One of North Sydney's best-known commercial buildings could become hundreds of new homes, with insurance giant Zurich Australia lodging a State Significant Development Application (SSDA) to transform 5 Blue Street into a mixed-use residential development above North Sydney Station.

Rather than demolishing the existing building and starting again, Zurich is proposing an adaptive reuse project that would convert the landmark office building into a 15-level residential development delivering 62 apartments, 86 affordable co-living dwellings, activated retail and significant upgrades to the Blue Street Plaza.

The proposal reflects a growing trend of commercial property owners repositioning ageing office assets into residential housing as Sydney grapples with housing supply shortages and changing workplace demand.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="0bba7d12-06dc-4375-aad7-238c94b21ac5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.42.05%E2%80%AFAM.png?VersionId=NJl5oLAEBDGuPmY3RnyliKODjMc8lvRh" />

Located directly above North Sydney Metro and train station, the 3,051 sqm site occupies one of the most strategically positioned parcels of land on Sydney's Lower North Shore.

Designed by fjcstudio, the proposal seeks to retain and adapt much of the existing structure while creating a contemporary residential address that better connects with the public domain surrounding North Sydney Station.

The application proposes two basement levels, ground floor retail, affordable co-living accommodation across the podium levels, and apartments above, while preserving and enhancing the publicly accessible Blue Street Plaza.

Rather than pursuing maximum apartment numbers, Zurich has opted for a housing mix heavily weighted towards larger owner-occupier residences.

The proposal includes 62 build-to-sell apartments comprising 12 one-bedroom, 19 two-bedroom, 29 three-bedroom apartments and two premium penthouses. It also incorporates 86 affordable co-living dwellings, which would be managed in perpetuity by a Community Housing Provider.

That balance between traditional apartments and affordable housing reflects the NSW Government's push to increase housing diversity around major transport infrastructure.

The proposal has been lodged concurrently with a rezoning application, with Zurich arguing the site is ideally positioned to support additional housing given its immediate proximity to public transport, employment and services.

"The proposal aims to respond to the housing challenges facing Sydney through the delivery of diverse housing types in a highly accessible location," the design report by fjcstudio states. It also seeks to improve pedestrian amenity through upgrades to Blue Street Plaza while creating a high-performing residential building that responds to the surrounding context.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="36082e15-c636-4481-bb68-5a5f6443fe39" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.41.36%E2%80%AFAM.png?VersionId=5P6VD.fvmqjQfIG3TWWMRXxQWiQBjeFB" />

Rather than replacing the commercial building, fjcstudio has developed a design that works with the existing structural framework above the rail corridor, an approach that significantly reduces demolition while allowing the site to be repositioned as a mixed-use residential precinct.

The existing structural constraints have informed much of the building's design, including its relationship with Blue Street and surrounding public spaces.

The building has been designed as a slender tower rising above a clearly defined podium, with vertically expressed façades intended to reduce the perceived bulk while reinforcing North Sydney's emerging skyline.

According to fjcstudio, the architectural language responds directly to the surrounding commercial towers while maintaining a finer grain expression more closely aligned with the neighbouring Lavender Bay streetscape.

The tower incorporates articulated façade elements, landscaped podium edges and recessed upper levels to soften its appearance and improve pedestrian amenity below.

A significant component of the proposal is the revitalisation of Blue Street Plaza.

The existing public space has long served as one of the primary pedestrian connections between North Sydney Station, Greenwood Plaza and Blue Street, yet its role is expected to become even more important following the opening of Sydney Metro.

Zurich's proposal seeks to strengthen that role by improving landscaping, introducing new retail frontages, enhancing pedestrian permeability and creating more active edges throughout the day and evening.

Ground floor retail would wrap the plaza, while separate residential and co-living entries have been designed to improve wayfinding without reducing street activation.

Landscape design has been integrated throughout the podium and public realm, softening what is currently one of the most heavily urbanised parts of North Sydney.

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fjcstudio has carefully oriented apartments towards Sydney Harbour and the CBD while using privacy blades and articulated façades to minimise overlooking between neighbouring buildings.

Large framed openings along the western elevation maximise harbour outlooks, while the eastern apartments have been angled towards the south-east to improve privacy from neighbouring development.

The project forms part of the continuing transformation of North Sydney from a predominantly commercial CBD into a genuine mixed-use city centre.

Since the completion of Victoria Cross Metro Station, developers have increasingly shifted their attention towards residential projects capable of leveraging the area's unparalleled transport connectivity.

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FiveX recently lodged plans for a 61-storey, 490-apartment tower that would become one of the tallest residential buildings in North Sydney if approved.

Aqualand continues to expand its Lower North Shore presence following the completion of AURA on Walker Street and its recent St Leonards and Roseville proposals.

Developers are also progressing projects throughout Walker Street, Miller Street and the Victoria Cross precinct as demand for well-located owner-occupier apartments continues to strengthen.

Joel Robinson

First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station

Busy developer Aqualand Prestige has formally taken the next step in its expansion across Sydney's Lower North Shore, lodging a State Significant Development Application (SSDA) for its long-held Archer Street site in Chatswood.

