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The Federal Court of Australia's decision to approve the $82.5 million settlement between 1,050 former Storm Financial clients and Macquarie Bank has been appealed by ASIC.
ASIC is appealing the decision on the grounds of fairness with around 735 Macquarie borrowers only getting back about 18% of their losses. 
In September last year the <a href="https://www.propertyobserver.com.au/news/commonwealth-bank-settles-storm-financial-dispute-with-asic/2012091456585" target="_blank">Commonwealth Bank settled its Storm Financial dispute with ASIC </a>agreeing to pay about $270 million to investors,  equating to repayment of about 55% of their losses. The Macquarie Bank settlement, announced in March and approved by Justice Logan on May 3, followed a class action brought against the bank by Sydney law firm Levitt Robinson. The settlement will see Macquarie Bank pay $82.5 million (inclusive of legal and administrative costs) in final settlement of the claims of 1,050 Storm clients who took out margin loans with the bank. Under the settlement, around 315 investors who funded the class action will be reimbursed their legal costs and also compensated for approximately 42% of their losses (as estimated by Levitt Robinson) while around 735 Macquarie borrowers will only get back about 18% of their losses (as estimated by Levitt Robinson). During Federal Court proceedings on May 2 to approve the settlement, ASIC intervened to express concerns about matters affecting the fairness of the deal. The ASIC’s appeal relates to:
<ul>
<li>the distribution of the money, which is not in proportion to losses suffered</li>
<li>whether a funders’ premium for class action members who funded the action amounts to an unfair advantage for those members at the expense of the remaining 70% of class action members, and</li>
<li>whether inadequate notice was given to class action members of the prospect of payment of a funders’ premium.</li>
</ul>
“Settlement of a class action should be undertaken in the interests of the class action group as a whole. ASIC’s appeal raises the question whether this settlement was unfair to the 70% of class action members who did not, or were unable to, contribute to the funding of the action,” says ASIC deputy chairman Peter Kell.
ASIC is involved in various actions in connection with the collapse of Storm in 2009.
It has brought proceeding (brought in part on behalf of two former Storm investors) against Macquarie Bank, Bank of Queensland Limited, and Senrac Pty Limited, with ASIC alleging unconscionable conduct in connection with their dealings with Storm investors.
The trial is scheduled to start on June 3 2013. 
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ASIC appeals court decision on Macquarie Bank’s $82.5 million Storm Financial payout on grounds of fairness

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A sharp fall in house prices remains a "remote" possibility, says Business Spectator economist Stephen Koukoulas.
He says weakness in new housing construction,  strong population growth and the ability for the RBA  to cut the cash rate even further will guard against this happening.
However, ‘The Kouk’ has expressed surprise at the recent dip in house values with <a target="_blank" href="https://www.propertyobserver.com.au/residential/autumn-blues-as-dwelling-values-dip-again-in-may-rpdata-timlawless/2013052661671">RP Data’s daily index pointing to a 1.5% decline</a> over the past two months, leaving house values up just 1.2% in net terms since the start of 2013. <a href="https://www.propertyobserver.com.au/residential/house-prices-to-rise-10-this-year-as-part-of-upward-trend-koukoulas/2013020159098" target="_blank">In February</a>, he tipped house prices to rise 10%  over 2013 as part of an "upward trend" after dwelling values rose 1.2% in January according to RP Data-Rismark.
He says he is sticking with this forecast "more or less".
The latest dip means house prices are still 5% off their peak from two years ago.
Koukoulas said if the price decline gathered momentum, the cash rate could fall to around 2% or even 1% in a “worse case scenario”.
Koukoulas says while it’s not clear what is behind the recent house price dip, he points to the recent fall in consumer sentiment and an “updrift” in the unemployment rate as to possible factors.
However, he draws a clear distinction with the house price collapses in the US, the UK, Ireland, Spain and says the Australian housing market is “fundamentally different” because these countries’ house price bubbles were accompanied by a housing construction boom.
“If anything, housing construction in Australia is in the doldrums, with new construction bouncing along at very low levels.
“Perversely, perhaps, this weakness in new housing construction is good news for now as it means there is little risk of a glut of property coming on to the market should there be a more worrying house price fall in the months ahead,” he adds.
Other factors preventing a sharp fall in house prices, he says are the recent decisions by the RBA to cut interest rates and “extremely favourable demographics” such as “especially strong population growth”.
He says the RBA can do a lot more on interest rates and is why it has maintained an easing bias.
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Chance of a sharp fall in house prices “remote” Stephen Koukoulas

