<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360965]

“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360966]

Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360969]

Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

[smartcode_project_cta:default project_id=149670]

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

A long-stalled Campbelltown development site is back in play, with new plans for 139 apartments set to supersede a mixed-use scheme approved almost a decade ago but never built.

The new proposal for 28 Cordeaux Street would deliver 116 market and 23 affordable apartments in a part 14-storey building, bringing a substantial new project into a Campbelltown market where new apartment supply remains limited.

Plans have been filed over the 3,092 sqm corner site at Moore-Oxley Street, around 600 metres from Campbelltown Railway Station and the city-centre retail core.

The site already carries a mixed-use residential approval dating to 2016. Doroch Architects has now been engaged on a larger replacement scheme, which is progressing as a State Significant Development Application following a Housing Delivery Authority determination in August 2025.

The apartment mix comprises 39 one-bedroom, 72 two-bedroom and 28 three-bedroom residences. Two-bedroom apartments make up just over half of the project, while three-bedroom homes account for 20 per cent.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="136dd5b9-3791-4da6-9e31-76f533f5b4de" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da2.png?VersionId=LgOSy9nwf5u.MGswBBwaGGxuX8QpHSl_" />

Of the 139 apartments, 23 will be delivered as affordable housing under the in-fill affordable housing provisions of the Housing SEPP. The affordable component represents 15 per cent of the residential gross floor area and will be managed by a registered Community Housing Provider.

Doroch has sought to break the scale of the building into two distinct elements, with a masonry podium of around four storeys establishing the street edge before the residential tower steps back above.

The corner position has shaped that approach. Cordeaux Street faces toward the commercial and civic centre, while Moore-Oxley Street leads into the lower-scale residential neighbourhood to the south, and the design verification report describes the site as "bridging the commercial core to the north and established residential areas to the south."

The podium will be expressed predominantly in face brick, while the upper levels shift to brushed and grooved concrete cladding with darker metal detailing. Recessed sections, deep balcony edges and landscaping break down the upper form, with an approximately 11.8-metre setback to the northern boundary addressing the adjoining St Peters Anglican School.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="c8b3d2d3-c561-4bfc-a5d9-a68c0c10dac1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da1.png?VersionId=AeAEyJU02Gk2k5noUj2StziCvdQ7fW4B" />

Campbelltown has been starved of new residential developments in the last decade.

The only other notable development set to come to market this year is ALAND's Queen Square, a mixed-use precinct on over two hectares that will comprise apartments above a vibrant ground-level retail and hospitality dining precinct.

First look: New 139-apartment plans revive long-stalled Campbelltown city centre site

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

Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

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

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

Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

National

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Insolvency firm Ferrier Hodgson has raised concerns that the improvement in residential construction may not be “long enough and strong enough” to allow downstream construction businesses to recover from financial damage suffered over the past two years.
The total number of new dwellings commenced rose 8.2% in the December quarter in seasonally adjusted terms, following a fall of 0.6% in the September quarter, Australian Bureau of Statistics figures out last week showed.
The number of new houses started in the December quarter of 2013 was up 4.2% in seasonally adjusted terms compared with the previous year, while units were up 20.6%.
However, the seasonally adjusted number of new dwelling starts was still below the previous peak in 2009, which preceded a slump in construction activity that lasted until early 2012.
Ferrier Hodgson noted that while initial signs were promising, the recovery had been patchy and construction businesses would need to monitor where growth was occurring and consider chasing work outside of their local area.
“A national construction-led recovery doesn’t necessarily mean the construction work will be spread evenly around the country and will almost certainly not be driven out of the hotspots of the last boom,” Ferrier Hodgson said in a report.
The Housing Industry Association noted that while NSW and Western Australia had driven much of the recovery in construction to date, there had been only a modest number of dwelling commencements in each of those states during the December quarter.
Victoria contributed most to growth in dwelling starts in the December quarter with commencement numbers up 11.3%. Activity in Queensland also grew strongly, with dwelling starts up 15.8%.
Ferrier Hodgson said downstream businesses such as landscapers, cabinet makers and manufacturers of household products could expect a lag of up to 24 months before they saw the benefits of increased residential construction.
Numerous construction-related businesses went under during the downturn in construction, and smaller businesses would continue to struggle to meet ongoing fixed costs through a prolonged downturn and long recovery, the liquidation firm said. 
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Construction recovery may not be “long enough and strong enough” for related businesses

