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For some time, Brisbane has been the focus of investors looking beyond Sydney and Melbourne for future growth and lower entry prices.
In fact, last month we saw that Brisbane has lagged somewhat behind these two capitals on the property cycle and is <a href="/expert-insights/investing/sydney-melbourne-and-brisbane-where-they-are-on-the-property-clock">expected to be in the upswing over the next few years</a>.
National Australia Bank has also suggested that <a href="/expert-insights/investing/brisbane-and-sydney-to-lead-2015-but-growth-to-lag-nab">Brisbane, along with Sydney, is set to lead in 2015, albeit with moderate growth</a>.
Observer Terry Ryder, however, <a href="/expert-insights/buying/brisbane-on-the-slippery-slope-to-oversupply">warns of a potential oversupply for some properties in Brisbane</a>.
<img src="/images/2014/11/24/bris%20nov%2024%20one.jpg" alt="">
<a href="https://whichrealestateagent.com.au" target="_blank">Source: Which Real Estate Agent</a>
{mijopolls 65}
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Infographic: Is it time for Brisbane property to take off?

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We are currently in the most competitive variable home loan market since the GFC, according to the director of Mozo.com.au, Kirsty Lamont.
Lender Heritage Bank has just dropped their variable home loan rate down to 4.39%, which according to <a href="https://mozo.com.au/home-loans" target="_blank">Mozo</a> analysis of RBA average home loan data, is a rate not seen for average home loans since the 1950s.
"Fierce competition has well and truly returned to the market as smaller and online lenders cut rates to record-low levels to compete with the majors,” Lamont told Property Observer.
She urged borrowers to look beyond the big four banks, with savings available of $2,064 per year based on a $300,000 loan over 25 years. 
"You may have to be prepared to do some of the leg work yourself but that could earn you some solid savings on your home loan,” she said.
Here are the top five loans currently available:
<a href="/images/2014/11/25/loans-nov-25-one.jpg" target="_blank"><img src="/images/2014/11/25/loans-nov-25-one.jpg" alt=""></a>
*Comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years
Source: <a href="https://mozo.com.au/" target="_blank">Mozo.com.au</a> as at 24 November 2014
Mozo’s data, which looks at 551 loans from 79 providers, records 62 providers offering variable rates less than 5%, with an average variable home loan rate of 5.22%. The average variable rate of the big four is 5.38%.
These average rates have been based on LVRs of up to 80% on a $300,000 loan amount.
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The top five variable loans currently available: Mozo

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There’s no bubble in Australia’s housing market, but that doesn’t mean you can rest easy, according to ANZ’s chief economist Warren Hogan.
Speaking on ANZ’s BlueNotes, Hogan said that we have the platform to see a bubble develop over the next few years, particularly if more people start purchasing speculative investment properties for short-term growth.
“There’s certainly a risk that we’re moving into [bubble] territory but where we sit now in late-2014 is not a housing bubble,” said Hogan.
“There are some excesses forming around the Sydney market that is a very historically high level of investor activity. But this is not a broad-based bubble; outside of Sydney and Melbourne house price gains are lethargic – we’re talking 3%, 4%, 5% for the other capital cities. And the amount of leverage in the market outside of Sydney and Melbourne is quite modest,” he said.
His view is that a housing bubble must be characterised by a broad-based increase in leverage, rising prices and unsustainable speculative behaviour.
“The issue is that we have the platform to form a bubble in the next few years. We’ve seen a significant increase in prices in Sydney, in Melbourne over a number of years and there is some momentum outside of those major cities and that means that expectations for capital appreciation are starting to form,” he said.
“What we want to watch, and where we think it could become a real problem, is when we get a broader element of the community getting involved in investment property that is on a short-term speculative view. That’s where you get into problems.”
{qtube vid:=_Qt50EYF-2A}
Recently, Mirvac’s chairman John Mulcahy also expressed an opinion that the property market isn’t currently in a bubble. Instead, he pointed to lack of supply.
 “While we agree the level of activity in the sector has increased, and pricing has improved in certain geographies, we believe the primary driver of this is the fundamental undersupply of housing across the country,” said Mulcahy.
“In relation to foreign investors, we continue to see demand from offshore buyers, particularly for apartment projects located in our major cities. For the 2014 financial year, foreign buyers comprised 11% of all settlements.”
Mulcahy noted that the percentage of total investors, both foreign and domestic, versus owner occupiers, is just over half of their apartment business.
“This is at the top end of our historical band, however, we would need to see this reach much higher levels to suggest a bubble,” he said.
“Investor activity is certainly buoyed by low interest rates, a view that property is a safe investment and a more cautious outlook towards general equities. But the key driver of higher pricing is driven primarily by a lack of supply, particularly in Sydney.”
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No bubble, but there is a platform for one to develop: ANZ’s Warren Hogan

