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

Joel Robinson

Spacious Group completes Voyage Altona in Altona's beachside precinct

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

Homecorp approved for Budds Beach apartment tower, Lýon Residences

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

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

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

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

Iwan Sunito's vision for a landmark mixed-use precinct in Sydney's Inner West has taken a major step forward, with approval granted for the $1.9 billion Five Dock development first unveiled earlier this year.

The approved scheme by <a href="https://www.apartments.com.au/developers/one-global-capital">One Global Capital</a> will deliver an 80,500 sqm mixed-use precinct comprising 840 apartments, integrated hotel accommodation, commercial and retail space, alongside publicly accessible open space designed to create a new destination for the growing suburb.

"This is a significant milestone for One Global Capital and for the future of housing delivery in Sydney," Sunito said.

"The Housing Delivery Authority was established to identify major housing projects capable of delivering meaningful supply more efficiently, and we are delighted that Spencer Street has been recognised as one of those projects.”

He said the declaration reflected the rapid progress achieved since acquiring control of the site.

"In less than seven months we have progressed from taking control of the site to securing entry into one of the NSW Government's most important planning pathways. It reflects the experience of our team, the strength of our consultant group led by Urbis, and our long-term commitment to delivering transformational projects that contribute to Sydney's future."

When the project was revealed earlier this year, Sunito described the opportunity as one of the strongest development sites he had worked on.

"I probably hadn't appreciated the uniqueness of the site until more recently when putting together the concept plans," Sunito said.

"The proximity to the water, and the golf course opposite, is unlike any other part of Parramatta Road. We have a unique position and view corridors over the water that makes this one of the best sites I've worked on."

The development has evolved since its initial announcement, with the approved plans increasing the residential component from the originally proposed 750 apartments to 840 homes while retaining the project's focus on creating an integrated neighbourhood rather than a standalone residential development.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/a-city-within-a-city-iwan-sunito-flags-1-5-billion-mixed-use-precinct-in-five-dock">"A city within a city": Iwan Sunito flags $1.5 billion mixed-use precinct in Five Dock</a>

The precinct will combine apartments with hotel accommodation, commercial workplaces, retail offerings and public spaces, creating a mixed-use environment intended to serve both residents and the broader Five Dock community. The proposal also continues the collaboration between One Global Capital and internationally recognised architect <a href="https://www.apartments.com.au/architects/koichi-takada-architects">Koichi Takada</a>, whose previous work with Sunito includes Infinity, Arc and Skye North Sydney.

Takada previously said the design was driven by a philosophy of integrating nature into the built environment.

"The concept for this development is born from our design approach to naturalising architecture," Takada said.

"The public realm benefits from biophilic design that integrates generous landscaping, and the development is optimised for natural daylight, airflow and water views to foster wellbeing, sustainability and spaces that foster community interaction."

Sunito has consistently described the project as a "city within a city", with a strong emphasis on creating a destination that extends beyond housing.

"We want to create a development that's not only to be seen, but to be experienced by the whole local community," he said.

The approval comes as Five Dock continues its transformation ahead of the opening of the Sydney Metro West line, with the new Five Dock station set to significantly improve connections between the Inner West, Parramatta and the Sydney CBD.&nbsp;

The precinct will also benefit from its proximity to the Parramatta Road corridor, nearby waterfront parklands and established retail and dining offerings that have made Five Dock one of Sydney's most tightly held Inner West suburbs.

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

Property News

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Australian Property Monitors (APM) has released a list of auction results in Sydney for Saturday, 31 October.
<a href="https://www.homepriceguide.com.au/saturday_auction_results/Sydney.pdf" target="_blank" rel="nofollow">Click here</a> for the auction results, and click on each street address to see the property's marketing.
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mick.cee-iDmgDDAmu8

APM's Sydney auction results for Saturday 31 October

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GUEST OBSERVER
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The repeal of the Valuers Act 2003 which will see the deregulation of the valuing industry in NSW is cause for concern.
Minister for Innovation and Better Regulation Victor Dominello last week introduced a bill to repeal 30 laws including the Valuers Act 2003 which will see the deregulation of the valuing industry in NSW and will remove government controlled licences. 
If the government does not participate in the controls and oversight of the profession then the potential for detriment exists. 
We find it alarming that the government is on a constant campaign of delicensing. 
REINSW sees a role for the professional bodies working co-corporately with government for the oversight of compliance with the regulatory environment and the maintenance of professional standards.
While industry must be involved in the process of regulation, it alone should not be solely responsible. 
 
