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Earlier this week, Property Observer reported on a new survey from ME Bank that recorded 18% of respondents believing they would never be able to afford to buy their own home.
For people aged under 30 and women this<a href="/news/nearly-one-in-five-believe-they-will-never-be-able-to-buy-a-home-survey"> figure rose even higher</a>, to 26% and 21% respectively.
The survey also found that 51% of people expect rises over the next 12 to 24 months, with just 9% expecting prices to fall.
ME Bank general manager asset products, Luke Easton said that many first time buyers are now adapting different strategies in order to purchase a home.
When surveying respondents aged 18 to 29, one trend was clear. This bracket of buyers is keen to work harder, make cutbacks and try new things to get into the market.   
Here are the five strategies young buyers are considering:
<ol>
<li>24% of young buyers are finding ways to save more to purchase property, double the national average of 12% 
</li>
<li>20% are finding ways to increase their income, compared to 11% overall 
</li>
<li>19% would choose a property based on eligibility for a first home owner grant 
</li>
<li>14% would buy jointly with friends and family, compared with just 6% overall 
</li>
<li>12% would change their expectations on size, quality or location, compared to 6% overall</li>
</ol>
Easton said that financial challenges are encouraging creative attitudes.
However, he warned against property speculation.
“Trying to pick the market is impossible and you’re better off focusing on what you can control – saving for a deposit,” he said.
“Similarly, investors would be wise to build their investment strategy based on long-term capital growth and ignore short-term price fluctuations”. 
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The five strategies of young buyers: ME Bank

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<li>
A median price is not an ‘average’, and isn’t necessarily even that indicative of prices in an area. It’s the middle price of the set of sales figures available. Essentially that means that an equal number sold below that price as did above – suggesting that cheaper properties have also sold. While median price changes can suggest changes in value, it is often a change in the composition of sales (that is, if an expensive new prestige development is launched, the sales prices are likely to increase. This doesn’t mean that nearby older units have gone up in value). Here’s some more information on exactly <a href="/expert-insights/investing/how-to-determine-the-median-house-price">what a median price is, and how it is calculated</a>. 
</li>
<li>
Looking at sold prices is more effective than looking at ‘for sale’ prices  However, do consider them in concert with each other. What properties have actually sold for is the price that is of most importance to you – particularly when the sale is recent and of a similar property (with similar attributes and in a comparable location). What a property is listed as is not necessarily what the vendor will end up achieving. Some properties go for more or less than their listed price. It’s your job to try and figure out whether it’s worth paying their asking price after all. 
</li>
<li>
It’s worth your time and money to consider the property beyond your initial impressions Think the kitchen is ugly, or the colour is horrendous? Sometimes, the discount you will achieve on the property due to its presentation can easily outweigh the cost to rectify the bad style choices. If the problem is fixable, and cheaply so, then you may be able to get the home of your dreams and for a discount. 
</li>
<li>
Know that there’s another property around the corner  Yes, you love this home – we’ve all been there and done that. However, you will “love again”. If it goes beyond your budget, or is already, it may not be worth another offer. Do not stretch yourself financially to the limit because you become emotionally involved in the home. Ensure you are purchasing with your own financial ability in mind. Be practical. At the same time, if your instinct tells you that the property isn’t right – also don’t ignore yourself and your gut feeling. You need to be comfortable with the purchase that you make in the long run. 
</li>
<li>
Remember that interest rates move  We may be at record lows now but it’s very unlikely these will continue on forever. Ensure you know the impact of a change in rate on your loan, particularly if you’re opting for a variable rate, and know what you can afford. 
</li>
<li>
Inspect more than once if you’re going to make an offer  When searching for a property, you want to pop the hood a few times. That first walk through may have sealed the deal for you, but have you visited in the evening, or during rush hour? Have you listed to the noise from that busy nearby street during peak commuting times? It may not make a difference, but at least you’ll know that property inside out before you make a commitment. 
</li>
<li>
Keep in touch with the real estate agent  Let them know you’re interested (if you’re concerned about appearing “too” interested, say it’s one of a few on your list) and stay in regular contact. You want to know if anything happens to the home – if it’s discounted or otherwise. You also want to know if anything similar to it is coming onto the market or is on their books. Real estate agents may not be working for you, but they can certainly be very useful. Some real estate agents regularly provide sales updates to prospective buyers and sellers – this can all be part of your research. 
</li>
<li>
Don’t forget that the costs don’t end when you’ve purchase  Fixing items, council rates, strata levies and, of course, your ongoing mortgage costs. Running costs and maintenance can significantly affect your finances post-ownership. Make sure you can really afford the property you’re getting – particularly if you’re upgrading from a smaller rental. Your bills are going to be larger, and you may even need more furniture at some point. 
</li>
<li>
Preparation is the key to success Whether it’s pre-approval, and taking those steps to ensure you’ll be able to repay your loan comfortably, or getting a building and pest inspection, success is all in the work before you buy. Plan as carefully as possible, and do your checks and balances. This is not the time for scrimping. 
</li>
<li>
If you lose your job you still need to pay that mortgage  Prepare yourself for if you lose your job – there may be certain insurances worth your while. This is a big financial commitment, and you want to ready yourself for whatever life throws at you. Ensure you aren't stretching yourself to the limit, consider a financial buffer built into your LVR where possible and try to have a contingency plan in the way of repaying extra or savings when you do buy. 
</li>
<li>
Prices don’t always go up  What do you do if you can’t sell in five years time as you may be planning to do? Know what to do if the property price drops to ensure you won’t be left out cold. Can you stay in this property long-term? Be honest about the possibility of prices dropping in the area you’ve selected.</li>
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11 things every first home buyer should know

