Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

Joel Robinson

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Bottega House secures landmark riverfront site in St Lucia 

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The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.

[smartcode_project:default project_id=112661 project_image_fid=359603]

<a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.

Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

[smartcode_project:default project_id=112661 project_image_fid=355935]

Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.

The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.

[smartcode_project:default project_id=112661 project_image_fid=361052]

Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.

The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.

[smartcode_project:default project_id=112661 project_image_fid=359607]

More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.
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[smartcode_project_cta:default project_id=112661]

SIERA kicks off construction at Northcliffe tower Exhale

Local Little Bay residents, along with buyers from premium postcodes across Sydney’s affluent Eastern Suburbs, have dominated purchases in developer-builder Urban Property Group’s first Eastern Suburbs apartment development, <a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a>.

The $250 million coastal project, one of the first new developments in the area in several years, has proven particularly popular with downsizers, especially those from Coogee and Bondi. One Double Bay downsizer paid $4.7 million for a four-bedroom penthouse, setting a new local apartment price record in the process.

Buyers have been attracted to the combination of coastal tranquillity, premium design and amenity-rich neighbourhood living. The walkable village setting, along with proximity to three of Sydney’s leading golf courses, New South Wales Golf Club, St Michael’s Golf Club and The Coast Golf Club, has also been a key drawcard.

[smartcode_project:default project_id=112343 project_image_fid=352689]

Built across two low-rise buildings designed by <a href="https://www.apartments.com.au/architects/hill-thalis-architecture-urban-projects-pty-ltd">Hill Thalis</a> and set along a lush, landscaped green spine, designed by leading landscape architect <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>, ESTE Little Bay offers a collection of one, two, three and four-bedroom residences with interiors by Richards Stanisich.

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> Sales Director, Tom McIvor said the response to ESTE has been "nothing short of extraordinary."

“Buyers have been quick to recognise ESTE as a rare opportunity to invest in a coastal sanctuary that offers both seclusion and connectivity to the heart of Sydney,” McIvor said.

[smartcode_project:default project_id=112343 project_image_fid=352687]

<a href="https://www.apartments.com.au/project-marketer/srm-residential">SRM Residential</a> Senior Director, <a href="https://www.apartments.com.au/project-marketer/srm-residential">Clayton Ross</a> said the local market has responded incredibly well, driven by ESTE’s exceptional location and the rarity it offers.

“We’ve seen strong interest from a variety of buyer groups, all of whom are drawn to the exclusivity and quality of the build and construction by the 4.5-star iCIRT-rated builder / developer, Urban Property Group. There’s truly nothing else like it along Sydney’s coastline.”

[smartcode_project:default project_id=112343 project_image_fid=352690]

The project also includes robust buyer protections, including Resilience Insurance’s Latent Defects Insurance, providing 10 years of structural cover, and an independent iCIRT-rating of the developer.

“The iCIRT-rating adds another layer of confidence,” Ross added. “Buyers see it as a safeguard for their investment and their lifestyle.” A highlight of ESTE’s offering is its exclusive wellness amenities, including a heated rooftop infinity pool and outdoor heated spa, a state-of-the-art Technogym fitness centre, and a sauna.

<a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a> is topped out and is on track to complete towards the end of 2026, with residents moving in before Christmas.

[smartcode_project_cta:default project_id=112343]

