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The latest NAB Residential Property Index for the third quarter of 2014 was unchanged overall. But it seems some capital cities are doing far better than others with the increasing presence of foreign buyers an the emerging theme.
NAB Group chief economist Alan Oster said while the overall index remained unchanged, Queensland has now overtaken Victoria as the strongest state, and South Australia and the Northern Territory were the big improvers.
While the outlook for national house prices in the next two years improved across the country, rental growth is expected to be subdued and heading backwards in all states except South Australia and Northern Territory.
NAB Economics’ analysis expects house price increases to be more modest in coming months, as a result of rising unemployment, sluggish household income growth, affordability issues and cost of living pressures.
"We are forecasting average house price growth of around 4% through the year to September 2015 and 2% through the year to September 2016," said Oster.
"Brisbane and Sydney are expected to lead the market in the next year, followed by Melbourne and Adelaide, with Perth lagging."
With sentiment continuing to fall in Western Australia, now at an all time low, there was also a recorded significant pick up in foreign buying activity for new property, particularly in Victoria, with predictions that it will continue. Foreign buyers account for one in six purchasers across the country, and one in four in Victoria.
"Foreign buyers accounted for 16.8% of total demand for new property in Q3, or about one in six of all buyers, with this share tipped to rise to 17.3% over the next year. Foreign buyers were more active in all states, but especially in Victoria where they accounted for an estimated 24.8% of total demand, or on in four all new property sales," said Oster.
The biggest constraint on new housing developments across the country continued to be housing affordability. Meanwhile, employment security remained the biggest impediment to buying an established home.
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Brisbane and Sydney to lead 2015, but growth to lag: NAB

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The Westpac Melbourne Institute House Price Expectations Index has recorded fragmented confidence around housing, according to Westpac chief economist Bill Evans.
The “whether now is good time to buy a dwelling” index increased by 2.3%, despite remaining 12.4% below its level one year ago and 18.5% below its level two years ago.
“The change in the index over the last year has varied markedly across states. In NSW the index has been steady whereas it has fallen by 27% in Victoria and 17% in Queensland,” said Evans.
Meanwhile, the House Price Expectations Index fell by 11.2% in October, now 12.8% below its level of a year ago.
“We are seeing some caution emerge around the outlook for house prices,” said Evans.
The proportion of those expecting house prices to rise took a sharp drop from 66% to 53.8%.
Overall, the Westpac Melbourne Institute Index of Consumer Sentiment increased by 0.9% to October, at 94.8.
“This is the eighth consecutive month that the index has printed below 100, indicating that pessimists have outnumbered optimists for eight consecutive months. That had followed sixteen months where the index had registered above 100 on all but one occasion,” said Evans.
“The current reading for the index is 1.2% below the average for those eight months indicating that while the index seems to be “stuck” in a pessimistic range there is no sign, at this stage, of ongoing deterioration.”
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Fewer expecting house prices to rise, but more keen to buy: Westpac Melbourne Institute

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Docklands has been a substantial project, delivering strong results over the 2013/2014 financial year, according to Planning Minister Matthew Guy.
More than $9 billion has been invested in the area to date. For every $1 million of public funds that has been spent on the area, $50 million of private investment has been made.
Currently, more than $1 billion of construction is underway.
Other projects, however, are also on Places Victoria’s radar. This includes urban renewal areas across Melbourne.
Over the past financial year, they opened the new City of Greater Dandenong municipal building. They realised the sale of non-core greenfield landholdings and had a strong trading year at the LOGIS eco-industrial estate in Dandenong.
“LOGIS, which is a partnership between Places Victoria and Melbourne Water, has set a  new benchmark for industrial land values in Dandenong and is an excellent  example of the value that can be achieved from strong government agency  partnerships,” Guy said.
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$1 billion in construction underway in Docklands

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Set to bring 419 apartments to market, Sovereign Square, at 545 Station Street, Box Hill is expected to be Box Hill's tallest residential building on completion.
Spanning 34 storeys tall, <a href="https://www.sosq.com.au/" target="_blank">Sovereign Square</a> is being developed by <a href="/news/vic/chinese-developer-asx-property-selling-imperial-the-crown-of-doncaster">AXF Property.</a>
It will include 2,677 square metres of podium commercial restaurant space, 715 square metres of ground floor food premises and 2,263 square metres of serviced office space.
Anita Bell, an interior designer from Buchan Architects, is behind the design, which looks to incorporate the five Feng Shui concepts in an “East meets West” style.
The development will include a rooftop garden, with a yoga area, while level six will include a wellbeing retreat with a swimming pool, spa, sauna and steam room.
A residents lounge, catering facilities, dining lounge, library and outdoor barbeque will also be included.
Harvey Male, principal of Buchan Architects, said that the development will make a visible impact.
“We have designed Sovereign Square to ensure a diverse mixed-use of facilities to encourage a connected sense of living to support a new vision for the community,” said Male.
It is expected to be completed in 2017.
Image: Buchan Group
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Box Hill's new tallest residential building: Sovereign Square

