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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Sydney’s Millers Point and Naremburn, plus East Melbourne all recorded a perfect auction clearance rate in the past quarter, according to CoreLogic.
Naremburn’s clearance rate increased from 82 percent in the December quarter, while East Melbourne jumped from 80 per cent.
The combined capital city clearance rate fell to 68 percent during the June quarter down from 69 percent over the first quarter of 2016.
Brisbane’s best performer was the outer suburb of Runcorn, where the clearance rate was 77 percent - well above the Brisbane average of 45.3 percent. 
Runcorn also had the best auction clearance rate in the December quarter.
According to CoreLogic, Runcorn's median price is $530,000.
Property Observer found a few examples of sales and listings around that price.
A huge four bedroom, three bathroom townhouse at <a href="https://www.realestate.com.au/property-townhouse-qld-runcorn-123095334" target="_blank">39 Diamond Place</a> (above) has a buyers guide of $500,000. Sitting on 312 sqm, the home previously traded for $226,000 in 2000.
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A slightly smaller three bedroom home at <a href="https://www.realestate.com.au/property-house-qld-runcorn-122789022" target="_blank">10 Balonne Street</a> (above) just sold for $508,000. Previously traded for $122,000 in 1994, the home sits on a large 649 sqm block.
<img src="/images/2016/07/25/Screen%20Shot%202016-07-25%20at%201.45.09%20PM.png" alt="">
If you want to pay higher than Runcorn's median price, a renovated resort style home at <a href="https://www.realestate.com.au/property-house-qld-runcorn-122893770" target="_blank">314 Daw Road</a> (above) is available for $565,000. The three bedroom with swimming pool last traded for $430,000 in 2011.
 
 
 
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jchancellor-FAypfDUnLy

Brisbane's Runcorn ranks as strong auction selling market

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The top sale for the week ending July 24 was a four bedroom home in the Sydney suburb of Paddington, according to CoreLogic.
The property, 304 Jersey Road, Paddington, sold for 6,850,000 through Ray White Woollahra.
 
Top ten
304 Jersey Road, Paddington, NSW 4 bed, 5 bath, 2 car house $6,850,000 Ray White Woollahra  
53/93 Elizabeth Bay Road, Elizabeth Bay, NSW 3 bed, 2 bath, 2 car unit $5,800,000 Richardson &amp; Wrench Elizabeth Bay/Potts Point 
5/42 Macleay Street, Elizabeth Bay, NSW 3 bed, 2 bath, 1 car unit $4,000,000 Richardson &amp; Wrench Elizabeth Bay/Potts Point 
22 Greig Street, Albert Park, Vic 3 bed, 2 bath, 2 car house $3,755,000 Greg Hocking Holdsworth Albert Park 
95 Livingstone Avenue, Pymble, NSW 4 bed, 4 bath, 2 car house $3,650,000 Luschwitz Real Estate Pymble 
190 Nelson Street, Annandale, NSW 5 bed, 3 bath, 2 car house $3,200,000 Callagher Estate Agents Annandale 
70 Surfview Road, Mona Vale, NSW 3 bed, 2 bath, 2 car house $3,050,000 LJ Hooker Mona Vale 
91 Paddington Street, Paddington, NSW 3 bed, 3 bath, 2 car house $3,000,000 Ray White Woollahra 
28A College Road, Riverview, NSW 5 bed, 4 bath, 2 car house $2,925,000 McGrath Estate Agents 
19 Bathurst Street, Woollahra, NSW 3 bed, 2 bath, 1 car house $2,800,000 Phillips Pantzer Donnelley Woollahra 
 
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jonathanchancellor-7SQnKwU6yx

Paddington trophy sale leads CoreLogic top ten

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Melbourne preliminary clearance rates for the week ending July 24 came to 72.4 percent, according to CoreLogic.
The Inner sub-region had clearance rate of 75.3 per cent. With the Mornington Peninsula sub-region the lowest preliminary clearance rate of 59.1 percent.
<a href="/images/2016/07/25/Screen%20Shot%202016-07-25%20at%2010.43.27%20AM.png" target="_blank">Click to enlarge</a>
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Inner Melbourne leads weekly clearance rates: CoreLogic

