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The point where Meriton boss Harry Triguboff paused to smile in a 10 minute interview with Financial Review Sunday was when he spoke about interest rates and housing bubbles.
An advocate for further rate cuts until they encourage Australians to buy his high-rise apartments, Triguboff said there should be more confidence in Australia about cutting interest rate given the mining boom experience.
“If the mining boom didn’t create any great bubble in the prices of apartments then half a percent here or there [cut from the cash rate] definitely won’t cause a bubble either.
“So from that point of view we are very happy because we (Australia) now realise this,” said Triguboff.
Earlier in the interview, Triguboff said there was no boom in the housing market at the moment, nor does he want one.
“I don’t want a property boom. We are very far away from property boom. It’s not something we should worry about at this stage.”
Instead he said what was important was continuous growth in the building industry to support population growth.
“We can’t have start and stop in the building industry, we must build continuously.
“This has nothing to do with [the slowdown] in mining.
"Housing development must progress all the time and at faster rate,” he said.
Triguboff identified three things that were needed to stimulate the housing market to aid a sustained recovery.
He was once again critical of the RBA for not acting sooner to cut the cash rate, he highlighted the slowness of local councils to approve new developments as well as the actions of some building unions in parts of Queensland as standing in the way of a stronger residential building pick-up.
“Councils need to approve developments a lot quicker – they are a big bottle neck,” he said.
He said unions need to assist with production of new apartments in markets like the Gold Coast, which are weak.
Chinese investors continue to be the mainstay of Meriton apartment sales, though lower rates have resulted in some Australian buyers and investors coming back.
“We need rates to come down a lot more.
“Rates coming down so far have made it a lot cheaper to hold apartments and I am holding a lot more,’ he said, referring to Meriton stock of serviced apartments and apartments available for lease.
He also said the low rates environment and “rents creeping up” were making it more conducive for investors.
“Before they (investors) would have to pay 7.5% but now it’s 5% - that’s a big difference.
However, he says home buyers believe that the cost of renting and repaying a home loan is about the same, “so they are in no hurry to buy”.
"If prices start to continuously go up then more people will come, but prices have only now started to go up," he says.
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Further rate cuts won’t cause a housing bubble: Harry Triguboff

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The share market has outperformed the property market every year for the last 20 years, but has offered investors a roller-coaster ride.
Analysis of the performance of equities versus property by Rismark International for the Australian Financial Review shows that this outperformance was greatest in the mid to late 1990s  and in the five years preceding the GFC.
The All Ordinaries Accumulative Index (including dividends) returned nearly 24% per annum between February 2003 and December 2007 while Australian residential property accumulative indices (including capital growth and rental yields net of estimated holding and selling costs) returned 9.6% per annum.
Investing in zero risk 90 day government bank bill returned 5.88%.
However, since 2007 to the present, the share market has cost investors around 1% per annum with property performing a little better (3.7%) while 90 day bank bills would have returned 4.7% per annum.
Averaging out returns over 20 years show that the All Ordinaries Accumulative Index has returned around 9.91% per year over the past twenty years while residential property has returned 9.8%.
Holding funds in a zero risk 90 day government bank bill would have returned 5.5% per annum over this 20 year period.
The Rismark analysis shows that shares were impacted by event such as the dot.com shares bubble bursting, the rise of the bull market prior to the GFC resulting in a very high volatility rating with sharp rises and falls.
In comparison, the property market has grown relatively steadily with smaller dips following the GFC (with assistance provided to the housing market by generous first-home buyer incentives).
The research highlights that good investment portfolios are diversified between shares, property investments and cash deposits.
It also shows that holding just one investment propertyis not a good strategy.
Not only is it an illiquid investment, but according to Rismark’s head of research Matthew Hardman, individual properties have had much higher volatility than the overall housing market index “so the risk return proposition is not as good”.
A diversified residential property portfolio of around six properties offers a better risk-return proposition but is a far less liquid investment than shares, which though riskier, can more easily be sold in different quantities if cash is required.
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More liquid shares just outperform property over last 20 years - if you don’t mind the volatility: Rismark study

