationally, having recently completed its collection of premium townhomes at Lyra, Hope Island, as well as apartment projects in Leichhardt, Carlingford, and Chatswood in New South Wales.

[smartcode_project_cta:default project_id=112194]

$200 million Corallo Palm Beach launches with limited apartment release

In a move that aligns with NSW's accelerated planning incentives for affordable housing, developer&nbsp;<a href="https://www.apartments.com.au/developers/the-one-collection">One Collection</a> has revised its Hills District apartment plans, and taken it to the NSW Government, to secure approval.

The developer, which is currently delivering Horizon Hurstville, is seeking to add 80 more apartments to its <a href="https://www.apartments.com.au/new-apartments/the-one-castle-hill-16-dawes-avenue-nsw-2154">Castle Hill development</a> near Castle Towers. They already have approval for 280 apartments across eight six-storey buildings.

<img alt="One Collection" data-entity-type="file" data-entity-uuid="b3c298ba-1cc5-4db7-9872-607c75f8ceca" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-10-13%20at%2010.19.22%E2%80%AFAM.png?VersionId=wN9KpFIu5ENSGZLLsaZgXQHrXcwEO3Vd" />

Now on the desks of the NSW Department of Planning is 360 apartments, 48 of which will be dedicated to affordable housing.&nbsp;Affordable housing is to be “fully integrated within the building and visually indistinguishable,” according to the planning submission.

The 15,697 sqm block, an amalgamation of 16 sites, spans across Dawes Avenue, Hughes Avenue, and Camdan Crescent, sits 550m from Hills Showground Metro Station.&nbsp;

"The existing context is quickly changing from free-standing homes into residential flat buildings in line with the Hills Showground Precinct planning framework," Place Studio noted.

<img alt="Castle Hill" data-entity-type="file" data-entity-uuid="3ec24948-c185-48fa-af8b-ed25adf302bf" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-10-13%20at%2010.19.04%E2%80%AFAM.png?VersionId=zNDX.IeRROX1RlDeYcS38xn8w_dqgU2t" />

They said the design was informed by the site's unique condition of having three street frontages and was developed to to respond sensitively to iots surrounding context.

"The design adopted a conventional perpendicular alignment to the primary street frontage. The massing of the development was carefully modulated to align with the evolving character of the neighbourhood. The design ensured that the scale was not excessive or out of context, but instead contributed to a cohesive urban form consistent with emerging developments in the area."

<img alt="Castle Hill" data-entity-type="file" data-entity-uuid="f83ffdaa-f960-469d-b6fe-abcece57c9ef" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-10-13%20at%2010.19.09%E2%80%AFAM.png?VersionId=4oKlCyfaKes7jLi1_EMoqa46w2h_YvDZ" />

The apartment mix will be 46 one-beds, 168 two-bed apartments, and 146 three-bedroom units, with 631 parking spaces proposed.

Along the street frontages, the building heights are four storeys with a 7.5 metre setback, and eight storeys with an 11.5 metre setback. It should cost about $150 million to build.

One Collection works hand-in-hand with the respected development and construction firm Masscon, which has built a reputation for leveraging its expertise in the built environment to take on developments others can't. That's what they're achieving at Horizon Hurstville, having taken over the project to deliver it.

First look: One Collection advances plans for Castle Hill apartments

At Yarra’s Edge, <a href="https://www.apartments.com.au/developers/mirvac">Mirvac</a>’s newest tower under construction, <a href="https://www.apartments.com.au/new-apartments/trielle-at-yarra-s-edge-docklands-16-point-park-crescent-docklands-vic-3008">Trielle</a>, sets a new benchmark for elevated living. Rising 45 storeys, 12.5 metres from the Yarra River, the landmark building offers residents access to a private wellness retreat and spa, a resident-only golf simulator, and an elegant lounge, dining and bar complete with a self-playing piano, all without ever having to leave home.

Now, that sense of elevation has reached new heights with the Aerus Sub-Penthouses, a limited release of half-floor riverfront residences on the Collins St axis where the sought-after street meets the Yarra River.

Each Aerus Sub-Penthouse, located across levels 42 and 43, represents the most expansive offering within Trielle, aside from the yet-to-be-revealed crowning penthouses. Spanning between 269 and 301 sqm, these residences are designed to capture natural light and uninterrupted views of the city skyline, Yarra River, and Port Phillip Bay.