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Departing Melbourne Demons coach Paul Roos and wife, Tami have upsized to Brighton from Elwood.
They have spent $3.85 million on an ultra-contemporary four bedroom home bought from Allan Sinclair, the former Fitzroy player whose son, Callum plays for Sydney Swans.
They are Roos family are long-time Sydneysiders who quietly bought back last year, securing a $2.165 million Coogee apartment crafted by architects, Allen Jack+Cottier.
They had bought their $2.525 million contemporary Elwood property in 2014 after signing with the AFL club.
The property sold recently through Chisholm &amp; Gamon who secured $3.27 million from buyers agents, David and Kim Easterbrook.
This article was first published in the Weekend Australian Mansion Australia property section.
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firstname1-iYD4UYzvBa

Paul and Tami Roos upgrade to Brighton

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Avery Green, the quizzical Thornbury cottage was sold by the RMIT associate professor of architecture and design Pia Ednie-Brown for a stellar $972,000 at weekend auction.
Renovated and extended last year, Jellis Craig had the two-bedroom 1895 house on 228 sqm offered with price hopes of $870,000-plus.
The bidding on <a href="https://www.realestate.com.au/property-house-vic-thornbury-123009990" target="_blank">6 Martin Street</a> began at $850,000 and it was sold to the opening bidders after being announced on the market at $970,000.
Pia Ednie-Brown says she came to know her home of six years “as a person,” even more so as she renovated.
There's now an inside garden next to the kitchen sink, inspired by the wintergardens of the Victorian era. That upside-down picket fence wont be everyone's idea as a ceiling feature in the kitchen. But inspectees loved the tidy backyard with round concrete pavers. 
The property cost $345,000 in 2006, when last listed with $330,000 plus hopes. 
“My hope is that fostering a sense of personal relationship with the buildings we inhabit will also encourage deeper awareness, care and respect for our environments,” Ms Ednie-Brown said on averygreen.org.
"A house becomes part of a family whether ‘owned' or rented – by moving in you enter into a relationship with it," she said.
Avery's Victorian elegance is sprinkled with 1950's art deco and lavished with a contemporary twist, the marketing advised.
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Upside down picket fence interiors sells Thornbury cottage

