International developer&nbsp;<a href="https://www.apartments.com.au/developers/spg-land">SPG Land</a> is preparing to re-launch its long-awaited $1.5 billion <a href="https://www.apartments.com.au/new-apartments/paradiso-place-surfers-paradise-103-ferny-avenue-surfers-paradise-qld-4217">Paradiso Place</a> development at Budds Beach, bringing a new price point to the Surfers Paradise apartment market.

The developer will release one-bedroom apartments from $825,000 and two-bedroom apartments from $1.24 million in the three-tower development.

According to Urbis, the starting price for the two-bedroom apartments is more than $400,000 below the weighted average sale price for comparable two-bedroom apartments in Surfers Paradise during 2025, which was pinned at $1.7 million.

&nbsp;

Urbis reported quarterly average sale prices for new two-bedroom, two-bathroom apartments ranged from around $1.2 million to $1.7 million throughout 2025, peaking in the December quarter.

[smartcode_project:default project_id=106566 project_image_fid=185853]

Paradiso Place is now moving into its formal sales campaign, with a limited early-release opportunity available ahead of the public launch.

The development will comprise 845 apartments across three towers rising 40, 41 and 44 storeys from a 1.15-hectare site spanning an entire city block. The towers will sit above a new retail precinct.

"Paradiso Place represents a rare opportunity in today's market, offering premium apartments at a price point that is significantly more competitive than anything else currently available," SPG Land Sales Director Brad McMahon said.

"When you look at comparable new developments across Surfers Paradise, Main Beach and the Southern Beaches precinct, buyers are typically paying hundreds of thousands more for a similar product.

"The scale of this project and the developer-builder construction model allows us to unlock efficiencies that smaller developments simply cannot achieve. We are passing those benefits directly to buyers, while still delivering a five-star residential experience with an unmatched lifestyle."

[smartcode_project:default project_id=106566 project_image_fid=374280]

Each of the three towers designed by Rothelowman will have its own podium, connected by an elevated skybridge network to create a beachside village for residents. The resident amenity has been designed to rival a five-star hotel, with private dining rooms, resident lounges and entertainment spaces.

McMahon said the pricing strategy was a deliberate response to the current market.

"What Paradiso Place offers is a unique balance, genuine value within a premium market. Buyers are not compromising on quality, design or amenity, they are gaining access to it at a more competitive price point at a time when prices across the Gold Coast continue to reach new highs."

[smartcode_project:default project_id=106566 project_image_fid=362498]

Located around 100 metres from the beach and within walking distance of the Surfers Paradise North light rail station, Paradiso Place occupies one of the Gold Coast's most tightly held beachfront precincts.

Construction is continuing to progress, with eight of the project's 112 foundation piles now complete. Excavation has also commenced on the first diaphragm wall panel, with the first concrete poured on 15 June, marking a key milestone in the project's early works program.

[smartcode_project_cta:default project_id=106566]

Joel Robinson

SPG Land launches $1.5 billion Paradiso Place at attractive price point

Luxury developer-builder <a href="https://www.apartments.com.au/developers/lowe-living">Lowe Living</a> has achieved a new Victorian benchmark for an off-the-plan apartment, with the sale of two penthouses at its ultra-exclusive Maison Savoy development in Brighton.

The two penthouses achieved a combined sale rate of $49,926 per sqm. Both transactions eclipsed the previous identified Victorian off-the-plan price-per-square-metre benchmark, set by the 449 sqm apartment at Como Toorak, which sold at $46,659 per sqm.

[smartcode_project:default project_id=140818 project_image_fid=366473]

<a href="https://www.apartments.com.au/new-apartments/maison-savoy-brighton-150-esplanade-brighton-vic-3186">Maison Savoy</a>, Lowe Living's redevelopment of the former Brighton Savoy Hotel on absolute beachfront land at 150 The Esplanade, Brighton, has gained significant momentum since launching just eight weeks ago. Around 30 per cent of the project's 19 residences have already been secured, generating approximately $45 million in sales.

"Securing two of the three penthouse sales at this stage, within eight weeks of launching to market speaks to the confidence our clients place in Lowe Living," Lowe Living co-founder Emma Lowe said.

"They know we'll be with them through every stage of the journey, and that assurance is something we've worked hard to earn and never take for granted."

[smartcode_project:default project_id=140818 project_image_fid=366474]

Lowe said Maison Savoy was conceived as a genuine alternative to a prestige Brighton home, combining house-scale proportions with the convenience, security and lock-up-and-leave appeal of apartment living.

Lowe Living co-founder Tim Lowe said the early sales success demonstrated the resilience of Melbourne's prestige market and highlighted the growing demand for house-sized apartments among ultra-high-net-worth buyers.

"The Melbourne market has definitely been tested in recent years, with interest rates and global economic factors all creating a period of uncertainty across the real estate sector. The sales success at Maison Savoy however demonstrates that confidence remains exceptionally strong at the top end of the market.

"The prestige market is being driven by long-term lifestyle decisions rather than short-term market sentiment, which continues to create a level of certainty that befits an absolute beachfront property in a blue-chip location like Brighton.

"Brighton's fundamentals remain among the strongest in Melbourne, with limited new supply, enduring demand from an overwhelmingly local owner-occupier market, and a rare combination of beachfront amenity and proximity to the CBD."

[smartcode_project:default project_id=140818 project_image_fid=374378]

According to Cotality, Brighton remains one of Melbourne's most tightly held prestige suburbs, with an average ownership tenure of 15.3 years for houses and 12.3 years for units, while more than 73 per cent of homes are owner-occupied.

Tim Lowe said selling two of the project's three penthouses so early in the campaign was an uncommon result.

