Residential Sales

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Channel 9 sports commentator and former World Surfing Champion legend Mark Warren and his wife Helen have secured $2,435,000 for their northern beaches home.

Their renovated North Avalon home with vaulted bamboo ceilings sold through LJ Hooker Palm Beach’s David Edwards who was suggesting $2 million plus for the home in North Avalon's so-called golden triangle.

Set two minutes walk to the beach and rockpool, the home sits on a <a href="https://palmbeach.ljhooker.com.au/35AF6Z/15-harley-rd-avalon-beach" target="_blank">level 930-square-metre Harley Road block</a> with tropical gardens. Its kitchen was designed by Brian Boaler.

The empty nest couple, who will downsize locally, bought it for $365,000 in 1995.

This article was first published in the Saturday Daily Telegraph. 

<h2>NSW properties now selling:</h2>

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Surfing champion Mark Warren sells on northern beaches

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<img src="https://counter.theconversation.edu.au/content/76310/count.gif?distributor=republish-lightbox-advanced" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Chinese investors are often blamed for Australia’s escalating house prices but a number of factors might mean the demand will drop off in coming years.
A recently released report found investment in residential real estate by the Chinese is slowing. As the gap in rental yields between the two countries closes and house prices increase, Australian residential real estate is beginning to look less attractive. The lifting of restrictions on Chinese urban residential property ownership and personal investment monetary restrictions may also play a part.
China has 1,340 high net worth individuals and 568 billionaires. Their combined net worth is equivalent to Australia’s GDP.
Many Chinese investors have access to both legitimate and hidden income and wealth and seek to invest both in overseas real estate. This is at a time when China is in the grip of its own housing affordability crisis.
Why Australia has seemed attractive
In 2015, Chinese investors ploughed approximately A$6.8 billion into Australian commercial and residential real estate. Current Foreign Investment Review Board (FIRB) policies channel incoming real estate investment funding into new dwellings, creating additional jobs in construction and supporting economic growth.
Though temporary Australian residents may be required to sell older residential property when they leave Australia, many foreign nationals are able to retain, rent out, sell or live in newly constructed dwellings. This is a major draw card for Chinese investment in new residential buildings.
Other pull factors include Australia’s stable financial institutions, compared to China,, well regulated land title system, buoyant real estate market, high capital gains rates in major cities and lower deposit requirements.
Australia’s Foreign Investment Review Board (FIRB) may keep an eye on these factors when considering new foreign investment in the housing market, but it struggles to counteract the push effect of Chinese property law restrictions and investor needs.
Factors in China at play
Conditions in China’s economy and regulatory environment also push Chinese investors to focus on overseas markets. The depreciation of the Chinese currency is a significant force. As this currency is devalued, Chinese investors reconsider what and where they can afford to purchase.
Australia’s rental yields of 2-3% in major cities are twice that of China’s. Legislative changes to residential property investment in China also makes Australia look appealing.
China has a dual property ownership system that segregates rural and urban land ownership systems. Rural cooperatives own the rural land ownership rights. Cooperative members can only sell to other members of the same rural cooperative.
This limits competition for rural land and keeps rural land prices low. But it also means rural land is an unattractive investment choice for Chinese.
Urban land, on the other hand, remains state owned with a 70 year lease system to housing owners. The system limits ownership of urban residential buildings to people with urban registration or those that have lived in and paid taxes in the same urban area for five consecutive years. This situation stops many Chinese from being able to purchase urban residential property.
Between 2011 and 2015, those who did have the appropriate registration were limited to a maximum purchase of two residential properties within their urban area – one property to live in and one as an investment. This limitation still applies in Beijing.
The limitation was put in place to counteract major housing affordability discontent as an increasing number of people were locked out of the housing market. This problem is exacerbated by the 30% deposit requirement on residential real estate purchases. This combination of factors forces many Chinese investors into purchasing properties on China’s black market where ownership is uncertain or seek investment opportunities outside China.
The Chinese State Administration of Foreign Exchange introduced new regulations to tighten the flow of capital from China in November 2016. This agency is tasked with the approval of outgoing overseas payments of more than US$5 million. However, most housing acquisitions in Australia fall below this limit.
From 2017, a new rule was introduced to limit the yearly foreign currency holding to US$50,000 for individual investors..
Larger Chinese development companies operating in Australia are known to sell individual residential units “off the plan” directly to Chinese property investors. Where this is the case, the developer has a vested interest in finding ways to circumvent the new limits on foreign currency holding in order to settle a contract. However, it will take time for developers to adjust their methods.
As house prices increase, rental yields generally fall. This is due to the large amount borrowed by investors compared to what they receive in rental income.
Though rent prices have increased significantly in Melbourne and Sydney, they have not kept pace with house prices. Rental yields have fallen in major cities.
In China, where the rental yield is 1-1.5%, some investors reconsider whether it is worth the effort of renting out their properties. Instead, they rely on the capital gain to create a profit while leaving the property vacant, preventing wear and tear to it. This practice has serious implications for the supply of rental properties in China.
As Australia continues to struggle with escalating house prices and decreasing rental yields, residential real estate investment becomes less attractive as a long term investment for Chinese investors. The reliance on capital gains may result in higher numbers of vacant properties in Australia, counteracting the FIRB’s intentions.
The restrictions enacted by Chinese regulators may slow the flow of money out of China in the short term. However, Chinese investors are likely to find ways to circumvent these restrictions. The lifting of restrictions on Chinese residential property ownership may refocus investment choice location to within China.
Erika Altmann<a href="https://theconversation.com/profiles/erika-altmann-361218"> </a>is qualitative researcher, University of Tasmania and author for The Conversation. She can be contacted <a href="https://theconversation.com/profiles/erika-altmann-361218">here</a>.
Zhixuan Yang is lecturer in Real Property Development and Management and author for The Conversation.
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Why Chinese investors find Australian real estate so alluring