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Melbourne's median weekend house price was $860,000 with prices between $280,000 at Broadmeadows and $3.755 million at Albert Park. 
Apartments had a $600,000 median with prices between $255,000 at Broadmeadows and $1.533 million at Bentleigh.
Sydney's weekend medians were $1.35 million for houses and around $900,000 for apartments. The cheapest offering was $465,000 for a two bedroom Westmead unit with the dearest result being $3.05 million at Mona Vale.
The next highest was $2.8 million post auction in Woollahra. 
Trevor Sykes, the veteran Pierpont finance columnist, had knocked back $2.72 million when his Woollahra period home was auctioned through Debbie Donnelley of Phillips Pantzer Donnelley who secured bidding from just the two parties. The $2.8 million was paid post-auction by the underbidder for the <a href="https://www.realestate.com.au/property-house-nsw-woollahra-122992870" target="_blank">three bedroom, two bathroom house with cellar</a> (above). 
Skyes, once editor of the now defunct The Bulletin magazine, and wife, Daya had owned the Bathurst Street home on a 322 sqm corner block since 2001 when it cost $1.33 million.
Some 1,295 auctions were held across the capital cities, with 1,076 reported results so far. CoreLogic had the preliminary clearance rate of 70 percent - the same compared with last week’s result which showed 70 per cent of the 1,391 capital city auctions cleared.
"Melbourne and Sydney are once again showing the strongest clearance rates of 72 percent and 75 percent respectively," CoreLogic's Kevin Brogan noted.
"Both Sydney and Melbourne recorded a lower number of auctions this week when compared to last week.
"At the same time last year, the number of auctions held was still substantially higher at 2,143 with a success rate of 74 percent."
There were 918 Melbourne auctions held at the same time last year compared to the 550 on the weekend. 
Sydney was host to 448 auctions this week, and much like Melbourne, auction volumes in Sydney this week are substantially lower than one year ago, when 906 auctions were held across the city.  
Brisbane was next busiest, and its volumes were comparable to last year. There were 135 Brisbane auctions, compared to last week’s 120 auctions and 163 auctions last year. The preliminary clearance rate was 53 percent this week, up from 47 percent last week. At the same time last year 54 percent of Brisbane auctions were successful.   
But one Brisbane auction did not proceed as the two bedroom cottage with waterfront views at Victoria Point was badly burnt just hours before going to auction on Saturday.
LJ Hooker Birkdale agent Debbie Ward called the absentee owner with the news <a href="https://www.realestate.com.au/property-house-qld-victoria+point-122998470" target="_blank">4 Colburn Avenue</a> was gutted (pictured below).
<img src="/images/2016/07/25/Screen%20Shot%202016-07-25%20at%209.03.19%20AM.png" alt="">
She made the phone call about 10.40am just ahead of the scheduled 1pm auction at 1pm which was cancelled.
The Gold Coast’s preliminary results show a clearance rate of 62 percent across 21 reported auctions, but all the action has been private treaty sales that have all given the prestige market some momentum.
A $15.5 million sale has been secured for a home on the Isle of Capri.
The sale of <a href="/expert-insights/buying/15-5-million-gold-coast-trophy-home-sale-highest-since-gfc">57-59 The Corso to Chinese buyers</a> is the highest price achieved on the Gold Coast since 2009 (below). 
<img src="/images/2016/07/25/700_capri.jpg" alt="">
The two-level semi-Balinese style mansion was first was marketed three years ago as having a replacement cost in excess of $20 million.
Meanwhile after selling his Cronin Island home, Summer House for $11 million (reported on the New Daily last week), the entrepreneur David Baird and wife Marion have snapped up another Surfers Paradise home. 
They have spent $7 million property on Commodore Drive for a five bedroom, six bathroom home on 1124 sqm.
It has a floor area of more than 800 sqm, spread over four levels.
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Reduced Sydney and Melbourne auctions continue to underpin market strength

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There are so many mixed messages at the moment about the property market. Not that there is just the one market. Sometimes the data assists, but more often it downright confuses.
Hence I was interested to glean insights on Sydney's residential off-the-plan property market from the market leaders, CBRE Residential.
Last year their well-engineered Saturday morning off the plan sales endeavours triggered near 100 percent whole block sellouts, but not any more. These days it's around 70 percent.
Indeed Sydney had returned to a “new normal”, the CBRE Residential managing director, David Milton suggested. 
He's there at the showroom coalface so is able to combine the data with strong anecdotal insights.
He says his team's sales volume has dropped by 22 per cent although enquiries are actually up 11 percent. With more two bedders in the mix their average sale price rose over the year from $959,000 to $1.139 million.
“What we’re seeing is people being more particular about what they buy," he said.
He noted it was reflected in the enquiry conversion rate – which in the four months to the end of May saw 20,569 new enquiries resulting in 990 sales. In the same four months last year there had been 18,542 new enquiries resulting in 1,268 sales.
It didn't help that after the election was called on May 7 that enquiries were down 47 percent on 2015 enquiries.
However the return to more natural pace than recent times was more due to banks tightening lending for investors and also the FIRB buyer restrictions.
CBRE has seen the percentage of sales to investors drop from 60 percent to 51 percent as owner occupiers take up the slack. First home buyers secured just 8 percent of their developer stock which started from $420,000, up from the low a year earlier of $380,000.
With 16 of its past projects reaching contract settlements so far this year, Milton advised they'd secured a 99 percent settlement rate, despite higher lender caution.
“Supply in Sydney has peaked,” Milton concluded. New supply will slow due to development funding restrictions, while some sites will be put on hold.
But he expects the larger number of owner occupier buyers this year will drive demand and price increases for high-end apartments. Only 10 percent of their sales were three bedroom apartments, with 62 percent being two bedders and 28 percent one bedroom sales.
No sign of any price correction as apartments launched this year include Essence in Double Bay where prices peaked at nearly $33,000 per square metre, The Hensley in Potts Point selling for up to $32,000 per square metre, and Iconic in Waterloo in excess of $25,000 per square metre. It was up to $25,000 at Chatswood Place. Parramatta's Promenade launch in March - where prices started at $535,000 - secured sales at up to $11,600 psm.
Although the cost of buying property in Australia has increased for foreign buyers and lending is more restricted, David Milton does not foresee a long-term impact on demand from these buyers.
“There are some short term settlement issues with FIRB buyers, but longer-term they will find a solution."
Offshore funded sales will continue to account for a significant part of the market, he says. 
This article was first published in the Saturday Daily Telegraph.
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Owner occupiers to drive OTP demand: CBRE's David Milton

