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.

[smartcode_project_cta:default project_id=28384]

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

Residential Auctions

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A coastal Sydney residential apartment property at Dover Heights has been listed for auction.
Located at <a href="https://www.realestate.com.au/property-apartment-nsw-dover+heights-123963986" target="_blank">286 Military Road</a>, the 525 square metre property has two street frontages and houses nine blocks of apartments and five lock-up garages.
It has DA approval to create another two apartments from the two garages at street level.
It is marketed as a good investment for self-managed superannuation funds.
The block comprises of five one-bedroom apartments, three two-bedroom apartments and one three-bedroom apartment, as well as a residents’ laundry and garages.
The property features balconies and ocean views with each apartment having a large living area, gas kitchen, bathroom and good-sized bedrooms.
"Although the building is in good condition there is always the potential for refurbishment to obtain higher rental returns," agent Ric Serrao said.
The property is goes on auction on November 24 through Raine and Horne agents Ric Serrao and Patrick Cosgrove.
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j.ballantyne1990-6AQqhLzZaK

Coastal apartment block property at Dover Heights for auction

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The final weekend of October had the clearance rate remain high across all the capital cities, recording above 70 percent for the 14th consecutive week.
There were 2,246 auctions held across the capital cities, with a preliminary auction clearance rate of 77 percent, slightly down decrease over last week’s final clearance rate of 78 percent across 2,680 auctions. 
But it was much higher than the corresponding week last year when there was a 61 percent success rate.
Sydney has been the proven spring stayer this year with its auction clearance rate remaining above 80 percent.
Three weeks ago there were four capitals in the picture, but they all dropped off a little. 
Prices ranged across the country from $246,500 in Adelaide to $5.65 million in Sydney, with two strong challenges from prestige Brisbane offerings.
The result comes days before the key Melbourne Cup day interest rate decision by the Reserve Bank of Australia. 
"The strong clearance rate continues to be supported by exceptionally strong auction market conditions in Sydney where the preliminary clearance rate was recorded at 84.4 percent across almost 1,100 auctions, while the preliminary clearance rate in Melbourne (78.6 percent), Canberra (71.1 percent) and Adelaide (75 percent) also tracked above 70 percent," Kevin Brogan said.
Across Sydney, 1,096 homes were taken to auction this week with a preliminary clearance rate of 84.4 percent across 906 reported results.
Last week, the final clearance rate for the city was 82.6 percent, across 897 auctions.
One year ago, 1,391 Sydney homes were taken to auction and the clearance rate was 60 percent. 
Clearance rates ranged fror 94 percent on the Northern Beaches to 67 percent in Parramatta. 
The most expensive house sold was a newly built six bedroom Strathfield home (above). 
The sale at <a href="https://www.realestate.com.au/property-house-nsw-strathfield-123713270" target="_blank">115 Homebush Road</a> for $5.65 million was $300,000 over reserve through agents Joseph and Sam Georges of Georges Ellis &amp; Co. They said prices were up about 30 per cent in the last year.
The 1120 sq m building block had cost $1.7 million in 2014.
Sydney's Paddington had its own dilapidated terrace story too. 