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A record number of new dwellings have commenced building in 2014, according to the spring 2014 edition of the Housing Industry Association’s (HIA) National Outlook.
HIA chief economist Harley Dale said that the growth in new residential construction has been slower to gather momentum.
“In aggregate, we will commence nearly 190,000 new dwellings in 2014, surpassing the previous record of 187,000 back in 1994,” said Dale.
“The momentum culminating in this milestone has provided a substantial boost to Australia’s economy at a crucial juncture in the cycle. Below trend economic growth and weak labour market outcomes would be considerably worse without the reach a new home building recovery is exerting into the broader economy.”
However, it’s uncertain as to whether these levels will push even higher over 2015 and 2016, with Dale noting that the reform initiative from policy makers hasn’t been evident.
“Record low borrowing costs have combined with other factors such as high net overseas migration to unleash substantial pent-up demand for new housing. These factors will keep the level of new homes commenced at historically elevated levels,” he said.
“However, what the economy needs is further growth in new home building over the next couple of years, but that will only occur as a consequence of taxation and regulatory reform.”
Despite the increase in new homes, renovations investment have not been as prominent with a 0.3% increase in 2013/2014 from a decade low.
“Unemployment concerns, a lack of available credit, and an elevated household savings rate are but three elements in the current environment which mean there has not been room for a renovations recovery alongside new home building activity and existing property price growth,” Dale said.
Even so, 0.9% growth in renovations investment over 2014/2015 is expected to be pushed up by 2% in the next three years.
In New South Wales, new dwelling commencements over 2013/2014 was up 16.2%, after 30.8% growth in 2012/2013. Another 9.3% growth is forecast by the HIA for this financial year, with activity to ease over the next financial year onwards.
Bullish expectations are in place for Queensland, with 20.3% growth over 2013/2014, after a modest 2.8% growth level in 2012/2013. Another 8.4% growth is expected in 2014/2015 with further higher levels of growth in the years following.
Victoria saw a 0.7% uptick in 2013/2014, after a 0.1% decline in 2012/2013.
Meanwhile, South Australia saw a 20.8% uptick in 2013/2014, after a 3.4% drop in 2012/2013. A 7.4% decline is forecast in 2014/2015, before bouncing back in the next financial year to the tune of a 5.7% uptick, followed by another bullish year of 4.1% growth in the subsequent financial year.
Western Australia’s peak was in 2013/2014, with a 3.2% decline this year and substantial declines of 10% and 5.7% tipped for the next two financial years.
New dwelling commencements in Tasmania are expected to rise over this financial year by 13.8% and by 3.2% in 2015/2016. The dwelling approvals figure is then expected to drop by 4.0%.
The Northern Territory’s commencements fell 16.7% in 2013/2014, and further declines are expected over this financial year and next, with 2.1% and 12.1% drops respectively. A recovery is in sight for 2016/2017, according to HIA predictions.
The ACT has also been recording strong declines that will not recover until 2016/2017, at which time it will increase 8.5%. After a drop of 10.2% in the last financial year, declines of 13.5% and 7.6% are expected for 2014/2015 and 2015/2016 respectively.
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Record new dwellings commencements, but 2015 outlook uncertain: HIA