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There are just the handful of Easter weekend metropolitan auctions across Melbourne this weekend.
Most of the auction activity is on the coastline, with a few special offerings topped by one in Point Lonsdale.
It's the auction of the landmark Point Lonsdale cottage, Samarai (pictured above), one of the most charming beachfront reserve property’s along the Victorian Coast.
Imagine all the sea changers who love the 1998 ABC series who will be wanting to snap it up.
The Ramsay family's Edwardian home is set on 1,100 square metres, last sold in the mid-1980s when bought from the Wortley's for around $240,000. 
It's been offered <a href="https://www.realestateview.com.au/Real-Estate/149-point-lonsdale-road-point-lonsdale/Property-Details-buy-residential-6827429" target="_blank">through Damian Cayzer at Kerleys Coastal Real Estate</a> who could easily expect $3.5 million plus.
Other Victorian coastline offerings include 60 Frimmell Way, Portsea marketed as an affordable charming cottage style offering through Little Residential.
But not that much on offer in the typical Easter auction hotspot of the Mornington Peninsula.
There is an Easter Saturday offering through RT Edgar of <a href="https://www.realestateview.com.au/Real-Estate/12-greenwood-avenue-sorrento/Property-Details-buy-residential-6895905" target="_blank">the Lake House, at 12 Greenwood Avenue, Sorrento</a> (pictured below), a large Rosenthal, Munckton and Shields-designed home on 1300 square metres.
<img src="/images/2014/04/17/sorrento%20april%2017%20one.jpg" alt="">
Then on Easter Sunday, Liz Jensen at Kay &amp; Burton has <a href="https://www.realestateview.com.au/Real-Estate/4-webster-street-sorrento/Property-Details-buy-residential-6590945" target="_blank">Saltaire</a>, a contemporary five bedroom beach house (pictured below).
<img src="/images/2014/04/17/sorrento%20april%2017%20two.jpg" alt="">
A Ron Dennehy-built Torquay offering comes with $850,000 plus hopes.
Paynesville is the busiest locality with John H Castran having some eight listings. They are mortgagee auctions, under instructions from Gippsland Secured Investments Ltd, receivers and managers appointed. Lot 6 Driftwood Close Paynesville is 346 square metres and includes a boat house. 
Not just on the coast but Dinner Plains in the mountains has an auction. <a href="https://www.realestateview.com.au/Real-Estate/3-5-burrinjuck-lane-dinner-plain/Property-Details-buy-residential-6849967" target="_blank">It too is a mortgagee auction of a three level three bedroom two bathroom townhouse</a> (pictured below).
<img src="/images/2014/04/17/dinner%20plain%20april%2017.jpg" alt="">
The limited Melbourne metropolitan offerings include: 
Harcourts 10 Davington Court, Wantirna
Ray White Greensborough 57 Margaret Street, Research 
Ray White 1/20 Shankland Bvd, Meadow Heights
Wilson Partners 12:00 3/59Stanley Street, Wallan.
Neil Tan, research assistant at Australian Property Monitors says there are around 40 auction offerings across Sydney, plus Property Observer is aware of numerous coastal offerings in NSW including Terrigal and Yamba.
There are three auctions scheduled for Yamba including 40 Yamba Street Yamba, billed as a building site totalling 499 square metres with a R3- Medium Density Residential zoning.
The current two bedroom residence, while basic, is quite liveable.
"We’re thinking around the $500’s," the marketing by Yamba Iluka agent Warren Tucker suggested.
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jchancellor-FAypfDUnLy

