Builder-developer ALAND has drawn back the curtain on its first city-focused new apartment development.

The North Sydney development, <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-173-179-walker-street-north-sydney-nsw-2060">The Walden</a>, is the first time the company has ventured this close to the city, having previously completed thousands of apartments predominantly in Sydney's west, and more recently in Gosford.

<a href="https://www.apartments.com.au/developers/aland">ALAND</a> acquired the prime North Sydney site, spanning Walker and Hampden Streets just down the road from the Victoria Cross Metro station, for $240 million in June.

Now they've unveiled the new project, a mix of one-, two-, three- and four-bedroom apartments across a 30-level building designed by Rothelowman.

[smartcode_project:default project_id=134323 project_image_fid=6384]

The Walden will capitalise on the site’s front-row position on the eastern fringe of the <a href="https://www.apartments.com.au/developments/north-sydney-nsw-2060">North Sydney</a> CBD, which offers uninterrupted Sydney Harbour views stretching from the Sydney Harbour Bridge all the way to Sydney Heads.

The main tower will be flanked by a small four-level amenity building known as The Pavilion, offering exclusive resident-only amenities including a dedicated concierge service, a sauna and private wellness studio, a gymnasium and fitness studio, a resort-style rooftop pool and sundeck.

There will also be a&nbsp;residents’ lounge, private dining and a wine cellar, and co-working facilities with an on-site meeting room and boardroom.

&nbsp;

&nbsp;

[smartcode_project:default project_id=134323 project_image_fid=6382]

ALAND Founder Andrew Hrsto said the company knew they could create something "iconic" with The Walden when they saw the site.

&nbsp;

“As a company, we had been searching for a site in one of Sydney’s blue-chip locations, spanning the Eastern Suburbs, the Sydney CBD and the North Shore, and when we had the opportunity to purchase this site, we immediately recognised that it could be something iconic – being the last development with a view offering this exceptional.

“We identified the attributes and quality of the site as being perfectly aligned for ALAND – and we feel that this off-market acquisition is a perfect opportunity to showcase our craftmanship and expertise through a truly unique offering."

[smartcode_project:default project_id=134323 project_image_fid=6399]

Hrsto pointed to ALAND’s longstanding development expertise as a significant benefit in delivering a positive outcome for The Walden.

“Being a fully integrated development and construction business with a highly experienced team, we have the benefit of in-house experts across the development spectrum, from acquisitions, design, planning, and construction, to sales, marketing, property management, through to building management.

“As one of Australia’s largest private development and construction groups, we’ve been in operation for 23 years, with a Gold Star iCIRT rating and a 100 per cent delivery success rate across numerous masterplanned and mixed-use projects – and we’re very much looking forward to bringing this expertise to The Walden and contributing to the ongoing revitalisation of North Sydney."

The Walden is the latest development in Sydney to have the 10-year Latent Defects Insurance policy by Resilience Insurance, protecting buyers from any structural or waterproofing-related issues for 10 years post-completion.&nbsp;

Demolition of existing structures on The Walden site has already commenced through specialist civil contractor Moits, with the aim of completing preparatory ground works by the end of 2025, ahead of construction commencement in early 2026.

[smartcode_project_cta:default project_id=134323]

Joel Robinson

ALAND unveils The Walden, North Sydney's latest luxury apartment development

<a href="https://www.apartments.com.au/developers/toga-group">TOGA</a> has opened sales for the final building in Macquarie Rise, its latest mixed-use development in Macquarie Park.

Since launching its <a href="https://www.apartments.com.au/new-apartments/macquarie-rise-122-herring-road-macquarie-park-nsw-2113">Macquarie Rise</a> in late 2023, TOGA has secured over 125 sales in the Herring Road development, to a range of purchasers, from first home buyers to investors and downsizers. Around 65 per cent of purchasers have been owner-occupiers.

TOGA has now launched a new release of one-, two-, and three-bedroom apartments in the final building, Saunders Rise. Many of the apartments feature multi-purpose rooms and offer views of the surrounding greenery. Also part of the release is a series of&nbsp;sub penthouses housed on the upper floors.

[smartcode_project:default project_id=89243 project_image_fid=242696]

&nbsp;

“We’re delighted with the ongoing strong interest in our Macquarie Rise development, which is testament to the need for premium housing in this much-loved Sydney suburb,"&nbsp;Allan Vidor AM, Managing Director at TOGA, said.

