Residential Market

Queensland has recorded its highest quarterly property sales settlement number since 2007.

Some 51,771 Queensland property sales were settled during the first quarter of 2021, according to the latest analysis by PEXA, Australia&rsquo;s leading digital settlement platform.

Queensland&rsquo;s 40% jump year-on-year illustrates the current confidence in the north-eastern Australian property market.

[smartcode_project:default project_id=22057]

Western Australia saw 57% growth year-on-year in recording its highest property sales settlement number since at least 2015.

Throughout January and February, WA has seen more than 15,000 property sale settlements, which was 5,000 more than the corresponding period in 2020, prior to the impact of COVID-19.

Mike Gill, the senior research Manager, PEXA, said the Australian property market continues to perform strongly.

And he sees no strong reason for this trend to change in the immediate future.&nbsp;

&ldquo;We have seen a really strong start to the year Australia wide, with the nation recording 30% year-on-year growth in property sales settlements when compared to the beginning of 2020.

&quot;We have also witnessed considerable momentum build in Victoria, with the state living up to its property powerhouse reputation recording the most sales settlements (more than 55,000) of any state during this period.&quot;

New South Wales posted 26% growth year-on-year, and South Australia experiencing a jump of 28% year-on-year for the quarter, said Gill.

Australia&rsquo;s property sector witnessed almost 200,000 properties settled during the first quarter of 2021, PEXA calculated.

PEXA, Australia’s leading digital property settlement platform, calculated in the past quarter Queensland recorded 51,771, its highest sales number since 2007.



jchancellor

Queensland's first quarter residential sales jump 40% year on year: PEXA

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Homeowners trying to sell their homes on their own — for-sale-by-owners (FSBOs) — are courted by emerging disruptive websites.
Most of them want to save money on real estate commissions, rather than because they feel they don’t need a professional to sell their home.
Recent data from a National Association of Realtors survey in the United States shows that less than 10 percent of FSBOs actually sell.
The Inman site listed some of the top reasons why FSBOs fail in real estate.'
1. Owners do not know how to screen potential buyers and fail in the closing process.
2. Owners fail to solve buyer’s queries.
3. Owners don’t understand the concept of ‘golden time’, as according to this concept, homeowners get the most money for their homes shortly after of putting the property on the market. 
4. Owners fail to understand the contract procedures.
5. FSBOs don’t know how to handle the home building inspection findings.
6. FSBOs incorrectly price their homes too high.
7. FSBO homes lack exposure.
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jchancellor-FAypfDUnLy