[smartcode_project:default project_id=114216 project_image_fid=3784]

Among the collection are three-bedroom sub penthouses, complemented by a media room, and expansive four-bedroom layouts. All include panoramic living areas and oversized master suites with luxury ensuites reminiscent of a five-star hotel, complemented by dedicated dressing rooms finished in timber and natural stone.

The interiors have been crafted by <a href="https://www.apartments.com.au/architects/mirvac-design">Mirvac Design</a>, the developer’s award-winning in-house architecture and design team. Every material has been chosen for quality and longevity, from sculpted stone island benches with feature soft wash LED lighting to bespoke joinery and chevron timber oak flooring.

Kitchens are fitted with a BORA induction cooktop with integrated downdraft extractor, alongside Gaggenau appliances, including a fridge, freezer, and wine fridge. The adjoining butler’s pantry incorporates the exclusive Gaggenau Minimalistic Series including oven, steam oven, microwave, coffee machine and warming drawer, all concealed behind handleless glass panels for a clean, integrated presentation. Bathrooms feature custom Apaisar freestanding baths and basins and natural stone benchtops, continuing Mirvac’s design emphasis on tactile, timeless materials.&nbsp;

[smartcode_project:default project_id=114216 project_image_fid=353085]

Michael Wiener, Design Director at Mirvac, says The Aerus Sub-Penthouse embodies the apex of Mirvac’s design ethos.

“Moving through your home is like walking on air - a private sanctuary where the craftsmanship is refined, the proportions generous, and the flow so effortless, you feel completely at ease in the sky,” Wiener says.

“In Aerus, we wanted to create a sense of weightlessness - a home that feels suspended in the skyline, full of light, grounded in luxury.”

[smartcode_project:default project_id=114216 project_image_fid=3777]

The Aerus Sub-Penthouses are expected to attract a mix of local and international buyers seeking a long-term residence of scale and quality in a riverfront setting, from returning expats to established families and business owners who value privacy, craftsmanship, and convenience within walking distance of the CBD.

With an unmatched suite of amenities, Trielle is the most extensively appointed development Mirvac has created to date at Yarra’s Edge. Within the tower will be The Oasis, a 900 sqm podium rooftop wellness retreat designed in collaboration with spa expert Naomi Gregory. Located seven storeys above the Yarra River promenade, it features a 25-metre lap pool, spa and sauna, hot magnesium spa, biophilic gym, yoga and Pilates studio, cold-pail contrast treatment, and day spa treatment rooms. Further amenities include a piano lounge, bookable dining room, cinema room, golf simulator studio, games room, teppanyaki bar, dog wash bay, and two flexible work hubs, The Biblioteca library and Mills Place office space, catering to residents’ evolving lifestyle needs.

Construction of the $350 million tower is underway through Mirvac’s in-house construction arm, with completion anticipated for mid-2027.

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Sky-high sanctuaries: Mirvac unveils The Aerus sub-penthouses at Trielle

Clearance Rates

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Units had a strong auction weekend with a 75% national success rate after the auction of 684 units.

The prior week's clearance rate sat at 77% after the auction of 578 units.

Sydney was the best of the major capital city markets for apartment auctions, according to CoreLogic.

Sydney vendors secured an 82% success rate from 319 listings. Houses in Sydney performed even better with 90% of the 729 houses finding buyers.

Melbourne was the busiest capital for unit offerings with CoreLogic putting the auction tally at 330. 

There was a 73% success rate, as against the 989 houses which recorded an 80% clearance rate.

[smartcode_project:default project_id=29912]

Some 75% of Perth's 21 apartment listings were sold.

Brisbane saw 38% of its 18 listings find buyers.

Sydney saw a Bondi Beach penthouse sell for $20.1 million at weekend auction, becoming the most expensive apartment ever sold at auction in Australia.

Melbourne's top apartment sale was $2.36 million for the four bedroom townhouse (above) at 2/17 Olinda Street, Caulfield South through Gary Peer &amp; Associates.

Melbourne had the nation's cheapest apartment sale which was secured before its scheduled auction when $255,000 was paid for a two-bedroom Harkness offering.

[smartcode_project:default project_id=29910]

The 2010-built ground floor unit in the Parkside Apartments complex at 1/9 Petrea Place was offered through Russell Parker at First National Melton.

It came with a $250,000 to $260,000 price guide having last sold at $215,000 in 2011. 

The 80sq m ground floor space first sold off the plan in 2009 at $215,000.