Malcolm Gunning is president of the Real Estate Institute of New South Wales and can be contacted <a href="https://www.reinsw.com.au/imis15_prod/">here</a>.
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jchancellor-FAypfDUnLy

Deregulation of valuing industry a concern: REINSW

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Sydney and Melbourne property is the nation's best performing in the current residential cycle, according to QBE’s Australian Housing Outlook 2015-2018, who note the result is driven by investor purchasers, some 50% of the national market.
QBE LMI Chief Executive Officer Phil White said the report forecasts that Brisbane’s continuing affordability will see it attain the highest growth rate of all capital cities over the three-year period.
"And this will result in a median house price of $575,000 in 2018, which will be 12% above the median house price of $511,300 in June this year,” he said.
<a href="/images/2015/10/29/Screen%20Shot%202015-10-29%20at%2011.08.54%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/10/29/Screen%20Shot%202015-10-29%20at%2011.08.54%20AM.png" alt="">The report, produced with BIS Shrapnel, said the Perth market will weaken across both houses and units due to a rising stock surplus and the slowing state economy, with an expected 10% decline in the median house price in 2018 compared to the June 2015 level. 
It noted demand in some markets over the year will ease, with the exception of Sydney, Melbourne and Brisbane.
<a href="/images/2015/10/29/Screen%20Shot%202015-10-29%20at%2011.09.02%20AM.png" target="_blank"> Click to enlarge</a>
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jonathanchancellor-7SQnKwU6yx

House prices forecast to outperform units until 2018: QBE

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Rural property above $1 million is in high demand in Bathurst at the moment driven by locals, retirees and capital city professionals, according to Herron Todd White.
Herron Todd White's October Month in Review said owning a home in the million dollar price bracket is an aspirational goal for many locals.
"It is unlikely that the drivers of this market segment will filter through to the broader market where the median house price is about $300,000 to $350,000," it said.
"An example of a recent sale is 66 Henry Lane, Emu Swamp which has 28 hectares and a 4-bedroom dwelling. Don’t let the name fool you, there is no swamp and not a lot of emus. The property was previously purchased for $820,000 in 2011.
"The dwelling was extended and renovated in 2013 at a cost of $250,000. The property included many handy extras such as undercover cattle yards, a cattle crush, machinery shed, workshop and a wine cellar. In June this year, it sold for $1.25 million after only 86 days on the market."
 
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Locals, investors drive Bathurst $1 million home market: Herron Todd White

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The top sale of the week was a six bedroom, six bathroom trophy estate with tennis court and gas heated swimming pool at Pymble.
The 2790 sqm property, <a href="https://www.realestate.com.au/property-house-nsw-pymble-120807561" target="_blank">29a Bobbin Head Road</a> sold for $7,050,000 through Scott Farquhar and Terry Chang of mcconnellbourn Lindfield.
It was last traded for $4,125,000 in 2011
The grand, modern estate features landscaped gardens, a tennis court with an all-weather surface, pool, a wine cellar, a jungle gym and rainwater tanks.
The location is close to rail, shops, recreation parks and has easy access to quality schools, including the Pymble Ladies College. 
 
CoreLogic RP Data's top ten sales
29a Bobbin Head Road, Pymble, NSW, 6 bed, 6 bath, 6 car house $7,050,000, McConnell Bourn Lindfield 
12a St Thomas Street, Bronte, NSW, 4 bed, 4 bath, 1 car house $5,675,000, Phillips Pantzer Donnelley 
300 Beaconsfield Parade, Middle Park, Vic, 4 bed, 2 bath, 3 car house $5,200,000, Cayzer Real Estate Albert Park 
26 Thanet Street, Malvern, Vic, 4 bed, 3 bath, 2 car house $5,105,000, Marshall White Armadale  
3 Milner Street, Mosman, NSW 5bed,4bath,2 car house $4,715,000, McGrath Estate Agents 
9 Scotsburn Street, Hawthorn, Vic, 5 bed, 3 bath, 2 car house $4,510,000, Marshall White Armadale 
20 McGregor Street, Middle Park, Vic 4 bed, 4 bath, 2 car house $4,400,000 RT Edgar Albert Park 
32 Wentworth Street, Randwick, NSW, 5 bed, 4 bath, 2 car house $4,400,000, McGrath Estate Agents 
11 Craig Avenue, Vaucluse, NSW, 5 bed, 5 bath, 2 car house $4,150,000, Raine &amp; Horne, Double Bay 
57 Ardrie Road, Malvern East, Vic 5 bed, 5 bath, 3 car house $3,960,000, Jellis Craig Armadale 
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Pymble trophy leads CoreLogic RP Data top ten sales

