A mix of Gold Coast locals, fly-in, fly-out purchasers from Sydney and Melbourne, and Brisbane-based families has driven early sales success at Broadbeach's newest apartment tower, Lumara.

The 26-level project, a joint venture between builder-developer 5Point Projects and Bourke Projects, comprises just 37 luxury residences and is attracting a buyer profile that is looking for exclusivity, above the most amenity-rich suburb on the Gold Coast.

[smartcode_project:default project_id=150454 project_image_fid=364156]

Jamie Bourke, Director of Bourke Projects, says every buyer secured so far intends to use Lumara as a lock-up-and-leave residence, combining holiday use with the ability to work remotely when required.

“The size of the apartments, both half- and full-floor options, and the different zones within the floorplans, lends itself perfectly to dedicated home office setups and multi-generational family holidays,” Bourke says.

That flexibility has become a key drawcard for affluent buyers seeking a second residence on the Gold Coast without sacrificing the ability to conduct business away from their primary home base.

The absence of holiday letting within the building has also resonated strongly with purchasers.

“This type of buyer doesn't need to generate holiday rental income,” Bourke says. “They're paying for exclusivity, privacy and certainty around who their neighbours are.”

[smartcode_project:default project_id=150454 project_image_fid=366491]

The strong demand comes amid broader shifts in the high-end apartment market following the Federal Budget announcements in May.

“We were already seeing strong enquiry from high-net-worth buyers, but that has only accelerated since the policy changes,” Bourke says.

“A lot of those buyers are looking to place more capital into premium lifestyle assets rather than investment-grade stock that has been targeted by the Federal Government.”

[smartcode_project:default project_id=150454 project_image_fid=366486]

Designed by Cottee Parker, Lumara adopts a slender, sculpted form with an emphasis on natural materials suited to its beachfront setting. The architectural approach draws on coastal influences, with a palette of stone, timber and concrete selected for durability and the ability to weather over time.

Apartments are limited to three and four-bedroom configurations, with a maximum of two residences per floor through the mid-levels and a selection of full-floor and dual-level homes in the upper levels. All apartments are oriented to the north to maximise natural light, cross-ventilation and views across the ocean, city skyline and hinterland.

A two-level amenity offering is positioned high within the building on levels 20 and 21, conceived as a sky wellness retreat. Facilities include a magnesium pool, spa, sauna and steam rooms, alongside more social spaces such as a private dining room, resident lounge, workspaces and outdoor barbecue areas integrated with landscaped greenery.

The uppermost levels are reserved for larger-format residences, including several full-floor homes and a dual-level penthouse with its own private wellness features and recreational spaces.

&nbsp;

To give buyers confidence, 5Point and Bourke commenced construction ahead of the apartments launching to the market, a sure-fire way to prove they mean business, and the building will be delivered. They are targeting a 2028 completion date.

[smartcode_project_cta:default project_id=150454]

Joel Robinson

Locals, interstate holiday makers, drive early sales at Lumara, Broadbeach's newest luxury apartment tower

Often when it comes to purchasing property, the biggest barrier to entry is the deposit. Buyers of established homes typically aim for a 20 per cent deposit to avoid the added cost of Lenders Mortgage Insurance, while most property transactions require around a 10 per cent deposit when contracts are exchanged.

The off-the-plan market works differently, with buyers typically paying a deposit during construction and settling the balance upon completion. As completion approaches at <a href="https://www.apartments.com.au/new-apartments/fabbrica-fitzroy-369-gore-street-fitzroy-vic-3065">Fabbrica Fitzroy</a>, developer <a href="https://www.apartments.com.au/developers/pace-development-group">Pace</a> is making it easier for buyers to secure a residence through a deposit-matching incentive. Purchasers need only contribute a five per cent deposit*, with Pace matching the remaining five per cent.

The offer comes as Pace unveils a completed display apartment and townhouse, now available for inspection by appointment ahead of the project's Spring completion.

[smartcode_project:default project_id=139552 project_image_fid=371009]

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/winwood-mckenzie-architecture">Winwood Mckenzie</a> and landscaping by <a href="https://www.apartments.com.au/landscape-architect/acre">Acre</a>, Fabbrica draws on Fitzroy’s industrial and manufacturing history, incorporating references to the former Argyle Shirt Factory and Life Savers Confectionery Company that once occupied the site.