"This sales result is a reflection of quality and understanding the local market. It's incredibly rare to transact the penthouses so early in a sales campaign in any project so to have sold two of the three penthouses at Maison Savoy so soon after launch, all in-house without any external sales agency appointed, is reflective of our careful consideration of our buyers' needs and lifestyle.

"This is knowledge that is accumulated not just from data and demographic analysis, but via a deeply embedded understanding of how this type of buyer wants to live and feel in their home. We pride ourselves on getting to know our clients personally, and over the last 10 years we have been able to refine our product offering by talking one-on-one with our clients about their design and floorplan preferences.

"Being a fully integrated developer-builder with an in-house design and sales team allows us to lead every part of the process and ensure the highest quality of product and service at every touchpoint. It's a really important part of our DNA and the recent sales success at Maison Savoy indicates that our clients and purchasers are resonating with this point of difference.

"It reinforces that demand remains strong for thoughtfully designed residences that offer rarity, lifestyle and long-term value in tightly held locations, which ultimately validates Maison Savoy's positioning as creating a new benchmark for house-scale, wellness-led apartment living on Brighton's beachfront."

&nbsp;

[smartcode_project:default project_id=140818 project_image_fid=366480]

The residences at Maison Savoy start from 295 sqm, with most enjoying uninterrupted views across Port Phillip Bay. The project sits moments from the Brighton Bathing Boxes, Royal Brighton Yacht Club, Middle Brighton Baths and Church Street's retail and dining precinct.

A key feature of the development is its private residents-only bathhouse, curated by the founder of Aurora Spa &amp; Bathhouse and modelled on traditional European bathing rituals and the award-winning Sorrento bathhouse.

The wellness offering includes a hydrotherapy pool, salt room, sauna, steam room, cold plunge pool, foot activation zone and a Vichy rainfall bed, one of only a handful in Australia. Residents will also have access to a Technogym studio, lounge spaces and a dedicated concierge service offering everything from morning coffee delivery and restaurant bookings to dry cleaning and home coordination.

"Wellness-led design has become a defining factor for luxury buyers," Emma Lowe said.

"Purchasers increasingly value homes that enhance wellbeing through thoughtful design, private amenity, privacy and liveability."

The penthouse purchasers are now undertaking a bespoke customisation process curated personally by architect Pete Kennon and the Lowe Living team, one of the developer's signature service offerings.

Construction on the $160 million transformation of the former Brighton Savoy Hotel site commenced last month, with completion expected in early 2028. The project has secured funding from NAB alongside development partner Monark.

Just one penthouse remains available, along with a limited number of two and three-bedroom residences starting from $3.75 million.

Lowe Living currently has eight projects on the market across Melbourne and recently celebrated its 10th anniversary, having grown a $1 billion development pipeline alongside a $350 million construction pipeline.

&nbsp;

[smartcode_project_cta:default project_id=140818]

Lowe Living set new Melbourne off the plan apartment record

For more than three decades, Hyecorp has been delivering residential projects across Sydney's Lower North Shore, building a portfolio centred on design-led apartment living in some of the city's most established neighbourhoods.

Hyecorp recently launched the latest in its long line of apartment developments, Celine, a 29-storey tower on Archer Street in Chatswood. Like the majority of the developer's projects, Celine caters to a broad buyer demographic, offering a mix of one, two, three and four-bedroom apartments, all designed with owner-occupiers in mind.

Functionality and flexibility are often buzzwords in the new apartment market, but they sit at the core of Hyecorp's design philosophy.

Hyecorp Joint Managing Director Stephen Abolakian says the developer understands it isn't designing apartments for today's needs alone, but for how buyers will live several years into the future.

"When we launch our projects we need to be aware that these developments aren't finished for several years," Abolakian says.

"That home office in the here and now might be a nursery by the time the project completes for a prospective buyer, so we need to think about how the apartment spaces function for future uses so there's longevity in the ownership."

Celine's architects, Fuse, followed the same philosophy, saying the design extends well beyond aesthetics.

"Celine focuses on timeless architectural form and functionality, with a strong emphasis on light, proportion and materiality. The design responds to the urban context of Chatswood while delivering calm, highly liveable interiors that feel both contemporary and enduring. The floorplans have been carefully resolved to maximise usability and outperform typical market offerings in terms of efficiency and liveability."

Most apartments incorporate multipurpose rooms designed for flexibility. Each includes an integrated desk and a standard Murphy pull-down single bed, allowing the space to transition from a home office or study to guest accommodation as needs change. The layouts have also been designed to maximise natural light, storage and overall functionality.

One and two-bedroom apartments feature Miele appliances, while three and four-bedroom residences are appointed with integrated Gaggenau appliances and Taj Mahal stone benchtops.

Buyers who purchase early in the construction process can also take advantage of Hyecorp's "Live Your Way" interior design service, allowing them to personalise finishes and tailor elements of their home to suit their own lifestyle. It's a feature designed to appeal to owner-occupiers who want their apartment to feel uniquely theirs from the day they move in.

[smartcode_project:default project_id=149594 project_image_fid=362614]

While flexible floorplans have become a hallmark of Hyecorp's apartment design, the developer has also continued to place significant emphasis on resident amenity.

As buyers increasingly expect more from apartment living, shared spaces have evolved beyond a gym and barbecue area. They are now an extension of the home, providing spaces to relax, exercise, entertain and connect with neighbours.

At Celine, the resident amenity has been designed with a focus on wellness, centred on the level six podium. An infinity-edge swimming pool, spa, sauna and fully equipped gym are complemented by barbecue facilities and a residents' lounge, creating a range of spaces for relaxation, recreation and social connection above the streets of Chatswood.

Practical conveniences have also been integrated throughout the building, including EV charging provisions, smart parcel lockers, bicycle storage, a pet wash station and dedicated car wash bays, reflecting the project's focus on making everyday living as seamless as possible.