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ME Bank has released a support package for ACT home owners affected by Mr Fluffy asbestos that sign on to the government’s buy back scheme.
The package allows home owners to borrow against their dwelling to accelerate the purchase of an alternative home.
Up to 80% of an agreed value on an existing property will be available through ME Bank, with standard lending criteria still to apply. The standard hardship policy will also be available to these property owners.
The hardship policy allows deferred or reduced home loan repayments if they are facing financial hardship.
Around 1,000 residences in Canberra had loose amosite asbestos installed by Mr Fluffy from the late-60s to the 70s.
Between 1988 to 1993, the federal government attempted to remove the asbestos, but did not manage to clear the properties.
Jamie McPhee, CEO of ME Bank, said that home owners understandably want the certainty and ability to move on with their lives.
It is important people know the banks are here to help people through this difficult time, said McPhee.
“To help them ME Bank has agreed to lend on their existing Mr Fluffy-affected homes using standard lending criteria, and as soon as they join the buy back. That means they can start looking for and potentially buy a new home as soon as possible,” he said. 
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ME Bank establishes support package for Mr Fluffy home owners

Prestige sales surge 12% nationally, Sydney leads growth: LJ Hooker

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A $200 million, 18 storey mixed-use proposal has been received from Darwin developers Randazzo and La Pira families for a Palmerston ‘superblock’.
The ‘superblock’, named as such due to its 6,060 square metre size in the centre of the CBD, has been vacant since the 1980s and is government owned, according to Minister for Lands, Planning and the Environment Peter Chandler.
It will be the tallest building in Palmerston and the first mixed-use project of its kind. The Northern Territory developers previously created the Palmerston Shopping Centre, Highway House and the Goyder Building.
It is to be the first of its type for Palmerston and will provide housing and accommodation options.
To be called Boulevard Plaza, it is expected to bring 225 apartments, 185 hotel rooms and street level access to 10,000 square metres of retail and hospitality space, said Chandler.
“What’s becoming clear is that Territorians want more choice with their housing options. Apartments in Darwin are being snapped up at record rates and smaller blocks of land are becoming more attractive to home buyers,” he said.
“Living and working in the city has many economic and environmental advantages with less of a reliance on vehicles to commute to work, shops or social events.”
Paolo Randazzo and Peter La Pira have said that it will revitalise and activate the heart of the city, noting it will support the rural area, defence activities, oil and gas, the new hospital and the increased commercial activity.
“We played a key role in the social and economic growth of Palmerston and we are now reinvesting in the city’s future because of our confidence in Palmerston’s growth,” La Pira said.
It will be designed by another local name, architects Jackman Gooden, and will have energy efficient measures and a large podium on level five.
The proposal will be lodged with the Development Consent Authority in early-2015, with construction expected shortly after. It will be built over several years in a staged release.
Picture of Palmerston courtesy of Bidgee/Wikimedia Commons.
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Palmerston’s tallest building coming: 18 storey 'superblock' proposed

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A total of 24 townhouses are available in Brighton’s beachfront 30 Esplanade development, priced from $1.9 million to $2.3 million.
The $48 million <a href="https://www.scland.com.au/cms-projects/esplanade/" target="_blank">30 Esplanade Brighton</a> project, 14 kilometres south-east of Melbourne, features views of either the Melbourne skyline or Port Philip Bay.
Designed by Wood Marsh Architecture, the SC Land project comprises of two rows of 12 townhouses, constructed by Watpac. They are sized from 250 square metres to 300 square metres, including their outdoor areas.
The townhouses cover four levels, including a rooftop terrace, and include features such as a hand-blown glass disc doorknob, created by Melbourne’s Mark Douglass and designed by architect Randal Marsh.
Each has a private double garage and features three bedrooms and two to three bathrooms.
Gaggenau stainless steel appliances, including a steam over and pyrolitic oven, are kitchen inclusions, with the bathrooms to feature Roger Seller fixtures. Some of the main rooms have walk in wardrobes.
Stage one is expected to be complete in 2015.
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Brighton’s 30 Esplanade townhouse development priced from from $1.9 million plus

