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GUEST OBSERVER
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Currency depreciations may not work for every country, but the lower AUD is already providing clear support for Australia's growth (and inflation). 
Services exports, including tourism and education exports, have picked up and the lower currency is also beginning to discourage services imports. Net services exports have contributed more to GDP growth over the past year than resources exports, in a clear sign that the lower AUD is working. More broadly, business conditions and jobs growth have picked up, as very low interest rates and the lower AUD support growth. 
For quite some time, the central bank had been concerned that Australia would not be able to head back to a balanced growth path with low interest rates alone and that it would require the AUD to fall. In the past three months it has fallen 6% in trade-weighted terms and is now at a level with which the RBA is comfortable. In recent testimony, RBA Governor, Glenn Stevens, noted that 'you would be hard pressed to say [the AUD] was seriously misaligned at the moment'. Comparing the AUD to the level of commodity prices suggests that around US68-70 cents is currently approximately 'fair value'. 
Modelling also shows that the falling currency should be a strong support for growth, with much of the effect still to come. Recent published work from the RBA suggests that the decline in the exchange rate over the past year (15% in trade-weighted terms) should be expected to lift GDP by 0.4-0.9% over 1-2 years, if it's temporary, and by 1.0-1.4% over 2-3 years, if it's permanent. These are big numbers. 
With the AUD doing the work for them, we expect the RBA to be reluctant to cut rates further, despite the slowdown in China and the recent delay to the Federal Reserve's interest rate 'lift off'. Indeed, a key question the central bank is now likely to be asking is: would further rate cuts provide more benefits than costs? To a large degree this question is: would the RBA want to boost housing prices and construction further at this point in the cycle? We suspect not and expect the RBA to be on hold in coming quarters. 
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Looser policy is now coming through a lower AUD 
The AUD has now fallen to a level at which it is providing significant support for the rebalancing of growth. Indeed, having fallen by 9% in the past three months the AUD (against the USD) is now around a level that is consistent with the fall in commodity prices that has occurred, which is part of the reason the RBA is no longer publicly suggesting that it expects or needs the currency to fall further (Chart 1). 
The combination of low interest rates and the lower AUD is lifting domestic economic activity. Employment growth has picked up to 2.0% y-o-y and business conditions have been improving (Chart 2). The positive effect of low interest rates and the lower AUD is also likely to have further to run, particularly as the AUD has declined sharply in just the past three months.
There is also clear evidence in the trade statistics that the lower AUD is supporting growth. Exports of services, including tourism and education services, are picking up and growth in imports of services is also slowing down. Net services exports have contributed more to GDP growth over the past year than resources exports, although resource exports are still positive (Chart 3). 
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A solid lift in the non-mining sectors of the economy is needed, as the fall in mining investment is still only part way done. Mining investment is set to fall again in 2016, before it may start to stabilise in 2017 (Chart 4). We expect the fall in mining investment to be more than offset by the pick-up in exports and the non-mining sectors of the economy, allowing growth to gradually lift over coming quarters. 
Costs of another rate cut could outweigh the benefits 
Nonetheless, the market is looking for more possible rate cuts. In this regard, a key question the central bank is now likely to be asking is: would further rate cuts provide more benefits than costs? Would the RBA really want to boost housing prices and construction further at this point in the cycle? Although the effect of interest rates is not only on the housing market – they affect asset prices, household cash flows and businesses' costs of capital, among other things – the strongest impact is on housing sector activity. 
Indeed, a key driver of the rebalancing of Australia's growth, as mining investment has fallen, has been a pick-up in housing construction, motivated by low interest rates and rising housing prices. This has mostly been a positive story because Australia did not build many houses during the mining boom and had an accumulated undersupply of dwellings. 
But the recent ramp up in housing construction combined with slower population growth means that the cumulative housing deficit is diminishing (Chart 5). On our estimates, based on building approvals remaining around their current levels into next year, the housing market could be in balance by 2017. At a state level we see the biggest risk of over-supply in Victoria, which is already close to balance, while NSW and Queensland are likely to have undersupplies for quite some time yet. 
Further rate cuts could therefore risk both over-inflating housing prices, particularly in Sydney where they have already risen by 50% over the past three and a half years and potentially driving an over-supply of dwellings (Chart 6). In short, the costs of cutting interest rates further may outweigh the benefits. It may be better to hold steady on rates and allow the exchange rate to rebalance growth towards the exchange-rate sensitive industries, as it already appears to be doing. 
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RBA tactics and commentary 
As we have argued above, the RBA is likely to see the recent fall in the AUD as a further loosening of financial conditions that should preclude the need for further interest rate cuts at this stage. We have also argued that the central bank will be reluctant to cut interest rates any further because of the risks of overinflating the housing market or potentially causing an eventual over-supply of housing. 
In the RBA's figuring, we expect global developments to play a role. On-going concern about the slowdown in China is a risk for the local growth outlook, although we note that the RBA has been expecting China's growth to slow for some time. The RBA is likely to also hope that the Federal Reserve raises rates before the end of the year, as this would help maintain downward pressure on the AUD. We expect the commentary from the RBA to flag these global risks, but to be fairly neutral on the local economy. 
Finally, in terms of the medium-term outlook for policy, watching out for the Q3 CPI print, which is due to be published on 28 October, will be important. Underlying inflation has remained within the RBA's target band, albeit in the lower half (Chart 7). We expect a solid underlying inflation print in Q3, partly supported by the impact of the lower currency (Chart 8). The y-o-y rate is also likely to get additional support as the effect of the removal of the carbon tax (which held down inflation in Q3 and Q4 2014) largely drops out of the annual numbers. On our estimates, this effect is likely to add around 0.1-0.2ppts to the y-o-y underlying rate of inflation. 
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<a href="https://www.about.hsbc.com.au/hsbc-in-australia/management-team" target="_blank">PAUL BLOXHAM</a> IS CHIEF ECONOMIST (AUSTRALIA AND NEW ZEALAND) FOR HSBC. 
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mick.cee-iDmgDDAmu8