The application covers <a href="https://www.apartments.com.au/new-apartments/51-55-archer-street-chatswood-nsw-2067">51-55 Archer Street</a>, a 1,767 sqm amalgamated site on the eastern edge of the Chatswood CBD, where the developer is seeking approval for a 45-level mixed-use tower delivering 114 apartments, including a significant affordable housing component, alongside retail, commercial space and six basement levels of parking.

The SSDA marks the latest milestone for a project Aqualand has been quietly progressing over the past two years. The developer first secured the site for its Aqualand Prestige platform before undertaking an alternative design excellence process with PTW Architects, ultimately avoiding a formal design competition through the Housing Delivery Authority pathway.

The proposal has evolved considerably from Aqualand's original concept. The revised scheme has been designed around larger owner-occupier product, with an unusually high proportion of three and four-bedroom apartments, targeting the more affluent buyer profile, and downsizer, emerging across the North Shore.

<img alt="Archer St" data-entity-type="file" data-entity-uuid="0171204c-5811-41b5-9b09-2335d1b7c3d0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%208.52.48%E2%80%AFAM.png?VersionId=6YTuxfq.puZo7k2wbfgemcO5K3QfXYGQ" />

The 114-apartment mix comprises six studios, 27 one-bedroom apartments, 18 two-bedroom apartments, 50 three-bedroom residences and 13 four-bedroom homes. A quarter of the building will be dedicated to affordable housing, well above the mandated 15 per cent&nbsp;

PTW has structured the building vertically, with affordable housing across levels one to six, premium apartments through levels seven to 31, duplex skyhomes on klevels 32 to 43, a penthouse on level 44, and a rooftop plant level above. Six basement levels will provide resident parking and servicing.

The tower is proposed to reach approximately 154 metres, placing it among a growing collection of residential high-rises transforming Chatswood's skyline.

Rather than competing purely on height, PTW says the design has been driven by creating a slimmer tower capable of delivering significantly larger apartments.

"The primary objective of this project was to create a distinctive building that stands out from the recently approved or built structures in the Chatswood area," the design report states, noting the structural efficiency allows greater investment into apartment quality and resident amenity.

Residents would have access to more than 450 sqm of communal open space including landscaped gardens, swimming pool, rooftop entertaining areas, fitness spaces, community gardens, children's play areas and barbecue facilities.

A major focus of the design has been the public domain.

The ground plane has been opened up through landscaped terraces inspired by Willoughby's sandstone ridges, with native planting, public seating, artwork, retail activation and a series of gathering spaces intended to soften what has traditionally been a hard commercial streetscape.

The landscape strategy references Blue Gum forests once common throughout the area, while incorporating Indigenous storytelling, public art and lighting installations to strengthen the connection to Country.

Chatswood has been one of Sydney's busiest apartment markets over the past 12 months, with a steady pipeline of both new project launches and fresh development applications.

Hyecorp recently launched Celine, a 122-apartment development just along Archer Street, while Changfa and Huirong Group are progressing The Anderson, an 84-apartment project on Anderson Street.

Develotek recently secured approval for a 101-apartment tower on Pacific Highway, while Tian An LFD received the green light for Hammond Greens, its apartment development on the edge of the Chatswood Bowling Club.

Commercial property developer FiveX is also making its move into the residential market. Last month it lodged plans for a 61-storey tower with 490 apartments, which, if approved, would become one of the tallest residential buildings in Chatswood.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-targets-chatswood-skyline-with-61-storey-tower-after-north-sydney-plans">First look: FiveX targets Chatswood skyline with 61-storey tower after North Sydney plans</a>

Aqualand is also expanding its development pipeline following the launch of its luxury residential brand, Aqualand Prestige. The developer has delivered a string of high-end apartment projects across Sydney's affluent suburbs over the past decade, most recently AURA by Aqualand on Walker Street in North Sydney.

[smartcode_project:default project_id=30959 project_image_fid=292863]

It has since quietly assembled its next wave of projects.

Earlier this year Aqualand launched Boronia in Roseville, a boutique 111-apartment development on Larkin Street. The project is one of the first significant apartment developments to launch in the suburb ahead of what is expected to become one of Sydney's most active new housing precincts under the NSW Government's Low and Mid-Rise Housing reforms, which allow greater density around train stations.

[smartcode_project:default project_id=152095 project_image_fid=373685]

The developer has also lodged plans for a two-tower, 413-apartment development on Herbert Street in nearby St Leonards, further strengthening its presence across the Lower North Shore.

Beyond that, Aqualand remains behind the final stage of Barangaroo, where plans will deliver a five-hectare mixed-use precinct comprising new homes, retail, hospitality and community facilities, alongside a new Metro entrance and more than two hectares of public open space, completing the Barangaroo precinct.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/central-barangaroo-development-takes-big-step-with-concept-proposal-approval">Central Barangaroo development takes big step with concept proposal approval</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-aqualand-joins-st-leonards-apartment-party">First look: Aqualand joins St Leonards apartment party</a> 
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First look: Aqualand pushes ahead with Chatswood apartment tower as SSDA lodged for Archer Street

Mass timber is becoming an increasingly popular construction material in apartment developments, but Adelaide developer <a href="https://www.apartments.com.au/developers/otello">Otello</a> is taking the approach a step further.

