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News that Myer has been successful in renegotiating rental agreements for some of its department store leases has re-ignited debate about the balance of power between shopping centre landlords and retail tenants.
In better-than-anticipated half-year results released last week, <a target="_blank" href="https://www.propertyobserver.com.au/retail/myer-and-david-jones-need-to-pull-their-weight-shopping-centre-council-of-australia/2013031359871">Myer confirmed that "proactive lease negotiations"</a> had yielded results amid reports that it and fellow department store giant David Jones would consider closing more stores if rents were not reduced.
Last week, David Jones opened its latest store in the redeveloped <a target="_blank" href="https://www.propertyobserver.com.au/retail/zara-opens-in-melbournes-highpoint-mall-as-amancio-ortegas-wealth-hits-%2457-billion/2013031359801">Highpoint Shopping Centre in Maribyrnong</a> alongside global retailer Top Shop, with Zara opening its outlet this week.
Shopping Centre Council of Australia executive director Milton Cockburn hit back saying department stores hadn't been pulling their weight in attracting foot traffic to shopping centres in the way anchor tenants are supposed to do.
The latest Sitting Tenant Renewal Report prepared by consultants Leasing Information Services (LIS) reveals that its not just the likes of Coles, Woolworths, David Jones and Myer that have bargaining power when it comes to lease renewals.
Shoe retailer Hype DC managed to secure a 40% discount on its Westfield Bondi Junction lease when it negotiated its renewal in September 2011.
The reduction in annual rent from $340,000 to $200,000 a year was for its 86 square metre shop in the Sydney Eastern suburbs mall.
According Peter Pitt, a director of Hype DC, the retailer was paying “way above market rent” in its previous tenancy agreement with Westfield.
“It’s one of the few mistakes we’ve made in leasing over the years,” he tells Property Observer.
When the Bondi Junction store came up for renewal, Pitt said they negotiated the discount on the basis that they would leave unless Westfield agreed to lower their rent.
“They understood that the market is the market” says Pitt of Westfield, who he describes as a “very professional landlord”.
The substantial discount highlights the challenges faced by smaller retailers and the importance of finding out what other retailers are paying for an equivalent space.
Pitt said they were able to compare what other tenant were paying using information provided by LIS.
Tenants can also access leasing information from the NSW leasing register. All leases of three years or more are required to be registered.
Hype DC also secured a 44% discount off its shop lease in the Westfield <a href="/news">Chatswood</a> on Sydney's north shore.
Pitt says this reduction was due to relocating to a smaller shop in the mall and was around the same rate per square metre that it was previously paying on its bigger shop.
Hype DC operates 17 stores across NSW, 13 in Victoria, 10 in Queensland and one each in Perth and Adelaide.
Data from the LIS report suggests the trend whereby Queensland shopping centres are retaining tenants at higher rates, whereas NSW is fairly stagnant.</body></html>

lschlesinger-FZcF9M3vE6

David can slay Goliath with retail lease discounts of 40% possible

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The Reserve Bank expects the housing construction sector to pick up further over 2013 alongside an improvement in buyer interest in some states, minutes of the March monetary policy meeting released today reveal.
At the March 5 meeting, the RBA decided to leave the cash rate unchanged at 3% as "global economic conditions continued to be more positive" and signs that "dwelling investment was growing and it was likely to continue to do so at a moderate pace in the period ahead".
The minutes record that members "observed that dwelling construction activity had picked up further in the December quarter".
“Forward-looking indicators such as building approvals pointed to further growth in construction in the months ahead.
“The increase in approvals had been geographically widespread and the Bank's liaison with builders also suggested there had been an improvement in buyer interest in some states.
“Overall, recent housing market developments pointed to a further moderate increase in dwelling construction in the period ahead," says the minutes.
The minutes also note continued high household savings rates and "borrowing restraint" while "households' net wealth had risen recently with the recovery in asset markets"
"Debt-servicing capacity had also been boosted by lower interest rates, which had helped to keep housing loan arrears and other aggregate measures of financial stress low, despite the unemployment rate recording a modest rise over the past year," say the minutes.
In attendance at the monetary policy meeting were RBA board members Glenn Stevens (chairman and governor), Philip Lowe (deputy governor), Martin Parkinson PSM (secretary to the Treasury), John Akehurst, Jillian Broadbent AO, Roger Corbett AO, John Edwards, Heather Ridout and Catherine Tanna.
Others present were Guy Debelle (assistant governor, financial markets), Malcolm Edey (assistant governor, financial system), Christopher Kent (assistant governor, economic), Jonathan Kearns (head, economic analysis department), Anthony Dickman (secretary) and Peter Stebbing (deputy secretary).
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RBA expects further “moderate” growth in new dwelling construction: March minutes