Its last advertised rental asking price, according to CoreLogic, was $240 in late 2019.
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Units had another strong auction weekend with a 75% national success rate after the auction of 684 units, up from the prior week's 578 units

jchancellor

75% of weekend apartment offerings find buyers

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A preliminary auction clearance rate of 71.3% was recorded across the combined capital cities this week, having increased from 69.9% last week, the lowest clearance rate since the end of March. 
Auction volumes were high, with a total of 2,820 auctions held over the week, up from 2,565 over the previous week. In comparison, at the same time last year, auction volumes were lower due to the AFL Grand Final in Melbourne; meaning only 1,369 auctions took place across the combined capital cities.
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<img src="/images/2015/09/28/20150928-capital-city.jpg" alt="" width="692" height="523">
The preliminary auction clearance rate across Melbourne was 73.3% this week, down from the previous week’s final result of 73.7%, making this week the fourth lowest clearance rate for the year. This week, Melbourne was host to 1,197 auctions, higher than the 1,127 held last week and significantly higher than a year ago when there were only 112 Melbourne auctions held over the week. Across Melbourne’s individual sub-regions, the strongest preliminary clearance rate this week was across the Outer East region at 81.8%, followed by the Inner South region where the preliminary clearance rate was 80%.
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<img src="/images/2015/09/28/20150928-Melbourne.jpg" alt="" width="674" height="448">
 
There were 1,193 Sydney homes taken to auction this week and a preliminary clearance rate of 74.2% across 974 results. Over the previous week, Sydney recorded the lowest final auction clearance rate for the year (70.7%) and 1,041 auctions were held across the city. At the same time last year, 76.9% of the 933 homes taken to auction recorded a successful result. This week, the strongest sub-region for clearance rates across Sydney was the Eastern Suburbs, with 89.8% of the reported results clearing at auction.
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<img src="/images/2015/09/28/20150928-Sydney.jpg" alt="" width="653" height="439">
 
Brisbane’s preliminary clearance rate was 58.9%this week, compared to 50% last week and 48.9%at the same time last year. Across Brisbane, a total of 199 auctions were held this week which is higher than both last week (143) and last year (179). Across the Gold Coast, 54.3% of the reported auctions have sold.
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<img src="/images/2015/09/28/20150928-Brisbane.jpg" alt="" width="794" height="532">
 
Adelaide hosted 127 auctions this week and across the 80 reported results, CoreLogic RP Data’s preliminary auction clearance rate is 68.8%. Last week, Adelaide’s clearance rate was 71.4% across the 99 auctions held, while at the same time last year 65.6% of the 73 homes taken to auction were sold.
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<img src="/images/2015/09/28/20150928-Adelaide.jpg" alt="" width="651" height="440">
 
For Perth, the number of homes taken to auction this week was 25, less than last week (31) and higher than last year (6). Meanwhile, Perth’s clearance rate of 36.4% this week was lower than last week (38.5%) and higher than last year (33.3%).
Across Canberra 58 homes were taken to auction this week and the preliminary clearance rate across 36 reported auctions was 50%.
There were 21 auctions across Tasmania this week, with 3 successful results out of the 18 reported.
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smiller-vwPjRHTkST

Preliminary clearance rate bouncing back above 70%: CoreLogic RP Data's Shana Miller

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So far this week, 1,494 capital city auction results have been reported to CoreLogic RP Data, resulting in a preliminary auction clearance rate of 75.7% across the combined capital cities. 
There were a total of 1,862 capital city auctions held this week. This week’s result indicates that clearance rates are still tracking higher than they were one year ago, when the final auction clearance rate over the week was 68.9 per cent across 1,473 auctions.
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<img src="/images/2015/08/03/20150803-Capital-City.jpg" alt="" width="787" height="588">
 
Across Melbourne, this week’s preliminary clearance rate was recorded at 78.6 per cent, up from a recent low of 75.7 per cent last week and remaining well above the clearance rate for the city one year ago (69.0 per cent). This week, Melbourne was host to 760 auctions, significantly lower than the 918 held last week, but higher than a year ago when there were 636 Melbourne auctions held over the week. Of the 9 individual Melbourne sub-regions, this week the strongest performer, in terms of clearance rates, was the Outer West. So far, CoreLogic RP Data has collected 48 results for the region and the preliminary results shows 93.8 per cent of these auctions were successful.
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Sydney’s preliminary auction clearance rate was 78.8 per cent this week, the fourth week in a row where Sydney has recorded a result below 80 per cent. Last week, Sydney’s clearance rate was 79.9 per cent, while one year ago results show that 76.7 per cent of Sydney homes taken to auction were successful, showing the gap between this year’s clearance rate and last year’s clearance rate is starting to close. In terms of the number of auctions across the city, this week volumes were lower, down to 816 from 906 last week. One year ago just 588 Sydney homes were taken to auction over the week. The Blacktown sub-region of Sydney has shown the strongest performance so far this week, with 94.4 per cent of the 18 reported results selling, with 2 remaining results yet to be collected.
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<img src="/images/2015/08/03/20150803-Sydney.jpg" alt="" width="759" height="518">
 