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Having been diagnosed with cancer at the age of 42, Western Australia real estate agent and investor Keith Daddow now has a mammoth $30,000 goal to raise money for prostate cancer.
As of writing, he is just $3,495 off his goal, with the proceeds to go to the Prostate Cancer Foundation of Australia. He has been raising the funds through Save A Man: Kilimanjaro Challenge 2014.
In what he calls a “shock to the system”, he was diagnosed after he wasn’t feeling himself and went for a check up.
Now at 45, he has three children and is living life to the fullest.
The charismatic real estate agent from Perth Property Solutions’ Keith Daddow told Property Observer that he’s no stranger to life’s hardships.
Having now climbed Mount Kilimanjaro with a number of other cancer survivors, he’s doing his best to achieve the last $3,500. He paid for the trip himself, with all donations to go straight to the cause.
You can <a href="https://saveamankilimanjarochallenge.everydayhero.com/au/keith-daddow" target="_blank">donate to help him raise the final $3,500 via this link</a>.
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Cancer-survivor real estate agent just $3,500 off $30,000 charity goal

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The Property Council of Australia has welcomed the Western Australia Government’s announcement that they will reduce red tape in both planning and the construction approval process, saying it will make developments more affordable.
The changes, announced earlier this week by Commerce Minister Michael Mischin, aim to allow builders to start construction upon lodging a certified permit application while the application is processed. This will be called the Instant Start initiative.
“Lack of certainty about the time taken to grant an approval are a significant cause of cost, delay and frustration to the home building industry and its clients,” said Mischin.
“Each week of delay can cost the owner hundreds of dollars in mortgage costs on land and in rental costs.”
Builders’ margins are also said to be higher due to uncertain start times and inability to schedule subcontractors effectively.
“With Instant Start, builders can be confident in starting work because both planning and building compliance have been verified by competent and independent experts,” he said.
Registered builders will be able to use Instant Start when the amendments to the regulations have been made. Mischin suggests that this will occur in around six months.
Renovations undertaken by a registered builder will also be included.
Property Council of Australia executive director Joe Lenzo said these changes will assist Western Australia to “meet its growth challenges”.
“It is very pleasing that the Government has acknowledged the need to streamline planning processes across all local governments, prioritise major development approvals and eliminate unnecessary red-tape in the housing sector,” said Lenzo.
“The proposed changes will also enable planning authorities to devote more resources to priority projects in a timely fashion,” he said.
“Eliminating planning approvals for straight forward house construction that meets all the standards is long overdue.”
Mischin also noted the reforms would assist local governments to offer electronic lodgement and processing of applications.
“This will reduce variations in requirements between local governments and remove the current manual processing period needed to assess applications for completeness and compliance,” he said.
Developments and renovations allowed are for single residential buildings, and applications must include verification that planning consent is not required.
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Building and renovating to become cheaper under reforms: Property Council

Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

Joel Robinson

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

WM Residences fills gap in Mordialloc townhouse market

&nbsp;

Developer GURNER™ Group has revealed $1.65 billion in residential sales nationally across the 12 months to December 2025, driven largely by the continued momentum of its Docklands wellness-focused precinct, Elysium Fields.

The sales result was generated across seven projects in Victoria and New South Wales, headlined by Elysium Fields, GURNER™’s $2.75 billion mixed-use precinct planned for Harbour Esplanade in Docklands.

The project has recorded more than $500 million in sales across the first three towers, equating to around 580 apartments sold.

The first tower, Helios, has now sold out of its 240 private residences, with GURNER™ preparing to release a premium penthouse collection comprising 15 three-bedroom penthouses in coming weeks.

[smartcode_project:default project_id=144441 project_image_fid=370975]

Elysium Fields is being developed on the long-held 20,000 sqm Docklands site at 208-226 Harbour Esplanade, which had remained undeveloped for more than two decades prior to GURNER™ taking over the project around four years ago.

Construction has now commenced across four towers ranging between 18 and 30 storeys, with Hamilton Marino and Maxcon appointed as builders.

Once complete, the precinct is expected to comprise around 1,100 residences, alongside retail, hospitality and public realm uses integrated throughout the site.