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Westpac has ended its 4.99% two-year fixed-rate offer less than two months since becoming the first major bank to offer a sub-5% fixed-rate home loan this year.
It is also the first major bank in two years to lift its fixed-rates - an indication that the bank does not expect many further near-term cuts in the cash rate.
From tomorrow (March 20), the bank’s two-year fixed-rate offer will increase by 30 basis points to 5.29% under its package home loan offering.
For non-package home loan customers, the two-year fixed rate increases from 5.19% to 5.49%.
The bank’s other fixed rate products have not changed.
<a href="https://www.propertyobserver.com.au/news/westpac-lead-the-big-banks-below-5-on-nfixed-home-loans/2013020659208" target="_blank">Westpac introduced its 4.99% offer on February 7</a> – a 40 basis point reduction and the bank's lowest two-year fixed rate offering since September 2009.
The other major banks continue to offer a two-year fixed rate of 4.99% as well as a number of smaller lenders.
Loan Market corporate spokesperson Paul Smith says that after months of speculation it appears that fixed rate products have reached their lowest point and that they will rise as funding volatility and improvements in the Australian economy prompt higher fixed interest rates.
“While there remains a downward outlook on variable rates, fixed interest rates are now likely to rise and soon intersect with standard variable rates. For many home owners, the window to lock in a fixed rate that’s lower than a variable one is closing fast,” he says.
According to Smith, this is the beginning of a shift in the mortgage market as the banks and lenders react to the improvements in the domestic economy and the limited movements of the RBA.
“There’s certainly still scope for the RBA to lower the cash rate in the coming months, as some sectors are still lagging whilst others are showing steady improvement.”
“If lenders start to increase the rates of their fixed products, they’re likely not anticipating the same downward pressure from the market to drop their variable rate interest rates. We could be moving to the point in the interest rate cycle where variable rates are lower than fixed rates.”
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Westpac lifts fixed rates above 5% with more lenders set to follow

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Smaller banks and non-bank lenders may be able to compete more effectively with the major banks in the mortgage market on the back of improving securitisation markets.
Securitisation, where home loans are packaged together and sold to institutional investors, was a cheap source of wholesale funding for many non-bank lenders prior to the GFC, but the market virtually froze following the crisis with many lenders unable to fund new loans as a result.
In a speech in Sydney this morning, assistant RBA governor Guy Debelle noted the issuance of securitised mortgage debt “has picked up of late and spreads have tightened considerably following the earlier sizeable tightening in covered bond spreads”.
<img alt="rbamarch19one" height="403" width="470" src="/images/stories/2013/03/rbamarch19one.gif">
“Encouragingly, recent issuance has been completed with little or no support from the Australian Office of Financial Management (AOFM) due to strong private investor demand, and primary market spreads are at their tightest level since 2007.
Since September 2008, the AOFM has acted as a cornerstone investor in residential mortgage-backed securities in an effort to encourage competition in the mortgage market.
“This spread tightening will lower the cost of mortgage lending for small banks and non-bank lenders who rely on securitisation for a large part of their funding,” said Debelle.
In February, <a href="/news">Bendigo and Adelaide Bank</a> launched an $850 million residential mortgage-backed securities (RMBS) offer, backed by prime residential mortgages, at 95 basis points above the one-month bank rate.
Bendigo and Adelaide Bank managing director Mike Hirst said this was the best-priced securitisation offer since the GFC.
In his address in Sydney, Debelle noted an overall improvement in global debt market compared with a year ago.
“This time last year, debt markets globally weren't in great shape, though the local market wasn't faring too badly.
“A year on, global debt markets are in a much better position, with issuance strong across most parts of the market, spreads considerably lower and the absolute level of yields very low by historical standards,” said Debelle.
<img alt="rbamarch19two" height="596" width="470" src="/images/stories/2013/03/rbamarch19two.gif">
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Cheaper securitisation to lower mortgage lending costs for small banks and non-banks: RBA