There were 140 Brisbane homes taken to auction this week, with 94 results reported so far. The preliminary clearance rate for the city is 60.6 per cent, up from 54.0 per cent last week and higher than one year ago, when just 36.7 per cent of the 96 properties taken to auction were successful. Across the Gold Coast 44 results have been reported so far, with a success rate of 47.7 per cent (21 sales).
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<img src="/images/2015/08/03/20150803-Brisbane.jpg" alt="" width="836" height="561">
This week, Adelaide saw a preliminary clearance rate of 71.9 per cent, with 57 reported results across a total of 75 scheduled auctions. In comparison, over the previous week Adelaide’s clearance rate was 58.9 per cent and 61.0 per cent one year ago.
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There were 23 Perth auctions this week, with a preliminary clearance rate of 43.8 per cent. Last week, Perth recorded its strongest auction clearance rate for July, at 52.6 per cent.
Across Canberra a total of 40 auctions were held this week, compared to 49 last week and 28 at the same time last year. Canberra’s preliminary clearance rate of 79.2 per cent is higher than it was the previous week (68.8 per cent).
Of the 6 Tasmanian auction results reported so far this week, 2 sales have been recorded.
 
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Sydney’s clearance rate below 80%: CoreLogic RP Data's Shana Miller

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The number of auctions across Australia’s capital cities slipped lower over the first week of Spring, with 2,272 auctions held (down from a recent high of 2,654 the previous week), however auction numbers remained well above the same week a year ago when there were 1,897 auctions held. 
 The preliminary clearance rate of 74.9 per cent was higher than the previous week’s result of 73.4 per cent and similar to last year, when the final result across the combined capital cities was 74.1 per cent.
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In Melbourne, a preliminary auction clearance rate of 76.2 per cent was recorded across 998 auctions this week. Last week, Melbourne’s final clearance rate was slightly higher at 76.7 per cent across 1,188 auctions. One year ago, there were 872 Melbourne auctions held with 76.7 per cent of the results reported as successful. Of the 9 individual Melbourne sub-regions, this week the strongest performer, in terms of clearance rate, was Melbourne’s Outer East. So far, CoreLogic RP Data has collected 80 results for the region and the preliminary result shows 91.3 per cent of these auctions were successful.
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<img src="/images/2015/09/07/20150907-Melbourne.jpg" alt="" width="799" height="536">
 
Across Sydney, this week’s preliminary clearance rate was recorded at 78 per cent, up from a recent low of 75.1 per cent last week, the lowest clearance rate the city has seen all year, and below the clearance rate for the city one year ago (80.1 per cent). This week, Sydney was host to almost as many auctions as Melbourne (995), but less than the 1,106 held last week, and higher than a year ago when there were only 705 Sydney auctions held over the week. North Sydney and Hornsby was the busiest sub-region of Sydney this week for auctions, with 154 homes taken under the hammer. Based on preliminary results, the region recorded a healthy 83.6 per cent clearance rate, with only two other sub-regions recording a higher result; Inner West (88.6 per cent) and Eastern Suburbs (84 per cent).
Click to enlarge
<img src="/images/2015/09/07/20150907-Sydney.jpg" alt="" width="739" height="494">
 
There were 129 Brisbane homes taken to auction this week, with 83 results reported so far. The preliminary clearance rate for the city is 50.6 per cent, down from 54.2 per cent last week and higher than one year ago, when 44.7 per cent of the 128 properties taken to auction were successful. Across the Gold Coast 25 results have been reported so far, with a success rate of 64 per cent (16 sales).
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<img src="/images/2015/09/07/20150907-Brisbane.jpg" alt="" width="724" height="485">
 