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GUEST OBSERVER
Despite strong price increases for commercial property in this cycle, Australian assets are still provoking significant investor interest — especially prime real estate generating stable income streams for the medium to long-term. 
Yields for commercial property remain attractive compared with investments in Australian residential real estate, offshore commercial property and other asset classes. 
With investor interest predicted to remain strong through the balance of 2015, prices are set to rise even higher. As a result, yields are on track to hit and surpass previous peaks, riding a fresh wave of purchases, particularly by international investors. 
Commercial property transactions are forecast to jump to around $10 billion in the second half of 2015, rounding out the calendar year with a total of close to $20 billion.
<a href="/images/2015/09/24/Screen%20Shot%202015-09-24%20at%2010.02.53%20AM.png" target="_blank">Click to enlarge</a>
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While this is lower than the $30 billion turnover in 2014, it is still well above long-term average annual turnover, and indicates continued growth across all sectors. 
That growth looks set to be supported by a continuation of low interest rates and affordable debt. 
Given these conditions, the volume and number of transactions is likely to span a wide range of prices, asset quality, sectors and markets, opening up new opportunities for investment at many levels of the property industry. 
At this late stage of the current cycle, it would be advisable for investors to adopt a medium-term view. However, it is not too late to invest in commercial property in the short term and see prices rise. 
Another strategy that may be used at this point in the cycle is to redevelop or re-position a property with unrealised potential — although the outcome will depend on the attractiveness of the location and occupational demand.
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 Kevin Stanley is head of property strategy and research, Corporate Financial Services, <a href="https://www.commbank.com.au" target="_blank">Commonwealth Bank</a>.
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Prime real estate generating stable income: CBA's Kevin Stanley

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The Mornington Peninsula property, Fargeet at Flinders, has been listed for December expressions of interest sale.
<a href="https://www.abercrombys.com.au/flinders-485-meakins-road-ab2767/">Abercromby’s agents Tim Bennetts and Jock Langley</a> has $9 million plus hopes for the property with gun-barrel views of Bass Strait.
The contemporary 2003-built home sits on a rise overlooking the ocean.
b.e Architects designed the house which builder Gary Hutchins sold the 37 hectare property in 2008 for $6.53 million to the Bittar family.
Offers close on December 14.
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Mornington Peninsula's Fargeet listed for sale

