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The short statement accompanying the RBA's decision to cut the cash rate to 2.5% is "less dovish" but still leaves room for further rate cuts, says HSBC Australia and New Zealand chief economist Paul Bloxham.
He notes that the RBA "did not explicitly indicate that the inflation outlook provided 'scope' for further easing from here, as previous statements had done".
"They did, however, still suggest that the Australian dollar was a bit too high for them to be comfortable.
"Markets are currently pricing in a further cut this year.
"While this is possible, we are of the view that today's cut could be the last for this easing phase, as the lower Australian dollar is doing a lot of the work for the RBA already and is also an upside risk to the inflation outlook.
"With a federal election now due to occur on September 7, it seems highly unlikely that the RBA would cut rates next month (4 days before the election) - meaning the next likely opportunity is October or November.
Between now and October/November we have a local Federal election, on September 7, and there are significant global developments that may have a bearing ont he Australian dollar in particular.
"Further weakness in the Australian dollar may obviate the need for another rate cut, as it would be supportive of growth,"says Bloxham.
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Less "dovish" RBA may pause on further rate cuts: HSBC's Paul Bloxham

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Australia's biggest mortgage lender, the Commonwealth Bank today announced it will reduce interest rates on both its standard variable home loan account and its residentially-secured better business loan by 0.25 percentage points per annum. The new standard variable home loan rate is 5.90% per annum.
The new rates will be effective for new and existing customers on Wednesday, 14 August 2013. 
In making this decision, the Group has continued to balance the interests of its home loan and business borrowers with those of its depositors, and people who either hold shares directly or own shares through their superannuation funds. 
 “The Commonwealth Bank believes this is a balanced decision, and takes into account both domestic and offshore factors," said Matt Comyn, group executive retail banking services at the Commonwealth Bank.
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Commonwealth Bank passes on full rate cut from August 14

<html><body>ING Direct will lower the interest rate on its variable mortgages by 0.25 percentage points, effective Friday 23 August 2013. The RBA cash rate is one element considered however, the bank’s funding position was the driver of the decision, said the lender. ING Direct's most popular variable home loan - the Mortgage Simplifier - will be 5.22% p.a.  It has a mortgage book of $38 billion - making it the fifth biggest mortgage lender in Australia after the major banks. <a href="https://homeloans.propertyobserver.com.au/home-loans/?utm_source=Property+Observer+List&amp;utm_campaign=76e226e607-June_21_1_29_2013&amp;utm_medium=email&amp;utm_term=0_a523fbfccb-76e226e607-245347537" target="_blank"><img src="/images/stories/2013/08/homeloancomparison.jpg" alt="homeloancomparison" width="399" height="110"></a></body></html>

ING Direct pass on full rate cut from August

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Yellow Brick Road has passed on the full 0.25 percentage point rate cut to its Empower home loan customers.
The franchise group announced it would do so prior to the announcement - if the RBA decided to cut the cash rate.
Yellow Brick Road’s Rate Smasher home loan will reduce to 4.74% per annum and the Empower loan  will reduce to 4.99% per annum.
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Yellow Brick Road passes on full rate cut

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National Australia Bank today announced it would cut its standard variable home loan rate by 0.25%p.a. to 5.88%p.a – saving customers an average $62.50 a month in interest.
The rate cut takes effect from August 12.
In an unusually snappy move, the bank took just five minutes from the RBA decision to make the announcement. The decision means no other major bank has offered a lower standard variable rate than NAB for more than four years.
“We’ve today (effective August 12) cut our standard variable home loan rate to 5.88%p.a, which is the lowest it’s been in four-and-a-half years, to give our customers the certainty of a fair deal,” said Gavin Slater, group executive personal banking at NAB. “During the past four years, NAB customers on a typical mortgage have saved up to $2170 in interest on NAB’s SVR compared to being on the SVR of the other major banks – and we’ve led the industry with our Fair Value Agenda. <a href="https://homeloans.propertyobserver.com.au/home-loans/?utm_source=Property+Observer+List&amp;utm_campaign=76e226e607-June_21_1_29_2013&amp;utm_medium=email&amp;utm_term=0_a523fbfccb-76e226e607-245347537" target="_blank"><img src="/images/stories/2013/08/homeloancomparison.jpg" width="399" height="110" alt="homeloancomparison"></a> 
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NAB cuts standard variable home loan rate to 5.88%

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If the the RBA cuts the cash rate by 25 basis points to 2.5% and this is passed on in full by your lender (provided you have a variable rate home loan) this is what it could potentially mean for you:
$44
If passed on in full, a 0.25 percentage point rate cut represents a repayment reprieve of $44 per month to a variable rate home loan customer with a typical mortgage of $300,000 and paying the average interest rate of 5.64% (before any rate cuts are applied), according to mortgage comparison website RateCity.com.au.
 