The development comprises 85 residences, spanning low-maintenance apartments through to larger-format townhouses with private street access and double lock-up garages, a relatively uncommon offering in Fitzroy’s higher-density apartment market.

Pace says the project has been designed to appeal to buyers seeking inner-city convenience without sacrificing space, flexibility, or amenity.

[smartcode_project:default project_id=139552 project_image_fid=371016]

Inside the residences, Winwood Mckenzie has focused on adaptable layouts and integrated detailing, with features including custom joinery, and concealed storage solutions. The material palette leans into warm, tactile finishes intended to complement the building’s industrial architectural language.

Fabbrica’s rooftop amenity is a key part of the project offering. Spanning around 800 sqm, the communal rooftop includes a private dining room, communal kitchen, lounge spaces, work-from-home zones, and outdoor dining areas overlooking the Melbourne CBD skyline.

[smartcode_project:default project_id=139552 project_image_fid=371017]

Landscape architecture studio Acre has introduced a layered rooftop garden designed to soften the urban setting while creating a more communal environment for residents.

The Fitzroy location also positions residents within walking distance of Brunswick Street, Smith Street, parks, cafés, galleries, and public transport, while remaining only minutes from Melbourne’s CBD. The project has an enviable Walk Score of 96.

[smartcode_project:default project_id=139552 project_image_fid=371025]

Pace, which is also delivering the project as builder, has developed more than 100 projects across Melbourne over the past three decades. The vertically integrated approach has become increasingly common among developers seeking greater control over construction delivery amid broader market pressures affecting the apartment sector.

The strikingly contemporary Gore Street development is now around 70 per cent complete, with purchasers expected to move into their new homes in Spring 2026. A limited number of residences remain available under the current deposit match offer.

*Conditions apply in relation to the deposit match offer.

[smartcode_project_cta:default project_id=139552]

Pace offers five per cent deposit match at Fabbrica Fitzroy ahead of Spring completion

Sydney developer Hyecorp's roots on the Lower North Shore stretch back three generations, and that deep understanding of the market continues to shape where and how it develops today.

From high-rise towers to boutique apartment projects, the family-run developer has built its reputation by focusing on a part of Sydney it knows intimately. Founded by Michael Abolakian in the early 1990s, Hyecorp is now led by his sons Stephen, Troy and Patrick.

Stephen Abolakian, joint managing director alongside Troy, has spent more than two decades in the business, overseeing development, planning, finance, marketing and sales.

Abolakian says the developer's disciplined focus on where it chooses to operate has been, and continues to be, one of Hyecorp's greatest strengths.

“We know the buyer profile exceptionally well,” Abolakian says.

“The demographics between places like Willoughby, Chatswood, St Leonards and Roseville are very similar. There are nuances between suburbs and projects, but culturally and from a buyer perspective, there’s a strong overlap.”

That buyer has historically been overwhelmingly owner-occupier driven.

Unlike many Sydney apartment developers that have traditionally relied heavily on investor demand, Hyecorp’s projects have typically attracted downsizers, upsizers, rightsizers and family owner-occupiers seeking long-term homes rather than short-term investments.

“Historically, investors have been a much smaller portion of our demand profile,” Abolakian says.

“We design for owner-occupiers. We don’t design for yield, we design for comfort, amenity, family living and long-term usability.”

That philosophy extends well beyond apartment layouts.

From landscaping and communal gardens to shared amenities and circulation spaces, Hyecorp’s developments are designed around how people actually live, something Abolakian believes has become increasingly important in Sydney’s apartment market.

“There was probably a period where having an approved project in market was enough,” he says.

“There wasn’t as much competition and if you built it, buyers would come. That’s no longer the case.”

“There’s more supply in the pipeline now, particularly with TOD precincts and low and mid-rise reforms opening up opportunities across Sydney. Buyers have more choice, so if you get the product wrong, they’ll simply go elsewhere.”

[smartcode_project:default project_id=110379 project_image_fid=311393]

The shift has forced developers to become more sophisticated in how they approach apartment design, particularly as owner-occupier expectations continue to rise.

For Hyecorp, that means thinking beyond who the buyer is today and designing for who they may become in five or 10 years' time.

“People buying now often aren’t moving in for several years,” Abolakian says.

“You might have a young couple buying today, but by the time they move in they may have children, older children, or changing lifestyle needs. You’ve got to think about how families evolve.”