Five reasons why spring is not a good time to buy property: Brenton Tidow

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GUEST OBSERVER
Marketing to Chinese consumers is a hot topic for all businesses across different sectors.
 A common misperception for businesses is that they need to be in China to sell to Chinese consumers. This has prompted developers and agencies to invest in roadshows, exhibitions and seminars at China’s prime real estate and events, only to result in expensive failures.
With the growing Chinese population in Australia, sellers need not look too far in reaching out to their prospective Chinese buyers. At ACproperty.com.au we believe there are 3 reasons why you should begin your marketing locally before embarking on overseas marketing investments.
1. Chinese buyers rely on word of mouth recommendations from Australians
The most effective and efficient way of marketing to mainland Chinese buyers is to build a loyal following among the local Chinese communities, who can endorse your brand. Most prospective mainland Chinese buyers have friends and relatives living in Australia. This is one of the biggest reasons that influences their decision to migrate to Australia. The first thing most of them will do is to speak their relatives living in Australia, to understand which area is suitable for their lifestyle and to gain recommendations on property investments, developers or real estate agents.
Glen Waverly High and Balwyn High are classic examples on the success of word of mouth recommendations. None of the schools have advertised in China, yet every prospective mainland Chinese buyers would have heard of Glen Waverley and Balwyn School zones.
Speaking from experience, ACproperty.com.au has been enjoying tremendous success as evident from our 65 percent growth of inbound traffic from China for the past 3 years, while mainly concentrating our marketing efforts on the local Chinese communities and student associations.
2. Chinese migrants in Australia are buying properties too
A significant amount of our web traffic is from high quality leads in Australia. Agents and developers alike will find a group of high conversion Chinese customers right under their noses. The value in targeting this group grows exponentially once we realise that this is the same group that will be recommending your brand to their peers overseas.
3. Chinese buyers want authentic and unbiased local property information
A consistent piece of feedback we receive from our users is that when buying Australian property, they prefer to access an Australian site (vs. Chinese-based sites) so they can access vital local Australian market experience. Our Chinese Concierge Team are constantly receiving calls from buyers wanting to validate information they receive from Chinese sources, which they perceive as biased or incomplete.
To successfully capture the Chinese market, developers and agents should first market to the local Chinese communities, cultivating a loyal following before expanding into overseas marketing. Not only are they potential buyers, they are also huge influencers of their overseas peers. Chinese buyers also view Australian sites and sources as more trustworthy and knowledgeable. 
Australian agents and developers should leverage this inherent credibility to reach international customers and ensure their brand is top of mind among the Chinese community to successfully capture the Chinese market.
Esther Yong is director of <a href="https://www.acproperty.com.au" target="_blank">ACproperty.com.au</a>.
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 Market locally first to reach China: ACproperty's Esther Yong

