Luxury apartment developer Abadeen has recorded $19.25 million in apartment sales across two of its Lower North Shore developments in the lead-up to the end of the financial year, headlined by the sale of a $6.75 million penthouse at <a href="https://www.apartments.com.au/buildings/koyo-crows-nest-5-rodborough-avenue-crows-nest-nsw-2065">KOYO in Crows Nest.</a>

The transactions also included the sale of a newly completed three-bedroom apartment at <a href="https://www.apartments.com.au/buildings/park-residences-cremorne-2-sutherland-street-cremorne-nsw-2090">Park Residences in Cremorne</a> for $6.35 million, with the residence selling shortly after the project's first public inspections following completion.

The sales come as completed, owner-occupier-focused apartments continue to attract strong demand across Sydney's Lower North Shore, particularly from buyers looking for certainty and immediate occupancy.

The penthouse at KOYO spans 491 sqm across a single level and was designed by architect Koichi Takada. The development is one of Abadeen's flagship boutique projects in Crows Nest.

[smartcode_project:default project_id=108800 project_image_fid=370093]

Abadeen Executive Chairman and Founder Justin Brown said buyer activity lifted noticeably in the lead-up to the end of the financial year.

"We saw a clear increase in enquiry levels, inspection numbers and buyer engagement across our completed projects leading into the end of the financial year," Brown said.

"Buyers have become far more decisive over the past six months. The combination of improving confidence, limited supply and the ability to physically inspect completed residences is creating strong competition for premium apartments in the best locations."

Brown says the&nbsp;response to Park Residences following completion has been particularly strong.

"Buyers want certainty and are responding positively to the opportunity to walk through a finished product, inspect the quality firsthand and move in immediately," Brown suggested.

"Projects such as Park Residences and KOYO demonstrate that when the product is exceptional and the location is irreplaceable, buyers are prepared to act quickly."

[smartcode_project:default project_id=114246 project_image_fid=370116]

Abadeen CEO Joe Tack said quality continued to differentiate projects in the current market.

"Today's buyers are incredibly discerning," Tack said.

"They are seeking larger floorplans, premium finishes, walkability, lifestyle amenity and confidence in the developer delivering the project. Well-designed boutique developments continue to outperform because they offer something genuinely difficult to replace.

"The enquiry we are seeing across our completed and recently completed Lower North Shore portfolio is very encouraging, and we expect this momentum to continue into spring."

The sales follow increased enquiry across Abadeen's Lower North Shore portfolio which also includes <a href="https://www.apartments.com.au/buildings/northcote-collective-naremburn-2-northcote-street-naremburn-nsw-2065">Northcote Collective in Naremburn</a> which also completed recently.

Joel Robinson

KOYO penthouse headlines Abadeen's $19.25 million EOFY sales flurry

The City of Sydney has approved plans for <a href="https://www.apartments.com.au/developers/billbergia">Billbergia Group</a> and Metrics Credit Partners’ $3.5 billion Castlereagh Place project in the heart of the Sydney CBD

The towers will be among the tallest in <a href="https://www.apartments.com.au/developments/sydney-nsw-2000">Sydney</a>'s CBD, with more floors than any other residential tower in the city.&nbsp;

The 6,000 sqm site was acquired by the joint venture partners in 2024. It is the largest amalgamated land parcel in the Sydney CBD and comprises eight individual sites fronting Castlereagh, Pitt and Liverpool Streets.&nbsp;

<a href="https://www.apartments.com.au/new-apartments/castlereagh-place-sydney-324-348-pitt-street-sydney-nsw-2000">Castlereagh Place</a> will transform an underutilised city block into a landmark mixed-use destination, anchored by two 82-storey towers comprising 607 luxury residences above an 8-level podium housing a 209-room luxury hotel. A 1,000 square metre civic park on ground level features a curated mix of food, beverage and retail.

The plans have been refined over the past year to rebalance the residential and hotel offering, and reconfigure the retail footprint to create a stronger, more dynamic dining experience.

A three-level flagship building on the prominent corner of Pitt and Liverpool Streets will be the gateway to the Castlereagh Place lifestyle precinct. Set to become a Sydney icon, the building is capable of housing multiple hospitality venues.