[smartcode_project:default project_id=149594 project_image_fid=362633]

"Celine has been designed to deliver a refined residential experience that reflects the evolution of Chatswood into a premium urban centre,"&nbsp;Abolakian says.

"With over 30 years of experience delivering projects across Sydney's Lower North Shore, Hyecorp brings a deep understanding of what local buyers value. Every detail has been considered to balance luxury, functionality and long-term liveability. This is not just about apartments, but about creating a lasting residential address for discerning buyers."

Hyecorp, vertically-integrated builder-developer, is anticipating construction commencement later this year.

[smartcode_project_cta:default project_id=149594]

Hyecorp brings 30 years of Lower North Shore experience to Celine in Chatswood

Burgeoning South East Queensland developer <a href="https://www.apartments.com.au/developers/frank-developments">Frank Developments</a> is continuing to pad out its capital city development pipeline.

The developer, led by Frank Licastro, has its sights set on Kingsford Smith Drive in Hamilton, where it is planning <a href="https://www.apartments.com.au/new-apartments/avela-60-kingsford-smith-drive-albion-qld-4010">AVELA</a>, a 166-apartment development across three towers that tier down from 28 storeys to 19 and 17.

The towers will rise above the iconic Breakfast Creek Hotel.

Frank has brought on Melbourne architecture practice <a href="https://www.apartments.com.au/architects/rob-kennon-architects">Kennon</a> to design the building, conceived as a “defining architectural marker where the airport corridor meets the inner city.”

<img alt="First look: Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway" data-entity-type="file" data-entity-uuid="e787c64e-f0a4-4725-891e-e86b40ee5c5c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/AVELA.png?VersionId=1ulwuZ9w2vQ2td7v.J2zUI7Ih_DT4Kwz" />

Kennon describes the project as a once-in-a-generation opportunity.

"Positioned at the northern gateway of Brisbane's primary CBD corridor, this project represents a singular moment in the city's urban evolution, one that will not come again," the architecture practice said in the documents submitted to the Brisbane City Council.

"Where the airport and world beyond meets the city, the building will rise as a sculptural landmark, a defining piece of architecture that signals arrival into Brisbane and anchors the connection between the city and the communities to its north."

<img alt="First look: Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway" data-entity-type="file" data-entity-uuid="d572bf62-a98d-4847-95d0-889e3d3283e1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/AVELA%20podium.png?VersionId=6.Ax4jBzTbY5ahm55iaMWNR03ODhDQSm" />

The development is centred around owner-occupier apartments, with a mix of two, three and four-bedroom residences designed to capitalise on city and river views.

Four basement levels accommodate resident parking, allowing the podium to prioritise pedestrian activity and public-facing uses like ground-floor retail, a cafe, a&nbsp;neighbourhood grocer, and a public accessible indoor pickleball court and event space.&nbsp;

There will be nearly 2,000 sqm of communal wellness and recreation facilities across three levels.

<img alt="First look: Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway" data-entity-type="file" data-entity-uuid="c5ac3cbf-3c11-4219-89f3-e12d9e0f9ffd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/AVELA%20podium%20A.png?VersionId=_.4zd1HLCKa1s6I_oxkY4NNqX6o3Yevn" />

&nbsp;

Frank Developments has increasingly focused on design-led residential projects across South East Queensland.

AVELA is Licastro's second on Kingsford Smith Drive following <a href="https://www.apartments.com.au/new-apartments/alba-92-kingsford-smith-drive-hamilton-qld-4007">Alba</a>, 85 apartments just down the road. The developer has <a href="https://www.apartments.com.au/new-apartments/mira-61-garfield-terrace-surfers-paradise-qld-4217">MIRA</a> and <a href="https://www.apartments.com.au/new-apartments/myst-burleigh-heads-270-the-esplanade-miami-qld-4220">MYST</a> on the Gold Coast, as well as <a href="https://www.apartments.com.au/new-apartments/murano-teneriffe-37-wyandra-street-new-farm-qld-4005">Murano</a> coming up in Teneriffe and <a href="https://www.apartments.com.au/new-apartments/bel-air-33-oxlade-drive-new-farm-qld-4005">Bel Air in New Farm</a>.

Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway

ASX-listed developer <a href="https://www.apartments.com.au/developers/stockland">Stockland</a>&nbsp;is continuing its push back into the new apartment market, filing plans for a prominent gateway site between Collingwood and East Melbourne.

The development giant, which moved back into the new apartment space when it announced Stanton Place in Sydney's Rosebery and have since filed plans for a 50-storey tower, are jumping into the off the plan Melbourne market.

They are hoping to create a mixed-use neighbourhood precinct for <a href="https://www.apartments.com.au/new-apartments/79-81-victoria-parade-collingwood-vic-3066">79-81 Victoria Parade</a>, replacing an existing commercial building with a scheme by <a href="https://www.apartments.com.au/architects/john-wardle-architects">Wardle</a>&nbsp;for 478 apartments,&nbsp;ground-floor retail, new public open spaces and a publicly accessible pedestrian laneway.

<img alt="First look: Stockland plans new mixed-use neighbourhood precinct for Collingwood gateway site" data-entity-type="file" data-entity-uuid="72dbbca9-3918-4073-afad-a0c0c35be8e7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/stockland%20pers.png?VersionId=bzMVUKKxvwuNK1m0v_td126Rgct32uk_" />

The design report identifies the public realm as a central driver of the proposal.

"Collingwood has limited access to high-quality parks and public open space, and the proposal delivers valuable new areas for respite, social interaction and fine-grain retail activity."

The development would deliver a diverse mix of housing, including studio, one, two and three-bedroom apartments alongside townhouse-style residences. Two basement levels are proposed beneath the development, providing resident and retail parking as well as extensive bicycle facilities.