"We’re proud to be able to offer buyers a unique product that includes luxury amenities, spacious living areas and flexible layouts, designed to suit all kinds of buyers, from young professionals to families and investors.

“We have long been advocates of Macquarie Park, and once Macquarie Rise is complete, TOGA will have built 1,000 apartments in the area, delivering much needed homes within a thriving precinct. It’s great to see the area become renowned for high-quality apartments, proximity to amenities and green spaces."

TOGA, one of Australia’s few Gold Star iCIRT rated developers, is also handling construction of Macquarie Rise. They are on track to complete the building in 2027.

[smartcode_project:default project_id=89243 project_image_fid=310789]

Macquarie Rise boasts a prime location, placing residents within immediate reach of Macquarie Centre, Macquarie University, and the newly completed Macquarie University Metro, connecting to the Sydney CBD is just over 20 minutes.

&nbsp;

Macquarie Rise residents also have access to Club Rise, an exclusive, residents only lounge designed by luxury hotel designers Stack Studio, offering an abundance of work and break-out areas, a Pilates studio, a gym, and a karaoke room. As well as these premium amenities Macquarie Rise will also feature an impressive podium top 20m lap pool.

[smartcode_project:default project_id=89243 project_image_fid=242695]

“Offering luxury, spacious apartments in a vibrant and well-connected neighbourhood, it’s no surprise that Macquarie Rise remains popular with a range of buyers," said TOGA's General Manager of Sales, Anthony Falas.&nbsp;

"With interest rates tracking downwards, we expect the final apartments to continue to receive high levels of interest.”

Located at 122 Herring Road, Macquarie Park, the development will be delivered in partnership with Baptist Union NSW and Morling College with a value of over $400 million.

&nbsp;

[smartcode_project_cta:default project_id=89243]

TOGA launches final stage apartments in Macquarie Rise

Southern Cross Station anchors the western end of <a href="https://www.apartments.com.au/developments/melbourne-vic-3000">Melbourne</a>’s CBD, connecting metropolitan and regional rail with tram and bus interchanges in one of the city’s busiest transport corridors.&nbsp;

Just metres away, <a href="https://www.apartments.com.au/new-apartments/640-bourke-street-melbourne-640-bourke-street-melbourne-vic-3000">640 Bourke Street</a>&nbsp;will place residents in the heart of the city, with immediate access to Spencer Street trams, a growing mix of retail, hospitality and cultural venues, and a neighbourhood evolving into a lively residential precinct.

Developed by <a href="https://www.apartments.com.au/developers/far-east-consortium">Far East Consortium</a>, the 68-level project integrates a sculptural glass tower with the heritage-listed Eliza Tinsley Building on a 2,765 sqm Bourke St site.&nbsp;

[smartcode_project:default project_id=509 project_image_fid=335425]

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, the development replaces a previously approved scheme for 813 apartments with a refined offering of just over 600 larger-format residences, responding to a growing owner-occupier demand for spacious city living.

The location sits within a dynamic pocket undergoing significant transformation. Marvel Stadium and the Docklands waterfront are less than 10 minutes away on foot, offering both sports and leisure attractions.&nbsp;

Bourke Street Mall, Queen Victoria Market, and the State Library are all within walking distance, while Flagstaff Gardens, Melbourne’s oldest park, provides a green escape just to the north.

&nbsp;

[smartcode_project:default project_id=509 project_image_fid=335422]

Proximity to some of the city’s largest employers and education hubs, including the courts precinct, legal chambers, RMIT, and major hospitals, makes 640 Bourke Street an appealing residential address for professionals, families and students alike.

Education opportunities span all levels. Nearby, Haileybury City Campus offers private schooling just a short walk from 640 Bourke Street. Just beyond the CBD fringe, Carlton Gardens Primary School, one of Melbourne’s oldest state primary schools, and Docklands Primary School provide convenient government schooling options.

Higher education is equally accessible. RMIT University’s city campus spans multiple buildings just a few blocks away, while the University of Melbourne’s Parkville campus is easily reached via tram along Swanston or Elizabeth Streets.

Victoria University’s City Queen campus, focused on law and business, is also close by, positioning 640 Bourke Street within walking distance of three of Melbourne’s major tertiary institutions.

