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Estate agent Jesse Raeburn had only just joined The Agency, Albert Park when he won a spot as a competitor on this year's The Block, the biggest Block ever.
He was a selling agent and auctioneer on The Block in 2018, where he <a href="https://aws.propertyobserver.com.au/forward-planning/advice-and-hot-topics/celebrity-property-news/91501-the-agency-secure-top-gatwick-price-per-sqm" target="_blank">successfully sold Courtney and Han’s apartment</a> to the former custodians of The Gatwick. 
He aspired to join after appearing last year and bought his apartment just down the street from the 1850s terrace house row.
Raeburn described his experience filming the show with his girlfriend Mel as "the best thing I have ever done in my life."
He says he's been obsessed by The Block since the initial series at Bondi Beach in 2003.
His initial bedroom renovation will feature a fabric wall plus large cornicing as the feature in the slightly contemporary renovation they propose.
"Being a real estate I have been into many of the homes in the area and that's what the buyers want," he said.
The opening episode showed him admonished several time times for not clearing dangerous debris during their initial demolition.
He was described as cocky, by foreman Keith Schleiger.
"He's being very cocky so far... he's an auctioneer...give me another few days he'll be like a fish out of water, he has no idea what he's doing" Schleiger said.
"If anyone has ever been set up to be the subject of mockery, it’s real estate agent Jesse," reported Domain, who are expected to spruik the show even more than ever since they are officially part of the Nine Network.
Raeburn did an apprenticeship in floor and wall tiling for a large commercial tiling contractor and once he finished he went out on my as a sole trader for a few years in Queensland. 
He worked for a project builder in Mackay where he would tile on average one house a week.
"That was where I really learnt the meaning of hard work. 
"When you work for yourself you have to be extremely self-motivated and also take pride in what you do a lot like real estate so I found the transition quite easy."
His Agency boss Peter Kakos says clients gravitate towards Jesse because his enthusiasm "and they know Jesse will achieve great results for them.”
“His infectious personality and engaging energy has attracted a loyal client base,” Kakos said.
Raeburn said he joined The Agency as he wanted to be a part of a national brand not restricted by post codes.
He started off in real estate in 2015.
He says there indicators of a more positive Melbourne property outlook for the coming period, "with two interest rate cuts, APRA announcing loosening of lending criteria, and a return to power for the incumbent government."
"Buyer sentiment is returning and auction clearance rates around the 70% mark are a good sign that the Melbourne market is again finding its feet.
"If you believe what makes media headlines the market is always in one of two states: crashing down, or racing up out of control and housing is unaffordable. 
"The reality is always somewhere in the middle, but the last twelve months have certainly shown a slower growth than the 5-7 years prior."
He says clients nowadays have a great bulldust detector and can see through flashy presentations and false claims. 
"Every client of mine is a client for life, because they know they can trust me." 
Estate agents were traditionally brought in to find a buyer for the Block properties once the teams had completed their renovations.
But in recent year's they emerged even earlier to assist the contestants on selecting styles that suited the locality.
Buyers agents have have even bigger roles, and <a href="/expert-insights/building/no-conflict-of-interest-over-judging-say-block-south-yarra-buyers-agents">in 2015 were facing conflict of interest suggestions</a> given their dual role.
The show’s 15th season premiered last night on Nine.
Doubts have been raised on the terrace's end appeal given severe cost cutting by the producers.
The contestants have only been given $250,000 to renovate their 460 sqm space, with terrace house with rear studio above garage.
It is just $30,000 more than the $220,000 budget allocated to each of the 230 sqm spaces in the Block's Gatwick. It has averaged 160 sqm throughout the entire series.
The Oslo will see $540 allocated per square metre. It was $950 per square metre.
"The $250,000 sounds like an enormous amount of money... however when you start to renovate an old building lots or labour lots or work - that money can go really quickly," contestant Mark said.
"We spend that much money on a two bedroom 90 sqm apartment," Mitch added. Their latest project <a href="/news/the-block-oslos-mitch-and-mark-seek-north-bondi-buyer">remains for sale at North Bondi. </a>
The couples have been asked to create a 30 square metre bedroom with an ensuite, touted as the “toughest first-week challenge ever.” 
The opening renovations were given an absurdly short period of time for completion as the producers amp up the stress to win ratings.  
"Hell on earth at the Oslo," is how it was described by a contestant trying to meet the cruel deadline in between Lite n' Easy meals.
It seems youfoodz, sponsors of The Block for two years, aren't going to be supplied in the onsite fridge.
Last night The Block failed to crack 1 million metro viewers with its first episode, instead drawing in 991,000, well down on its 2018 premiere of 1.163 million and 1.117 million metro viewers in 2017.
 