RBA on hold as the falling AUD supports growth: HSBC's Paul Bloxham

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Art Deco home Bellevue, built in 1933 in Sydney's Dulwich Hill, has changed hands for the first time in 82 years.  
The home, <a href="https://www.realestate.com.au/property-house-nsw-dulwich+hill-120597205" target="_blank">37 Arlington Road Dulwich Hill</a>, sold 26 September for $1,950,000 through David Diamantopoulos of LJ Hooker Marrickville/Dulwich Hill.
It features recessed ceilings, Queensland maple timber detail, decorative plasterwork, and extensive use of both lead light and terrazzo culminate.
The median price for a home in <a href="/news">Dulwich Hill is $1,253,788</a> according to CoreLogic RP Data.
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Art Deco Dulwich Hill time capsule sells for $1.95 million

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GUEST OBSERVER
Fixed rate home loan demand fell significantly last month. 
According to the latest national home loan approval data from Mortgage Choice, fixed rate home loans accounted for just 14.41% of all loans written throughout the month of September – down from 17.41% the month prior. 
Demand for fixed rate home loans hasn’t been this low for more than four years. 
The last time fixed rate demand was this low was back in August 2011, when this type of home loan accounted for 13.78% of all home loans written. 
It seems borrowers are increasingly opting for variable rate home loans as they believe rates are unlikely to rise for some time yet. And, if the minutes of the Reserve Bank of Australia’s September Board meeting are anything to go by, the official cash rate could be left on hold for the foreseeable future.
In the September Board meeting, the Reserve Bank said inflation was forecast to remain consistent with the target over the next one to two years. 
If this proves to be the case, we could see rates left on hold for some time yet. 
Across the country, demand for fixed rate home loans was weakest in Victoria, where this type of product accounted for just 8.61% of all loans written. 
Western Australia was not far behind, with fixed rate home loans accounting for 12.35% of all loans written. At the other end of the spectrum, fixed rate demand was strongest in New South Wales, with this type of product accounting for 16.65% of all loans written.
Of the variable rate loans on offer, ongoing discount products once again proved the most popular with borrowers, with this type of product making up 50.51% of all loans written in September. 
While the property market is showing signs of volatility at the moment, one thing is constant – low rates. 
While rates are low and there is little talk of future rate hikes, borrowers will continue to opt for variable rate products.
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John Flavell is chief executive officer <a href="https://www.mortgagechoice.com.au/" target="_blank">Mortgage Choice</a>.
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Fixed rate demand hits four year low: Mortgage Choice's John Flavell

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Half of Australia's capital cities posted a fall during the September quarter, according to CoreLogic RP Data's Hedonic Home Value Index.
CoreLogic RP Data head of research Tim Lawless said the flat growth rate in Sydney comes after dwelling values increased by 16.7% over the past twelve months and are 49.6% higher over the growth cycle to date.
"The most substantial capital gains over the quarter were achieved in Melbourne where dwelling values were up by 7.4%, followed by Sydney (+4.6%), Brisbane (+1.9%) and Darwin where values were up by 0.4%," he said.
"During the September quarter, half of Australia’s capital cities posted a decline in dwelling values with Hobart down 2.0% over the three months. Adelaide values slipped by 1.6%, Perth by 0.7%, and Canberra values were down 0.4%. 
“While half of Australia’s capital cities have seen values rise over the past quarter and year, the other half did not fare as well,” Mr Lawless said. 
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Half of capital cities post September fall: CoreLogic RP Data