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BRW’s Young Rich 2014 is out and two young property moguls made their debut on the list.
Nine of those on the list had their main industry and source of wealth listed as ‘property’, with the strong property market in some capitals over 2013 and 2014 clearly translating into a strong uptick in wealth. Developers, in particular, seem to have fared well. 
While nine were listed with ‘property’ as their main earning, there were some for whom bricks and mortar boosted their wealth, despite their main industry being elsewhere.
One of these is John Palermo, ranked at 95. Obtaining much of his wealth from financial services, notably accounting, he is said to have “extensive investments in Australian shares and residential and commercial real estate”. The Perth-based director of Palermo Chartered Accountants’ wealth is put at $22 million. The Australian Financial Review refers to him as "riding the crest of the property boom".
Much of the top ranking members of the 100 were involved in the financial services, education and technology industries.
Of course, all our nine young property moguls were men.
When comparing our 9% of property entrants on the Young list to the BRW Rich 200 from June this year it's interesting to note that there were 53 older entrants, or 26.5% of the list, that noted property as their main source of wealth.
While some young property moguls slipped in their overall positions on the BRW Young Rich 2014 list’s ranking, all entrants but one increased their wealth over the past year - some more than doubling their overall value position.
<ol>
<li>
Jonathan Hallinan (BRW ranking: 17) BPM Construction and Development Group Currently worth $113 million, last year he clocked in with $75 million. The 39 year old is up one position on his last year entry to the list. 
</li>
<li>
Luke Hartman (BRW ranking: 20) Metro Property Development This is Hartman’s first time on the list, and at age 38 he has accumulated $92 million in wealth. 
</li>
<li>
Paul Fridman (BRW ranking: 27) Fridcorp Having last made the list with $70 million, he is now down three places, but increased his wealth to $78 million. Fridcorp has been expanding in the Sydney market over the past 12 months, most notably with Eve Apartments in Erskineville. 
</li>
<li>
Tim Gurner (BRW ranking: 28) Gurner At age 32, he now sits at $77 million, substantially more than last year’s $26 million estimation. Having launched his own development company, Gurner, in 2013 after previously developing with Morry Schwartz, he has acquired nine projects including FV in Brisbane’s Fortitude Valley. 
</li>
<li>
Ronnie Elhaj (BRW ranking: 32) Nicheliving Last year ranked at 31 with $63 million, the figure is now estimated at $68 million. He has also started an online business network, and has a 32% stake in WA property development company Nicheliving. 
</li>
<li>
Patrick Coughlan (BRW ranking: 45) Riversdale Group Worth $42 million this year, last year his wealth was estimated at $26 million. The 40 year old’s property wealth is mainly in hotels. His blueprint has been to buy underperforming pubs for rejuvenation, initially in Sydney, and he appears set to take his method to New York. 
</li>
<li>
Paul Fischmann (BRW ranking: 46) 8Hotels Group His $42 million estimation, up $2 million from last year, the 39 year old seen him sell some of his hotels over the past year, including to offshore investors. He is building a hotel near Sydney airport. 
</li>
<li>
Marcus Gilmore (BRW ranking: 58) MLG Realty Having benefited from the mining boom, ranked last year at 47 with $40 million, he is current at $35 million and the only property-related entrant to have a lower estimated wealth figure this year. He owns the Newman Hotel, and has a substantial portfolio of residential property in Perth through MLG Realty, all at 38 years old. 
</li>
<li>
Nick Georgalis (BRW ranking: 76) Geocon Georgalis’ debut on the list, he is estimated as being worth $27 million at age 38. Having founded Geocon, he is said by BRW to have benefitted from the apartment boom of the past 10 years. He has plans to build Wayfarer Apartments, the tallest residential building in Canberra.</li>
</ol>
You can <a href="https://www.brw.com.au/lists/young-rich/2014/" target="_blank">see the full list here</a>.
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The nine young property moguls that made the BRW Young Rich 2014