The <a href="https://www.realestate.com.au/property-terrace-nsw-paddington-123733818" target="_blank">45 Iris Street offering</a> sold for $1.19 million - $190,000 more than it was purchased for just eight months ago.
The uninhabitable two bedroom terrace had three bidders with it sold to an investor who will implement the recently obtained development approval.
<img src="/images/2016/10/31/Screen%20Shot%202016-10-31%20at%209.29.45%20AM.png" alt="">
The terrace had been the home of the late artist Christina Coombes who had bought it in 1965 for £3200.
The distraction of the Spring Racing Carnival saw Melbourne listings down - and the preliminary clearance rate dipped from 80 percent to 78 per cent, though remaining well above the 65 percent clearance rate for the city one year ago.
Melbourne hosted around 629 auctions, lower than the 1,377 held last week and consistent with the same period last year.
The strongest performer was the North West region with a 91 percent of success rate. 
The top sale at Hawthorn was a 1000 sq m offering on the Lisson Grove estate which since the 1870s had been regarded as one Hawthorn's most fashionable avenues given the lovely Victorian homes set in large gardens.
Number 65 was one of four single storey villas built between 1884 and 1886 featuring a symmetrical façade with double bay windows.
"We have five young families bidding" Duane Wolowiec said.  
"There are strict heritage restoration conditions including the need to install slate roofing," he said.
Most buyers thought the restoration would cost at least $1.5 million, he added. Hawthorn's median house price currently sits at a record $1.85 million, according to CoreLogic.
There were 192 Brisbane homes taken to auction this week, with 114 results reported so far. The preliminary clearance rate for the city is 52 percent, up from 50 percent last week and also higher than one year ago, when 48 percent of the 188 properties taken to auction were successful.
Brisbane's top weekend result was $5.3 million in Paddington. 
<img src="/images/2016/10/31/Screen%20Shot%202016-10-31%20at%209.31.51%20AM.png" alt="">
The tri-level 2009-built contemporary home at <a href="https://www.realestate.com.au/property-house-qld-paddington-123651270" target="_blank">171 Fernberg Rd</a> (above) sold to a Toowong family.
There was also the $5.25 million sale of the former six decade long home of the late Sir John Pidgeon, a respected leader in the construction and property industry. 
The home at <a href="https://www.realestate.com.au/property-house-qld-holland+park-123667174" target="_blank">14 Otway St, Holland Park</a> (below) on 5275 sq m was purchased for $5.225 million by a local buyer. 
<img src="/images/2016/10/31/Screen%20Shot%202016-10-31%20at%209.32.52%20AM.png" alt="">
Sir John passed away in June.
The auction, through Dixon Family Estate Agents, attracted 36 registered buyers, according to the Courier Mail.
The living room fireplace is an authentic George III white marble inlaid chimney piece, the jamb centred with a relief of Diana and her Hound. 
Adelaide recorded a clearance rate of 75 percent across 166 auctions this week, up from 71 percent across 100 auctions last week. At the same time last year, 148 homes were taken to auction, with 57 percent recording a successful result.
Adelaide had the nation's cheapest sale at $246,500 in Elizabeth. 
<img src="/images/2016/10/31/Screen%20Shot%202016-10-31%20at%209.34.07%20AM.png" alt="">
The mid-1960s <a href="https://www.realestate.com.au/property-house-sa-elizabeth-123810514" target="_blank">three bedroom brick home</a> (above) had been listed with $210,000 hopes, having last sold for $92,500 in 2002.
Canberra’s preliminary auction clearance rate of 71 percent this week matched the 71 percent recorded last year. 
Perth and Hobart were the capitals with lower clearance rates than one year ago. 
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jchancellor-FAypfDUnLy

