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Melbourne was the strongest performing capital city housing market over the June quarter with house prices rising 5% to $553,447 to sit just 1.4% below their previous peak recorded in June 2010, according to figures compiled by Australian Property Monitors (APM).
Sydney, Perth and Canberra all recorded record-high median house prices over June.
However, the results suggest a two-speed housing market. with little momentum in house prices recorded for Brisbane, Adelaide and Hobart.
The “volatile” Darwin housing market fell by 2.1% in the June quarter – the only capital city housing market to record a fall in its median house price over this period.
The overall result was a 2.8% rise in the national house price over the June quarter - the best result since March 2010.
It was also the third consecutive quarterly rise in the national house price, which at $564,325 is now at an all-time high and according to APM, and has "clearly fully recovered from the correction phase of 2011".
<img alt="APM_june_quarter" src="/images/stories/2013/APM_june_quarter.jpg" width="470" height="275">
APM has Melbourne house prices up 5% to a median of $553,447 from $527,245 in the March quarter and up 6.1% year-on-year.
This follows substantial downward revisions of the previous March quarter Melbourne median house price of $538,922.
Had the figure not been revised, Melbourne house prices would have gained around 2.6% over the quarter.
It follows the Real Estate Institute of Victoria (REIV) recording a much more modest 2.4% rise in Melbourne house over the same time frame, but also only possible due to a preliminary March median house price being revised down sharply from $561,500 to $549,000.
However, the REIV has a stronger annual gain of 8.4% for Melbourne house prices compared with 6.1% rise recorded by APM.
Perth was the next strongest performer over the quarter with its median house price rising 3.2% to $584,487 andis  also the strongest performer over the year with a 7.5% gain.
There was a small upward revision in the Perth March quarter median from $565,152 to $566,601.
APM has Sydney house prices up 2.7% over the quarter and 6.1% over the year to a median of $694,064 from $672,209 in the March quarter, slightly down on an earlier March figure of $673,681.
Canberra was the only other capital city to record a noteworthy rise in its median house price – up 1.8% from $565,969 in March to $576,248 in June. APM had advised a previous March quarter median of $567,768.
“Australian housing markets have recorded significant rises in house prices over the June quarter, propelled by the lowest interest rates in decades, rising confidence and continued generally solid economic performances,” says Andrew Wilson, senior economist at APM.
“Buyer activity in most capital city housing markets is now charging towards record levels with the fastest prices growth since the government-stimulated house price boom of 2009 and 2010.”
He notes that buyer activity in Melbourne is “consistently solid through most price brackets, buyer types and suburban regions”.
“The results in Sydney and Melbourne are not surprising and are in line with previous forecasts and analysis, particularly with reference to price growth correlation with auction clearance rate data which has proven to be an accurate guide to the general level of house and unit prices growth in those markets.
“Other indicators including ABS housing loan data also provided solid guides to the June quarter house price outcomes,” he says.
“The Brisbane market continues to consistently record quarterly house price growth albeit at a slow pace with buyer activity impeded by a still underperforming local economy.
Wilson says Perth’s housing market continues to surge on the back of “high levels of immigration and a still strong local economy”.
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Revisions help Melbourne house prices rise 5% in June quarter as Sydney, Perth and Canberra record new peaks: APM

