Mass timber is becoming an increasingly popular construction material in apartment developments, but Adelaide developer <a href="https://www.apartments.com.au/developers/otello">Otello</a> is taking the approach a step further.

At its new <a href="https://www.apartments.com.au/new-apartments/flowe-bowden-18-gibson-street-bowden-sa-5007">Flowe Bowden</a> development, the exposed cross-laminated timber (CLT) structure isn't just about reducing the building's environmental footprint. It also forms the foundation of a broader wellness strategy, influencing everything from indoor air quality and natural materials to the way residents move through and experience the building.

The 115-apartment mixed-use development, designed by Melbourne-based architecture practice Fieldwork, will occupy a prominent island site opposite Bowden Village Reserve, combining one, two and three-bedroom apartments with retail and a dedicated wellness destination.

[smartcode_project:default project_id=152022 project_image_fid=375528]

Wellness isn't confined to a gym or shared resident facility at Flowe. Instead, Fieldwork embedded the concept into the building itself.

The development has been split into two residential wings connected by a naturally ventilated central breezeway, replacing traditional enclosed corridors with open-air walkways that improve natural light, encourage cross ventilation and create more opportunities for neighbourly interaction.

"Rather than treating wellness as something that only happens on the ground floor, our response integrates it throughout the building, which led us to ask what it really means to design a healthy building," Fieldwork Director Quino Holland said.

[smartcode_project:default project_id=152022 project_image_fid=375531]

The building's architecture also reflects Bowden's industrial heritage. The lower podium references the area's historic brick and sandstone buildings, while the upper levels transition to exposed CLT, allowing the timber structure to become a defining feature throughout the apartments and shared spaces.

The use of mass timber sits alongside a range of sustainability initiatives, including a fully electric, gas-free design, rooftop solar and a targeted 5 Star Green Star rating.

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Inside the residences, the focus remains on natural, durable materials. Blackbutt engineered timber flooring, exposed CLT ceilings, porcelain surfaces and warm timber joinery create a calming interior palette, while low-VOC finishes and responsibly sourced materials have been selected to improve indoor air quality.

Kitchens have been designed as the centrepiece of each apartment, featuring porcelain island benchtops, timber-look cabinetry and brushed steel tapware, with layouts that maximise natural light and ventilation.

[smartcode_project:default project_id=152022 project_image_fid=375530]

The more traditional interpretation of wellness comes in the form of Level Eleven, a two-storey wellness club spanning the ground floor, mezzanine and first floor.

The facility will include a gym, yoga and reformer Pilates studios, Finnish and infrared saunas, magnesium hot and cold plunge pools, and dedicated recovery spaces. Unlike many residential wellness facilities, Level Eleven will also operate commercially, allowing the broader Bowden community to access the venue while giving residents exclusive membership benefits.

The ground floor has also been designed around everyday living. A café overlooking Bowden Village Reserve will activate the street frontage, while a bike workshop with tool storage, co-working space and dog wash has been incorporated to support daily routines and encourage interaction between residents.

"Flowe brings together my two biggest passions, creating places and creating healthier lives," Otello founder Daniel Harris said.

"We wanted to create something Adelaide hasn't seen before, a genuinely healthy building, where the way you live is lifted without even trying."

Flowe is positioned directly opposite Bowden Village Reserve and within walking distance of Bowden Railway Station and the Adelaide Entertainment Centre, placing future residents just minutes from the Adelaide CBD while remaining connected to one of the city's most established urban renewal precincts.

[smartcode_project_cta:default project_id=152022]

Joel Robinson

Otello launches wellness-focused Flowe Bowden with Adelaide-first mass timber apartment design

Not all apartment amenities are immediately visible.

Swimming pools, gyms, rooftop terraces and residents' lounges have long featured on buyers' wishlists, but as the way Australians live has changed, so too have the features that make apartment living more convenient.

Increasingly, buyers are placing value on the practical aspects of day-to-day life. Fast internet, EV charging, secure bike storage, flexible workspaces and parcel management are becoming just as relevant as lifestyle amenities, reflecting changing habits and expectations.

Online shopping has been one of the biggest drivers of that shift.

Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally, making parcel deliveries a routine part of everyday life rather than an occasional convenience.