Eastern Suburbs buyers snap up ESTE Little Bay apartments

Residential Sales

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Dilapidated homes aplenty at weekend auction with most doing very well.
In Melbourne's Albert Park five bidders competed for 33 Little Page St, paying $2.572 million for the <a href="https://www.realestate.com.au/sold/property-house-vic-albert+park-124005210" target="_blank">brick warehouse</a> (above) under a rusted roof on 190sq m.
It had last sold for $40,000 in 1982, it went to a Camberwell buyer who will convert the space into a family home.
At Fitzroy $677,000 was paid for a dilapidated terrace where agents Chambers had given a price guide of mid-$500,000s.
<img src="/images/2016/11/28/Screen%20Shot%202016-11-28%20at%209.46.12%20AM.png" alt="" width="508" height="299">
A builder secured the offering at <a href="https://www.realestate.com.au/property-house-vic-fitzroy-124012338" target="_blank">11 Henry Street</a> (above) which came with plans and permits in place for a double-storey home with a rooftop terrace while keeping the heritage-protected 1860s facade. 
It last sold in 2014 at $510,000, and now comes with artwork by street artist, <a href="https://r-o-n-e.com/about/bio/">Rone</a> who recently had a local exhibition that included photographs of murals painted in abandoned houses throughout the city.
At Box Hill a knockdown home on 646 square metres sold to one of two competing apartment developers for $4.5 million at <a href="https://www.realestate.com.au/property/23-irving-ave-box-hill-vic-3128" target="_blank">23 Irving Avenue</a>.
<img src="/images/2016/11/28/700_irving.jpg" alt="" width="542" height="329">
It last sold in 1993 for $133,000.
Even the Adelaide which was the nation's cheapest sale was a demolition prospect, despite its outward appearance.
<img src="/images/2016/11/28/Screen%20Shot%202016-11-28%20at%209.50.45%20AM.png" alt="">
It was a $220,000 house at <a href="https://www.realestate.com.au/property-house-sa-para+vista-124024234" target="_blank">Para Vista</a> (above) which had been marketed with $230,000 hopes. The three bedroom 5 Heather Court house was offered as "in need of demolition due to cracking and structural problems."
"It could be possible to rent the home out with some work done but it was land value only," the selling agent John Leske said.  
In Sydney there was a keen bidding for a Rozelle dump that fetched $1.688 million.
<img src="/images/2016/11/28/Screen%20Shot%202016-11-28%20at%209.52.02%20AM.png" alt="">
The overseas vendors had only got around to installing a new bathroom since they'd paid for the unliveable freestanding house at <a href="https://www.realestate.com.au/sold/property-house-nsw-rozelle-123985778" target="_blank">23 Gordon Street</a> (above). It last sold at $1.17 million in 2013.
 
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jchancellor-FAypfDUnLy

Blank canvas Albert Park auction listing attracted keen buyer interest

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The 2016 spring auction market finished with continued strength despite the late spike in property listings. 
There were 500 more weekend auctions across Sydney and Melbourne, which accompanied by early signs of rising fixed interest rates, did little to dent buyer enthusiasm.
Sydney's preliminary auction clearance rate of 81.9 per cent was up on the prior weekend's 79.6 percent while Melbourne's 76.9 percent rate was slightly down from the prior 79.4 percent rate, according to Corelogic.
The Seddon transformation of celebrity renovation couple - Dan and Danu from The Block - <a href="https://www.realestate.com.au/property-house-vic-seddon-123982822" target="_blank">failed to sell</a> (below).
<img src="/images/2016/11/28/Screen%20Shot%202016-11-28%20at%208.46.52%20AM.png" alt="">
The Block regulars Dan Reilly and Dani Wales restored and extended the property at 3 Sydenham St over a two year period.
The three-bedroom property was passed in at $1.26 million. 
There had been a price guide of $1.1 million plus on the now three bedroom home that was previously an untouched Victorian. 
The couple paid $462,000 for the home after filming concluded for The Block All Stars season in mid-2013.  
Their renovation, including updating the Victorian facade, has come at a cost of around $400,000. 
Sydney's auction success rate stayed high on the final spring weekend. 
Sales ranged from $337,000 at Guildford for a one bedroom flat that had been marketed as set to fetch $350,000.
The dearest was a $5,505,000 <a href="https://www.realestate.com.au/property-house-nsw-cronulla-123857510" target="_blank">Cronulla beachfront sale</a> (below) where two of the three registered bidders competed through agent Mark Wigley.
<img src="/images/2016/11/28/Screen%20Shot%202016-11-28%20at%208.49.07%20AM.png" alt="" width="429" height="342">
It was the former abode of the former sports promoter and administrator Kevin Elphick who paid $4 million in 2013 for the Taloombi Street home.
Melbourne's dearest was in Elwood where a <a href="https://www.realestate.com.au/property-house-vic-elwood-124001262" target="_blank">contemporary house</a> sold for $4.75 million. 
<img src="/images/2016/11/28/Screen%20Shot%202016-11-28%20at%208.50.16%20AM.png" alt="" width="532" height="361">
The four bedroom 14 Kingsley Street home sat in Jack Merlo gardens. 
Auction volumes increased with 3,367 properties taken to auction this week - the second highest number of reported auctions this year for the combined capital cities.
It was up from 2,987 over the previous week, according to CoreLogic, who noted the volume was still significantly lower than the corresponding week last year's 3,729 offerings. 
The preliminary auction clearance rate, despite the increase in volume, remained strong at 76 per cent, up from last week’s final of 74 per cent. 
The same final weekend of spring last year saw a 60 percent success rate. 
"Every capital city except Perth and Canberra are showing auction numbers to be lower than a year ago, while every capital has recorded a higher clearance rate compared with last year," Kevin Brogan from CoreLogic said.
Across Melbourne, the preliminary clearance rate was recorded at 76.9 percent, down on last week but remaining well above the 65.9 percent last year.
Melbourne was host to 1,618 auctions, which was the second highest reported for Melbourne this year, but lower than a year ago when there were 1,876 Melbourne auctions held. 
Across Sydney, 1,236 homes were taken to auction this week with a preliminary clearance rate of 81.9 percent. One year ago, 1,306 Sydney homes were taken to auction and the clearance rate was 56 percent. 
Across Sydney's Inner West region, the preliminary clearance rate was 90 percent, while across the South West had just 59 percent successfully sold.  
Brisbane's preliminary clearance rate was 53 percent, up from 45 percent last week and also higher than one year ago, when it was 47 percent.
A total of 140 Adelaide homes were taken to auction, with a preliminary clearance rate of 66 percent.
Perth’s preliminary clearance rate of 36 percent sits around the same as one year ago.
Canberra’s clearance rate was 72 percent this week across 112 auctions which included a new suburb record for Kaleen when <a href="https://www.realestate.com.au/property-house-act-kaleen-124034794" target="_blank">45 Onkaparinga Crescent</a> (below) fetched $1,045,000, topping the previous record of $935,000 at 12 Sanford Place last December. 
<img src="/images/2016/11/28/Screen%20Shot%202016-11-28%20at%208.52.23%20AM.png" alt="">
The weekend sale was a five bedroom, two storey house on a 1637 sq m block. 
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Dan and Dani from The Block miss the spring Super Saturday sales surge