 
 
 
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jchancellor-FAypfDUnLy

The Agency's Jesse Raeburn portrayed as cocky contestant on skint The Block Goldrush series

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Both Melbourne and Sydney yet again returned a preliminary weekend auction clearance rate above 70 per cent.
Sydney had the priciest outcome with a $4.75 million Tamarama sale (above).
Dean Parkinson, founder of the Honeywagons fleet of makeup vans and his wife, Deborah, secured the pre-auction result after McGrath agent Simon Exleton had 110 people attend the open for inspections.
Parkinson, who has lived their 35 years, engaged architect James Grose to modernise the home in 1998. 
The Kenneth Street home, which had a $4.25 million guide, was sold to a Bondi entrepreneur.
Sydney's $1.32 million median house price sale was higher than Melbourne which saw a $852,500 median, and a $2.825 million top sale at Newport, according to Domain.
<div class="page" title="Page 1">The national capital cities returned a preliminary auction clearance rate of 68 per cent, consistent with late July results, CoreLogic reported.</div>
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The week also saw a similar number of auction, with 1,100 capital city homes taken to auction.
<img src="https://www.urban.com.au/images/2019/8/5/AUGUST%203%20Auction%20Results.JPG" alt="">
 Year-on-year figures continue to see clearance rates trend higher while volumes remain lower each week, Kevin Brogan, the CoreLogic auction analyst noted.
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There were 500 Melbourne homes taken to auction this week, 73.3 per cent of which sold, up on the 71.7 per cent final auction clearance last week when volumes were slightly higher at 544.
Melbourne's top $2.825 million sale was 44 Alma Terrace, Newport, four bedroom house that sold through Greg Hocking Elly Partners.
It was listed with a $2.45 million to $2.65 million price guide. 
Architect Tina Lindner modernised the home behind its classically Californian bungalow style home set in landscaping by Acre Design Studio.
Its rear pool went in only last year after a $25,000 cost application went into the Hobsons Bay local council.
Melbourne had the nation's cheapest auction when $353,000 was paid at Forest Hill, in the outer eastern suburbs.
The one bedroom strata villa was sold by Woodards Blackburn at 1//9 Morloc Street. The price guide had been $330,000 to $360,000, having last sold at $295,000 in 2010.
Volumes were relatively steady across Sydney, however it returned a lower week-on-week clearance rate.
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There were 381 homes taken to auction across Sydney returning a preliminary auction clearance rate of 74.8 per cent, lower than the 75.7 per cent final clearance rate the week prior when 394 auctions took place.
Across the smaller auction markets, volumes increased across all cities with the exception of Tasmania. 
Brisbane was the best performing according to preliminary figures with 54 per cent of homes clearing at auction, while only 28 per cent of Perth homes sold.
Brisbane's top sale was $1,746,000 at Holland Park. The five bedroom 24 Percival Terrace was sold by Belle, who advised it was $146,000 above reserve.
It last sold at $1,453,000 in 2016.
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Set on a large 1,176sqm block, the home has views across the city to Mount Cootha and the Glass House Mountains. 
There were six bidders who registered to secure the offering.
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Pre-auction Tamarama sale tops weekend auctions