“Castlereagh Place is designed to be the City's next great urban oasis - an energetic mixed-use precinct that pulses with life, day and night,"&nbsp;said Joseph Kinsella, Group Director of Billbergia.

"It will bring the vibrancy of places like Barangaroo and Darling Quarter into a more accessible, central destination at the very heart of Sydney."

Kinsella said the project will build on&nbsp;Sydney’s growing laneway culture with the City’s largest network of new activated lanes - an expanded, next-generation take on precincts like Angel Place, Palings Lane and Ash Street in Wynyard.

[smartcode_project:default project_id=134477 project_image_fid=374401]

Castlereagh Place has been designed by architects <a href="https://www.apartments.com.au/architects/fjc-studio">fjcstudio</a> in collaboration with Trias Studio, Aileen Sage and Polly Harbison Design, joint winners of an international design competition in 2018.&nbsp;

Signature design elements from the original scheme remain unchanged, while the public domain has been significantly enhanced, delivering 60 per cent more open-to-sky space.

Pedestrian access will also be enhanced through new laneways linking Pitt, Liverpool and Castlereagh Streets, drawing people into a new civic park with outdoor seating, landscaping and integrated public art.

With activated laneways supported by strong hospitality offerings, Castlereagh Place is tipped to become a vibrant new dining destination in the heart of Sydney’s CBD.

It marks the largest undertaking to date for the Billbergia and Metrics Credit Partners partnership. Together they are developing other underutilised Sydney sites into mixed-use precincts, including the $2.2 billion Concord Central and the $1.3 billion Chatswood Grand Residences.

Metrics Managing Partner and Group CEO Andrew Lockhart said Castlereagh Place is a landmark project that will redefine Sydney’s skyline.

"As the tallest residential high-rise development, the revitalised site will offer panoramic views across the CBD and surrounds. We are excited to partner with Billbergia to reinvigorate an underutilised site and create a sophisticated and contemporary mixed-use offering situated in the heart of Sydney.”

Total apartments within the towers have increased to 607 dwellings, with a focus on larger floorplans. Aligned to growing market demand, Castlereagh Place now comprises 299 three-plus-bedroom apartments, 198 two-bedroom units and 110 one-bedroom configurations.

[smartcode_project:default project_id=134477 project_image_fid=374402]

Resident amenities will include an exclusive residents club containing a gym, rooftop pool, dining rooms, co-working spaces, library, golf simulator, games room, cinema room, and access to an exclusive concierge service. There will be around 500 basement car spaces below the towers.

The development will also include a state-of-the-art wellness centre, set to feature a bathhouse with magnesium pools, hot/cold plunge pools and premium amenities.

&nbsp;

According to fjcstudio, the towers will feature distinctive yet elegant architectural design reflecting Sydney’s geometry and urban character, with a network of through-site links and intimate public spaces activating the streetscape.

"Castlereagh Place is a city-making project of significant scale and ambition," said Richard Francis-Jones, Design Director at fjcstudio.

"It will create a rich urban complex of public open spaces, landscaped gardens, and vibrant laneways. Defining these new public spaces and the important streetscape of Castlereagh Street is a sequence of fine-grained, diverse retail and hotel architecture designed in collaboration with Aileen Sage, Polly Harbison Design and Trias.

“Rising above the tree-lined, human-scale streetscape are two slender residential towers that will transform the city skyline and look towards the Harbour, Hyde Park, and the Royal Botanic Garden.”

Demolition and early construction works have commenced onsite at Castlereagh Place.

[smartcode_project_cta:default project_id=134477]

Billbergia, Metrics, approved for $3.5 billion Sydney skyscrapers

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]

