The idea of a low-maintenance forever home located close to the city were the two driving factors behind a recent purchaser’s journey at Murcia, the under-construction East Brisbane apartment development by Sarazin.

Last year, Lois and her husband purchased a two-bedroom plus multi-purpose room (MPR) apartment in the new building, which is being constructed by Hutchinson Builders and is on track for completion in late-2027.

[smartcode_project:default project_id=135094 project_image_fid=341638]

The couple’s number one priority was to remain within easy commuting distance of the city for work. Murcia is positioned alongside the new Cross River Rail, with Woolloongabba Station just 300 metres from the front door.

They are currently living in their Annerley unit, which they have owned for several years, after recently moving out of their inner-city apartment, located on the very same street as Murcia.

“We had watched the development for a long time, and when construction activity began, that’s when we felt confident to buy,” Lois said.

[smartcode_project:default project_id=135094 project_image_fid=356540]

The timing also made sense. By moving back into their Annerley unit, they are able to save money ahead of settlement, while looking forward to returning closer to the city once Murcia is complete.

“We see Murcia as a forever home, as opposed to an investment, or something we need to appreciate massively in value and move on from in a few years,” Lois said.

“We secured an apartment large enough to grow a family, so we’re expecting to call Murcia home for a very long time.”

The couple plan to grow their family, but without the added maintenance demands of owning a standalone house further from the city. Working with Sarazin and architect HAL, they were able to slightly tweak the floorplan, converting the two-bedroom plus MPR layout into a functional three-bedroom apartment.

An added bonus was the recently revised communal space plans, which now incorporate a dedicated working-from-home area, complete with work pods, and shared desks.

“It means the third bedroom doesn’t have to become a part-time office and part-time bedroom,” Lois said, adding that residents have the benefit of working from home without actually being inside their apartment.

The rooftop wellness amenity was another standout compared to living in an established complex or a house. A signature feature of Sarazin developments, the rooftop will include a full gym, hot and cold plunge pools, a steam room and sauna, and a hotel-style pool with cabanas.

[smartcode_project:default project_id=135094 project_image_fid=214682]

Buyer journeys can vary significantly, from purchasing in the established market to buying new, or choosing between houses and apartments. Lois said they knew immediately that buying off the plan was right for them.

“We wanted something new, with less maintenance, and we weren’t quite ready to make the full financial leap straight away. The timing and deposit structure gave us the flexibility we needed.”

Designed by HAL Architects and inspired by the Spanish city of Murcia, the development takes a Mediterranean-influenced approach to architecture and landscaping, with a strong emphasis on shared spaces.

“The design feels considered, the amenities support how we actually live, and the location keeps us connected to the city without feeling right in the middle of it.”

Murcia is Sarazin’s second development in the area, following the completion of Silk One just up the road in 2022. They have several more projects coming to market in Woolloongabba ahead of the 2032 Brisbane Summer Olympics.

[smartcode_project_cta:default project_id=135094]

Joel Robinson

Close to the city, built for the future: Inside a growing family’s move to Murcia in East Brisbane

While most developers are aiming high across the Gold Coast, John Kearney’s <a href="https://www.apartments.com.au/developers/immerse-projects">Immerse Projects</a>&nbsp;has scaled back its plans for its Kirra Beach project.

As first reported by Apartments.com.au in April 2025, Immerse <a href="https://www.apartments.com.au/news/qld/first-look-immerse-projects-plan-new-apartments-at-kirra-beach">lodged plans for 105 apartments</a> on its 2,026 sqm Haig Street site.

The developer has now revised the proposal, reducing the 14-storey building to nine storeys and cutting the total number of apartments from 105 to 65.

The new scheme will also feature a broader mix of apartments. It will comprise 23 two-bedroom units, 17 three-bedroom units, and 25 four-bedroom apartments, the latter a configuration that was not included in the original proposal.

<img alt="Lot 11 C2859, 7 Haig Street, COOLANGATTA QLD 4225" data-entity-type="file" data-entity-uuid="972e3bbf-c3e6-4308-b098-5821e571f829" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Haig%20Street%20perspective%201.png?VersionId=3jkyNU0n7TW08DpkoEsY62bXWTb3UHxY" />

The building will rise to a compliant height of 29 metres, aligning with the Building Height Overlay.&nbsp;

The built form incorporates three basement levels accommodating 197 resident car parks and 13 visitor spaces, alongside storage and servicing areas. Level two is dedicated in part to communal amenity, including a lap pool along the western boundary, pool deck, spa and cold plunge pools, gym, work-from-home and meeting spaces, and landscaped areas designed to enhance privacy and outlook.