23 months
 
Borrowers on the same mortgage terms as above that continue to pay the same monthly amount even if there lender passes on the full rate cut (reducing from 5.64% to 5.39%) will reduce a 30 year loan term to 28 years and 1 month.
10 years
If you have not reduced your home loan repayments since the RBA starting cutting the cash rate in November 2011 - with lenders passing on around 1.6 percentage points out of 1.75 cut from the cash rate - you would reduce your mortgage repayment term by around 10 years, according to Scott Pape.
 
$150 - $200 per month
 
According to RateCity.com.au chief executive Alex Parsons, the main thing for borrowers to remember is that they really don’t need to wait for an RBA rate cut. Far bigger cuts are available by comparing and switching to a better deal. “There’s a lot of lazy money out there. Refinancing from the average rate into one of the lowest variable rates on the market would mean savings of over $150 every month, or over $200 per month if today’s cut is passed on to customers,” he says. 
$349 per month
Parsons says the gap between the lowest and highest variable interest rate had grown to 2.01 percentage points - or the equivalent of over eight, 0.25 percentage point rate cuts – with rates ranging from 4.74% to 6.75%. This compares with 12 months ago when the rate spread was 1.78 percentage points, and two years ago when rates ranged by 1.71 percentage points.
The most significant gap between the best and worst mortgage rates was for 5-year fixed terms, which differ by as much as 2.10 percentage points. Home loan rates fixed for 1-year range by as much as 2 percentage points, RateCity calculations show.
“A difference of 2 percentage points may not sound significant, but for a borrower with a $300,000 home loan repaid over 25 years, this gap represents a difference of $349 in monthly repayments and more than $4100 in the first year,” says Parsons.
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What the RBA decision may mean for you

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Sales activity is picking up in fringe new housing estates led by a strong recovery in house and land sales in Sydney, according to the June quarter National Land Survey Program (NLSP).
There was a 16% increase recorded nationally with total sales reaching their highest level since the GFC – about 3,700 lots sales per month – according to the report compiled by ResearchFour and Charter Keck Cramer and seen by the Australian Financial Review.
The rise has been attributed to the low interest rates and pent-up demand in previously underperforming markets, predominantly in Sydney.
Monthly lot sales hit 800 in Sydney, a rise of 18% according to the June quarter NLSP report. The figure also incorporates land sales in NSW metro centres of Newcastle and Wollongong.
The figures back up sentiment and figures from listed property developer Australand, which in half year results released last week reported that residential sales contracts on hand increased from 1,316 to 1,793 driven by a strong pick-up across some of its Sydney projects.
In NSW, Australand contracts on hand increased from 543 as of December 2012 to 905 as of June 2013.
The most recent HIA new home sales survey reported a pick-up in detached new home sales (up 7.3% at the end of last financial year), compared with apartment sales dropping by 17.5%.
“Detached housing has gained momentum as non-detached housing - primarily mid/high density product - has lost momentum to date,” said HIA chief economist Harley Dale.
The HIA figures – based on sales data from Australia’s biggest residential builders – report a strong rise in Victoria (up 19.7%), followed by Western Australia (7.1%), New South Wales (3.9%), and South Australia (0.5%) with a 11% fall recorded in Queensland.
The NLSP survey, which monitors land sales from 550 estates across the five major capital city markets and major regional cities, records a 37% rise in sales over the quarter in Melbourne, but due to excess stock being absorbed, smaller lot sizes and the price of land falling.
The Oliver Hume report on the Melbourne land market for the March quarter recorded that the median land price eased during the quarter to $201,250: down from $205,000 in the December 2012 quarter.
Excluding rebates, the net land price was $188,750.
ResearchFour director Colin Keane says Melbourne remains the weakest land market with a lack of product choice characterising the market.
Sales rose 58% over the quarter in south-east Queensland – after bottoming out in the March quarter.
Midwood’s Prodap Report of the Gold Coast market recorded both a strong lift in vacant residential lot sales over the June quarter (rising 55% from 140 in March to 214 in June quarter – the biggest rise since 2009) and house and land package sales up 70% over the quarter from 56 to 97.
House and land sales rose 18% in Adelaide and 24% in Canberra.
Lot sales rose just 5% in the June quarter to reach above 1,200 in Perth with ResearchFour noting that both production capacity and demand may have reached their peaks.
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Sydney drives strong recovery in residential house and land market: National Land Survey

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Capital city house prices rose 2.4% in the June quarter led by a surging Perth housing market, according to preliminary estimates of the ABS eight capital city price index.
This means the index is up 5.1% through the year to the June quarter 2013.
Apart from Hobart, all capital cities recorded gains in their price indices in the three months to June led by Perth (+3.4%) followed by Darwin (+2.9%), Sydney (+2.7%), Melbourne (+2.4%), Brisbane (+1.9%), Canberra (+1.0%) and Adelaide (+0.3%).
Hobart’s price index fell 1%.
The ABS also upwardly revised its March quarter estimate from a 0.1% rise to a 0.8% gain. 
The latest data means the Perth house price index is now up 11% over the past 12 months - the fifth consecutive through-the-year rise.
Perth housing clusters with median prices below $750,000 contributed most to the rise in the June quarter 2013.
In Sydney, the ABS said clusters with median prices between $400,000 and $850,000 contributed most to the rise in the June quarter 2013.
Sydney’s index rose 6.1% through the year to the June quarter 2013, the fourth consecutive through the year rise.  The preliminary estimate for Melbourne (+2.4%) follows a rise in the March quarter 2013 (+0.1%, revised from +0.2%). The rise in Melbourne was consistent across a broad range of clusters. The index rose 3.3% through the year to the June quarter 2013. This is the second consecutive through the year rise. Capital city house prices rose 2.1% in the December quarter 2012 and fell 0.2% in the September quarter, according to final ABS revisions.
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Perth leads capital city house prices up 2.4% in June quarter: ABS