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We all know Spring as supposedly the best time to be bringing your home to the market. 
What is often forgotten is that if everyone acts in the same way looking to sell during Spring, there is a lot more competition amongst vendors and it can be more difficult to sell.  In fact, looking at auction markets, the clearance rate quite regularly falls during Spring as volumes rise.
<a href="/images/2016/11/27/chart-1-1.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/27/chart-1-1.jpg" alt="">
On a weekly basis throughout 2016, auction clearance rates across the combined capital cities have been recorded at an average of 70.9 percent.  If we compare this to the previous years, the average weekly auction clearance rates were recorded at: 48.0 percent in 2011, 50.4 percent in 2012, 66.2 percent in 2013, 67.8 percent in 2014 and 72.0 percent in 2015.  Over recent years clearance rates have fallen over the final quarter of the year, however, this year there has been no such fade-away in clearance rates.  In comparison to 2015 for example, auction clearance rates were much higher earlier in the year than they have been this year while in 2015 clearance rates faded substantially over the final quarter of the year.
<a href="/images/2016/11/27/chart-2-2.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/27/chart-2-2.jpg" alt="">
The average number of properties being put up for auction each week has been lower in 2016 than it has been over recent years.  So far in 2016, there has, on average, been 1,765 auctions each week across the capital cities.  By comparison, average auction counts over recent years have been recorded at: 1,384 in 2011, 1,334 in 2012, 1,733 in 2013, 2,029 in 2014 and 2,170 in 2015.   
Auction volumes so far this year have been similar to those in 2013 however, in 2013 average clearance rates were on average quite a bit lower at 66.2 percent compared to 70.9 percent this year.  If we look at the past three years auction volumes through the final quarter of the year, we can see volumes rising through Spring as the selling euphoria hits.  So far this year, , volumes have risen but they have not hit the heights of 2014 and 2015, subsequently auction clearance rates have so far not faded through the end of the year like they did in 2014 and 2015 and have in each of the previous years highlighted.
A lower volume of auctions overall has certainly been a key driver of why auction clearance rates have been stronger this year.  Importantly, this is not just a feature of the auction market itself, new and total listings in the two largest auction markets (Sydney and Melbourne) are lower than they were a year ago so overall, there is less stock available for sale to choose from.
<a href="/images/2016/11/27/chart-3-2.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/27/chart-3-2.jpg" alt="">
Focusing on auction statistics for the final quarter of each of the past four years in the regions of Sydney and Melbourne it shows that almost every region in both cities has seen an increase in average auction clearance rates so far in 2016 compared to 2015.  At the same time, average auction volumes are lower than they were last year across all regions of Sydney and Melbourne. 
In Sydney in particular the regions that have had relatively weaker auction clearance rates over recent years have generally so far this year seen proportionally fewer auctions.  This seems to suggest that vendors are getting more selective about using an auction to sell in those areas which are not traditional auction-centric markets.
The combination of fewer overall properties for sale, fewer homes being taken to auction and vendors being more selective around which homes to auction seems to be resulting in much stronger auction clearance rates.  Additional factors over the year such as lower interest rates are also likely to be supporting the market.  If these conditions persist, it is reasonable to expect that for the remainder of 2016 and into 2017 the auction market will remain strong.
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Cameron Kusher is research analyst for CoreLogic. You can contact him <a href="https://blog.corelogic.com.au/about/">here</a>.
 
