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A fire broke out in the Neo 200 building on Spencer Street at around 5am today.
The fire is believed to have started on the balcony of the 22nd floor, and then spread to the 29th.
Fire crews were first alerted at 5:43am and the incident was upgraded in severity after they thought the building to have combustible cladding.
The ABC reported 15 fire trucks, two ladder-platform trucks and 60 firefighters were used to extinguish the fire, which was brought under control at 6:49am.
The MFB suggested that the 41 storey, 371 residence tower had some cladding similar to the deadly Grenfell Tower in London which killed 72 when it caught ablaze in 2017.
The residents will need to find alternate accomodation after the Melbourne City Council's building surveyor issued an emergency order that states the building cannot be occupied for 48 hours.
A council inspection of the building has found the fire affected "essential safety measures" including the sprinkler system and fire alarms.
A Victorian Government audit after the Grenfell Tower disaster found flammable cladding posed a fire risk on 1,400 buildings around Melbourne.
<img src="https://www.urban.com.au/images/2019/2/4/Neo%20200%202.JPG" alt="">
The Neo200 apartment complex was found to be "fully compliant" with cladding standards in 2017, according to a 2017 tweet from the developer, Becton.
"While most of the building is not clad at all, where any cladding is used it is compliant with VBA [Victorian Building Authority] standards," Neo200 tweeted.
Premier Daniel Andrews said he would wait for an investigation into the fire before making comment on the role flammable cladding played in fuelling the blaze.
"On the issue of Spencer Street, let's get the facts," he told ABC Radio Melbourne.
The Age reported pieces of the building could be seen falling from the building on the corner of Spencer and Little Bourke streets.
 
<img src="https://www.urban.com.au/images/2019/2/4/Neo%20200%203.JPG" alt="">
 
(Source: twitter user @bekahjaynex)
This isn't the first time LU Simon who built the Neo 200 have been involved in a building fire.
The Lacrosse building, another built by them was devastated by fire in 2014.
MFB fire chief Dan Stephens said “My understanding is that the building is cladded with ACM — aluminium composite material, so the sort of cladding that was on the Grenfell Tower.”
Only roughly 150 people did evacuate the building, meaning many residents stayed behind leaving them at serious risk.
MFB Assistant Chief Fire Officer Trent Curtin said "It’s my understanding that occupants have taken some plastic and wrapped it around the smoke alarm so as to stop it from activating in case of cooking or other products of combustion in an apartment."
In 2017 they tweeted about the cladding being compliant with VBA standards.
<a href="https://www.propertyobserver.com.au/images/2019/2/4/Neo%20200%20tweet.JPG" target="_blank">Click</a> to enlarge.
<img src="https://www.urban.com.au/images/2019/2/4/Neo%20200%20tweet.JPG" alt="">
There are currently eight apartments available for rent in the 200 Spencer Street building, with rental prices ranging from $495 per week to $1,039 per week for one and two bedroom apartments.
One parking space is available for rent in the building at $60 per week
There were 13 sales in the building last year with prices ranging from $650,000 for 3406/200 Spencer Street at the peak. 
Down to the cheapest apartment sold last year 1012/200 Spencer Street, which went for $392,500.
The most recent $610,000 sale on the 28th floor had seen the two bedroom previously sell at $560,000 in 2010 and an initial $579,000 sale in 2008.
A tenth floor one bedroom unit sold late last year for $410,000, had sold on completion in 2008 for 283,000, and twice at 350,000 during the interim in 2010 and 2014.
There are currently three apartments currently listed for sale in the Neo 200 building.
1. 39/200 Spencer Street 
2. 4104/200 Spencer Street, Penthouse
3. 1810/200 Spencer Street
<div>Neo200 is 41 storey building with 371 residential apartments, ground floor retail tenancies and entrances to both Spencer and Little Bourke Streets.</div>
Designed by Hayball Architects, the building is distinguished by its yellow podium lights presenting to Spencer and Little Bourke Streets and its distinctive golden curvilinear foyer.
The building’s construction was completed in 2007 by LU Simon builders and was awarded the 2008 Master Builder Association’s – Excellence in Construction Award.
There was a small fire on New Year's Eve in 2015.
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jchancellor-FAypfDUnLy