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The Italian distiller Davide Campari-Milano SpA has reached a preliminary agreement to sell the historic Villa Les Cedres on the French Riviera for €200 million ($322 million).
It is to an unidentified buyer for private use.
The villa on 14 hectares was among the assets that the Italian distiller acquired with its 2016 purchase of Grand Marnier Group.
The transaction is expected to close at the end of October, though there are conditions, including the departure from the house of one member of the family that controlled Grand Marnier, Campari said in a statement. The family had been in residence since 1924, so for almost 100 years curated one of the prime botanical gardens worldwide.
<img src="https://www.urban.com.au/images/2019/8/2/Ferrat%203.JPG" alt="">
Villa les Cedres, the grand estate at St Jean Cap Ferrat, was listed in mid-2016 when the longtime owners, the Grand Marnier Group was selling their liquor company along with their grand 1800s family home.
Davide Campari-Milano SpA didn't want the prized estate that initially sat amid wild, uncultivated countryside used for fox hunting. In those early days, in summer months shepherds from the high country brought their flocks to graze amongst the olive trees.
Its been written that Cap Ferrat was "discovered" by Leopold II, King of Belgium, who devoted his life to accumulating land and territories for himself and his country.
In 1895 the King visited the Riviera staying in the Grand Hotel of Cimiez at Nice with his daughter Clementine.
In 1904 the king bought a house from the family of Desiré Pollonnais, the former mayor of nearby Villefranche, who grew fruit trees and vines. The king then transformed what was described as a "bucolic paradise" into the property called Les Cedres, the local paper, The Nice Martin once noted. 
Cap Ferrat was the ideal spot for an illicit love affair, with his mistress Blanche Zélia Josephine Delacroix, better known as Caroline Lacroix, set up at a villa at nearby Passable Beach, renamed the Radiana.
Every evening the King, equipped with a dim lantern, would make his way between the villas following a little path hidden by the trees.
He typically spent two hours with Blanche, officially playing cards, but as the Nice Martin reported nevertheless found the time to father two children, Lucien and Philippe who both had “father unknown” written on their birth certificates.
Leopold’s frequent absences were often criticized in Brussels.
In the early 1900s he built several more villas near the lighthouse on the peninsula. Much of the time, Leopold did not occupy even the grandest of his villas, preferring to stay on his yacht in the Bay of Villefranche.
Leopold died in 1909 at his palace at Laeken with Blanche at his side, and it is rumoured that a marriage ceremony took place.
The Leopold estate was sold to the Marnier-Lapostalle family in the 1920s.
Alexandra Connolly, who runs a local real estate brokerage, suggested at the time of its 2016 listing that it could fetch 200 million euros to 350 million euros.
A mansion outside Paris had fetched a world record price of more than 275 million euros to Saudi Crown Prince Mohammed bin Salman.
Property Observer gleans the Italian distillery had set a June 2021 sale deadline.
<img src="https://www.urban.com.au/images/2019/8/2/Ferrat.JPG" alt="">
(PHOTOS JONATHAN CHANCELLOR)
Set on the peninsula to the east of Nice, Villa les Cedres is surrounded by a botanical garden dating back to the 1920s.
The Marnier-Lapostolle family had opened it up for small tour groups of green thumbs several times a year, so it was on Title Tattle's bucket list when the last tour was undertaken in April 2016.
It was a rare chance of access into one of the priciest estates in the world, having seen over recent decades on repeat visits the village coming to terms with the influx of Russian oligarchs and US tech billionaires buy up the homes then installing hedges of high security.
The nearest villa, just across the road, is Maryland where the then Hollywood couple Brad Pitt and Angelina Jolie once stayed as guests of the late Microsoft co-founder Paul Allen.
P.S. I was pretty impressed by the garden and the estate's tallest tree, an Australian bunya pine (araucaria bidwillii) and also their most recent planting of an historic Wollemi Pine. The estate has 25 greenhouses. Marc Tessier, the chief gardener, estimated there are over 4,000 species of plants.
The cedar trees (cedres in French) gave the house its name. It was in the orchards near the home that the family harvested bigarades, the bitter oranges used to flavor Grand Marnier.
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Villa Les Cedres, St Jean Cap Ferrat finds mystery €200 million buyer

