In the massive Sydney apartment market a drama is taking place that will have a big effect on the fortunes of the new Turnbull government. And the same drama, albeit with different players, is set to take place in Melbourne.

Celebrity stylist and Restoration Australia host Sibella Court has put her ex-corner store Paddington pad up for sale for $1.65million. The Victorian-era corner terrace at 27 Alexander St, Paddington was the base for Ms Court's The Society Inc, a multi-purpose space which acted as a hotel, among other things.

The new chairman of McGrath Estate Agents, who sits on the Woolworths board and until 2011 was chief executive of listed US giant Kellogg, says: “Like London, New York, San Francisco and Vancouver, Sydney and Melbourne are now a destination for a lot of people around the world. They are safe, clean and green, so the market in those two cities is benefiting from Asian and other investment.”