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The RBA has cut the cash rate by 25 basis points to a new record low of 2.5% following its monthly monetary policy meeting today.
The cash rate is now 50 basis points below the previous official low of 3% reached, following the onset of the GFC, in April 2009.
Prior to this, the previous low was in January 1960 with a <a target="_blank" href="/news">2.89% ‘cash rate’ recorded</a> based on proxy historical RBA data going back to 1959 – the RBA only started publishing official interest rate setting in January 1990.
The rate cut was anticipated by nearly all economists following the RBA sitting on its hands in June and July.
<a title="The pace of borrowing has remained relatively subdued until recently: RBA Governor Glenn Stevens' August statement" href="/news">The pace of borrowing has remained relatively subdued until recently</a>, RBA Governor Glenn Stevens said in his August statement.<a title="The pace of borrowing has remained relatively subdued until recently: RBA Governor Glenn Stevens' August statement" href="/news"></a>
You can read Property Observer's analysis of <a href="/news">what the RBA's decision will mean for you</a>.
"The pace of borrowing has remained relatively subdued, though recently there are signs of increased demand for finance by households,"the RBA governor Glenn Stevens said in the August monetary statement.
Banks are expected to pass on the rate cut in full though the impact on the housing market is expected to be muted.
The average variable mortgage rate should drop below 5.5% with Canstar reporting an average variable prior to today's decision of 5.71%.
RP Data national research director Tim Lawless says today’s reduction in the cash rate comes at a time “when the housing market is already responding to the low debt servicing environment”.
“Since the housing market reached a recent low point in May last year we have seen dwelling values rise by 6.5% based on the RP Data – Rismark combined capital city index. That equates to a gross profit of around $30,000 for the average home owner,” he says.
“The difficulty for the RBA going forward will be how to keep a lid on what may be viewed as excessive housing market growth while also providing a sufficient level of stimulus in place to the broader economy via their monetary policy settings.
“Glenn Stevens has previously commented that the RBA’s preference is for a pick-up in dwelling construction, not necessarily an increase in home values such as we are currently experiencing.
“Lower mortgage rates are likely to provide further motivation for buyers to become active, however with values rising it is going to be more difficult for prospective owners, particularly those without equity behind them, to come up with a deposit.
“This affordability challenge is likely to be most felt by the first home buyer segment and it may be the factor that continues to prevent prospective first time buyers from entering the housing market.
“For investors, with the average discounted variable mortgage rate now approaching the 5% mark they are likely to find more and more properties are approaching a cash flow neutral or cash flow positive yield.  Anecdotally more and more investors seem to be focusing on rental yield and positioning for long term capital growth,” says Lawless.
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RBA cuts cash rate to new record low of 2.5%

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Borrowers should expect the major banks to pass on an expected rate cut in full and swiftly, but with little impact on the property market, says Aussie Home Loans founder John Symond.
“People are cautious and sit on their hands around election time and the property market will just stagnate between now and Christmas,” Symond has told David Koch on Sunrise in his regular pre-RBA chat.
Symond suggested this period of stagnation “might be a good time to be out there and buying”.
While he expects little impact on the property market, given that interest rates are already at historic lows, he says a rate cut will be good for small businesses and general perception.
He expects the RBA to cut the cash rate today and for the banks to pass on the rate cut in full and in good time.
“There are no excuses for the banks not to pass on rate cut in full and I expect them to pass it all on pretty fast.”
But he does not expect that it will make a big difference for those out there looking to buy a house given the competition between investors and first-home buyers for inner city property in capital cities.
Symond says this part of the market is very active with first-home buyers having trouble getting into the market and competing with investors for properties prices between $500,000 and $600,000.
“[The yields on these properties] are very good and better than the more expensive properties,” he says.
As for the reasons the RBA will cut the cash rate to 2.5%, Symond says that while the economy is not falling off a cliff, it is “certainly showing signs that the steam is coming right out”.
“The RBA is worried the economy might get to a stage where it might stall, it needs to pump some energy into the economy and the best way to do that is to drop interest rates.
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Any RBA rate cut passed on in full won’t do much for property market: John Symond

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

Joel Robinson

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

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

WM Residences fills gap in Mordialloc townhouse market

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

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

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

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

NAB funds $1 billion Surfers Paradise apartment development, Palmera

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

Larry Schlesinger

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