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Gold Coast property developer and mortgage fund manager LM Investment Management has been placed in liquidation.
Creditors voted to wind up the company at a meeting on the Gold Coast yesterday.
“The Administrators have advised that at a creditors meeting held yesterday creditors voted that LM Investment Management Limited (LMIM) be placed into liquidation and that the administrators, Ginette Muller and John Park be appointed the liquidators to wind up the Company,” said a spokesperson for FTI Consulting.
LM Investment Management said it managed around $3 billion of funds under management before it collapsed in March this year with its various mortgage funds promoted in over 70 countries through a network of financial advisers.
However, the book value of LMIM’s assets is just $7.934 million, just a fraction of the  $400 million poured into LM mortgage funds by overseas investors, reported the Gold Coast Bulletin.
Its biggest residential project is the Maddison Estate Development in Pimpama which was lent $249 million through the LM Managed Performance Fund.
Ahead of the creditors meeting, an administrators’ report sent to creditors on July 25 recommended that it would be in the best interests of creditors for the company to be wound up.
“In our view, the winding up of the company is the best option for creditors. If creditors resolve to wind up the company, Liquidators will be appointed to realise the company’s assets for the benefit of creditors,” said of John Park and Ginette Muller of FTI Consulting.
“This option also allows voidable transactions, insolvent trading, breaches of director duties and other offences to be investigated more thoroughly.
“If the company is wound up, creditors with guarantees from the company’s director(s) could pursue the director for those debts immediately.”
FTI Consulting said that at this stage the estimated dividend to creditors for winding up the company is unknown.
“We anticipate a dividend to creditors may be distributed in liquidation, however at this stage we are unable to quantify the amount of such a dividend due to the commercially sensitive nature of the property-related assets of the company and the unknown recoveries in relation to voidable transactions,” the administrators said.
The administrators also said their investigation had found some evidence to indicate that the company may have traded whilst insolvent for a period and entered into certain transaction that may be voidable against a liquidator.
The administrators also said investigations revealed that some LMIM directors may be guilty of various offences committed prior to the appointment of the administrators.
ASIC is seeking orders in the Queensland Supreme Court that liquidators from PricewaterhouseCoopers be appointed to wind up the $326 million LM First Mortgage Income Fund (FMIF).
The fund is the subject of a dispute over who should be the responsible entity. Deutsche Bank appointed receivers from McGrathNicol to manage the fund whilst Trilogy Funds Management Limited seeks control.
Deutsche Bank has provided a line of credit facility worth $25 million to the fund.
A judgement on who should control the fund has not yet been made.
<a target="_blank" href="https://www.propertyobserver.com.au/residential/lmim-founder-peter-drake-under-pressure-to-repay-%2417-million-loan-as-receivers-appointed-to-%24326-million-mortgage-fund/2013071163189">Trustees of the $400 million LM Managed Performance Fund</a> are demanding that group founder Peter Drake pay back more than $17 million in loans.
 
 
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Creditors vote to wind up LM Investment Management with possible action against directors

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While there is no great growth spurt in the property market, Sydney is performing at its best in 20 years says Residex chief executive John Edwards.
Sydney house prices are up 7.37% over the past 12 months to June with a median house price of $715,000 according to Residex calculations.
RP Data-Rismark has a Sydney median house value of $645,000 as of the end of July but almost identical year-on-year growth to July of 7.3%.
“That is the largest rate of growth we have seen in Sydney over the last 20 years and even over the last decade,” Edwards told Peter Switzer on Sky Business.
“You’ve got an 80% clearance rate [in Sydney],” added Edwards.
Sydney's annual growth is more than double the overall market performance with Residex recording 3.48% growth in national house prices over the year to June.
Residex figures show Perth performing even better with an 8.23% rise in its median house price over the past 12 months to $505,500.
RP Data-Rismark figures are similar, recording an 8.8% rise in Perth house values and with an almost identical median of $510,000.
Edwards attributed the rise in Perth to the resources boom and also to miners in the northern regional areas of Western Australia heading back to buy in the capital as the investment boom peaks – Residex records a 3.92% adjustment in regional WA house prices over the past quarter to $335,500 and a 2% fall over June.
Overall, WA mining towns are up just 1.2% over the past year – well below inflation.
Edwards says he expects a “period of adjustment in WA country areas”.
Residex has Melbourne house prices up 4.82% over the year to June to $582,500 with Edwards saying he was a little bit bemused as to the Melbourne performance.
“I don’t know quite what is going on there,” he told Peter Switzer.
RP Data-Rismark records similar annual growth for Melbourne, up 4.4% to July with a median house value of $530,000.
He has Brisbane up 6.37% over the past year to a median house price of $439,000 – out of synch with RP Data-Rismark which records annual growth to July of just 1% though with a similar median of $450,000
Edwards said the major regional cities in Queensland are doing rather well as are those more reliant on tourism such as Cairns, given the fall in the dollar.
“Mackay is suffering because the mining boom has come off, but it suffers less than Gladstone, because it has some offset through tourism,” he says.
Residex has the unit market not doing as well as houses up just 1.26% over the past year to June with Perth strongest at 5.43% and a median of $444,000 with more modest growth in Sydney (2.29%) and Melbourne (1.87%).
Brisbane unit prices fell 0.85% over the past 12 months but are up 0.8% over the June quarter, with Edwards suggesting the market may be “starting to come out of its slump”.
The relatively poor performance of units, says Edwards, is a function of supply “being brought too easily on to the market”
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Sydney housing market strongest in last 20 years: Residex