Fire at Neo200 Spencer Street, Melbourne reignites apartment cladding concerns

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The opening weekend for capital city auctions began with a whimper marked by a continuing wide gap between vendor and buyer expectations.
Domain reported there was a preliminary 48 percent success rate in Sydney, while the Melbourne vendors secured a 44 percent clearance rate.
Brisbane had a 30 percent clearance rate.
Canberra, which with Adelaide were the strongest mainland auction capitals in 2018, had a 39 percent success rate.
It was 48 percent in Adelaide.
Just 360 homes went to auction which was down on the 600 plus on the same opening weekend in the three prior years.
<a href="https://www.propertyobserver.com.au/subscribe" target="_blank"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/2/Subscriber%20strip%20ad.jpg" alt=""></a>
The nation's top result was in Sydney's Millers Point, which for several years was an auction hotspot.
It was a three-level terrace house at <a href="http://alisoncoopes.com/buying/immaculately-rebuilt-north-facing-freehold-4-bdrm-study-res-remarkable-investment-opportunity/" target="_blank">82 Kent Street</a> (above and below) that last sold in 2016 in the state government’s now concluded Millers Point terrace sell-off.
After paying $2.48 million, the vendors renovated and restored the 1870s terrace.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/2/4/Mill2.jpg" alt="">
It was passed in at its onsite weekend auction through Alison Coopes at Agency by Alison Coopes at $2.45 million.
It sold at around $2.7 million after post-auction negotiations.
Coopes said the terrace had been "meticulously renovated" including an ultra-modern kitchen with new appliances, along with two new bathrooms, one of which features a Swedish-design free-standing bath.
There were newly-set rendered walls and flooring, electrical wiring updates and reverse cycle air-conditoning installed.
The investment had rented at $1750 a week.
The cheapest reported auction sale was in Adelaide where $268,500 was paid for a three bedroom Greenacres offering.
<a href="https://www.propertyobserver.com.au/https://raywhitesemaphore.com.au/properties/residential-for-sale/sa/greenacres-5086/house/2029919" target="_blank">The auction</a> was instructed by the Australia Executor Trustees.
The single level property at <a href="https://www.propertyobserver.com.au/https://raywhitesemaphore.com.au/properties/residential-for-sale/sa/greenacres-5086/house/2029919" target="_blank">3/10 Princes Road</a> (below) was marketed as a "homette" by Ray White agent Samantha Hirniak.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/2/4/Green.jpg" alt="">
It sat within a 15km central radius to the CBD, beaches and Adelaide Hills.
There were far fewer fresh listings on the weekend than in recent prior February kickoffs.
Sydney had 110 scheduled weekend auctions, down on the 178 the same Saturday in 2018 when there was a 50 percent success rate.
Melbourne vendors also numbered 110 on the weekend, down from 210 on the first Saturday in February last year which saw a 62 percent clearance rate.
Agents advised buyers were still facing lending issues given the credit squeeze which emerged following from the Financial Services Royal Commission, whose final findings and recommendations will be released this afternoon.
In Melbourne's Albert Park there were no bids for a three-bedroom terrace at <a href="https://www.wilsonagents.com.au/4632476/" target="_blank">103 Ashworth Street</a> (below) which sold last March for $1.65 million. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/2/4/Alb.jpg" alt="">
The Wilson agent Grace Le-francke, who had issued a price guide from $1.55 million to $1.65 million, placed a vendor bid of $1.5 million.
Coastal offerings continued to attract buyer interest with a $1.3 million sale at Yamba, on the NSW far north coast.
The three bedroom, two bathroom apartment at <a href="https://unit16-4queenst-yamba.ljhooker.com.au" target="_blank">16/4 Queen Street</a> sold through LJ Hooker. 
It last sold at $700,000 in 2001. The previous highest sale in the Cove complex had been $1.15 million in 2006.
There was also the sale of a redundant regional Victoria church.
The former Uniting Church at <a href="https://www.eldersrealestate.com.au/residential/auction/5-barr-street-uniting-church-tungamah-vic-3728-20159172/" target="_blank">5 Barr Street, Tungamah</a> saw five bidders turn up at the Elders Yarrawonga auction.
Agent Rod Leslie told the Herald Sun it was called on the market at $80,000, and sold at $92,500 to locals.
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Contracting February capital city auctions begin with a whimper