Sydney the proven spring auction stayer

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GUEST OBSERVER
There is significant local debate about how much the Australian housing market is cooling.
Various indicators are showing different trends. A prominent hedonic house price measure is showing stronger growth than the broad collection of housing price indicators. Auction clearance rates have also been high, suggesting price strength. 
At the same time, new housing loan approvals are below their 2015 peaks, housing credit growth has slowed and housing turnover has fallen. We see the collection of evidence supporting the idea that the housing market has cooled (and so does the RBA). This is welcome, after an extended period of strong housing price growth in Sydney and Melbourne.
Our central view has the RBA on hold from here. If the housing market proves to be more resilient than we expect, this would further bolster that view.
<a href="/images/2016/09/27/Screen%20Shot%202016-09-27%20at%207.54.17%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/09/27/Screen%20Shot%202016-09-27%20at%207.54.17%20AM.png" alt="">
Australia has a collection of housing price indicators. These indices take different approaches to dealing with the key measurement challenge, which is that there is significant variation in the sorts of houses that are sold month to month. For example, if a lot of large, well-located and expensive houses are sold in one month and smaller, less well-located, cheap houses are sold another, this can have a big effect on the raw median price measures.
In this case, housing price growth would appear to slow, but this would not be a true picture of the change in price of the overall housing stock. Instead, it would be a reflection of the compositional changes in what was being sold month to month.
The four main measures tracked in Australia that seek to control for these compositional effects are a hedonic measure (Corelogic), a stratified median measure (APM), a repeat-sales measure (Residex) and the official ABS measure, which also uses a stratification approach.
Hedonic measures control for compositional shifts in turnover by accounting for things like number of bedrooms, block size and location, amongst other characteristics. The stratified approach groups houses into ten different price level boxes and then averages the medians from each box to produce an overall measure. The repeat-sales method controls for quality by tracking the same houses through time.
<a href="/images/2016/09/27/Screen%20Shot%202016-09-27%20at%207.56.58%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/09/27/Screen%20Shot%202016-09-27%20at%207.56.58%20AM.png" alt="">
At the moment, the various measures are showing y-o-y growth in national housing prices of between 7 percent (Corelogic) and 3 percent (APM) (Charts 1 and 2). On a q-o-q basis, the gap is even larger, with the hedonic measures showing more strength recently. Keep in mind that the main debate is really only about whether the Sydney and Melbourne markets are cooling, as there has been little housing price growth in other cities in recent years (Chart 3).
The gap between the measures has led to some debate about which measure is closest to the truth. A challenge has been that the Corelogic measure, which is showing the strongest growth and has typically been the one most relied upon by the RBA in recent years, has recently had some methodological changes. As a result, the RBA has become less confident about the veracity of this measure, stating in its August official statement that 'strong increases reported by CoreLogic were overstated as a result of methodological changes'. 
<a href="/images/2016/09/27/Screen%20Shot%202016-09-27%20at%207.57.58%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/09/27/Screen%20Shot%202016-09-27%20at%207.57.58%20AM.png" alt="">
Digging a little deeper into the issue (to the extent that we can without the unit records), we find it interesting that the CoreLogic raw median, which does not adjust for compositional changes, has also shown much slower housing price growth in Sydney than the adjusted measure (Chart 4). The gap between the hedonic measure and the raw median is the largest it has ever been. The clear implication is that compositional shifts in turnover have been quite large recently.
One plausible explanation is that a greater amount of lower-priced housing has been turned over recently. This fits with the fact that a lot of newly built apartments have been coming to market and apartments tend to be lower-priced than detached houses. Apartment prices have also grown more slowly than detached dwelling prices more recently. Lower-priced detached houses are also the ones that are likely to see the biggest spill-over effect from the apartment supply boost, as they are typically a closer substitute to most apartments than higher-priced houses.
Another timely measure of housing market activity, auction clearance rates, has also been high in recent months (Chart 5). This may also be consistent with the gap in the housing price measures. Auctions are more prevalent for higher-priced homes and account for only 30% of housing sales in Melbourne, 20% in Sydney and far lower rates in the other capitals. Auction volumes have recently been lower than in recent years, suggesting fewer high-priced dwellings are being sold.
More sales of lower-priced dwellings would also be consistent with the fall in housing loan approvals and slowdown in housing credit growth, as access to credit is typically a more important factor for lower- priced housing (Chart 6). The tightening of lending standards since late 2014 has also applied most aggressively to loans to investors, which are more prevalent in the apartment market.
The bottom line is that the weight of evidence suggests that there has been some cooling in the housing market (for more details on why the market it is likely to have cooled, see: 'Downunder Digest: Australian housing is still set to cool', 21 June 2016). Compositional shifts in housing turnover are making it difficult to get a clear read on housing price growth, but, importantly, housing loan approvals and credit growth have slowed. For monetary policy, the slowdown in housing credit growth is particularly important. Housing price gains are far more worrisome when they are fuelled by credit. It is the leverage that matters most.
Our central case is that the RBA is unlikely to cut further, with this call grounded in our view that domestic inflation and wages growth is set to stabilise as the rebalancing act comes to its end (see 'Australia's low inflation: It's part of the rebalancing act', 13 July 2016). If housing price growth proves to be stronger than most of the measures show, or there is a re-acceleration of housing prices, loan approvals or credit growth, we see this as likely to bolster, rather than challenge, our case that the RBA is unlikely to cut further. 
<a href="https://www.about.hsbc.com.au/hsbc-in-australia/management-team" target="_blank">PAUL BLOXHAM</a> IS CHIEF ECONOMIST (AUSTRALIA AND NEW ZEALAND) FOR HSBC. 
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How much is the housing market cooling? HSBC's Paul Bloxham