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

Robert Larocca

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The Calder Freeway, which makes its way through central Victoria’s has contributed to a increase in capital growth and compared to other regional centres towns along this transit corridor are showing the strong appreciation.
For those unfamiliar with Victoria the Calder Freeway is the main road between Melbourne and Bendigo and links <a href="/news">Macedon</a>, <a href="/news">Kyneton</a>, <a href="/news">Gisborne</a>, <a href="/news">Woodend </a>and <a href="/news">Castlemaine</a>. There is also a matching rail service and both have been upgraded over the past decade.
House values in these areas have outpaced Melbourne, Ballarat and Geelong over the past five years.
The best growth was recorded in the Macedon Ranges Shire which includes Macedon, Kyneton, Gisborne and Woodend. Over the past five years house values have grown by 46.2%.
Following Macedon Ranges Shire was Mount Alexander Shire which is centred on Castlemaine. There house values have risen by 39.5%.
The further away from the Melbourne the area is the lower is the growth, presumably as there is less of a flow on from the metropolitan market.
In the City of Greater Bendigo values have risen by 38.4%, lower than Macedon Ranges but still well above the 28.4% recorded in Melbourne.
Interestingly values in Ballarat, with a rise of 33.9% have also exceeded Melbourne.
For many people, the attraction to these areas is highlighted by the availability of more affordable property coupled with a country lifestyle. The data shows that as a result of additional transport options in these areas it has made it more and more possible for people to maintain employment and undertake a tree change.
There are 573 auctions scheduled this week in Melbourne compared to 600 for the same time last year. This is a rare but minor 4.5% fall which does not reflect the fact that in the first eight months of the year there have been 29.5% more auctions than the same time in 2013.
The current regional variation in auction numbers should be taken into account when analysing the auction market as many sellers in the inner east appear to avoiding winter.
The main auction activity in Melbourne remains outside the inner eastern suburbs with 16 homes scheduled to go under the hammer in <a href="/news">Reservoir</a>, 11 in <a href="/news">St Kilda</a> and 10 in <a href="/news">Essendon</a>, <a href="/news">Melbourne</a> and <a href="/news">Preston</a>. For buyers looking in the more expensive inner east volumes are rising slowing with six expected in <a href="/news">Camberwell</a>, <a href="/news">Kew </a>and <a href="/news">Hawthorn East</a>.
The average time on market for houses sold last month rose slightly from 43 to 44 days. Vendor discounting contracted from -5.2% the previous week to -5% last week.
Key data
<ul>
<li>Clearance rate week ending 27 July: 68.5%</li>
<li>Melbourne auctions expected week ending 3 August: 573</li>
<li>Melbourne private sales time on market week ending 27 July: 44 days (houses)</li>
<li>Melbourne vendor discounting market week ending 27 July: -5% (houses)</li>
<li>Listings being prepared for market are 0.7% higher in month ending 27 July (seasonally adjusted)</li>
</ul>
Photo courtesy of Richmeister/<a class="mw-mmv-license cc-license" href="https://www.propertyobserver.com.au/https://creativecommons.org/licenses/by/2.5" target="_blank">CC BY 2.5</a>.
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rlarocca-zWhvjay44N

Calder Freeway provides drive for growth: RP Data's Melbourne auction preview

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There are 1,900 auctions scheduled across Australia this week. In capital cities there are 1,531 auctions expected compared to only 1,441 for the same period last year.
Compared to last week or this week last year capital cities are showing a moderate improvement in key indicators. This is highlighted by the fact that the national clearance rate reached a three month high last week.
A review of the RP Data Listings Index, which measures forward listings activity, shows a clear rising trend compared to last year. When translated to the auction market this should result in volumes in August and September around 10 to 20% higher than last year.
<ul>
<li>In Melbourne there are 665 auctions scheduled compared to 637 this time last year.</li>
<li>In Sydney there are 600 auctions expected compared to 469 for this week last year.</li>
<li>Brisbane is expecting 137 auctions, well down on the 220 this week last year.</li>
<li>Adelaide is expecting 62 auctions compared to 51 a year ago.</li>
<li>Canberra has 37 auctions scheduled compared to 29 a year ago.</li>
<li>Perth has 21 auctions compared to 27 a year ago.</li>
<li>There are eight auctions scheduled in Tasmania.</li>
</ul>
For the second week in a row the highest number of auctions across Australia is expected in the northern suburbs of Melbourne where 23 are expected in <a href="/news">Reservoir</a>.
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Auction market hits three month high: RP Data's national auction preview