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<img src="https://counter.theconversation.edu.au/content/57114/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Over the last 25 years, home ownership rates have fallen sharply for young Australians.
Between 1982 and 2011, the home ownership rate for young adults aged 25 to 34 years dropped from 56 percent to 34 percent. Growing concerns about their home ownership prospects have prompted those in Generation Y (defined as 18-35 years for the purposes of this article) to become increasingly vocal about the difficulties of achieving home ownership.
This article draws on survey data from more than 4,300 respondents collected as part of the Bankwest Curtin Economics Centre Housing Affordability Report 2016. These findings highlight the housing affordability concerns of Generation Y.
The vast majority (86 percent) of Gen Y households living in the private rental sector or with their parents aspire to own a home, although not necessarily in the short term. Of these households, 30 percent believed they would be able to buy a home in the next two to five years. One-quarter believed home ownership was five to ten years away. Only 6% did not believe they would ever be able to buy a home.
Although many are choosing to delay home ownership as a lifestyle choice, others are forced to delay because of a lack of affordable housing options. Across all age groups, home owners were more likely to perceive their housing as affordable.
The survey reported that those living in unaffordable housing were making significant sacrifices to meet their housing costs. And 55 percent said sustaining high housing costs was leading to mental health issues, with those most affected in the private rental sector. This highlights the importance of affordable housing.
<h2>The ‘bank of mum and dad’</h2>
The deposit gap is the biggest barrier to home ownership. The survey calculated the average gap between the deposit currently available to an individual and the amount the individual expected to need for home purchase. This gap was around A$50,000.
Among Gen Ys already in home ownership, 38% reported they had received financial assistance from their parents or grandparents. For those yet to enter home ownership, only 17% expected to receive some assistance to buy. A further 24 percent indicated help might be offered.
Therefore, almost 60 percent of Gen Ys surveyed are unlikely to receive the benefit of intergenerational assistance. This may prevent them from ever entering home ownership.
Parental assistance to purchase
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<h2>Housing opportunities for ‘Generation Rent’</h2>
Assistance for home purchase is becoming more and more important for Gen Ys. They are being dubbed “Generation Rent” as the Great Australian Dream of home ownership moves further out of their reach.
Among Gen Y survey respondents, three-quarters rated the First Home Owner Grant and stamp duty relief as being important in helping them into home ownership. Even the scrapped first home saver accountsscheme was viewed as important. The generation is becoming increasingly reliant on these volatile demand-side incentives.
Importance of government assistance
<h4><a href="/images/2016/07/01/image-20160617-30173-1q0l3ls.png" target="_blank">Click to enlarge</a></h4>
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So what can be done to help those who wish to enter home ownership but lack financial support? Government-backed low-deposit loans such as Keystart in Western Australia and Homestart in South Australia, which are designed for those on low to moderate incomes, have made a real difference to thousands of households. Although not without risk to government, these type of loans could be introduced in other states.
Shared ownership products enable the purchaser and a third party to share ownership of the dwelling, which reduces deposit requirements and monthly payments. These are successful in the UK, accounting for 18% of total housing stock, and are growing in popularity in Australia under the schemes noted above. There may be scope for community housing providers to step into this sector in partnership with private developers.
Discounted home ownership is another option. This option could be tied to developer contributions as part of inclusionary zoning requirements. However, it must be structured in a way that ensures any discount on the market price is retained in perpetuity.
The National Rental Affordability Scheme had its critics but at least provided a supply of affordable housing that reduced the rental burden for many households. That, in turn, increased their chances of saving for a deposit.
The rental sector is in dire need of a replacement scheme, which could possibly be enhanced using a model whereby investors offering new rental dwellings below market rents for a defined period are eligible for stamp duty relief. The argument will be raised that this will encourage demand from investors, raising prices.
Ultimately, the only long-term solution to improve the home ownership prospects of young Australians is to change the imbalance between incomes and house prices.
It is more critical than ever for government to implement meaningful structural reforms that improve home purchase affordability for Generation Y. Otherwise, growing numbers of Gen Ys all over Australia face a lifetime of renting without the financial and emotional security of home ownership.
Steven Rowley is director, Australian Housing and Urban Research Institute, Curtin Research Centre, Curtin University and can be contacted <a href="https://theconversation.com/profiles/steven-rowley-201914" target="_blank">here</a>.
Amity James is senior research officer, Curtin Business School, Curtin University and can be contacted <a href="https://theconversation.com/profiles/amity-james-272922" target="_blank">here</a>.
Rachel Ong is deputy director, Bankwest Curtin Economics Centre, Curtin University and can be contacted <a href="https://theconversation.com/profiles/rachel-ong-113482" target="_blank">here</a>.
All are authors for The Conversation.
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The key to home ownership for Gen Y