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Spring auction clearance rates not fading like past selling seasons

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First home buyer activity in New South Wales is at the lowest on record for the state according to Domain Group chief economist Andrew Wilson.
He said latest ABS data reveals that just 1284 loans were approved for NSW first home buyers over September which is the smallest September total recorded in the series since the all-time low recorded over September 1991.
"First home buyer loans in NSW accounted for a record low 4.5 percent of all lending approved for housing purchases over September," he said.
"This is well below the long-term market share for this group of 13.0 percent and is clearly the lowest proportion of all the state markets – well below the next lowest state South Australia with a 9.7 percent loan market share.
<a href="/images/2016/11/24/FHBSep16.png" target="_blank"></a>First home buyer residential loan market share September 16
NSW   4.5 percent
VIC   10.5 percent
QLD  12.9 percent
SA      9.7 percent
WA    19.7 percent
TAS    13.2 percent
Source: ABS, Dr Andrew Wilson
 
"Although activity levels are low and falling, the average loan approved for a first home buyer in NSW increased by 2.9 percent to $376,700 over the month and was clearly the highest of all the states with next highest Victoria at $325,100.
"First home buyer activity in NSW is set to remain at historically low levels, particularly with home prices rising sharply in the Sydney market over recent months.
"The recent surge in investor activity is also clearly a factor in sidelining NSW first home buyers and will continue to contribute significantly to prices growth."
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First home buyer fallout in New South Wales

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GUEST OBSERVER
With Christmas fast approaching, more property sellers are opting for three-week auction campaigns.
This weekend’s Super Saturday auction extravaganza features a large number of properties, which are using three-week marketing campaigns, rather than the traditional four-week approach.
This is a sensible strategy given Sydney’s high clearance rates and stock levels that are lower than in previous years. These factors are encouraging more owners to act quickly before buyers lose interest, or more stock comes onto the market.
The hottest auction clearance rates were achieved in Sydney’s Inner West last weekend, with 91 percent of properties selling under the hammer.
The next best was the Northern Beaches with a clearance rate of 90.5 percent, followed by the city and the Eastern Suburbs with 90.2 percent, and the Lower North Shore with 84.4 percent.
A clearance rate above 90 percent means vendors have very a solid chance of selling in this market, and it’s this realisation, and the proximity to Christmas, which is encouraging more owners to choose a shorter, marketing campaign.
Savvy sellers also realise that some committed buyers may be willing to accept a three-week settlement, as they wish to move into their next property before the end of the year. However, once we reach the second week of December this possibility fizzles out.
Also by the middle of next month, the mindset of many buyers will start to drift away from real estate, to preparing for a Christmas visit from the in-laws, buying presents for the children and planning for the holiday season.
The higher than usual number of three week auction campaigns indicated more real estate agents are adapting to prevailing market conditions.
James Pratt is director of auctions, Raine &amp; Horne, and can be contacted <a href="https://www.raineandhorne.com.au" target="_blank">here</a>.
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Shorter auction campaigns are tempting buyers seeking a pre-Christmas property purchase

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The Lane Cove family home of the late Sydney architect Harvey Webster has been listed.
The Panorama Road home was designed and built by the architect in 1987.
Located at <a href="https://www.domain.com.au/17-panorama-road-lane-cove-nsw-2066-2013171197" target="_blank">17 Panorama Road</a>, the property showcases vaulted ceilings with limed timber finishes.
The five-bedroom residence is set over three levels on a 866 square metre block.
The November 26 home has been listed through Bernadette Hayes of Harbourline Real Estate.
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Sydney architect Harvey Webster's Lane Cove home listed