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Autumn has brought with it a cold wind blowing through the property market.
With just a few days to go until the end of the month, the RP Data daily index suggests house values will decline by about 1% in May following a <a target="_blank" href="/news">0.5% drop in April.</a>
“RP Data's capital city dwelling index looking soft for May, likely to be down nearly 1% for month (-0.9% past 28 days),” tweeted RP Data national research director Tim Lawless today.
This follows dwelling values posted a solid 2.8% gain over the first three months of 2013.
The graph below, posted by Lawless, shows the modest and bumpy recovery beginning in about November last year and the recent dip.
Click to enlarge
<a rel="shadowbox" href="/images/stories/2013/05/rpdatadwellingsmay27one.jpg" title="Click to enlarge"><img src="/images/stories/2013/05/rpdatadwellingsmay27onethumb.jpg"></a>
The latest property market decline was noted by economist Stephen Koukoulas from consultancy Market Economics.
"House prices are falling again. If these falls are the start of a new trend lower rather than just a bit of a blip could be a very unpleasant signal that will require a policy reaction from the Reserve Bank," he <a target="_blank" href="https://www.propertyobserver.com.au/residential/autumn-blues-as-dwelling-values-dip-again-in-may-rpdata-timlawless/2013052661671">wrote on Business Spectator today</a>. 
RP Data senior research analyst Cameron Kusher noted in April<a target="_blank" href="https://www.propertyobserver.com.au/residential/first-quarter-usually-has-the-year-s-strongest-residential-property-market-cameron-kusher/2013041760473"> that dwelling values are “typically the strongest for growth” in the first quarter of the year</a>.
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Autumn blues as capital city dwelling values dip again in May: RP Data

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Westpac chief economist Bill Evans and AMP Capital chief economist Shane Oliver are the only two economists out of 21 surveyed by Bloomberg last week who expect a rate cut on June 4.
The other 19 economists surveyed by Bloomberg expect the RBA to leave the cash rate unchanged at 2.75%.
Bill Evans was the first economist to tip the RBA to begin its easing cycle in November 2011 and was also the first to forecast that the cash rate would fall to 2.75%, doing so <a target="_blank" href="https://www.propertyobserver.com.au/news/rba-to-cut-rates-by-25-basis-points-next-week-with-three-more-to-come-taking-cash-rate-to-reach-275-by-year-end-westpac/2012053154924">back in May last year.</a>
He expects the cash rate to bottom out at 2% sometime in the March quarter of next year.
Another economist tipping a rate cut in June – but not included in the latest Bloomberg survey - is Macquarie Group chief economist Richard Gibbs, who said so at a recent Mortgage Choice state conference in WA.
Looking ahead, the Commonwealth, NAB and ANZ all expect one more rate cut this year to take the cash rate to 2.5%.
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All economists – bar Westpac’s Bill Evans and AMP’s Shane Oliver - favour RBA cash rate hold in June: Bloomberg survey

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Illawarra-based husband and wife estate agents Roger and Gordana Ocvirk have appealed a 12 month jail sentence imposed on them after pleading guilty to misappropriating $1.4 million of clients founds.
They admitted to misappropriating $1.2 million from strata company Strata Decisions Wollongong and $198,708 from real estate agency Dougmal Harcourts Warilla between August 2010 and January 2012, reported the Illawarra Mercury.
Gordana Ocvirk had previously pleaded guilty in Wollongong Local Court to two charges of failing to account for the money and one of failing to properly supervise Strata Decisions.
Roger Ocvirk pleaded guilty to the same three charges last week.
The couple used the trust account funds to try and keep their business from failing and planned to pay it back, said magistrate McGowan in his judgement.
The Ocvirks were released on bail pending their appeal in the District Court.
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Wollongong estate agents to appeal jail sentence over $1.4 million misappropriation of client funds