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At Yamba on the NSW far North Coast, <a href="https://www.realestate.com.au/sold/property-house-nsw-yamba-130116278" target="_blank">Atherstone</a> was sold for $1.81 million on the long weekend.
It sold through Ray White agent Daniel Kelly. 
The Yamba Hill four bedroom, three bathroom holiday home was offered to the market for the first time since 1981.
Kelly advised there had been over 200 inspections, with the 13 registered bidders placing 42 bids.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/1/31/yamba%201.jpg" alt="">therstone is
It was described by Kelly as a classic Queenslander style residence.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/1/31/yamba%202.jpg" alt="">
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13 bidders see Yamba's Atherstone sell

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<div class="_1665V undefined">
UBS says Mirvac, Lendlease and Stockland now face a higher risk of settlements falling over because of their exposure to projects sold to buyers at the 2017 peak of the property cycle.
“We see Mirvac as most at risk followed by Lendlease and Stockland,” analysts Grant McCasker and James Druce said.
Australia’s largest property players face a risk of buyers failing to pay at settlement time because of falling apartment prices and valuations, analysts say.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/1/31/Figure1.jpg" alt="">
In a gloomy outlook for three of the nation's largest real estate developers, UBS said apartment sales make up a significant chunk of earnings for Mirvac, in particular, over the next three financial years. 
</div>
<div class="_1ysFk">
<div class="_1665V undefined">
The most at risk projects are in Sydney’s Marrickville and Olympic Park which “appear already out of the money” because Sydney’s apartment price index has fallen five per cent since launch, the analysts said.
St Leonards could also become an issue were prices to fall a further five to 10 per cent.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/1/31/Figure2.jpg" alt="">
The UBS report has surprised industry veterans given <a href="/news/mirvac-defaults-stay-low-amid-price-moderation-and-downturn-in-foreign-buyers">Mirvac's history of reliable buyers</a>, often repeat buyers too.
“We are less concerned about Lendlease's settlement risk given the price growth since the 2015-16 launch dates,” the report said.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/1/31/figure3.jpg" alt="">
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<div class="_1lC_G">Stockland, has minimal exposure to the apartment market, with substantial earnings from land sales for new homes.</div>
<div class="_1665V undefined">
The number of buyers cancelling contracts on land purchases is presently low, but UBS warns that tightening credit, price falls, incentives and lower deposits will increase the number of buyer who will struggle.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/1/31/Figure4.jpg" alt="">
“We expect Stockland's second half settlements to disappoint as cancellation rates increase and settlement times extend,” UBS said.
<div>
Mirvac, Stockland and Lendlease reputedly declined to comment to Nine Entertainment on the UBS report, saying they are in the ''blackout'' phase before the release of their interim reports for the December half, due in the coming weeks.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/1/31/Figure5.jpg" alt="">
But Stuart Penklis, head of residential at Mirvac advised The Australian that Mirvac was monitoring the changing residential market conditions closely.
"It is important to remember that ‘average’ price changes mask significant differentiation between submarkets and housing type.  
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/1/31/Figure6.jpg" alt="">
"We believe that our disciplined approach to restocking, our commitment to design excellence, a quality product, and customer care will continue to differentiate us from others in the market,” he said.
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Mirvac most at OTP apartment settlement risk among listed property developer company