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A record price has been paid for penthouse in Parramatta.
The $3 million sale was in the initial offering of Coronation Property’s highly anticipated 8 Phillip Street in Parramatta.
Local Parramatta businessman Bob Reiman (below) had originally planned to buy a standard three bedroom apartment, but upgraded to the $3 million penthouse - one of a handful of apartments on the top two floors of the 55 storey tower.  
<img src="/images/2016/11/21/DSC_0011.JPG" alt="">
 
The apartments for sale started from $459,000 for a studio apartment.
<img src="/images/2016/11/21/700_coronation.jpg" alt="">
The prior disclosed off the plan penthouse offerings elsewhere in Parramatta had been in the $2.2 million to $2.6 million range. 
“I was really impressed with the quality of the finishes of the apartment and the design by international architect Woods Bagot," said Mr Reiman.
Its stage one sold out, after more than 200 expressions of interest were received prior to launch day resulting in more than $110 million sold in the first few hours.  
Further strong sales are anticipated over the next few days.
The luxury 55-storey tower will feature boutique QT Hotel accommodation on its lower levels, together with world-class facilities including a signature QT bar &amp; grill restaurant which will also be open to the public, multiple meeting and event spaces, Spa Q, a ballroom accommodating 200 people seated and an alfresco infinity pool on the 18th storey.
8 Phillip Street will comprise just over 300 residences when completed in 2020, with apartments to include one, two and three bedroom configurations, as well as studio and penthouse options.
<img src="/images/2016/11/21/700_parra.jpg" alt="">
The tower’s pièce de résistance is its spacious ‘Studio 54’ rooftop bar which will be open to residents as well as the public and will easily be able to accommodate 600 patrons, who will be able to enjoy unapparelled views of Sydney’s CBD and surrounds.
Jason Soulos, Sales Director, Coronation Property, said the response to 8 Phillip Street had been exceptionally strong in the lead-up to the sales launch.
“Although we were expecting robust sales at our launch, it wasn’t until we opened our project gallery in recent weeks that we were able to truly gauge just how exciting the project had become to locals – many of whom have since purchased apartments within the development,” Mr Soulos said.
“The addition of high-tech, immersive virtual reality booths within our project gallery to showcase the project to buyers was exceptionally well-received – the technology was able to virtually transport buyers right to the top of the tower to experience its facilities and vistas for themselves.”
Buyers on the day also cited the inclusion of world-class landscape architecture and outdoor design elements by project partner Jamie Durie as another drawcard for 8 Phillip Street, with the gardening guru planning a floating forest and trapeze garden to grace the tower’s façade and foyer.
According to Mr Soulos, the majority of purchasers to date are owner-occupiers, with many currently living or working in Parramatta.
The project gallery and display apartment is open from 11am – 4pm on Thursdays to Sundays or by appointment.  Appointments can be made by calling 1800 753 163 or enquiring via <a href="mailto:sales@coronation.com.au" target="_blank">sales@coronation.com.au</a>.
For more information visit liveat8phillipst.com.au.
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Record $3 million penthouse sale in Coronation’s 8 Phillip Street, Parramatta