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Austin, Aria Property’s 140 apartment project in South Brisbane, which will feature a four-storey commissioned art work, has entirely sold out.
Construction of the project on Grey Street and Fish Lane has recently commenced and will take around 14 months to complete.
One bedroom apartments were priced at around $390,000 with two-bedroom apartments starting from $490,000.
Sitting opposite the Queensland Museum and close to the Queensland Performing Arts Centre (QPAC) and art galleries, the project will incorporate a turn of the century four storey exposed brick façade, that was once a Queensland Rail depot.
It will also house a four storey artwork commissioned by the council to tie in with the buildings close proximity to the Gallery of Modern Art and Queensland Art Gallery.
When completed it will be the tallest building in the South Brisbane arts and culture enclave, “forming a gateway tower between the CBD and South Brisbane”.
Architect Simon White, principle at Rothe Lowman White, tells Property Observer there is not a lot of residential currently in South Brisbane but it’s been mooted as a high growth area with Austin the catalyst for a master plan to develop the neglected Fish Lane – which runs for about six blocks - with ground floor retail tenancies and a café complimenting the already established cultural precinct.
White says Aria took a “direct decision” to build large units aimed at attracting a higher proportion of owner occupiers, unlike most inner Brisbane apartment projects, which are aimed at the investor market.
Two-bedroom apartments measure between 80 square metres while one bedroom apartments between 52 and 55 square metres.
Generally one-bedroom apartments in Brisbane measure less than 50 square metres, he says.
Other attractions of the development include are a focus on amenities and recreation with a 500-square-metre rooftop terrace designed for “quiet recreation with sunbeds, open air bars, dining areas and rooftop planting” all with city views.
Other Aria projects where Rothe Lowman White have collaborated on include a 56 unit, 8 storey development sitting opposite Musgrave Park currently under construction.
Chris Mitchell, head of residential development at ARIA says that the company is dedicated to the successful development of South Brisbane and West End and has its headquarters on Edmondstone Street, on the boundary of the adjoining neighbourhoods.
<a href="https://www.ariaproperty.com.au/" target="_blank">ARIA Property Group </a>is a family owned and operated property development and investment company founded in 2003 by Tim Forrester.
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'Arty' sold-out Austin apartment project to rise to South Brisbane's highest

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The wife of property developer Matthew Joyce has described his 10-year jail sentence in Dubai as “a life sentence” because he must also pay off a $25 million fine before being considered for release.
“This is his own worst nightmare,” Angela Higgins told the ABC.
“We know that this is like a life sentence.
“It’s a 10-year sentence plus the fine. If you can’t pay the fine you keep doing more time past your sentence,” she said.
Joyce and Melbourne-based developer Angus Reed were convicted by a <a target="_blank" href="https://www.propertyobserver.com.au/news/dubai-court-hands-10-year-jail-terms-to-property-developers-matthew-joyce-and-angus-reed-over-2007-land-deal/2013052061503">Dubai court on bribery and corruption charges</a> in relation to a 2007 Dubai waterfront land deal involving Queensland developer Sunland.
They have been ordered to repay the Dhs44 million fee they earned on the deal, and a fine of a similar amount.
Sunland is appealing a Victorian Supreme Court ruling which found Sunland had "commenced and continued the ... proceedings in wilful disregard of known facts and law" and with a willingness to implicate Mr Joyce unjustifiably.
Joyce’s legal team has to file an appeal within 15 days of the May 20 ruling.
Foreign Minister Bob Carr has promised to provide him with “strenuous consular representations” but cannot intervene in UAE legal proceedings.
In February, prime minister Julia Gillard asked the ruler of Dubai, Mohammed bin Rashid Al Maktoum, for a review of the case following the Victorian Supreme Court ruling.
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Dubai conviction “a life sentence” for property developer Matthew Joyce: wife