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Home buyer confidence has rebounded significantly and is now at its highest level since lenders mortgage insurance (LMI) provider Genworth began surveying mortgage holders in 2007.
The latest Homebuyer Confidence Index, based on a survey of 2,124 mortgage holders, jumped from an index reading of 93.4 in March 2013 to 100.1 at the end of July 2013.
What this means is that confidence about the housing market has rebounded to what it was before the 2008 global financial crisis.
"The spike in consumer confidence recorded since March was driven by a 37% decrease in the proportion of surveyed borrowers who expected to experience mortgage stress over the next 12 months,” said Genworth’s chief commercial Officer, Bridget Sakr.
<img alt="GENWORTH_TRENDS" height="181" width="470" src="/images/stories/2013/larry_uploads/GENWORTH_TRENDS.jpg">
“It appears that consumers are becoming more confident about making repayments, with the index showing that 29% of homeowners expected interest rates to decrease over the next 12 months – compared to 12% who held this expectation in March."
The index is compiled based on mortgage holders responses to questions about  the proportion of monthly income used to service debts, the maximum loan-to-valuation ratio they are comfortable borrowing at, their repayment history over the last 12 months, their repayment expectations for the next twelve months, and whether they believe that now is a good time to buy a home.
It found that 32% of mortgage holders are comfortable with borrowing more than 80% of the value of the property they are purchasing – the point at which lenders mortgage insurance is usually payable – compared with 28% in the March quarter.
Only 17% of respondents expect to experience mortgage stress over the next 12 months compared with 27% in the last quarter, while the proportion who said they were currently experiencing mortgage stress fell from 23% to 17%.
Mortgage stress fears are greatest in WA (21%) and South Australia (19%) and lowest in NSW (15%) which also experienced the largest fall of the quarter with a reading of 29% three months ago.
“The latest Genworth Homebuyer Confidence Index suggests that homeowners realise that current market conditions – particularly historically low interest rates – make buying property and servicing a mortgage a more attractive proposition than it’s been for a number of years,” says Sakr.
“However, affordability remains a challenge for those yet to enter the market, with 70% of non-property owners believing the dream of homeownership to be unrealistic.”
There was no change in the proportion of respondents who believe now is a good time to buy at 47%, but improvements in NSW (up from 43% to 46%), Queensland (53% to 54%) and South Australia (40% to 46%).
Only 43% of WA mortgage holders believe now is a good time buy – down from 49% from March, a sign of the impact of the mining investment reaching its peak.
Australian suburb picture courtesy of Orin Zebest.
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Home buyer confidence among borrowers at highest level for six years: Genworth