This week, Adelaide saw a preliminary clearance rate of 74 per cent, with 50 reported results across a total of 66 scheduled auctions. In comparison, over the previous week Adelaide’s clearance rate was 58.1 per cent and 68.8 per cent one year ago.
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In Perth, auction volumes fell to 26 this week, from 34 last week. So far, only 7 auctions have been reported to CoreLogic RP Data, with 5 of these reported as successful. Last week, the final auction clearance rate for Perth was 45.2 per cent across the 34 auctions.
Across Canberra a total of 51 auctions were held this week, compared to 47 last week and 69 at the same time last year. Canberra’s preliminary clearance rate of 65.4 per cent is lower than it was the previous week (69.8 per cent).
Tasmania had 7 auctions take place this week, 2 results have been reported so far, with no sales.
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Auction clearance rates move higher on lower volumes: CoreLogic RP Data's Shana Miller

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If some people think a declining clearance rate is a solid key performance indicator for our real estate markets they are badly mistaken as research identifies that the markets remain 60 per cent private treaty and 40% public auction.
Clearance rates are in my opinion more a mood indicator as to consumer confidence levels and not much more, although some commentators would have you believing they are the be all and end all.
If we are to better understand the intricate machinations of what is happening in our demographic markets I would like to see the property portals thinking in greater detail. For example, when a property appears on the market there should be two colour codes one for owner occupier sales and the other for investor sales. These are two entirely different market demographics although they today are bundled together despite being two totally different markets.
As I mentioned last week there will be a number of markets to watch in 2016 plus of course tax reform which is now looking much more likely with the changing of prime minister and new ministers running new portfolios. That too means new dialogue where it was quite interesting to listen to Treasurer Scott Morrison who said “the deficit reflects a spending problem, not a revenue problem”. The previous Treasurer Joe Hockey kept telling us Australia has a revenue problem not a spending problem.
You can rule out any changes to negative gearing by Messrs. Turnbull and Morrison whom will be watching what happens with the investor market, especially should the off – the – plan market have a run of defaults which is highly likely. Already the banks are starting to aggressively pull back lending for new construction projects in Sydney and Melbourne as they see some difficult times ahead with sales completions for overseas investors.
This week the Baird Government announced that 35,000 new homes would be made available in Western Sydney which would be expected to sell very quickly to owner occupiers so these developments won’t have any trouble attaining finance from the banks as this is an entirely different market demographic. Sydney urgently needs to address the owner occupier markets and housing affordability although for those watching these markets it’s getting more difficult to understand.
The Australian Bureau of Statistics (ABS) announced this week that Sydney house prices have jumped by 21.5 per cent over the past year. The Sydney House Price Index (HPI) rose 9.8 per cent over the June quarter which just so happens to be the largest single increase since the ABS commenced the series back in 2002. Just imagine the clarity if the ABS could differentiate these increases between owner occupiers and investors when we know that the investors were the ones really driving these gains.
This is further explained by why the banks are cutting back lending on the new residential markets as many believe a large percentage of the foreign buyers who jumped all over the new releases in Sydney and Melbourne are having a change of heart. Such observations then allow intelligent commentaries where investment bank Morgan Stanley declared this week that the housing boom had peaked. What we are seeing at the moment is much tighter lending rules, a very strong likelihood that Sydney now has an oversupply of new apartments and migration rates are slowing.
When this happens we can expect to see the apartment sales slowing considerably and prices starting to significantly ease which is long overdue. The difference that must be noted is this time around prices may ease naturally as against crashing where today we need to remember we are looking at an entirely different market specific.
If the overseas investors withdraw from the new developments then the prices only in those individual developments would be affected. Although we then find ourselves back at mood indicators where consumer confidence would decline significantly which then flows onto property prices.
Having said that the overseas investors have been clearly the most dominant with the off – the – plan sales so there are still a very large number of local investors waiting to absorb whatever re – sales come onto the market. What we don’t know is how sympathetic they will be to the developers pricing where the previous sale price won’t be that relevant. The developers have already pocketed the 10 per cent deposit although depending on the number of defaults the new pricing could be down by 20 per cent plus given the hype is not there anymore.
There are two topics that will be intriguing in 2016 – coincidentally they both start with the letter “p”;  property and of course politics.
<h5>MOSMAN – 2088</h5>
• Number of houses on the market this time last year – 60
• Number of houses on the market last week – 52
• Number of houses on the market this week – 51
• Number of apartments on the market this time last year – 41
• Number of apartments on the market last week – 51
• Number of apartments on the market this week – 52
<h5>CREMORNE – 2090</h5>
• Number of houses on the market this time last year –9
• Number of houses on the market last week – 7
• Number of houses on the market this week – 5
• Number of apartments on the market this time last year – 18
• Number of apartments on the market last week – 22
• Number of apartments on the market this week – 21
<h5>NEUTRAL BAY – 2089</h5>
• Number of houses on the market this time last year – 6
• Number of houses on the market last week – 3
•Number of houses on the market this week – 7
• Number of apartments on the market this time last year– 35
• Number of apartments on the market last week – 29
• Number of apartments on the market this week – 28
 