[smartcode_project:default project_id=509 project_image_fid=335426]

The neighbourhood’s retail tapestry continues to evolve into something distinctly local and walkable. Just steps away, Woolworths Metro on Bourke Street ensures that everyday essentials are easily within reach.&nbsp;

For larger shopping trips, Spencer Outlet Centre on Spencer Street and QV Melbourne on the opposite side of the CBD broaden the offering with supermarkets, fashion, dining and specialty stores.

The lane-to-lane vibe unfolds beautifully in nearby arcades and alleys. Hardware Lane, with its European-style red-brick paving and alfresco dining, pulses with jazzy evenings and casual lunches.

A few minutes north, Howey Place and Centre Place offer leafy, boutique-lined lanes where hidden cafés and niche retailers congregate under historic glass-covered cloisters.

Completing this tapestry is the newly opened Mecca “beauty playground” on Bourke Street. Spanning 4,000 sqm over three levels, the flagship blends immersive retail within an art-deco heritage setting.

&nbsp;

[smartcode_project:default project_id=509 project_image_fid=335427]

This finely grained network of shops, eateries, arcades and service outlets defines the everyday lifestyle at 640 Bourke Street - further enriched by over 3,000 sqm of resident amenity including a Turkish-inspired pool, gym, co-working rooms and private cinemas.&nbsp;

Apartments are priced between&nbsp;$640,000 and $3.95 million. Off the plan stamp duty concessions available until October 2026. Prospective buyers can visit the on site display gallery which has&nbsp;fully built one, two, and three-bedroom apartments.

[smartcode_project_cta:default project_id=509]

640 Bourke Street: A heritage address at the heart of Melbourne

Lower North Shore development specialists&nbsp;<a href="https://www.apartments.com.au/developers/abadeen-group">Abadeen</a>&nbsp;has topped out its new local apartment development,&nbsp;<a href="https://www.apartments.com.au/new-apartments/northcote-collective-naremburn-2-6-northcote-street-naremburn-nsw-2065">Northcote Collective</a>.&nbsp;

Located in the tightly held suburb of <a href="https://www.apartments.com.au/developments/naremburn-nsw-2065">Naremburn</a>, Northcote Collective is a collection of just 58 one-, two-, and three-bedroom apartments designed by award-winning architects Rothelowman.&nbsp;

The building is just a five to 10 minute walk from the heart of Crows Nest and the new&nbsp;St Leonards and Crows Nest Metro stations. Abadeen has also brought doorstep convenience, with a ground-floor retail offering on Northcote Street.

Northcote Collective is being delivered by&nbsp;<a href="https://www.apartments.com.au/builders/decode">Decode</a> — an iCIRT-rated construction company well regarded in the new development industry.

[smartcode_project:default project_id=114189 project_image_fid=272840]

“This is an important and exciting moment for Northcote Collective, and we’re proud to celebrate this milestone with our partners, consultants, and future residents,” said Justin Brown, Executive Chairman and Founder of Abadeen.&nbsp;

“From the outset, our vision was to create something truly special for Naremburn — homes that respect the character of the neighbourhood while elevating the standard of Lower North Shore living. With connectivity to transport, retail on the doorstep and a true village lifestyle, this milestone also comes at a perfect time when buyer confidence is returning to the market. I am incredibly proud of our team and of Decode for their dedication in helping us bring this vision to life.”

[smartcode_project:default project_id=114189 project_image_fid=272865]

The development is two-tiered, with two rooftops for residents. The taller building has an impressive rooftop pool, a rare inclusion in the new Sydney apartment market. The level, with panoramic views, also includes an entertaining terrace with barbecue facilities.

Local downsizers and young professionals are showing the strongest interest in the development, with recent improvements in the property market — supported by three rate cuts in 2025 — boosting borrowing power and buyer confidence.

Auction activity across Sydney surged by almost 30 per cent in recent weeks, with clearance rates above 70 per cent — signalling a renewed wave of buyer demand.

Northcote Collective will welcome buyers in 2026.

[smartcode_project_cta:default project_id=114189]

Abadeen tops out Northcote Collective in Naremburn

Sunshine Coast-based <a href="https://www.apartments.com.au/developers/devcon-property-group">Devcon Property Group</a> has acquired one of Maroochydore’s most prominent development sites for $12 million unlocking the potentialfor a mixed-use project in the Cotton Tree precinct.