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With the end of the school holidays, Melbourne’s clearance rate sat at 77 percent, above 70 percent for the second consecutive time in five weeks, according to CoreLogic's preliminary result.
The busiest sub-region in Melbourne this week was the Inner sub-region with 103 auctions being held.
With a clearance rate of 76 percent from 450 offerings, Sydney sat above 75 percent for the third week in a row.
The Inner West recorded the highest preliminary rate of 91 percent across 35 reported auctions followed on by the City and Inner South sub-region at 88 percent.
The number of auctions held across the capitals has remained fairly steady this week, with 1,378 auctions held, compared to 1,399, but lower than the same time last year, when 1,827 auctions were held. 
It was the last weekend of the Sydney school holidays.
CoreLogic researched the influence of the mid-year June-July school holidays on the level of activity to conclude, based on the four years between 2012 to 2015, that Melbourne was more influenced than Sydney.
Melbourne auction volumes for the first weekend of the school holidays triggered on average a 12 percent decline on the previous week.
The clearance rate performance over the three weeks of school holidays, compared to the three weeks leading up to school holidays was typically not that different. 
"In Sydney, we don’t see the same trends that are seen in Melbourne, the school holidays don’t seem to have the same impact that they do in Melbourne and this isn’t too surprising as Melbourne is often influenced more when public holidays are held," the CoreLogic spokesperson advised.
The latest national clearance rate held above 70% across the combined capitals for the second week running, up from 70 percent to 71 percent.
It is the second time in 15 weeks where the combined capital city clearance rate surpassed 70 per cent, with the results being driven by Sydney and Melbourne, with all other capital city regions recording a preliminary clearance rate under 65 percent.
There were 117 Brisbane auctions with a clearance rate of 46 percent.
There were 61 auctions held in Adelaide with a 52 percent. CoreLogic has captured 16 auction results for Perth, with a preliminary clearance rate of 31 percent.
A total of 29 auctions were held in Canberra this week with a preliminary clearance rate of 64 percent.
The highest auction sale across the nation at auction was in Strathfield, for the second consecutive weekend.
It was a five bedroom at <a href="https://www.realestate.com.au/property-house-nsw-strathfield-122923002" target="_blank">35 Rickard Road</a> (above) which fetched $3.76 million.
The newly built home was built after the 627 sqm block cost $1.55 million in 2014.
There had been $3.3 million to $3.5 million price guidance.
Melbourne's top sale was a development site at Chatswood for $2.6 million. The <a href="https://www.realestate.com.au/property-house-vic-chadstone-122927478" target="_blank">7 Churchill Avenue</a> offering (below) was 1800 sqm with permission for six townhouses.
 <img src="/images/2016/07/18/Screen%20Shot%202016-07-18%20at%208.37.20%20AM.png" alt="">
The dearest house sale across Melbourne was at Glen Waverley when a newly built five bedroom at <a href="https://www.realestate.com.au/property-house-vic-glen+waverley-122480470%20" target="_blank">30 Tobias Avenue</a> sold at $2,215,000 (below).
<img src="/images/2016/07/18/Screen%20Shot%202016-07-18%20at%208.39.24%20AM.png" alt="">
The weekend's cheapest auction sale was at Thomastown when <a href="https://www.realestate.com.au/property-unit-vic-thomastown-122941870" target="_blank">1/17 Caroline Street</a> fetched $235,000 (below).
<img src="/images/2016/07/18/Screen%20Shot%202016-07-18%20at%208.41.25%20AM.png" alt="">
The two bedroom, 60 sqm 1970s villa, 17kms north of Melbourne, had last sold at $100,000 in 2001. It was a $265 a week rental.
The biggest reported sale of the past week was at Surfers Paradise. It was the home of the entrepreneurial, former Rolls-Royce car dealer David Baird and his wife, Marion through Ray White agents Sam Guo and Julia Kuo.
The trophy home, Summer House, credited as the Gold Coast's biggest residence, fetched a reported $11 million, according to the Gold Coast Bulletin.
It was a six bedroom, six bathroom <a href="https://www.raywhite.com/qld/surfers-paradise/1468826/?lang=en" target="_blank">mansion on 2318 sqm on Cronin Island </a>with three kitchens, a gymnasium, numerous spas and saunas, a 25 metre, four-lane lap pool and a 10 car basement garage.
Designed by Main Beach architects Mobb Thompson and Payne, the home was built 26 years ago for the president of Daikyo Shoji Yokoyama - the Japanese company behind the QT.
<img src="/images/2016/07/18/Screen%20Shot%202016-07-18%20at%208.42.41%20AM.png" alt="">
The video game designer Masafumi Miyamoto paid $6,553,136 in 1997 - a Gold Coast record which stood for eight years.
He sold it to the Bairds for $8 million in 2004 despite having $13 million hopes.
It was rented by Hollywood stars Sarah Michelle Gellar and Freddie Prinze Jr when they were making Scooby-Doo. 
The Gold Coast Bulletin reported it was bought by Celine Guan, wife of Junxiong Yang, owner of the Links Golf Course at Hope Island Resort.
It was the third highest sale on the Coast this year behind 159 Hedges Avenue which sold for $13.25 million and the $11 million sale of 107 Albatross Avenue. 
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Sydney and Melbourne auction markets further strengthen in 2016 mid-winter 