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Financial stress levels are rising among Australian households despite low interest rates, according to the latest financial Wellbeing Index compiled by ING Direct.
The index declined from 108.2 in the first quarter of 2013 to 10.7.8 in the second quarter with financial wellbeing declining in every star except for Western Australia.
Around 83% of the 1,030 households surveyed between 4 July and 9 July 2013 reported that living costs had increased by an average of $43 per week over the past 12 months.
However, comfort with home loans continues to enjoy the highest reading across all six financial indicators with a second quarter score of 5.73 – a slight improvement on the first quarter reading of 5.67 and a further advance on the fourth quarter of 2012 of 5.64.
Responses were recorded on a scale from 1 (‘veryuncomfortable’) to 7(‘very comfortable’).
Mortgage comfort levels are highest in NSW/ACT (5.75) followed by WA (5.58), South Australian (5.44), Victoria (5.21) and Queensland (5.10).
A further sign of mortgage comfortableness, 43% of households surveyed said they were ahead with their loan, up from 39% in the first quarter of the year.
More than half of WA respondents (51%) said they were ahead on their mortgage repayments.
Howerver, long term assets including housing investments continue to be a weak spot in household financial wellbeing.
One in three (32%) households are uncomfortable with their long term investments with the reading on this measure dropping  slightly from 3.5 in the first quarter to 3.48.
The results of the survey also demonstrate the current savings culture with one in four (26%) getting more pleasure from saving than treating themselves to a special purchase (21%). 
And 17% would rather pay off debt than buy gifts for friends or family (10%).
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Australian households more financially stressed but not from mortgage repayments: ING Direct Wellbeing index

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A slowing economy and shrinking white collar jobs market has pushed the national office vacancy rate into double figures for the first time since July 1999.
The national office vacancy rate increased from 8.4% to 10.1% over the first six months of 2013 with an additional 126,000 square metres of CBD office space becoming vacant over this period, according to the latest Property Council of Australia office market report.
Including fringe office markets - some of which performed better than their CBD counterparts - total net absorption (the amount of space leased minus the amount of space vacated) was negative 172,000 - the lowest since July 2009.
<img alt="office_market" src="/images/stories/2013/larry_uploads/office_market.jpg" width="470" height="201">
“There is no surprise that weak office space demand mirrors Australia’s lacklustre economic fundamentals,” says PCA chief executive Peter Verwer.
“Stubbornly low business and consumer confidence is impeding job growth and new investment, which translates into dwindling demand for office space.
“The decline in white collar jobs growth to a third of the level experienced prior to the GFC has severely blunted demand and business expansion plans.”
However, according to Colliers International's director of office leasing, Simon Hunt, there is no need to hit the panic button with a low supply environment forecast post 2013 due to a shift in global economic sentiment which will flow through to Australian office markets.
"The forecast for the next 12 months is for just over 93,000 square metres of new supply added to Australia’s CBD office markets (of which approximately 66,000 square metres or 71%, is pre-committed), and only 152,000 square metres (approxiametely)  for the whole of 2014 (of which 95,760 square metres, or 63%, is pre-committed). 
“To put this in perspective, during the first six months of 2013, Melbourne added a substantial 165,000 square metres of which approximately 140,000 square metres was pre-committed.
"In comparison, Sydney had just 54,000 square metres (of which 97%, or just over 52,000 square metres, was pre-committed).
“Long term trends indicate that in cycles when we see limited supply, a decline in vacancy is also observed.”
The biggest spike over the first half of the year was in the Brisbane CBD where the office vacancy rate increased from 9.3% to 12.8% and with the city accounting for more than half (64,000 square metres) of the negative net absorption of CBD office space over the half year.
<img alt="office_market_pca" src="/images/stories/2013/larry_uploads/office_market_pca.jpg" width="470" height="294">
PCA chief executive Peter Verwer attributed the rise in the Brisbane vacancy rate due to “slowing population growth, an inert resource sector and competition from the Brisbane Fringe market”.
Vacancy in Brisbane’s fringe market also increased from 9.6% to 11.8%, largely the result of supply additions of 52,182 square metres – but is now a full percentage point below that of the CBD market.
The vacancy rate in Chermside in Brisbane north is around 7% with many fringe markets performing better than their big CBD counterparts.
The Sydney CBD vacancy rate increased from 7.2% to 8.9% over the first six months of the year with the premium end of the market, the only grade of assets to record positive demand.
The vacancy rate is below 8% in Parramatta and North Ryde, at or just above 10% in Chatswood and North Sydney, with the highest vacancy rate in Crow’s Nest at just below 12%.
Melbourne was the strongest office market over the first half of the year with a negative net absorption of less than 4,000 square metres despite 168,000 square metres of new office space becoming available to lease.
More than 72,000 square metres of office space was taken up in the Melbourne CBD over the six month period.
“During the first half of 2013, supply additions grew by more than two and a half times the historical average at 167,621 square metres leading to a modest rise in Melbourne’s vacancy rates. Yet despite this, Premium and A Grade stock experienced positive demand,” says Victorian executive director of the Property Council, Jennifer Cunich.
“North Eastern and Docklands precincts also performed strongly leading the way with a vacancy rate less than a third of the Melbourne CBD average. These results reflect the strong fundamentals unpinning Melbourne’s expanding office market.”
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National office vacancy rate hits 10% for first time since 1999: PCA