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Sydney has a preliminary auction clearance rate of 80.0 percent across 604 reported results for the week ending September 11, according to CoreLogic.  
Across the Eastern region the preliminary clearance rate is 91.6 per cent, and the Central Coast sub-region at 58.3 percent.
<a href="/images/2016/09/12/Screen%20Shot%202016-09-12%20at%2011.40.20%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/09/12/Screen%20Shot%202016-09-12%20at%2011.40.20%20AM.png" alt="">
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jonathanchancellor-7SQnKwU6yx

Sydney's Central Coast at 58.3 percent clearance rate: CoreLogic

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Much of the weekend Melbourne action was bayside.
The top auction result was $6.5 million in Brighton when <a href="https://www.realestate.com.au/property-house-vic-brighton-123294222%20" target="_blank">204 Esplanade</a> (above) was sold as a likely development site.
The four bedroom brick 1980s house that last traded in the 1970s sits on 1234 sqm near the sea baths.
Agent Kyle Charlton was suggesting one of very few undeveloped home sites left on the ‍Esplanade would fetch $5 million to $5.5 million.
The weekend's cheapest result across the nation was also in Melbourne at $194,000 in St Kilda.
It was a 1960s studio apartment - just 25 sq m - that had previously traded at $123,000 in 2006.
<img src="/images/2016/09/12/700_st_kilda.jpg" alt="">
The <a href="https://www.realestate.com.au/property-apartment-vic-st+kilda-123377994" target="_blank">6/27 Waterloo Crescent</a> (above) studio has been a $270 a week rental.
There was also significant interest in the nearby 1880s home offering at <a href="https://www.realestate.com.au/property-house-vic-st+kilda-123371802" target="_blank">7 Robe Street, St Kilda</a> (below) which sold at $2.72 million through Marshall White’s Michael Paproth and Daniel McGuire who were expecting more than $2.2 million.
<img src="/images/2016/09/12/500_robe.jpg" alt="">
The renovated, double storey three-bedroom plus study home last sold at $1.925 million in 2009 when sold by two-time Olympic Gold medallist Nick Green who paid $1.15 million in 2002.
The injured Western Bulldogs young gun midfielder Mitch Wallis secured $1.07 million post-auction for his weekend Port Melbourne apartment offering.
Wallis’s two-bedroom apartment at 1<a href="https://www.realestate.com.au/property-apartment-vic-port+melbourne-123348630" target="_blank">33/95 Rouse St, Port Melbourne</a> (below) passed in to an investor at $1.06 million with RT Edgar agent Gerald Betts negotiating a sale soon afterwards.
<img src="/images/2016/09/12/600_melb.jpg" alt="">
The 23-year-old AFL footballer - who bought his HM@S apartment five years ago for $900,000 - and his partner, nurse Emily Clemmens have purchased a house in nearby Albert Park.
CoreLogic's national preliminary auction clearance rate sat at 76 percent across the combined capital cities.
Some 2,026 total auctions were held across the capital cities, higher than last week, when 1,899 auctions were held, but remaining lower than one year ago at 2,654.
The clearance rate was down slightly from last week’s clearance rate of 77 percent, which was the highest clearance rate recorded for the year to date.
At the same time last year the clearance rate was 71 percent and in noticeable decline.
In Melbourne, a preliminary auction clearance rate of 78 percent was recorded, slightly lower than last week.
There were 978 auctions held across the city, up from 830 but lower than the 1,189 auctions held one year ago.
Across Sydney, 720 homes were taken to auction - with 550 on Saturday - with a preliminary clearance rate of 80 percent. It mirrored the 80 percent across 747 auctions.
"One year ago, 1,075 Sydney homes were taken to auction and the clearance rate was 73.1 percent," CoreLogic's Kevin Brogan said.
Brisbane was host to 148 auctions this week and its 55 percent success rate was up from 52.2 percent last week and higher than one year ago, when 50 percent of the 179 properties taken to auction were successful.
Domain had Brisbane prices ranging from $255,000 at Beenleigh to $2.125 million at Windsor.
Sales included a restored 1894 colonial house in Indooroopilly (below) which fetched $1.6 million with 16 registered bidders keen to secure 19 Jackson Street.
<img src="/images/2016/09/12/600_indoo.jpg" alt="">
It sold prior to its renovation at $745,000 in 2004.
Adelaide recorded a clearance rate of 76 percent across 88 auctions this week.
Across Canberra a total of 60 auctions were held this week, compared to 77 last week and 79 at the same time last year.
Canberra prices ranged from $357,000 in Holt to $2.98 million in Forrest.
Canberra’s preliminary clearance rate of 78 percent well up from 65 percent at the same time last year.
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Bayside Melbourne full of weekend auction action