Wardle's design draws heavily on Collingwood's industrial character, using articulated building forms, brickwork and robust materials inspired by the suburb's warehouse and manufacturing heritage. The built form has been broken into a series of smaller volumes to better respond to the surrounding streetscape while extensive communal gardens, rooftop amenities and shared resident spaces are integrated throughout the project.

<img alt="First look: Stockland plans new mixed-use neighbourhood precinct for Collingwood gateway site" data-entity-type="file" data-entity-uuid="7b2135ed-65df-4253-ad53-f216f06bd467" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/stockland%20podium.png?VersionId=l1B6Hqn8zs772VxH6L1fDPg0KHshan9v" />

The planning documents describe the existing office building as offering little engagement with the public realm, with the redevelopment intended to create a more permeable and active neighbourhood destination.

"The proposed scheme presents a significant opportunity to deliver a vibrant retail plaza and a local neighbourhood hub serving both existing and future Collingwood residents."

The 79–81 Victoria Parade site occupies a strategic location about 1.5 kilometres east of Melbourne's CBD, at the threshold between Collingwood and East Melbourne. It is well served by tram services along Victoria Parade and sits within walking distance of St Vincent's Hospital, Fitzroy Gardens, the Fitzroy activity centre and a broad range of employment, retail and hospitality destinations.

Stockland plans new mixed-use neighbourhood precinct for Collingwood gateway site

Robert Larocca

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From a first home buyer perspective, there is something very wrong with the housing market in Victoria.
In February, the most recent data available from the Australian Bureau of Statistics (ABS) showed that the total number of dwellings financed for first home buyers had sunk to a 23 year low.
In February there were 1,402 dwellings financed for first home buyers which  represented a mere 11.76% of the entire number financed. This was lower than in January when first home buyers represented 12.7% of the market and the lowest in raw terms since July 1991 when the population of Victoria was 31% less than it is today.
The reasons behind  this result are debatable. Some will say that the causes are high property prices, but this alone is not borne out by the data. When home values last peaked, in October of 2010, the proportion of first home buyers was 18.2%. In real terms, prices are not significantly different at this point which suggests that the problem is not entirely the price.
Others point to the fact that rents are not rising and suggest that intending first home buyers are preferring to rent.
Another perspective is that the change to financial assistance for first home buyers has caused many to not enter the market. At the same time as the large step down in the proportion of first home buyers occurred in the middle of last year, the $7,000 First Home Buyer Grant for established homes came to an end.  This alone cannot be the only issue as at the same time stamp duty was being progressively lowered for first home buyers.
The reasoning for this change in the market is probably a combination of all  issues mentioned and if the market  remains this way, it will represent a significant structural change in the local housing market.
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rlarocca-zWhvjay44N

First home buyers in Victoria lowest in 23 years

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In 2014 a total of $53.7 billion, over one billion dollars a week, was spent on Melbourne residential real estate.
This is an increase from the $52.9 billion in 2013 and $43.8 billion in 2012, reflecting the overall growth in the market over the last few years. It is worth noting that last year was still slightly below the all time record of $54 billion in 2010.
The citywide changes are also reflected at a suburban level.
Whilst the top 10 Melbourne suburbs ranked by the total spent on residential real estate did not show a lot of change between 2013 and 2014, the amount spent did.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2015/03/Highest-spend-by-suburb-2014.jpg" rel="wp-prettyPhoto[g4422]"><img class="aligncenter wp-image-4423 size-full" src="https://blog.corelogic.com.au/wp-content/uploads/2015/03/Highest-spend-by-suburb-2014.jpg" alt="Highest spend by suburb 2014" width="652" height="282"></a>
Top of the list was Brighton. Last year an average of $2.3 million was spent every day in Brighton property purchases and $378,213 more every day than the previous year.
This pushed the entire value of sales from $700 million to $841 million. Brighton may have a higher value of sales than any other suburb, however the increase was dwarfed by the rises recorded in Melbourne, Glen Waverley, Kew and Toorak.
In 2013 for instance, $1.49 million was spent on units in the suburb of Melbourne and this rose by half a million dollars a day to $2.05 million. This rise is partly due to the increased prices being paid and partly the increased construction.
Glen Waverley recorded the most significant difference.. Over the course of the year $233 million more was spent on houses which in turn pushed the median house price up from $807,000 to $970,000. Neighbouring Mount Waverley also saw a significant rise of $311,747 on a daily basis.
Key points:
<ul>
<li>Over one billion dollars a day was spent of residential real estate last year 
</li>
<li>Brighton recorded the highest spend, $842 million 
</li>
<li>Glen Waverley recorded a $233 million rise</li>
</ul>
WEEKEND AUCTION PREVIEW
There are 1,459 auctions scheduled this week in Melbourne compared to 1,414 for the same time last year. The highest volume of auctions in a single suburb will be found in Reservoir where 29 are expected. There are 26 scheduled in St Kilda and 24 in Brighton.
The compressed autumn auction market, the three weeks between Labour Day and Easter, are delivering excellent results to vendors with clearance rates tracking nearly 10 points above the same time last year while simultaneously showing high volumes.
At the end of last year the market appeared to have a slowing trend but the interest rate cut has clearly reversed that.
Citywide across the private sale market over the past week the time on market results for houses sold at private sale fell to 31 days, down from 32 days in the previous week. Overall vendor discounting contracted to -5.2% from -5.4%.
Key data:
<ul>
<li>Clearance rate week ending 22 March: 77.1% 
</li>
<li>Melbourne auctions expected week ending 29 March: 1,459 
</li>
<li>Melbourne private sales time on market week ending 22 March: 31 days (houses) 
</li>
<li>Melbourne vendor discounting market week ending 22 March: -5.2% (houses) 
</li>
<li>Listings being prepared for market are 11.2% higher in the month ending 22 March (seasonally adjusted)</li>
</ul>
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More than a billion dollars a week spent on Melbourne property in 2014: Robert Larocca