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Kay &amp; Burton has announced seven new equity partners into its new corporate structure.
Founded in 1938, Kay &amp; Burton is Melbourne based specialising in prestige property, what they suggest is "an increasingly dynamic market." 
In recent times the business has seen major investments including the development of Kay &amp; Burton Projects as a player in high end off-the-plan new developments. 
Property management businesses have been launched in Armadale and Brighton to meet the needs of an expanding client base.
The firm also implemented “cloud based” technology throughout the organisation to enhance the customer experience, plus a host of cutting-edge digital marketing products that more effectively and efficiently promote properties to active and passive buyers. 
“To maximise the impact of these investments, a corporate structure with a unique equity offering for partners to buy into the entire Kay &amp; Burton Group as opposed to a piece of only one office or division," Kay &amp; Burton's non-executive chairman Rob Edgley said. 
In contrast to a franchise model, Kay &amp; Burton operates as one firm working.  
“We are very excited to announce this diverse group of talented and high-performing business professionals as our new equity partners. 
"We are certain that they will be instrumental in taking Kay &amp; Burton to even greater heights,” Kay &amp; Burton's non-executive chairman Rob Edgley said.
Managing director Michael Gibson <a href="/news/kay-burton-managing-director-michael-gibson-sells-down-shares">sold down his shares</a> for there to be new equity partners.
<a href="https://www.propertyobserver.com.au/subscribe" target="_blank"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/1/1/Strip%20ad%20keep%20up%20in%202019.jpg" alt=""></a>
Kay and Burton’s new equity partners comprise:  
Gary Ormrod
Gary joined Kay &amp; Burton as a property manager in late 1997 and moved into the sales division in 2001. Gary’s client service skills were initially developed in senior positions at National Australia Bank and Crown Casino.  Over the last twenty years, he has honed these skills to be one of Kay &amp; Burton’s most consistent performers, winning the award for 2018 Top Salesperson by transaction volume.
Tom Staughton
Tom has enjoyed a long career at Kay &amp; Burton since graduating from Swinburne University.  Starting in property management, then moving into sales where he has spent the past fifteen years. Through a combination of hard work, attention to detail and a dynamic approach to marketing properties in his care, Tom was recognised by Kay &amp; Burton as a Rising Star in 2013.
Andrew Sahhar
Andrew has experienced success in selling property in Melbourne's most prestigious suburbs, since joining Kay and Burton South Yarra in 2007. He previously graduated with Bachelor of Applied Science (Construction Management) gaining skills in negotiating, project and risk management as a team member working in international construction companies. 
Rebecca Edwards
Rebecca has been a member of the Hawthorn office since September 2011 and has built an reputation during her 12 years in the real estate industry.  As a lifelong Kew resident, she has an understanding of the market place and demographics across the Boroondara and Yarra environs.  Rebecca was recognised by Kay &amp; Burton as a Rising Star in 2016 and won the 2016 and 2017 Top Salesperson by transaction volume award.  
Grant Samuel
Grant joined Kay &amp; Burton’s South Yarra office in July 2014 and has extensive experience at a director’s level in sales and corporate marketing roles. Grant was awarded the company’s Rising Star Award in 2016 followed by the 2018 Top Salesperson of the Year.
Lou Opie
Currently the COO, Lou joined Kay &amp; Burton in February 2016 with a wealth of experience gained from her 23 years as a chartered accountant in the financial services sector in Australia, London and the Middle East.  Lou’s skills and experience in investment banking and funds management span across finance, operations, risk &amp; compliance, IT, marketing and HR.
Carolyn Purnell-Webb
Carolyn joined Kay &amp; Burton in September 2016 to lead the property management division after running her own property management consultancy and training business for 16 years.  Under her guidance, the property management division has become one of the fastest growing divisions at Kay &amp; Burton.  Carolyn has been recognised by the company and received the Outstanding Leadership award in both 2017 and 2018.  She has an MBA from Griffith University and will complete a law degree in 2019.
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Kay & Burton announces seven new equity partners in its new corporate structure