Property 101: Why for sale by property owners fail

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The Building Legislation Amendment (Consumer Protection) Act 2016(the Act) which was passed by the Victorian Government on 19 April 2016 imposes sweeping reforms in respect to a number of significant areas affecting residential construction in Victoria.
By reason of a Proclamation published in the Victoria Government Gazette No. S 194 dated 21 June 2016, certain sections of the Act are to commence and ‘become live’ on 4 July this year.
While the purpose of the Act is to strengthen consumer protection and improve the regulation of the residential building industry, it is quite clear that the Act and its operation will dramatically affect the manner in which builders go about their business and how they are accountable and operate within the legislative system. It will also dramatically change the way in which home owners, whether on private stand-alone titles of land or within Owners Corporations, make claims for defective and incomplete work.
The most significant provisions of the Act intend to:
<ul>
<li>Improve conciliation of domestic building disputes;</li>
<li>Enable the issue of dispute resolution orders;</li>
<li>Improve information provisions for consumers;</li>
<li>Strengthen registration requirements;</li>
<li>Improve discipline of building practitioners;</li>
<li>Provide additional powers to Building Surveyors and the Victorian Building Authority (the VBA)</li>
<li>Direct builders to fix non-compliant building works;</li>
<li>Increase the regulation of owner-builders; and</li>
<li>Ensure greater oversight of building works.</li>
</ul>
The 4th of July 2016
The first tranche of changes are small in number but have a punch. The main changes which will commence on 4 July 2016 are as follows:
1. Investigations of owner-builders
Section 35 and 36 of the Act amend sections 227B and 227C(3) of the Building Act 1993 (“Building Act”) to close an apparent loophole where builders were purportedly using owner-builder provisions of the Building Act to avoid regulation and registration requirements.
The amendments to these section now enables a performance auditor appointed by the VBA to examine work carried out by an owner-builder including whether it has been carried out competently, whether it poses a risk of injury or damage and to ensure the work of an owner-builder complies with the Building Act and its regulations.
2. Building Surveyors and related persons
Section 39 of the Act amends section 79 of the Building Act to now restrict Building Surveyors from carrying out any functions in relation to which a “related person” has a conflict of interest. The introduction of a related person includes any partner in a partnership, any fellow directors or body corporates of which the Building Surveyor is a director and or any employer or employee. Building Surveyors will therefore need to be more aware of their surroundings.
3. New Directions to Fix Work
Section 49 of the Act substitutes sections 37 to 37K of the Building Act and introduces powers for the VBA and Building Surveyors, including Municipal and Relevant Building Surveyors and other authorised persons, for example a Plumbing Inspector, to issue directions to builders to “fix” building works.
A direction may be oral or written. If oral it can be given to the builder or the “person who is apparently in charge of the site”. A direction will require compliance within any prescribed timeframe and otherwise within 7 days.
A direction can be to carry out works, so that building works wholly or substantially comply with the Building Act, whatever substantially may mean, and or to stop works.
A builder can apply to extend the time for compliance and there is a right of appeal in respect to a direction to the Building Appeals Board. Non-compliance with a written direction is an offence with a maximum penalty in the vicinity of $75,500.
Section 51, which inserts a new section 118A into the Building Act, restricts a Building Surveyor from issuing a Building Notice, unless a direction to fix has been previously issued and it is clear that it will not be complied with, or it is not possible or appropriate to give a direction.
4. Further Regulations for Owners
Section 44 of the Act amends section 16 of the Building Act and imposes new offences against a person who carries out work without a Building Permit having been issued.
The amendments make it an offence for an “owner of land to permit building works to be carried out” without a Building Permit. The penalties are high; for a person – a maximum of 500 penalty units which equates to the approximate value of $75,500 and for a body corporate - a maximum of 2500 penalty units or approximately $377,000.
Penalties will not apply to an owner if they have engaged a building practitioner or an architect to carry out the work.
Section 45 of the Act also amends section 24A of the Building Actincreasing the value of works from $12,000 to $16,000 in respect to the consideration to be made by a Building Surveyor for issuing a permit for owner- builder works.
5. A new Checklist
Section 47 inserts a new section 30A and 30B into the Building Actand will require Building Surveyors to comply with and tick off a checklist of documents to be provided to the Council and also certify compliance such documents have been provided to Council. The details of the checklist are not yet known, but a failure to do so carries a financial penalty for Building Surveyors.
6. Undertakings
Section 54 inserts a new Division 2A into the Building Act and introduces the concept of builders providing a written undertaking to the VBA to do or not do something further or again.  A subsequent failure to comply with an undertaking will expose the builder to the VBA making an application for a court order to comply with the undertakings or pay money for a failure to comply. Any undertakings given will be maintained in a register and perhaps surprisingly, the register “may be inspected by any person at any reasonable time, without charge”.
Other reforms yet to come
Other significant legislative reforms set out in the Act which are expected to commence operation later this year, and at the latest by 1 July 2017, are more dramatic.
Domestic Building Dispute Resolution Victoria (DBDRV)
These include the establishment of the Domestic Building Dispute Resolution Victoria (DBDRV) and a new dispute resolution system. A party to a “domestic building work dispute” will need to make an application to DBDRV before any form of application can be made to the Victorian Civil and Administrative Tribunal (VCAT) or the Courts.
DBDRV once created, is intended to be the first stop for all “domestic building work disputes” which includes any dispute between an owner, a builder, a building practitioner, a subcontractor or an architect in relation to a “domestic building work matter”.
A domestic building work matter can include for example, a claim for a breach of a warranty set out in section 8 of the Domestic Building Contracts Act 1995, a failure to maintain the standard required of building works in a contract and or an alleged failure to pay money.
DBDRV will provide a conciliation service which may include the facilitation of without prejudice communications by a conciliation officer. Broad powers will come into force and penalties are available for non-participation.
The chief dispute resolution officer of DBDRV will also be given significant powers including to:
<ul>
<li>issue a stop works notice;</li>
<li>appoint an assessor to assess the domestic building work and to report on whether the work is defective and or incomplete;</li>
<li>issue a dispute resolution order requiring the builder to complete or rectify building work;  or</li>
<li>order an owner or builder to pay money.</li>
</ul>
Conciliation will be mandatory for parties before an application to VCAT or the Courts can be made.
Regulation of building work and building practitioners
The Building Practitioners Board will be abolished and its regulation and disciplinary functions will be transferred to the VBA which will become responsible for the regulation, registration and discipline of building practitioners.
Registration of building practitioners
The registration system for Builders will be ramped up and the previous test of “good character” will be replaced with a “fit and proper person” test. Registration will also be limited to a period up to 5 years, at which time a building practitioner will be required to make an application for renewal.
New disciplinary processes and sanctions A streamlined disciplinary process will be introduced. If the VBA reasonably believes there are grounds for taking action against a practitioner and proposes to take action, the VBA will issue a ‘show cause’ notice which will invite the practitioner to respond and explain why the disciplinary action should not be taken. The VBA will also be given increased flexibility to impose sanctions including the power to suspend or partially suspend registrations. Practitioners’ rights are said to be safeguarded via a right of review to the VBA, followed by VCAT. The engagement of Building Surveyors
The current system will change and will include a prohibition against a builder appointing a private Building Surveyor on behalf of an owner in relation to domestic building work. The owner will be required to do so instead.
Conclusion
Whether the intended changes will assist builders and owners avoiding disputes and reaching resolutions in building disputes in a more timely and costs effective manner is yet to be seen. What appears clear, however, is the proposed changes will introduce more cogs into ‘the system’, and most likely bring with it more litigation, not less.
Andrew Whitelaw, is partner and Melanie Hogg is solicitor Tress Cox Lawyers. They can be contacted <a href="https://www.tresscox.com.au/" target="_blank">here</a>.
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Property 101: Changes to Victorian residential building legislation