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If you are a potential owner occupier or investor with a property budget of $500,000, it can go a long way in the Tasmanian residential property market compared to other states, according to valuation firm Herron Todd White in their residential market report for July 2016.
"This figure is within a price bracket in the residential market which is characterised by purchasers that are second home buyers trading up either in location, size or age although recent sales in all regions indicate some investor activity," says the report. 
This market segment is currently the most active within Tassie’s residential property market.
Recent sales within this price bracket include: New Town, approximately four kilometres northwest of central Hobart, a three-bedroom, two-bathroom, renovated period home sold for $250,000. The property has flexible living options, was sold leased and marketed as achieving $610 per week rent.
Tolman’s Hill can be reached via Hobart’s southern outlet and is approximately six kilometres southwest of central Hobart and is where a three-bedroom, two-bathroom modern strata property recently sold for a touch over $500,000. The property is located in a bushland setting with water views and was listed for rent at $450 per week.
In Legana, an outer suburb of Launceston, an older style, partly updated, four-bedroom, two-bathroom property on a large block with river access and an above ground pool recently sold for $500,000. This property is currently being offered for rent at $450 per week.
Charles Street, which some Launcestonians refer to as the Paris end of town due to its strip of cafés and restaurants is where a circa 1900 updated, four-bedroom, two-bathroom terrace property sold recently for just under $500,000. This area is sought after by renters as it is close to Launceston’s General Hospital.
The traditional holiday spots along Tasmania’s northwest coast appear to be where the majority of recent sales around the $500,000 mark are occurring. At Hawley Beach, approximately 24 kilometres northeast of Devonport, a modern three-bedroom, two-bathroom home sold for just over $500,000. The property was subsequently listed for rent at $420 per week.
At Sisters Beach, approximately 22 kilometres northwest of Wynyard, a modern, beachfront, two-bedroom, two-bathroom home sold for just over $513,000.
"With regard to longer term capital gains in the property market, historically in all Tasmanian population centres, centrally located suburbs have best held their value. During the past year Tasmania has continued to enjoy relatively stable economic conditions with some regions experiencing reductions in stock levels resulting in some incremental capital gains in these areas."
Property Observer found this two-bedroom house at <a href="https://www.realestate.com.au/property-house-tas-sisters+beach-119466087" target="_blank">57 Irby Boulevard Sisters Beach, Tas 7321</a> sold for $513,450.
<img src="/images/HTW-Tassie.png" alt="">
 
 
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Second home buyers more active in Tasmania's $500,000 property market: HTW

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Melbourne’s clearance rate totalled 77.3 percent from with 669 auctions for the week ending July 18, according to CoreLogic. 
The busiest sub-region was the inner sub-region with 103 auctions and a clearance rate of 77.0 percent.
<a href="/images/2016/07/18/20160718-Melbourne.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/07/18/20160718-Melbourne.png" alt="">
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Inner Melbourne stands out with 77 percent clearance rate 