&nbsp;

The 4,178 sqm site at 41–43 Aerodrome Road—well known locally as the former home to one of Australia’s last Sizzler restaurants—was sold via an off-market expressions of interest campaign by Colliers agents Nick Dowling and Baydn Dodds. More than 70 targeted buyer groups were approached, resulting in multiple competitive offers for the property.

Devcon Property Group Managing Director Michael Kain said the acquisition was a strategic move in line with the company’s focus on delivering high-quality projects in prime coastal locations.&nbsp;

“We’re excited about the possibilities this site, in one of the Sunshine Coast’s most iconic beachside &nbsp;communities, offers for a broad range of development outcomes,” Kain said.

“Its location, ocean view potential, and proximity to the Maroochydore CBD and beach make it an &nbsp;outstanding development prospect. Our plans are to refurbish the existing building and then review &nbsp;development options for the remainder of the site.”&nbsp;

<img alt="Aerodrome Rd site overlooking Beach (Large)" data-entity-type="file" data-entity-uuid="a29dc4ed-68c1-4bec-a4fc-283063dcde1e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Aerodrome%20Rd%20site%20overlooking%20Beach%20%28Large%29.jpg?VersionId=b0WxJWevmLoAfCP4YvGImZpR3rSCJJ9L" />

Colliers Special Projects Manager Baydn Dodds said the sale reflected the ongoing strength of the &nbsp;Sunshine Coast’s development site market, particularly for projects capable of achieving water views. &nbsp;

“Sites of this scale, in walkable beachside locations with ocean views, are tightly held and continue to attract significant interest from both local and national developers,” Baydn Dodds said. &nbsp;

“Holding a prominent position as the former home to one of Australia’s last Sizzler restaurants and more recently occupied by Rashays, the prime site is located just 150 metres from Maroochydore Beach.&nbsp;

“With stunning ocean view potential, located in one of the Sunshine Coast’s best known iconic &nbsp;beachside communities, within steps of shops, cafes and the beach it is no surprise that there was strong interest in the site. The transaction highlights the ongoing depth of demand for well-located &nbsp;mixed-use sites across the Sunshine Coast.”&nbsp;

Colliers Sunshine Coast Managing Director Nick Dowling said the transaction reinforced the &nbsp;Sunshine Coast’s status as one of Australia’s most active development markets.&nbsp;

“The combination of strong population growth, lifestyle appeal, and infrastructure investment is &nbsp;driving demand for quality development opportunities,” Nick Dowling said. &nbsp;

“The Sunshine Coast is one of only three markets nationally to record an increase in crane numbers, &nbsp;reflecting the strength of the region’s construction pipeline.&nbsp;

“Opportunities like this are rare and continue to generate strong buyer interest in the region.”&nbsp;

The Sunshine Coast development market is booming, with several high-profile developers like Cube Developments, Gardner Vaughan Group, and RCQ, planning developments in the region.