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The capital city unit market rose 2% over the June quarter with the median price of an apartment rising from $419,090 in March to $427,573.
The results reveal a patchy, fragmented unit market with four cities – Melbourne, Sydney, Perth and Adelaide - recording gains over June, but three – Brisbane, Canberra and Hobart - recording falls with no change in Darwin, according to Australian Property Monitors (APM) data.
There was a small upward revision to the March quarter median from a previously reported $417,723.
A notably weak market over the quarter was Brisbane with unit prices falling 2.4% over the quarter from $355,589 to $346,964 to be down 4.4% year-on-year.
<img height="276" width="470" src="/images/stories/2013/larry_uploads/apm_units.jpg" alt="apm_units">
It is the third successive quarter that Brisbane unit prices have fallen.
APM senior economist Andrew Wilson says the “significant” fall in the June quarter in Brisbane “may indicate an emerging oversupply of new inner-city apartments”.
The weakest unit market was Hobart with prices falling 7.3% over the quarter from $271,776 in March to $252,050 in June.
Canberra unit prices fell by 1.3%.
In line with its strong detached housing market performance, Melbourne was also the strongest unit market over the quarter with APM recording Melbourne unit prices up 3.7% over the quarter to a median of $411,714 from $395,015 to be up 4.2% year-on-year.
This follows the previous March quarter median being strongly upwardly revised from $402,197.
Year-on-year, Darwin has been the strongest performer with a 10.3% rise in its median unit price to $425,949 followed by Perth (up 9.3% to $387,798) , Sydney (up 4.9% to $491,845) and Melbourne (up 4.2% to $411,714).
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Possible oversupply of inner Brisbane units push prices down 2.4% in June quarter: APM

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The June quarter inflation data has provided no certainty of the RBA cutting the cash rate on August 6, but most economists seem to think the odds of a cut are pretty good.
For those who missed it, headline inflation rose 0.4% over the June quarter – more or less in line with forecasts – to leave inflation up 2.4% on an annualised basis. 
This leave the inflation rate well within the RBA’s target band of 2% to 3% but as economists point out, the RBA is not all that interested in the headline rate, but in the underlying or core inflation rate, which strips out volatile components of the consumer price index and gives a more accurate, seasonally adjusted reading. 
HSBC chief economist Paul Bloxham says the RBA's preferred underlying measure, the trimmed mean, was up 0.5% in the quarter (in line with the market and HSBC) with the year-on-year rate up 2.2%, slightly above the 2.1% expected by the market. 
He tips a rate cut in August due to the local economy growing below trend and the RBA "still seemingly looking for the Australian dollar to fall a bit further". 
Other economists have a quarterly underlying inflation reading of 0.6% putting inflation up between 2.4% and 2.5% through the year. 
The bottom line appears to be that inflation is well contained and within the 2% to 3% target band providing scope for a rate cut if needed. 
Bloxham’s confidence aside, if borrowers want certainty on the August 6 decision, they may have to wait until 2.30pm on August 6, when the official announcement will be made. 
CommSec economist Savanth Sebastian calls the decision a “coin toss” noting that “financial markets see a 56% chance of a rate cut”. 
CommSec has pencilled in a rate cut – not inked in, mind you - with Sebastian saying the latest data “keeps the door open to a rate cut should it become necessary”. 
Westpac economist Justin Smirk observers that the June inflation number “should not stand in the way of an RBA cut” but this requires that the RBA agrees with the banks’s view “that the real economy is in need of further stimulus”. 
“With the Bank now likely to cut its growth forecast in 2014 to 2.75% (from 3% with Westpac at 2.5%) recognition that growth in the next year will be below trend challenges a central bank to provide more stimulus if allowed by the outlook for inflation - this report does not indicate that inflation is a constraint,” he says. 
AMP Capital chief economist Shane Oliver appears somewhat more certain of a rate cut in August noting that while “tradable inflation rose 0.3% in the June quarter possibly reflecting the recent fall in the Australian dollar, non-tradeable inflation only rose 0.5%” 
“Moreover the lack of pricing power in the economy was highlighted by the just 1.5% annual increase in the price of goods and services in the market sector of the economy (after excluding volatile items).
“The bottom line is that inflation is comfortably contained in the RBA's 2% to 3% inflation target range and we view the benign outcome as clearing the way for the RBA to cut interest rates again next month. 
However, ANZ is sticking with its November timeframe for the next rate cut with Riki Polygenis, senior economist at the bank, noting that while the RBA would not be overly concerned with the June quarter figures, “they do reduce the probability of an August rate cut at the margin”. 
“We still envisage a relatively subdued inflation outlook given the generally weak demand environment and slowing unit labour costs growth. 
“In addition, inflation is a lagging indicator, and more timely indicators of demand will be receiving just as much focus. 
“The possibility of a late August election is also a complicating factor."
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Inflation reading leaves door open for cash rate cut but decision “the toss of a coin”: CommSec