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Three vacant government land sites north of Sydney are being auctioned off with the potential for development into 100 dwellings.
The three residential sites, a high density residential development site at 2 Burley Street, Lane Cove North, a medium density residential development site at 460 Willoughby Road, Willoughby and seven lots in Kerela Avenue, Muttama Street and The Broadway, Wahroonga, will be offered online 5 November through Frank Knight.
Government Property NSW chief executive officer Brett Newman, said proceeds from these sales will be reinvested back into government agencies. 
“These sales reflect the Government’s approach to divesting latent property assets which are not core to service delivery," he said.
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NSW Government land sales announced for Sydney's north

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As the feathers fly in Saturday's AFL Grand Final between Victoria's Hawthorn Hawks and Western Australia's West Coast Eagles, property markets in the hometowns of both contenders show a near level playing field, according to LJ Hooker.
LJ Hooker’s national research manager Mathew Tiller compared house markets in the suburbs of Hawthorn and Subiaco (home of the West Coast Eagles’ Domain Stadium) and said if you’re landlord, you’d be happier in Subiaco with weekly rents some $100 more and a gross rental yield of 3.3%
“As expected, Hawthorn had the higher median sale price ($1.44m) and triple the combined value of homes sold over the year ($375m), and more than double the number of properties sold (224)," he said.
"The average time taken to sell a house in the inner-city markets is near identical at 67.6 for Subiaco and 67.7 days for Hawthorn, respectively. 
“Hawthorn residents (13.8 years) were also likely to stay put longer than Subiaco locals (9.9).
“However, while Subiaco’s median house price ($1.2m) dropped 1.8% over the 12 months, it still held its own better than Hawthorn’s (-2%). 
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West Coast versus Hawthorn for property bragging rights

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Melbourne is the best performing capital city over the three months to September with a 7.4% rise in dwelling values, according to CoreLogic RP Data's Home Value Index.
Melbourne houses had a gross rental yield of 2.9% and units on par with Sydney at 4.1%
Highest rental yields were recorded in Darwin, with houses reaping a grow rental yield of 5.4% and units at 5.8%
CoreLogic RP Data head of research Tim Lawless said the first month of Spring provided mixed results across the capital city housing markets with the headline results showing a 0.9% rise in capital city dwelling values over the month, and a 4.0% increase over the September quarter.
"Across the capital cities, the month-on-month results ranged from a 2.4% rise in Melbourne dwelling values, through to a 1.9% fall in values across the Hobart market. Australia’s largest and most expensive capital city housing market, Sydney, posted a month-on-month gain of just 0.1% in September," he said. "During the September quarter, half of Australia’s capital cities posted a decline in dwelling values with Hobart down 2.0% over the three months. Adelaide values slipped by 1.6%, Perth by 0.7%, and Canberra values were down 0.4%.  The most substantial capital gains over the quarter were achieved in Melbourne where dwelling values were up by 7.4%, followed by Sydney (+4.6%), Brisbane (+1.9%) and Darwin where values were up by 0.4%."
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Melbourne takes the baton of strong housing price growth: CoreLogic RP Data

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The top sale of the week was a four bedroom home in the Sydney beachside suburb of Bronte that sold for the first time in 34 years.
CoreLogic RP Data's top ten sales listing for the week ending 27 September noted the home, <a href="https://www.realestateview.com.au/Real-Estate/9-mirimar-avenue-tamarama/Property-Details-sold-residential-9317606" target="_blank">9 Mirimar Avenue, Bronte</a> is on a 474sqm block with 180 degree views and sold for $7,780,000.
Top ten sales
9 Mirimar Avenue, Bronte, NSW, 4 bed, 2 bath, 2 car house $7,780,000 through Laing + Simmons Double Bay 
48a Hampden Road, Armadale, Vic 4 bed, 2 bath, 2 car house $5,300,000 through Jellis Craig Armadale 
41D New South Head Road, Vaucluse, NSW5 bed, 5 bath, 2 car house $5,250,000 through Laing + Simmons Double Bay 
417/6 Cowper Wharf Road, Woolloomooloo, NSW 3 bed, 3 bath, 2 car unit $4,500,001 through BresicWhitney Darlinghurst 
23 Burran Avenue, Mosman, NSW 3bed,2bath,2 car house $4,390,000 through McGrath Estate Agents 
1101/39 Castlebar Street, Kangaroo Point, Qld 4 bed, 4 bath, 6 car unit $4,315,000 through McGrath Estate Agents 
240 Morack Road, Vermont South, Vic 5 bed, 3 bath, 2 car house $4,150,000 through Ray White Blackburn 
71 Barnstaple Road, Russell Lea, NSW 5 bed, 4 bath, 4 car house $3,910,000 through McGrath Estate Agents 
41 Salisbury Road, Rose Bay, NSW 4 bed, 3 bath, 2 car house $3,900,000 through Raine &amp; Horne Double Bay 
96 Livingstone Avenue, Pymble, NSW 5 bed, 5 bath, 2 car house $3,800,000 through LJ Hooker Wahroonga 
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Bronte $7.78 million sale tops CoreLogic RP Data top 10 list