That thinking also shapes Hyecorp’s approach to amenity, which positions wellness at the forefront.

[smartcode_project:default project_id=149594 project_image_fid=362634]

While resort-style facilities have become increasingly common marketing tools across Sydney apartment developments, Abolakian says the challenge is ensuring amenities are genuinely usable and appropriate for the scale of the project.

“If amenities are done right, they can materially improve the living experience,” he says, adding however that if you&nbsp;overdo it or get it wrong, you can end up with facilities nobody uses that simply create ongoing strata costs.”

That balance is something Hyecorp is aiming to strike with projects like Roseville Avenue, one of the group's upcoming Lower North Shore developments, which Abolakian describes as bringing a resort-style living experience into a metropolitan setting.

“It’s about creating something that feels special without being excessive,” he says.

“Good gardens, quality apartments, thoughtful amenity. Creating that resort feeling in a metro location.”

<img alt="Hyecorp" data-entity-type="file" data-entity-uuid="13c4c0f3-b1b7-44cf-9344-0b3d1d07797a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-02%20at%2012.14.57%E2%80%AFPM.png?VersionId=9OLWjyj2bYkDV35F78WJnyMSPfc2bJ2z" />

The focus on owner-occupier product comes as Sydney’s apartment market continues to navigate a difficult development environment.&nbsp;For Hyecorp, maintaining an in-house operating model across construction, sales, marketing and development management has become increasingly important in navigating that environment.

“We’ve always believed in keeping a lot of the process in-house,” Abolakian says.

“It creates efficiencies, but it also creates quality control. You can make faster decisions and ensure the end product stays aligned with the original vision.”

Despite the challenges, Abolakian believes demand for quality owner-occupier apartments across Sydney remains strong beneath the surface, particularly across established Lower North Shore suburbs where downsizers continue to seek new housing options close to existing communities.

“There are definitely people waiting,” he says.

“Once some of the broader uncertainty settles, whether that’s the global environment or some of the local economic noise, I think the right projects will perform very strongly.”

Hyecorp currently has three residential developments on the market across Sydney’s Lower North Shore.&nbsp;Audrey, St Leonards, positioned opposite Newlands Park, is nearing completion and preparing to welcome its first residents, with the project now almost sold out.

Hyecorp has also recently launched&nbsp;<a href="https://www.apartments.com.au/new-apartments/celine-chatswood-37-archer-street-chatswood-nsw-2067">Celine Chatswood</a>, an architectural tower, while continuing to deliver&nbsp;<a href="https://www.apartments.com.au/new-apartments/juliet-roseville-64-pacific-highway-roseville-nsw-2069">Juliet Roseville</a>, a more boutique scale of development with just 34 apartments.

Why Hyecorp continues to back Sydney's Lower North Shore apartment market

South East Queensland’s apartment market is entering a new phase defined by rising prices, constrained affordability, and mounting pressure on the construction pipeline, according to RPM Group’s latest SEQ Apartments &amp; Townhomes Market Report.

The May 2026 report highlights a widening divide between what buyers can afford and what developers can viably deliver, with detached house prices continuing to push more buyers toward apartments across Brisbane, the Gold Coast, and the Sunshine Coast.

RPM says Brisbane’s median house price has reached around $1.5 million, accelerating the shift toward higher-density housing as buyers are increasingly priced out of the detached market.

[smartcode_project:default project_id=135094 project_image_fid=356540]

Median unit prices rose across all three major SEQ markets in the March quarter. Brisbane City recorded the strongest annual growth, with median unit prices climbing 21 per cent to $862,000, while the Gold Coast reached the highest overall median at $950,000, up 17 per cent year-on-year. The Sunshine Coast followed at $870,000, representing annual growth of nine per cent.

RPM noted the affordability gap between houses and units remains significant, with detached homes commanding premiums of 67 per cent in Brisbane and 68 per cent on the Gold Coast relative to apartments.

The report suggests this price disparity is increasingly consolidating buyer demand within the apartment market, particularly among downsizers and owner-occupiers.

“Demand is real. Supply is moving. But they’re operating on different timelines and the gap between what’s being built and what buyers can afford is the defining tension in this market right now,” RPM Queensland and NSW Managing Directors Peter Neale and Clinton Trezise said in the report.