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The likelihood of Fairfax spinning-off its Domain property listings division into a separate ASX-entity appears to be gathering momentum with its own platforms reporting on a possible float.
The strongly-growing Domain business, which includes both print and online listings as well as its joint venture with Anthony Catalano’s Metro Media Publishing arm (publisher of The Weekly Review), was hived off into its own division in April this year as part of a Fairfax Media restructuring.
The accompanying media release to announce the restructure did not name who would head up this division with industry speculation that Catalano, the former Age property editor and marketing manager, might be chief executive of the new listed entity.
Fairfax's head of corporate communications Brad Hatch tells Property Observer Tony Blamey, general manager, real estate at Fairfax Media, is general manager of Domain.
Domain is one of the standout businesses among the struggling media giant’s various newspaper and online ventures.
Fairfax Media reported strong 14% growth in Domain revenues in its interim results for the six months to December 30.
Matthew Kidman, director at Wilson Asset Management and former finance reporter for Fairfax-owned the Sydney Morning Herald wrote in Fairfax’s Business Day this week that based on analysts’ forecasts of $6 million and $40 million earnings (before interest, tax, depreciation and amortisation) Domain could be worth anything from $84 million to $480 million.
The Domain division generates about $80 million in revenue.
It was set up as a separate standalone division with its own dedicated management in April with Fairfax “recognising the significance of the real estate sector”.
The merger between Fairfax and MMP was approved by the ACCC in May last year.
MMP publications have a circulation of 220,000 print editions of its real estate advertising glossy The Weekly Review sent out for free to residents of Melbourne’s well-to-do eastern, bayside and north-eastern suburbs and Geelong.
It also has the reviewproperty.com.au website, which claims around 400,000 property listings.
Even if Domain were to list at the top end of its $480 million range it would be dwarfed by News Limited’s market leader the REA Group, publisher of realestate.com.au, which has a market cap in excess of $3 billion.
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Floating of Fairfax’s Domain division gathers momentum but with wide-ranging market capitalisation expectations

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The decision by Ford Australia to close its Geelong production plant in October 2016 with an expected loss of 510 jobs is “unfortunate” but the regional city’s economy is “strong enough” to absorb the shutdown, says hotspotting.com.au’s Terry Ryder. 
“There was a time when Geelong was highly dependent on manufacturing but the city has reinvented itself by moving into new industries, such as health, education and tourism,” Ryder tells Property Observer. 
“One of the positive things in the Ford announcement is that the city has several years to prepare for the event. 
“There are also new ventures in the pipeline which will counter-balance the economic impact, such as the Regional Rail Link and the plan to make Avalon the second international airport for Melbourne," he says.
Ryder says Geelong will continue to have a “strong future as an affordable lifestyle alternative to Melbourne, with improving transport links to the City”. 
The April 2013 Real Estate Institute of Victoria (REIV) update on Geelong, the Surf Coast and Queenscliff has house prices up 0.3% to $390,000 and unit prices up by 1.7% to $305,000. 
The figures are based on properties sold in the previous 12 months, updated on a rolling monthly basis. 
The highest demand was reported in Hamlyn Heights to the west of Geelong on hills that overlook Corio Bay, where the median property price increased by 2.1% in April followed by Highton in the south west, which recorded a 0.7% rise. 
In the Borough of Queenscliff the median house price rose 5% to $735,000 in April. 
The median house price in Surf Coast Shire was stable for the month at $585,000. 
The rental vacancy rate in Geelong is around 4.4% according to the REIV, with 11,659 homes reported as vacant by local estate agents.
Typical <a href="https://www.propertyobserver.com.au/victoria/first-ansett-collapse-now-ford-plant-closure-threatens-broadmeadows-property-market-ford-fordaustralia/2013052361599?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news">Geelong yields are between 5% to 6.5%</a> for houses and townhouses within 5 kilometres of the CBD says Peter Fort, sales manager at PRDNationwide Geelong - well above Melbourne yields of around 3.6% for houses and 4.4% for units. 
REIV spokesperson Robert Larocca says the health of any property market is directly linked to the health of the economy. 
“As a result if the closure of Ford leads to reduced economic growth and less employment then it will have a negative impact on the market. 
“It really depends on the region finding a replacement for the economic activity provided by Ford and its suppliers. Thankfully there is a strong and resilient local community,” he says. 
Larocca says the Geelong market has displayed steady growth over the years. 
He says the strong points of the Geelong market are its more affordable houses and the appeal of its country feel and access to the bay. 
“Access to the Bellarine and Surf Coast provides great lifestyle options," he says.
“Improved transport links to Melbourne over the last decade has also allowed a growth in commuting. 
“Given the state government’s desire for decentralisation as a way to deal with population growth in Melbourne this should provide further demand for housing in the next decade or two,” he says. 
Larocca says the Geelong detached houses market has performed better than units. 
“In the market for houses we have seen the strongest growth in a range of price points with Corio house prices rising 9%, Hamlyn Heights by 8.4% and Barwon Heads by 6.2%.
Local estate agent Peter Nell from Stockdale &amp; Leggo Geelong says the Ford announcement  would effect the confidence of all types of purchasers.
"The concerns are obviously employment, as Shell, Alcoa and now Ford have all turning their backs on this town," he says.
But, he believes Geelong has so much to offer that he is sure "we will figure a way to create different forms of employment".
"But we need to do something now, not in 2016," he says.
Nell describes the Geelong market as "fair" with properties selling provided vendors meet the market on price.
"Listings on the other hand are much harder to obtain as loads of vendors are hesitant in putting their homes on the market and are hoping that the market might improve," he says.
Nick Lord, director at Maxwell Collins Real Estate, says the Geelong property market will continue to see healthy growth over the coming years "with demand still strong from investors and home buyers from within the city but more importantly from purchasers who do not currently reside in Geelong".
"While the pending closure of Ford is very disappointing for the town and we feel for the employees and their families, our city has grown to have strong employment in areas such as education and health to name just a few," he says.
He says the city has changed over recent years "with people continuing to commute to Melbourne for work whilst enjoying the Geelong lifestyle"
"I feel that the Ford closure will not have a large impact on the housing market," he says.
Lord says there is renewed interest from investors due to the lowering of interest rates and average rental returns of around 5% on offer.