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While it’s often not obvious, a sign of a poorly performing property market can be a low level of residential sales.
It reflects a low level of confidence; owners may be relucent to sell for fear of achieving a low price and buyers may also be reluctant to make the significant commitment that is required when entering into a home loan.
Low transaction levels have a range of negative consequences; professions related to property suffer, state government incomes drop and buyers can find it more difficult to find the right home due to a lack of choice. It's the reason why the number of transactions is an important metric to follow if you are interested in the state of the market – sometimes it can be even more important than prices.
For the Melbourne market, the current level of transactions suggests a healthy market below its peak. The first indication of this is that home values are at a peak in nominal terms but are still around three years worth of inflation below their value in real terms.
The second indication is that the overall number of settled sales at the end of April was only 1.3% higher than a year ago. This is better than 2012 by a reasonable 4.4% but well below the all-time record in 2007 when there was 105,194 sales in Melbourne and four months into this year we are still 22.2% lower.
This data may be surprising to anyone who has seen the record number of auctions this year but as that only accounts for around 31% of sales it can’t provide an accurate picture of the entire market.
As volumes rise, there are 665 auctions scheduled this week in Melbourne compared to 637 for the same time last year.
The market returned to trend last week following the aberration the week before. Along with an increase in volumes, demand continues to build slowly  in the lead up to spring when buyers will find more choice at auctions and improvement for the range of homes on offer.
On a Melbourne-wide basis, the number of days houses are taking to sell by private sale remained above 40 over the last week, higher than was the case over much of summer and autumn. The likelihood of the private sale market tightening substantially will be mitigated by the lack of growth in buyers based on mortgage market activity.
Key data
<ul>
<li>Clearance rate week ending 20 July: 68.4%</li>
<li>Melbourne auctions expected week ending 27 July: 665</li>
<li>Melbourne private sales time on market week ending 20 July: 43 days (houses)</li>
<li>Melbourne vendor discounting market week ending 20 July: -5.2% (houses)</li>
<li>Listings being prepared for market are 0.5% lower in month ending 20 July (seasonally adjusted)</li>
</ul>
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Melbourne transaction numbers slowly rising: RP Data's weekend auction preview

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A preliminary weighted average clearance rate of 70.7% was recorded this week across capital cities compared to 67.2% last week and 64.1% this time last year.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/07/20140720-Capital-city.jpg" rel="wp-prettyPhoto[g3516]"><img class="aligncenter size-large wp-image-3517" src="https://blog.rpdata.com/wp-content/uploads/2014/07/20140720-Capital-city-580x430.jpg" alt="RP Data national auction comment" width="580" height="430"></a>
Demand in the Sydney market has pushed the national preliminary clearance rate over the 70% mark for the first time since the middle of March this year.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/07/20140720-Sydney.jpg" rel="wp-prettyPhoto[g3516]"><img class="aligncenter size-large wp-image-3518" src="https://blog.rpdata.com/wp-content/uploads/2014/07/20140720-Sydney-580x384.jpg" alt="RP Data national auction comment - Sydney" width="580" height="384"></a>
Low winter volumes are a factor as the clearance rate recorded its sixth consecutive increase. A preliminary clearance rate of 76.9% was recorded in Sydney compared to 75.6% last week.
A clear improvement was seen in Melbourne compared to last week, with a preliminary clearance rate of 69.6% recorded compared to 66.4% last week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/07/20140720-Melbourne.jpg" rel="wp-prettyPhoto[g3516]"><img class="aligncenter size-large wp-image-3519" src="https://blog.rpdata.com/wp-content/uploads/2014/07/20140720-Melbourne-580x381.jpg" alt="RP Data national auction comment - Melbourne" width="580" height="381"></a>
In Brisbane a preliminary clearance rate of 54.1% was recorded compared to 43.3% last week. Adelaide recorded a clearance rate of 72.7% compared to 60.9% last week.
In Canberra a clearance rate of 71% was recorded and in Perth there was a clearance rate of 30%.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/07/20140720-Brisbane.jpg" rel="wp-prettyPhoto[g3516]"><img class="aligncenter size-large wp-image-3520" src="https://blog.rpdata.com/wp-content/uploads/2014/07/20140720-Brisbane-580x382.jpg" alt="RP Data national auction comment - Brisbane" width="580" height="382"></a> <a href="https://blog.rpdata.com/wp-content/uploads/2014/07/20140720-Adelaide.jpg" rel="wp-prettyPhoto[g3516]"><img class="aligncenter size-large wp-image-3521" src="https://blog.rpdata.com/wp-content/uploads/2014/07/20140720-Adelaide-580x383.jpg" alt="RP Data national auction comment - Adelaide" width="580" height="383"></a>
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Market continues to strengthen: RP Data's national auction wrap