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Non-major bank lenders accounted for more than a quarter of home loans arranged by AFG mortgage brokers in July.
The latest AFG Mortgage Index shows that non-major lenders have increased their collective share of home loans from 20.7% in March to 26.4% in July - their highest proportion of the market since AFG began reporting this rend in 2010.
‘This figure may seem unexceptional by international standards. But in Australia more than 90% of all home loans are with only four lenders and their subsidiaries," says AFG's head of operations, Mark Hewitt.
"To be seeing competition at this level is encouraging because it offers greater choice and helps keep rates down, both of which are good news for borrowers.
"Non-major lenders have grown market share among borrowers looking to refinance and investors, while maintaining their stronger market share among first home buyers."
However, the first-home buyer market slumped further with AFG reporting that just 11.6% of home loans arranged by its brokers over July were for this segment compared with 12.8% last month and 17.3% a year ago.
Investors accounted for 35.9% of home loans arranged in July with 35.2% being refinanced mortgages.
In total, AFG processed over $3.4 billion of mortgages over July, up 25% over July 2012.
"July is traditionally a quieter month for mortgages than August, and last month’s strong figure reflects reports of active property markets over the winter," says Hewitt.
"However, there is no sign of overheating in the mortgage data.
"The average new home loan last month was $401,000, the same figure as last December.
Loan to value ratios (LVR) remain steady on 68%.
Fixed home loans comprised 29% of all home loans processed by AFG – just below the all time high of 30.7% recorded in April 2013.
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Major banks lose home loan market share as FHBs dwindle: AFG 

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Listed Gold Coast developer Sunland entered into a conditional agreement earlier this month to acquire the first mortgage over Maddison Estate, the flagship residential development of collapsed developer and funder manager LM Investment Management.
Sunland will pay $24.75 million to acquire two unrelated Suncorp mortgages, one over Maddison Estate in Pimpama and another over Brisbane residential development Waterline Estate at Redland Bay.
Waterline Estate is a residential community at Thornlands developed and managed by Queensland developer Heritage Pacific and forms part of its $8 million Waterline Trust.
LM Investment Management, which managed the fund behind Maddison Estate was placed in liquidation by creditors last week.
KordaMentha and its affiliate firm Calibre Capital were <a target="_blank" href="https://www.propertyobserver.com.au/queensland/trustees-appointed-to-gold-coast-based-lm-managed-performance-fund/2013041560407">appointed joint trustees of the $350 million Gold Coast-based LM Managed Performance Fund</a> (LMPF) by the Queensland Supreme Court in mid-April.
The proposed $1.5 billion Maddison Estate project formed part of the LM Managed Performance Fund, which now in the hands of trustees David Winterbottom and Simon Vertullo of KordaMentha.
It is due to feature 1,500 homes.
In a statement Sunland said it intended to appoint the necessary advisers to realise the value of the loans over these developments.
The Gold Coast Bulletin reported that acquisition of the loans would allow for the two developments to proceed with managing director Sahba Abedian saying all possibilities were being reviewed.
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Sunland acquires first mortgage over LM Investment Management’s Maddison Estate 

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Mark Bouris has called for greater transparency in how banks advertise their mortgage rates while claiming the lowest “branch” variable rate of 4.98% through his Yellow Brick Road franchise.
Bouris says banks confuse borrowers by only advertising the discount rather than the actual rate as well as through honeymoon and introductory rate offerings, which revert back to higher variable rates when the introductory term ends.
Yellow Brick Road has begun phasing out its discount variable rate advertising in favour of “true rate” advertising in an effort to present consumers with the real rate that they will pay on their home loan. 
In a statement, the company said that discounting was "originally introduced as a privilege for private banking clients...now this discounting strategy has been adopted by the industry to the point that the discounts have become the stand alone feature in advertising, leaving consumers to dig for the actual interest rate that they will pay". 
“This is a smart strategy for lenders that want to bury their true rate, but it leaves consumers completely in the dark,” says Bouris.
“We’ve received that feedback from our customers and we are taking into account how discount advertising is affecting their borrowing decisions. That’s why we have changed our positioning and are taking the first step towards true rate advertising.”
The banks also have a policy of offering the biggest discounts for borrowers that take out loans of $500,000 or more as well as favouring new customers with bigger discounts.
Yellow Brick Road’s “rate smasher” home loan – a basic home loan - is available for loan amounts from $100,000 to $750,000 but does come with a hefty 30% minimum deposit requirement putting it out of reach of most first-home buyers and aimed squarely at investors or upgraders with equity in their homes.
For loans with more features, Yellow Brick Road’s Empower home loan range charges an interest rate of 5.19% for borrowers with a loan to value ratio of 80% or lower and 5.24% for borrowers that don’t have a 20% deposit.
<img src="/images/stories/2013/larry_uploads/yellow_brick_road.jpg" width="470" height="497" alt="yellow_brick_road">
The cheapest advertised discounted rate of the major banks is <a href="/news">5.28% offered by NAB</a> – an 85 basis point discount off its standard variable rate - but requiring a minimum $500,000 borrowing and currently available for a limited time.
Bouris claims banks deliberately confuse customers and is calling for them to keep people “educated and informed” by being more transparent about the actual rate they pay.
Yellow Brick Road recorded a 9% rise in home loan settlements for the June quarter from its empower home loan – its best quarter in its history with a total mortgage book worth $1.79 billion.
The wealth management franchise recorded a $5.1 million net operating cash flow loss for the 12 months to June 30.
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Banks deliberately burying the true mortgage rate: Mark Bouris