The typical floorplate will have eight apartments per level.

<img alt="Lot 11 C2859, 7 Haig Street, COOLANGATTA QLD 4225" data-entity-type="file" data-entity-uuid="002d2594-9cf4-4ee4-bb2a-9a0546ac1cc5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Haig%20Street%20site.png?VersionId=Qk.Cm0K9RziXrWu0Q4u2eOjEM3CwNhhC" />

The subject site is currently occupied by two 1970s-era walk-up buildings, Giraween and Caribbean, comprising 14 apartments.

Immerse Projects, led by building veteran John Kearney, who also heads construction firm Greyburn, has become increasingly active in the Kirra and broader southern Gold Coast market. The group recently completed Rhyhthm Kirra Hill on Garrick Street. They have another site locally, on McLean Street, which has approved plans for 58 apartments.

First Look: Immerse favours four-bed apartments in Kirra Beach switch

The development wave is continuing in the affluent suburb of Woollahra following last year’s planning reforms introduced by the Minns Labor Government.

In early 2025, the NSW Government implemented significant changes to its Low and Mid-Rise Housing Policy, altering planning controls to allow greater density for new apartment projects within an 800-metre walking distance of stations and town centres in the Woollahra Local Government Area, overriding existing local controls. Buildings are now permitted to rise up to six storeys within 400 metres of a station or centre, or eight storeys where affordable housing is incorporated, and up to four storeys within the 401 to 800 metre radius, which can increase to six storeys with affordable housing.

Since then, a significant number of development applications have been lodged, and numerous sites have transacted, some at record highs, with the increased density provisions now working in favour of developers.

Lower North Shore developer Abadeen are behind the latest project. They are planning a six-storey residential building at 101–115 Edgecliff Road, on the border of Woollahra and Bondi Junction.

<img alt="First Look: Lindos Group plans six-storey adaptive reuse apartment project in Woollahra’s Fletcher Precinct" data-entity-type="file" data-entity-uuid="17a75a04-3ecd-4b0f-af9f-54514690721b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Edgecliff%20DA%20front.png?VersionId=r0MiKualBGqKrjVj6hJZHsEiwl9QzF0D" />

The proposal would replace a trio of interwar flat buildings on the amalgamated 1,514 sqm site, which has three street frontages to Edgecliff Road, Adelaide Street and Australia Lane.

Importantly, as noted in the documents, the project represents a 200 per cent increase in bedroom density, from 32 bedrooms to 66, rather than a significant increase in the number of apartments, which will rise only slightly from 28 to 29.

The scheme proposes four one-bedroom units, 13 two-bedroom units, and 12 three-bedroom apartments. The submitted planning documents note that, based on market research and background analysis, one of the primary target markets will be downsizers seeking to remain in the local area while moving out of larger freestanding homes they no longer require.

“This allows for new housing supply opportunities beyond just the subject site,” the Design Report by architecture firm Squillace states. The current unit mix comprises 24 one-bedroom apartments and four two-bedroom units.

The top level of the new development will feature a rooftop deck with a pool, barbecue facilities, integrated seating, and a communal vegetable and herb garden.

“Providing these facilities is beneficial in encouraging increased interaction between occupants, which in turn fosters a greater sense of community,” Squillace’s report notes. The firm adds that the vegetable and herb garden, in particular, offers social value, with volunteering opportunities creating further interaction among residents.

<img alt="First Look: Lindos Group plans six-storey adaptive reuse apartment project in Woollahra’s Fletcher Precinct" data-entity-type="file" data-entity-uuid="9619b7bb-291d-417a-a006-f36d14a97cb1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Edgecliff%20DA%20perspective.png?VersionId=PYeMKcgOnEV7XVztARQ_YVDlvHcuyZaW" />

Squillace describes the intent as delivering additional housing supply while maintaining the heritage character of the Fletcher Precinct.

“Our objective is to design a high-quality benchmark building that enables considered additions and the adaptive reuse of the existing three brick residential flat buildings,” the architecture firm states.