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Analysis of changes in the median value of houses in suburbs within 20 kilometres of the CBD over the medium-term shows some interesting trends.
In order to smooth out some of the volatility present in the short-term this analysis focuses on median value growth over a five year period.
The data shows that owners at a range of price points and locations have recorded very healthy increases in value. There are three suburbs with median values in excess of $1 million in the top 10 list based on median value growth over the past five years. These three suburbs, <a href="/news">Hawthorn East</a>, <a href="/news">Middle Park</a> and <a href="/news">Ashburton </a>have all recorded a rise in median values of more than 45% over the five years to May 2014.
Hawthorn East tops the list with an increase of 78% over the past five years, but is followed by a much more affordable location in second place. <a href="/news">Watsonia</a> recorded a 63% rise and with a median house value less than a third of Hawthorn East, this shows good capital growth can be found at a range of price points.
Third on the list is <a href="/news">Derrimut</a>, however as a growth suburb underlying values are driven by new home development across the suburb.
Fourth on the list is <a href="/news">Pascoe Vale South</a> with a 54% rise. It is a suburb which is undergoing significant change and is seeing values boosted by the good transport options and well-sized blocks.
Other suburbs on the list can be seen below but it is worth highlighting <a href="/news">Northcote</a>, as it is representative of the gentrification underway in the inner north of Melbourne.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/07/vic-blog-best-suburbs-for-cap-growth.jpeg" rel="wp-prettyPhoto[g3494]"><img class="aligncenter size-full wp-image-3495" src="https://blog.rpdata.com/wp-content/uploads/2014/07/vic-blog-best-suburbs-for-cap-growth.jpeg" alt="Table - Best suburbs for capital growth within 20k of CBD" width="334" height="284"></a>
Melbourne Auction Market preview for week ending 20 July
There are 590 auctions scheduled this week in Melbourne compared to 519 for the same time last year. The highest number of auctions is expected in the northern suburbs where 16 are expected in <a href="/news">Reservoir</a>.
Seasonally low volumes are not only a factor in the auction market with the overall level of new listings also being lower than a year ago. In Melbourne there were 4.9% fewer homes listed for sale over the last month and 8.8% fewer homes overall on the market.
Fewer homes on the market than a year ago is a positive sign, especially from a sellers’ point of view, however the lower number of new listings may put pressure on prices if it persists and buyer numbers remain at current levels
The average time on market for houses sold last month rose slightly from 40 to 41 days. Similarly, vendor discounting increased from -5.3% the previous week to -5.4% last week.
Key data
<ul>
<li>
Clearance rate week ending 13 July: 66.4%
</li>
<li>Melbourne auctions expected week ending 20 July: 590</li>
<li>Melbourne private sales time on market week ending 13 July: 41 days (houses)</li>
<li>
Melbourne vendor discounting market week ending 13 July: -5.4% (houses)
</li>
<li>
Listings being prepared for market are 1% lower over the month ending 13 July (seasonally adjusted)
</li>
</ul>
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Melbourne's best capital growth suburbs: RP Data's weekend Melbourne auction preview