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After almost 11 years at BresicWhitney, Matthew Carvahlo has joined Ray White in the inner west.
Matthew Carvalho (pictured) has just joined Ray White Erskineville|Surry Hills &amp; Alexandria as an associate director.
The decision was made just before Christmas.
<a href="/news/nic-krasnostein-recruited-by-ray-white-double-bay-from-bresicwhitney">Nic Krasnostein</a>, one of the leading agents in Sydney’s east and inner-city precincts, quit BresicWhitney too over the break, recruited by Ray White Double Bay.
Krasnostein had been at BresicWhitney since January 2007, so just short of 12 years. 
Carvalho has the ambition of expanding their existing business to Glebe.
“I know the inner west like the back of my hand and my main areas of have always been Glebe, Pyrmont, Camperdown and Forest Lodge,” Mr Carvalho said.
“I have been friends with Ercan Ersan for many years and I have always clicked with he and Shaun Stoker.
"We are keen to grow our footprint onto the other side of Parramatta Road to cover the inner city fringe in yellow."
Ersan said Carvalho had joined their team to complete their "Golden Triangle”.
“We see Matthew as the missing link in our business. Shaun and I have a great hold on the Erskineville and Enmore area while Matthew services Glebe, Forest Lodge and Camperdown area so well. For us that’s the Golden Triangle,” they said.
Carvalho is the son of a veteran estate agent, Don.
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Ray White signs on Matthew Carvalho for inner west expansion

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The December quarter saw a drop in Metropolitan Melbourne’s median house price of 3.7 per cent to $796,500 while Regional Victoria’s went up by 2.5 per cent to $411,000.
Regional Victoria’s property market was the top performer in the 2018 calendar year, with a 5.5 per cent annual increase in the median house price to $400,000 (up from $379,000) and annual increases of more than 20 per cent in the top five towns.   The 2.5 per cent regional increase in the median house price for the December quarter was the second strongest for the year, in contrast to Metropolitan Melbourne which had its weakest quarter.
The Real Estate Institute of Victoria’s latest data reveals that greater Melbourne’s median house price increased 1.4 per cent to $826,500 (from $815,000) and the unit price increased 1.8 per cent to $597,000 (from $586,500) in the 2018 calendar year.   REIV President Robyn Waters said that despite low confidence, sluggish auction clearance rates and a 20 per cent reduction in residential property sales in the past 12 months, vendors are still getting "good prices" for their homes when they do sell.   “It might take you a bit longer to sell and you might have to put in a bit more effort, but the big picture is showing that house prices have increased slightly in Melbourne over the past 12 months,” Ms Waters said.   “Confidence is a major factor in the property market and this latest REIV data is showing that the market overall is steady, coming off an increase in the median house price of 13.2 per cent in 2017 which could not be sustained.   “The top 20 star suburbs of 2018 were all in the outer ring with most located in the expanding south east and Mornington Peninsula/Bayside areas; new transport infrastructure including Skyrail and the Monash Freeway widening are likely to have been a factor in this growth.”
Malvern down 20% to $2.1 million
Kew down 17% to $1,975,000
Toorak down 16% to $2.8 million
South Yarra down 16% to $1.6 million
Balwyn down 16% to $2 million
Brighton down 15% to $1.99 million
Source REIV December 2018 quarter   Ms Waters said properties are being tightly held in Inner Melbourne as vendors wait out this period while the markets in Outer Melbourne and Regional Victoria are stronger as buyers are inclined to snap up more affordable options.   “There is no doubt that the banks’ tighter lending conditions are contributing to this trend as are incentives for first homebuyers which encourage the purchase of affordable properties, more likely to be found in Outer Melbourne or Regional Victoria,” Ms Waters said.   “That said, there were a few inner suburbs – Malvern East, Thornbury and Hawthorn - that fared well in the last quarter of 2018 thanks to an increase in the number and value of sales from the September quarter. This is a good indication that confidence is starting to pick up in the prestige areas.   “The REIV expects Victoria’s property market to remain steady in the first half of 2019 as we await the outcome of the banking Royal Commission and Federal Election but things should begin to look up again in the second half of the year.”   “Our latest data showed some surprise quarterly increases in inland Victoria with Golden Point, Irymple and Daylesford all achieving an uplift of more than nine per cent.”
<a href="https://www.propertyobserver.com.au/subscribe" target="_blank"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/1/1/Strip%20ad%20keep%20up%20in%202019.jpg" alt=""></a>   The REIV claimed its property data is the most accurate and up-to-date in Victoria, collated and submitted directly by those working at the coalface.   "As the State’s peak body for real estate agents, with around 80 per cent of agencies being valued members, the REIV is uniquely placed to access this raw data which is not subject to interpretation, speculation, assumptions or third-party sources," Robyn Waters said.
Other data showed a deeper decline throughout 2018, <a href="https://www.propertyobserver.com.au" target="_blank">including the ABS</a>.
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Metropolitan Melbourne December 2018 quarter saw property prices decline, but Outer Melbourne and Regional Victoria still rising: REIV