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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Property markets brace for hysteria and usual faux pas: Robert Simeon

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Given it was such a quiet week for auctions last week, it was unsurprising to see volumes increase substantially this week, with 2,903 held across the combined capital cities.
 The preliminary clearance rate was 72.0% this week across a total of 2,178 reported auction results, up from a final clearance rate of 68.2% last week across just 865 auctions. At the same time last year, 67.8% of auctions cleared and a total of 2,408 capital city auctions were held.
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Melbourne was the strongest performer this week, with 74.1% of reported auctions recording a successful result. There were 1,358 Melbourne auctions scheduled, with 1,169 results reported so far. Last week, Melbourne’s final auction clearance rate was 73.1%, while one year ago it was 70%. The busiest sub-region across Melbourne for auctions this week was the Inner region, with 259 held. So far 228 results have been reported with a preliminary clearance of 75.8%. In terms of clearance rate, the top performer this week was the South East at 79.1% (148 auction results).
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<img src="/images/2015/10/12/20151012-Melbourne.jpg" alt="" width="819" height="553">
 
Sydney hosted 1,141 auctions this week and preliminary results show that 72.8% cleared. Last week, Sydney’s clearance rate just dipped below the 70% mark, at 69.9% when auction volumes were lower (583). Relative to last year, this week’s result is stronger, given last year 918 auctions were held and the clearance rate was 71.9%. This week, 3 Sydney regions were significantly stronger than others, with Northern Beaches (88%), Eastern Suburbs (85.5%), and City and Inner South (81.9%) the top performers. On the other end of the scale, Central Coast’s clearance rate was 41.7%.
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Across Brisbane 178 auctions were held this week, up from 113 last week and 167 one year ago. Preliminary results show that Brisbane’s clearance rate increased slightly, from 59.1% last week to 59.4 per cent this week. In comparison to last year, current activity is stronger (48.8%). Further south, 71 of the 100 Gold Coast auction results have been reported and the clearance rate so far is 50.7%.
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<img src="/images/2015/10/12/20151012-Brisbane.jpg" alt="" width="787" height="522">
 
In Adelaide auction activity also picked up this week, 124 auctions were held compared to just 33 over the previous week. Adelaide’s preliminary clearance rate of 74.0% is higher than last week (67.7%) and also higher than it was over the same week last year (55.8%).
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<img src="/images/2015/10/12/20151012-Adelaide.jpg" alt="" width="814" height="554">
 
There were 31 Perth auctions this week, compared to 10 last week and 25 one year ago. Perth’s preliminary clearance rate is 41.2%, compared to 44.4% last week and 52.6% one year ago.
Canberra’s clearance rate was 63.6 per cent this week across 64 auctions. Last week the city saw 63.2% of auction sell, while one year ago the clearance rate was significantly lower at 52.6%.
2 Tasmanian auctions have been reported to CoreLogic RP Data this week and preliminary results show only 1 sold.
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Capital cities return strong clearance rate: CoreLogic RP Data's Shana Miller

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Last week, 3,226 properties were taken to auction which was the highest number of auctions this spring and up from 2,947 auctions the previous week.
Although auction volumes rose, so too did the preliminary auction clearance rate which was recorded at 63.8%, up from 61.4% over the previous week.  
The higher auction clearance rate was largely due to a large volume of auctions in Melbourne over the week and a slightly higher auction clearance rate as well as a moderate lift in clearance rates in Sydney.  At the same time last year, there were a higher number of auctions over the week (3,360) as well as a higher auction clearance rate (68.5%).
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<img src="/images/2015/12/cap-cities.jpg" alt="">
 