For apartment residents, however, receiving those deliveries isn't always straightforward.

Without someone home to accept a parcel, deliveries can be redirected to a nearby Post Office, left in building foyers or common areas, or require building management to temporarily store packages. As apartment living continues to grow across Australia's cities, parcel management has become an increasingly important consideration for both residents and developers.

Australia Post's Parcel Locker network is one response to that shift.

<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/KPZ9j5FRdsQ?si=Qztc1dNP3ZvEIUhb" title="YouTube video player" width="560"></iframe>

Rather than relying on home delivery, eligible parcels can be directed to a nominated Parcel Locker, where they're securely stored until collected. Once a parcel arrives, residents receive a notification through the AusPost app or SMS and can retrieve it using a one-time code or QR code at a time that suits them.

The network has expanded to more than 1,500 locations nationwide, with Parcel Lockers positioned at Post Offices, shopping centres, supermarkets, transport hubs and, increasingly, within or alongside residential developments.

That growing presence reflects a broader change in how apartment buildings are being planned.

Developers are increasingly considering the operational side of apartment living alongside traditional lifestyle amenities. Just as secure mailrooms, bicycle storage and EV charging have become more common inclusions, parcel management is emerging as another feature that supports everyday convenience.

It also helps preserve the arrival experience within a building. Carefully designed lobbies and communal spaces can quickly become cluttered when deliveries accumulate, while secure parcel solutions reduce the likelihood of missed deliveries or parcels being left unattended.

For buyers comparing apartments, these everyday details are becoming part of the decision-making process.

Location, floorplans and finishes remain fundamental, but the features that simplify daily life are carrying greater weight than they once did. As online shopping continues to shape consumer behaviour, secure parcel delivery is increasingly becoming another amenity worth looking for.

Parcel delivery is joining the apartment amenity checklist

Inca Property Group has lodged a State Significant Development Application (SSDA) for Dawn, a 53-apartment oceanfront development overlooking Mona Vale Beach.

The proposal, at 35-39 Darley Street East, would replace an existing 18-apartment strata building with a new owner-occupier-focused development comprising 53 two and three-bedroom apartments, including nine affordable built-to-rent residences delivered under the State's infill affordable housing scheme.

Positioned on a 2,679 sqm elevated site around 280 metres from Mona Vale Beach, the development has been designed to maximise panoramic ocean views while responding to the site's sloping topography.

<a href="https://www.apartments.com.au/developers/inca-property-group">Inca Property Group</a> Managing Director Josh Thompson said the State Significant pathway provided greater certainty for projects of this scale.

"This State Significant pathway gives the team real certainty to progress <a href="https://www.apartments.com.au/new-apartments/dawn-35-39-darley-street-east-mona-vale-nsw-2103">Dawn</a> through to completion," Thompson said.

"It allows us to acquire a one-off site, design it carefully and deliver the right offering for the suburb, assessed by the NSW Government's planning department."

The project is one of the first developments in the area to be assessed under the NSW Government's Low and Mid-Rise Housing policy, with the site sitting on the edge of the policy's designated inner area.

The proposal includes three basement levels providing 124 car spaces, alongside a range of resident amenities including a swimming pool, gym, sauna, wellness facilities and private plunge pools for selected ground-floor and penthouse apartments.

<img alt="Dawn" data-entity-type="file" data-entity-uuid="fc1a1daf-0ce4-4f12-9076-b1fa553c7a91" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-21%20at%208.42.11%E2%80%AFAM.png?VersionId=4GZ9h.gpNkTljbxyAET8Jfhv51XUamDm" />

Thompson said Dawn had been designed specifically for owner-occupiers and downsizers, a buyer profile that has driven demand across Inca's recent Upper North Shore developments.

"The majority of buyers in our recent North Shore projects have been downsizers, and we are learning exactly what this market is looking for. Beyond the location itself, we have included resort-style amenities to deliver a genuine lifestyle offering," Thompson said.

Located within walking distance of Mona Vale Beach, the town centre, Mona Vale Golf Club and the Royal Motor Yacht Club, Dawn represents Inca's first Northern Beaches project following the sell-out of Tara on Park in Waitara and Ellis Residences, currently under construction in St Ives.

