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A major property industry legal stouch will begin in the Victorian Federal Court next Wednesday when commercial property giant GPT faces off against a $100 million class action claim from disgruntled investors.
It is one of a <a href="https://www.propertyobserver.com.au/legal/rod-lambert-s-%24175-million-gold-coast-claim-and-other-courtroom-conflicts-to-consider-in-2013/2013012458976" target="_blank">number of court room conflicts</a> that property industry participants will follow closely this year.
The class action against GPT was filed on behalf of investors by law firm and class action specialists Slater &amp; Gordon in December 2011.
It relates to a July 7 2008 statement from GPT to the ASX in which GPT downgraded its forecast earnings for the 2008 calendar year by 27%, and its distributions per security (DPS) by 30%.
Six months prior GPT had released its results for the 2007 calendar year and stated that its earnings would be “flat” (about $600m) for 2008.
“The class action against GPT alleges that it engaged in misleading or deceptive conduct and breaches of continuous disclosure obligations in relation to and following the release of its 2007 Full Year Statutory Accounts,” according to a statement on the Slater &amp; Gordon website.
Former GPT boss Nic Lyons and current head of corporate development Michael O’Brien will be called to give evidence next week.
In its 2012 report to shareholders released this week GPT says it rejects the allegations and intends to defend the claim.
“GPT does not expect that any payment it could be required to make would have a material adverse effect on the group’s operation or strategic objectives, or its financial strength,” adds the group in the report.
Current CEO Michael Cameron, who became CEO in May 2009, will not be cross-examined.
GPT was one of the listed property trusts heavily impacted by the GFC, losing more than $1 billion in value as its share price plunged.
However, it has since recovered and is now regarded as one of the strongest companies in the A-REITS sector.
 
 
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Former GPT boss to give evidence in $100 million investor class action

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Sydney median house prices rose strongly in the final three months of 2012 to end the year 6.1% higher,  but with little price gain in the Western Sydney mortgage belt, according to the latest report from the Real Estate Institute of NSW (REINSW).
House prices rose 4.2% over the final three months of the year to finish the year at $594,000.
The report indicates that the Sydney market remains highly fragmented with no price growth recorded in the inner city, where the median was unchanged at $1.05 million.
House prices in the outer suburbs (more than 25 kilometres from the Sydney CBD), which accounted for 65% of the 40,000 sales recorded for the year, rose 4.4% to a median of $470,000.
Sydney house prices over 2012 by suburban zone
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2013/03/reinswmarch8.jpg"><img src="/images/stories/2013/03/reinswmarch8thumb.jpg"></a>
Suburbs in Sydney’s outer west growth corridor delivered mixed results for home-owners and investors, but did register the strongest sales activity over the year.
Castle Hill, 31 kilometres northwest of the Sydney CBD, recorded 504 sales over the year - the highest number of sales for any Sydney suburb - but house prices rose just 1.9% over the year to a median price of $765,000.
Blacktown in Sydney’s outer west recorded 468 sales over the year, the second highest number of sales, but house prices rose only 2.6% to a median of $390,000.
Baulkham Hills recorded 276 sales for the year, but prices rose only 1.6% to a median of $630,000.
Liverpool house prices were unchanged over the year with a median of $405,000 with 100 sales recorded.
Bucking the trend of modest price rises, house prices in Auburn rose 6.8% over the year to a median of $512,500 from 188 sales.
The prestige end of the market continued to struggle with prices down 1.5% for houses priced in the 95th percentile at $1.629 million.
REINSW CEO Tim McKibbin said the overall results indicated a marked improvement in sentiment. “With confidence returning and stimulus in the form of interest rate reductions of 125 basis points in 2012, I believe that the green shoots of improvement are evident and a platform for a far brighter future in 2013 has been constructed. “In recent years Australia has been unduly influenced by overseas markets, which have not been performing very well. The reality is that many of those markets have little impact on the Australian economy at all. “Over the last six months, Australians have realised that our economy and our trading partners are reasonably robust. The confidence that has come from that realisation has begun to surface and is evident through an improvement in the share market. “We have also seen an improvement in property prices and the NSW government announced that employment rates are also improving. “Property prices are now returning to more traditional levels and we will start to see vendors coming into the market more strongly over the next 12 months. We should also see transaction levels increase, particularly in the more affordable areas of the market,” he says.
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Sydney house prices up 6.1% over 2012 but little growth in the western suburbs: REINSW