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A pick up in Queensland is being widely predicted, and SQM Research’s Louis Christopher expects 4% to 7% price rises for 2015.
However, there are still a number of properties in the state with strongly discounted homes.
Here are SQM Research’s top five vendor discounted properties in Queensland.
<a href="https://www.domain.com.au/property/for-sale/townhouse/qld/morayfield/?adid=2011132763" target="_blank">15/35 Kenneth Street, Morayfield</a>
<img src="/images/2014/10/15/d1.jpg" alt="">
Type: Townhouse
Current asking price: $239,000
Initial asking price: $340,000
Discount: 30%
Days on market: 169
<a href="https://www.homesales.com.au/buy/19-aminya-street/hs562185.aspx" target="_blank">19 Aminya, Coochiemudlo Island</a>
<img src="/images/2014/10/15/d2.jpg" alt="">
Type: House
Current asking price: $329,000
Initial asking price: $465,000
Discount: 29%
Days on market: 1,462
<a href="https://www.domain.com.au/property/for-sale/house/qld/west-end/?adid=2010559610" target="_blank">8 Stagpole Street, West End</a>
<img src="/images/2014/10/15/d3.jpg" alt="">
Type: House
Current asking price: $850,000
Initial asking price: $1,200,000
Discount: 29%
Days on market: 455
<a href="https://www.propertyobserver.com.au/https://www.raineandhorne.com.au/rural/properties/18022" target="_blank">87 Coondooropa Drive, Macleay Island</a>
<img src="/images/2014/10/15/d4.jpg" alt="">
Current asking price: $489,000
Initial asking price: $689,000
Discount: 29%
Days on market: 1,757
<a href="https://www.domain.com.au/property/for-sale/house/qld/narangba/?adid=2011192941" target="_blank">713 Old Gympie Road, Narangba</a>
<img src="/images/2014/10/15/d5.jpg" alt="">
Type: Land
Current asking price: $319,000
Initial asking price: $449,000
Discount: 29%
Days on market: 134
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Despite predicted Queensland pick up, top five properties discounted by 26% plus

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Australia requires 186,000 dwellings per year to keep up with demand, according to the Housing Industry Association’s (HIA) Housing Australia Future report.
HIA economist Geordan Murray said that one of the greatest policy challenges in coming decades is ensuring a sufficient supply of new dwellings to house a growing and ageing population.
"Within a plethora of potential scenarios, the most likely outcome is an annual new home building requirement between now and 2050 that is considerably higher than was has been achieved over the last 20 years,” said Murray.
“In a scenario where Australia's population and its real incomes grow at a medium rate – a scenario we believe most plausible – the nation will need to build an average of around 186,000 dwellings per annum.”
This includes 152,000 homes to provide housing to new households, and 30,000 to 35,000 dwellings to assist offset demolished homes and satisfy demand for additional housing as a result of rising incomes.
“In 2013/14, the number of new homes built was about the same as the number of new homes demanded by the population during the year,” he said.
“Unfortunately a match of this kind is an aberration - throughout much of the last decade there was a considerable mismatch between the level of demand for housing and the amount of new home building.”
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We need 186,000 dwellings per year to keep up: HIA