Construction will be undertaken by Inca's in-house construction arm, GOP Constructions.

Dawn is the latest major apartment proposal for Mona Vale, with the suburb emerging as one of the key beneficiaries of the NSW Government's new Low and Mid-Rise Housing policy.

New developer One Living, led by industry veteran Joseph Scuderi, recently secured a site on Mona Vale Road, on the border of Mona Vale and Pymble, where it is planning around 140 apartments.

IPM is also planning its third project in Mona Vale, significantly increasing the scale of its previous developments with an 82-apartment proposal at <a href="https://www.apartments.com.au/new-apartments/159-167-darley-street-west-mona-vale-nsw-2103">159-167 Darley Street West</a>, opposite Bayview Golf Course and less than 800 metres from Mona Vale town centre.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/one-living-enters-sydneys-new-apartment-market-with-northern-beaches-site-acquisition">One Living enters Sydney's new apartment market with Northern Beaches site acquisition</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-ipm-plans-third-mona-vale-project">First look: IPM plans third Mona Vale project</a>

First look: Inca eyes Mona Vale with State Significant DA for Dawn apartments

Seasoned Victorian apartment developer <a href="https://www.apartments.com.au/developers/central-equity">Central Equity</a> has logged more than $400 million in sales in its luxury apartment project Palmera Residences at Northcliffe on the Gold Coast.&nbsp;

Central Equity Director Karl Kutner said the sales result reflected a combination of location, product quality and delivery certainty with the project already under construction by building powerhouse Multiplex.&nbsp;

"Surpassing $400 million in sales since launch is a significant milestone and an outstanding endorsement of <a href="https://www.apartments.com.au/new-apartments/palmera-residences-gold-coast-18-garfield-terrace-surfers-paradise-qld-4217">Palmera Residences</a>,” he said.&nbsp;

"We believe one of the key reasons for this strong result is the confidence purchasers have in knowing the project is under construction with Multiplex. Buyers are increasingly looking for certainty. They want to know that the project they commit to today will be delivered by an experienced team with a proven track record."&nbsp;

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Kutner said it was clear there was still high demand for luxury projects that offered certainty of delivery.&nbsp;

“We are in a market where many residential developments have faced delays due to rising construction costs, labour shortages and financing challenges,” said Kutner.&nbsp;

"But having construction underway has provided our buyers with resounding confidence backed by more than 40 years of development delivery by Central Equity combined with construction by one of Australia's most respected construction companies."&nbsp;

[smartcode_project:default project_id=108274 project_image_fid=365785]

Central Equity is one of Australia's most experienced privately-owned property developers. Over more than four decades, the company has delivered in excess of 85 residential developments including 10,000 apartments and many thousands of stand alone homes.&nbsp;

Located on Garfield Terrace at Northcliffe, between Surfers Paradise and Broadbeach, Palmera Residences occupies one of the Gold Coast's most sought after beachside locations. The development has been designed to appeal to owner occupiers seeking premium residences that combine generous living spaces and resort style amenities.&nbsp;

Palmera Residences will feature an exceptional collection of resort style amenities, including two swimming pools: a generously sized family pool with safe shallow zones for relaxed recreation, and a 20 metre lap pool positioned to maximise all day sunlight.&nbsp;

Residents will also enjoy exclusive access to wellness and recreational facilities including a magnesium pool, sauna, yoga studio, expansive fitted gymnasium, resident lounge, outdoor BBQ’s&nbsp;and indoor and outdoor dining areas, together with a dedicated concierge and luxurious hotel inspired entrance foyer.&nbsp;

[smartcode_project:default project_id=108274 project_image_fid=365767]

A unique feature at Palmera Residences has been designed to enhance the Gold Coast lifestyle which includes both indoor and outdoor gymnasium facilities, together with thoughtfully designed indoor and outdoor dining and entertaining areas. A corner café has also been incorporated to provide residents with a destination for their everyday needs.&nbsp;

Kutner said buyer demand had been broad based with purchasers attracted from interstate as well as throughout South East Queensland.&nbsp;

"We're seeing strong interest from owner occupiers, lifestyle buyers and people relocating to the Gold Coast. Many purchasers have been searching for a premium beachside residence where quality, design and delivery are equally important."&nbsp;