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The Ray White Group has been named as Australia’s inaugural winner of the Family Business Award at the 2015 EY Entrepreneur Of The Year Awards.
The EY award IS handed out in over 20 countries to recognise family businesses that have successfully managed to grow and transition the business through multiple generations.
The award, introduced this year to Australia, went to Brian White, joint chairman representing the Ray White Group.
EY gathered information on all the large family businesses in Australia which are in the third or later generation of ownership.
“The wonderful thing about this award is the recognition that across Australia, what we have done over four generations has been something worthy of acknowledgment,” said Brian White.
“This award has been in existence in Europe for some years, where family businesses have been in operation for generations.”
Tony Johnson, EY Oceania managing partner and CEO said family businesses face unique challenges.
“The White family has navigated these challenges with great success for three generations.
"Ray White Group is a testament to the economic and social value that entrepreneurial families contribute,” he said.
“EY’s recognition that we have really attempted to preserve family values through succeeding across generations is fantastic for our company,” said Brian White.
“Our company is a collection of families, and together we represent family values ­ which is was critical in the assessment of the inaugural winner.”
“It is a thrill to hear stories from people joining our company that one of the reasons they chose to join Ray White is the fact that we are a strong family owned and led company.
The award has seen winners from some of the world’s biggest companies including Bibby Line Group, LEGO, Faber­Castell, Sattler and Messer Group. 
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Ray White family awarded EY recognition

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One of Richmond’s largest residential properties, Araluen, at 207 Lennox Street, has been sold for $5.13 million.
Araluen last sold in 1958 when bought by the Ballerini family. <a href="https://www.realestateview.com.au/Real-Estate/207-lennox-street-richmond/Property-Details-sold-residential-8634864">The five bedroom 1856 home</a> had been listed through Abercromby's agents Jock Langley and Hugh Hardy. 
It is one of Richmond’s earliest homes sitting on a substantial 1478 square metres on the corner of Goodwood Street, about a kilometre from the CBD.
Title Tattle gleans it has been bought by Scott and Julia McKay, descendants of the industrialist inventor of the Sunshine Harvester.
The comedic radio broadcaster Hamish Blake and wife Zoe Foster Blake, the author wife, had held the previous record $4.25 million in Richmond for a home (below) featured on <a href="https://www.propertyobserver.com.au/https://www.completehome.com.au/articles/grand-designs-australia-richmond-inner-city-house/36365">Grand Designs Australia in 2013</a>. 
The three-bedroom, four-bathroom Richmond house was designed by neilarchitecture for Darren and Ruth Rogers.
<img class="js-first-image" src="https://b.domainstatic.com.au/w800-h534-8733637_1_pi_150319_100547" alt="79a rowena parade richmond VIC 3121" style="line-height: 1.3em;">
They built the home on a block bought in 2009 for $920,000 with the works cost estimated at $3.3 million.
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Richmond's 1856 Araluen harvests $5.1 million record price

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The Fleming grocery family matriarch, Lois Fleming has emerged as the $2.75 million buyer of the snappily sold Rockwall Gardens, Potts Point apartment sold by the professional renovators, Warren Sonin and and Gavin Atkins.
The renovation duo known as Gav and Waz after their 2003 Block Bondi renovation debut had paid $2.25 million for the garden apartment with two bedrooms, two bathrooms and a car space. There were still trademark Deece Giles interiors since the boys bought from the renown Sydney architect for $2.25 million early last year.
Now surrounded by greenery, the total floor space, inside and out, is 180 square metres. It comes with outdoor fireplace by Rolling Stone Landscapes, gold medal winners at the prestigious Chelsea Flower Show.
Fleming recently sold her Darling Point apartment for $8.5 million through Raine &amp; Horne agents Max Spartalis and Aaron Fleming, her grandson.
She was married to Jim "The Grocer" Fleming from 1955 to 1982 with the racing industry couple having three sons, Lee, Dean and Paul. 
As a model Lois Wherrett was best known for her quintessential 1954 Max Dupain photograph with Hugin sewing machine in a Sydney street.
Her Ken Woolley-designed The Point Villas apartment was bought new in 2002 for $5,375,000 from developers Bill Shipton and Mark Bouris. 
Gav and Waz were the underbidders this week when the Point Piper-bound Sotheby’s Australia chairman Geoffrey Smith and his partner Gary Singer auctioned their Ashleigh, Elizabeth Bay apartment, pictured above.
<a href="https://sydneysothebysrealty.com/5309543/15-104-Elizabeth-Bay-Road-Elizabeth-Bay" target="_blank">The three bedroom 118 internal sqm apartment</a>, bought for $1.75 million in 2009, fetched $2.2 million through Harriet France at Sydney Sotheby’s.
I'd suggest their artwork - two very good Sidney Nolans, including one from the Burke and Wills series, along with the Albert Tuckers, and the Akia Makagawa and Robert Klippel sculptures - could fetch as much again were they to be sold, but they are staying and upsizing in Sydney.
This article was first published in the Saturday Daily Telegraph.
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Gav and Waz renting after sale to Fleming family