Devcon buys Sunshine Coast’s former Sizzler site for new apartment development

Property Auctions

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There are 1,392 homes scheduled for auction across the combined capital cities this week, increasing on the 1,176 auctions last week and higher than the 1,124 last year, according to CoreLogic data.
Sydney and Melbourne were both expected to see a rise in the number of homes auctioned this week, however given Melbourne’s restrictions, a large portion of these are likely to be withdrawn, as we’ve seen over the past few weeks.
This is a familiar scene from the first lockdown as homes were pulled from auctions heavily during that period.
In Sydney, 642 auctions are scheduled across the city, a 25% rise on last week’s volumes (515) and also higher than scheduled volumes from one year ago (394).
There are 558 Melbourne homes scheduled for auction this week, an expected rise of 11.6% on last week’s volumes (500), which saw a large number withdrawn (209); a trend that is likely to persist through the lockdown period.
Across the smaller cities, scheduled volumes are set to be higher across all cities but Perth.
<img src="https://www.urban.com.au/images/2020/7/23/CL%20JULY%2019.JPG" alt="">
Despite the negative speculation surrounding the property market, the Ray White Group is set for another strong weekend of auctions.
A return to online auctions in Victoria has done little to stem buyer confidence and the number of registered bidders for New South Wales properties remain near record highs.
Australasia’s biggest auction house has 240 auctions scheduled to take place this Saturday, a 72 per cent increase in the number of auctions at the same time last year.
One highlight is in Pymble where Ray White Upper North Shore Sales Agents Rowan Lazar and Graeme Schultz are taking the five-bedroom family home at 12 Lawley Crescent (pictured in title) to auction with a $2,250,000-$2,500,000 price guide.
“We’ve had more than 70 parties through the open homes during the campaign and we’ve issued 17 contracts so far – we’re expecting this one to be a great auction,” Mr Lazar said.
<img src="https://f.datasrvr.com/f1/620/64889/5_Hume_Street,_Kellyville_Ridge,_NSW.JPG" width="640" data-imagetype="External">
Over in Kellyville Ridge, Ray White Castle Hill Sales Executives Sara Perry and Karl Anthony are expecting big things for the modern and stylish property at 5 Hume Street (above).
“We’ve had 58 groups through and the property has particularly appealed to a wide-ranging demographic – namely families, downsizers and first-home buyers,” Ms Perry said.
“The vendors have bought a block of land in Box Hill to build their dream home and they’re motivated to sell – we’re expecting 4-6 registered bidders on the day.
The property goes under the hammer onsite at 12pm with Ray White Auctioneer James Kerley.
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j.ballantyne1990-6AQqhLzZaK

Sydney set to be the busiest auction market again due to Melbourne lockdown

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EXPERT OBSERVATION 
Weekly auction results are by far the most timely gauge of conditions across Australia’s housing markets.
For observers of the Sydney and Melbourne markets, a Sunday isn’t complete without checking the weekend clearance rate. That said, to get the right take from these figures it’s increasingly important to apply a few adjustments first. This note gives some quick tips on how to do this and how to judge whether a result really is strong, weak or indifferent.
In interpreting weekly clearance rates, there are two main effects we need to adjust for – ‘early result’ bias and seasonality – and a third aspect that, once incorporated, gives a clearer guide to price conditions. 
Early results skew high 
Unsurprisingly, successful auctions tend to get reported earlier. Patterns depend according to data provider but for CoreLogic, preliminary results are published on the Sunday then a final estimate on the following Thursday. The difference in terms of clearance rates is on average 3pts for Sydney and 1pt for Melbourne. However, the weaker market over the last 18 months has seen more slippage than usual, averaging closer to 5.5pts for Sydney and 1.5pts for Melbourne.
<ul>
<li>So, step one, for preliminary clearance rates, deduct 5.5pts for Sydney and 1.5pts for Melbourne.</li>
</ul>
<img src="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/image/Housing_Pulse/Housing_Pulse_Bites/2019-02/Auctions-2.jpg" alt="">
Seasonality positive heading into Autumn and Spring, negative around Christmas
The time of year also matters. Buyers and sellers come and go from the market at slightly different times, producing a regular ebb and flow to clearance rates as the balance of power shifts. For March this effect is worth about 2pts in Sydney, slightly more in Melbourne. Seasonality diminishes gradually heading into Winter, re-emerges in Spring and then turns sharply negative as buyers disappear over the Summer holiday period.
<ul>
<li>So, step two, take another 2pts off for seasonality (tweaking this as the year progresses). </li>
</ul>
Pre-auction withdrawals an important clue to size of price declines
One of the appeals of tracking auction clearance rates has been the relatively tight relationship with price growth. Generally speaking, clearance rates above 65% were typically associated with solid gains, and over 75% with outright strength, while rates below the 50-55% range were associated with price declines. 
That broad relationship still holds. However, clearance rates do not seem to be capturing the full extent of price weakness during the current correction. The lows seen late last year, in the 45-50% range, are comparable to those in 2011-12 and previous cycles, yet the pace of price declines has been somewhat faster. 
<img src="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/image/Housing_Pulse/Housing_Pulse_Bites/2019-02/Auctions-1.jpg" alt=""> 
Another aspect of the auction results – pre-auction withdrawals – may shed more light on this and provide a way of refining the measure to give a better gauge of price conditions. Historically, around one in eight properties heading to auction in Sydney has been withdrawn prior, with a much lower share – one in thirty – in Melbourne. Both have risen materially over the last year, and much more sharply than during previous downturns. In Sydney, it has been more than one in five and in Melbourne it has been about one in every fifteen.
Pre-auction withdrawals are part of the ‘uncleared’ portion of the clearance rate. However, they are likely a good indicator of a more stressed market. Whereas a passed in result may be due to bidders not taking the price above reserve, a withdrawal points to sellers assessing that there will be insufficient bidders to even justify an auction.
<img src="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/image/Housing_Pulse/Housing_Pulse_Bites/2019-02/Auctions-3.jpg" alt="">
How do we allow for us in our quick assessments? One relatively simple way is to calculate the ‘withdrawal rate’ – the proportion of auctions being withdrawn – and adjust the clearance rate by how this is varying to long run averages. For Sydney that adjustment is the clearance rate plus 14pts minus the withdrawal rate. For Melbourne, it is the clearance rate plus 3pts minus the withdrawal rate (the 14 and 3 in these calculations reflect the long run average withdrawal rate in each market).
<ul>
<li>So, step three, adjust both for the withdrawal rate gap to average</li>
</ul>
Conclusion
In summary, three relatively simple tweaks to the Sunday auction clearance rate give us a clearer idea of how they stack up:
<ol>
<li>A mark down for early result bias: currently –5.5pts for Sydney, –1.5pts for Melbourne; 
</li>
<li>An adjustment for seasonality: currently –2pts for both markets; 
</li>
<li>Incorporating pre-auction withdrawals: deducting the ‘withdrawal rate’ gap, the difference between the withdrawal rate and long run averages – for Sydney this is currently –8pts (22% withdrawal rate vs long run average of 14%); for Melbourne it  is –3.5pts (6.5% vs 3%). </li>
</ol>
The resulting ‘adjusted’ clearance rate can be compared against the usual benchmarks (&gt;65% associated with solid price gains, &lt;50-55% associated with price corrections) but gives a better idea of the extent of weakness. 
By way of example, Sydney’s preliminary clearance rate in the last week of February was 58.6% – knocking 5.5pts off for early result bias, 2pts of for seasonality, and a further 0.5pt for the withdrawal gap (14.5% vs avg 14%) gives an adjusted estimate of 50.6%, still a soft result but somewhat improved on the very weak reads late last year. The same adjustment for Melbourne takes a preliminary 53.1% clearance rate down to 50.1%. 
Interestingly, in both cases the main shift in early 2019 looks to be coming from a reduced rate of withdrawals rather than a lift in clearances. That may be an early sign that the pace of price declines is moderating. However, both shifts will need to be sustained and extended before auction market results are consistent with price stabilisation. 
Matthew Hassan<a href="https://westpaciq.westpac.com.au/Article/37494/14186/" target="_blank"></a> is Senior Economist at Westpac.
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Matthew_Hassan-HHWHptmrw4