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Capital city dwelling values have risen 3.5% over the past two months with RP Data-Rismark recording a further 1.6% rise in July on top of a 1.9% rise in June.
It follows a mid-year slip with a 1.7% decline recorded over April and May.
This takes the cumulative recovery in residential home values to 6.5% since the market bottomed out in May last year with a national median dwelling value now at $488,000.
Melbourne was the strongest performer among the big city markets with a 2.3% rise in dwelling values to $492,000 followed by Sydney (up 2% to $570,000) and Perth (up 1.6% to $494,600).
Adelaide’s property market continued to slowly decline with dwelling values falling 1.5% over July to $382,000 making it the weakest performing market over the quarter with a 3.1% fall.
Another weak market is Brisbane with almost no change in dwelling values over July (up 0.1%) and little change over the past year (up 0.8%) with a median of $429,000.
“Despite the strong headline, the market remains somewhat of a mixed bag,” says RP Data research director Tim Lawless.
“The housing market is being buoyed by very positive conditions in Sydney, Perth and to a lesser extent Melbourne.
“At the other end of the scale you have cities like Adelaide, Brisbane and more recently Darwin where conditions are more sedate with dwelling values slipping lower over the past quarter,” he says.
Perth is the best performing capital city for the July quarter (up 4.4%) and over the past year (up 8.3%).
Sydney dwelling values are up 4.4% for the quarter and 6.5% year-on-year with Melbourne up 4.3% year-on-year.
Perth is also delivering the strongest returns to investors with a total gross return - capital gains and gross rental yields – of 13.3% - followed by Sydney (11.2%) Canberra (9.1%) and Melbourne (8.2%).
“By including rental yields in our assessment of the housing market, some clarity is provided as to why investors are becoming so active,” says Lawless.
“The RP Data-Rismark Accumulation Index, which factors in both capital gains and gross rental yields, is up 9.4% over the past year.
“As noted by RBA Governor Glenn Stevens earlier this week, with an easing in monetary policy one of the expected and intended effects will be that people start to shift their portfolios away from the less risky assets such as cash and in the direction of holding equities and physical assets such as property,” he says.
Among the smaller capital city markets, Canberra recorded a 2.5% rise with its median dwelling value recorded at exactly $500,000 while Darwin recorded a 2% rise to $490,000.
Lawless notes that each of the vendor metrics published by RP Data-Rismark has continued to strengthen over the month.
“A typical capital city dwelling is selling in just 45 days compared with 59 days at the same time a year ago.
“Vendors are discounting their prices less and clearance rates remain close to 80% in Sydney and slightly lower in Melbourne.
“With the housing market once again showing solid capital gains and rents also rising, the issue of housing affordability is likely to begin attracting more attention.
“The recent housing market correction which bottomed in May 2012, where values were down 7.4% from peak to trough across the combined capital cities, together with mortgage rates moving to historically low levels, delivered substantial affordability improvements for Australian housing.
“However, with Sydney, Perth and Canberra values now back at record high levels and some other capital cities not far off their previous peaks, there are likely to be a growing number of households who find it challenging to enter the housing market,” he says.
The index is calculated using recent sales data combined with information about the attributes of individual properties such as the number of bedrooms and bathrooms, land area and geographical context of the dwelling.
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“Mixed bag” housing market gains momentum with 1.6% rise over July: RP Data-Rismark