The site is located within a heritage conservation area, with all three existing buildings identified as contributory items in the Woollahra Development Control Plan. Rather than pursuing wholesale demolition, the proposal retains the primary brick façades and tiled pitched roof forms along Edgecliff Road and Adelaide Street. New upper-level additions are set back from the existing parapets and articulated with horizontal and vertical shadow lines to provide visual separation.

“The proposed design seeks to retain the primary brick façades and roof forms to the street, demonstrating how existing building fabric can be preserved while increasing housing density within conservation areas,” the report adds.

Prior to Christmas, around <a href="https://www.apartments.com.au/news/nsw/rose-bay-apartment-market-fires-up-with-200m-in-new-developments-filed">$200m of new projects</a> were filed in Rose Bay alone, within the Woollahra LGA.

The suburb of Woollahra is subject to the most change in the Woollahra LGA, with the&nbsp;Minns Labor Government to deliver&nbsp;Sydney’s first new heavy rail station in more than a decade, enabling up to 10,000 new homes by rezoning land around&nbsp;<a href="https://www.apartments.com.au/developments/woollahra-nsw-2025" target="">Woollahra</a>&nbsp;and&nbsp;<a href="https://www.apartments.com.au/developments/edgecliff-nsw-2027" target="">Edgecliff</a>&nbsp;stations.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/next-stop-woollahra-train-station-delivering-up-to-10-000-new-homes-in-the-heart-of-sydney">Next stop Woollahra train station - delivering up to 10,000 new homes in the heart of Sydney</a>

First Look: Woollahra development wave continues as Abadeen plots six-storey apartment block

<a href="https://www.apartments.com.au/new-apartments/crest-broadbeach-13-armrick-avenue-broadbeach-qld-4218">Crest Broadbeach</a> continues to record strong sales momentum more than a year after the launch of second tower, reinforcing buyer confidence in the <a href="https://www.apartments.com.au/developers/morris-property-group">Morris Property Group</a> development as construction progresses on site.

The two-tower project on Armrick Avenue is now around 70 per cent sold. Around 90 per cent of the apartments in the first tower have been snapped up, with more than 40 per cent of sales achieved in the second tower since its mid-2025 release. With both towers now under construction and completion targeted for late 2027, Crest continues to attract buyer interest well after its initial launch.

The project’s sales success reflects Morris Property Group’s long-standing commitment to premium locations, delivery certainty, and apartments designed for long-term owner-occupiers.

[smartcode_project:default project_id=112024 project_image_fid=343113]

Crest occupies a rare position on Armrick Avenue, a leafy Broadbeach address that has seen minimal apartment development despite the suburb’s wider growth. The site overlooks expansive green space, including Broadbeach Park and the neighbouring bowls club grounds, offering leafy outlooks and immediate access to open space just moments from the beach.

That scarcity has been a key driver of urgency, particularly among buyers seeking a full-time coastal residence in an area where new supply opportunities are increasingly limited.

Delivery certainty has also played a central role. Morris Property Group is delivering Crest using its in-house construction team, with both towers being built concurrently, providing buyers with clear construction visibility at a time when confidence in project timelines has become a decisive factor.

The developer’s long-standing presence in Broadbeach has further reinforced buyer confidence. Crest is Morris Property Group’s ninth apartment development in the suburb since 2006, following recently completed projects such as Malo Broadbeach and with Maison Broadbeach currently under construction nearby.

[smartcode_project:default project_id=112024 project_image_fid=5430]

Pricing has also been carefully positioned relative to comparable beachfront and near-beach product. With two and three-bedroom apartments starting from $1.199 million, Crest has attracted both local downsizers and interstate purchasers seeking value without compromising location or build quality.

According to Apartments.com.au enquiry data, interest has remained broad-based, with Queensland buyers forming the core market and New South Wales accounting for around 20 to 30 per cent of enquiries since early 2024.

Apartments have been designed with owner-occupiers in mind, prioritising generous floor plans, practical storage, and low ongoing costs. Hybrid timber flooring, Bosch appliances, ducted air conditioning with condensers positioned away from balconies, and low body corporate levies, averaging around $90 per week for two-bedroom apartments, have resonated with buyers planning to live in the building long term.

[smartcode_project:default project_id=112024 project_image_fid=286005]

Resident amenity has been curated to support everyday use rather than short-term spectacle, with a gym, pool, barbecue facilities and landscaped outdoor spaces integrated into the development.

As broader market conditions continue to reward projects that combine location discipline with delivery certainty, Crest’s sales performance highlights where buyer demand is consolidating in Broadbeach, towards established streets, proven developers, and apartments designed for permanence rather than turnover.