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A preliminary weighted average clearance rate of 68.7% was recorded this week across capital cities compared to 68.9% last week and 67.7% this time last year.
<img class="aligncenter size-large wp-image-3478" src="https://blog.rpdata.com/wp-content/uploads/2014/07/20140713-Capital-city-580x428.jpg" alt="RP Data national auction comment" width="580" height="428">
Sydney provided the highest clearance rate and when combined with the higher volumes in Melbourne resulted in another solid week.
<img class="aligncenter size-large wp-image-3479" src="https://blog.rpdata.com/wp-content/uploads/2014/07/20140713-Sydney-580x386.jpg" alt="RP Data national auction comment - Sydney" width="580" height="386">
This week a preliminary clearance rate of 76.4% was recorded in Sydney compared to 72.4% last week. Sellers with auctions scheduled in spring will welcome the strong result this week.
In Melbourne there was a preliminary clearance rate of 67% recorded compared to 71.4% last week. The market has built a solid basis for spring and continues to offer buyers good opportunity.
<img class="aligncenter size-large wp-image-3480" src="https://blog.rpdata.com/wp-content/uploads/2014/07/20140713-Melbourne-580x377.jpg" alt="RP Data national auction comment - Melbourne" width="580" height="377">
In Brisbane a preliminary clearance rate of 47% was recorded compared to 59.5% last week. Adelaide recorded a clearance rate of 62.3% compared to 64.6% last week.
In Canberra a clearance rate of 64.3% was recorded and in Perth there was a clearance rate of 75%.
In Tasmania one auction resulted in sales from the 4 held.
<img class="aligncenter size-large wp-image-3481" src="https://blog.rpdata.com/wp-content/uploads/2014/07/20140713-Brisbane-580x380.jpg" alt="RP Data national auction comment - Brisbane" width="580" height="380"> <a href="https://blog.rpdata.com/wp-content/uploads/2014/07/20140713-Adelaide.jpg" rel="wp-prettyPhoto[g3477]"><img class="aligncenter size-large wp-image-3482" src="https://blog.rpdata.com/wp-content/uploads/2014/07/20140713-Adelaide-580x380.jpg" alt="RP Data national auction comment - Adelaide" width="580" height="380"></a>
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More auctions and more sales in capital cities than a year ago: RP Data's national weekend auction wrap

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The impact of land size on the value of and demand for a property is an interesting question.
Analysis of RP Data information comparing the sale price with the land area shows that location is still more important than size when comparing suburbs.
After all, a block of land that is twice the size and twice the distance from the amenities you desire is not likely to be as appealing as a well-located smaller one.
The value per square metre of houses in Melbourne’s million dollar suburbs demonstrates this.
<a href="/news">Toorak </a>is the city’s most expensive suburb for houses with a median sale price over the last year of $2.622 million. The average block size is however quite large at 8,232 square metres which translates to a cost of $3,187 per square metres. Interestingly, this is lower than the $6,274 in Albert Park and $6,074 in Middle Park and the median sale price is less than half that of Toorak
These two neighbouring suburbs have, compared to Toorak, very expensive land but this is more a factor of the small block sizes, at 2,092 square metres and 2,592 sqaure metres respectively.
At the other end of the spectrum is <a href="/news">Ivanhoe East</a>, a highly sought after suburb with a median sale price of $1.15 million; it has slightly larger blocks than Toorak at an average of 9692 square metres, again highlighting that location is the most critical factor.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/07/Land-size-table-blog.jpg" rel="wp-prettyPhoto[g3452]"><img class="aligncenter size-full wp-image-3453" src="https://blog.rpdata.com/wp-content/uploads/2014/07/Land-size-table-blog.jpg" alt="Does land size matter? RP Data Melbourne Blog" width="518" height="252"></a>
Melbourne Auction Market preview for week ending 13 July
There are 527 auctions scheduled this week in Melbourne compared to 426 for the same time last year.
The Melbourne market has been delivering consistent results for sellers in the past four weeks with very little change in the weekly clearance rate.
A review of the change in house values on a suburban basis shows that the largest increase over the last year was found mainly in inner city suburbs. <a href="/news">Middle Park</a>, <a href="/news">Hawthorn East</a>, <a href="/news">Braybrook</a>, <a href="/news">Balwyn North</a> and <a href="/news">Praaran </a>comprised the top five with changes in median value of between 43.2% and 24%. For apartments the top five included <a href="/news">Caulfield East</a>, <a href="/news">Middle Park</a>, <a href="/news">Canterbury</a>, <a href="/news">Flemington </a>and <a href="/news">Spotswood</a>.
The average time on market for houses sold last month rose sharply from 35 to 40 days despite average discounting being stable at -5.3% over the previous week.
Key data
<ul>
<li>Clearance rate week ending 6 July: 71.4%</li>
<li>Melbourne auctions expected week ending 13 July: 527</li>
<li>Melbourne private sales time on market week ending 6 July: 40 days (houses)</li>
<li>Melbourne vendor discounting market week ending 6 July: -5.3% (houses)</li>
<li>Listings being prepared for market are 0.5% lower in month ending 6 July (seasonally adjusted)</li>
</ul>
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Does land size matter? RP Data's Melbourne auction preview