[smartcode_project:default project_id=150787 project_image_fid=366230]

While approvals and commencements are strengthening, RPM argues the delivery pipeline remains constrained by construction costs, labour shortages, and extended build timelines.

Apartment approvals across Queensland increased 86 per cent over the year to February 2026, reaching 12,682 approvals, the highest level recorded since 2016. Brisbane overtook the Gold Coast as the state’s most active apartment approval market, with nearly 5,000 apartments approved over the past 12 months.

Unit commencements also strengthened considerably, rising 48 per cent year-on-year to 5,453 commencements in the December 2025 quarter, the highest level since 2018.

However, RPM’s research found apartment delivery timeframes have expanded sharply compared to the previous cycle. Projects are now averaging around 30 months from approval to completion, compared to roughly 20 months a decade ago.

[smartcode_project:default project_id=143932 project_image_fid=367515]

The number of units under construction has climbed to approximately 31,530 dwellings, nearing the previous 2016 peak, though projects are remaining in the pipeline for considerably longer.

Construction costs continue to weigh heavily on feasibility. RPM found the average apartment construction cost in Greater Brisbane reached $630,000 per dwelling in 2025, exceeding both Sydney and Melbourne. Coastal Queensland markets, including the Gold Coast and Sunshine Coast, were even higher at an average of $817,418 per apartment due to the prevalence of larger premium product.

The report also points to increasing pressure from Olympic-related infrastructure spending ahead of Brisbane 2032, with labour competition expected to intensify over the next several years.

[smartcode_project:default project_id=150017 project_image_fid=370960]

ANZ Associate Director of Property Daniel Gradwell said the underlying demand drivers across South East Queensland remain strong, supported by interstate migration, downsizers, and population growth.

“The challenge is bringing enough supply to market to meet that demand, and nothing on the horizon makes that straightforward,” Gradwell said.

RPM’s analysis found the affordability challenge is becoming more pronounced in the new apartment market itself, with only three per cent of surveyed new apartments priced below $1 million.

Instead, the market is increasingly concentrated in higher price brackets, with the most common new apartment price band across SEQ sitting between $1.5 million and $1.75 million. Around half of all new apartment stock surveyed is priced below $2 million.

The report suggests developers are not necessarily avoiding lower price points by choice, but because current construction economics make delivering affordable apartments increasingly difficult at scale.

Rental conditions also remain tight across the region. Median rents for one-bedroom apartments rose 12 per cent in Brisbane over the past year to $580 per week, while Gold Coast one-bedroom rents increased nine per cent to $630.

Despite rising rents, RPM noted bond lodgements have generally trended downward over the past five years, indicating more apartments are being absorbed by owner-occupiers rather than retained as investor-held rental stock.

Looking ahead, RPM expects projects targeting the mid-market owner-occupier segment between $1.25 million and $2 million to remain the most viable part of the market, while premium projects in highly constrained coastal or riverfront locations continue to attract demand.

“Construction costs are rewriting the feasibility rulebook across Greater Brisbane, and with little relief in sight, only projects in the right price band, right location, and with presales secured early will make it through,” the report concludes.

SEQ apartment demand outpacing affordable supply as construction timelines stretch: RPM

Camberwell Junction has long been the epicentre of amenity in Melbourne’s Boroondara region.

For nearly a century, it has drawn both locals and visitors, anchored by the Camberwell Sunday Market, which first operated in 1929 and quickly became a fixture of the suburb’s identity. Over time, the Junction evolved into one of Melbourne’s most established retail and lifestyle precincts, now comprising more than 400 stores and over 300 commercial businesses.

Despite that depth of amenity, one thing has remained notably limited: the supply of new apartments.

In a suburb defined by its heritage streetscapes and tightly held residential stock, new development opportunities have been scarce, particularly within the core of the Junction itself. That lack of supply has left a gap in the market for larger, design-led apartments suited to downsizers and owner-occupiers wanting to remain in the area.

Boutique developer Above Zero identified that gap when it secured a prime site on Burke Road, in the heart of Camberwell Junction.

[smartcode_project:default project_id=4896 project_image_fid=368543]

The site has a long planning history. Various proposals have been put forward over more than a decade, many of which were knocked back by the City of Boroondara, with initial applications dating back to 2015. Above Zero acquired the site in 2022 and returned with a revised scheme, refining both the building’s height and its ground-level interface to better align with Council expectations.