Samarai, Point Lonsdale tops limited coastal Easter auctions

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Auction volumes were high across the capital cities, with Sydney breaking all time record.
There were a total of 3,491 capital city auctions held across Australia last week, up from 2,692 over the previous week. With auction volumes at the highest levels seen so far this year, clearance rates increased from 66.2% over the previous week to 68.9% last week with Sydney driving the strong clearance rate.
As mentioned a couple of weeks ago, we had expected auction volumes to peak before the Easter break as the next couple of weeks are likely to be pretty quiet on the auction front.
At the same time last year, the final auction clearance rate was recorded at 61.8% with 1,410 capital city properties having been taken to auction.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140413-Capital-city.jpg" target="_blank"><img class="alignnone size-full wp-image-3108" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140413-Capital-city.jpg" alt="20140413 Capital city" width="990" height="722"></a>
There were 1,471 auctions held across Sydney last week, which means auction volumes have risen by nearly 30% when compared to the previous week when there were 1,137 Sydney auctions.
Despite this jump in auction volumes, the total number of auctions in Sydney was slightly less than in Melbourne over the week; however it was a record high for the city. Sydney’s preliminary clearance rate was resilient last week, despite the increased volumes, recorded at a sturdy 78.5%, compared to 73.2% over the previous week and just 67.2% at the same time last year, when there were 529 auctions held across the city.
At this stage, we expect just 392 Sydney auctions to be held over the coming week, with most of these occurring prior to Friday.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140413-Sydney.jpg" target="_blank"><img class="alignnone size-full wp-image-3110" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140413-Sydney.jpg" alt="20140413 Sydney" width="1004" height="659"></a>
A preliminary clearance rate of 64.2% was recorded last week in Melbourne from 1,143 auction results compared to 63.6% recorded the previous week and 66.5% at the same time last year.
This weekend brings to a close the busiest first quarter for auctions in the city’s history. Compared to this time last year there have been 58% more auctions held. For the next two weeks the market will see significantly reduced volumes with Easter and Anzac Day causing many vendors to have already had their auctions or wait.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140413-Melbourne.jpg" target="_blank"><img class="alignnone size-full wp-image-3109" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140413-Melbourne.jpg" alt="20140413 Melbourne" width="1002" height="656"></a>
In terms of an increase in auction volumes over the week, Brisbane was the stand out last week, with auction volumes almost doubling. There were 236 residential properties taken to auction in Brisbane last week and the preliminary auction clearance rate was recorded at 45.7%, compared to a final auction clearance rate of 52.8% over the previous week when there were 123 Brisbane auctions. At the same time last year, just fewer than 100 auctions were held across the city and the clearance rate for the week was recorded at a 36.4%.
Last week was the second week so far this year where there have been more than 230 Brisbane auctions over the week. To put that into perspective, the average number of weekly auctions held over 2013 was 137, while so far this year, there has been an average of just under 150 auctions per week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140413-Brisbane.jpg" target="_blank"><img class="alignnone size-full wp-image-3107" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140413-Brisbane.jpg" alt="20140413 Brisbane" width="994" height="649"></a>
Adelaide’s preliminary clearance rate for last week was recorded at a strong 73.8%, up from 62.1% over the previous week. Much like most of the other concentrated auction markets, Adelaide saw volumes increase over the week from 98 to 144. At the same time last year, Adelaide’s clearance rate was a lower 47.4% across the 63 properties that were taken to auction.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140413-Adelaide.jpg" target="_blank"><img class="alignnone size-full wp-image-3106" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140413-Adelaide.jpg" alt="20140413 Adelaide" width="990" height="649"></a>
Despite the overall increase in auction volumes over the week, there were three cities (Canberra, Darwin and Hobart) where the number of properties taken to auction last week was actually lower than the preceding week.
Taking a quick look around the cities, Perth’s clearance rate was almost unchanged last week at 33.3% across 55 auctions, Hobart saw a clearance rate of 50.0% with 16 auctions held across the city, Canberra had 50 auctions and a preliminary clearance rate of 65.5% and so far, one Darwin property has been reported as having successfully sold at auction.
RP Data is tracking just 590 auctions over the coming week with many of these auctions (just over 500) scheduled prior to the Easter weekend.
Melbourne auction commentary provided by Robert Larocca, RP Data’s Victorian housing market specialist.
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smiller-vwPjRHTkST

Sydney's strength lifts clearance rates: RP Data's national auction market wrap

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Sydney and Melbourne have recorded record auction results for the autumn period, ahead of an expected <a href="https://www.smartcompany.com.au/finance/investment/41315-pre-easter-auctions-rush-means-falling-clearance-rates-and-buyers-spoilt-for-choice" target="_blank">wind-down over the Easter break</a>.
Australian Property Monitors senior economist Andrew Wilson told SmartCompany buyers and sellers in both Sydney and Melbourne should be pleased with the weekend’s results, with clearance rates up almost 5% in Sydney to 78.1%, and up 0.6% in Melbourne to 72.3%.
Wilson said Sydney’s clearance rate has now dipped below 80%, after more than two months above the level.
“This is no real surprise given the high number of listings,” Wilson says. The weekend’s results are based on 1,111 listings, 697 auctions and 581 properties sold, compared to 821 listings, 709 auctions and 570 sales last week. Nevertheless, Wilson says it could be sign of a slight downwards trend in the Sydney market.
The most expensive property sold in Sydney was a four bedroom house in Lane Cove on Sydney’s lower north shore, which was sold for $4.9 million. The most affordable property was a studio apartment in Surry Hills, which fetched $220,000 at auction.
In Melbourne, 1,277 properties were listed, 944 auctions held and 686 properties sold. This compares to 1,007 listings, 898 auctions and 654 properties sold the week before. “It was the best result in a month,” says Wilson.
A three-bedroom house in Toorak was the most expensive property sold at $2.7 million, while a house of the same size in the western suburb of Kurunjang was the most affordable at $235,000.
However, Melbourne may also be following in Sydney’s footsteps, with Wilson saying there are a number of negative aspects of Victoria’s economy that are acting as a drag on the capital city’s clearance rate, which has been falling since the Labour Day weekend in early March.
Wilson said the weekend’s results will give the market “pause for reflection over the next two weeks before it all starts up again”, although the market typically quietens over the winter months.
Click here for the full list of APM's 12 April weekend auction results for Sydney, Melbourne, Brisbane and Adelaide.
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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jake-cSmGT7VXVf