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A preliminary weighted average clearance rate of 69.4% was recorded this week across capital cities compared to 66.6% last week and 65.1% this time last year.
Prior to this weekend the national year to date clearance rate was 67.3%. This is very healthy compared to the 63.2% recorded last year and in 2012 when less than half of all auctions resulted in sales when the clearance rates was 49.1%.
<img class="aligncenter size-large wp-image-3456" src="https://blog.rpdata.com/wp-content/uploads/2014/07/20140706-Capital-city-580x423.jpg" alt="RP Data national auction update" width="580" height="423">
This week a preliminary clearance rate of 74.6% was recorded in Sydney, a significant rise on the 71.1% last week.
<img class="aligncenter size-large wp-image-3457" src="https://blog.rpdata.com/wp-content/uploads/2014/07/20140706-Sydney-580x383.jpg" alt="RP Data Sydney auction update" width="580" height="383">
In Melbourne there was a preliminary clearance rate of 68.4% recorded compared to 68.3% last week. The Melbourne market has been delivering very consistent results for sellers in the past four weeks.
<img class="aligncenter size-large wp-image-3458" src="https://blog.rpdata.com/wp-content/uploads/2014/07/20140706-Melbourne-580x380.jpg" alt="RP Data Melbourne auction update" width="580" height="380">
In Brisbane a preliminary clearance rate of 59.3% was recorded compared to 42.2% last week.
Adelaide recorded a clearance rate of 75.6% compared to 62.7% last week.
In Canberra a clearance rate of 48.4% was recorded and in Perth there was a clearance rate of 52.6%.
In Tasmania two auctions resulted in sales from the six held.
<img class="aligncenter size-large wp-image-3459" src="https://blog.rpdata.com/wp-content/uploads/2014/07/20140706-Brisbane-580x383.jpg" alt="RP Data Brisbane auction update" width="580" height="383"><a href="https://blog.rpdata.com/wp-content/uploads/2014/07/20140706-Brisbane.jpg" rel="wp-prettyPhoto[g3455]"> </a>
<img class="aligncenter size-large wp-image-3460" src="https://blog.rpdata.com/wp-content/uploads/2014/07/20140706-Adelaide-580x382.jpg" alt="RP Data Adelaide auction update" width="580" height="382">
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Buyers drive up national clearance rate in week of low volumes: RP Data's national auction wrap

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There are 1,651 auctions scheduled across Australia this week. Across the capital cities there are 1,322 auctions expected compared to 1,029 to the same period last year.
Generally, the first two weekends in July is the midyear low point of the national auction market, all brought about by cooler weather and school holidays which combine to create a lull in the market. Buyers experiencing difficulty in finding an appropriate home for sale right now will find that by the end of August volumes should be around double what they currently are.
<ul>
<li>In Sydney there are 558 auctions expected compared to 861 last week. The clearance rate for the first six months of this year was 74.4% indicating the market has been slightly below trend for the last month.</li>
<li>In Melbourne there are 497 auctions scheduled compared to 811 last week. The clearance rate for the first six months of the year has been 67% with the past three weeks showing an improvement to trend.</li>
<li>Brisbane is expecting 115 auctions following 153 last week.</li>
<li>Adelaide is expecting 75 auctions compared to 79 last week.</li>
<li>Canberra has 38 auctions scheduled compared to  35 last week.</li>
<li>Perth has 30 auctions compared to 39 last week</li>
<li>There are nine auctions scheduled in Tasmania.</li>
</ul>
Across Australia, the highest number of auctions is expected in <a href="/news">St Kilda</a> (VIC) and <a href="/news">Surry Hills</a> (NSW), each of which has 10 scheduled.
Melbourne auction preview
There are 497 auctions scheduled this week in Melbourne compared to 453 for the same time last year.
Across the city, the number of homes listed for auction is temporarily impacted by the school holidays, especially in the eastern suburbs. Interestingly, the private sale market in those suburbs is recording very healthy results.
Eastern suburbs comprises of a majority of the top 10 suburbs ranked by vendor discounting for houses sold by private sale over the most recent 12 month period. For example, <a href="/news">Oakleigh</a>, <a href="/news">Bayswater North</a>, <a href="/news">Box Hill</a>, <a href="/news">Ashwood</a> and <a href="/news">Box Hill South</a> all recorded an average vendor discount of less than 3%, well below the majority of other suburbs in Melbourne.
This is reflective of the city-wide private sale market more recently.
The average time on market for houses sold over the last month may have risen slightly to 35 from 34 days, however, vendors did not suffer as their average discounting contracted to -5.3 from -5.6% over the previous week.
Key data
<ul>
<li>Clearance rate week ending 29 June: 68.3%</li>
<li>Melbourne auctions expected week ending 6 July: 497</li>
<li>Melbourne private sales time on market week ending 29 June: 35 days (houses)</li>
<li>Melbourne vendor discounting market week ending 29 June: -5.3% (houses)</li>
<li>Listings being prepared for market are 0.8% higher in month ending 29 June (seasonally adjusted)</li>
</ul>
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Winter and school holidays affect auction volumes: RP Data's national auction preview