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John McGrath, chief executive of McGrath Limited told The Weekend Australian that the recent stockmarket savaging caught the veteran real estate agent off guard.
“We were surprised and disappointed,” McGrath told The Weekend Australian in his first interview since an earnings forecast downgrade on Monday.
McGrath again increased their holdings, last week spending $500,000 to top up his stake to near 30 per cent.
McGrath says while listings are down across the industry and in most of the areas it operates in, the agency has increased its share from 3.2 percent to 3.5 percent of the market.
Meanwhile he has his team who bought into the float.
“This is my family, it’s not just an investment or a company I work for,” McGrath says.
“It’s something I started in my loungeroom.
“I can see the medium term long term, I know where we are gong to end up, but in the short term there is no doubt there is a feeling a pain for me as CEO, largest shareholder and founder of the business that we are having to go through this.”
But, he adds: “This is a long-term game.”
“Even post the market downgrade we will be delivering $26m-$27m in earnings.
"We have cash in the bank and we have no debt.
"We think we are in as good a position as ever,” he says, arguing he and the board — which includes chairman David Mackay, a former Kellogg CEO, and tech entrepreneur Daniel Petre — maintain their belief that a public listing was the right path for the company.
But Wendy McCarthy, a founding chair of McGrath Operations who left in June as she was never a float proponent, told Fairfax Media she imagined "he must be finding it very challenging and very disappointing."
"You've got people telling you everything is going to be fabulous and the float is oversubscribed and you believe it," said McCarthy, who praised McGrath's imagination and generosity.
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John McGrath says the listed real estate agency is his family