Bumper property pre-Easter weekend with record auction results

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Recently released data from the Australian Bureau of Statistics (ABS) shows that as at June 2013, the rate of population growth in Australia’s capital cities was significantly greater than that of regional markets.
Perth topped the charts as the city to consistently record the fastest rate of population growth with 395,000 new persons moving to Perth between 2006 and 2013. However in raw number terms, the increase in population has been much greater in Melbourne and in Sydney.
Between 1991 and 2013 Sydney added an additional 1,084,169 residents, Melbourne 1,153,248, Brisbane 826,621, Adelaide 198,141 and Perth 746,243.
As at June 2013, ABS reported that almost two out of every five Australian’s (39.4%) lived in either Sydney or Melbourne, however, the proportion of Australian’s living in Sydney or Melbourne fell slightly from 1991 (39.7%). This is largely due to a rising prominence of Brisbane and Perth as population centres.
In 1991, 21.3% of Australian’s lived in Sydney, 18.5% in Melbourne, 8.2% in Brisbane and 7.1% in Perth. By 2013, 20.6% of Australian’s lived in Sydney, 18.8% in Melbourne, 9.7% in Brisbane and 8.5% in Perth. Despite the declining prominence of Sydney, the proportion of Australian’s living within our four largest cities has increased from 55.0% in 1991 to 57.6% currently.
<img src="/images/2014/04/10/kusher-april-10-foru.gif" alt="">
The rising prominence of Brisbane and Perth as population centres has really emerged over recent years. Obviously the resources sector boom has driven this to some extent with escalating demand for professionals working and associated with this sector.
Darwin was the only other capital city to record an increase in its overall proportion of the national population over the period, shifting from 0.5% in 1991 to 0.6% in 2013.
Adelaide recorded the largest decline in its proportion of population over the period across the capital cities, falling from 6.3% of the national population in 1991 to 5.6% in 2013.
Sydney and Melbourne continued to be the most significant population centres however; Melbourne is catching Sydney quite quickly. In 1991, 3,672,914 persons lived in Sydney and 3,194,707 in Melbourne, a gap of 478,207 persons. By 2013, the gap had reduced to 409,128 persons.
During the same period, regional Queensland was the only regional market to record a greater increase in population than within the capital city. Over the period, Brisbane's population increased by a total of 826,621 persons compared to an 869,231 increase in Regional Queensland’s population.
The surge in population across Regional Queensland is linked to the growth in those markets directly adjacent to Brisbane, Gold Coast and Sunshine Coast.
Regional Queensland’s population has increased due to the ‘sea change’ phenomenon which has seen significant migration and development along the state’s coastal communities.
Over the year, the ABS reported that Australia's population increased by 1.8% with capital city regions recording population growth of 2.1% over the year compared to a 1.2% annual increase in regional population.
<img src="/images/2014/04/10/kusher-april-10-three.gif" alt="">
From 1995 onwards, capital city populations have consistently increased at a faster rate than those in regional areas. In June 1991, 64.6% of all Australian’s lived within a capital city and by June 2013 the proportion had risen to 66%.
Almost two thirds (66.3%) of all Australian’s live within a capital city, up from 64.6% in 1991.
Based on the ABS results, Australian’s are showing an ongoing preference to live in capital cities rather than regional markets. This is largely due to job security found in the cities.
With home values rising at a much faster rate in Sydney and in Melbourne than in other capital cities it will be interesting to see over the coming years if we see an outflow of population from Sydney and Melbourne to other more affordable capital city housing markets such as Brisbane and Adelaide.
Of course a key driver of any shift away from Sydney and Melbourne will be providing well-paid jobs and a high quality of life while ensuring that housing remains relatively more affordable than it is within Sydney and Melbourne.
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ckusher-ujnxiKuFQs