[smartcode_project:default project_id=144441 project_image_fid=370981]

Designed by Fraser &amp; Partners in collaboration with GURNER™ Design House, the project has been positioned around the developer’s broader focus on wellness-led residential living.

“We don’t sell apartments. We create a true luxury lifestyle that simply doesn’t exist elsewhere in the market today,” Founder and Executive Chairman Tim Gurner said.

“To deliver that requires an extraordinary level of detail, coordination and discipline across multiple verticals, from design and hospitality through to wellness and service.”

“We’ve always believed that living extends far beyond the physical residence. It’s about how you feel the moment you arrive, how you live day-to-day, and the ecosystem that supports that.” 
[smartcode_project:default project_id=144441 project_image_fid=370977]

The project’s design places a heavy focus on landscaping, wellness amenities and biophilic design principles.

Plans include around 3,700 sqm of landscaped gardens and open space throughout the precinct, alongside a retail and dining offering spanning approximately 5,000 sqm.

The broader public realm strategy centres around what GURNER™ describes as the “Path of Life”, an urban forest and landscaped pedestrian environment intended to connect the various buildings and wellness spaces across the precinct.

The apartments themselves will incorporate a range of wellness-focused inclusions, including purified air and water systems, circadian lighting, antimicrobial surfaces, and optional in-home wellness upgrades.

[smartcode_project:default project_id=144441 project_image_fid=370980]

Gurner said the company’s experience through its Saint Haven wellness clubs had directly informed the residential offering now being incorporated into Elysium Fields.

“We’re seeing a clear global shift toward longevity, performance and proactive health,” Gurner said.

“Our role is to deliver that in a way that feels seamless, highly private and beautifully resolved within the environments we create.”

A large component of the wellness offering is planned through the resident amenity and health facilities proposed within the precinct.

That includes plans for bathing and recovery facilities spread throughout the towers, incorporating mineral pools, saunas, steam rooms, flotation therapy, red light therapy and wellness lounges.

The developer is also seeking approvals for what it describes as a “reverse ageing medical clinic” within the precinct.

[smartcode_project:default project_id=144441 project_image_fid=370978]

According to project information released by the group, the proposed facility would include cryotherapy, IV infusion therapy, infrared and dry saunas, PEMF beds, MRIs, DEXA scans, brain scans and blood analysis services.

Within the first tower, Helios, residents will also have access to a dedicated amenity offering known as the Sky Private Club.

The upper 15 levels of the building will include private lounges, dining spaces, rooftop amenities and optional private wellness studios integrated within residences.

The Helios tower itself comprises 260 apartments ranging between 60 sqm and 300 sqm, including a collection of penthouses.

That includes a planned two-storey penthouse spanning around 600 sqm with uninterrupted bay views.

The Elysium Fields precinct is being delivered in partnership with Digital Harbour Holdings, a consortium that includes the Liberman family, which controls the development rights across the Docklands site.

[smartcode_project:default project_id=144441 project_image_fid=370979]

The sales result comes as GURNER™ continues expanding its national development pipeline beyond Victoria.

“We have a strong pipeline across Australia and are now focused on scaling into key markets including New South Wales and Queensland, while continuing to build on our Melbourne base,” Gurner said.

“We currently have more than $3 billion in the market, growing to over $5 billion by October, and expect to materially outperform last year in the 2026 calendar year.”

The result also reflects the continued strength of the upper-end apartment market in Melbourne, particularly for owner-occupier-focused product with large-scale amenity and lifestyle offerings.

[smartcode_project_cta:default project_id=144441]

Record result anchored by the Group’s “utopian” Elysium Fields precinct – defying market headwinds in Docklands.

Elysium Fields drive Gurner to $1.65 billion in apartment sales over 2025

National Australia Bank (NAB) will fund <a href="https://www.apartments.com.au/new-apartments/palmera-residences-gold-coast-18-garfield-terrace-surfers-paradise-qld-4217">Palmera</a>, a $1 billion, 52-level luxury residential tower being developed by Central Equity in one of the Gold Coast’s most tightly held coastal locations at Northcliffe.