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Property fraud is one of the worst nightmares of home owners, with recent reports of unidentified third parties attempting to sell other peoples’ homes while the owner is abroad.
In July, an owner was living in South Africa and <a href="/news/act/absentee-macgregor-landlord-loses-act-home-to-south-african-fraudster">found that his Canberra house had been sold </a>after contacting his ACT property manager, having not received four expected rental payments.
The ACT Police became involved to rectifying the issue.
However, what can you do to ensure that things don't get that far for your property? The Office of Regulatory Services has 15 steps that all property owners can take to protect themselves.
They note that investment properties are generally more at risk than owner-occupied homes.
The 15 steps to take:
<ol>
<li>Before selecting an agent, ask questions about their procedures when dealing with overseas owners. 
</li>
<li>Keep in regular contact with your agent. 
</li>
<li>Pre-establish security questions with your property manager/agent, that only you will be able to answer, and requesting these security questions be used whenever the property manager/agent contacts you. The security questions should be established verbally and not written in an email, as emails may be compromised if the account has been hacked. 
</li>
<li>Regularly check that your property manager/agent has your current and correct contact details on file. 
</li>
<li>Ensure that your property manager/agent has a process in place to verify any requests to change your contact details, for example by sending notifications to both the old and new addresses, both electronic and postal. 
</li>
<li>Ensure that your property manager/agent has your correct signature on file and that they check all signed documents to confirm the signatures match. 
</li>
<li>If travelling overseas, ask a family member or close friend to keep an eye on your property and to keep in contact with your property manager/agent on your behalf. This person should be introduced to the agent by you and security questions should be established for them as well. 
</li>
<li>If possible, keep in touch with neighbours so they can advise you of any changes in the property. 
</li>
<li>Check rental statements regularly. 
</li>
<li>Protect personal information by using secured mailboxes for mail deliveries and shredding or burning letters before disposing of them. 
</li>
<li>Be wary of giving personal and/or financial information to third parties, either by phone or email. 
</li>
<li>When replying to an email, typing the known genuine email address rather than simply clicking the ‘reply’ button – an email may have a hidden address in it. 
</li>
<li>Regularly change passwords for email and banking accounts. 
</li>
<li>Never click on any links contained in emails from unknown sources. 
</li>
<li>Install anti-virus/anti-malware software on personal computers and keep it up-to-date.
</li>
</ol>
 Source: Office of Regulatory Services
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15 steps to avoid property fraud: Office of Regulatory Services

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AVJennings’ new Masterplanned community, Arcadian Hills at Cobbitty, was launched on the weekend with Steve Waugh at the opening ceremony with fundraising for the Steve Waugh Foundation. 
Face painting, a mini market, balloon artistry and a baby animal farm were all put on for the launch, explained executive general manager for AVJennings NSW, Alan Soutar.
“The official opening of Arcadian Hills yesterday was a great success and we were thrilled to celebrate this significant milestone with so many members of the local community. The Sales and Information Centre is now open and we look forward to assisting purchasers to find their perfect home at Arcadian Hills,” said Soutar.
The first stage is now selling with homes under construction.
“We are very happy to have raised much-needed funds for the Steve Waugh Foundation and thank everyone who donated to this worthy cause. AVJennings has shared a long partnership with the Steve Waugh Foundation and we are proud to help support the important work the Foundation does with young Australians,” he said.
Arcadian Hills offers a range of living options to suit a variety of needs, along with sought-after community amenities such as manicured open spaces with cycle paths and walkways, a ‘Village Green’ with a dedicated outdoor fitness circuit and playground facilities.
Despite this being the official opening, the<a href="/expert-insights/building/masterplanned-estate-with-homestead-allotments-for-cobbitty-new-south-wales"> first stage has been available for purchase for some time</a>. The release includes 457 residences, and land only sales in later stages.
The first stage, of six homes, were priced from $595,000, including single and double storey options.
<a href="/news">Cobbitty</a> is the location of many amazing homes, including <a href="/news/amanpuri-one-of-the-great-estates-of-west-sydney-sells-for-5-6-million">Amanpuri that sold for $5.6 million earlier this year</a>.
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Arcadian Hills launched by Steve Waugh

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Michael Vincent Iannello, a Sydney-based building and construction specialist, was the subject of an Australian Securities and Investments Commission investigation that found he continued to act as general manager of Vibo Constructions despite declaring bankruptcy in 2010.
Bankruptcy disqualifies those from managing a company unless they obtain court permission or the bankruptcy ends.
He was convicted of managing Vibo Constructions Pty Ltd while disqualified, and given 100 hours of community service.
He pleaded guilty and was convicted earlier this month to one charge of managing a corporation while disqualified.
Vibo Constructions was placed into liquidation on 12 April 2011.
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Sydney-based Vibo Constructions boss disqualified

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Malcolm Royce Jones, a former finance broker, has been permanently banned by the Australian Securities and Investments Commission (ASIC) from providing financial services and engaging in creditor activity.
Having been convicted of serious fraud offences, Jones was sentenced to two years and five months in prison, with 15 months non-parole, in September.
In November last year Jones pleaded guilty and was convicted in the District Court of South Australia. The charges included one count of aggravated deception and one count of aggravated dishonestly dealing with a document.
Jones had forged a memorandum of a mortgage and then used it to defraud $170,000 from an investor.
ASIC deputy chairman Peter Kell said that those engaging in financial services and credit activities are expected to act with honesty and integrity.
“ASIC will ensure those engaged in fraud are removed from these industries,” he said.
Jones has the right to appeal.
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Broker banned, given prison time after defrauding investor

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.

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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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