Capital cities' job security remains attraction for population growth

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The housing market, in at least Sydney, Melbourne and Darwin, has seen growth recently, and it's causing a knock-on effect, according to the ANZ Research team, with developer confidence now picking up.
However, they also said that it would be the mining states that record the most pronounced growth rate for gross state product in the coming years.
All non-mining states saw growth rates strengthen in the second half of 2013.
Cherelle Murphy, Dyslan Eades, Tony Morris and Zoe McHugh, from ANZ Research, recently provided a market analysis that pointed to five factors lifting the growth rates and outlooks in all states and territories.
THE FIVE FACTORS
<ol>
<li>Improved global economic conditions 
</li>
<li>Low interest rates 
</li>
<li>The lower Australian dollar 
</li>
<li>Better business confidence 
</li>
<li>Better consumer confidence</li>
</ol>
"The mining states, which are on the cusp of an export expansion, will continue to record the strongest growth rates over the coming years in our view. But the non-mining states are expected to improve most compared to the growth rates recorded over the past few years," they recorded.
Interestingly, they also noted that the convergence in growth rates between the states is as expected.
"The mining states are coming off very strong economic performances as the resources construction pipeline dries up, while the non-mining states are steadily firming."
MINING STATES
Queensland: Major LNG projects still under construction, recording high activity levels.
Western Australia: More advanced through resources contruction work, seeing a more rapid slowdown.
Northern Territory: The exception, seeing a boost from INPEX Ichthys LNG Project.
NON-MINING STATES
New South Wales: The best performer, with trend unemployment falling to 10 month low (5.5%) in March. Business conditions have picked up.
Victoria, Tasmania: Sluggish but recently improving outlooks. More exposed to manufacturing, which continues to shrink. Business conditions have picked up.
South Australia: Sluggish but recently improving outlooks. More exposed to manufacturing, which continues to shrink.
Australian Capital Territory: Sturdy, but "will shortly bear the brunt of the not yet wholly known Commonwealth fiscal tightening."
All states, they noted, saw a sharp pick-up in housing market activity "related in part to the expansionary setting of monetary policy," they noted.
<blockquote>
FIVE FACTORS LIFTING GROWTH RATES
IMPROVED GLOBAL ECONOMIC CONDITIONS
LOW INTEREST RATES
THE LOWER AUSTRALIAN DOLLAR
BETTER BUSINESS CONFIDENCE
BETTER CONSUMER CONFIDENCE
</blockquote>
"Prices have bounced off their lows and have risen especially sharply in Sydney, Melbourne, and Darwin. This has translated to an improvement in developer confidence, with residential building approvals rising strongly, implying dwelling investment is likely to contribute solidly to growth going forward," they said.
Among all the non-mining dominated states and territories, the non-mining business investment is not forecasted to see any notable improvement until next year.
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jduke-EHk3XBmHkn

Mining states expected to see strongest growth rates over coming years: ANZ Research

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Across the March quarter, the national median weekly asking rent for houses increased by a subtle 0.2%, with unit rents increasing by 1.7%, however the picture is mixed across the country, explains Australian Property Monitors’ latest statistics.
<img src="/images/2014/04/10/apm-chart-april-10-one.gif" alt="">
<img src="/images/2014/04/10/apm-chart-april-10-two.gif" alt=""> 
Source: Australian Property Monitors 
SYDNEY
National housing rents for the year ending March saw Sydney retain strength as the most expensive major capital for tenants, with median weekly asking house rent over the March quarter sitting at $500, and units at $490, explains APM’s senior economist, Andrew Wilson. As discussed yesterday, Sydney’s expensive rental market will come as no surprise to anyone looking to live there.
Despite this, Sydney’s house rents have remained flat for 12 months, “indicating underlying affordability barriers constraining rental growth,” said Wilson.
Sydney unit rents, however, continue to rise driven by the affordability advantages of units over houses and the growing preferences for apartment living and inner–city locations. Based on current trends, unit rents will be on parity with house rents sooner rather than later in 2014.”
MELBOURNE
Pointing to the recent rend of rising house rents, Melbourne has seen some of the best performance of all the capital cities – up 4.1% over the year, with the March quarter seeing a 1.3% increase.
“Melbourne unit rents have staged a revival after a lengthy period of subdued growth,” he said.
“Despite March quarter increases in rents, Melbourne remains relatively affordable for tenants with only Adelaide recording lower rents of all the mainland capitals.”
BRISBANE
However, the picture differs when looking at Brisbane, where the market was weaker over the March quarter, with house rents staying flat and unit rents actually dropping by 1.3%.
“Over the year ending March 2014, no growth was recorded in unit rents, however, house rents rose by +2.6%. Significant numbers of new inner city apartments continue to place downward pressure on rental growth,” said Wilson of the yearly statistics.
Note: Wilson explained that in Sydney, Melbourne and Brisbane, a low number of first home buyers could be responsible for creating some demand-based rental pressure, however increased supply with investor activity and new apartment building should impact rental growth in these cities.
Rental yields also have some interesting implications across Brisbane, Melbourne and Sydney. In the latter two capital cities, yields remain the lowest of all capitals for units and houses, however Melbourne appears to see some increases in yield suggesting weakness in price growth for inner city apartments. Brisbane, however, provides the highest gross rental yield of all the major capitals.
ADELAIDE
Currently, Adelaide is the most affordable of all mainland capitals, with subdued rental growth over the March quarter. In fact, over this period house rents fell by 1.4% and units remained flat.
PERTH
In Perth, the quarter recorded flat rents for house and units, as the “market continues to adjust after the unsustainably strong rental growth seen in the first half of 2013,” he said.
“House rents in Perth are now down by -2.0% over the year with no growth in unit rents,” said Wilson.
DARWIN
Despite flat rents for houses and unitsover the March quarter, a 7% increase over the year ending March was recorded.
HOBART, CANBERRA
Flat or falling rents for houses and units were recorded over the March quarter.
 <img src="/images/2014/04/10/apm-chart-april-10-three.gif" alt="">
<img src="/images/2014/04/10/apm-chart-april-10-four.gif" alt="">
Source: Australian Property Monitors
Further mixed results for all capital cities are expected through 2014, as price growth moderates in most capitals, explained Wilson.
“Choppy capital city rental market performances over the March quarter reflects, to some degree, the uplift in home buying activity which was driven by sharp improvements in housing affordability over the past year,” he said.
“With prices growth likely to accelerate this year, expect increased house investor activity although yields may weaken.”
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Melbourne and Sydney show strength, as rest of the country’s rents dip