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It will come as no surprise that there are very few three or four bedroom apartments in the CBD, Docklands or Southbank.
Developers frequently cite market demand as the reason why they don’t build larger high-density dwellings.
A review of data from the apartments advertised for sale in the past two years shows that the size of dwellings does vary between the three inner city suburbs of Melbourne, Docklands and Southbank.
Across those three suburbs, 43 of the 3,966 homes had four or more bedrooms.
Three bedroom apartments where rare but slightly more plentiful with 434 advertised for sale. They were mostly found in Southbank and Docklands.
Almost one in two apartments in the suburb of Melbourne were one bedroom but they are far less plentiful in Docklands and Southbank, accounting for around 25% of the housing.
It is interesting to see the differences in the type of apartments between Melbourne and Docklands/Southbank.
From the perspective of the number of bedrooms Docklands and Southbank are the home to larger apartments than Melbourne. One-bedroom apartments accounted for 23% of apartments in Docklands and 28% in Southbank. In the suburb of Melbourne the comparable number is 47%.
Clearly, developers are providing different dwellings in different suburbs. This is also obvious when a comparison is made to a very different apartment market such as bayside Brighton where 9% had one bedroom, three bedroom apartments comprised 34% of the market, and two bedroom apartments were the majority at 53%.
What is also clear is that if you are looking for a four bedroom unit then it will take a very long time.
Key points
<ul>
<li>Across 2013 and 2014 only 1% of apartments advertised for sale in Melbourne had four bedrooms</li>
<li>Two bedroom apartments are more likely to be found in Southbank and Docklands than Melbourne</li>
<li>In Brighton only 9% of apartments had one bedroom</li>
</ul>
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Only one out of 100 apartments has four bedrooms in Melbourne’s CBD: Robert Larocca

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A preliminary weighted average clearance rate of 78.3% was recorded this week across capital cities compared to 74.5% last week and 70.8% this time last year.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2015/03/20150316-Capital-City.jpg" rel="wp-prettyPhoto[g4392]"><img class="aligncenter size-large wp-image-4393" src="https://blog.corelogic.com.au/wp-content/uploads/2015/03/20150316-Capital-City-580x431.jpg" alt="National auction review - Capital City" width="580" height="431"></a>
This is the highest national clearance rate in six years, since 79.7% was recorded in September 2009 and provides a further indication of the improvement in demand since last year. There can be no doubt now that the interest rate cut has had a positive impact on the real estate market.
In Sydney a preliminary clearance rate of 85.1% was recorded compared to 84.2% last week and 79.8% last year. Sydney continues to have the strongest auction market nationally and is providing vendors with unprecedented results.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2015/03/20150316-Sydney.jpg" rel="wp-prettyPhoto[g4392]"><img class="aligncenter size-large wp-image-4394" src="https://blog.corelogic.com.au/wp-content/uploads/2015/03/20150316-Sydney-580x388.jpg" alt="National auction review - Sydney" width="580" height="388"></a>
In Melbourne the preliminary clearance rate was 77.8%, compared to 75% last week and 67% this time last year. This is the highest clearance rate in a year and half and the market is now well ahead of this time a year ago.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2015/03/20150316-Melbourne.jpg" rel="wp-prettyPhoto[g4392]"><img class="aligncenter size-large wp-image-4395" src="https://blog.corelogic.com.au/wp-content/uploads/2015/03/20150316-Melbourne-580x386.jpg" alt="National auction review - Melbourne" width="580" height="386"></a>
In Brisbane a preliminary clearance rate of 57.1% was recorded compared to 37.2% last week and 54.5% last year.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2015/03/20150316-Brisbane.jpg" rel="wp-prettyPhoto[g4392]"><img class="aligncenter size-large wp-image-4396" src="https://blog.corelogic.com.au/wp-content/uploads/2015/03/20150316-Brisbane-580x381.jpg" alt="National auction review - Brisbane" width="580" height="381"></a>
In Adelaide a preliminary clearance rate of 72.9% compared to 60.7% last week.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2015/03/20150316-Adelaide.jpg" rel="wp-prettyPhoto[g4392]"><img class="aligncenter size-large wp-image-4397" src="https://blog.corelogic.com.au/wp-content/uploads/2015/03/20150316-Adelaide-580x389.jpg" alt="National auction review - Adelaide" width="580" height="389"></a>
In Canberra a clearance rate of 73.3% was recorded compared to 70.8% last week.
In Perth a clearance rate of 41.7% was recorded compared to 33.3% last week and 41.9% last year.
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Highest national clearance rate in six years: Robert Larocca