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More than a quarter of space (26%)  in Australand’s flagship Melbourne CBD office development, 357 Collins Street, remains vacant with the property group reporting an overall rise in its $1.1 billion office portfolio vacancy rate from 5.1% in December to 8.4% as of July.
The rise in the office vacancy rate was revealed as part of half-year results to June 30 with Australand after tax profits down 1%.
It is in line with CBD  office vacancy rates rising across Melbourne and othe capital cities with Jones Lang LaSalle recorded negative net absorption of -191,900 square metres in the June quarter and<a target="_blank" href="https://www.propertyobserver.com.au/office/national-cbd-office-vacancy-rates-rises-to-109-chart-of-the-week/2013071663287"> a rise in the national CBD office market vacancy rate to 10.9%.</a>
JLL recorded a 10% vacancy rate for Melbourne over the June quarter, the first time the city's CBD office market has moved above 10%  in the current cycle.
357 Collins Street, the redeveloped former stock exchange building, which stood empty for nearly two decades as the tallest vacant building in the city, was completed late last year.
It offers 30,000 square metres of office space plus a retail arcade and makes up 8.4% of Australand total investment assets, and around 17% of the total $1.1 Australand office portfolio.
Its major tenants are the Commonwealth Bank and specialist telecoms construction firm Service Stream, involved in a National Broadband Network joint venture project.
The office tower has a book value of $195 million and is 100% owned by Australand.
Other office building within the  Australand portfolio that have vacant space include the 17,000 square metre A grade building ‘F’ on Homebush Bay Drive in Rhodes, which has more than a third of its office space (37%) available for lease. It was completed earlier this year.
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Still plenty of space at 357 Collins Street as Australand office vacancy rate rises to 8.4%

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The Commonwealth Bank has submitted “highly conditional” proposals to bring management of its $12 billion listed property trusts CFS Retail Property Trust and the Commonwealth Property Office Fund in-house.
Both are currently managed by the bank’s wealth arm Colonial First State Global Asset Management.
Offers to internalise both listed property trusts have been received by the responsible entity of the two funds, Commonwealth Managed Investments Limited (CMIL).
It described the offer as a “highly condition, indicative and incomplete".
A sub-committee of CMIL independent directors has been established to consider the proposal.
Approval of unitholders in the trusts is required for proposal to proceed.
“The Board of CMIL can give no assurance that the proposal or any other transaction will proceed,” said company secretary Michelle Brady.
Last week it was announced that the Pacific Retail REIT, had agreed to buy four Victorian shopping centres, worth $446.5 million from the CFS Retail Property Trust.
The Commonwealth Bank has also made a similar proposal to internalise the management of the Kiwi Income Property Trust
The Australian Financial Review notes that Commonwealth Bank is the last of the major banks to retain a direct real estate exposure following ING Macquarie and Westpac’s exit from this space.
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Commonwealth Bank makes offer to bring listed office and retail property funds in-house

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Headline inflation increased by 0.4% in the June quarter, in line or just below economists’ forecasts to be up 2.4% through the year.
The modest increase leaves room for the RBA to cut the cash rate on August 6 should it deem it necessary.
The most significant price rises in the June quarter 2013 were for medical and hospital services (+3.4%), tobacco (+3.0%), new dwelling purchase by owner–occupiers (0.9%), furniture (+4.8%) and rents (+1.1%).The most significant offsetting price falls were for domestic holiday travel and accommodation (–4.0%) and automotive fuel (–3.1%).
The June rise follows the Consumer Price Index (CPI) rising 0.4% in the March quarter 2013, compared with a rise of 0.2% in the December quarter 2012.
ANZ had forecast headline CPI to be 0.4% quarter-on-quarter and up 2.4% on an annual basis.
NAB’s forecast was for a “soft result” of a 0.5% increase (2.5% through the year) largely reflecting seasonal weakness in a number of the CPI components, including housing, education and medical costs.
While the headline rate will act as a guide, economists and the RBA will look more closely at underlying inflation rate – computed differently by economists - which excludes components of CPI whose prices are directly influenced by highly volatile, seasonal or policy factors.
Economist Stephen Koukoulas computes underlying inflation at 2.4% through the year - well within the RBA's target band of 2% to 3%.
The Commonwealth Bank has underlying inflation up 2.5% through the year - up 0.5% for the quarter.
NAB forecast underlying inflation in the June quarter to be 0.6% (2.4% through the year), “a little stronger than the March quarter outcome but still well within the RBA’s comfort zone”.
“For the RBA, an outcome of 0.6% for underlying inflation would probably not stop the Board from easing in August, but any higher might cause them to wait.  On balance, we still expect an August rate cut,” said NAB chief economist Alan Oster.
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Inflation up a low 0.4% in June quarter leaving scope for RBA to cut rates on August 6