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Can anyone explain the absence of rental growth in our major markets?
Are we not suffering from a housing shortage crisis, with an accumulated undersupply of hundreds of thousands of dwellings?
Can the economists who speak constantly of this dwelling shortage explain how three of our eight capital cities recorded declines in house rentals in the March quarter, while four others recorded no growth?
Can the Housing Industry Association, the great champion of the shortage theory, explain why four of the capital cities recorded marked declines in apartment rentals, while two others recorded no change?
Do the laws of supply and demand no longer apply to residential property, such that Perth, Canberra and Hobart now have house rentals lower than a year ago (6% lower, in the case of the national capital), Sydney and Darwin have recorded zero growth, and only one city has recorded annual growth of more than 3%.
<blockquote>
The only capital city experiencing a boom worthy of the name is Sydney – which was overdue after a decade of under-performance.
</blockquote>
Out of eight capital city house markets and eight apartment markets, there is only one instance of solid annual growth in median asking rents – a 7% rise in Darwin’s apartment market.
Otherwise, according to the March Quarter Rental Report from Australian Property Monitors, it’s a story of stagnation or decline in residential rents in the capital cities.
This result, which is similar to the outcomes with rental reports from previous quarters stretching back to 2012, runs counter to the notion of shortages.
It’s also inconsistent with the idea of a national property boom, with markets rising as “a blistering pace”, as the ABC’s News 24 morning program misinformed us recently.
And speaking of research evidence that makes nonsense of claims about market performance, I continue to disbelieve the notion of a booming Melbourne market and I note similar sentiments expressed by SQM Research managing director Louis Christopher this week.
Christopher’s research on the number of residential properties listed for sale in each of the capital cities shows there are exceptionally high levels of supply available in Melbourne.
Melbourne currently has about 44,500 residential properties listed for sale. To put that into perspective, Sydney has only 24,200 properties listed.
This can be explained, partly at least, by the extraordinarily high levels of inner city apartments being marketed.
Christopher writes, “There are no new trends that have come out of the data this month - other than we note that Melbourne still has an elevated amount of listings in the market and so this has made us sceptical of recently-reported large increases in dwelling prices for that city.
“There is also further evidence that Melbourne vendors overall have struggled to lift their asking prices.”
Notions that the Melbourne market is rising strongly have been created by rubbery figures from the Real Estate Institute of Victoria and the rude haste with which RP Data spits out statistics under the “publish and be damned” principle.
In my view, the only capital city experiencing a boom worthy of the name is Sydney – which was overdue after a decade of under-performance.
You can contact Terry via <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email</a> or on <a href="https://www.twitter.com/hotspotting" target="_blank">Twitter</a>. 
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terryryder-YECXbqmri2

If the market's so hot then where's the rental growth?