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Australian households' financial comfort levels improved over the first six months of the year with empty nesters the most comfortable and single parents the least comfortable, according to the latest Household Financial Comfort Report from ME Bank. 
Overall, household financial comfort has increased by 4% to an index reading of 5.5 out of 10 - its highest level since the report was first established in October 2011. 
The index, based on a survey of 1,500 households, quantifies how comfortable Australians feel about their household financial situation as well as their expectations and confidence with respect to their finances on a scale of 1 (least comfortable) to 10 (most comfortable).
<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/stories/2013/larry_uploads/ME_BANK_SURVEY.jpg" alt="ME_BANK_SURVEY" width="470" height="175">
“The positive effects from a strong rise in share markets and to a lesser extent the Australian housing market over the past six months have boosted the value of direct investments and superannuation of most households,” says the ME Bank report. 
“Lower borrowing costs have also increased most households’ comfort with their debt burdens and boosted their cash savings. It has also improved their expectations for financial comfort during the next year and in the longer term their standard of living in retirement.” 
However, households remain cautious preferring less riskier investments and keen on saving while there has also been a rise in the proportion of borrowers putting extra money into their mortgage repayments. 
For the first time since the survey was undertaken in October 2011, savers (51%) outnumbered spenders (49%). 
“Households have preferred to pay back debt, with the number of households putting extra money into loan repayments increasing 6% to 56% in the six months to June, while investing in direct shares and bonds remained unchanged at 22% of households,” says Jeff Oughton, ME Bank’s consulting economist. 
“Overall, households’ are most worried about the cost of necessities (52% of households), level of savings and cash on hand (40%), their ability to maintain standard of living in retirement (32%), and the impact of the global economy on Australia (31%).” 
“As the Reserve Bank has continued to cut rates to stimulate the economy, Australians have continued to build a savings buffer and they remain financially cautious.” 
Empty nesters’ showed both the biggest increase in financial comfort over the past six months and the highest overall score of 5.96% - perhaps not surprising given that house prices are rising and interest rates are low. 
Apart from retirees (5% decline), all categories of households recorded an improvement in financial comfort. 
ME Bank attributes the deterioration in comfort of ‘retirees’ as largely reflecting the “negative impact of lower deposit rates on their investments given their relatively high and defensive exposure to bank deposits rather than growth assets such as shares and investment properties”.
“Unlike most other households, retirees have experienced little, if any benefit from lower borrowing rates given a lack of debt. Moreover, the vast majority of their wealth is somewhat illiquid equity in their owner-occupied home.
Perhaps a reflection of lower interest rates, the financial comfort of single parents increased by 8% over the six month period, though they remain the least financially comfortable demographic with a score of 4.89. 
Couples without any children have higher comfort ratings than those with children.
Birdhouse image courtesy of Nannette Turner /flickr.
 
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 Cashed-up empty nesters the most financially comfortable: ME Bank survey

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An unlicensed Melbourne conveyancer operating in Glen Waverley has agreed to stop operating her business and to return all money earned while providing these services.
Thorany Zhang operated HMT Conveyancing Services (Vic) without a conveyancer’s licence as required under the Conveyancers Act from August 2011 until in May 2013, when Consumer Affairs Victoria, became aware of information that she was unlicensed.
She has acknowledged she contravened the Conveyancers Act and Australian Consumer Law (Victoria) and has offered an undertaking to the Acting Director of Consumer Affairs Victoria.
She confirmed that HMT Conveyancing Services had stopped operating.
Zhang gave an undertaking to the Acting Director of Consumer Affairs Victoria that she would:
<ul>
<li>refrain from carrying on a conveyancing business until she is licensed</li>
<li>not advertise or promote herself (or any business she owns, controls or operates) as being licensed to carry on a conveyancing business until it is</li>
<li>within seven days of signing the undertaking, transfer any open conveyancing files to a licensed conveyancer and notify the relevant consumers of the transfer and contact information for the licensed conveyancer</li>
<li>return (within 14 days) all remuneration received for conveyancing work from August 2011 to July 2012 and December 2012 to January 2013</li>
<li>disburse (within seven days) all money held in the HMT Conveyancing Services (Vic) trust account to the appropriate people</li>
<li>notify the Acting Director (in writing) that she has complied with these undertakings</li>
<li>immediately notify the Acting Director (in writing) of any further complaints she receives about HMT Conveyancing Services (Vic).</li>
</ul>
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Unlicensed Melbourne conveyancer stops operating following Consumer Affairs action