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The number of auctions scheduled across the capital cities is virtually unchanged over the week, with CoreLogic currently tracking 1,895 residential auctions, just four fewer than last week.
The difference in weekly activity is more prominent on a city-by-city basis, with the number of auctions scheduled in Melbourne rising this week, from 830 last week to 915 this week, compared to a fall in Sydney auction volumes, from 747 last week to 672 this week.
Outside of Sydney and Melbourne, auction activity will remain steady across Brisbane (137) and Perth (27), while more auctions are expected in Adelaide this week (84), however less across Canberra (56).
Capital city auctions this week:
<ul>
<li>Sydney: 672</li>
<li>Melbourne: 915</li>
<li>Brisbane: 137</li>
<li>Adelaide: 84</li>
<li>Perth: 27</li>
<li>Canberra: 56</li>
</ul>
This week there are three individual suburbs across Australia where more than 15 auctions will be held and each is located in Melbourne. The busiest suburb is Reservoir, with 17 auctions, followed by Glen Waverley and St Kilda, each with 16 homes scheduled for auction.
 <img src="/images/2016/09/09/Screen%20Shot%202016-09-09%20at%202.47.09%20PM.png" alt="">
Last week, CoreLogic collected a total of 1,723 auction results across the capital cities, with a final auction clearance rate of 77.1 per cent, the highest clearance rate for the year to date, and the highest reading since June last year (77.3 per cent). Last week’s clearance rate of 77.1 per cent was moderately higher than the previous week (74.5 per cent). Last week, Melbourne, Canberra and Adelaide each recorded their highest year to date clearance rate.
Sydney’s clearance rate hit the 80 per cent mark last week, at 80.7 per cent, while Melbourne’s clearance rate came in just below, at 79.3 per cent, both representing week-on-week improvements for the cities. Across the individual sub-regions of the two major auction markets, the strongest clearance rate was across Sydney’s Eastern Suburbs (90.7 per cent) and Melbourne’s Mornington Peninsula (94.1 per cent).
<a href="/images/2016/09/09/Screen%20Shot%202016-09-09%20at%202.49.47%20PM.png" target="_blank">Click to enlarge</a>
 <img src="/images/2016/09/09/Screen%20Shot%202016-09-09%20at%202.49.47%20PM.png" alt="">
Outside of the capitals, the strongest performing regional markets last week, based on clearance rate, were Wollongong (76.7 percent) and Geelong (89.5 percent), however auction activity across these regions remains low.
 