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More Chinese investor money is expected to flow into the prestige Sydney real estate market on the back of tighter controls being implemented in Beijing, according to Angus Raine, CEO of Raine &amp; Horne.
Recent measures announced by the Chinese government aimed at curbing real estate ownership include stricter enforcement of capital gains tax on home sale profits and the imposition of higher deposits for the purchase of second homes.
“Turning the screws on property speculation appears to be aimed at limiting a potential asset bubble in China,” says Raine.
“The upshot is that cashed up Chinese nationals could look to foreign property markets, which will surely mean more money flowing into Australian real estate in capital cities such as Sydney.”
Raine notes that the latest actions by the Chinese government comes soon after the introduction of the ‘Significant Investor Visa’, which accelerates migrant visas for foreigners who invest more than $5 million in approved investments in Australia.
“We’ve had a few wins in recent times with the Significant Investor Visa, and combined with the Chinese government’s restrictions, this will surely mean more money finding its way into the Eastern Suburbs housing market,” says Barry Goldman, co-principal of Raine &amp; Horne Double Bay and Bondi Beach.
Goldman says his office has already read received “significant interest from Chinese buyers” including “plenty of interest” in a five bedroom home at <a href="https://www.domain.com.au/Property/For-Sale/House/NSW/Bellevue-Hill/?adid=2010287773" target="_blank">141A Victoria Road in Bellevue Hill</a>, the Sydney suburb, with the highest median prices.
“It ticks all the boxes with Chinese buyers and investors including harbour views, excellent build quality and close proximity to schools,” says Goldman.
Another Raine &amp; Horne estate agent, Hugh Macfarlan of Chatswood/Willoughby, said he expected the  legislative changes in China would flow through to the Sydney North Shore real estate market.
“Around 30% of our Chinese buyers are overseas investors, so we expect that any restrictions on real estate in China will flow through to our markets,” he says.
For more on the allure of Australian property to Asian buyers, <a target="_blank" href="http://propertyobserver.com.au/ebooks/free-ebook-australias-allure-for-asian-residential-property-investment">download our free eBook. </a>The eBook is also available for<a target="_blank" href="http://propertyobserver.com.au/ebooks/australias-allure-for-asian-residential-property-investment-free-ebook"> free download in Chinese.</a>
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Chinese govt real estate clampdown good for Sydney prestige markets: Angus Raine

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More than one in four borrowers are now considering splitting their home loan between fixed and variable, according to Loan Market.
The mortgage broking group says that over the past four weeks  27% of enquiries have been from borrowers wanting to split a portion of their loan between fixed and variable.
This is a 70% increase on the number of borrowers looking to split their home loan a year ago.
Borrowers are looking to take advantage of historically low fixed rates with all the major banks offering a fixed rate product below 5% while RateCity.com.au said the average standard variable rate across the lenders on its website in February was 5.97%.
Last month, the <a href="https://www.propertyobserver.com.au/news/monday-feb-25-feature-the-fix-is-on-for-bank-mortgage-rates-should-you-take-the-deal/2013022159504">Commonwealth Bank’s general manager for home loans, Clive van Horen</a>, told Property Observer there was a growing proportion of borrowers who are “hedging their bets" by splitting their loan and keeping part of it on a variable rate.
“That way they get the best of both worlds,” van Horen said.
Loan Market spokesperson Paul Smith says split loans are particularly popular with young buyers getting into the property market.
“The fixed potion of these loans gives borrowers certainty around their repayments and the variable portion allows flexibility to pay off their home loan quicker whenever they're comfortable doing so”, he said.
“With fixed rates at near historic lows and likely not to drop too much further, many customers who would have traditionally gone with variable rates are opting for the fixed route to avoid the fear of missing out when rates eventually go back up."
One Loan Market borrower, who took out a home loan for $450,000 split their loan in the following way:  $400,000 fixed for two years at 4.99% and $50,000 Variable at 5.50% for three years.
“The split gives them peace of mind that the bulk of their repayments will be the same for the term of the loan, during which they will only pay the minimum level.
“The smaller variable portion means they won’t be severely affected by rate movements but do have the ability to pay off their home loan quicker,” explains Loan Market.
“Most fixed loans minimise the ability to make additional repayments but with a variable loan split, the borrower can use features like an offset account and has the ability to make extra repayments as they see fit.”
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One in four looking to split their home loan between fixed and variable: Loan Market