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Architect John Bede Barlow designed a Potts Point home for his cousins, the Lane-Mullins family at the end of the 19th century.
The 1892 house at 8 Challis Avenue was named Killountan, joining other well-known Barlow homes, including Keadue in Elizabeth Bay and St Kevin's in Woollahra.
The Toohey's director, John Lane-Mullins, who was a longtime member of the NSW Legislative Council, was a man of considerable means. The father of five was a leader of Roman Catholic laity, including being treasurer of the St Mary's Cathedral Building Fund from the 1870s. He was a notable patron of the arts, and foundation president of the Australian Ex Libris Society. 
His family was from County Cork, Ireland, where the family home was also named Killountan.
The home, set between Macleay and Victoria streets, has been known for the past three decades as Simpsons of Potts Point, a small boutique hotel of 14 rooms.
But its current listing seems quite likely to see its return to its original state as a residence, the only privately owned freestanding mansion of its era in the area.
It was during the 1920s when the house known as Belgravia was split into six apartments. They were earning 320 pounds annually when offered for sale in 1944.
Then in the late 1980s, the Farris family undertook a year-long restoration.
Without ostentation, its facade was a statement against the vulgarity of Victorian architecture of the day. There was red brick with stain glass windows and timber ornamentation. 
Its now restored decorative elements were reserved for inside with missing mouldings replaced, elliptical Tudor arches highlighted, and a new internal staircase built, in the same style as the one that had been demolished decades earlier. A conservatory was erected and the garaging built underneath. 
The wooden columns at the entrance were uncovered, recreating the front porch.
There's precedent for the conversion back to residential, touted by the listing agents, Ken Jacobs at Christie's International and William Manning at McGrath.
Set on 650 sqm, the buidling has been on market for over 250 days.
When last offered in 2002, the property sold for $2,850,000.
Over the past 24 months there have been two notable terrace sales in Challis Avenue, <a href="/news/australian-record-terrace-price-set-again-in-potts-point">including one reputedly for $14 million</a>.
Restauratuer Peter Doyle's Cicada is no longer, having been restored and sold as a residence for $13 million in 2016. 
Killountan, which featured in Our Beautiful Homes: Australia's upper middle class in the Edwardian Age, last traded when bough by Keith Wherry in 2002 for $2.85 million. 
Barlow built houses for Sydney's new rich professionals, mostly Catholics, with big families. His other 1892 architectural jewel is St Kevin's, Woollahra, designed for Dr Patrick Collins and his wife, Margaret, whose ageing daughters kept the home until 1976 when then adman Leo Schofield and his then wife, jeweller Anne, saved the home from its infirm state after paying $182,250. 
Architect Peter Stronach, who helped restore the 1892 St Kevins for the Schofields, once noted the style of the 1890s house was Italianate, Victorian, wedding-cake style, with lots of wrought iron.
Bede Barlow instead built face brick houses with no wrought iron, but rather timber and brickwork decorations, along with verandahs, the beginning of an acceptance of a local style, rather than a copy of a European style. 
St Kevin's last sold for $2.2 million in 1994 when bought by Paul Keating when he was Prime Minister.
"No part of the house has been changed in concession to passing infatuations with fashionable configuration," Keating once told me.
"Leo saved it, and I finished the task."
Barlow, the president of the Institute of Architects of NSW between 1897 and 1902, lived at Airmount, Waverley, now the Christian Brothers' College, with wife, Mary with their only son having been killed at Gallipoli.
An earlier version of this article was first published in The Weekend Australian.
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Bede Barlow architectural beauty for sale in Potts Point