[smartcode_project:default project_id=108274 project_image_fid=365771]

Kutner said the sales milestone was an important achievement, but the focus remained firmly on delivering an exceptional development.&nbsp;

"While reaching $400 million in sales is an important milestone, our priority remains delivering a project that exceeds purchaser expectations,” he said.&nbsp;

"Palmera Residences has been designed to become one of the Gold Coast's landmark residential addresses, and we look forward to welcoming our purchasers to their new homes."&nbsp;

There are a limited number of residences remaining in selected configurations with pricing from $2,950,000 to $8,950,000. Palmera Residences is also crowned by expansive penthouses with wrap around views.

[smartcode_project_cta:default project_id=108274]

Construction certainty and strong buyer demand drive major sales result for luxury Gold Coast development

Palmera Residences fly out the door as sales pass $400 million

National property developer <a href="https://www.apartments.com.au/developers/goldfields-group">Goldfields</a> has appointed BINAH as its construction partner for Quartet, its new Brisbane apartment development in the undersupplied suburb of <a href="https://www.apartments.com.au/developments/milton-qld-4064">Milton</a>.

Located just two kilometres from the Brisbane CBD and moments from key 2032 Olympic precincts, <a href="https://www.apartments.com.au/new-apartments/quartet-milton-33-manning-street-milton-qld-4064">Quartet</a> will deliver 131 one, two, three, and four-bedroom apartments priced from $1 million to $4.2 million, combining elevated design with a wellness-focused lifestyle offering.&nbsp;

[smartcode_project:default project_id=108736 project_image_fid=368000]

Goldfields’ Chief Executive Officer, Lachlan Thompson, said the appointment of <a href="https://www.apartments.com.au/builders/binah-constructions">BINAH</a> marked an important milestone for the project.&nbsp;

“Bringing BINAH on board as our construction partner will allow us to bring our vision for Quartet forward with a team that has a proven track record of delivering high-quality residential projects,” Thompson said.&nbsp;

“We’ve taken a considered approach to progressing the site because we wanted to deliver the whole package. Buyers ultimately back great developers, great projects and great builders, and with Quartet, we’ve made sure all three line up.

“People want certainty, they want to know the project will be built, that the homes will be delivered as promised, and that the developer stands behind the quality of what they create. That’s something Goldfields has built its reputation on over many years.”&nbsp;

[smartcode_project:default project_id=108736 project_image_fid=367993]

BINAH’s Managing Director, Khalil Hafza, said the company was proud to be partnering with Goldfields to deliver Quartet.&nbsp;

“Quartet is an exciting project to bring to life, particularly given the level of detail in the residences and the extensive rooftop amenity planned for the building,” Mr Hafza said.&nbsp;

“Our focus is on delivering a high-quality build that brings that design vision to life and creates homes residents will enjoy for many years.”&nbsp;

[smartcode_project:default project_id=108736 project_image_fid=367999]

The facilities at Quartet have been feared towards the roof, with a&nbsp;25 metre lap pool, spa, sauna and cold plunge, and a communal barbecue area and alfresco.

Town planning was designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> and brought to life by Melbourne-based architecture firm Cera Stribley.

<a href="https://www.apartments.com.au/interior-designers/cera-stribley">Cera Stribley</a> Co-Founder and Managing Principal, Dom Cerantonio, said the project responds to both its riverside setting and Brisbane’s evolving urban character.&nbsp;

“Quartet has been designed to sit comfortably within its riverside context, offering a refined take on urban living through well-planned, generously proportioned residences that will stand the test of time,” Mr Cerantonio said.&nbsp;

“An emphasis on natural light, natural textures and carefully selected finishes from timber and marble to premium appliances, creates calm, considered interiors designed for comfort and long-term liveability.”&nbsp;

Construction of Quartet will commence in July 2026, with completion anticipated in Q4 2028.