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The National Rental Affordability Scheme (NRAS) is set to expand with the federal, state and territory government planning to issue another 10,000 incentives worth around $40 billion to developers under the scheme.
Each incentive equates to one home under the scheme with around 11,300 homes built since its launch in 2008.
The scheme aims to provide affordable rental accommodation at a 20% discount to market rents, while property investors get an annual tax free incentive of just under $10,000, which is indexed each year to the rental component of the CPI.
The NRAS scheme was launched by Kevin Rudd in 2008 but failed to gain initial traction due to a perception that it was a social housing scheme with just 329 homes delivered in the first year.
Momentum has picked up since around April 2011 (as the graph below shows) with 11,277 homes delivered as of December 2012. However, momentum will have to pick up signficantly if the government wishes to achieve its target of 50,000 homes by 2015.
Property investors can participate by buying an NRAS-qualifying house or apartment and receiving the tax-free incentive in exchange for offering the 20% rental discount. 
Actual Delivery of Incentives by end of NRAS Year (30 April) – Cumulative: 
<img alt="nrasmarch7" height="167" width="470" src="/images/stories/2013/03/nrasmarch7.jpg">
The Australian Financial Review quotes Mark Butler, federal minister for housing and homelessness as saying he is working with state and territory ministers to open the fifth round of NRAS incentives with the aim of completing 50,000 houses by June 2015.
It follows the release of The National Housing Supply Council's 'Housing Supply and Affordability Issues 2012-13' report, which warned of a low volume of new housing supply coming onto the market with the shortage “likely to continue to be felt by the more vulnerable in our population, such as would?be buyers with low and insecure incomes, those at the lower end of the rental market and those dependent on government income support payments”.
In December last year, <a href="https://www.propertyobserver.com.au/queensland/nras-and-smsf-investors-helping-keep-inner-brisbane-off-the-plan-market-afloat-david-devine/2012112858155" target="_blank">Brisbane apartment builder David Devine</a>, whose Metro Property Development Company is currently the most successful seller of new off-the-plan apartments in inner Brisbane, told Property Observer that self-managed super funds and NRAS investors were among the biggest buyers of his off-the-plan apartments in his projects.
Metro has marketed more than 50% of the 308 apartments in its Madison Heights development as NRAS-approved investments, compared with 20% in its first development, the Chelsea.
Financial advisory firm Onyx Wealth, which promotes NRAS property investments, says SMSF investors should consider acquiring an NRAS property because of the positive cashflow benefits,
“NRAS properties have greater negative gearing than equivalent non-NRAS properties,” says Paul Thewlis and Margaret Hardy from Onyx.
“By giving up 20% of the taxable rental income the SMSF increases its tax loss. Normally a loss is undesirable, but in this case it is usually offset by the value of the NRAS incentive,” they say.
Ernst &amp; Young partner Ross Hamilton told The Australian Financial Review he expected a “massive response” from developers to secure the incentives.
The tax incentive comprises an Australian Government contribution of $7,486 per dwelling per year (paid as a refundable tax offset or payment); and state or territory Government contribution of $2,495 per dwelling per year (in direct or in-kind financial support).
Financial institutions, investors, private developers, not-for-profit organisations and community housing providers are all eligible to apply for NRAS incentives.
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Government to expand NRAS scheme with aim of 50,000 homes by 2015