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There are many different ways of looking at the market and making judgements about its performance.
You can look at sale prices, days on market or even turn up at auctions and count the number of active bidders.
These metrics will invariably tell you how the market is performing, whether is trending up, down, flat and by how much. They don’t and can’t tell you about the future performance. They also don’t tell you about the ease of buying.
The fact is that some suburbs are easier to buy into than others because owners are less inclined to sell. That can be for many reasons, sometimes it is cyclical, for instance in the first few years after property is purchased the owners are less likely to sell.
We measure the ease of purchasing by comparing the number of homes advertised for sale in a given period with the number of properties in the suburbs.
These suburbs are often described as ‘tightly held’.
In the year ending 30 November across Melbourne 5.3% of all houses had been advertised for sale. Those houses sold over the same time had been owned for an average of 11.8 years.
Drilling down to a suburb level the hardest place to buy a house was in Brunswick East.
In Brunswick East a mere 2.1% of houses had been advertised for sale in the past year. Those houses that did sell had been owned for well over the metropolitan average at 14.2 years and in a sign of the lengths buyers were willing to go, the median sale price rose 26.6% in a year.
With some exceptions there is a correlation between the period of ownership, the recent capital growth and likelihood to list for sale.
At a simple level that is demand and supply in action and it won’t surprise anyone active in the market. It also helps explain why real estate agents often letterbox suburbs or streets looking for an owner to sell!
An analysis of the top 10 most difficult places to buy a house shows a high representation of suburbs in the inner north.
Carlton is second on the list and it is followed by Fairfield, Carlton North and Fitzroy North. In each case the proportion of houses on the market is below 3%. With the exception of Carlton the increase in median sale price is above the metropolitan wide number for the same time.
The inner north of Melbourne has been in strong demand from buyers, but the owners have not been as willing to sell.
The inner northern suburbs are not the only place this occurs in Melbourne. The top 10 is rounded out by Clayton South, Mulgrave, Watsonia, Hughesdale and Carnegie. With the exception of Watsonia these are also all in a similar part of Melbourne.
But what happens if you want to buy into a suburb where the owners don’t want to sell?
These are called ‘off market’ transactions and they won’t be covered in this data because the homes are not listed for sale. A small number of those will be the homes sold direct by the owners but the majority are those transacted with the assistance of a buyers agent.
Astute buyers agents are able to build their own networks of sellers. This happens because sometimes an owner wants to sell without advertising or they find that because the buyers agent has a good network of buyers there is simply no need to buy the advertising to support the sale.
So if you want to buy into a tightly held suburb it pays to approach local real estate agents and let them know you are interested and consider hiring a buyers agent.
AUCTION PREVIEW
There are 1,149 auctions scheduled this week in Melbourne compared to 1,085 for the same time last year. Last week’s lower volume produced an outcome in line with trend with the overall auction market continuing to be better than last year.
The timing of Easter this year will ensure a very busy three weeks for sellers, buyers and real estate agents. The gap between Labour Day and Easter last year was five weeks and there were an average of 1280 auctions a week. This is a similar level of activity to Spring.
In respect of the private sale market in the past week, on a citywide basis, the time on market results for houses sold at private sale fell to 33 days, down from 43 days in the previous week. Overall vendor discounting was up stable at -5.4%.
Key data
<ul>
<li>Preliminary clearance rate week ending 8 March: 73.7%</li>
<li>Melbourne auctions expected week ending 15 March: 1149</li>
<li>Melbourne private sales time on market week ending 8 March: 33 days (houses)</li>
<li>Melbourne vendor discounting market week ending 8 March: -5.4% (houses)</li>
<li>Listings being prepared for market are 3.3% higher in the month ending 8 March (seasonally adjusted)</li>
</ul>
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Buying into Melbourne's most tightly held suburbs: Robert Larocca's weekend auction preview

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The February CoreLogic RP Data Home Value Index results (<a href="https://www.corelogic.com.au/media-release/dwelling-values-continue-to-rise-while-rental-yields-compress-further" target="_blank" title="Read Indices results">read results here</a>) showed Melbourne dwelling prices rose at a greater rate over the last three months than any other capital city.
When viewed in conjunction with the strengthening auction market this data confirms the solid position intending sellers now find themselves in.  This will also encourage a rise in listings over the next few months and provide buyers with good choice in April and May.
In the last three months house values have risen 4.8% and over the last month the rise was a more moderate 0.2%. Based on settled sales in the last quarter the median sale price was $549,000.
In the last three months unit values have risen 1.8% and over the last month the rise 0.5%. Based on settled sales in the last quarter the median sale price was $450,000. Unit values continue to be subdued due to high supply.
The clearance rate also rose compared to last year. In February a clearance rate of 74.1% was recorded from 3,452 auctions compared to 71.5% from 2,623 auctions a year ago.
AUCTION MARKET PREVIEW
Strong auction demand continued in Sydney, Melbourne and Canberra last week with all three markets recording clearance rates in excess of their 2014 trend and they were joined by Adelaide where a clearance rate in excess of 70% was recorded for the first time in a year. National volumes also fell this week due to the impact of the Labour Day long weekend, particularly in Melbourne,
There are 1,818 auctions expected this week across Australia with 1,448 expected in capital cities. This is compared to 3,238 last week and 1,520 for the same week last year.
In Sydney 801 auctions are expected compared to 1,223 last week and 859 this week last year. As volumes reached a record high last year, it is remarkable that they are higher again this year and that demand remains very strong.
There are 144 auctions expected in Brisbane compared to 216 last week and 138 this week last year.
This week there are 62 auctions expected in Adelaide compared to 109 last week and 80 on the same week last year.
In Canberra there are 75 auctions expected compared to 84 last week and 64 this week last year.
In Perth 42 auctions are expected compared to 27 last week and 33 this week last year.
Across Australia the highest volume of auctions in one suburb are 16 in Mosman (NSW).
There are 312 auctions scheduled this week in Melbourne compared to 329 for the same time last year. Volumes are low due to the Labour Day long weekend. The highest volume of auctions in one suburb is the very popular Glen Waverley where 7 are scheduled.
The February Home Value Index results showed the dwelling prices rose at a greater rate over the last three months than any other capital city and rose slightly in the last month.
When viewed in conjunction with the strengthening auction market this data confirms the solid position intending sellers now find themselves.  This will also encourage a rise in listings over the next few months and provide buyers with good choice in April and May.
The clearance rate also rose compared to last year. In February a clearance rate of 74.2% was recorded from 3,452 auctions compared to 71.5% from 2,623 auctions a year ago.
In respect of the private sale market in the past week, on a citywide basis, the time on market results for houses sold at private sale fell to 43 days, down from 60 days in the previous week. Overall vendor discounting was up slightly to -5.5% from -5.4%.
Melbourne auction market Key data
<ul>
<li>Clearance rate week ending 1 March: 77.1%</li>
<li>Melbourne auctions expected week ending 8 March: 312</li>
<li>Melbourne private sales time on market week ending 1 March: 43 days (houses)</li>
<li>Melbourne vendor discounting market week ending 1 March: -5.5% (houses)</li>
</ul>
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Melbourne residential market provides highest growth over quarter: Robert Larocca