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Buyers in a Sydney apartment block being built by the failed Ralan Group have been told deposits from their off-the-plan purchases have likely already been spent.
The administrator of the collapsed apartment developer is ascertaining the whereabouts of hundreds of deposits for the Arncliffe block and the Ruby at Surfers Paradise.
The semi-complete development, Orchid, was expected to be the showpiece of the private property developer company which fell into voluntary administration earlier this week estimated to owe cred­itors $500 million.
“The development is currently on time with a good proportion of pre-sales,” the administrators Grant Thornton advised yesterday.
But the administrators also noted their “initial estimate is that there is a significant ­deficiency owing to purchasers who elected to release their ­deposit.” Grant Thornton are investigating whether the “side agreements” had effectively granted use of the funds to Ralan as unsecured loans.
It is not usual practice for off-the-plan buyers to release their 10 per cent deposits with most developers instead ­safeguarding the money in trust funds.
“It is uncertain how much, if any, of your deposit you may receive back if you had agreed to release it as an unsecured loan,” the administrators told anxious Arncliffe buyers.
“We are currently in discussion with the relevant stakeholders about next steps regarding the development.
“We believe that the majority, if not all, of the deposits ­released have been used to fund the expenses of the group, including payment of interest on unsecured loans.
“The administrators will be undertaking an investigation into the group’s financial position to establish how these funds have been used and whether any recoveries can be made in the future that will be available to pay you back.”
It is not known what sale prices were achieved but realestate.com.au puts the average Arncliffe apartment price at $630,000, suggesting the deposits could average $63,000.
“If a purchaser did not elect to release their deposit, it is our understanding these funds are being held in the group’s trust account,” Grant Thornton’s Said Jahani advised the 1200 off-the-plan buyers.
The Ralan Group applied in 2014 to build seven apartment towers for the $132 million project on the Princes Hwy.
This article was first published in the Daily Telegraph.
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Off the plan deposits in Ralan Group apartment projects not kept in trust funds

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The Ralan Group, one of the country's biggest private apartment developers, has fallen into administration with debts estimated at around $500 million. 
Falling victim to sluggish unit prices amid a tough sales environment, the collapse will trigger job losses in the already east coast contracting construction industry.
Grant Thornton have been appointed to the group’s 58 companies, which undertakes developments of apartments across Sydney and serviced apartments on the Gold Coast.
The group's current project is 213 Princes Highway, Arncliffe (above) <a href="/buildings/bloom-arncliffe-213-princes-highway-arncliffe">designed by Stephen Bowers Architects</a>.
The project is backed by Westpac and the Melbourne-based non-bank lender Wingate.
Its head office was in Chatswood. 
The first creditors meeting will be held in Sydney on August 9.
The little known company founder, the Welsh-born William O’Dwyer, 53, is Bellevue Hill based where he owns a $5.7 million home.
He has been involved in the development of property since 1993, then founding The Ralan Group in 1998. 
<div dir="ltr">He prided himself of "maintaining a hands on approach to each and every Ralan project."</div>
The Ralan Group currently has a development pipeline of over 3,000 residential units which are in the construction or pre-sale stage.
The administrators are undertaking an urgent financial assessment of the group. 
“In terms of the operating businesses within the group, it is as far as possible, business as usual.
"We are working closely with key stakeholders to identify and preserve value for creditors,” said Said Jahani from Grant Thornton Australia.
Ralan sought to develop up to 600 apartments annually, concentrating on Sydney. At one staged Ralan had 11 sites underway on the North Shore, including a $13 million site in Killara. 
In 2015, he spent $95 million on Surfers Paradise properties and quickly becoming one of the Gold Coast’s biggest landholders. 
His big ongoing project was a $1.4 billion integrated residential and resort precinct at Surfers Paradise, the Ruby which was potentially set to span an entire city block.  
It was reported last year that Ruby buyers were facing difficulty in securing loan applications following a decline in valuation of up to 30 per cent.
Ralan's recent site purchases in Sydney included Turramurra where after spending $1.8 million on a 5,900 sqm site, it completed a six level, 83 apartment complex. 
There have been projects in Camperdown, Rhodes, Mascot, Wahroonga, Concord and Beaconsfield over the last two decades.
The collapse of Ralan is the latest of builders and developers experiencing financial difficulties since the property market slowdown began in 2017.
Martin North, from consultancy firm Digital Finance analytics, says there is "more bad news to come for developers."
He noted the slump in apartment demand arose from less buying interest from investors and foreign buyers, along with tighter lending criteria.
There was also concerns of buyers of off plan apartments who are not able or willing to complete purchases, North said.  
Just three years ago Ralan sold almost 100 in Lindfield and Roseville within 21 days of registering the strata plan.
“It’s obvious the demand is there and it’s obvious Australians are still having a love affair with property in Sydney,” Mr O'Dwyer suggested.
This article was first published in the Daily Telegraph.
 