[smartcode_project_cta:default project_id=112024]

Sustained sales momentum underpins demand at Morris Property Group’s Crest Broadbeach

<article data-scroll-anchor="true" data-testid="conversation-turn-4" data-turn="assistant" data-turn-id="request-WEB:2cd0935f-64f2-4642-8736-f0c056a17aa8-1" dir="auto" tabindex="-1">
South East Queensland developer SIERA has lodged a development application for a 27-storey residential tower on Chevron Island, marking its third project in the Surfers Paradise area and second within the island precinct.

Designed by Gold Coast-based BDA Architecture, the proposal comprises 130 apartments across a slender tower positioned opposite Chevron Island Park. The 1,518 sqm site at <a href="https://www.apartments.com.au/new-apartments/17-19-anembo-street-surfers-paradise-qld-4217">17-21 Anembo Street</a> sits at the western entry to the island and offers protected view corridors towards the Nerang River and hinterland.

According to SIERA Founder Brent Thompson, the design intent has been to create what he describes as “a Queenslander in the sky,” with a narrow floorplate to minimise overshadowing, maximise cross-ventilation and respond to the subtropical microclimate.

The podium has been articulated with layered materials and cascading landscaping to provide a transition between the park frontage and the residential tower above. A full-floor communal amenity level on level four will capture elevated park and river views, providing residents with wellness and recreation facilities in a private setting.

<img alt="Siera" data-entity-type="file" data-entity-uuid="7d1008c8-e1b5-4923-a568-29f356068e3f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-02-16%20at%204.06.44%E2%80%AFPM.png?VersionId=p_0qI12aHgz3M8aHFbUoduXBOKDhcrqV" />

Thompson said the project continues the developer’s focus on Chevron Island, a precinct he believes has been “significantly underrated” but is now gaining broader recognition.

“The demand we’ve seen at Tapestry, nearing sell-out and completing later in 2026, confirms this is where Gold Coast residents want to live,” he said.

“It offers something rare: quiet neighbourhood character with wide, tree-lined streets, genuine local amenity, cafes, quality restaurants, medical services, daily necessities, and excellent connectivity to the light rail, beaches, river and HOTA, without feeling touristy or transient. As one of only two true island residential communities on the Gold Coast with limited development opportunity, this will become one of the coast’s most coveted addresses for those seeking a genuine residential lifestyle.”

Chevron Island has undergone steady evolution in recent years, benefiting from its proximity to HOTA and improved connectivity to Surfers Paradise and the light rail network. Thompson described the location as presenting “a unique window of opportunity”, noting that while buyer activity is strong, “pricing hasn’t yet caught up to comparable locations.”

“For buyers who understand the precinct’s trajectory, particularly its proximity to HOTA and the cultural activation happening there, this represents compelling value,” he said.

Apartment configurations will comprise two- and three-bedroom layouts targeted primarily at local owner-occupiers. Thompson said the homes are designed for “practical living,” with natural light, cross-ventilation and generous outdoor spaces central to the planning approach.

“We’re not chasing volume,” Thompson added. “We’re focused on delivering projects in the right locations for genuine owner-occupiers. Chevron Island offers an incredible combination of lifestyle, connectivity and value that we believe is significantly underappreciated in the broader Gold Coast market.”

The Anembo Street proposal follows SIERA’s 113-apartment Tapestry development on Chevron Island, currently under construction and due for completion in 2026. The developer recently completed Pipis in Bilinga and is preparing to commence construction on <a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a 54-apartment project in Northcliffe, Surfers Paradise, in the second quarter of 2026, with 40 per cent of apartments reportedly secured ahead of its formal launch.

SIERA operates as a vertically integrated builder-developer, managing acquisition, design, sales and construction in-house.

“We’re builders at heart who develop exclusively for ourselves,” Thompson said. “We don’t build for others; we refine what we do for our residents and owners. That focus allows us to control and oversee every detail, every communication, every interaction with stakeholders from neighbours to owners to council. We’re relentless in pursuing thoughtful design for practical living.”

Pricing for the Anembo Street project has not yet been released and remains subject to development approval. The application is currently under assessment by Gold Coast City Council. If approved, construction is anticipated to commence in late 2026, with completion targeted for 2028.
</article>

First look: SIERA doubles down on Chevron Island with new tower plans 

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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