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Weekend auction clearance rates remained strong, sitting about 70 percent in both Sydney and Melbourne, underpinned by the past week's policy announcements.
The RBA board lowered the cost of borrowing - with most lending institutions passing it onto home buyers - and the Federal Budget put property investment firmly on the agenda as a byproduct to its mooted superannuation changes. 
Home loan rates are as low as 3.88 per cent for owner-occupiers and 4.04 percent for investors compared with a long-term average of about 7 percent.
Not that the money is free flowing as with stricter loan-to-value ratios (LVRs) being applied by lenders, the capacity of both local and offshore buyers for houses and apartments is being curtailed.
Dr Andrew Wilson, chief economist for Domain Group, says Sydney price growth this year was likely to be around three and four per cent and Melbourne slightly higher at between four and five per cent.
Toorak ought have secured the weekend's top two sales but the interest was not there, with the Chinese influence now just an undercurrent.
There were no bidders when <a href="https://www.realestate.com.au/property-house-vic-toorak-122376458" target="_blank">23 Montalto Avenue, Toorak was offered</a>. The vendor bid was $7.75 million for the Rodney Alsop designed family residence on 1146 sqm with pool and courtyard designed by gardening guru Edna Walling.
Another Toorak offering at 10 Cole Court was passed in on a $6.75 million vendor bid through RT Edgar after rejecting the only buyer bid of $5 million.
The home was converted in the 1950s by Sir Roy Grounds out of stables for the now razed Southdean estate.
It was offered by the Cecil family, the fourth generation owners of menswear retailer Henry Bucks.
Melbourne buyers agent Mal James said the market was missing the Chinese buying interest at prior levels.
He advised that any claims by agents that “we’ve got loads of Chinese interest from overseas” was now "drivel."
"It's not there like it was in most cases," he said.
So the top weekend sale price was instead $4.55 million at Henley in Sydney on the riverfront when <a href="https://www.realestate.com.au/property-house-nsw-henley-122395590" target="_blank">6 Sherwin Street</a> (above) sold through Ray White who suggested it needed renovation.
It narrowly exceeded the $4.5 million sale of <a href="https://www.realestate.com.au/property-house-sa-hackham+west-122429454" target="_blank">389 Barkly Street, Elwood</a>. There were five bidders for the investment opportunity of a block of four, three bedroom apartments.
The cheapest result was $250,000 in Adelaide, at just above the $239,000 price guidance.
It was a deceased estate on Beach Road which had been a recent $300 a week four bedroom rental with mechanic's garaging.
There was a $277,500 sale in <a href="https://www.realestate.com.au/property-unit-vic-tullamarine-122299634" target="_blank">Melbourne's Tullamarine</a>, but with little price growth over the five years since sold at $275,000.
It too sold at just above its $250,000 to $275,000 price range.
The single storey one bedroom 1980s villa with courtyard is rented at $265 a week, which also reflected little if any rental price growth over the five year ownership.
This week there were 1,135 auctions in Melbourne, which accounted for 52 percent of all capital city auctions.
CoreLogic RP Data advised the 71 percent Melbourne clearance rate compared to 73 percent last week and 79 per cent one year ago.
Sunshine cracked the $1 million club after a period-style family home sold under the hammer for a record-breaking $1.03 million.
It was the four-bedroom house at 1 Walter St, located on 810 sqm in the coveted Matthews Hill precinct that bettered the $935,000 record set in February this year.
<img src="/images/2016/05/09/main-2.jpg" alt="" width="675" height="506">
In Carlton the former AFL coach Denis Pagan's longtime family home sold with approval for <a href="https://www.realestate.com.au/property-house-vic-sunshine-122361326" target="_blank">three townhouses at $1.8 million</a>.
 