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Across Australia, it's not a secret that rent has generally been ticking upwards - much to the dismay of renters - with revealingly stronger growth in some areas than others.
The latest Australian Bureau of Statistics details show that Western Australia is the state that has grown more than any other, with a 77% uptick from 2006 to 2011. In 2006, it was recorded at $170 per week, however in 2011 it was noted as $300.
Speaking of growth in the statistics, the ABS director of rural and regional statistics, Lisa Conolly, said that while Western Australia overall grew the most, the area with the biggest uptick was in Queensland.
This was a terrifying headline figure of 570% growth over the period in Weipa, in Queensland's far north, and the picture overall looks fairly drab on the surface for renters.
<blockquote>
Rental costs increased from $191 in 2006 to $285 in 2011 - an increase of 49%. Mortgage repayments have increased 39% during this time.
</blockquote>
"Rental costs have also increased by twice as much as wages with the median weekly household income increasing from $1,027 in 2006 to $1,234 in 2011, up 20%," she explained.
However, Conolly said that it wasn't quite the unexpected drastic growth, for Weipa at least, that the figure suggests.
"Local government areas in Western Australia recorded some of the biggest growth in median rent payments in Australia, with eight out of the 10 fastest growing regions located in Western Australia. However, Weipa, in far north Queensland, came in at the top, reflecting a change from employer owned housing to private rental arrangements," recorded Conolly.
Despite this, in what will come as a surprise to almost no one, it remains local government areas (LGA) in Sydney that record the highest rent. And, as can be attested by the overwhelming 'red' on all of the zoomed in capital cities, it's costly to rent in Australia's capitals.
 
LGAs with the highest rent: (Note: the suburb linked to each LGA is that closest to the relevant council chambers. For more specific suburb data, you can use our free data tool here) 
New South Wales and ACT
<img src="/images/2014/04/09/nsw.jpg" alt="">
<ul>
<li>
<a href="/news">Ku-ring-gai</a> - $575 per week 
</li>
<li>
<a href="/news">Woollahra </a>- $550 per week</li>
</ul>
The LGA in New South Wales with the fastest growth over the period was <a href="/news">Gwydir</a>, and it was noted that while areas outside of the capital city had lower overall rental payments, they showed the most significant growth over time.
The ACT was noted as having the highest median rent overall across Australia - recorded at $380 per week. The<a href="/news"> Queanbeyan</a> area grew from $185 per week in 2006 to $289 per week in 2011, a 56.2% increase.
Western Australia
<img src="/images/2014/04/09/wa.jpg" alt="">
<ul>
<li>
<a href="/news">Cottesloe</a> - $450 per week 
</li>
<li>
<a href="/news">Perth</a> - $440 per week</li>
</ul>
The fastest growth costs in Greater Perth occurred in <a href="/news">Serpentine-Jarrahdale</a>, which doubled from $155 per week to $306 per week, or a 99.4% rise, however it is noted that the LGA has one of the highest proportion of home ownership (with a mortgage) areas across the country, with just 14.7% rentals.
Victoria
<img src="/images/2014/04/09/vic.jpg" alt="">
<ul>
<li>
<a href="/news">Melbourne</a> - $400 per week 
</li>
<li>
<a href="/news">Bayside</a> - $390 per week</li>
</ul>
The LGA across the state with the fastest growth was <a href="/news">West Wimmera</a>, despite maintaining a lower rent than other LGAs. In Greater Melbourne, <a href="/news">Maribyrnong</a> saw the fastest recorded growth with a 64.7% increase to $280 per week from $170 per week.
Queensland
<img src="/images/2014/04/09/qld.jpg" alt="">
<ul>
<li>
<a href="/news">Brisbane</a> - $350 per week 
</li>
<li>
<a href="/news">Gold Coast</a> - $350 per week 
</li>
<li>
<a href="/news">Redland</a> - $350 per week</li>
</ul>
In Greater Brisbane, <a href="/news">Somerset</a> was one of the fastest growing, rising 60% to $240 per week, from $150 per week.
Northern Territory
<img src="/images/2014/04/09/nt.jpg" alt="">
<ul>
<li>
<a href="/news">Darwin</a> - $360 per week 
</li>
<li>
<a href="/news">Palmerston</a> - $360 per week</li>
</ul>
The LGA with the fastest growth across the territory was <a href="/news">Palmerston</a>, which grew 89.5% over the recorded period.
South Australia
<img src="/images/2014/04/09/s.jpg" alt="">
<ul>
<li>
<a href="/news">Adelaide</a> - $320 per week</li>
</ul>
The fastest growing LGAs across South Australia included <a href="/news">Peterborough</a>, and <a href="/news">Southern Mallee</a>, which both saw a 66.7% uptick, while in Greater Adelaide it was <a href="/news">West Torrens</a>, 54.4% growth to $247, from $160 per week, that took out the growth record.
Tasmania
<img src="/images/2014/04/09/tas.jpg" alt="">
<ul>
<li>
<a href="/news">Kingborough</a> - $275 per week</li>
</ul>
The fastest growing LGA in Tasmania was in the <a href="/news">Central Highlands</a> and the <a href="/news">Tasman</a>, with a 60% uptick. In Greater Hobart, <a href="/news">Brighton</a> rose 58.1% to $185, from $117 per week.
 