Matthew Hassan's ‘how to’ guide to reading auction clearance results

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Financial Review Rich List member Geoff Harris has invested a further $1.8 million in online live auction app Gavl, which is developing technology it believes will lead to real-time bidding at auctions.
Australian-owned, Gavl has the fastest live streaming technology in the world.
Harris first invested in Gavl late last year, run by former Hawthorn AFL footballer Joel Smith. The pair met when Harris was a Hawthorn director between 2004 and 2013.
Gavl secured a $2.5 million investment in June 2016 from Harris Capital, which enabled Gavl to live stream its first auction and release its Apple iOS and Android apps.
The current Gavl app allows property buyers and browsers to search a map, select a property that is using the technology and then view its auction either live or later. 
At the auction itself, a tripod is set up with a smartphone to relay the proceedings via the app online.
Gavl is now developing technology that it claims will eventually add digital contract signing, deposit transfer facilitation between buyer and seller via the agent and 360-degree camera and Artificial Intelligence integration.
"We are currently piloting technology that allows a consumer to not only watch, but bid and ultimately buy at auction, and complete the transaction without having to be physically on site," Mr Smith told The Australian Financial Review.
He hopes to have the technology ready next year.
It has the only app dedicated to the real estate industry with a patent-pending technology that can broadcast live events with a one-second latency – this includes Facebook Live, which is commonly used by the industry. 
Joel says when they first tested Facebook Live for auction live streaming, "we were measuring a 5-20 second latency."
"In an auction environment, this delay could be the difference between a property selling for $950,000 and $1.1 million.
"We spent 15 months developing the technology to live stream with a one-second latency as well as address another challenge for agents: network reliability with live streaming, and this technology is key for us in launching live auction bidding.” 
Gavl claims that its technology has now been used by 200 Australian real estate agencies to broadcast 3500 auctions.
The $1.8 million is being invested via the Harris Capital investment office, managed by Mr Harris's son, entrepreneur and philanthropist Brad Harris. 
Mr Harris is still a major shareholder in Flight Centre.
Joel Smith founded Gavl with Leith Donaldson and Michael Artup, launched with a $300,000 bootstrap from Joel and his father-in-law.
 