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According to the RP Data Rismark June home value results released today, Melbourne dwelling values rose by 1.8% over June but are still lower over the quarter with a 2.4% fall. 
This further highlights some very short term variability against a stable background with a 2.9% rise over the first half of the year.
Melbourne is showing all the signs of a stable but shallow growth phase with a 14.2% rise over this cycle.
The market is well-placed for spring, well ahead of any of the previous three years.
The data shows that this is less of a roller coaster ride than the last two cycles in 2007 and 2010 and is therefore likely to be more sustainable.
House values rose by 1.7% in the month and by 3.3% this year compared to a rise of 2.7% for units which have shown zero growth this year.
The median sale price from settled sales in the quarter was $630,000 for houses and $468,000 for units.
Quite often, myths or commonly accepted facts about the property market can turn out to be incorrect when a review of the actual numbers is conducted.
Do people really buy and sell every seven years?
It’s often said that most home owners buy and sell every seven years, however, research shows that in Melbourne the average hold period for houses is 11.4 years and for units 9.5 years.
While the hold period differs from suburb to suburb, there are a number that match the commonly accepted seven years. 
In Melbourne these include <a href="/news">Pakenham</a>, <a href="/news">Narre Warren South</a>, <a href="/news">Burnley </a>and <a href="/news">St Kilda West</a>.  
Some of the shortest hold periods for property ownership are in the city’s newest suburbs such as <a href="/news">Lyndhurst</a>, <a href="/news">Doreen </a>and <a href="/news">Truganina </a>where the average hold period for a house is around four years. 
At the other end of the spectrum is <a href="/news">Vermont South </a>with a hold period of 18.2 years.
Is it true that houses double in value every decade?
The answer to this question highlights that sometimes timing is everything in real estate.
The RP Data Home Value index for houses in Melbourne shows values doubled in just over seven years between February 2003 and October 2010 however, the same scenario occurred over 11 years between February 2003 and May this year. 
Do rents always rise?
It seems that rents are often always rising when in fact they may not be. The reality is that it all depends on balance of demand and supply in the relevant suburb.
For instance, over the past five years advertised rents for houses in <a href="/news">Toorak</a>, <a href="/news">Doreen </a>and <a href="/news">Mernda</a> have decreased. While in <a href="/news">Clayton</a>, <a href="/news">Oakleigh</a> and <a href="/news">Eltham</a> they have risen by no more than 1% per annum.
There are many more that have risen over this time including the popular suburb of <a href="/news">Northcote</a> where rents have risen by 28% over five years.
Houses sell for more than the advertised cost – but do they?
A popular topic over dinner tables and in the press is the relationship between advertised prices for houses at auction and the sale price. The main view is that the sale price always exceeds the advertised price.Less often discussed is the fact that most homes sell for less than their advertised price.
 Around 70% of homes sell by private sale and are usually sold for around 6% below the initial advertised price.  
However, this does vary across the city with the discount being 8% in <a href="/news">Springvale</a>, and 4% in <a href="/news">Yarraville</a>.
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Robert Larocca

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