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Members commenced their discussion of the global economy by noting that growth in output had continued at around the average pace of recent years.
Members noted that growth in global trade was subdued, although it had picked up a little recently. They discussed the implications of the general slowdown in trade and industrial production growth, notably in Asia, including for commodity prices. In particular, iron ore prices had declined slightly over September but remained higher than earlier in the year, while oil prices had edged higher from their recent lows. Globally, core inflation had generally remained low and at rates below the targets of most central banks.
In China, indicators of activity for July and August had suggested further moderation in growth. Members noted that growth in fixed asset investment and industrial production had eased over 2015. This had been particularly noticeable in the north-eastern provinces of China where activity was more concentrated in heavy industry and mining. The output of key industrial products, including steel, was lower than in late 2014, partly as a result of weak residential construction activity, even though both residential property prices and sales had been higher than earlier in the year. Members observed that the services sector in China had performed more strongly than the industrial sector in recent quarters.
Recent data on economic activity in Japan had been mixed. Real GDP had declined in the June quarter, while conditions in the labour market had remained tight and nominal wages had continued to increase modestly. Inflation remained low, although the Bank of Japan continued to forecast that it would reach the 2 per cent target by mid 2016. Elsewhere in east Asia, below-average growth appeared to have continued into the second half of 2015 and remained a source of concern for the strength of the global economy. A slowdown in industrial production growth in the region had become increasingly apparent over recent months and exports had declined in Korea, Singapore and Taiwan in August. In India, growth in the June quarter had been driven by robust domestic demand and inflation had remained relatively low in August.
In contrast to the situation in much of Asia, growth in the US economy had picked up to an above-average pace in mid 2015. Recent indicators pointed to further consumption-led strength in the September quarter. Labour market conditions had improved and the unemployment rate had edged lower in August to be close to most estimates of full employment.
In the euro area, timely indicators suggested that the gradual recovery in the economy had continued in the second half of 2015, supported by both external and domestic demand. Unemployment had drifted lower, although the unemployment rate remained high. Inflation remained subdued.
<h3>Domestic Economic Conditions</h3>
Members began their discussion of the domestic economy by reviewing the national accounts for the June quarter, which had been released the day after the previous meeting. They noted that, as expected, GDP had increased only slightly following the strong growth recorded in the March quarter. The weakness in the June quarter had reflected temporary, weather-related disruptions to resource exports as well as the ongoing decline in mining investment. Members noted that overall growth was expected to have strengthened in the September quarter, with indications of growth in resource exports and dwelling investment. Members also observed that employment growth had strengthened despite GDP growth over the year having been at the lower end of the forecast range of a year earlier.
Consumption growth had been relatively steady at a below-average pace for the past year, although this was stronger than in 2013. Household income was estimated to have increased by a little less than consumption over the past year, with a modest decline in the household saving ratio. Members noted that the strength of wealth effects on consumption behaviour would affect whether the saving ratio would continue to trend down over the next year or so. While the year-ended growth in retail sales had been little changed in recent months, surveys of households' perceptions of their personal financial situation compared with a year earlier remained above average.
Dwelling investment had increased strongly over the year to June, despite recording a decline in the June quarter. Building approvals had declined a little from their recent peak, but remained at levels that implied further growth in dwelling investment, albeit at a gradually declining rate. Loan approvals for construction of new dwellings had also fallen over the past year. Growth in housing prices in Sydney appeared to have eased slightly in recent months and auction clearance rates in Sydney and Melbourne had declined a little from their recent peaks. However, it was too early to be confident that these signs of slowing in housing price inflation would be sustained.
In relation to lending for housing, members noted that the data on the split of lending to owner-occupiers and investors were of questionable quality at present. The available data suggested that there had been a modest decline in the growth of credit extended to investors in housing of late, which was consistent with the tightening in banks' lending standards in response to actions of the Australian Prudential Regulation Authority (APRA). With housing credit growth overall remaining steady over the past year, there had reportedly been a slight pick-up in the growth of housing credit to owner-occupiers.
Mining investment had continued to fall in the June quarter and now accounted for around 5 per cent of nominal GDP, down from a peak of around 8 per cent. Members noted that there had been a correspondingly significant decline in capital imports. In addition, profits of mining firms had fallen sharply over the past year, in line with lower commodity prices. Mining investment was expected to continue to fall over the next couple of years as the current pipeline of work was completed, but resource export volumes, particularly for liquefied natural gas, were expected to increase substantially over the same period.