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A preliminary weighted average clearance rate of 77.1% was recorded this week across capital cities compared to 77.3% last week and 74.2% this time last year.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2015/03/20150302-Capital-City.jpg" rel="wp-prettyPhoto[g4335]"><img class="aligncenter size-large wp-image-4336" src="https://blog.corelogic.com.au/wp-content/uploads/2015/03/20150302-Capital-City-580x432.jpg" alt="National auction results - Capital City" width="580" height="432"></a>
Following last weeks strong result this week’s result indicates the auction market is delivering healthy outcomes to sellers in increasing numbers.
In Sydney a preliminary clearance rate of 82.8% was recorded compared to 86.2% last week and 77.6% last year. This is the fourth consecutive week in excess of 80% making it the strongest capital city auction market in recent times. The Sydney auction market is in uncharted territory now.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2015/03/20150302-Sydney.jpg" rel="wp-prettyPhoto[g4335]"><img class="aligncenter size-large wp-image-4337" src="https://blog.corelogic.com.au/wp-content/uploads/2015/03/20150302-Sydney-580x388.jpg" alt="National auction results - Sydney" width="580" height="388"></a>
In Melbourne the preliminary clearance rate was 76.5%, compared to 75.8% last week and 76.6% this time last year. The Melbourne auction market is beginning to record numbers similar to autumn 2010, when high clearance rates and volumes translated into strong capital gains.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2015/03/20150302-Melbourne.jpg" rel="wp-prettyPhoto[g4335]"><img class="aligncenter size-large wp-image-4338" src="https://blog.corelogic.com.au/wp-content/uploads/2015/03/20150302-Melbourne-580x387.jpg" alt="National auction results - Melbourne" width="580" height="387"></a>
In Brisbane a preliminary clearance rate of 54.6% was recorded compared to 63.6% last week and 46.2% last year.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2015/03/20150302-Brisbane.jpg" rel="wp-prettyPhoto[g4335]"><img class="aligncenter size-large wp-image-4339" src="https://blog.corelogic.com.au/wp-content/uploads/2015/03/20150302-Brisbane-580x374.jpg" alt="National auction results - Brisbane" width="580" height="374"></a>
In Adelaide a preliminary clearance rate of 78.6% compared to 53.3% last week.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2015/03/20150302-Adelaide.jpg" rel="wp-prettyPhoto[g4335]"><img class="aligncenter size-large wp-image-4340" src="https://blog.corelogic.com.au/wp-content/uploads/2015/03/20150302-Adelaide-580x389.jpg" alt="National auction results - Adelaide" width="580" height="389"></a>
In Canberra the market is beginning to show levels of demand currently present in Sydney and Melbourne. A clearance rate of 81.6% was recorded compared to 72.4% last week.
In Perth a clearance rate of 40% was recorded compared to 46.4% last week and 55% last year.
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Sydney auction market enters uncharted territory: Robert Larocca

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Five years ago there were 3,335 homes sold for in excess of $1 million in Melbourne – not so surprising is that the top 10 sales were in the city’s most expensive addresses.
The top three, Brighton, Camberwell and Kew, saw 266, 162 and 157 houses sold for over a million dollars in 12 months. Remarkably, in the bayside suburb of Brighton, 109 of those were in excess of $2 million. Bay views command incredible sale prices due to their scarcity.
The remaining seven in the list are Toorak, Brighton East, Hawthorn, Malvern,Malvern East, Canterbury and Surry Hills.
Over the past year, the million-dollar list has changed and shows some interesting shifts in the market. Firstly, there are many more with 9,684 sales over a million. Secondly five of the top 10 are new.
Balwyn North, Glen Waverley, Glen Iris, Balwyn and Mount Waverley are newly into the list.
Balwyn and Balwyn North are not a surprise, along with neighbouring Mont Albert and Mont Albert North, they have seen the highest capital gains on an annualised basis over the past five years in Melbourne.
The most significant shift is found in Mount Waverley and Glen Waverley.  Between these, 442 houses sold for over a million dollars, 41 of those for over two million.
Both have seen increases in demand well in excess of the comparable suburbs to the north and south with buyers attracted by a range of factors from transport choices to schools.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2015/02/melbourne-sales-million-dollar-table.jpg" rel="wp-prettyPhoto[g4285]"><img class="aligncenter size-full wp-image-4287" src="https://blog.corelogic.com.au/wp-content/uploads/2015/02/melbourne-sales-million-dollar-table.jpg" alt="Melbourne sales million dollar table" width="459" height="330"></a>
Key points
<ul>
<li>Over the past five years the number of million dollar homes sold has almost tripled;</li>
<li>Glen Waverley and Mount Waverley are in the top 10 and were not five years ago;</li>
<li>Nearly 10,000 homes have sold in the last year for more than $1 million.</li>
</ul>
There are 1,401 auctions scheduled this week in Melbourne compared to 1,334 for the same time last year.
This is the second week with over 1,000 auctions for the year and volumes at auctions have risen to a level that is similar to last year now. Once listings for private sale are taken into consideration there are fewer new homes on the market than a year ago. There were 1.8% fewer homes listed for sale in the past month than last year which suggests consumers are still approaching the market is caution.
In respect of the private sale market in the past week, on a citywide basis, the time on market results for houses sold at private sale fell to 60 days, down from 66 days in the previous week. Overall vendor discounting was up slightly to -5.4% from -5.1%.
Key data
<ul>
<li>Preliminary clearance rate week ending 22 February: 75.8%</li>
<li>Melbourne auctions expected week ending 1 March: 1,401</li>
<li>Melbourne private sales time on market week ending 22 February: 60 days (houses)</li>
<li>Melbourne vendor discounting market week ending 22 February: -5.4% (houses)</li>
<li>Listings being prepared for market are 0.7% higher in the month ending 22 February (seasonally adjusted)</li>
</ul>
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Where are most of Melbourne’s million dollar homes sold? Weekend auction preview