At its new <a href="https://www.apartments.com.au/new-apartments/flowe-bowden-18-gibson-street-bowden-sa-5007">Flowe Bowden</a> development, the exposed cross-laminated timber (CLT) structure isn't just about reducing the building's environmental footprint. It also forms the foundation of a broader wellness strategy, influencing everything from indoor air quality and natural materials to the way residents move through and experience the building.

The 115-apartment mixed-use development, designed by Melbourne-based architecture practice Fieldwork, will occupy a prominent island site opposite Bowden Village Reserve, combining one, two and three-bedroom apartments with retail and a dedicated wellness destination.

[smartcode_project:default project_id=152022 project_image_fid=375528]

Wellness isn't confined to a gym or shared resident facility at Flowe. Instead, Fieldwork embedded the concept into the building itself.

The development has been split into two residential wings connected by a naturally ventilated central breezeway, replacing traditional enclosed corridors with open-air walkways that improve natural light, encourage cross ventilation and create more opportunities for neighbourly interaction.

"Rather than treating wellness as something that only happens on the ground floor, our response integrates it throughout the building, which led us to ask what it really means to design a healthy building," Fieldwork Director Quino Holland said.

[smartcode_project:default project_id=152022 project_image_fid=375531]

The building's architecture also reflects Bowden's industrial heritage. The lower podium references the area's historic brick and sandstone buildings, while the upper levels transition to exposed CLT, allowing the timber structure to become a defining feature throughout the apartments and shared spaces.

The use of mass timber sits alongside a range of sustainability initiatives, including a fully electric, gas-free design, rooftop solar and a targeted 5 Star Green Star rating.

[smartcode_project:default project_id=152022 project_image_fid=375524]

Inside the residences, the focus remains on natural, durable materials. Blackbutt engineered timber flooring, exposed CLT ceilings, porcelain surfaces and warm timber joinery create a calming interior palette, while low-VOC finishes and responsibly sourced materials have been selected to improve indoor air quality.

Kitchens have been designed as the centrepiece of each apartment, featuring porcelain island benchtops, timber-look cabinetry and brushed steel tapware, with layouts that maximise natural light and ventilation.

[smartcode_project:default project_id=152022 project_image_fid=375530]

The more traditional interpretation of wellness comes in the form of Level Eleven, a two-storey wellness club spanning the ground floor, mezzanine and first floor.

The facility will include a gym, yoga and reformer Pilates studios, Finnish and infrared saunas, magnesium hot and cold plunge pools, and dedicated recovery spaces. Unlike many residential wellness facilities, Level Eleven will also operate commercially, allowing the broader Bowden community to access the venue while giving residents exclusive membership benefits.

The ground floor has also been designed around everyday living. A café overlooking Bowden Village Reserve will activate the street frontage, while a bike workshop with tool storage, co-working space and dog wash has been incorporated to support daily routines and encourage interaction between residents.

"Flowe brings together my two biggest passions, creating places and creating healthier lives," Otello founder Daniel Harris said.

"We wanted to create something Adelaide hasn't seen before, a genuinely healthy building, where the way you live is lifted without even trying."

Flowe is positioned directly opposite Bowden Village Reserve and within walking distance of Bowden Railway Station and the Adelaide Entertainment Centre, placing future residents just minutes from the Adelaide CBD while remaining connected to one of the city's most established urban renewal precincts.

[smartcode_project_cta:default project_id=152022]

Otello launches wellness-focused Flowe Bowden with Adelaide-first mass timber apartment design

Not all apartment amenities are immediately visible.

Swimming pools, gyms, rooftop terraces and residents' lounges have long featured on buyers' wishlists, but as the way Australians live has changed, so too have the features that make apartment living more convenient.

Increasingly, buyers are placing value on the practical aspects of day-to-day life. Fast internet, EV charging, secure bike storage, flexible workspaces and parcel management are becoming just as relevant as lifestyle amenities, reflecting changing habits and expectations.

Online shopping has been one of the biggest drivers of that shift.

Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally, making parcel deliveries a routine part of everyday life rather than an occasional convenience.

For apartment residents, however, receiving those deliveries isn't always straightforward.

Without someone home to accept a parcel, deliveries can be redirected to a nearby Post Office, left in building foyers or common areas, or require building management to temporarily store packages. As apartment living continues to grow across Australia's cities, parcel management has become an increasingly important consideration for both residents and developers.

Australia Post's Parcel Locker network is one response to that shift.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/KPZ9j5FRdsQ?si=Qztc1dNP3ZvEIUhb" title="YouTube video player" width="560"></iframe>

Rather than relying on home delivery, eligible parcels can be directed to a nominated Parcel Locker, where they're securely stored until collected. Once a parcel arrives, residents receive a notification through the AusPost app or SMS and can retrieve it using a one-time code or QR code at a time that suits them.