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<img src="https://counter.theconversation.edu.au/content/57114/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Other than renting, the most common way to get a roof over your head is to buy a home and live in it. Another way is to buy a home and rent it out, and then rent a similar home (buy, rent, rent). Thanks to the perverse nature of negative gearing, the buy, rent, rent strategy can be cheaper than the most obvious path of home ownership. How?
Consider a first home buyer considering a modest two bedroom, two bathroom unit in Ashfield in Sydney’s inner west for A$600,000.
Assuming the buyer has enough to afford a 20% deposit and initial transaction costs (legal fees and stamp duty, etc.), she may consider buying and living in it, or buying and investing and then renting a similar unit. She is able to borrow 80% of the unit’s value paying interest of 5% p.a (A$24,000 a year). The annual maintenance costs are A$6,000 (or 1%), deductible depreciation expenses are also A$6,000. A similar unit rents for A$450 per week. Her marginal tax rate is 34.5%. What is the cost to buy and live compared with buy, rent, rent?
The first home buyer’s housing cost is A$30,000 per year if she buys and lives in the unit, and A$25,653 per year for buy, rent, rent. This means she saves A$4,347 or 0.72% of the unit price with buy, rent, rent.
The saving is solely due to the negative gearing tax savings effect. The mortgage interest, maintenance and depreciation deductions are tax deductible when investing, but cannot be deducted when living in the unit. Without negative gearing there would be no tax savings and the first home buyer would not consider such a convoluted strategy.
From the calculations, we can also see that the bigger the negative gearing tax savings, the better it is to buy, rent, rent. Buying homes with lower rent, higher maintenance costs and higher depreciation allowances (eg. new developments) and being at a higher marginal tax rate increases the incentives to do so. There is also little incentive to pay off principal in the unit as the negative gearing strategy may be done almost perpetually and any savings invested (or spent) elsewhere.
On the other hand, once the property is positively geared (when net rent exceeds cost of ownership) it no longer becomes cheaper than to buy and live. This can happen if the buyer chooses to pay off the mortgage, earns increased rent or reduces maintenance and depreciation deductions.
When it comes to selling, there may be capital gains tax on the rental property although your own home is capital gains tax exempt. Non-financial factors are that the home buyer may have a preference to live in their own home rather than to rent, despite the buy, rent, rent savings. This may be from the greater flexibility to customise your own home or not having to deal with real estate agents.
Of course, in the example renting still remains the cheapest option, though if home ownership is the goal then with the perversion of negative gearing, buy, rent, rent remains a cost effective choice.
The above scenario is just one of the many ways that negative gearing distorts housing decisions. Those on high marginal tax rates (i.e. high income earners) have incentive to invest in multiple homes. This leads to incentives to borrow excessively to invest as the negative gearing tax savings effectively reduces the ownership costs to investors compared with home owners.
Furthermore this pushes housing prices up due to the increased demand from negative gearing. Compare this to a home owner who requires only one home and is restricted in the amount that they may borrow as they do not earn rent on the home as income.
Another effect is that new homes which tend to be of higher quality are more desirable to investors as they tend to have higher maintenance costs and depreciation deductions which increases tax savings. Home owners on the other other hand are unable to deduct such costs thereby making ownership of new homes more costly than to investors.
The sooner that negative gearing is removed, the quicker simple buying and living can be the norm.
This article is for educational purposes only and does not constitute financial or taxation advice.
Adrian Lee is senior lecturer in Finance, University of Technology Sydney and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/adrian-lee-94688" target="_blank">here</a>.
 
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Buy, rent, or do both: the perversion of negative gearing

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The decision by Prime Minister Malcolm Turnbull to pull the trigger on a rare July Federal Election will provide the Australian property market with a significant shot in the arm.
Australians were generally wary of buying or selling a residential property during the lead-up to a federal election.
Generally, whether we’re buying or selling, we tend to wait until the election is decided just in case there are any unforeseen surprises.
Now that the election has been called for July 2, this represents the perfect timing from our point of view, as winter is typically a quieter time for property sales.
A July poll will enable vendors to list their properties in July and August, and it won’t affect their buying plans through the traditional spring selling season.
This decision, while it mightn’t help real estate activity during the two month election campaign, it will put vendors in an excellent position to meet their property goals by the time the traditional selling season begins in early September. 
Changes to negative gearing or the capital gains tax discount could potentially fall under the label of ‘unforeseen changes’. 
Real estate investment is a favoured asset class by millions of Australian voters because it is deemed safer than shares and easier to understand than bonds.
Making changes to negative gearing or capital gains would be a brave decision, especially as Australians don’t have a particularly strong record when it comes to savings and investing.
Therefore removing a strategy that is encouraging investment seems ill-conceived to me.
Governments would be better off considering ways to encourage more owner-occupiers to buy into new properties than attempting to stymie the investor market.
With some checks and balances, providing some limited stamp duty tax breaks, for example, for those upgraders buying into new properties, might be worth considering.
Good government is about creating some new policy ideas rather than just raking over old coals.
<div>
Angus Raine is executive chairman, <a href="https://www.raineandhorne.com.au/" target="_blank">Raine &amp; Horne</a>.
</div>
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July Federal Election could create 'spring boom' for property market: Angus Raine