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From 1 July 2016 Australian residents selling real estate with a market value of $2 million or more will need to apply for a clearance certificate from the Australian Taxation Office (ATO) to ensure amounts are not withheld from the sale proceeds. 
Where a valid clearance certificate is not provided by settlement, the purchaser is required to withhold 10% of the purchase price and pay this to the ATO. 
Background 
In May 2013 the government announced that it would introduce a 10 percent non-final withholding tax on payments made to foreign residents who dispose of certain taxable Australian property with a market value above a specified threshold. The new legislation for this measure became law in February 2016. 
The types of taxable Australian property this applies to include vacant land, buildings, residential and commercial property, leaseholds and strata title schemes. 
What this means for purchasers
Where a foreign resident disposes of Australian real property with a market value of $2 million or above, the purchaser will be required to withhold 10 percent of the purchase price* and pay it to the Australian Taxation Office (ATO) unless the seller provides you with a variation. Australian residents will need to provide a clearance certificate otherwise a withhold of 10 percent of the purchase price will apply. 
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What this means for sellers 
Australian resident vendors who dispose of Australian real property with a market value of $2 million or above will need to apply for a clearance certificate from the ATO to ensure amounts are not withheld from their sale proceeds. 
All transactions involving real property with a market value of $2 million or above will need the vendor and purchaser to consider if a clearance certificate is required. 
If a purchase price negotiated between a purchaser and vendor is on an ‘arm’s length basis’, then the purchase price may be used as a proxy for market value. 
* Note: The legislation specifies that the 10% withholding is on the ‘first element of the cost base’. However, as purchase price is understood by vendors and purchasers, and in many instances will be equal to the ‘first element of the cost base’, we have used the term purchase price for simplicity. 
When will this apply? 
The new withholding regime will apply to contracts entered into on or after 1 July 2016 for the sale of property with a market value of $2 million or above. 
What if there are multiple purchasers?
The market value of all purchasers’ interests in the transaction must be aggregated in examining whether the $2 million market value threshold has been reached. If the aggregated purchase price is $2 million or above, each purchaser must withhold in proportion to their percentage of the total purchase price. 
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What if there are multiple vendors?
If there are multiple vendors disposing of the property, it is the total market value of the property that determines whether withholding is required by the purchaser. 
That is, if the market value is $2 million or above then the purchaser must withhold 10 percent of this (remembering that the purchase price may be able to be used as a proxy for market value). 
If the purchaser has not been provided with a clearance certificate or a notice of variation from any of the vendors, the purchaser must withhold 10% of the purchase price. 
The amount of withholding will be in proportion to each vendor’s interest in the property, with the total withholding equal to 10% of the property’s market value. 
If any of the vendors provide a clearance certificate or a notice of variation then the amount withheld by the purchaser on that vendor’s proportional interest in the property must reflect this. The purchaser must consider each vendor’s circumstances separately in determining the amount to withhold from each vendor. 
Clearance certificates 
All real property transactions with a market value of $2 million or above will need the vendor and purchaser to consider if a clearance certificate is required. 
Where a clearance certificate is provided, the purchaser is not required to withhold an amount from the purchase price. 
Vendors need to provide a clearance certificate to the purchaser on or before the settlement of the transaction. A clearance certificate must be valid at the time it is provided to the purchaser. 
Clearance certificates are valid for 12 months, and can be used by the same vendor for the sale of multiple properties while valid. 
Who can obtain a clearance certificate? 
Only a vendor who is an Australian resident* can be granted a clearance certificate by the ATO. 
* Note: Residency status for tax purposes is not the same as that for immigration purposes, or for the Foreign Investment Review Board (FIRB). If you are unsure, seek professional advice. 
What if the vendor does not provide a clearance certificate?
If the vendor fails to provide the clearance certificate by settlement, the purchaser is required to withhold 10 percent of the purchase price and pay this to the ATO. 
This means Australian resident vendors of real property with a market value of $2 million or above must apply for a clearance certificate to ensure no funds are withheld from their sale proceeds. 
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When can an Australian resident vendor obtain a clearance certificate?
An Australian resident vendor may apply to the ATO for a clearance certificate at any time when considering the disposal of real property. This can be before the property is listed for sale. 