<a id="LPlnk683209" href="https://www.realestate.com.au/property-house-vic-carlton-122301798" target="_blank"></a><img src="/images/2016/05/09/main-3.jpg" alt="" width="568" height="426"> 
Co-owned with brother Larry, it had been mostly empty for the past decade.
Melbourne’s inner East was the softest clearance rate at 63 percent across 135 results collected.
By contrast Sydney's east was super strong. Sydney hosted 647 auctions this week with a preliminary clearance rate of 72 percent, sitting as the strongest of any capital city with three Sydney sub-regions recording success rates in the 80 percent range, including its Eastern suburbs at 89 percent.
Anyone doubting the strength can't view the latest celebrity listing as it sold withn six days of offering and weeks before its scheduled auction.
 
<img src="/images/2016/05/09/main-4.jpg" alt="" width="632" height="474">
It was a Bondi semi that performed poorly in The Block All Stars three years ago.
It has now been snapped up for sold for around $2.55 million, an 86 percent hike on the sale price under the television lights in 2013.
Sunnybrae at <a href="https://www.realestate.com.au/property-house-nsw-bondi-122539826" target="_blank">10 Tasman Street, Bondi</a>, had an initial price guide of $2.2 million having sold last at $1,375,000.
After two long weekends in a row, Brisbane auction volumes picked up this week, with 192 residential properties going under the hammer, with just 43 per cent selling.
Canberra had their mind on other matters with the 54 percent clearance rate down from 59 per cent last week and the 65 percent last year.
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Sydney and Melbourne still securing 70 percent plus auction clearance rates

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GUEST OBSERVER
The Foreign Investment Review Board (FIRB) annual report includes updated figures on approvals of foreign purchases of Australian residential real estate. 
The data is annual, dated and has been heavily criticised in the past as an inaccurate measure of the true level of foreign real estate purchases in Australia. 
However, it is essentially the only information on the topic with any sort of consistent back history and is therefore a rare clue as to the size, growth and composition of demand from this segment.
<a href="/images/2016/04/11/Screen%20Shot%202016-04-12%20at%208.00.54%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/11/Screen%20Shot%202016-04-12%20at%208.00.54%20AM.png" alt="">
For 2014-15, the aggregate figures show:
36.8k approvals for residential real estate purchases totalling $57.9bn, equivalent to 7.3% of total sales by number and 15.5% by value (note that the treatment of ‘developer off the plan’ approvals means this likely understates the number of properties purchased but overstates the value)
FIRB approvals are up 60-65% on 2013-14, very strong growth but slower than the 98% gain – i.e. doubling – in the previous year and the 150%+ surge in 2010-11. 
<a href="/images/2016/04/11/Screen%20Shot%202016-04-12%20at%208.02.35%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/11/Screen%20Shot%202016-04-12%20at%208.02.35%20AM.png" alt="">
The FIRB figures are lower but in the same ‘ballpark’ as the other main estimate of foreign buyer demand – the NAB property survey, respondents to which have put the proportion of foreign demand for residential real estate at around 5% for existing and 15% for newly built dwellings.
<a href="/images/2016/04/11/Screen%20Shot%202016-04-12%20at%208.05.38%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/11/Screen%20Shot%202016-04-12%20at%208.05.38%20AM.png" alt="">
The state breakdown of FIRB approvals shows:
Vic continues to be the dominant location for properties being purchased by foreign buyers – approvals imply foreign buyers accounted for around 14% of total sales by number and over 30% by value, the latter up 80%yr.
Qld saw particularly strong growth in 2014-15, the value of FIRB approvals jumping 180%yr, but is still a small share overall – 17% compared to NSW and Vic which combined accounted for 77% of FIRB approvals (by value).
<a href="/images/2016/04/11/Screen%20Shot%202016-04-12%20at%208.07.53%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/11/Screen%20Shot%202016-04-12%20at%208.07.53%20AM.png" alt="">
More recent market data shows a sharp slowdown in turnover since mid-2015. With the number of domestic owner-occupier finance approvals rising over this period, other segments are clearly driving the slowdown. While lower domestic investor activity may be the main factor, some slowing in foreign buyer activity may also be contributing. 
<a href="/images/2016/04/11/Screen%20Shot%202016-04-12%20at%208.09.10%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/11/Screen%20Shot%202016-04-12%20at%208.09.10%20AM.png" alt="" width="1606" height="1084">
Matthew Hassan is senior economist with <a href="https://www.westpac.com.au/" target="_blank">Westpac</a>.
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