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Investing during times of market stress and volatility can be difficult. For this reason it’s useful for SMSF investors to keep a key set of things – call them rules – in mind.
The seven key rules, in my view, are: be aware that there is always a cycle; invest for the long term; turn down the noise; buy low and sell high; beware of the crowd; diversify and focus on investments offering a sustainable cash flow.
1. Be aware that there is always a cycle
The historical experience of investment markets – be they bonds, shares, property or infrastructure – constantly reminds us they go through cyclical phases of good times and bad. Some are short term, such as occasional corrections. Some are medium term, such as those that relate to the three to five year business cycle. Some are longer, such as the secular swings seen over 10 to 20 year periods in shares. But all eventually contain the seeds of their own reversal. The trouble with cycles is that they can throw investors out of a well thought out investment strategy that aims to take advantage of long term returns and can cause problems for investors when they are in or close to retirement. In saying this, cycles can also create opportunities.
2. Invest for the long term
The best way for most investors to avoid losing at investments is to invest for the long term. Get a long term plan that suits your level of wealth, age and tolerance of volatility and stick to it. This may involve a high exposure to shares and property when you are young or have plenty of funds to invest when you are in retirement and still have your day to day needs covered. Alternatively if you can’t afford to take a long term approach or can’t tolerate short term volatility then it is worth considering investing in funds that use strategies like dynamic asset allocation to target a particular goal – be that in relation to a return level or cash flow. Such approaches are also worth considering if you want to try and take advantage of the opportunities that volatility in investment markets through up.
3. Turn down the noise and focus on the right asset mix
The combination of too much information has turned investing into a daily soap opera – as we go from worrying about one thing after another. Once you have worked out a strategy that is right for you, it’s important to turn down the noise on the information flow surrounding investment markets. This also involves keeping your investment strategy relatively simple – lots of time can be wasted on fretting over individual shares or managed funds – which is just a distraction from making sure you have the right asset mix as it’s your asset allocation that will mainly drive the return you will get.
4. Buy low, sell high
One reality of investing is that the price you pay for an investment or asset matters a lot in terms of the return you will get. It stands to reason that the cheaper you buy an asset the higher its prospective return will be and vice versa, all other things being equal. If you do have to trade or move your investments around then remember to buy when markets are down and sell when they are up.
5. Beware the crowd and a herd mentality
The issue with crowds is that eventually everyone who wants to buy will do so and then the only way is down (and vice versa during periods of panic). As Warren Buffet once said the key is to "be fearful when others are greedy and greedy when others are fearful".
6. Diversify
This is a no brainer. Don’t put all your eggs in one basket as the old saying goes. Unfortunately, plenty do. Through last decade many questioned the value of holding global shares in their investment portfolios as Australian shares were doing so well. Interestingly, for the last five or so years global shares have been far better performers and have proven their worth.
It appears that common approaches in SMSF funds are to have one or two high-yielding and popular shares and a term deposit. This could potentially leave an investor very exposed to either a very low return oif something goes wrong in the high -yield share that they’re invested in. By the same token, don’t over diversify with multiple – say greater than 30 – shares and/or managed funds as this may just add complexity without any real benefit.
7. Focus on investments offering sustainable cash flow
This is very important. There’s been lots of investments over the decades that have been sold on false promises of high returns or low risk (for example, many technological stocks in the 1990s, resources stocks periodically and the sub-prime asset-back securities of last decade). If it looks dodgy, hard to understand or has to be based on obscure valuation measures to stack up, then it’s best to stay away. There is no such thing as a free lunch in investing – if an investment looks too good to be true in terms of the return and risk on offer, then it probably is. By contrast, assets that generate sustainable cash flows (profits, rents, interest payments) and don't rely on excessive gearing or financial engineering are more likely to deliver.
Final thoughts
Investing is not easy and given the psychological traps that we are all susceptible to – in particular the tendency to over-react to the current state of investment markets – a good approach is to simply seek the advice of a coach such as a financial adviser.
 
<a href="https://www.ampcapital.com.au/smsf-suite/product-suite">Dr Shane Oliver</a>, head of investment strategy and economics and chief economist at AMP Capital is responsible for AMP Capital's diversified investment funds. He also provides economic forecasts and analysis of key variables and issues affecting, or likely to affect, all asset markets.
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Property 101: Seven rules for SMSF investors