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Sydney had a stellar weekend with strong prestige property sales.
An off the plan penthouse offering at the luxury development Opera Residences on Circular Quay <a href="https://www.operaresidences.com.au/" target="_blank">sold for $27 million</a>, bettering a $26 million adjacent sale announced just a few days earlier.
The sale of the last 280sqm penthouse (below) occurred on Saturday at the official launch of the 109 apartments to be built on Macquarie Street by Chinese developer Macrolink and its local joint venture partner, Landream. 
<img src="/images/2016/11/21/700_penthouse.jpg" alt="" width="520" height="316">
A local family from the Sydney's lower north shore secured the 19th level with views of the Harbour Bridge, Opera House and the Botanical Gardens. 
There was also confirmation of a <a href="https://www.realestate.com.au/property/54-wunulla-rd-point-piper-nsw-2027" target="_blank">$60 million plus sale of Altona</a>, a Point Piper harbourfront home (lead image pictured above).
It was sold by the low key Wang family to the Huang family from Hunters Hill. 
The Wang family had bought the prized harbourfront home for $52 million in 2013, so with few only minor renovations have made a handy profit.
Its sale did not require Foreign Investment Review Board approval by the resident Australians.
The iconic Victorian Italianate home sits on a 2400 sq m holding.
Sydney dominated the weekend auction scene too.
A $5.9 million pre-auction sale was secured at Mosman.
<img src="/images/2016/11/21/Screen%20Shot%202016-11-21%20at%209.26.08%20AM.png" alt="">
The <a href="https://www.realestate.com.au/property/6-lavoni-st-mosman-nsw-2088" target="_blank">6 Lavoni Street offering</a> (above) has sold at $5.55 million in September 2015.
In Sydney, 1,064 auctions were held this week, down from 1,089 over the previous week. The preliminary clearance rate of 81.2 percent is slightly down from 81.4 percent last week, however still higher than the corresponding week last year, when a clearance rate of 56 percent was recorded across 1,116 auctions.
The North Sydney and Hornsby region recorded the strongest clearance rate of 90 percent, while also recording the highest volume of auctions of all the regions with 149 offerings.
Next weekend the Sydney market will host its peak spring Super Saturday of auctions with more than 950 homes due to go under the hammer, according to Domain.
There were 2,950 auctions held across the combined capital cities, with only a small increase over the 2,897 reported capital city auctions last week.
The number of auctions are tracking at the highest level since March.
"There has been no indication that clearance rates are starting to ease as we approach summer," said CoreLogic's Kevin Brogan.
"However, when compared to last year, auction volumes continue to track lower with vendors still seemingly reluctant to place their properties on the market despite such strong selling conditions.
"There were 3,166 auctions reported over the corresponding week last year, with a clearance rate of 59.5 percent, which is a substantially lower rate of clearance when compared to the higher rate that has remained consistent since July."
This week’s preliminary clearance rate remains healthy at 75.6 percent, decreasing only slightly over last week’s final clearance rate of 75.8 percent.
In Melbourne, a preliminary auction clearance rate of 79 percent was recorded across 1,299 auctions this week.
Last week, Melbourne’s final clearance rate was recorded at 76 percent across 1,329 auctions, while this time last year, 1,510 properties were taken to auction across Melbourne and a clearance rate of 67 percent was recorded.
Melbourne's top sale was a contemporary home at St Kilda.
<img src="/images/2016/11/21/Screen%20Shot%202016-11-21%20at%209.28.25%20AM.png" alt="">
The five bedroom 1880s home with modern extension at <a href="https://www.realestate.com.au/sold/property-house-vic-st+kilda-123935874" target="_blank">10 Charlotte Place</a> fetched $4.4 million.
The Essendon midfielder Dyson Heppell sold his Moonee Ponds house after its weekend auction.
It was his renovation project spent during his year banned from football.
A $2.65 million sale was secured for the 1910 house which the 24-year-old transformed while serving his AFL doping ban,
The property had been bought in September 2015 for $1.74 million with Heppell naming it Albertus after his grandfather..
The selling agent Rebecca Towns of Brad Teal had been quoting $2.5 million to $2.65 million for the four-bedroom home.
The preliminary clearance rate in Brisbane this week was 47 percent, down from 53 percent over the previous week. Auction volumes were higher this week with 260 auctions held, up from 196 last week.
Brisbane had the nation's cheapest sale over the week at Beenleigh when a <a href="https://www.realestate.com.au/property-townhouse-qld-beenleigh-123832474" target="_blank">three bedroom townhouse fetched $230,000</a>. 
<img src="/images/2016/11/21/Screen%20Shot%202016-11-21%20at%209.29.39%20AM.png" alt="" width="502" height="348">
It was a mortgagee sale.
It last sold at $112,000 in 2002.
A total of 135 Adelaide homes were auctioned this week and the preliminary auction clearance rate of 68 percent is just higher than the 67 percent from the previous week across 133 auctions.
It was higher than the equivalent week last year, when 64 percent of auctions were successful.
In Perth, 72 auctions took place this week, with 35 results reported so far. Perth’s preliminary clearance rate of 48.6 percent across these 35 results is higher than both last week’s result (37.5 percent) and the clearance rate from one year ago (31.3 percent).
Canberra’s preliminary auction clearance rate of 71 per cent this week is lower than last week, when the final auction clearance rate was 76 percent and higher than the 61 percent recorded last year. 
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Sydney's stellar weekend of prestige property sales