 
 
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William O'Dwyer's Ralan hits voluntary administration 

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The Agency has dipped to a record low share price of just below 7 cents on the ASX yesterday, in the week after its announcement it had secured $5.6 million in funding.
It was trading at 22 cents in mid-February and at 31 cents last September, but 6.7 cents in recent trade which values the company at $7.2 million.
Sharemarket analysis website commentary suggested the latest capital raising was foreseeable since the company had "never been adequately capitalised."
"Their overheads are crazy," one shareholder noted.
Before the announcement last week the sharemarket analysis had hoped the fundraising wasn't "too dilutive to existing holders who just keep getting watered down."
But the capital raising that saw the Sydney-based boutique investment group Magnolia Capital becoming a substantial shareholder was highly dilutive.
Magnolia Capital now have up to an 18 percent holding in The Agency, with their director Mitchell Atkins joining The Agency board as a non-executive director.
Honan Insurance Group also invested. 
The Australian newspaper reported The Agency has "secured a lifeline from Sydney boutique investment group Magnolia Capital, allowing it to extend its $12.5 million debt to Macquarie until September 30 in return for an 18 per cent stake."
It noted further debt of about $1.1 million is also owed to a range of other lenders.
“The restraints on The Agency’s growth which have been led by its (weak) balance sheet have been removed,” a spokesman for The Agency said.
In a statement to the ASX, The Agency said it was in discussions with parties to refinance its debt ahead of its maturity on September 30.
“The debt-to-equity conversion will significantly reduce The Agency’s debt position, primarily bank debt, from $21.2m to $13.6m,” The Agency told the Australian Securities Exchange.
“The company is currently in discussions with a number of parties in relation to the refinance of its remaining debt of about $13m ahead of its maturity which occurs on 30 September, 2019,” it said.
“With a strong net asset position of around $33.8m (primarily rent roll and mortgage book) it was important to get the loan-to-value ratio to below 50 per cent, which it will be following this transaction with Magnolia and Honan,” the company said.
The $5.6 million raised comes in the form of $1.1 million in placement and $4.5 million through entitlement offers.
The Agency's current $5.8 million debt will be converted into equity, reducing the total debt position by 27 percent.
It advised $2.2 million of the funds will fund further growth and acquisition initiatives.
For the quarter, the Agency reported combined total revenue of $10.8 million and gross commission income (GCI) of $10 million, both results consistent with the previous quarter.
They saw a record 674 exchanges and more than $600 million worth of property sold across the combined group for the quarter.
"I think they really need to pull a rabbit out of the hat," one Hot Cooper comment said.
Another said: "Not sure what rabbit they have in their hat now. "I like the business model but just as Mark Bouris has learned at YBR, if you are going to run a business that depends on skimming a little bit of revenue off someone else's business then you need to have a very large base to do that from, otherwise you need to be running a very very lean operation...which AU1 isn't."
There was commentary in June that suggested the estate agency had "burnt all the previous supporters" in the prior four capital raising. "I am surprised we haven't seen greater tax loss selling here," one comment suggested in June.
One estate agent advised "anyone can buy market share if you have the money."
"Their reps are on 80% commission.
"That's why they have so many of them. 
"How does a business model like that stand up? 
"All they are doing is bragging about market share. 
"That does not equate to profit and never has," the agent said.
One Agency shareholder noted the acquisitions "clouded how badly they are actually doing."
"All the trend lines are going backwards, but sure you dream on.
"I've sold out at half what I paid and I think I'm lucky to get away with that," the shareholder advised.
Another shareholder noted the difference between Ahe Agency and McGrath was that "McGrath blame the market for their poor share price instead of themselves, whereas The Agency keeps highlighting strong results in a slowing market and making acquisitions of more companies to increase their revenue in the future."
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The Agency dips to record low share price