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Heading to an auction to purchase a property can be an exciting time for any home buyer or investor, however, if you want to avoid a number of “nightmare” scenarios then you need to research carefully.
EPS Property Search’s Patrick Bright, who wrote the Insider’s Guide to Saving Thousands at Auction, said with the practice of underquoting widespread  in Sydney and Melbourne, it’s more important than ever to do your research.
“As soon as searching for a property becomes a major chore, people tend to start cutting corners on the research that’s needed just to get the process over and done with,” said Bright. You don’t want to be that person.
“Remember a property is likely to be one of the biggest purchases you will make in your life,” he said.
“From my experience in reading hundreds of building and pest reports, around one in three properties have what I would regard as significant structural damage, and or, pest issues that you need to take into consideration when making an offer.”
He recommends researching 100 properties ahead of time.
 “Researching 100 properties may sound like a lot of work but it’s really only 10-12 properties a week over a 10-week period,” said  Bright.
“Given that this work will save you tens if not hundreds of thousands of dollars I would think it’s a very worthwhile investment of your time.”
So what are the major traps you can get caught in? Here are his four nightmares and how to avoid them:
<ul>
<li>Getting carried away</li>
</ul>
Everyone wants to be a winner and unfortunately auctions can turn into an expensive game or an ego play for inexperienced and highly emotional bidders. The problem is that one extra bid can easily turn into a handful of extra bids which could result in you paying a price above fair value and beyond your financial means.
If you’re the type of person who could get carried away in the moment then engage a trusted friend or family member or a professional buyers’ agent to bid at the auction on your behalf.
<ul>
<li>Forgetting the selling agents’ role</li>
</ul>
You need to always keep in mind that the selling agent is acting in the best interest of the seller not the buyer. On auction day, don’t let the selling agent pressure you into increasing your bid if the auction stalls.
If you’re the highest bidder and the property isn’t on the market, then allow the property to be passed in and start your negotiations in the post auction environment. Stay focused on the job at hand in order to avoid bidding against yourself at auction.
I witness this happening quite often and in speaking recently with two auctioneers with over 40 years’ experience between them they estimate it happens at roughly one in three auctions.
Typically the highest bidder gets caught up in the moment of the first call, second call and ends up bidding against themselves through fear of missing out as they are not sure if they are the highest bidder at that time.
<ul>
<li>Over-extending yourself</li>
</ul>
Follow my 20-25-20 rule which is a 20% deposit and no more than 25% of your income in repayments over a 20 year loan.
When purchasing a home or investment property you should always aim to put down at least a 20% deposit so that you avoid paying mortgage insurance and have some equity in your property.
I call this “the ability to sleep peacefully at night buffer”. That way you know that you and your family can cope if unexpected financial challenges arise.
<ul>
<li>Ignoring property inspections</li>
</ul>
You’ve already paid for pest and building inspections on two previous properties that you’ve missed out on buying. You’ve found another property and you’ve convinced yourself that you don’t need the checks on this one.
You start thinking these inspections aren’t really necessary. Wrong! You absolutely need to know what you’re buying into.
The property may be termite infested, the construction may be shoddy or the wiring and plumbing may be faulty. Any of these major faults will costs significant dollars to fix and this expense should be factored into the equation when working out your maximum bid figure prior to auction.
Source: Patrick Bright
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Four auction nightmares and how to avoid them