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GUEST OBSERVER
So far, the early parts of this year have been impacted by public holidays; this has reduced listing numbers and overall choice, which have been strong contributors to healthy clearance rates and strong competition by bidders.
Overall prices were down at the start of 2016 relative to the end of last year, which is mostly due to the cyclical nature of the property market. The month of March alone reveals signs of the trend reversing and property prices swinging up again. Many suburbs have left the “Bust” list, with only CBD apartments experiencing four consecutive rolling quarters of negative price growth.
Similar to last month, average house prices in the inner suburbs were down 2 percent over the rolling quarter. However, compared to March 2015, all inner regions saw increases in real prices: 8 percent in the inner South, 8.5 percent in the inner North and 14 percent in the inner West. Due to several multimillion dollar property sales in the inner East this month, real median prices are up over 33 percent since this time last year. As pointed out in Secret Agent’s recent blog post, these large fluctuations show the limitations of analysis using medians and averages within concentrated areas.
Prices of townhouses remained nearly unchanged this quarter compared to last, dropping by less than half a per cent. The average price per square metre was also identical to last month’s figure of $6,300, but is still well below levels seen towards the end of last year. Standalone houses on the other hand are closing the gap, with their median price per square metre nearing $5,900.
Median apartment prices are about 4 percent lower than at the end of 2015, while total listings are down slightly, remaining at over 3,200 combined across all inner regions. The market for apartments did not adjust correctly to the much lower demand for property at the start of the new year, which means the price decline is most likely due to an oversupply.
Compared to March last year, CBD apartments have gained a slither of real value, with median prices up 0.16 percent. Northcote and West Melbourne have seen two consecutive rolling quarters of negative growth. Collingwood was the only area to buck the trend, with apartment prices rising consecutively since November last year.
Secret Agent still believes that value in the property market is easier to leverage at the top end of the market and many buyers seem to share this sentiment: nearly 16 percent of all houses sold this quarter had a price tag of $2 million or more, with $7 million and $5 million value properties in South Yarra and Hawthorn having no trouble finding a buyer happy to exchange fortunes for keys. However, true value may still be much harder to find. For properties above $3 million, buyers on average paid $7,200 per square metre, which is well above the average for houses in the inner suburbs. Larger homes are increasingly being sold to developers who are optimistic about creating further value on these sites. Secret Agent plans to investigate true capital growth more deeply.
We believe that many figures that can be found readily on the web do not offer home buyers the real insights into the property market. Whenever a property undergoes change between sales, the price reflects the value added by the owners as well as the appreciation of the property itself. We’re excited to bring these findings to you over the coming few months.
Quarterly Scorecard
JAN - MAR 2016
<a href="/images/2016/03/31/Screen%20Shot%202016-03-31%20at%202.58.58%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/31/Screen%20Shot%202016-03-31%20at%202.58.58%20PM.png" alt="" width="793" height="678">
For more information, <a href="https://secretagent.com.au/" target="_blank">click here</a>.
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Melbourne townhouse price largely unchanged: Secret Agent

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Moelis managing director Andrew Martin and his wife Kate secured around $7.5 million for their Darling Point home last weekend through McGrath agent Ben Collier.
The couple paid $825,000 for the freestanding 1900's home and added a heated swimming pool.
The 525 sqm property has five bedrooms and three bathrooms.
The Martins are off to Paddington having paid around $10.5 million for the the converted furniture emporium sold by billionaire tech entreprenuer Mike Cannon-Brookes and wife, Annie late last year. 
Andrew has over 20 years of experience globally including roles at UBS and with Rothschild. 
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Moelis merchant banker Andrew Martin sells Darling Point for Paddo emporium

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There's been a rush of designer own listings for auction across the inner city.
The interior designer Diane Fernandes and her foodie husband, Peter Kypreos, best known for co-founding Darlinghurst's Buffalo Dining Club, are looking to sell their renovated Zetland cottage.
McGrath agents Marnie Seinor and Brad Gillespie are expecting over $1.3 million at its March 12 auction.
The terrace has two bedrooms, each with original fireplaces.
Diane, whose projects have included Tokyo in Surry Hills and Jimmy Liks in Potts Point, teaches at Sydney Design School. 
The stylish Rozelle townhouse of interior stylist Natalie Fryer (above) didn't sell at auction yesterday, but then found a buyer after auction.
Lydnsey Kemp of Belle Property Balmain passed in the property at $2.05 million with four interested parties in the three bedroom Terry Street strata title property that was bought new in 2007 for $1.46 million.
Natalie set up her own property styling business, m2 Property Presentation six years ago which focuses on helping agents and vendors boost the appeal and saleability of their homes.
Last month McGrath agent, Angus Gorrie sold the home of Mary Brandon, owner of interior design firm MBBD.
Her four-bedroom property boasts views over Sydney Harbour across Cooper Park.
The View Street property fetched $2.72 million. 
This article was first published in the Sunday Telegraph.
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