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A preliminary weighted average clearance rate of 77.7% was recorded this week across capital cities compared to 74% last week and 76.2% this time last year.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2015/02/20150223-Capital-City.jpg" rel="wp-prettyPhoto[g4298]"><img class="aligncenter size-large wp-image-4299" src="https://blog.corelogic.com.au/wp-content/uploads/2015/02/20150223-Capital-City-580x437.jpg" alt="National auctions - Capital City" width="580" height="437"></a>
At this stage this is the highest clearance rate recorded on a national level since September 2009.
Last week’s momentum has been carried into this week with solid demand evident in Sydney, Melbourne and Canberra. The interest rate cut is clearly having a beneficial impact.
In Sydney a preliminary clearance rate of 87.8% was recorded and this is higher than any other week in the past year. This is compared to 83.3% last week and 84.2% last year. This result is the sign of a strong market but not against the trend at this time last year.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2015/02/20150223-Sydney.jpg" rel="wp-prettyPhoto[g4298]"><img class="aligncenter size-large wp-image-4300" src="https://blog.corelogic.com.au/wp-content/uploads/2015/02/20150223-Sydney-580x397.jpg" alt="National auctions - Sydney" width="580" height="397"></a>
In Melbourne preliminary clearance rate was 74.9%, compared to 70.9% last week and 73.5% this time last year. The Melbourne auction market has lifted by around 15 points in the past two weeks.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2015/02/20150223-Melbourne.jpg" rel="wp-prettyPhoto[g4298]"><img class="aligncenter size-large wp-image-4301" src="https://blog.corelogic.com.au/wp-content/uploads/2015/02/20150223-Melbourne-580x394.jpg" alt="National auctions - Melbourne" width="580" height="394"></a>
In Brisbane a preliminary clearance rate of 68.9% was recorded compared to 49.5% last week.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2015/02/20150223-Brisbane.jpg" rel="wp-prettyPhoto[g4298]"><img class="aligncenter size-large wp-image-4302" src="https://blog.corelogic.com.au/wp-content/uploads/2015/02/20150223-Brisbane-580x373.jpg" alt="National auctions - Brisbane" width="580" height="373"></a>
In Adelaide a preliminary clearance rate of 55.2% compared to 69% last week.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2015/02/20150223-Adelaide.jpg" rel="wp-prettyPhoto[g4298]"><img class="aligncenter size-large wp-image-4303" src="https://blog.corelogic.com.au/wp-content/uploads/2015/02/20150223-Adelaide-580x392.jpg" alt="National auctions - Adelaide" width="580" height="392"></a>
In Canberra a clearance rate of 72.9% was recorded compared to 72.3% last week. This is the third week with a clearance rate in excess of 70% and means the Canberra auction market has had a stronger start than last year.
In Perth a clearance rate of 53.8% was recorded.
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Interest rate cut is clearly having a beneficial impact to auction market: Robert Larocca

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The trend of lower auction volumes in 2015 continues with 29% fewer homes on offer across capital cities this week. 
The low volumes appear to have contributed to strong rises in the clearance rate last week in both Sydney and Melbourne.
There are 2,497 auctions expected this week across Australia with 2,058 expected in capital cities. This is compared 1,541 last week and 2,905 for the same week last year.
In Sydney 775 auctions are expected compared to 662 last week and 1,101 this week last year. The clearance rate last week was the highest in a year and should encourage a few more vendors to list for sale as there is clearly strong demand from buyers.
In Melbourne 936 auctions are expected compared to 584 last week and 1,401 this week last year. The 10-point rise in the clearance rate last week is a sign of a healthy market and provides an indication that the interest rate cut has been welcomed by buyers.
There are 101 auctions expected in Brisbane compared to 118 last week and 161 this week last year.
This week there are 124 auctions expected in Adelaide compared to 91 last week and 118 on the same week last year.
In Canberra there are 77 auctions expected compared to 49 last week and 65 this week last year.
In Perth 30 auctions are expected compared to 26 last week and 49 this week last year.
Across Australia the highest volume of auctions in one suburb are 20 in Richmond (Vic). Of the 2,497 homes being auctioned 936 are listed as three bedrooms, 666 as four bedrooms and only 162 with five bedrooms.
Melbourne auction preview
There are 936 auctions scheduled this week in Melbourne compared to 1,401 for the same time last year. The highest volume of auctions will be in Richmond with 20 scheduled. There are 17 in Bentleigh East and St Kilda.
The Melbourne auction market is sending mixed messages at the moment, on one hand the clearance rate has risen to be closer to the trend rate for last year, when it was 68.2%. In contrast volumes are low suggesting that potential vendors are lacking the confidence shown last year.
It is also possible that vendors and their real estate agents are choosing private sale instead of auction as a method of sale. It won’t however be possible to ascertain if that is happening for a few months.
In respect of the private sale market in the past week, on a citywide basis, the time on market results for houses sold at private sale was 66 days, slightly up from 65 days in the previous week. Overall vendor discounting was up slightly to -5.2% from -5.1%.
Key data
<ul>
<li>Clearance rate week ending 15 February: 70.9%</li>
<li>Melbourne auctions expected week ending 22 February: 936</li>
<li>Melbourne private sales time on market week ending 15 February: 65 days (houses)</li>
<li>Melbourne vendor discounting market week ending 15 February: -5.2% (houses)</li>
<li>Listings being prepared for market are 3.5% lower in the month ending 15 February (seasonally adjusted)</li>
</ul>
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Robert Larocca

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