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Sydney’s Wolli Creek and Melbourne’s Parkville were among strong off-the-plan sellers as listed property group, Australand forecast an improved residential performance in second half of 2013.
Australand half-year after-tax profits dipped 1% to $88.4 million for the six months to June 30 due to a lower contribution from its residential division.
Revenue from its residential business fell from $260 million to $192 million as lot sales fell from 489 to 409.
The share price fell 3 cents to $3.47 following the drop in earnings having fallen 11 cents yesterday following the decision by its majority shareholder CapitaLand not to sell its stake after failing to secure an acceptable offer.
“As flagged to the market in February, the lower first half operating profit result was driven by a lower contribution from the residential division given the expected completion of a number of built form projects in the second half,” said Australand managing director Bob Johnston.
“The group, however, expects to deliver growth in operation earnings for the full year of 3% to 4% with a stronger performance expected during the second half of 2013 supported by secured residential sales and the industrial developments currently underway,” he said.
Residential sales contracts on hand increased from 1,316 to 1,793 driven by a strong pick-up across some of its Sydney projects and also a solid performance across its Victorian apartment and house and land developments.
More than half of these contracts (51%) are expected to settle in the second half of 2013 and a third in 2014.
In NSW, contracts on hand increased from 543 as of December 2012 to 905 as of June 2013
The top seller over the six months period was its Discovery Point development at Wolli Creek in Sydney’s inner south, which recorded 179 off-the-plan apartment sales.
One bedroom apartments start from $410,000 with two-bedroom apartments priced from two-bedroom apartments priced from $555,000.
NSW accounted for 22% of Australand's residential business with strong pre-sales over the half-year attributed to products being priced around the median price point.
Australand is heavily exposed to the Victorian residential development sector with 58% of its projects located in the state.
It recorded a rise in contracts on hand in Victoria from 346  in December 2012 to 508 as of June 2013 with improved land sales activity following the re-introduction of first-home buyer incentives for new homes as well as the enhanced National Rental Affordability Scheme (NRAS) expected to assist in the recovery.
Sales were steady in apartment developments with its Lume Carlton project managing 72 sales and 32 sales recorded at Parkville.
Carlton sales total 117 with contracts on hand worth $65 million.
In total 58 contracts worth $29 million have been secured at Parkville, a joint venture with Citta Property, with one bedroom apartments priced from $370,000.
Australand also reported improved trading conditions in Brisbane as affordability and interstate migration levels recover, however the Gold Coast and Sunshine Coast discretionary markets remain “challenging”.
Activity levels improved in WA with rising rents driving tenants to become owner occupiers.
There were 68 lands sales at Byford and stage two of  Cockburn Central project at Kingston is now 95% pre-sold.
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Sydney’s Wolli Creek and Melbourne’s Parkville among strong performers as Australand forecasts improved residential performance in second half of 2013