Non-mining investment was estimated to have picked up a little in the June quarter and had risen modestly over the past year. Over the same period, profits of non-mining companies had kept pace with nominal GDP. Survey measures of business conditions had increased to be further above their long-run averages, notably in the household and business services sectors. Conditions in the goods production and distribution sectors, though weaker than in some other sectors, had also shown improvement of late. Members noted that the depreciation of the exchange rate had led to an increase in exports of services, including tourism, as well as a noticeable decline in imports of services.
Employment growth had strengthened to be 2 per cent over the year to August and the participation rate had increased. The unemployment rate had remained in its 6–6¼ per cent range over recent months. Forward-looking indicators had generally been consistent with the unemployment rate being around its current level or possibly slightly lower in the months ahead. Measures of earnings and productivity growth from the national accounts had remained soft in the June quarter, with negligible growth in either measure over the past year. Overall, unit labour costs had been little changed for around four years, which members saw as helping to explain the stronger-than-expected growth in employment.
Members noted that the improvement in labour demand had been concentrated in the household and business service sectors of the economy. This was consistent with the data on business conditions and output growth by industry. In contrast, employment in goods-related sectors had been little changed for some time. Members discussed the differences in the nature of the investment and employment required in the services sector relative to goods-related industries.
<h3>Financial Markets</h3>
The discussion of financial markets commenced with the observation that the two major drivers of markets over the past month continued to be concerns about Chinese growth, and the implications for the global economy, as well as the timing of the first increase in the federal funds rate in the United States.
While the Federal Open Market Committee (FOMC) left monetary policy unchanged at its September meeting, citing concerns about global growth, a majority of FOMC members had indicated nonetheless that they still expect to start raising the federal funds rate before the end of this year. Market expectations immediately prior to the FOMC meeting implied a one-in-three chance of a rate rise occurring at the September meeting and a very high probability of a rate rise by the end of the year. Following the meeting, however, market expectations changed significantly, with an increase in the federal funds rate by the end of this year given only a 50 per cent chance of occurring and markets not fully pricing in a rate rise until April next year at the earliest. Members noted that some market participants did not expect an increase in the policy rate for the foreseeable future.
Bond yields in the major markets had declined in net terms over September. In the United States and Germany, 10-year government bond yields had risen in the first half of the month, mainly in response to some better-than-expected US economic data, before declining following the Fed's decision to leave the federal funds rate unchanged. Yields on Australian Government Securities had moved broadly in line with global yields over the past month.
The changed exchange rate arrangements in China in August had initially led to a depreciation of the renminbi, but the exchange rate had appreciated slightly over the course of September. Members noted that there had been a significant decline in Chinese foreign currency reserves since mid 2014, with apparent sizeable sales or non-reinvestment of maturities of US bonds. Following the depreciation of the renminbi in August, sales of reserves were likely to have continued in response to net private capital outflows. A significant share of private capital outflows over the past year appeared to have been in the form of increased foreign currency bank deposits. The Chinese authorities had announced that existing restrictions on private capital outflows would be more rigorously enforced.
Financial market conditions in a number of emerging market economies had deteriorated further in recent months, reflecting lower commodity prices and country-specific risks, especially for Brazil, Russia and Turkey, where yields on local currency denominated sovereign bonds had increased noticeably. In contrast, developments in some other emerging markets, notably India and Mexico, continued to be relatively benign. Corporate bond issuance in emerging markets in aggregate had fallen sharply in the September quarter. This had been accompanied with significant outflows from both emerging market bond and equity investment funds since the middle of the year. The currencies of some emerging market economies had depreciated further over the past month and some Asian currencies were back to the lows recorded around the time of the financial crisis in the late 1990s.
The US dollar was unchanged on a trade-weighted basis over the past month, while the exchange rates of most other advanced economies had been little changed. The Australian dollar had depreciated marginally to be around its recent lows against the US dollar and on a trade-weighted basis.
Equity prices had fluctuated around the lower levels reached in late August in many advanced economies as well as in China, with some large daily movements in both directions. News of the Volkswagen emissions scandal in late September adversely affected European equities, while equity prices in emerging markets had partly recovered from their falls in late August, although they remained lower than at the start of the year. Australian equity prices continued to decline in September, led by the resources sector.
Financial market pricing indicated an expectation that the cash rate would remain unchanged at this meeting.