The network has expanded to more than 1,500 locations nationwide, with Parcel Lockers positioned at Post Offices, shopping centres, supermarkets, transport hubs and, increasingly, within or alongside residential developments.

That growing presence reflects a broader change in how apartment buildings are being planned.

Developers are increasingly considering the operational side of apartment living alongside traditional lifestyle amenities. Just as secure mailrooms, bicycle storage and EV charging have become more common inclusions, parcel management is emerging as another feature that supports everyday convenience.

It also helps preserve the arrival experience within a building. Carefully designed lobbies and communal spaces can quickly become cluttered when deliveries accumulate, while secure parcel solutions reduce the likelihood of missed deliveries or parcels being left unattended.

For buyers comparing apartments, these everyday details are becoming part of the decision-making process.

Location, floorplans and finishes remain fundamental, but the features that simplify daily life are carrying greater weight than they once did. As online shopping continues to shape consumer behaviour, secure parcel delivery is increasingly becoming another amenity worth looking for.

Parcel delivery is joining the apartment amenity checklist

Inca Property Group has lodged a State Significant Development Application (SSDA) for Dawn, a 53-apartment oceanfront development overlooking Mona Vale Beach.

The proposal, at 35-39 Darley Street East, would replace an existing 18-apartment strata building with a new owner-occupier-focused development comprising 53 two and three-bedroom apartments, including nine affordable built-to-rent residences delivered under the State's infill affordable housing scheme.

Positioned on a 2,679 sqm elevated site around 280 metres from Mona Vale Beach, the development has been designed to maximise panoramic ocean views while responding to the site's sloping topography.

<a href="https://www.apartments.com.au/developers/inca-property-group">Inca Property Group</a> Managing Director Josh Thompson said the State Significant pathway provided greater certainty for projects of this scale.

"This State Significant pathway gives the team real certainty to progress <a href="https://www.apartments.com.au/new-apartments/dawn-35-39-darley-street-east-mona-vale-nsw-2103">Dawn</a> through to completion," Thompson said.

"It allows us to acquire a one-off site, design it carefully and deliver the right offering for the suburb, assessed by the NSW Government's planning department."

The project is one of the first developments in the area to be assessed under the NSW Government's Low and Mid-Rise Housing policy, with the site sitting on the edge of the policy's designated inner area.

The proposal includes three basement levels providing 124 car spaces, alongside a range of resident amenities including a swimming pool, gym, sauna, wellness facilities and private plunge pools for selected ground-floor and penthouse apartments.

<img alt="Dawn" data-entity-type="file" data-entity-uuid="fc1a1daf-0ce4-4f12-9076-b1fa553c7a91" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-21%20at%208.42.11%E2%80%AFAM.png?VersionId=4GZ9h.gpNkTljbxyAET8Jfhv51XUamDm" />

Thompson said Dawn had been designed specifically for owner-occupiers and downsizers, a buyer profile that has driven demand across Inca's recent Upper North Shore developments.

"The majority of buyers in our recent North Shore projects have been downsizers, and we are learning exactly what this market is looking for. Beyond the location itself, we have included resort-style amenities to deliver a genuine lifestyle offering," Thompson said.

Located within walking distance of Mona Vale Beach, the town centre, Mona Vale Golf Club and the Royal Motor Yacht Club, Dawn represents Inca's first Northern Beaches project following the sell-out of Tara on Park in Waitara and Ellis Residences, currently under construction in St Ives.

Construction will be undertaken by Inca's in-house construction arm, GOP Constructions.

Dawn is the latest major apartment proposal for Mona Vale, with the suburb emerging as one of the key beneficiaries of the NSW Government's new Low and Mid-Rise Housing policy.

New developer One Living, led by industry veteran Joseph Scuderi, recently secured a site on Mona Vale Road, on the border of Mona Vale and Pymble, where it is planning around 140 apartments.

IPM is also planning its third project in Mona Vale, significantly increasing the scale of its previous developments with an 82-apartment proposal at <a href="https://www.apartments.com.au/new-apartments/159-167-darley-street-west-mona-vale-nsw-2103">159-167 Darley Street West</a>, opposite Bayview Golf Course and less than 800 metres from Mona Vale town centre.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/one-living-enters-sydneys-new-apartment-market-with-northern-beaches-site-acquisition">One Living enters Sydney's new apartment market with Northern Beaches site acquisition</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-ipm-plans-third-mona-vale-project">First look: IPM plans third Mona Vale project</a>