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The big four banks after tax profits were slightly down on previous years in 2012, but still tower over the profits earned by regional banks and foreign-owned banks.
The following graphs prepared by the RBA as part of its latest chart pack series shows the difference in profits earned by the three banking groups.
The major banks (Commonwealth Bank, ANZ, Westpac and NAB plus their subsidiaries), which have 92% of the home loan market, delivered interim after tax profits close to $12 billion in both halves of 2012, with analysts forecasting interim profits in excess of $12 billion in 2013.
In comparison, the regional banks (Suncorp, Bendigo &amp; Adelaide Bank, Bank of Queensland) made a loss in the first half of 2012 on the back of the Bank of Queensland becoming the first Australian bank in 20 years to report a full-year loss when it reported a $17.1 million loss for the year to August 31 2012.
The outlook for profitability for the regional banks is better for 2013 with analysts forecasting cumulative profits of around $400 million in both halves of the year.
While data on the profitability on foreign-owned banks is less up-to-date, their profitability also dwarfs that of the big four banks.
This week former <a target="_blank" href="/news">RBA governor Bernie Fraser</a> said the major banks could and should cut their variable mortgage rates amid 'very, very healthy'' profits.
<img alt="bankprofitsmarch7" height="656" width="470" src="/images/stories/2013/03/bankprofitsmarch7.jpg">
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Big banks profits in a class of their own: RBA

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Any borrower stuck on a home loan rate in excess of 6% per annum is paying too much and should negotiate a better deal with their bank or considering refinancing, the latest RBA chart pack reveals.
The RBA provides the following graph comparing indicative bank lending rates, the actual rates borrowers pay on their home loans and the cash rate.
Apart from showing that banks have increased their margins on home loans post-GFC, it highlights that while indicative rates (usually the standard variable rate) offered by banks remains well above 6%, the actual rate most borrowers are paying on their outstanding home loan has fallen below 6% for the first time since mid-2009 – also the last time the cash rate was at 3%.
In other words, significant discounts to the standard variable rate are being offered by banks - to most borrowers.
<img src="/images/stories/2013/03/ratesmarch7two.gif" width="470" height="399" alt="ratesmarch7two">
ANZ and the Commonwealth Bank have a standard variable rate of 6.40%, NAB is at 6.38% and Westpac the highest at 6.51%.
Last month <a target="_blank" href="/news">Commonwealth Bank CEO Ian Narev</a> explained that the standard variable rate was just the reference rate from which the bank prices its mortgages for different customers and that no one paid the bank's 6.4% standard variable rate.
Two non-bank lenders – <a target="_blank" href="/news">State Custodians and Easy Street </a>– are currently offering variable rates below 4.99%.
The RBA chart pack also reveals how steeply three-year fixed rates have fallen over the last few years in line with the three-year maturity swap rate – though not as steeply for small business borrowers, where they remain above 6%.
Currently borrowers can secure two-year fixed rates at 4.99% from all the major banks while a number of smaller lenders are offering three-year fixed rates at 4.99%.
Despite the steep drop, margins for lenders remain very healthy.
<img src="/images/stories/2013/03/ratesmarch7one.gif" width="470" height="395" alt="ratesmarch7one">
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Borrowers should not be paying more than 6% on their home loan, RBA charts suggest

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A large crowd of eager bidders and onlookers is expected to gather at the corner of Lygon Street and St Phillip Street this Friday when a rare Lygon Street corner property goes to auction in  Melbourne's Italian food heartland.
Property investors and restaurateurs seeking a trophy retail property asset are likely to be among those bidding for the vacant shop and upstairs residence to be auctioned at noon on March 8.
<img alt="lygonmarch6one" height="351" width="470" src="/images/stories/2013/03/lygonmarch6one.jpg">
"We have received over 100 enquiries and sent out around 15 contracts," says Colliers International agent Tom Noonan who is marketing the property alongside colleague Jeremy Gruzewski.
Noonan expects a price in excess of $2 million.
The 70 Lygon Street property stands at on the corner of Lygon and St Phillip Streets. It comprises 226 square metres of space, of which 75 square metres is ground floor retail on a site measuring 230 square metres. 
The second floor has a three-bedroom residence. 
It has stood vacant since being acquired by the owners of DOC Pizza in late 2010. 
The owners had planned to turn it into a restaurant or café but never went ahead with these plans. 
It previously operated as a florist, which is the signage that remains on the building. 
According to RP Data the property was last listed for rent in October 2010 at $75,000 per annum. 
A sale price of $2 million would equate to a yield of around 3.75% if tenanted. 
In October last year, the historic Lygon Street premises of <a target="_blank" href="https://www.propertyobserver.com.au/retail/lygon-street-premises-of-donatis-fine-meats-slices-records-with-emotion-driven-%24289-million-auction-sale/2012103057521">Donati’s Fine Meats</a> sold for $2.89 million at auction, with a private investor paying nearly $1.4 million above pre-auction expectations – a yield of just 2.3% amid “emotionally-driven” bidding. 
Gruzewski and Noonan also marketed the Lygon Street butchery last year. 
“The sale of the Donati’s premises last year represented only the third commercial property to change hands on Lygon Street in the past two and a half years,” says Noonan. 
“The opportunity to be part of the vibrant, popular precinct that is Lygon Street doesn’t come along often, so when it does, interest is high. 
“We are expecting this new listing to attract strong interest from food and beverage retailers keen to be part of the gentrification of this pocket of Melbourne’s northern suburbs. 
“Serious foodies are now venturing into the north, following the lead of quality restaurants and cafes such as Hellenic Republic, Albert Street Food and Wine and Pope Joan.” 
“This is a versatile property suited to an investor, owner-occupier or developer.
“Vacant possession is also beneficial to investors who are looking to lease out the tenancy as it allows for immediate occupation. The location and current configuration would suit a number of tenancy profiles,” says Noonan.
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Vacant Lygon Street shop goes to auction with $2 million plus hopes