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Construction to commence on 131-residence tower designed around wellness-focused living

Goldfields appoints BINAH for Quartet apartments in Milton

Residential Sale

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The Wombarra home central to an ongoing saga concerning disgraced trade unionist leader Kathy Jackson and her partner Michael Lawler, the former Fair Work vice-president, has been sold.
The house at <a href="https://www.raywhite.com/nsw/wombarra/1455507/" target="_blank">30 Dam Road</a> was owned by the Sydney barrister suffering from dementia, David Rofe. It fetched $1.2 million pre-auction. The cul-de-sac home was bought in 2014 for $1.35 million by Rofe.
The somewhat neglacted house sits adjacent to the home of Jackson. Its price fell short of its price guide of between $1.4 million and $1.5 million through Ray White’s Mattias Samuelsson.
This article was first published in the Weekend Australian Mansion Australia property section.
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firstname1-iYD4UYzvBa

Wombarra sale in the Kathy Jackson saga

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Melbourne had the nation's cheapest result when a South Yarra flat fetched $260,800 at weekend auction.
The one bedroom <a href="https://www.realestate.com.au/property-apartment-vic-south+yarra-122585466" target="_blank">Punt Road offering</a> last traded at $32,500 in 1983.
Williams Batters had offered a $240,000 to $260,000 price guidance on the apartment that had been rented in 2013 at $280 a week.
 The median price for a unit in South Yarra is $573,185, according to CoreLogic RP Data.
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jchancellor-FAypfDUnLy

Melbourne's cheapest sale in South Yarra

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Australian cricketer Ed Cowan and wife, TV and radio presenter Virginia Lette have sold their Centennial Park apartment well before its scheduled auction.
It sold well above its $950,000 to $1.045 million price guide according to Ray White Double Bay selling agent Evan Williams.
The left-handed opening batsman has owned the <a href="https://www.realestate.com.au/property-apartment-nsw-centennial+park-122660386" target="_blank">penthouse level apartment</a> since 2012 when he paid $775,000. There was a fire at the apartment block several years ago which triggered a renovation.
The property has two bedrooms, one bathroom, a study and features a 59 sqm rooftop terrace with district views.
Cowan made his Australia test debut in 2011 and turns out for Sydney Sixers in the Big Bash League when not on international duty.
Cowan recently spent $2.9 million on a Paddington property.
 
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Ed Cowan scores early Centennial Park exit

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A beach shack in Surfers Paradise was passed in at $800,000 at recent auction.
The estate on 405 sqm is 150 metres to the beach. 
It was advertised as a development opportunity.
The <a href="https://www.realestate.com.au/property-house-qld-surfers+paradise-122422534" target="_blank">204 Surfers Parade</a> has two bedrooms and one bathroom.
The property hasn't been traded in over 30 years, when the current owners paid $40,000 in 1984.
McGrath Broadbeach agents Greg Washington and Elizabeth Taylor.
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Surfers Paradise beach shack yet to sell

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There has been a $1,535,000 sale of 8 Wild Cherry Drive, Eltham.
It had been listed with a $1.35 milion to $1.5 million price range through Fletchers agent Prue Fletcher.
It’s a <a href="https://www.realestate.com.au/property-house-vic-eltham-110140997" target="_blank">mud-brick house</a> - an Alistair Knox original.
There are soaring timber ceilings, pale mud-brick walls and bulky, beautiful beams, leadlight windows, a lofty brick hearth and polished brick floors 
It last traded for $1.35 million in 2012. 
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Alistair Knox Eltham 1960s trophy home sale