First look: Inca eyes Mona Vale with State Significant DA for Dawn apartments

Spring Listings

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EXPERT OBSERVER
The number of new listings being added to the combined capitals housing market has seen a hefty 44% rise from the depths of the winter slowdown in early July through to the first week of October, however that hasn’t been enough to push fresh listing numbers in line with previous years.  The number of new capital city listings over the past twenty eight days was tracking at the lowest level for this time of the year since CoreLogic started tracking real estate listings in 2007.
<img src="https://www.corelogic.com.au/sites/default/files/2019-10/new_and_total_listing_capital_cities.png" width="600" height="399">
 22,939 fresh real estate listings were added to the capital city housing markets over the past twenty eight days; 13% lower than the same time last year and 15% below the thirteen year average.    New stock levels are down across every capital city, with the largest fall in Darwin where newly advertised listings are 36% lower than a year ago and 63% below the highs recorded in 2007.   Darwin housing conditions have been weak since the middle of 2014, so its understandable that home owners would be reluctant to list their property under such challenging selling conditions.  
<img src="https://www.corelogic.com.au/sites/default/files/2019-10/new_and_total_listing_capital_cities_chart.png" width="600" height="370">
 The same logic can’t be used for stronger markets though.  Properties in Hobart are averaging just 28 days to sell and homes are selling, on average, in less than fifty days across Melbourne, Sydney and Canberra, yet vendors seem to be lacking confidence to put their home on the market with new listing numbers down in these cities also.  Auction clearance rates remain high across the main auction markets and prices are under renewed upwards pressure. So why the lack of new listings in cities where housing market conditions are picking up.   It’s reasonable to expect there would be some level of pent up demand amongst home owners who were unwilling to sell during the downturn and were waiting for selling conditions to improve. Potentially a partial explanation can found in persistently low levels of consumer sentiment.  The Westpac-Melbourne Institute Index of Consumer Sentiment recorded its lowest reading since mid-2015 in October.  With Australians increasingly concerned about their finances and the economic outlook, it may be the case that prospective vendors are choosing to sit on their hands until they feel more confident.  A property transaction, whether it be an option to sell or buy, is a high commitment decision that is much harder to make during periods of uncertainty.  Another explanation is the recency of the improved market conditions.  Capital city dwelling values were still trending lower only three months ago and the change to more positive conditions wasn’t widely anticipated.  Realistically it can take some time for home owners to get their affairs in order and prepare their property for sale.  With this context, a lag between the improved market conditions and a more substantial rise in new listings isn’t all that surprising.  
<img src="https://www.corelogic.com.au/sites/default/files/2019-10/capital_city_listing_summary.png" width="600" height="342">Capital City Listing Summary
 Another barrier that may be preventing a more significant lift in listing numbers is high transaction costs, especially if the home owner is downsizing or upgrading which would incur a stamp duty payment.   With market activity rising, active buyers are becoming more competitive across a shallow pool of listings which is adding some urgency to the market.  With increased competition, vendors are regaining some of the leverage they lost through the housing downturn and buyers could be feeling the first pangs of FOMO as they see properties selling faster and prices rising. 
<img src="https://www.corelogic.com.au/sites/default/files/2019-10/monthly_sales_combine_capital_cities.png" width="600" height="282">Monthly Sales, Combined Capital Cities
 Historically the seasonal peak in new listing numbers is around the second week of November, so there is still some time for the spring / early summer listing season to ramp up.  If the market recovery continues at the same pace as the last few months its almost certain that more home owners based in the markets showing strength will take advantage of the renewed level of buyer demand.
TIM LAWLESS is the CoreLogic head of research
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Spring hasn't quite sprung for real estate listings: Tim Lawless

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

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Pre-listing activity was up in early August, according to CoreLogic's Early Market Indicators report.
The report found in contrast that listings and mortgage activity was down.
<img src="https://www.urban.com.au/images/2020/8/4/CL%20EMI%201.JPG" alt="">
 
Pre-listing activity is down 12.71% when compared YTD year on year.
<img src="https://www.urban.com.au/images/2020/8/4/CL%20EMI%202.JPG" alt="">
Newly advertised properties for sale have seen numbers drop this week down 1%. Their month on month changes saw a similar drop.
Newly advertised properties for rent have seen a much larger drop of 5%, however their month on month changes were not impacted as harshly.
<img src="https://www.urban.com.au/images/2020/8/4/CL%20EMI%203.JPG" alt="">
Mortgage activity is up year on year however did fall slightly this week down 0.24%
<img src="https://www.urban.com.au/images/2020/8/4/CL%20EMI%204.JPG" alt="">
There has been a notable increase in loans of every category barring MIP which fell significantly.
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j.ballantyne1990-6AQqhLzZaK