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Listings in Melbourne are similar to last week but with a late spring market surge expected before the end of the year according to Domain Group’s chief economist Andrew Wilson.
He said in Sydney, Blacktown is the most popular suburb for listings this weekend, with similar auction levels expected this week compared to last.
"The Melbourne market is set to host its biggest spring weekend for auctions next week and the second biggest day of the year when nearly 1400 homes are likely to go under the hammer," he said.
"The inner south will again provide the most auctions this weekend in Melbourne with 183, closely followed also again by the west with 169, the outer east 144, the north-east 131, the inner city 128, the inner-east 116, the north 98 and the south-east 59.
<div>
<div class="infogram-embed" data-id="_/u5MBgODFMacs7muxoCS8" data-title="Copy: Copy: Copy: Copy: Copy: Copy: Copy: Copy: Copy: Copy: Copy: Copy: Copy: Copy: Copy: Copy: Copy: Copy: Copy: Melbourne scheduled auctions queen's birthday" data-type="interactive">"Glen Waverley is Melbourne’s most popular auction suburb this weekend with 22, followed by Reservoir with 17, Craigieburn and Hawthorn each with 14, East Malvern and Coburg each with 13 and Brighton with 12 auctions scheduled on Saturday.</div>
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"Nearly 1100 homes are again scheduled to go under the hammer this Saturday, which will be comparable to the 1106 auctioned last weekend but again well below the 1235 auctioned over the same weekend last year. 
"In Sydney, more than 750 homes will go under the hammer, similar to the 760 auctioned last weekend. Although auction activity is typically rising through the late-spring market, numbers remain below last year’s offerings but the gap is narrowing. Last year in the same weekend, 863 auctions were listed and next weekend Sydney is set for its biggest spring day of the year with more than 900 auctions scheduled.
"The city and east will host the highest number of auctions of all the Sydney suburban regions this weekend with 105, followed by the inner west with 101, the south 99, the upper north 93, the lower north 71, the west 59, the northern beaches 55, the south-west 54, the north-west 43, Canterbury-Bankstown 31, the central coast 28 and the Blue Mountains with one auction scheduled for Saturday.
"Blacktown is the most popular auction suburb in Sydney this weekend with 10 followed by Mosman, Lane Cove and Carlingford each with nine and several suburbs with eight auctions listed including Epping, Castle Hill, Maroubra, Beecroft and Paddington."
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Same same for Melbourne, Sydney weekend auction markets

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The REINZ has released its house price data for October, which revealed that Auckland’s median house price jumped by 5.2 percent to $868,000 to be up by 16 percent year-on-year and hitting the highest level on record.
Nationally, house prices fell by 1 percent over October, but were up by 10.9 percent year-on-year: 
<a href="/images/2016/11/14/Screen%20Shot%202016-11-14%20at%201.50.16%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/14/Screen%20Shot%202016-11-14%20at%201.50.16%20PM.png" alt="" width="779" height="273">
 
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Bryan Thomson, REINZ spokesperson said Auckland experienced a lot of strength in the upper end of the market but the lower end appears to be wavering due to the impact of LVRs. 
"The national sales volumes fell by 14 percent in October compared to the same time last year and the number of properties for sale as measured by realestate.co.nz has fallen by almost 7,400 over the past year," he said.
“Our data suggests that the impact of the revised LVR rules is having more of an effect on lower-priced sales compared to higher priced sales, with a surge in the percentage of sales over $1million and a noticeable decline in the number of sales below $400,000 compared to 12 months ago.
<a href="/images/2016/11/14/Screen%20Shot%202016-11-14%20at%201.55.10%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/14/Screen%20Shot%202016-11-14%20at%201.55.10%20PM.png" alt="">
 
"Some of this change may be reflective of the overall uplift in prices over the past year as the market for higher-priced properties is continuing as normal, but the market for lower priced properties is becoming more difficult for both buyers and sellers.
“There is some evidence that the normal spring ‘bounce’ in the number of listings has so far been quite weak this year. One possible reason for this is that the revised rules could be making it harder for people to know whether to sell, as they wonder if there are buyers about, so they hold their properties back from the market. This could have the result that we’re seeing, which is that supply falls but the demand is still there, so prices keep rising.”
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