That process has culminated in approval for Camberwell House.

The Cera Stribley-designed development will deliver 57 residences on a 1,950 sqm site within the Camberwell Activity Centre, placing it directly within one of Melbourne’s most established retail and transport hubs.

It is expected to be one of the only new apartment developments to launch in the Junction in recent years, reinforcing the rarity of new supply in the precinct. Currently, there are just a handful of projects on the market in Camberwell, underscoring the significance of a development of this scale and positioning.

[smartcode_project:default project_id=4896 project_image_fid=368544]

Camberwell House has been conceived with a clear focus on larger-format apartments. The project will offer a mix of two-, three- and four-bedroom residences, alongside a limited number of penthouses, targeting owner-occupiers seeking scale rather than volume-driven product.

The building’s vertical presence will also set it apart.

Positioned on Burke Road, the development is set to become one of the taller buildings in its immediate context, allowing for elevated outlooks across Melbourne’s CBD skyline and toward the Dandenong Ranges. In a precinct characterised by lower-scale built form, that height provides a point of differentiation, particularly for buyers seeking outlook and natural light.

[smartcode_project:default project_id=4896 project_image_fid=368568]

Architecture has been led by Cera Stribley, with interiors by GOLDEN and landscape design by Florian Wild. The design approach centres on material consistency and restraint, with residences oriented to maximise light, ventilation and connection to outdoor spaces.

Full-height glazing and generous terraces form a key part of that strategy, allowing apartments to extend beyond their internal footprint and engage with the surrounding environment.

Beyond the private residences, a significant component of the project is its amenity offering.

Above Zero has positioned Camberwell House as a “complete living environment”, incorporating a full floor dedicated to resident facilities. At the centre of that is a wellness zone, including a 12.5-metre lap pool, spa, sauna and treatment spaces, alongside a gym and recovery-focused amenities.

This level of amenity is more commonly associated with inner-city developments, rather than established middle-ring suburbs like Camberwell.

[smartcode_project:default project_id=4896 project_image_fid=368588]

Additional shared spaces include a private library lounge, dining and entertaining areas, and an indoor golf simulator. A self-contained guest suite has also been incorporated, allowing residents to accommodate visiting family or friends without impacting their primary living space.

The inclusion of these facilities reflects a broader shift in buyer expectations.

As more downsizers look to transition from larger family homes into apartments, there is increasing demand for developments that offer not just a residence, but a lifestyle. That includes access to wellness, social and entertaining spaces within the building itself, reducing the reliance on external amenity while still maintaining proximity to established precincts.

Camberwell House is positioned to benefit from both.

Its location places it within immediate walking distance of Camberwell Junction’s retail and dining offering, as well as public transport connections, including tram and train services. That combination of internal amenity and external convenience is central to its appeal.

<section data-scroll-anchor="false" data-testid="conversation-turn-150" data-turn="assistant" data-turn-id="request-WEB:55d7c6ac-8e6d-4881-ad49-0ed9bf66d1cc-74" dir="auto">
Jellis Craig Projects Director Stephen Bowtell is handling sales for the project and says Camberwell House offers a rare entry point into one of Melbourne’s most tightly held markets.

“Buyers are recognising that Camberwell House offers something they simply haven’t seen before in Boroondara,”&nbsp;Bowtell&nbsp;says.

“It combines a level of resident amenity and service typically associated with Melbourne’s premium inner-city developments, while being positioned right in the heart of Camberwell Junction.

“The response to the concierge offering has been particularly strong. Buyers appreciate not only the convenience, but also the sense of security and peace of mind that comes from having a dedicated presence in the building every day.

“When you combine that with the wellness facilities, the exceptional arrival experience, and panoramic views across both the CBD skyline and the Dandenong Ranges, it creates a lifestyle proposition that is genuinely unique within the local market.”
</section>

[smartcode_project_cta:default project_id=4896]

Above Zero launches Camberwell House in undersupplied Camberwell Junction precinct

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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tlawless-5VLUrbAk9s

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.
<div>
Cameron Kusher is research analyst for CoreLogic. You can contact him <a href="https://blog.corelogic.com.au/about/">here</a>.
 
</div>
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ckusher-ujnxiKuFQs

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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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>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/9/10/corelogic.jpg" alt="">
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.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/9/10/selwyn.jpg" alt="">
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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