Pre-listing activity is up while listings and mortgaging are down: CoreLogic

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A key takeaway from CoreLogic data amid the pandemic, is that transaction activity slows significantly in response to COVID-19 restrictions. The resulting loss of employment, lower consumer sentiment and border closures have had a much larger impact on the number of properties marketed and sold, than property prices themselves.  This was seen from the Stage 2 restrictions implemented from the 25th of March. New listings fell 50.3% from mid-March to early May. This exacerbated the seasonal dip in for sale listings throughout March and April. 
<img src="https://www.corelogic.com.au/sites/default/files/2020-08/rolling_28_day_count_of_new_for_sale_listings_national_aug2020.jpg" width="1028" height="539">
However, as Melbourne reached the halfway mark of its Stage 4 restrictions in late August, national listings activity has completely diverged from the usual listings patterns in the lead up to spring.  In the 4 years prior to the pandemic, the number of new properties listed for sale nationally has, on average, increased 6.3% between late July and late August. This year however, the equivalent period has seen a 9.6% decline in new listings nationally.   Unsurprisingly, this can be attributed to a sharp fall in new listings across Melbourne. The decline in new listings across Melbourne’s property market was 54.9% in the month to August 23rd, accounting for over 100% of the national decline.  Conversely, most other capital cities saw an increase in new listings, as greater levels of consumer confidence, and lower levels of COVID-19 cases, saw vendors ramping up for the spring selling season. Across Sydney however, new listings had also started to slip marginally. The severe drop-off in listings is validated by a fall in the number of comparative market analysis reports generated across CoreLogic platforms by real estate agents in Victoria. The average number of reports generated per week in Victoria fell 24.6% from July over the month of August to date. 
<img src="https://www.corelogic.com.au/sites/default/files/2020-08/rolling_28_day_count_of_new_for_sale_listings_melbourne.jpg" width="1034" height="526"><img src="https://www.corelogic.com.au/sites/default/files/2020-08/monthly_change_in_new_listings_count_to_23rd_august_2020.jpg" width="611" height="289">
<h4>Why do transactions slow in times of strict social distancing</h4>
The reasons for slowed transaction activity during COVID restrictions are two-fold. The first is the physical limitation of buying and selling property under social distancing rules. Property sales may be less scalable as fewer people can physically inspect, show and value property.   The second is the economic uncertainty generated by stage 4 lockdowns. As consumption falls and unemployment spikes, vendors feel less confident selling their property and getting their desired price. This is further supported by the close movement exhibited between sales volumes and the consumer sentiment index. Significant falls in monthly sales volumes have closely aligned with this indicator. 
<img src="https://www.corelogic.com.au/sites/default/files/2020-08/consumer_sentiment_v_national_volume_of_dwelling_sales.jpg" width="817" height="385">
The drop in sales volumes in times of high economic uncertainty, such as around the GFC and the national Stage 2 restrictions in March and April, indicates sellers and buyers are less likely to participate in property transactions during negative economic shocks or periods of heightened uncertainty.  Additionally, a vital part of the tight lid on new listings has been mortgage repayment deferral offerings from banks. This has meant that people who cannot currently service their mortgage do not have to list as a distressed or motivated seller. This dynamic may change in the lead up to March, when banks may need to end repayment deferrals.  Property owners who have deferred their mortgages, but are not in a position to reinstate their repayments by the end of March, may decide to offload their property in the lead up to this expiry date. It’s reasonable to expect mortgage arrears will increase from currently low levels, which could gradually see a larger number of distressed listings come on the market.
The intention to sell and buy property is evidently linked to consumer confidence, which in turn has been influenced by case numbers of COVID-19, and the stringency of government response in impacting economic activity.  The initial restrictions through March and April saw a sharp drop in listings nationally, but these recovered quickly. A similar pattern was seen in sales volumes. The low cost of debt and strong recovery in consumer confidence created pent-up demand for property as Australia got ahead of the virus curve. This was perhaps one of the few ‘V-shaped’ recoveries observed amid the pandemic.  However, once restrictions are repealed in Melbourne this time around, the recovery in transaction activity is likely to be weaker.  That is because employment is taking another hit, consumer sentiment is dampened by the reality of a second outbreak of the virus, and a reduction in fiscal support is only a month away. Ultimately, the second round of restrictions across Victoria is likely to create a weaker ‘spring selling season’ than in previous years. 
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Spring real estate listings off to slow start: Core Logic's Eliza Owen 

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The number of properties currently listed for sale nationally is tracking at the lowest level in nine years, according to market analysis from CoreLogic.
Freshly advertised stock for sale is at its lowest level since 2010, down almost 22% from the same time last year.
Over the 28 days of July 27,848 newly listed properties were advertised for sale nationwide.
There has been a spurt as a week ago the fresh listings stood at 16,439.
<img src="https://www.urban.com.au/images/2019/8/1/listings.png" alt="">
In Sydney and Melbourne specifically, the number of newly advertised private treaty properties for sale hasn’t been as low as it is currently since CoreLogic began tracking listings in 2007 - 12 years ago.
Meanwhile Adelaide and Perth were the only auction markets to see a higher number of homes taken to auction this week compared to the same week one year ago.
As the market seemingly begins to stabilise however, there are signs that vendor confidence might be turning according to analyst Cameron Kusher who noted, “with the spring listing season only one month away, there is a strong chance listing numbers will rebound sharply as pent-up vendor demand is unleashed.”
Some 1,014 capital city homes are scheduled to go under the hammer this week, down 10 per cent on last week when 1,124 auctions took place, and lower than the 1,324 auctions held over the same week last year.
In Sydney, 352 homes are set for auction this week, down on the 394 auctions held last week and lower than the 462 auctions held last year.
Some 460 auctions are scheduled to take place across Melbourne this weekend, down on the week prior when 544 auctions took place across the city, and 26.9 per cent fewer auctions than the same week one year ago.
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Fresh property listing numbers at 12 year lows in Sydney and Melbourne