However, as is the case in Melbourne and other capital cities, first-home buyers "continue to be the quietest section of the market"
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Geelong economy “strong enough” to absorb Ford plant closure: Terry Ryder

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The proportion of Australian taxpayers that have become landlords has more than doubled since negative gearing was re-introduced  in September 1987 with a surge in those who claimed losses on their investments from 1999 onwards, according to analysis of ATO figures by MacroBusiness.
The negative gearing tax break for property investing was briefly abolished between 1985 and 1987 by the Hawke government, before being hastily reintroduced.
"Australia has morphed into a nation of landlords. In 1989-90, 696,000 taxpayers – 7.2% of the total – reported net rental income to the Australian Taxation Office (ATO). But in 2010-11, 1,811,000 did – 14.2% of total taxpayers," writes MacroBusiness's Leith van Onselen.
The surge in property investing from 1999 coincided with the ability of investors to minimise their tax bills via negative gearing, combined with easier access to credit – more lenders, a diversity of lending products, growth of mortgage broking - and the halving of Capital Gains Tax (CGT) in 1999 by the Howard government.
Recently, both the Coalition and the incumbent Labor government said they had <a target="_blank" href="/news">no plans to remove negative gearing</a>.
The graph below documents the rise in the proportion of taxpayers who are landlords (blue line) since 1979, with a steep rise occurring from around 1989 onwards.
The red line shows the proportion of landlords who negatively gear their investments has risen from around 6% in 1999 to in excess of 9% in 2011.  
<img height="280" width="470" src="/images/stories/2013/macrobusiness_chart_1.jpg" alt="macrobusiness_chart_1">
The recently published 2010-2011 <a href="https://www.propertyobserver.com.au/landlords/two-thirds-of-property-investments-negatively-geared-ato-figures/2013043060891">ATO annual report</a> revealed that around two-thirds of 1,811,174 property investors - 1,213,597 taxpayers – claimed losses on their investment properties for the 2010-11 tax year up from 1,110,290 who claimed losses in the 2009-10 tax year.
The average loss recorded for negatively-geared property investors was $10,947 in 2010-11, up from $9,132 in 2009-10.
The highest proportion of tax payers claiming rental deductions are those earning between $37,000 and $80,000 per year, making up more than a third of all negatively-geared property investors.
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Landlord numbers have doubled since negative gearing reintroduced in 1987

Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

[smartcode_project:default project_id=110291 project_image_fid=302785]

<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

[smartcode_project:default project_id=148957 project_image_fid=364102]

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Joel Robinson

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

&nbsp;

Lanevick to cater for Hunters Hill downsizers with new Gladesville apartment development

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

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

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

Larry Schlesinger

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