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More than a quarter (28%) of distressed commercial properties listings over the June quarter were residential development sites, according to the latest LandMark White Forced Sales Monitor.
The next highest proportion were industrial properties (19%) followed by leisure (13%) – hotels, resorts and other accommodation providers.
The monitor tracks the proportion of commercial properties listed for sale by mortgagees, receivers or liquidators on the Eastern seaboard.
The report notes that majority of listed receivers’ stocks was found in regional rather than metropolitan areas, with the regional share at 64% in the June quarter. Over the year to date, the split was 75% regional to 25% metropolitan areas
The high proportion of forced sales of residential development sites - many in regional areas - comes at the same time as a rising numbers of small debenture investors are caught out by non-bank lenders that have on-lent their funds as mortgages over risky residential development projects.
<img src="/images/stories/2013/larry_uploads/LMW_forced_sales.jpg" width="470" height="308" alt="LMW_forced_sales">
The most recent to run into trouble was <a href="/news">Victorian-based Gippsland Secured investments (GSI), where $154 million of funds have been frozen.</a>
Other non-bank collapses – LM Investment Management, Provident Capital, Banksia and Wickham Securities – all provided funding to residential development projects, often as lender of last resort charging very high interest rates.
Overall the proportion of properties listed as distressed sales was unchanged at 23% over the June quarter - below expectations of a pick-up in distressed listings - with Queensland accounting for more than half of these (57%) followed by NSW (26%) and Victoria (7%).
Ross Horsley, research manager at LandMark White notes that it was the fifth time in seven quarters that more than half of all distressed listings were in Queensland.
The New South Wales share of distressed listings increased from 9% in the March quarter to 26% in the June quarter taking its annual share to 19%.
The Victorian share of receiver sales listings dropped to 7% in the June quarter, from 15% in the March quarter.
“The garden state recorded its lowest number in the series so far, with only seven commercial properties being advertised on behalf of receivers,” says Horsley.
He points out while an expected rise in distressed listing did not eventuate and is a positive sign for the commercial property market, “the fact that there was a relatively small number of properties advertised at all meant that the distressed share of the market remained close to one in four, at 23%”.
“With this drop in both distressed and ‘normal’ volumes, the latest results are open to interpretation.
“A positive view is that the lower number of distressed listings means that the mortgagees and receivers have worked through their stock and there should be fewer forced sales going forward. And, the reason there were fewer total listings is because owners are under less pressure thanks to the low interest rates, so they can wait for an improved market to sell. With less available stock and a lower proportion of distressed stock, the market will finally have a chance to strengthen.
“However, the opposite view is that the drop in total listings is a sign that the commercial property market is stalling from a very slow pace, and, the reason the distressed numbers are also falling is not because of a lack of stock, but because receivers and mortgagees are releasing only as much as they feel the market can absorb.
“On the evidence of the Forced Sales Monitor, that saturation level appears to be around 25%, and with this constant level of distressed stock and only those owners under pressure to sell doing so, the market will soften further,” he says.
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Residential development sites remain riskiest investments with one in four “distressed”: LMW monitor

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A roof garden, a boutique hotel and retail destination, a vaulted ceiling flowing into a plaza and amphitheatre with a new art gallery, a pattern of bridges and underpasses, a glass lattice roof and multi-level urban park are all key components of the six shortlisted design concepts for the redevelopment of Flinders Street Station in the heart of Melbourne.
The schemes are as diverse as they are grand incorporating heritage elements of the 1909-built station with new functions.
The <a target="_blank" href="https://vote.majorprojects.vic.gov.au/">public has been asked to vote</a> on the six design concepts and, while the results of the public vote will not determine the final design plans, public views will be taken into account when a final scheme is decided upon by the Victorian government.
Designs are to be rated on their overall design merit, transport function, cultural heritage and iconic status and urban design and precinct integration.
The six shortlisted architectural and design practices are (click on links to see each proposal):
<ul>
<li>
<a target="_blank" href="https://vote.majorprojects.vic.gov.au/entrant/ashton-raggatt-mcdougall">Ashton Raggatt McDougall </a> - Melbourne (roof garden concept)</li>
</ul>
 {yoogallery src=[images/stories/2013/07/july24flinders1]} <ul></ul>
<ul>
<li>
<a href="https://vote.majorprojects.vic.gov.au/entrant/zaha-hadid-architecture-bvn-architecture">Zaha Hadid Architecture &amp; BVN Architecture</a> – UK and Melbourne (boutique hotel, office and retail )</li>
</ul>
 {yoogallery src=[images/stories/2013/07/july24flinders2]} <ul>
<li>
<a href="https://vote.majorprojects.vic.gov.au/entrant/hassell-herzog-de-meuron">Hassell + Herzog  &amp; De Meuron</a> – Melbourne and Switzerland (vaulted ceiling flowing into a plaza and amphitheatre) 
</li>
</ul>
{yoogallery src=[images/stories/2013/07/july24flinders3]}
 