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Spring auction volumes rose across the capital cities, with 1,907 homes taken to market.
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The listings secured a 58 percent preliminary clearance rate.
Last weekend, there was a 55 percent success rate from the 1,748 auctions.
The same week last year saw a much higher 66.9 per cent success rate from 2,258 auctions.
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There were 654 auctions held in Sydney, returning a preliminary auction clearance rate of 57.8 per cent.
Click here <a href="https://www.propertyobserver.com.au/images/2018/9/10/corelogic.jpg" target="_blank">to enlarge.</a>
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Last week, there were 664 auctions held and the final auction clearance rate was 53.8 per cent, while one year ago, 826 Sydney homes went to auction and the clearance rate came in at 65.8 per cent.
AMP Capital chief economist Shane Oliver said the reduced supply was restricting the decline.
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Sydney's top sale was <a href="https://www.realestate.com.au/sold/property-house-nsw-paddington-129063078" target="_blank">173 Underwood Street Paddington</a> (top) which fetched $6.05 million post-auction.
Fairfax Media described the auction as an "auction fizzer" as there was not a single bid from the three registered bidders for the terrace set on 388 square metres.
Melbourne's most expensive home sold was a four-bedroom home in Toorak (below) sold at $6.01 million.
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There were five registered bidders for <a href="https://www.realestateview.com.au/real-estate/18-selborne-road-toorak-vic/property-details-sold-residential-12046698/" target="_blank">18 Selborne Road</a> with bidding kicking off at $5.4 million at its Marshall White auction.
Kieran Jiwa at the James Buyers Advocates described the auction vibe as "strong."
The new owners will renovate the 25-year-old home which had come with $5.4 million to $5.8 million price guidance.
It last sold at 1996 at $487,500.
Melbourne was the busiest capital city weekend auction locality.
There was a clearance rate of 62.4 per cent across 894 auctions, up from 57 per cent across 805 auctions last week. 
One year ago, the clearance rate was a stronger 71.8 per cent across a significantly higher volume of auctions (1,111). 
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Adelaide returned the strongest preliminary clearance rate of 64.8 per cent, just ahead of 64.4 percent in Canberra.
Only 18.8 per cent of homes sold across Perth. There was a 49 percent success rate in Brisbane.
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Brisbane's top sale was $4.35 million for a grand house at <a href="https://www.realestate.com.au/property-house-qld-clayfield-128815842" target="_blank">100 Oriel Road, Clayfield</a> by a local family with school aged children upgrading from nearby Hendra.  Ray White New Farm agent Tom Lyne said the 1987 built home had been tightly held for three decades.
The four bedroom which sits on 2034 sqm with manicured gardens and Helidon sandstone.
“A home of this calibre is rarely offered to the Brisbane market.”
An accountant Gregory Hall secured a $920,000 East Brisbane home at weekend auction which will bring an end to his family living on their catamaran moored at Dockside, Kangaroo Point.
They have been there since 2010 after they sailed from South Africa with their three children. 
"We were actually heading for New Zealand but we fell in love with Brisbane,” said the CFO who works in Milton.
“We have just sold our boat and the time is right for us now to buy a home as our children are bigger,” he said.
The family had been looking since last December. Selling agent Madi Roche of Ray White East Brisbane secured the weekend sale of the six bedroom 1910 home on <a href="https://www.realestate.com.au/property-house-qld-east+brisbane-129043566" target="_blank">Didsbury Street, East Brisbane</a>.
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Auction volumes and clearance rates rise in Spring