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It might be a cliched marketing claim, but the former Carlton tavern supposedly frequented by the legendary Squizzy Taylor sold at its weekend auction.
The 1850s property on Barkly Street (above), which had a <a href="https://www.realestate.com.au/property-house-vic-carlton-122523038" target="_blank">price guide of between $2.25 million and $2.5 million</a>, fetched $2.6 million through Nelson Alexander agent James Keenan.
The two level, five bedroom home renovated by architect Shane Murray last traded for $478,000 in 1989.
Sydney's went without its equivalent, Henry Lawson slept here cliched offerings.
But a Glebe property with a fascinatingly disturbing past did go to auction without initial success.
However the 1833 Georgian Regency villa, Lyndhurst in Glebe which had $7 million plus hopes sold soon afterwards.
It was the home designed by esteemed architect John Verge as a marine villa for the colonial surgeon James Bowman, the husband of the iconic pastoralist John Macarthur's daughter, Mary. 
Lyndhurst colourful history saw it briefly as the headquarters of an Australian neo-Nazi party in the late 1960s.
Regarded as one of the inner Sydney’s most <a href="https://www.realestate.com.au/property-house-nsw-glebe-122459534" target="_blank">historically significant homes</a>, it last sold at $3.3 million in 2005 to stockbroker Tim Eustace and his partner Salvatore Panui.
Eustace and Panui are bound for Darlinghurst, where they bought another historic inner city landmark, Iona, for $16 million from entertainment industry couple Baz Luhrmann and Catherine Martin.
The top result under the auction hammer of the weekend was in Strathfield, in Sydney's inner west where Dr Vipin Goyal sold his seven-bedroom home for $6.83 million through Devine Real Estate.
The nation's top weekend private treaty result was secured by actress turned author Sophie Lee and her husband, advertising agency boss Anthony Freedman.
Their Bronte home, <a href="https://www.bronteshellhouse.com/" target="_blank">Shell House</a> sold Friday evening through private treaty having $10 million plus expectations through D'Leanne Lewis of Laing + Simmons Double Bay.
Lee appeared as an actor in roles including Muriel's Wedding, Holy Smoke and The Castle, but she is now better known as an author.
Anthony has founded two agency groups, Host and One Green Bean.
The other big coastal offering, the Tamarama home of the pioneering former Oxford Street fashion retailer Robby Ingham and his wife Sarah was pulled from auction.
Its listing with $12 million plus hopes came as they have finished construction of their new home just around the corner.
<a href="https://www.goodyer.com.au/1P3163" target="_blank">The Gaerloch Ave property</a>, listed through Pauline Goodyer of Goodyer Real Estate, has point blank ocean vista and views back to beach given its position above the iconic coastal walk.
The national clearance rate across the combined capital cities rose this week, up from 69 percent the previous week to 70 percent.
The level of activity across the capital city auction market was similar to the previous week, with 1,863 auctions held this weekend, compared to 1,876 last week.
Auction activity remains well below the comparable week last year, however, when 2,599 capital city auctions were held and 79 percent cleared.
This week, there were 825 auctions held in Melbourne, down from 871 last week, and also lower compared to one year ago (1,162).
Preliminary results show that 70 percent cleared this week, falling from 71 percent last week and well below the 82 percent one year ago.
CoreLogic RP Data noted over the past seven weeks, Melbourne has maintained a clearance rate above 70 percent.
The most auction activity this week happened in Melbourne’s inner sub-region, where 172 auctions were held and preliminary results show a 72 percent clearance rate.
Mlebourne's strongest clearance rate across the cit was in the outer East region at 80 percent.
Melbourne's top reported sale was $3.9 million in <a href="https://www.realestate.com.au/property-house-vic-brighton-122513630" target="_blank">Brighton on Champion Street</a>.
The four bedroom house on 840 sqm had last sold in 2006 at $2 million.
Sydney’s preliminary clearance rate was 74 percent this week, retaining its status as the nation's strongest property market.
The best performers were the city and inner South (86.5 percent) and North Sydney and Hornsby (83.0 percent).
Brisbane results showed a strong 55 percent, compared to 49 percent last week, and the strongest clearance rate in twelve weeks.
Adelaide's clearance rate sat in equal second place at 70 per cent. The nation's cheapest sale was in Adelaide's Rostrevor.
The one bedroom <a href="https://www.realestate.com.au/property-unit-sa-rostrevor-122565842" target="_blank">Radnor Avenue villa</a> offering fetched $209,000. It had sold at $166,500 in 2008. It was a $235 a week rental.
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Squizzy Taylor Carlton offering finds buyer