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Small investors looking for a near double-digit annual return on $500,000 could consider a tenanted warehouse in Brisbane.
Recently, a large office/warehouse located in the Morningside Industrial Precinct in Brisbane’s east sold to a private investor for $520,000. 
The property, situated at 2A/65 Riverside Place, Morningside, was marketed exclusively by Alex Smith and Stephen Ferguson of Ray White Industrial Milton. 
The 302 square metre property is occupied by independent security and automation company Kobe Integrated Technology.
Kobe Integrated Technology has taken out a two year lease with a further two year option at a gross rental industry sources estimate to be around $46,810 per annum.
This translates into a gross yield of around 9%.
Stephen Ferguson said the facility attracted a number of potential investors because of its versatility and prime location and attractive yield. 
“The site allows for ease of access to and from the Gateway Motorway, which services the ever-growing south-east Queensland corner and links Brisbane with the Sunshine Coast and Gold Coast,” he said. 
“In regards to the Brisbane CBD, it is within 10km, while the Brisbane Airport and Port of Brisbane are also close by.”
 
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Brisbane warehouses offer 9% yields for $500,000 investment

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The dominance of property investors over owner-occupiers has been confirmed in the latest RBA credit data for June.
It shows there was a 0.6% rise in credit provided for investor housing in June, double the 0.3% rise in credit provided for owner-occupiers.
For the 12 months ending June 2013, credit provided for investors has risen 5.7% - the highest annual growth rate since July 2011 (when annualised growth was 5.9%),
Annualised growth in loans to owner occupiers remains lacklustre at just 4.1%
Overall, housing credit provided by lenders rose 0.4% over June to be up 4.6% over the past 12 months.
Other personal credit increased by 0.2% over June after decreasing by 0.1% over May to be up 0.2% over the past 12 months.
Business credit rose by 0.5% over June after increasing by 0.2% over May. Over the year to June, business credit rose by 0.9%.
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Home lending to investors surges to highest growth rate in two years in June: RBA

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The cash rate will fall to a low of 2.25% before the end of the year says NAB chief economist Alan Oster.
NAB is forecasting two rate cuts - one in August and now an additional one possibly in November if not sooner -  following a more "sober and realistic" outlook from RBA governor Glenn Stevens.
All the major banks expect a rate cut next week with <a target="_blank" href="/news">ANZ changing its forecast from November to August.</a>
"Until yesterday the RBA had been expressing optimism about other drivers of growth picking up," says Oster.
"Yesterday Glenn Stevens provided a much more sober and realistic outlook, suggesting that the economy cannot rely on housing and consumption to plug the growth hole.  This is in line with our forecasts and suggests that having recognised the reality of lower growth with benign inflation more rate cuts are likely. 

"We had already been forecasting a 25 basis points rate cut in August to 2.5% and with the governor giving the green light for lower interest rates this now looks a sure thing.  
"We now also expect an additional 25 basis point cut to 2.25% before year end – most likely in November after the third quarter CPI although it could be earlier.  
"Beyond this, we expect the Australian economy will continue to grow below trend, income growth to be weak, and the unemployment rate to rise to and possibly above 6.25%.  
"So the RBA will retain a bias to ease well into 2014 and a cash rate below 2¼% remains a real possibility."
<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 tips two RBA cash rate cuts in August and November

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ANZ has shifted its expectations of an RBA rate cut from November to August following yesterday's speech by RBA governor Glenn Stevens.
It brings it into line with the views of most economists as well as the three other major banks.
"[Yesterday's] speech...provided a relatively downbeat view on the Australian economy, and more so than recent communications from the Bank," says Ivan Colhoun, chief economist for Australia at ANZ.
"We now expect the Bank to lower the cash rate by 25 basis points next Tuesday and for the bias to remain for lower rates.
"We had held the view that the August cash rate decision would be a close one but upon reflection and following <a target="_blank" href="https://www.propertyobserver.com.au/residential/rba-boss-glenn-stevens-dampens-expectations-for-strong-house-price-growth/2013073063674?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news">yesterday's dovish speech by Governor Stevens</a> we have brought forward the cut we had pencilled in for November.
"While we will weigh up the medium-term monetary policy outlook in due course, absent a solid pick-up in business and consumer confidence and non-mining-related spending our view is that the bias remains for a lower cash rate from here, although a lower Australian dollar would also be helpful.
Yesterday the Australian dollar fell almost 1 cent to US$0.9070 and is currently trading at US$0.9030.
Colhoun notes that the implied probability of a rate cut in August increased to around 90% following the Governor’s comments from roughly 75% beforehand.
<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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ANZ revises RBA interest rate cut forecast from November to August 

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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