Melbourne auction volumes rose sharply over the week with 1,548 properties auctioned last week up from 1,204 over the previous week. So far, we have captured results for 1,362 of these auctions.  The preliminary auction clearance rate was slightly higher last week (69.5%) compared to the previous week (69.0%) however, it was the fourth successive week that the Melbourne market recorded clearance rates below 70%.  Over the same week in 2014, Melbourne had a lower auction clearance rate of 68.9% across a lower 1,504 auctions.  Across the individual regions of the city; Inner (70.1%), Inner South (70.7%), Outer East (70.9%) and West (75.2%) were the only regions to record clearance rates above 70%.  The Mornington Peninsula with a clearance rate of 64.8% had the lowest clearance rate across the city.
<a href="/images/2015/11/16/melbourne.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/11/16/melbourne.jpg" alt="">
 
The preliminary auction clearance rate for Sydney was recorded at 61.0% last week across 1,200 auctions, of which we currently have results for 880 auctions.  The preliminary clearance rate has rebounded from a final clearance rate of 58.4% the previous week from a slightly higher 1,248 auctions.  Sydney auction clearance rates are now below 70% for seven consecutive weeks.  Over the same week a year ago, Sydney had a much higher auction clearance rate of 73.1% across a higher 1,417 auctions.  The only regions of the city to record a clearance rate above 70% were: City and Inner South (73.3%), Eastern Suburbs (76.6%) and North Sydney and Hornsby (71.1%).  At the same time, Central Coast (34.8%) and South West (34.2%) each had clearance rates below 40% over the week.
<a href="/images/2015/11/16/Sydney.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/11/16/Sydney.jpg" alt="">
 
There were 198 Brisbane properties taken to auction last week, of which we have results for 122 auctions. The preliminary data indicates that 45.9% of these auctions were successful.  Over the previous week, both the number of auctions (168) and the clearance rate (37.7%) was lower.  At the same time last year there were fewer properties taken to auction (142) however, the clearance rate was at a similar level (45.8%).  Gold Coast had a preliminary auction clearance rate of 48.0% with results capturing for 50 of the 80 total auctions.
<a href="/images/2015/11/16/brisbane.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/11/16/brisbane.jpg" alt="">
 
Adelaide recorded a preliminary auction clearance rate of 49.4% last week which was lower than the 58.1% clearance rate over the previous week.  The clearance rate was calculated from 81 results across 119 total auctions which is lower than the 146 total auctions for the previous week.  At the same time last year there were 152 auctions with a clearance rate of 55.4%.
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<img src="/images/2015/11/16/adelaide.jpg" alt="">
 
In Perth there were 38 auctions last week with 18 results so far.  The preliminary clearance rate was recorded at 50.0%, up from 16.2% the previous week.  The preliminary clearance rate is slightly higher than the 45.5% at the same time last year across 57 auctions.
Canberra’s preliminary auction clearance rate last week was 66.1% which was down from 76.6% over the previous week. The city had 100 auctions this week with 62 results so far which is a lower number of total auctions compared to the 122 the previous week.
Of the 10 Tasmanian auction results reported so far this week, 6 sales have been recorded.
 
Cameron Kusher is research analyst for CoreLogic RP Data. You can contact him <a href="https://blog.corelogic.com.au/author/cameron-kusher/" target="_blank">here</a>.
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Combined capital city auction clearance rates rise: Cameron Kusher

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Another solid preliminary auction clearance rate of 79.5 percent for Sydney this weekend.
There were some big numbers posted in the eastern suburbs, and Bondi and Paddington in particular.
Around the traps the suburbs of Mosman and Strathfield accounted for most of the big ticket sales. 
The median auction price was $1,221,500. 
This was some way down from the record preliminary result of $1,337,000 seen a fortnight ago, but then this was expected given that there were more than 750 homes going under the hammer this weekend.
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 <div>The median auction price is a crude and volatile measure at the best of times.</div>
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<div>However, smoothing the figures on a monthly basis reveals a more consistent picture, with prices tracking fairly consistently at about 10 to 12 per cent higher than a year ago. </div>
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<div>Next weekend will provide a stuff test for the Sydney market as the spring auction Super Saturday arrives before silly season and the big wind down to Christmas.</div>
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<div>And that will soon be another year gone! Hectic.</div>
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PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>. 
His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.
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Sydney auctions solid ahead of Super Saturday