 
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Capital city auctions over the week to September 11 steady from previous week: CoreLogic National Auction Preview

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A record price was set for a Surry Hills, inner Sydney warehouse at weekend auction when purchased by North Shore buyers.
It fetched $7.95 million some $400,000 higher than the $7.45 million prior top price.
The weekend buyer secured a 780-square-metre four-bedroom three-level warehouse in Bennett Place, a mid-19th century building that had undergone a transformation by designers Hare &amp; Klein (above).
The space came with a four-car garage, artist’s studio, plus plenty of open-plan living areas with lofty ceiling and industrial throwbacks. 
The Bennett Place warehouse previously held the suburb record the last two times it traded, for $5.71 million in 2012 and then $3.1 million in 2009. Not sure it was a record price when it was sold at $350,000 in 1991.
Artist Melinda Marshman and medico husband, David sold the warehouse which sits on the Marshall Street corner having bought it for $5.71 million in 2012 when bought from sculptor Gaby Porter.
The 1870 building, first recorded in Sands Directory as being a carriage and livery stable, has 760 square metres of floor space.
The earlier record stood since last year at $7.55 million, when Mark Ainsworth bought the nearby one with a distinctive heart-shaped pool.
It ranks among the more authentic of the warehouses of Surry Hills that once housed the city’s rag-trade industry. 
The $7.55 million sale last year secured a heart-shaped pool as the centrepiece of 450-square-metre converted warehouse once owned by Stuart Membery. 
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Surry Hills warehouse among the weekend auction top sales

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The nation's cheapest weekend result was in Adelaide where a two bedroom unit at <a href="https://www.realestate.com.au/property-apartment-sa-st+kilda-122850590" target="_blank">2/12 Fooks Terrace</a>, St Kilda Beach, SA fetched $183,000 through Peter Migali at The Professionals Salisbury.
It fetched less than its 2010 sale price of $220,000 and its 2007 sale of $195,000. There were three bidders for the 2003 built apartment which is upstairs in the block of six next to the St Kilda Beach Hotel.
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St Kilda Beach price heads backwards in weekend cheapest auction result