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Gruzman House, the Darling Point home designed by Neville Gruzman in the late 1950s, has been sold to the Qvist family for $6,025,000.
The facade of Gruzman House emulates Lloyd Wright's famous Falling Water, the 1935 Pennsylvania icon.
Gruzman's original 1958 family home on Oswald Street was extended five years later, and then again in the early 1990s.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/10/22/gruzman1.jpg" alt="">
The home, filled with wooden ceilings and glossy, wide timber panelled walls, has been restored by its current vendors, who, when purchasing eight years ago, promised the Gruzmanfamily they would maintain their father's legacy.
The interconnected rooms all open on to decks and outlooks of the surrounding garden, overlooked by gum trees.
While now common for rooms to open to the outdoor, it was a rarity in the 1950s, until architects such as Gruzman implemented the style. 
Featuring Japanese Edo influences, the living room, naturally lit by rows of timber windows and glass doors, was described by Sydney Opera House architect Jørn Utzon as being "the best living room in Australia."
A pink neon installation by 1960s artist Michael Kitching remains. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/10/22/gruzman3.jpg" alt="">
The four bedroom, three bathroom home, featured by Vogue in 1968.
Before his 2005 death, Gruzman endeavoured to leave the home to the nation, however, it never came to pass.
Sydney Sotheby's agents Deborah Travers and Tom Jamieson sold the home that included four adjoining apartments.
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Gruzman House in Darling Point fetches over $6 million

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The property fund manager Charter Hall has bought two office buildings in Sydney's Barangaroo/King Street Wharf precinct in a $804 million deal. 
The transaction, which was signed off just before Christmas, was among the biggest deals of 2018.
Charter Hall Prime Office Fund (CPOF), Charter Hall Direct Office Fund (DOF) and Charter Hall Direct PFA Fund (PFA) will hold stakes in the 10 and 12 Shelley Street buildings (pictured above) in the Barangaroo/King Street Wharf precinct.
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CPOF will own a half stake in each of the two buildings.
DOF holds 50% of 10 Shelley Street while PFA co-owns 12 Shelley Street with CPOF.
Collectively, the two buildings offer some 42,000sqm of net lettable area.
There are long leases to Suncorp and American Express.
In 2016, Charter Hall and Morgan Stanley Real Estate Investing’s (MSREI) core Asia fund, <a href="https://realassets.ipe.com/news/investors/morgan-stanley-acquires-sydney-office-tower-from-brookfield/10013440.article" target="_blank">jointly acquired</a> the nearby 1 Shelley Street from Brookfield for $525 million.
Adrian Taylor, Charter Hall’s Office CEO, said opportunities existed to unlock synergies between the sites by including interlinking buildings above ground to facilitate campus style accommodation for big space occupiers.
With the latest acquisitions, Charter Hall’s total office assets under management rose to $12.9bn.
Charter Hall also recently spent $98 million sale of the ground beneath Sydney’s landmark Chifley Tower.
The acquisition was of the freehold site beneath the Kohn Pedersen Fox landmark.
The Australian's Bridget Carter has suggested the acquisition of the land was to better position Charter Hall to secure the leasehold should GIC ever be a seller.
The Charter Hall Prime Office Fund also owns the leasehold of the Australian Club.
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Charter Hall buys two Barangaroo/King Street Wharf precinct office buildings for $804 million

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" />

&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.

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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