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There was data out earlier this month showing that Australian renters devote more of their income to housing than home owners.
It was not one of those reports suggesting the wisdom of buying over renting, but rather an insight into the struggle of many to keep housing over their heads.
On average, private renters paid 20% of their income on their housing costs, compared to 16% for owners with a mortgage.
It was 3% for households who owned their home outright across Australia.
The Australian Bureau of Statistics calculated housing costs as including rent payments; rate payments (water and general); and mortgage or unsecured loan payments if the initial purpose of the loan was primarily to buy, add, or alter the dwelling.
CoreLogic head of research Cameron Kusher noted the 16% share has been trending lower for mortgage holder since it peaked in 2005-06 at 19%.
The decline basically reflects the ongoing drop in mortgage rates to their current historic low levels.
The renters spending 20% of their income on housing costs was only slightly lower than it was two years earlier.
Kusher notes the circumstance reflects that renters typically have lower gross household incomes than those with a mortgage, hence paying a greater proportion on their housing outlay.
The mortgage holders have also been in a situation of reducing their debt payments over time as they pay down their loan.
The recent ABS data indicated it was the lower income households that spent an even greater proportion of their household income on housing.
On average, lower income households renting privately paid $339 per week nationally which was 32% of their gross weekly income.
Lower income households who owned their home with a mortgage paid on average $376 per week nationally which was 29% of their gross weekly income.
In New South Wales, 35% of NSW households are renting and some 35% own with a mortgage.
Some 30% owned in NSW without a mortgage, down from 32% in 2015–16.
NSW owners without a mortgage paid $48 a week on average.
NSW owners with a mortgage paid $508 per week, or 15% of gross weekly household income.
NSW renters paid $422 per week, or 21% of gross weekly household income.
The median mortgage outstanding in NSW was $265,000, which isn't that much above the the median mortgage in Australia which is $260,000, up from $238,000 in 2015–16.
There's always been reports that grab headlines suggesting the Sydney suburbs where it was cheaper to pay down a mortgage on a house than to rent one.
But these days they virtually don't exist.
Indeed even our regional areas are failing to offer relief for renters.
There was a recent snapshot of the 70,000 rental properties available across Australia by the advocacy group Anglicare Australia that found only 4% were affordable for households on government income support payments. 
“Making sure everyone has a home should be our first priority," says Anglicare Australia executive director Kasy Chambers.
"We need a national plan to make renting fair for a generation of people who might never own their own home.
"For too many people, paying the rent means they can’t afford to eat decent food, fill a prescription, pay for transport, or buy clothes."
Chambers fears this matters enormously for the 660,000 people on the aged pension who do not own their own home.
This article was first published in the Saturday Daily Telegraph. 
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Neither renting or buying is an affordable option for low income earners

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Melbourne's weekend auction market had its highest clearance rate since 2017 with the CoreLogic figures showing a 74 per cent success rate. 
It reflected a substantial boost on Melbourne’s recent clearance rates which have consistently been in the 60 per cent range for the past eight weeks.
But despite the improved market conditions the 119 year old Footscray and District Angling Club didn't snag a buyer for its Yarraville base.
The shopfront building at <a id="LPlnk294376" class="OWAAutoLink" href="https://www.hockingstuart.com.au/property/70-pentland-parade-yarraville-vic-3013-159361" target="_blank">70 Peatland Parade</a> - with fish and mermaid murals on its facade (pictured) - was passed in on a $750,000 vendor bid after just one earlier bid.
Hocking Stuart Yarraville agent Leo Dardha advised a $780,000 reserve had been set.
There had been $790,000 to $820,000 price guidance for the 180 sqm premises marketed as poised for conversion.
The fishing club members met monthly to discuss “where we’ve been fishing, what fish  we’ve caught, what bait and lures we’ve used, and club business”, its president Lucky Pavlidis told The Herald Sun.
The club plans to move its headquarters somewhere closer to the water while staying in the western suburbs.
Melbourne had the nation's cheapest sale, but it represented a loss for the vendor.
<img src="https://www.urban.com.au/images/2019/7/29/Alma%20Street%20apartment.JPG" alt="">
The $215,000 studio apartment was sold pre-auction at <a id="LPlnk178875" class="OWAAutoLink" href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/apartment/vic/melbourne-inner-south/st-kilda-east/411522" target="_blank">37/87 Alma Rd, St Kilda East</a> (pictured above).
It was offered with a $200,000 to $220,000 price guidance having sold at $255,000 in 2013 and $228,100 in 2009.
It was offered as a $280 a week rental last last year.
Commentators attribute the overall market improvement to factors including low auction volumes, the RBA Governor Dr Philip Lowe advising rates would be staying low for a while, along with the restored confidence since the federal election was decided.
Melbourne's highest sale was in Murrumbeena at $2.265 million.
<a id="LPlnk848257" class="OWAAutoLink" href="https://www.propertyobserver.com.au/https://www.jelliscraig.com.au/property-details-11-Wahroongaa-Crescent-Murrumbeena-3163/808849" target="_blank">The 11 Wahroongaa Crescent</a> offering through Jellis Craig was a four bedroom 1920s residence.
CoreLogic noted a 78.5 per cent preliminary clearance rate was recorded across Sydney, making it the best performing capital city.
There were 391 Sydney homes taken to auction up on the week prior when 303 homes were auctioned.
Sydney's final prior week success rate had been 72.8 per cent.
Across the smaller auction markets, Adelaide was the best performing with a preliminary clearance rate of 56 per cent, while only 14 per cent of Perth homes sold at auction.
Canberra secured a 55 percent success rate and Brisbane got a 41 percent clearance rate.
There was a pre-auction sale on the Gold Coast when $5.5 million was paid for a newly built opulent<a id="LPlnk989489" class="OWAAutoLink" href="https://www.realestate.com.au/property-house-qld-sovereign+islands-131469114" target="_blank" rel="noopener noreferrer"> six-bedroom, seven bathroom mega-mansion</a> on the Sovereign Islands.
Its luxury inclusions at <a id="LPlnk692437" class="OWAAutoLink" href="http://www.prestigepropertyagent.com.au/property/10706228-the-sovereign-mile-sovereign-islands-qld/" target="_blank">85 The Sovereign Mile</a> included a "presidential master suite," an underground entertainment den, vertical garden and pool.
Ivy Wu, at Amir Mian Prestige Property Agents’ Ivy Wu, sold the house to a local family. 
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There were 1,115 homes taken to auction across the combined capital cities, up from the 896 homes auctioned last week.
The national preliminary auction clearance rate sat at 71.2 percent after last week’s 65.4 per cent final clearance rate.
Over the same week one year ago 1,536 were taken to auction.
The highest residential sale across the capital cities was in Sydney where <a id="LPlnk418464" class="OWAAutoLink" href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house/nsw/upper-north-shore/wahroonga/411079" target="_blank">79 Junction Road, Wahroonga</a> fetched $3,360,000 through McGrath.
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The five bedroom 2004-built home last sold in 2005 at $1.63 million.
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Melbourne scores highest auction success rate in two years