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The number of auctions held this week saw a significant decrease, with 1,265 properties taken to market across the combined capital cities, down from 2,578 over the week prior. 
The decrease in auction activity this week is attributable to the Queen’s Birthday public holiday this Monday, which has affected activity across most states, including Australia’s two largest auction markets. 
The lower volume is consistent with what is historically seen over this period, with 1,100 auctions reported over the same week last year. Last week saw the final auction clearance rate revise lower to reach 69.8 percent; an equal second lowest clearance rate for the year so far.  
The final clearance rate last week was the lowest over 2017 to date in Sydney and Melbourne.  
This week the preliminary auction clearance rate increased slightly to 71.8 percent, however it is typical to see clearance rates revise lower as final results are collected.
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<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/06/13/20170612-Cap-city.jpg" alt="">
Across Melbourne, this week’s preliminary clearance rate was recorded at 77.1 per cent, up from 73.1 per cent last week and remaining well above the clearance rate for the city one year ago (64.5 per cent). This week, Melbourne was host to 392 auctions, lower than the 1,188 held last week, but higher than a year ago when there were 341 Melbourne auctions held over the week. Of the 9 individual Melbourne sub-regions, this week the strongest performer, in terms of clearance rate was the North West. So far, CoreLogic has collected 29 results for the region and the preliminary result shows 89.7 per cent of these auctions were successful.
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<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/06/13/20170612-Melbourne.jpg" alt=""> 
Sydney’s preliminary clearance rate this week was 71.3 percent across 457 auction results. There were a total of 610 auctions held across the city. Looking back at this weekend last year, 463 auctions were held across Sydney and a clearance rate of 74.1 percent was recorded. 
Sydney’s North Sydney and Hornsby hosted the most auctions of any Sydney sub-region this week, with 100 properties taken to auction. The preliminary clearance rate for the region is 75.8 percent across 66 results.
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There were 112 Brisbane auctions this week with a preliminary clearance rate of 64.8 percent, having increased from 42.5 percent last week across 151 auctions and higher than one year ago when there were 142 auctions with a success rate of 46.3 percent. The Gold Coast’s preliminary clearance rate was 51.6 percent across 31 results this week.
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This week, Adelaide saw a preliminary clearance rate of 73.9 percent, with 46 reported results across a total of 66 scheduled auctions. In comparison, over the previous week Adelaide’s clearance rate was 59.3 percent and 75.4 percent one year ago.
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There were 42 Perth auctions this week and so far 12 results have been reported, with just 50.0 percent selling. Last week there was a 47.6 percent clearance rate for Perth.
Canberra’s preliminary auction clearance rate of 66.7 percent this week is lower than last week, when the final auction clearance rate was 68.6 percent and lower than the 73.9 percent recorded last year.
Tasmania saw 4 auctions take place this week, 3 results have been reported so far, with 2 sales.
Cameron Kusher is head of research for CoreLogic. You can contact him <a href="https://blog.corelogic.com.au/about/">here</a>.
 
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Preliminary auction clearance rate holds above 70 percent on lowest volumes since Easter

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Auction clearance rates fell for the third consecutive week across the combined capital cities, down to 61.0% last week across a total of 2,288 reported auction results.
The number of auctions due to be held across the capital cities this week rose to 3,068 from 2,547 last week when there were just 629 auctions held across Melbourne as the city prepared for Melbourne Cup.
This week, 1,262 auctions are scheduled for Melbourne and 1,297 across Sydney, accounting for over 80% of all capital city auctions. These figures also demonstrate just how much of an impact these two auction markets results can have on the weighted average clearance rate. Last week, Sydney’s final clearance rate fell to 60.2%, heightening the reality that the clearance rate could likely slip into the 50’s over the coming weeks to wrap up an otherwise strong year for the city.
Brisbane, Canberra, Sydney, and Perth are all expecting fewer auctions than last week, while in Melbourne and Adelaide, the number of auctions this week relative to last week is higher.
Compared to last year when there were 2,942 auctions held across the combined capitals, auction activity will be busier in Adelaide, Melbourne and Sydney this year, while volumes are expected to be slightly lower in Brisbane, Canberra and Perth as per below
Sydney: 1,297 this year, 1,261 last year Melbourne: 1,262 this year, 1,139 last year Adelaide: 151 this year, 131 last year Canberra: 127 this year, 141 last year Brisbane: 173 this year, 188 last year Perth: 45 this year, 65 last year
In terms of clearance rates, last week the best performing capital city auction market was Canberra, where 71.0% of the reported auctions were successful. Following this was Melbourne, where the final auction clearance rate for the week came in at 65.6%.
This week, the busiest individual suburbs for auctions nationally are Mount Waverley (Vic) with 23, Glen Waverley (Vic) with 18 and Mosman (NSW) with 17.
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