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Sydney’s auction market had its weakest start to the spring selling season for five years.
Domain reported Sydney's clearance rate of 67.1 per cent was down on the 67.9 per cent recorded on the last weekend of winter.
Both results sit well below the 80 per cent reported this time last year.
Saturday’s tally was the third consecutive decline in weekend rates.
"Sydney’s auction market has had its worst start to the spring selling season since 2012 with the local market clearly running out of puff over the last month," Domain economist Dr Andrew Wilson noted.
"The lower north was sharply down this weekend with just 63.3 per cent," he said.
"Inner-suburban, higher priced regions continue to generally produce the best suburban results in Sydney, but clearance rates in those areas are now consistently lower than recorded over autumn and the early winter market," he noted.
CoreLogic's entire week results were a slightly healthier 70.5 per cent across Sydney, but leading auctioneers reported a weakening trend.
Cooley Auctions secured 56 percent from its 50 plus auctions.
"A balanced or normal market clearance rate is 50 percent to 60 percent and that's where we are headed," Damien Cooley said.
Ray White Sydney auctioneer Jerome Smith said the market was patchy in some parts. 
The most expensive house sold at auction in Sydney was a five-bedroom Strathfield home.
Set on 1416 square metres at <a href="https://www.domain.com.au/73-newton-road-strathfield-nsw-2135-2013752236" target="_blank">73 Newton Road, Strathfield</a>, Devine Real Estate sold the home for $5.5 million as a deceased estate.
It was on the market for the first time in 88 years.
It was marketed as one of few remaining blocks in Strathfield with enough space for a tennis court.
The new owners planned to rent out the existing house for a year and then construct a new single residence.
Melbourne's top sale was when a grand Victorian in South Yarra sold for $7.015 million, after a contest between three bidders.
The buyers had sold the four-bedroom terrace at <a href="https://www.realestate.com.au/property-house-vic-south+yarra-126101606" target="_blank">16 William St</a> to the vendors six years ago, Abercromby’s Armadale auctioneer Tim Derham told The Herald Sun.
The current owners engaged Techne Architecture + Interior Design to renovate and extend it shortly after purchasing it for $3.755 million in 2011. 
Across Melbourne 73.5 per cent of the 839 reported auctions sold on the weekend.
There were 976 properties taken to auction across the city, down from 1,124 last week when the final clearance rate was recorded at 72.3 per cent.
Over the same week last year, 830 auctions were held and a clearance rate of 79.3 per cent was recorded.
The strongest Melbourne clearance was recorded across the Outer East region, where 80.8 per cent of the 52 auctions were successful.
There was a tie for the nation's cheapest result.
A one bedroom Brunswick East apartment sold pre-auction for $320,000 making it Melbourne’s cheapest weekend auction listing.
The 40 sqm apartment had been a $300 a week rental.
Located at <a href="https://www.realestate.com.au/sold/property-apartment-vic-brunswick+east-126135986" target="_blank">3/50A Brunswick Road</a>, the 1970s Monte Carlo apartment last sold in July 2000 for $89,950.
In Adelaide, a 1910 Mount Barker house sold for $320,000.
Located at <a href="https://www.realestate.com.au/property-house-sa-mount+barker-126003610" target="_blank">20 Albert Road</a>, the three bedroom home on the 1200 sqm block has many original features including a rare pressed tin facade.
It also has pressed tin ceilings.
There is an open fire place in most rooms.
In Adelaide, a 60.4 per cent preliminary result was recorded across 75 auctions.
While the weakest capital city, the preliminary clearance rate in Brisbane increased to 47.1 per cent, from 43.9 per cent last week.
Brisbane auction volumes were slightly lower with 136 auctions held, down from 140 last week.
But Brisbane achieved one of the highest under the hammer results for some time when a four bedroom Teneriffe house sold for $4.8 million.
Located at <a href="https://www.realestate.com.au/property-house-qld-teneriffe-126138898" target="_blank">77 Macquarie Street</a>, amid some of Brisbane’s most exclusive real estate, it features three levels of riverfront living with views.
Built in 2001 it last sold for $3.785 million in 2014.
The property, with 488 sqm of living space, was offered through Ray White agents Matt Lancashire and Brandon Wortley.
Perth’s clearance rate of 63.6 per cent across 11 auction results is up from last week, when 35 auctions were held and a clearance rate of 48.3 per cent was recorded.
Across Canberra, 69 homes were taken to auction this week.
Preliminary results show a clearance rate of 68.4 per cent, down from 71.9 per cent the previous week.
Canberra prices ranged from a $540,000 three bedroom Dunlop townhouse and a four bedroom O’Malley house that sold for $1.4 million.
Located at <a href="https://www.realestate.com.au/property-house-act-o%27malley-126136534" target="_blank">20 Numeralla Street</a>, O'Malley, the 1995-built home on a 1049 sqm block last sold for $1.23 million in 2009.
Canberra’s cheapest weekend result at <a href="https://www.realestate.com.au/sold/property-townhouse-act-dunlop-126127882" target="_blank">3/34 Sunshine Loop</a> last sold for $409,000 in 2014
CoreLogic's latest weekend update indicated that auction numbers were down for spring's opening compared to the prior weekend.
There were 2,060 properties taken to auction this week, down from 2,270 last week.
It was higher than this time last year, when 1,899 auctions.
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Sydney's weakest spring selling season start for five years

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Some 1400 Melbourne homes are expected to go to auction this coming weekend, 26 November, in what will be the biggest test of the spring selling selling season, according to Domain Group's chief economist Andrew Wilson.
He said the weekend will see the Sydney market host its peak spring Super Saturday of auctions with more than 950 homes due to go under the hammer.
"Auction numbers have been significantly lower in Sydney this year compared to last, however, the gap has been narrowing in recent weekends providing more choice for hungry buyers," he said.
"The Sydney market will host its peak spring Super Saturday of auctions with more than 950 homes due to go under the hammer.
"Late spring auction numbers have increased sharply since the Melbourne Cup holiday weekend, with the usual rush to market by sellers who want to get in before the year ends. 
"Higher listings have contributed to a slight easing in clearance rates in recent weeks, but results remain firmly in favour of sellers in what remains strong local market conditions."
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