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<div>
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Anytime auctioneer Damien Cooley raised his gavel, more bids came until <a href="https://www.realestate.com.au/property-house-nsw-double+bay-122971786" target="_blank">27 South Avenue, Double Bay</a> finally fetched $3.17 million at weekend auction.
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<div>
<div>
There were 10 third and final moments over the 12 minute onsite event.
But the humble home owned by late colourful, controversial Commonwealth Games chief Arthur Tunstall that last sold for £420 seventy years ago wasn't Sydney's highest.
That was over at Strathfield, the regular Saturday Sydney auction stadium, where a four-bedroom home at <a href="https://www.realestate.com.au/property-house-nsw-strathfield-122804438" target="_blank">17 Firth Avenue</a> sold for $4.12 million through Georges Ellis and Co.
They had the 16 registered bidders with 55 rapid fire bids for the single storey home on its 1280 sqm block with pool offered for the first time offered in over 30 years.
</div>
</div>
</div>
The Sydney home auction market has continued to strengthen over recent weekends.
</div>
<div>Domain had the Sydney clearance rate at 75.4 per cent, which was higher than the election weekend’s initial 73.5 per cent result, though below the boom-time 80 per cent reported on the same weekend last year.</div>
</div>
<div>
Relatively low auction numbers continue to characterise the Sydney market, according to Domain Group's chief economist, Dr Andrew Wilson with strong competition among buyers.
Just 419 auctions were listed on Saturday, well below the 605 auctioned over the same weekend last year. 
<div>
Melbourne reported a preliminary clearance rate of 75.7 per cent on Saturday, which was the highest rate in nearly three months, below the 79.2 per cent reported over the same weekend last year.
Melbourne clearance rates are now trending upwards compared to the same time last year, Dr Wilson noted.
More than 530 Melbourne homes were listed for auction at the weekend, similar to the 559 auctioned over the same weekend last year.
Melbourne's consistently strong west suburban region reported the highest clearance rate at the weekend with 85.4 per cent and the highest number of sales at 76. 
</div>
The Sydney Central Coast reported the highest regional clearance rate with 83.3 per cent, followed by Canterbury Bankstown with 81.8 per cent, the lower north with 81.5 per cent.
Trailing the pack was the south west with 57.6 per cent and the Blue Mountains with a clearance rate of 50 per cent.
The Central Coast had Sydney's most affordable property when $280,000 was paid for a two-bedroom unit at <a href="https://www.realestate.com.au/property-unit-nsw-wyong-122674530" target="_blank">1/61 Howarth Street, Wyong</a> through LJ Hooker Wyong. The 65 sqm unit, which was available recently at $280 a week, last sold at $140,000 in 1994.
Melbourne's most expensive property was a four-bedroom 1930s Elwood home, renovated in 2009, at <a href="https://www.realestate.com.au/property-house-vic-elwood-122896790" target="_blank">12 Glen Huntly Road</a>, which sold for $2,465,000 through Chisholm and Gamon.
The Californian bungalow had been listed with $2.2 million plus price guidance.
The most affordable Melbourne property was a one-bedroom unit at <a href="https://www.realestate.com.au/property-apartment-vic-brunswick-122878634" target="_blank">2/11 Aberdeen Street</a>, Brunswick, which sold for $271,000 through Ray White.
It last sold in 2006 at $169,000.
Sydney recorded a median auction price of $1,045,500, some 7.5 per cent higher than the $972,500 recorded over the same weekend last year. A total of $228.5 million was reported sold.
Melbourne recorded a median auction price of $650,000, which was 1 per cent lower than the $655,000 recorded over the same weekend last year. A total of $191.4 million was reported sold.
Dr Wilson said lower Sydney auction numbers will continue to characterise the market over coming weekends, with just over 300 auctions expected next weekend — around half the number auctioned over the same weekend last year.
But in Melbourne auction numbers, although typically lower during the winter, are set to remain "robust" for this time of the year with around 550 listings scheduled next weekend.
Dr Wilson said low and falling interest rates continued to support buyer and seller confidence with strong competition amongst banks for mortgage customers also driving housing demand.
"Although the Reserve Bank has decided to leave interest rates on hold over July at the record low 1.75 per cent, the odds have certainly narrowed for a cut sooner rather than later and perhaps as soon as next month.
"The June quarter inflation data due to be released by the Australian Bureau of Statistics on July 27 will provide a key determinant of future rate settings, with another low result likely to activate the Bank," Dr Wilson said.
CoreLogic advised some 1,365 capital city auctions were scheduled for the week, with a preliminary clearance rate of 72 per cent. At the same time last year, 1,704 capital city auctions were held with 74.9 per cent clearing.
The nation's cheapest weekend result was in Adelaide where a two bedroom unit at <a href="https://www.realestate.com.au/property-apartment-sa-st+kilda-122850590" target="_blank">2/12 Fooks Terrace</a>, St Kilda Beach, SA fetched $183,000 through Peter Migali at The Professionals Salisbury.
It fetched less than its 2010 sale price of $220,000 and its 2007 sale of $195,000. There were three bidders for the 2003 built apartment which is upstairs in the block of six next to the St Kilda Beach Hotel.
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16 registered bidders compete in Strathfield auction battle

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Melbourne's preliminary auction clearance rate came in at 71.6 per cent for the week ending 3 July, according to CoreLogic.
The Inner South sub-region had a 100.0 percent clearance rate and South East sub-region came in at 86.4 percent.
<a href="/images/2016/07/04/Screen%20Shot%202016-07-04%20at%201.32.14%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/07/04/Screen%20Shot%202016-07-04%20at%201.32.14%20PM.png" alt="">
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