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Home equity withdrawal has become increasingly popular over the past decade, despite the convulsions caused by the global financial crisis, a new peer reviewed study has found.
The study from the Australian Housing and Urban Research Institute (AHURI), Housing equity withdrawal: uses, risks, and barriers to alternative mechanisms in later life, sheds some interesting light on the way different people use their wealth in this critical period of their life.
In 2010, 18% of older home owners took some, or all, cash out of their housing equity. In 2001/2002 this sat at 13%.
The dominant form of home equity withdrawal for those under pension age is “in situ” equity borrowing (staying in the home and borrowing on the asset).
For those above pension age there is a shift towards downsizing or selling up.
It is noted that home owners making these decisions are more likely to suffer from material deprivation than those who do not touch their home equity, while those who withdraw equity are “also have more housing-oriented wealth profiles”.
“Unsurprisingly, income poor-housing asset-rich groups feature prominently among groups cashing in housing equity,” the report notes.
Mortgage equity withdrawal (MEW), however, is used by those who appear to have sounder economic positions than those downsizing or selling up.
MEW was found to most commonly be a technique used by people under pension age as they look to spend on a wide range of items, including holiday spending, home maintenance, car repairs, upgrades or children’s education costs.
Meanwhile, older home owners selling up, usually have little income or assets to fall back on, relying on housing-dominated portfolios with little other assets.
“They are also the least able to raise emergency funds among all the groups investigated, and so most likely to sell up when financial emergencies arise,” the study notes.
“While in situ equity release by adding to mortgages is common, particularly in the group approaching retirement, and associated with pressing spending needs, the typical in situ equity borrower has a relatively strong financial and employment context. These owners are becoming more indebted, but their borrowing is not reckless.”
If serious misfortune is, however, faced, then financial stress may not be far away.
Those downsizing or selling up were found to have most likely faced ill health, separation, divorce or bereavement prior to sale.
“One senses that amidst older downsizers and sellers, in situ MEW is no longer an option to cushion living standards in the face of adversity. Importantly, they appear to be options that older female, single person households are prone to fall back on.”
Selling up is, ultimately, seen by most as a last resort.
Risks the study notes you should be aware of:
<ul>
<li>Adverse life events can quickly alter your ability to repay any new borrowings.</li>
<li>Life events can force quick financial decisions to be made that are not well thought out, leaving an elevated risk of making a poor decision.</li>
<li>Transaction costs when downsizing can be substantial.</li>
<li>Social isolation can occur on the sale of your primary home.</li>
<li>Those selling up to re-enter the rental market may face a lack of security.</li>
</ul>
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Borrowing against house increasingly popular, but selling up a last resort

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The South East Queensland market is gathering momentum, Stockland managing director Mark Steinert said in his address at the company’s annual general meeting earlier this week.
Steinert said Melbourne is steady with high levels of activity, while Perth’s vacant land market is continuing to moderate.
Stockland’s newly released projects, Elara and Willowdale in New South Wales and Calleya in Western Australia, have seen strong demand. Meanwhile, their major projects in Victoria’s Lockervie and Davis Road, as well as Queensland’s Caloundra are progressing well for a 2015 launch and 2016 settlements.
“Overall we have around $460 million of redevelopments underway and $700 million of redevelopments in our next wave of commencements, all of which are expected to deliver incremental internal rates of return of 12-14% and 7-8% stabilised FFO yields,” Steinert said.
He noted that as part of the growth strategy for Stockland they have acquired 2,300 lots adjoining their successful projects that will provide returns at or above their hurdle rates.
“We also made good progress establishing our strategy to reach new customers with medium density products and completed homes and this will see us commence work on 550 new homes in FY15,” he said.
Their projection is that they are on track to settle at the top end of 5,000 to 6,000 net deposits through the cycle range “assuming current residential market conditions continue”, given the first quarter saw 1,652 net deposits, which was noted as the strongest period in four years.
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South East Queensland’s residential momentum continues: Stockland

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The Chatswood development is seeking VIP registrations ahead of its forthcoming launch.
Located in Sydney's North Shore suburb of Chatswood, <a href="https://thechatswood.com.au/" target="_blank">The Chatswood</a> will feature a design from KANNFINCH architecture and thoughtful outdoor creations from Arcadia Landscape Architecture.
Bringing one, two and three bedroom apartments with parking, ground level retail, a central courtyard and private rooftop gardens with views to the skyline of Sydney CBD, there will be BBQ facilities, seating and pergolas, as well as shaded dining areas for functions.
Developed by Toga Group in partnership with Reyhoda Pty Ltd, The Chatswood is marketed by CBRE.
<img src="/images/2014/10/30/chatswood-oct-30-one.jpg" alt="">
Last year, a submission for development approval for 28, 32, 36 Anderson Street, 1 Help Street and 2A McIntosh Street in Chatswood was made for a U-shaped developed of seven to 12 storeys and a landscaped podium.
The application also included basement car parking and lower ground floor car parking for 193 vehicles (34 visitor spaces and 26 commercial spaces, the rest being those for the shop-top homes).
In total, 136 apartments were requested, including 62 one bedroom, eight one bedroom plus study, 23 two bedroom, 33 two bedroom plus study, two three bedroom and eight three bedroom and study apartments.
VIP preview registrations are now open with <a href="https://thechatswood.com.au/" target="_blank">a display suite coming soon</a>.
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The Chatswood in Sydney's North Shore, set to launch soon