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The Asian arm of Australian developer and construction group Leighton has won a $656 million contract to expand the railway infrastructure in Hong Kong.
Hong Kong is one of the world’s most sought after and actively traded property markets with mainland developer China Overseas Land &amp; Investment saying today that it is aiming for at least HK$100 billion ($12.3 billion) in <a href="https://www.scmp.com/business/companies/article/1194114/china-overseas-aims-hk100b-property-sales-2013">Hong Kong residential property sales</a> this year.
The contract (Contract 1112) with the MTR Corporation, operator of Hong Kong’s metro and railways, is to construct extensions to Shatin to Central Link (SCL) line.
The project will connect several existing railway lines to form two strategic railway corridors and includes significant modification works to an existing MTR station, platforms, tunnel box and approach tunnels.
<a href="https://www.propertyobserver.com.au/queensland/infrastructure-creates-jobs-and-capital-growth-terry-ryder/2013031859926?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=upperright">In his column today, hotspotting.com.au’s Terry Ryder</a> writes that the "greatest creator of capital growth is infrastructure" on the back of new investment in plans to build a rail link and export port infrastructure tied to the new Queensland mining boom province, the Galilee Basin.
The Hung Hom Station and Stabling Sidings Contract 1112 is the seventh contract in the past three years to be awarded to Leighton Asia by the MTR Corporation.
Construction works are scheduled to begin immediately, with an expected completion date in 2018.
Leighton Asia will also design and build a new hospital in Tin Shui Wai as part of a $370 million contract.
 
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Leighton wins Hong Kong transport infrastructure project

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Non-bank lender Resi has added a wealth management arm to its mortgage lending business via a joint venture agreement with Shartru Wealth Management.
The agreement will see qualified advisers work alongside Resi’s existing mortgage specialists, to provide financial advice to Resi clients include those that are buying property using their self-managed super fund.
The chairman of Shartru is former Liberal leader, Dr John Hewson , who says a growing number of Australians using self-managed superannuation funds (SMSF), is one example of how the need for high quality advice is growing.
“With around 75% of SMSF trustees not using a financial adviser to help with their investment strategy, we believe there is a looming crisis in Australia.   We also see this as a real opportunity for our joint venture.
“Many are not adequately insured and may be retiring without a properly diversified investment portfolio.  We know that many of these Australian are favourable to property investing, so we will be building on this to give clients a more balanced asset allocation and portfolio,” says Hewson.
Resi offers a <a target="_blank" href="https://www.resi.com.au/products/home-loans/smsf-loan">specialist SMSF loan</a> that allows borrowers to use their SMSF to invest in residential property. It has an interest rate of 6.44% with a maximum loan-to-value ratio of 70% and a maximum loan size of $2 million.
Resi Financial Services began as a pilot program in its Sutherland office in Sydney in February 2013 and will now be rolled out to the network over the next 12 months.
Angelo Malizis, CEO of Resi, says the company recognised that providing a more holistic service would be beneficial for its franchisees and their customers. 
“We understand the value of sound financial advice and this is something we have been planning for some time. 
“Buying a home is the largest financial decision most people will make in their lifetime. 
"It makes sense for home buyers to consider their broader financial goals and practical needs, so they can ensure their home loan fits their financial position now and in the future,” he says.  
“It also benefits our franchisees, as many customers prefer the convenience of using one provider to manage all their investments needs.” 
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Resi taps into property appetite of SMSF investors with financial advice partnership

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The reduction in the cash rate has had the expected effect of pushing up asset prices and improving confidence in the housing market, assistant RBA governor Philip Lowe said in a speech today.
Lowe also said the overall rise in the household savings rate from “zero to around 10%” since the mid-2000s was a key factor in keeping the domestic economy in balance in light of the mining investment boom.
“In general, the initial responses to a loosening of monetary policy would be expected to include stronger asset prices, improved conditions in the housing market, a lift in consumer confidence and a lower exchange rate,” Lowe said in an address to the Australian Industry Group 13th Annual Economics Forum.
“Much of this does appear to be occurring.
“Nationwide measures of house prices have increased by around 4% since mid last year, after having declined for around 18 months.
“Home lending approvals and auction clearance rates have both risen.
“Equity prices are up over 20% since the middle of last year. And the level of consumer confidence is now well above its long-run average level.
“Despite what one often hears, households do appear to be feeling better about both their finances as well as Australia's medium-term prospects,” Lowe said.
These remarks follow a <a href="https://www.propertyobserver.com.au/residential/not-all-australian-property-markets-in-the-same-boat-says-rba-as-vendors-adopt-more-realistic-expectations/2013031459882" target="_blank">speech by assistant RBA governor Christopher Kent last week</a>, where he noted that low interest rates have been supporting the established housing market, and prices have been moving higher in many residential markets across Australia, though they remain below earlier peaks in most markets.
Lowe said the decision by Australian households to increase their savings was the “second broad factor” (the other being the flexible exchange rate) that has “helped maintain domestic balance during the once-in-a-century investment boom”.
Since the mid-2000s, the household sector net saving ratio has risen from around zero to around 10%.
“In today's money this represents about an additional $90 billion that is saved, not spent, by households each year.
“Now I know that this increase in household savings has not been universally welcomed by the retail sector.
“It has caused difficulties for some businesses, including those that based their business models on a continuation of the earlier trends.
“But consider how the economy might have looked over the past few years had households spent an extra $90 billion each year.
“It is likely that there would have been significant overheating. The exchange rate would have been higher. There would have been more borrowing from the rest of the world. And both inflation and interest rates would have been higher. I suggest that these are not developments that would have been warmly welcomed by most in the community,” he said.
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Housing, mortgage market and consumer confidence all responding to rate cuts: RBA's Philip Lowe