The project, launched recently by <a href="https://www.apartments.com.au/developers/central-equity">Central Equity</a>, one of Victoria’s largest private residential developers, comes at a time when construction funding for large residential developments has become increasingly competitive as lenders tighten exposure to the sector.

Multiplex has been appointed the builder, and construction is now underway.

[smartcode_project:default project_id=108274 project_image_fid=365784]

Since its first project, Central Equity has delivered more than 85 residential developments with a combined end value exceeding $8 billion.

Palmera reflects Central Equity’s growing focus on the Gold Coast luxury apartment market and continues a relationship between Central Equity and NAB that dates back to the late 1980s, when the bank funded one of Melbourne’s earliest inner-city residential towers at a time when high-rise apartment living in the CBD was largely unproven.

“NAB’s funding of Central Equity’s $36 million CBD development in the late 1980’s to the financing of the billion-dollar tower today highlights the long-term relationship between the two organisations in delivering major residential projects” said Central Equity Founder and Chairman Eddie Kutner.

He said NAB’s early support was instrumental in helping establish the company’s development model.

“When we commenced our first residential tower in the late 1980s the concept of funding off-the-plan apartments was still largely untested in Australia,” Kutner said.

“NAB recognised the opportunity early and supported the project when others were uncertain. That relationship has now continued for more than 37 years across many developments.”

[smartcode_project:default project_id=108274 project_image_fid=365771]

Central Equity was established in 1987 when Melbourne’s CBD and Southbank precinct were still dominated by warehouses and commercial buildings. Fewer than 100 residents lived in Southbank at the time, and large-scale residential development in the inner city was not widely considered.

Recognising changing demographics and lifestyle preferences, the company began developing high-rise residential projects designed to bring permanent residents into the city centre.

Central Equity has provided accommodation for approximately 40,000 residents across Melbourne’s CBD and Southbank, while also incorporating supporting infrastructure including essential lifestyle facilities like retail spaces, childcare facilities and neighbourhood activity centres.

Central Equity has spent many years assembling the Palmera development site on the corner of Garfield Terrace and Frederick Street in Northcliffe, creating a supersite of around 3,300 sqm.

The developer said the Palmera apartment tower reflects its long-term view of the Gold Coast as a growing and increasingly diversified economy.

[smartcode_project:default project_id=108274 project_image_fid=365768]

Supported by infrastructure including the light rail network, major road upgrades expanded education, hospital and medical facilities and continued expansion at the Gold Coast Airport with more international and domestic flights.

Positioned in the tightly held Northcliffe precinct, the 52-level tower will deliver 347 apartments, targeting buyers seeking a high-end coastal lifestyle, from downsizers to interstate investors.

Designed by Marchese Partners with interiors by DBI, Palmera has been conceived as a next-generation residential offering, featuring a collection of oversized apartments, with premium three-bedroom residences offering sweeping northern views stretching from Surfers Paradise through to Burleigh Heads.

[smartcode_project_cta:default project_id=108274]

NAB funds $1 billion Surfers Paradise apartment development, Palmera

Two years after completing one of the newest developments in North Sydney, developer <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a> is turning its attention to the rapidly evolving St Leonards apartment market.

The developer, which completed AURA by Aqualand on North Sydney's Walker Street, has lodged plans for a 5,918 sqm site at <a href="https://www.apartments.com.au/new-apartments/33-37-herbert-street-st-leonards-nsw-2065">33-37 Herbert Street, St Leonards,</a> seeking approval for a pair of residential towers rising above a shared podium opposite Royal North Shore Hospital.

The proposal forms part of the broader transformation underway across the St Leonards-Crows Nest precinct, where former industrial and commercial sites are increasingly being redeveloped into high-density mixed-use projects tied to major transport infrastructure.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="2cc428cf-fe70-4cac-9cd5-264ad53af62c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.56%E2%80%AFAM.png?VersionId=otKSnHtbjAvAddOnovyXQMgcAwE6DMe1" />

According to the planning documents, the site sits “within the St Leonards–Crows Nest Strategic Centre, identified by the NSW Government as a key area for accommodating future jobs and housing across Sydney.”