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The McGrath estate agency was trading on Friday at a record low 19.5 cents, and again this morning at that price.
The ASX listed agency was at 29 cents in early June. It floated at $2.10 in late 2015.
The latest sharemarket decline came just days after the group celebrated its 2019 awards night.
On the night, its founder John McGrath noted outstanding results from not just the award winners but throughout the group.
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<div class="adplugg-tag" data-adplugg-zone="mrec_b_in_article" data-adplugg-regid="2" data-adplugg-processed="true">“We have principals and offices growing at lightning speed in what has been a tough market," he said.</div>
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“We have the most elite sales force on the planet, in my opinion."
"Any other company in the world would like to have these people on their roster but we have all five of them," he said when the top sellers countdown reached the group's top five.
<img src="https://www.urban.com.au/images/2019/7/29/McGrath%20Awards%20Night%202019%20-%20John%20McGrath.JPG" alt="">
For the third consecutive time, the top agent was foundation franchisee and principal of McGrath Terrigal, Mat Steinwede, beating some 700 agents in the company’s 97 NSW, ACT, Queensland and Victorian offices.
The next best seller was the Crows Nest Sydney agent Peter Chauncy.
The next three were Betty Ockerlander at McGrath Epping; Keiran Bresnahan at Hurstville and Alex Jordan at the Paddington, Queensland office, which was awarded the prize of the group's fastest growing office.
Only five of the top 20 were women and only two of the top 10, with Tracey Dixon at Hunters Hill and Ockerlander.
In 2016 the top 10 were: 
1. Mat Steinwede – McGrath Terrigal 2. Betty Ockerlander – McGrath Epping 3. Peter Chauncy – McGrath Crows Nest 4. Michael Coombs – McGrath Mosman 5. Nigel Mukhi – McGrath Neutral Bay 6. Brent Courtney – McGrath Lane Cove 7. Tracey Dixon – McGrath Hunters Hill 8. Dennis Vertzayias – McGrath Edgecliff 9. David Howe – McGrath Northbridge 10. Jaimie Woodcock – McGrath Terrigal.
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In June Kon Stathopoulos, the head of sales, departed McGrath Estate Agents having been with the group since 2014 when he came from a non-real estate background.
Earlier this month McGrath's biggest institutional backer, Perpetual further reduced its shareholding of the ASX listed agency.
It share sales took its shareholding down to 6.4 percent, less than half its initial exposure.
It had been initially sitting on 14 percent when accumulating the shares after its 2015 float.
It was in the 2015 float at $2.10 that Perpetual emerged as a surprise major backer of the McGrath Estate Agents’ initial public offering.
McGrath began public life as a company worth $282 million, which has dipped, along with property prices and fewer star agents, to $32 million.
At $2.10 per share, it equated to 8.8 times forecast earnings before interest, tax, depreciation and amortisation for fiscal 2016.
McGrath shares slumped to $1.72 on its second day of trade in late 2015.
The biggest shareholder remains John McGrath, followed by Aqualand and Tony Denny.
With the company now capitalised at $32 million, McGrath's personal stake is worth around $8 million given his near quarter holding.
The float allowed him to pocket $37 million, some of which he quickly spent buying a few further shares in the agency.
Last March the Central Coast-based property developer, Tony Denny amassed a 5 percent shareholding as a "passive long-term investment" paying around 40¢. Denny <a href="/news/for-3-million-central-coast-entrepreneur-tony-denny-buys-5-percent-stake-in-mcgrath">spent $3 million on 7.2 million shares</a> in March last year which took his holding to five percent. 
Aqualand took its stake in <a href="/news/mcgrath-secure-10-7-million-strategic-investment-from-aqualand">June last year</a>.
They paid 42.5 cents a share for their 25,189,880 shares which totalled $10.7 million.
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McGrath Estate Agents trading at all time low of 19.5 cents