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The Queensland government has officially renamed its $15,000 first-home owner construction grant (FHOCG) the 'great start grant' without noting the irony.
Just 126 first-home buyers have taken advantage of the <a href="https://www.propertyobserver.com.au/queensland/the-%2415000-queensland-first-home-owner-construction-grant-what-first-home-buyers-need-to-know/2012091156510" target="_blank">FHOCG </a>since it was launched on September 12 last year, replacing the $7,000 first home-buyer grant that was available to first-time buyers of both new and existing homes.
Last week Terry Ryder launched a scathing attack on the <a href="/news">Queensland government’s first-home buyer incentives</a> calling them a “new definition of insanity”.
“The government’s solution is to keep the scheme unchanged but to rebrand it.
“I’m an optimist by nature but I despair of politicians ever understanding real estate or implementing measures that genuinely help the industry.
“The Queensland flop continues a long history of failure by government grant schemes for housing. Despite the low success rate, governments continue to offer small sums of money to first-time buyers and wonder why it never works," Ryder wrote.
The <a href="https://greatstartgrant.osr.qld.gov.au/index.php" target="_blank">great start grant </a>is available for first-home buyers buying or building a new home valued under $750,000.
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Queensland $15,000 first-home buyer construction grant gets new name after less than “great start”

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The premises of waterfront restaurant Renzo’s Bar in Melbourne's Docklands has been listed for sale with the agents marketing it expecting a price in excess of $3 million. 
Docklands may have a number of empty stores but traffic is expected to grow in the area over the next few years. 
The precinct is following in the footsteps of nearby <a target="_blank" href="/news">Southbank</a> which took five to 10 years to develop, says Colliers International's Daniel Wolman, who has the listing. 
“I think this end is taking a bit longer… but it’ll soon be up and running,” he says. 
“Things just take time.”
He said the waterfront views and foot traffic from workers in nearby offices, including from ANZ's flagship Collins Street building, make the location unique.
Renzo’s Bar has resided at this location for about a decade and will continue to lease the space until 2020.
The property brings in net income of about $240,000 per annum.
The restaurant space has so far attracted the attention of Asian investors as well as some <a target="_blank" href="https://www.propertyobserver.com.au/retail/docklands-restaurant-james-squire-sells-with-9.3-yield-as-investor-appetite-for-melbourne-eateries-grows/2012032153940">local restaurateurs</a> who are keen to further their fortune in the same location.
“There was quite a bit of interest, a lot from people who have been successful in the area," says Wolman.
The 195 square metres of indoor restaurant space and 83 square metres of outdoor space is on the ground floor of the 23-level Arkley building.
The 176-apartment building at was the first to be constructed at NewQuay in 2000 and contains 1,900 square metres of retail and restaurant space.
Other eateries on the NewQuay promenade include Italian restaurant Medici, Indian restaurant Bhoj, Turkish Mecca Bah, and Man Mo offering Chinese-Malay cuisine.
The second round of offers for the restaurant premises closes this week.
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Docklands restaurant Renzo's Bar listed with $3 million hopes

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More signs of the health of the residential property market have emerged with the number of days taken to sell a house declining noticeably in Sydney and Melbourne.
Sydney houses took 43 days on average to sell for the week ending March 17 compared with 50 days for the week ending March 10 - a week faster, according to the latest weekly market update for Sydney from RP Data.
The <a href="/news">number of days to sell a Sydney unit</a> fell from 38 to 34 days.
Over the same time frame the number of days to sell Melbourne houses fell from an average of 71 days to 64 days -also a week faster - and from 67 t0 57 days for Melbourne units - a week and a half faster.
There were also smaller improvements in time on market (TOM) figures in Brisbane (81 days compared with 83 days) and Perth (63 day compared with 65 days).
RP Data compiles time on market figures based on the average number of days between when a property is first listed for sale and the contract date.
<img alt="rpdatatommarch19" height="361" width="470" src="/images/stories/2013/03/rpdatatommarch19.gif">
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Houses selling a week faster in Sydney and Melbourne: RP Data

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.

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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" />

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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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