The proposal has been designed by fjcstudio, formerly FJMT Studio, and is being progressed through the State Significant Development pathway due to its scale and affordable housing provision.

The scheme would comprise 413 apartments, including 46 affordable housing units, alongside retail and commercial uses fronting Herbert Street. The project would also include communal open space, landscaping, a swimming pool, gymnasium, children’s play areas and podium-level resident amenities.

Planning documents show the development would consist of a part-13, part-39 storey tower form positioned above a four-storey podium.

“The development comprises a unified podium that activates the street interface, and two setback towers to accommodate new housing supply while maintaining an appropriate human scale at ground level,” fjcstudio noted in its Design Report.

The northern and southern towers have been shaped to respond to the surrounding skyline while also limiting overshadowing impacts to nearby public open space, particularly Talus Reserve.

The design report said the differing tower heights were intended to “contribute to a varied skyline while responding to the surrounding built form context and solar access considerations.”

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="36da62dc-ff9e-41f2-a7e3-7be38373751c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.45%E2%80%AFAM_0.png?VersionId=Mo6Rp2r.XRLTzIfg_PEEpw8NepDH8UBs" />

The site sits directly opposite Royal North Shore Hospital and within walking distance of both St Leonards Station and the new Crows Nest Metro station.

While the site itself sits just outside the formal Crows Nest Transport Oriented Development boundary, the planning documents repeatedly reference its alignment with the broader TOD objectives reshaping the Lower North Shore.

“The site is located adjacent to St Leonards Station and in close proximity to Crows Nest Metro which is within the Crows Nest Transit Orientated Development Accelerated Precinct which has been identified by the NSW Government to support housing delivery,” the Design Verification Statement noted.

According to fjcstudio, the project has been designed to respond to the broader transition occurring across St Leonards, where increasing residential density is being concentrated around transport infrastructure and employment hubs.

“The broader precinct is undergoing significant change, with a mix of existing mid-rise buildings and newer high-density developments,” the report stated.

“Recent and approved projects indicate a consistent shift toward taller built form, typically organised as tower-and-podium typologies with more active ground levels.”

The proposal includes close to 6,000 sqm of retail and commercial space across the ground floor and podium levels, designed to create a more activated street edge along Herbert Street.

Aqualand’s plans would also introduce a landscaped podium shared between the two towers, with communal open space in the form of a podium rooftop designed to support resident interaction and improve urban greening outcomes. The scheme would also introduce pocket parks at the northern and southern ends of the site, including a landscaped area at the corner of Herbert and Ella streets designed to improve pedestrian amenity and soften the streetscape.

&nbsp;

The proposal is being progressed through the NSW Government’s Housing Delivery Authority pathway, which was introduced to accelerate housing supply across the state. The application was declared State Significant Development in April 2025 following an expression of interest process.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="faf6d97d-2671-454f-b85a-fe1c6a7be608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.49%E2%80%AFAM.png?VersionId=diVd28OBVr5.YV.7prrOz.uAanwwwm7a" />

St Leonards has been particularly active with new developments in recent weeks. Developer SP Setia’s <a href="https://www.apartments.com.au/news/nsw/first-look-sp-setia-targets-st-leonards-skyline-with-40-storey-tod-tower">plans for a new 42-storey tower</a> recently went on exhibition through the same pathway, while <a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">Stockland’s 52-storey tower proposal</a> was also recently unveiled.

Aside from the St Leonards project, which is expected to take around nine months to move through the approvals process ahead of a potential 2027 launch, Aqualand is also preparing to launch Boronia, a new apartment project in Roseville comprising around 111 apartments on Larkin Street.

The developer also has approvals in place for the next stage of the Barangaroo precinct, which will feature new residential, retail, hospitality and community uses, alongside a new metro entry across the five-hectare site.

More than 50 new retail destinations are planned for Central Barangaroo, alongside a 270-metre-long boulevard connecting Hickson Park to Nawi Cove. Together with Harbour Park, more than 50 per cent of the precinct will comprise public open space and parkland.

Jennifer Duke

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