How can an Australian resident vendor obtain a clearance certificate?
To obtain a clearance certificate, a vendor who is an Australian resident (or their representative) must complete an online ‘Clearance certificate application for Australian residents’ form. This form will be available on ato.gov.au/FRCGW from 27 June 2016. 
A PDF version of the clearance certificate application will be available for contracts that are to be signed and settled within the first two weeks of July 2016. Otherwise, vendors should be encouraged to wait and use the online form from 27 June 2016. 
If the vendor is automatically assessed as an Australian resident, a clearance certificate will be issued electronically within days of the application being submitted. 
If there are data irregularities or exceptions, some manual processing may be required and the clearance certificate will be provided within 14–28 days. 
Higher risk and unusual cases may require greater manual intervention and could take longer to process. 
Variation applications 
Where the vendor is not entitled to a clearance certificate, but believes a withholding of 10 percent is inappropriate, they can apply to the ATO for a variation. Reasons for a variation could include:</div>
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 ■  a foreign resident not making a capital gain on the transaction (for example, because they will make a capital loss or a CGT rollover applies) ■  a foreign resident not otherwise having an income tax liability (for example, because of carried-forward capital losses or tax losses) ■  a scenario where there are multiple vendors, only one of which is a foreign resident.</div>
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 A variation application can be made using the ‘Variation application for foreign residents and other parties’ form. This form will be available on ato.gov.au/FRCGW from 27 June 2016.</div>
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 A PDF version of the variation application will be available for contracts that are to be signed and settled within the first two weeks of July 2016.</div>
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<div class="column">Otherwise, vendors should be encouraged to wait and use the online form from 27 June 2016.</div>
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<div class="column">In the majority of cases (where the ATO has all the required information and the application is successful), the notice of variation will be provided within 28 days.</div>
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<div class="column">The notice of variation should be shown to the purchaser before settlement to ensure the reduced withholding rate applies.  </div>
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Does the withholding need to be provided prior to settlement? 
No. The withholding does not need to be provided until settlement, and it is provided by the purchaser out of the purchase price, not in addition to the purchase price. 
Is the transfer of ownership affected?
No, the withholding does not affect the transfer of ownership between the vendor and the purchaser. 
In some cases the vendor may wish to postpone settlement if they have not yet obtained a clearance certificate or notice of variation, to avoid the purchaser withholding 10 percent of the purchase price and paying it to the ATO. In this scenario, the terms of the contract will apply as normal with respect to delays at settlement. 
What do I need to consider when selling a property?
Where you are engaged by a vendor you need to know what the purchase price will be to determine whether this measure applies. If the purchase price is below $2 million, and it has been negotiated on an arm’s length basis, then no action is required.
If the purchase price is $2 million or above and the vendor is an Australian resident vendor, you should let them know they will need to obtain a clearance certificate from the ATO to avoid 10% of the purchase price being withheld at settlement. 
If you are unsure about the purchase price because the property is going to auction, you should let the Australian resident vendor know they will need a clearance certificate if the purchase price reaches $2 million. 
If the purchase price is $2 million or above and the vendor is a foreign resident, you should let them know that 10 percent of the purchase price will be withheld at settlement by the purchaser and provided to the ATO. You should advise them they may be able to vary the amount that is withheld at settlement in certain circumstances, and direct them to the Variation application for foreign residents and other parties form.
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What if there is a short settlement period?
The same rules apply irrespective of the length of the settlement period. However, if there is a short settlement period you should advise the vendor they will need to obtain a clearance certificate or notice of variation (as appropriate) as soon as possible if they wish to avoid 10 percent of the purchase price being withheld at settlement.
The Australian Institute of Conveyancers was extensively involved in the consultation process for this measure. As such, the ATO is not aware of any inconsistency with the terms of each state’s Conveyancing Act. 
More detailed information about foreign resident capital gains withholding payments is available <a href="https://www.ato.gov.au/general/capital-gains-tax/in-detail/calculating-a-capital-gain-or-loss/foreign-resident-capital-gains-withholding/" target="_blank">here</a>.  
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