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A new report from Knight Frank, shared on Twitter by associate director Michelle Ciesielski, includes a forecast that Perth’s capital growth will remain steady.
The Perth Apartments Residential Market Brief for Q3 2014 points to local and foreign developers pushing ahead with new projects in Perth, with the strongest projected population growth for all capital cities across the country.
<a href="https://www.propertyobserver.com.au/https://twitter.com/MCiesielski_AU/status/527624334504763392" target="_blank"><img src="/images/2014/10/30/tweet-oct-30-one.jpg" alt=""></a>
“Three quarters of Western Australia’s population live in the capital of Perth. Over the next 30 years this population is projected by the Australian Bureau of Statistics (ABS) to rise annually by 3.5% to 4.2 million persons, far outstripping the projected annual Australian average of 1.7 percent,” writes Ciesielski <a href="https://content.knightfrank.com/research/313/documents/en/perres1410-2427.pdf" target="_blank" style="line-height: 1.3em;">in the report</a>.
In the year to August 2014, a total of $177 million of development sites were purchased. Foreign buyers were noted as making up 25% of these sales.
When looking to building permits to July 2014, the Australian Bureau of Statistics tallied 7,036 approvals – up 24.2% on the previous year.
The strongest LGAs were as Stirling - with 1,157 approvals - Belmont and Cockburn.
However, even with strong population figures and apartment developments, Knight Frank expect a steady environment rather than strong capital growth in 2015.
They believe vacancies may trend above the 3% “market equilibrium” for the medium term due to new supply coming onto the market.
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Knight Frank predict steady Perth unit market: Tweet of the day

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A substantial rezoning and fast tracking of applications has been occurring in Geelong, according to Victorian Planning Minister Matthew Guy.
Announcing the fast tracking of “job-creating major projects” in Geelong, Guy noted that there would be a number of substantial changes in the area.
These included approving the Armstrong Creek Town Centre structure plan, rezoning the Lovely Banks future growth area to an Urban Growth Zone and the final implementation of reformed residential zones across Geelong.
The Fyansford residential and commercial development has been streamlined, approval given to the Winchelsea-Colac Princes Highway duplication, a sustainable farms agribusiness project at Lara and a retail and logistics precinct at Avalon Airport.
The industrial precincts, including the Geelong Ring Road Employment Precinct, will also see fast tracked planning approvals.
“We will put in place fast-tracked approvals for manufacturing, warehousing and logistics projects by July 2015. With this new reform, Geelong’s industrial precincts will be the most attractive in the state for job-generating investment,” Guy said.
“This reform will boost the Geelong Ring Road Employment Precinct as an ideal location for investment.”
The residential zone implementation are looking to both protect neighbourhood character and stimulate the construction industry with new infill projects “where appropriate”.
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Geelong rezoning to reform residential zones: Matthew Guy

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Sales of multi-units hit a new cyclical high in September, even while the total new home sales figure fell flat, according to the Housing Industry Association’s (HIA) New Home Sales Report. 
Over the month of September, new home sales were stagnant while an 11% increase in multi-unit sales was recorded.
The 11% rise follows a strong increase in August, with multi-unit sales now up 8.7% for the quarter.
September’s seasonally adjusted detached house sales fell by 2.3% over the month, now down 6.5% over the September 2014 quarter.
Detached house sales were up 13.4% in Queensland over the month, while New South Wales recorded a 9.9% fall.
Further drops were seen in Western Australia, South Australia and Victoria, at 5.6%, 3% and 2.4% respectively.
Over the quarter, the only state where sales for detached houses increased was New South Wales, which was up 2.6%.
Victoria was down 15.1%, while Western Australia, South Australia and Queensland also recorded drops of 8.5%, 2.8% and 1.5% respectively.
“A moderate decline in detached house sales have been driving an overall loss of momentum in new home sales,” said HIA chief economist Harley Dale.
“Conversely, sales of multi-units have gained a second wind since June this year, driven by both apartments and semi-detached/townhouse product.
“The overall profile for new home sales is consistent with a healthy year for dwelling construction in 2014/15. It would be desirable to see that outcome in detached and low density construction in addition to the high rise sector.”
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Multi-unit sales have hit new cyclical high: HIA

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

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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.

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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.

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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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