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Improving housing affordability is failing to encourage first-home buyers to step onto the property ladder – in fact the exact opposite is happening.
Despite the proportion of income required to meet loan repayments decreasing 1.4 percentage points to 30.4% over the December quarter, the number of new finance commitments to first-home buyers decreased 9.1% over the quarter and 17.4% over the year to be at their lowest level since the March quarter of 2005, according to the latest Adelaide Bank/REIA Housing Affordability Report.
The report found that first-home buyers made up just 16.5% of the market over the December quarter compared to 19% in the September quarter.
This trend looks set to continue with <a target="_blank" href="/news">mortgage broker AFG </a>recording first-home buyers as accounting for just 12.9% of home loans arranged by the group over February, down from 13.2% in January.
First-home buyer numbers fell dramatically in NSW from 11,117 in the December quarter of 2011 to just 4,459 in the December quarter of 2012, according to the REIA.
In comparison first-home buyer numbers increased in Victoria over the same time frame from 6,528 to 7,169 and also increased in WA from 3,699 to 5,014.
REIA president Peter Bushby says that largely due to a higher average income, the ACT remains the most affordable state or territory in which to buy a home, with the proportion of income required to meet loan repayments at 18.7%.
“Though the proportion of income required to meet loan repayments decreased to 36.0%, New South Wales remained the least affordable state or territory in which to buy a home,” he adds.
“Compared to the 2011 December quarter, all states and territories recorded improvements in housing affordability, the largest in Queensland and South Australia.”
<img src="/images/stories/2013/03/reiamarch6.jpg" width="470" height="304" alt="reiamarch6">
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First-home buyer numbers fall to near eight year low despite improving housing affordability: REIA

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The former Surfers Rowers Hotel at Bundall has been listed for sale under instructions from receivers and managers. 
The restaurant and function centre on the Nerang River stopped trading last month after receivers were appointed to property owner, Brisbane-based Alfanian Pty Ltd. 
According to RP Data records, the hotel was acquired by Alfanian for $2.88 million in July 2006. 
The Gold Coast Bulletin reported that business owner Mario Sherri had looked into buying the property in August last year until a valuation found that it was worth half of the agreed price.
The sales campaign is being steered by Glenn Price and Joel Fisher, of CBRE Hotels. 
The 150 Bundall Road property stands of 3,145 square metres of riverfront land across two titles and is two kilometres from the Surfers Paradise CBD. 
“The campaign is expected to generate significant interest from both owner operators and investors,” says Price. 
“The large site area means it could also be a land bank play for a developer who could potentially look to lease the site while pursuing planning approvals.” 
Situated on the corner of Bundall Road and Holden Place, the site currently comprises a two level building overlooking the Nerang River. The property has approval for 40 gaming machines, although no operating approvals are included in the sale. 
There is a split level public bar, a covered alfresco deck area, a formal restaurant,  a first floor function room and two large commercial kitchens. 
Adjoining the property are two additional parcels of land which are currently used for car parking. 
The properties are available to be purchased in one line or separately. 
Expressions of interest close at 4pm on April 4.
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Receivers put Surfers Rowers Hotel on Gold Coast up for sale

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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