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A consortium led by a Macau casino boss Loi Keong Kuong-led has emerged as paying $56.5 million for Gold Coast site recently offloaded by the Hong Kong-based Forise.
Forise had paid $65 million for the 3,494 sqm site in 2015 with plans to build the Southern Hemisphere’s tallest tower.
It then spent a reported $40 million plus on construction of a six-level basement.
Roland Evans, at Canford Estate Agents, said the new owners intended to develop the planned 89-floor tower but changing the interior design and layout to incorporate a luxury-brand hotel.
The consortium members are operating through trustee company 3 Trickett Street.
The ownership of company 3 Trickett Street is primarily held by the Loi family and, according to company records, includes Chinese billionaire Riyu Li, one-time investor in the three-tower Jewel beachfront project south of Surfers Paradise, with 10 per cent.
Loi, who owns Macau’s Rio casino, also paid $90 million in early 2018 for the Soul Boardwalk retail area north of the Spirit site.
The local paper The Gold Coast Bulletin reported Forise’s disastrous Gold Coast foray saw it locked out of a $3 million sales display suite close to the Spirit site.
Yun Wei “Fenix” Dong, was the CEO of Forise Investment Australia, the company behind the abandoned Spirit development.
Creditors were taking legal action over unpaid debts, including WorkCover Queensland, which sought an application to wind up the company to recoup $19,000.
Parties connected to the development have now been paid and the few buyers have had their deposits refunded.
Forise had engaged The Agency projects team to exclusively sell and market Spirit, the $1.3 billion Gold Coast residential tower.
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The collapse of Forise impacted on The Agency projects team, since it was the biggest deal signed by the division headed by Steven Chen.
Spirit had 479 DBI designed apartments to sell, including an entire floor penthouse, boasting over 1000 sqms that Chen expected to sell for in excess of $30 million.
As its building base works commenced in the first quarter of 2017 The Agency was expecting commission to flow following its 2020 completion.
During the company’s embarassing exit, chairman Xin Wang sold his $3.6 million 68th floor sub-penthouse in Soul, with Paul Ledgerwood at The Agency securing the sale, in conjunction with Laura Langford at Canford Property Group.
It had been bought for $3.5 million in 2013 from Juniper, the developer.
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Macau casino boss boosts Gold Coast market with Forise acquisition

Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

[smartcode_project:default project_id=110291 project_image_fid=302785]

<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

[smartcode_project:default project_id=148957 project_image_fid=364102]

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Joel Robinson

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

&nbsp;

Lanevick to cater for Hunters Hill downsizers with new Gladesville apartment development

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" />

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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.

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]

Jonathan Chancellor

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