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Former Dural mortgage broker Hee Seng Lee, 58, has pleaded guilty to six charges including making false statements and providing false documents to lenders to secure approvals for home loans totalling almost $7.5 million.
He is the third person in the last 12 months to plead guilty to charges brought by ASIC in relation to submitting fraudulent loan applications to lenders.
Five of the charges carry maximum penalties of either 5 years imprisonment or 10 years imprisonment. One carries a fine of up to $11,000 or two years imprisonment, or both Lee submitted the loan applications between April 2006 and March 2011. The 12 applications related to loans ranging from $160,000 to $1.5 million and included applications that were in his name. The false statements related to the income and/or employment of the applicant and the false documents included payslips, taxation returns and notices of assessment purportedly issued by the Australian Tax Office. At the time of the offences Lee was a director of A &amp; H Vision Mortgage Group Pty Ltd which traded as H Lee’s Finance Co and Loan Care &amp; Co.
ASIC cancelled A &amp; H Vision’s Australian Credit Licence on 3 January 2012. 
Lee appeared before the Downing Centre Local Court earlier this week and admitted to providing the applications and supporting documents to the lenders knowing they were false or misleading.
Lee also admitted to one charge of creating false documents.
Lee has been granted conditional bail with a sentence to be handed down in the Sydney District Court on 9 August  The Commonwealth Director of Public Prosecutions is prosecuting the matter.
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Former Sydney mortgage broker pleads guilty to submitting false documents to support $7.5 million in home loan applications

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The federal government has announced that it will charge a 0.05% levy on bank deposits up to $250,000 from January 1 2016.
The levy will be charged to the banks - not savings account holders - but the banking industry has already indicated that costs will be passed on to bank customers.
The Australian Bankers Association hit out at the levy with chief executive Steven Munchenberg calling it “unnecessary” given that Australia has one of the safest banking systems in the world.
Munchenberg told ABC News there was a possibility the levy would be passed on to borrowers
“The problem will be that if we don’t pass it on to those customers with savings, then it will increase the funding costs of banks because we are largely funded through deposits,” he said.
The announcement of the levy was made by federal treasurer Chris Bowen, who said the money would go into a Financial Stability Fund to be used in the event of a bank collapse to protect mum and dad investors.
“It'll be quarantined from the rest of the Budget and just put aside in case there is ever a need with a bank getting into trouble in Australia - bank, a building society or a credit union,” Bowen told Channel Seven.
"It hasn't happened in Australia for quite a while, but we can't be complacent. The Reserve Bank, APRA, ASIC, have all suggested to us that this is a good idea."
It is forecast to raise $733 million in its first 18 months – the money will be counted as revenue in the budget.
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Banks may pass on new government deposit levy to mortgage holders

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Two of the biggest names in construction will disappear following the completion of the restructure of Lend Lease.
Abigroup and Baulderstone will now operate under the Lend Lease brand.
Abigroup, dates back more than 50 years when it was established as Abignano Pty Limited in 1961.
Baulderstone is one of Australia’s largest building and engineering companies and has an even longer history with its establishment dating back to 1926, It has built some of Australia’s most iconic buildings including the heritage-listed Sydney Opera House, Sydney's Anzac Bridge, Brisbane's Story Bridge, Melbourne's Etihad Stadium and Adelaide's Convention Centre.
<a target="_blank" href="https://www.propertyobserver.com.au/industry-news/lend-lease-restructures-business-divisions-with-future-of-abigroup-and-baulderstone-brands-uncertain/2013061662317">In June, Lend Lease announced</a> that it would restructure its construction and infrastructure business with Abigroup and Baulderstone, plus its project management and construction and infrastructure services businesses, to be transformed into three sector-based business divisions - building, engineering and services.
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Abigroup and Baulderstone brand names disappear into restructured Lend Lease

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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