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GUEST OBSERVER
The introduction of new legislative changes on property sales over $2 million will create a new compliance burden and could delay property settlements.
On the 1st of July 2016 the new legislation will come into effect under The Tax and Superannuation Laws Amendment Bill 2015. It introduces a new 10 per cent withholding obligation on the purchasers of properties over $2 million where the vendor is a foreign resident for tax purposes. Sellers are also now required to obtain a clearance certificate to prove they are an Australian resident for tax purposes.
According to data from APM Research and the Australian Bureau of Statistics in the 2016 FYI (up to 31 April) there were 12,072 house and apartment sales in Australia over $2 million.
The legislative changes will put Australian and foreign residents on a level playing field, but will have their challenges. The tax compliance burden for resident taxpayers will significantly increase and conveyancers will need to ensure their clients are abiding by the new laws to limit property settlement delays.
The Federal government is expected to significantly benefit from the new changes as there should be less tax revenue leakage.
From a buyer’s perspective they now have an obligation to withhold 10 percent of the property price to ensure the purchaser is compliant with the new regulations, otherwise they could be liable to pay a penalty which is up to the full 10 percent of the purchase price plus interest.
From a seller’s perspective, they could have less funds available which might otherwise have been available to discharge the mortgage on the property and/or fund a new property purchase. They could end up with only 90 percent of the proceeds on settlement unless they are able to obtain a clearance certificate from the tax office. If there are data irregularities, delays of between 14 to 28 days are expected to obtain a clearance certificate.
The legislative changes were introduced to reduce difficulties that can be associated with collecting tax on gains resulting from the sale of property assets from foreign resident taxpayers. Some of these tax payers have a limited connection to the Australian tax system and may be in a position to transfer proceeds offshore prior to compliance action being taken. Voluntary compliance by foreign residents in this regard is said to be extremely low.
The ATO has just released forms for the following: clearance certificate application for Australian residents; variation application for foreign residents and other parties; purchaser payment notification.
Manda Trautwein is director at William Buck, national accounting and advisory practice and can be contacted <a href="https://www.williambuck.com" target="_blank">here</a>.
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Legislative changes to create new compliance burden and could delay property settlements: Manda Trautwein

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Ed Bostock, director of private equity at Kohlberg Kravis Roberts, and his wife Emma, have bought Pacific House, at Palm Beach.
Built in the 1950s and redesigned by designer Greg Natale, 36 Pacific Road fetched $2.85 million when the weekender was bought from the ad agency Ikon3 chairman, Gary Hardwick and his wife, Tana Turnbull.
It had previously traded in 2006 for $3.3 million when sold by designer Niels Herholdt and Anna Utzon, the great niece of Opera House architect Jorn Utzon.
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Pacific House Palm Beach sold 

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Origin Energy boss Grant King and wife Jennifer have listed their Neutral Bay estate Glencairn, with a price guidance of $18.2 million to $20 million.
The home on 2561 sqm was rebuilt and redesigned by architecture Marc Biancardi in 2010 and landscaped to the highest standards with 715 sqm of internal living space.
The landmark estate has five expansive bedrooms each with their own private terraces and ensuites.
The Travertine terraces offer views extending over Kurraba Point, across Sydney Harbour to Rushcutters Bay.
Featuring a climate controlled wine cellar, billiard room, home cinema, home office, gym and guest accommodation, the home has been with the couple since they paid $4.2 million in 2007. 
They added the adjoining block for $1.65 million.
Outside in the Peter Fudge gardens, which have been recently updated by Annie Wilkes, there's a tennis court, designer pool, spa and sauna with adjoining cabana retreat 
There's also parking for seven cars.
Richard Simeon, of Simeon Manners, has a June 14 expressions-of-interest deadline on the<a href="https://www.realestate.com.au/property-house-nsw-neutral+bay-122659754" target="_blank"> Harriette Street estate</a>.
Neutral Bay’s highest sale dates back to the 2004 sale of the waterfront trophy home, Shellcove, when sold by internet entrepreneur Sean Howard for $13.5 million to TCI Renewables head Jim Cooney and his wife Samantha Grant.
The median price for a home in Neutral Bay is $2,250,000, according to CoreLogic RP Data.
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Glencairn, the Neutral Bay trophy home listed by Origin's Grant King

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Richmond was the busiest suburb for Melbourne auctions with 14 offerings.
Weekend celebrity sales included the legendary Collingwood full forward Peter McKenna who secured $1.42 million for his Richmond home.
It was a single fronted Edwardian cottage was bought at 1998 auction for $306,750.
The median price for a home in Richmond is $1,101,000 according to CoreLogic RP Data.
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