Conolly reminded viewers of the statistics that the cost of renting in a region can change due to a number of factors.
These may include:
<ol>
<li>Workforce demand</li>
<li>Population growth or decline</li>
<li>Changing tenure arrangements</li>
</ol>
"Nationally, rental costs increased by more than mortgage repayments with the median weekly household rent rising from $191 in 2006 to $285 in 2011 - an increase of 49%. Whereas mortgage repayments have increased 39% during this time," she said.
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Revealed: The areas with the highest rent across the country

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There were 2,669 auctions held across the combined capital cities last week, having fallen from 3,039 over the previous week.
While volumes were down when compared to the previous week, it is expected that this coming week will change that with auction volumes set to rise by 23%. Last week the preliminary auction clearance rate was recorded at 67.3% across the capital cities, compared to a final auction clearance rate of 67.7% the previous week.
At the same time last year, there were 1,308 capital city auctions and the final auction clearance rate was recorded at 61.7%.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Capital-city.jpg" target="_blank"><img class="alignnone size-full wp-image-3082" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Capital-city.jpg" alt="20140406 Capital city" width="1003" height="729"></a>
In similar fashion to previous weeks, Sydney has recorded the strongest capital city auction clearance rate at 75.4% based on preliminary collection. There were 1,124 auctions held across the city last week, compared to 1,163 the previous week when the final auction clearance rate was recorded at 75.9%.
It is probably a good time to make mention of the fact that we have noticed over the past few weeks that we are seeing some downward revision each week when Sydney’s final results are being calculated. This is more than likely due to the reporting culture of auctions, where agents hold off on reporting their successful auction until they can confirm that no after auction result has been obtained. Over the same week last year, there were 528 Sydney properties taken to auction with 66.4% of these recording a successful result.
While Sydney’s auction market showed significant strength over the first quarter of 2014, it is interesting to see that this aligned with overall market performance. According to the RP Data-Rismark Daily Home Value Index, Sydney dwelling values increased by 4.4% over the March 2014 quarter. Based on the most recent weekly update, across the private treaty market, Sydney homes are currently selling at the fastest rate of any capital city.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Sydney.jpg" target="_blank"><img class="alignnone size-full wp-image-3084" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Sydney.jpg" alt="20140406 Sydney" width="1000" height="654"></a>
For Melbourne there were 1,204 auctions across the city last week with a preliminary clearance rate of 63.4% recorded from 960 auction results compared to 66.9% recorded last weekend and 63.2% this weekend last year. Over March 2014 the clearance rate was 69.9% from 5,322 auctions.
House and unit values are definitely rising but the high auction volumes are continuing to provide buyers with increased opportunity which is also likely contributing to a lower clearance rates as buyers have a greater number of auction properties to choose from.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Melbourne.jpg" target="_blank"><img class="alignnone size-full wp-image-3083" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Melbourne.jpg" alt="20140406 Melbourne" width="1002" height="651"></a>
Last week across the Brisbane auction market we saw conditions improve with the preliminary auction clearance rate recorded at 57.9%, with 122 Brisbane auctions held over the week.
Despite the strengthening clearance rate, last week was a sharp fall in Brisbane auction volumes after the busy week prior when there were 238 auctions held and a clearance rate of 47.1%, however, over the coming week volumes are set to ramp up again, with 218 Brisbane auction scheduled so far.
When we look at the Brisbane auction market at the same time last year, there were significantly less auctions (92) while the clearance rate was recorded at 49.3%, which is generally on par with the current market performance.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Brisbane.jpg" target="_blank"><img class="alignnone size-full wp-image-3081" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Brisbane.jpg" alt="20140406 Brisbane" width="996" height="653"></a>
There were 98 Adelaide properties taken to auction last week, with the preliminary clearance rate coming in at 67.3%, compared to the previous week when the final clearance rate was recorded at 55.6% across 107 auctions.
At the same time last year, there were 54 Adelaide properties auctioned over the week, with half of the properties recording a successful result at the time of reporting.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Adelaide.jpg" target="_blank"><img class="alignnone size-full wp-image-3080" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Adelaide.jpg" alt="20140406 Adelaide" width="989" height="652"></a>
Once again, auction activity across the other capital cities was much more subdued and again, results were mixed.
There were 33 auctions held in Perth last week and the preliminary clearance rate was recorded at 26.7%. Across Hobart, 22 properties went to auction with a clearance rate of 50.0% and a 43.8% clearance rate in Canberra across 66 auctions.
There were 8 auctions held in Darwin last week and so far RP Data has captured a result for 5 of these auctions. At this point, no successful results have been recorded.
There are currently 3,271 auctions being tracked by RP Data over the coming week, in what is set to be a busy week leading up to Easter.
*Melbourne auction commentary provided by Robert Larocca, RP Data’s Victorian housing market specialist
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