<h3>Financial Stability</h3>
Members were briefed on the Bank's half-yearly assessment of the financial system.
Global financial stability risks had been shifting from advanced country banking systems to China and other emerging market economies. Partly in reaction to this, financial market volatility had picked up following a lengthy period of low volatility and compressed risk premia. Members noted the possibility of a sharp repricing in markets where investors for years had been ‘searching for yield’.
Members noted that domestic sources of risk to financial stability in Australia continued to revolve mainly around developments in local property markets. In the context of recent developments in the housing market and household credit, members discussed the findings from the enhanced scrutiny of housing lending practices undertaken by APRA and the Australian Securities and Investments Commission since the end of 2014. This scrutiny and related work had shown that investor activity was considerably higher – and lending standards in some parts of the market weaker – than had originally been thought.
Members further observed that the risks in commercial property and the property development sector were rising. Building approvals for new apartments remained very strong over 2015, even though rental markets appeared soft in some areas. The divergence between commercial property valuations and rents had widened further, with strong domestic and foreign investor interest for new and existing office buildings in particular, even though vacancy rates were quite high. At the same time, falling commodity prices were weighing on the profitability of many resource-related companies. The rest of the business sector seemed to be in relatively good shape, in contrast, with both gearing and failure rates at relatively low levels.
Members were also briefed on the risks in the New Zealand housing market and dairy sector, given the sizeable exposures of Australian banks through their New Zealand subsidiaries.
While Australian banks continued to perform well, they were taking steps to enhance their resilience. Banks' asset performance continued to improve, profitability remained high, and the large banks had raised substantial amounts of capital in advance of forthcoming prudential requirements. Most banks had strengthened the serviceability metrics used in their mortgage lending and taken steps to slow the pace of growth in investor lending towards the prudential regulator's expectations. Banks were also reportedly becoming increasingly wary of lending to property developers in markets that were thought to be at risk of becoming oversupplied. Nonetheless, competition among lenders had intensified in the owner-occupied segment of the housing market and had continued to do so in parts of the business lending market. Members observed that a key challenge would be to ensure that lending standards at both Australian and foreign-owned banks did not weaken from this point.
<h3>Considerations for Monetary Policy</h3>
Members noted that recent data continued to raise concerns about the outlook for economic growth in China in particular and east Asia more generally, while economic activity in the United States and euro area continued to recover. Below-average growth in the Asian region had been most evident in weak growth in industrial production, which had been mirrored in lower export volumes. While global commodity prices had fallen over the past year, they had been little changed over recent months. Global financial conditions remained very accommodative and low oil prices were expected to continue to provide a measure of support to growth in Australia's major trading partners.
Domestically, the moderate expansion of the economy had continued, although GDP growth in the June quarter was low, in line with expectations, reflecting what appeared to be temporary weakness in resource exports as well as further falls in mining investment. GDP growth had been below average over the past year, but there had been further evidence of rebalancing from the resources sector towards non-mining activity. This rebalancing was being increasingly supported by the depreciation of the Australian dollar, which had led to a noticeable increase in net service exports over the past year.
Members noted that reductions in the cash rate earlier in the year continued to provide support to aggregate demand, particularly dwelling investment and household consumption. Members also noted that conditions in the labour market had strengthened further over recent months and were somewhat better than had been expected earlier in the year. Nevertheless, spare capacity remained in the economy, domestic cost pressures were very low and inflation was expected to remain consistent with the target over the next one to two years.
The key domestic sources of risk to financial stability, and stability of the Australian economy more broadly, revolved around developments in local property markets. Members noted that growth in lending for housing had been steady over recent months and that there were some signs of an easing in the strong rate of increase in dwelling prices in Sydney, in particular, although trends had been more varied in a number of other cities. At the same time, members judged that there were signs that the response of the banks to supervisory measures implemented by APRA were helping to manage risks in the housing market. Credit growth overall had been moderate.
Given these considerations, the Board judged that it was appropriate to leave the cash rate unchanged at this meeting. Information about economic and financial developments, both domestically and abroad, would continue to inform the Board's assessment of the outlook and whether the current stance of policy remained appropriate to foster sustainable growth and inflation consistent with the target.
<h3>The Decision</h3>
The Board decided to leave the cash rate unchanged at 2.0%.
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Minutes of the Monetary Policy meeting of the Reserve Bank Board