 
<hr class="system-pagebreak">
 
<ul></ul>
<ul>
<li>
<a href="https://vote.majorprojects.vic.gov.au/entrant/john-wardle-architects-grimshaw">John Wardle Architects + Grimshaw</a> – Melbourne and UK (pattern of bridges and underpasses) 
</li>
</ul>
{yoogallery src=[images/stories/2013/07/july24flinders4]} <ul></ul>
<ul>
<li>
<a href="https://vote.majorprojects.vic.gov.au/entrant/nh-architecture">NH Architecture</a> - Melbourne (glass lattice roof) 
</li>
</ul>
{yoogallery src=[images/stories/2013/07/july24flinders5]} <ul></ul>
<ul>
<li>
<a href="https://vote.majorprojects.vic.gov.au/entrant/eduardo-velasquez-manuel-pineda-santiago-medina">Eduardo Velasquez + Manuel Pineda + Santiago Medina </a> - Colombia via University of Melbourne (multi-level urban park) 
</li>
</ul>
{yoogallery src=[images/stories/2013/07/july24flinders6]} <ul></ul>
Voting is open until August 5 with a Jury winner and the People’s Choice Award to be announced on August 8.
Plans to develop Flinders Street Station – much of which lies decaying and unused – was initiated by the Victorian state government in November 2011 with the launch of a $1 million international design competition to rejuvenate and restore the Melbourne icon.
Hassell lead designer Mark Loughnan said the central idea behind its proposal was to transform Flinders Street station into a place that you "hurry through into a destination and one you visit".
“We propose restoring the station buildings to their original glory and transform Flinders Street into a modern transport hub - an intermodal hub for trains, buses, water taxis and possible metro,” he tells Property Observer.
The proposal also seeks to connect the Flinders Station precinct with the city, further, bringing in new arts and cultural facilities with plans for a major new art gallery, a public plaza and amphitheatre, all overlooking the Yarra River.
The Hassell + Herzog  &amp; De Meuron design incorporates weather-proof vaulted rooves to “flood the platforms with dappled, natural light and ventilation” and take inspiration from the original 1899 scheme for the station.
“We studied the original scheme from 1899 to understand its intentions," says Loughnan.
“The vaults are a clear theme.
“We wanted to be contextual and respect the heritage of the station. The train tracks are part of the DNA as is the existing fabric of canopies,” he says.
Terry Ryder will be <a target="_blank" href="/news">discussing the Melbourne property market in detail at the Property Observer webinar</a> on 31 July.
 
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Melburnians asked to vote on six grand proposals for Flinders St Station

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Second-quarter figures released by Jones Lang LaSalle show the average retail vacancy rate for the Australian market rose to 4% in the first half of 2013, from 3.5% in December 2012. 
The average retail vacancy rate in the first half was largely driven by a notable rise in the national CBD retail category, which rose to 6.7% in June 2013 from 5.4% in December 2012.
In contrast, and as this graph shows, there have been only minor increases in average vacancy rates recorded across the sub-regional and neighbourhood centre categories:<img src="/images/stories/2013/larry_uploads/jll_retail_vacancy_rates.jpg" width="470" height="303" alt="jll_retail_vacancy_rates" style="font-size: 0.8em;">
"The latest research indicates that even though many retailers have been strengthening their businesses over the past 18 months, the leasing market is still challenging and it is quite competitive to attract new tenants," says Jones Lang LaSalle’s head of retail, Tony Doherty. 
“While vacancy rates have remained elevated leasing activity is rising, reflecting the higher rate of tenant turnover that is currently occurring as landlords go through the slow process of optimising their tenant mix at a time when demand is less than strong.”
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CBD retail vacancy rates rising: Chart of the week

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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