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Geoff Harris has invested a further $1.8 million in online live auction app Gavl

<html><body>
There are slightly fewer auctions scheduled to take place across the combined capital cities this week, with 2,986 currently being tracked according to CoreLogic’s latest weekly market report.
The property advisory firm says that in both Sydney and Melbourne, the two major auction markets, auction activity will be down week-on-week, with 1,351 Melbourne auctions scheduled and 1,111 homes set to be taken to auction across Sydney.
Overall activity also remains lower than what was seen over the corresponding week last year.
Outside of Sydney and Melbourne, each of the remaining capital cities is set to see a higher number of auctions this week compared to last week.
The exception was Perth, where auction activity is set to remain steady.
<a href="/images/2016/12/01/Weekly%20clearance%20rate.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/12/01/Weekly%20clearance%20rate.jpg" alt="">
Capital city auctions this week:
• Sydney: 1,111
• Melbourne: 1,351
• Brisbane: 188
• Adelaide: 156
• Perth: 59
• Canberra: 110
St Kilda in Melbourne is the busiest individual suburb for auctions across the nation this week, with 22 residential homes set to go under the hammer.
Reservoir (20), Mount Waverley (19), Craigburn and Glen Waverley (both 17) all of which are in Victoria will also have high numbers of auctions this week.
<a href="/images/2016/12/01/Capital%20city%20auction%20statistics.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/12/01/Capital%20city%20auction%20statistics.jpg" alt="">
The number of auctions increased last week, recording the second busiest week this year, with 3,398 auctions held across the capitals, up from 2,987 the previous week.
The Capital city auction clearance rate remained strong last week despite the increase in auction numbers, final results show 73.0 per cent of auctions were successful.
Last week, Melbourne’s clearance rate was 76.1 per cent, down from 79.4 per cent the previous week.
While for Sydney, final results show that the clearance rate for the city fell to 77.1 per cent from 79.6 per cent the previous week.
Despite that, there were a number of sub-regions where clearance rates came in above the 80 per cent mark.
Across the smaller auction markets, performance was mixed last week, with clearance rates falling in Brisbane, Adelaide and Perth, but improving in Canberra.
The Hunter region was the busiest non-capital city region last week, with 60 auctions, however Geelong recorded the strongest clearance rate at 76.9 per cent.
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Sydney and Melbourne aucton market declines compared to last week: CoreLogic

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It has been another strong week for auction results, with a preliminary auction clearance rate of 77.9 percent, according to CoreLogic's latest monthly report.
There were 2,405 auctions held across the combined capital cities. Auction volumes still remain below levels of last year. The clearance rate has remained above 70 percent since the last week in July.
Last week, the final auction clearance rate was recorded at 76.4 percent with 2,290 residential properties taken to auction.
<a href="/images/2016/10/18/Captal%20city%20auctions.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/18/Captal%20city%20auctions.jpg" alt="">
At the same time last year, auction volumes were higher, with 2,858 capital city auctions held, 67.4 percent were successful.
Sydney’s clearance rate continues to be nation leading, however the number of auctions held is still lower that at the same time last year.
<a href="/images/2016/10/17/Brisbane%20%20Adelaide%20weekly%20clearance%20rate.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/17/Brisbane%20%20Adelaide%20weekly%20clearance%20rate.jpg" width="300">
Adelaide's weekly auction clearance rate has improved compared to last year's. Last year the weekly average for clearance rate was around 55 percent, this year it rose by 10 percent.
Brisbane has seen slight improvement on weekly auction clearance rate compared to last year's. Last year the weekly average was 42 percent while this year it rose to 48 percent.
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