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McGrath Limited today announced the appointment of the entrepeneurial Daniel Petre as a non-executive director of the company.
Mr Petre is one of Australia’s leading internet entrepreneurs, the founder of AirTree Ventures, netus and ecorp, an author and philanthropist.
McGrath Limited chairman David Mackay said Mr Petre’s appointment brought to the company a wealth of knowledge and expertise in the technology and digital arena.
“We are fortunate that Daniel has agreed to join our Board at this very important stage of McGrath’s expansion,” said Mr Mackay, who was recently appointed chairman of McGrath Limited, replacing Wendy McCarthy who retired on June 30. 
Mackay — who commutes between Australia and the US where he sits on the boards of Fortune Brands Homes &amp; Security and coffee company Keurig Green Mountain — was chief executive of US giant Kellogg Company until 2011 and replaced the business executive and corporate coach Wendy McCarthy who chaired the real estate chain for 15 years.
Cass O'Connor is another board member with media expertise, having has spent over twenty years as corporate advisor, investor and analyst, mostly focusing on the communications, media and entertainment industries. Currently running her own corporate advisory and investment firm, she has been a director with Carnegie, Wylie &amp; Company (now Lazard Australia); executive director with Goldman Sachs Australia Limited; and was also a director of Turnbull &amp; Partners Limited.
“Daniel Petre is an outstanding business leader and his ability to understand the influence of technology, and leverage it to the benefit of our customers will be invaluable to us,” David Mackay said.
McGrath chief John McGrath said it was a "strong endorsement of the growth and potential of the company" that a technology leader of Mr Petre’s calibre had chosen to join its board.
“I’ve known Daniel for many years and respected his ability to bring clarity and new ideas to complex business challenges, and to see the potential and opportunity in new technologies”, said Mr McGrath.
Earlier this month McGrath Limited announced it reached agreement to acquire the largest franchise group within its 27 year old agency network.
The acquisition will result in <a href="/news/mcgrath-ltd-acquire-shane-smollens-10-sydney-franchise-offices">10 McGrath franchise offices</a> across Sydney’s mid to upper North Shore, North-West and Northern Beaches region, becoming McGrath Limited company owned offices.
McGrath Limited has been tipped as undertaking a public float this year.
McGrath appointed JP Morgan and Bell Potter as joint lead managers for the expected float.
Luminis Partners is advising McGrath.
Its annual residential sales turnover for FY15 was $12.3 billion from 11,760 sales with its newest offices opened in Bankstown, Frenchs Forest, Long Jetty, Revesby, Ryde, The Ponds (NSW), Annerley/Yeronga, Cairns, Noosa, Rockhampton and Wilston (QLD).
McGrath has expanded to 73 offices in the network.
Petre has been a leading player in Australia’s technology industry for more than 25 years and has held leadership positions in a number of technology businesses including nine years at Microsoft during which he worked closely with Bill Gates as Vice-President of the Work Group Division.
He has also been an active technology investor, co-founding AirTree Ventures, a $60 million Investment Fund established to invest in disruptive technology companies at the growth stage, as well as netus and ecorp, the digital investment company for PBL which brought ebay to Australia and founded ninemsn.
Mr Petre is the author of several books, including The Clever Country, dealing with the impact of the internet on Australia in 1996, and Father Time, on the role of fathers in their children’s development, published in 1998 by Jane Curry Publishing.
Together with his wife Carolyn he has donated more than $10 million to charitable causes and medical research through the Petre Foundation. 
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