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A property in Sandy Bay Tasmania is the most distressed property of the week, according to SQM Research.
The home, <a href="https://www.realestate.com.au/property-house-tas-sandy+bay-119247155" target="_blank" style="line-height: 1.3em;">493 Churchill Avenue</a>, was placed on the market back in March with an asking price of $570,000. Since then the vendor has slashed the price to $540,000, a total reduction of $30,000.
SQM Research managing director Louis Christopher said the property consists of four bedrooms, two bathrooms and accommodation for up to two vehicles.
"The vendor says that the fourth bedroom and second bathroom are located downstairs with its very own entrance and abundance of space that could be potentially converted into self contained accommodation," he said. 
"The property features modern timber floorboards, fresh white walls and plenty of natural lighting. The brand new modern kitchen and verendah out the back give this property its additional knockout touch. 
"The property is located approximately 6 km away from Hobart CBD, and is within a short driving distance from local Sandy Bay shops, transport, cafes and schools."
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Sandy Bay Tasmania home SQM's most distressed 

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<div style="text-align: left;" align="center">The home with the longest days on market featured on SQM Research's Top Ten Discounted Properties Nationwide has been listed since 29 July 2011.</div>
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<div style="text-align: left;" align="center">The property, <a href="https://www.realestate.com.au/property-house-sa-strathalbyn-107567610" target="_blank">2 Rankine Street, Strathalbyn</a>, South Australia, is number eight on the top ten list. Since 2011 the price of the property has been slashed a massive 30%, with a total reduction of $150,000.</div>
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<div style="text-align: left;" align="center">SQM Research managing director Louis Christopher said there doesn't seem to be a problem with supply and demand, as the area recently recorded a low vacancy rate of 1.6% for August. </div>
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<div style="text-align: left;" align="center">"It seems that the vendor is not prepared to let this one go so easy... This makes us question why this property is still not selling?... Is it overvalued?," he said</div>
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<div style="text-align: left;" align="center">"The property is not necessarily overvalued as its current asking price is just below local median asking prices. </div>
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<div style="text-align: left;" align="center">"This reduction percentage is somewhat small compared to other properties on our list that have been on the market for much less time. Take for example, <a href="https://www.realestate.com.au/property-house-sa-freeling-119221667" target="_blank">24 Coulls Street, Freeling</a>, which was reduced by 46% with only 196 days on the market."</div>
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SA home leads longest time on market: SQM Research

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

Joel Robinson

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

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

WM Residences fills gap in Mordialloc townhouse market

&nbsp;

Developer GURNER™ Group has revealed $1.65 billion in residential sales nationally across the 12 months to December 2025, driven largely by the continued momentum of its Docklands wellness-focused precinct, Elysium Fields.

The sales result was generated across seven projects in Victoria and New South Wales, headlined by Elysium Fields, GURNER™’s $2.75 billion mixed-use precinct planned for Harbour Esplanade in Docklands.

The project has recorded more than $500 million in sales across the first three towers, equating to around 580 apartments sold.

The first tower, Helios, has now sold out of its 240 private residences, with GURNER™ preparing to release a premium penthouse collection comprising 15 three-bedroom penthouses in coming weeks.

[smartcode_project:default project_id=144441 project_image_fid=370975]

Elysium Fields is being developed on the long-held 20,000 sqm Docklands site at 208-226 Harbour Esplanade, which had remained undeveloped for more than two decades prior to GURNER™ taking over the project around four years ago.

Construction has now commenced across four towers ranging between 18 and 30 storeys, with Hamilton Marino and Maxcon appointed as builders.

Once complete, the precinct is expected to comprise around 1,100 residences, alongside retail, hospitality and public realm uses integrated throughout the site.

[smartcode_project:default project_id=144441 project_image_fid=370981]

Designed by Fraser &amp; Partners in collaboration with GURNER™ Design House, the project has been positioned around the developer’s broader focus on wellness-led residential living.

“We don’t sell apartments. We create a true luxury lifestyle that simply doesn’t exist elsewhere in the market today,” Founder and Executive Chairman Tim Gurner said.

“To deliver that requires an extraordinary level of detail, coordination and discipline across multiple verticals, from design and hospitality through to wellness and service.”

“We’ve always believed that living extends far beyond the physical residence. It’s about how you feel the moment you arrive, how you live day-to-day, and the ecosystem that supports that.” 
[smartcode_project:default project_id=144441 project_image_fid=370977]

The project’s design places a heavy focus on landscaping, wellness amenities and biophilic design principles.

Plans include around 3,700 sqm of landscaped gardens and open space throughout the precinct, alongside a retail and dining offering spanning approximately 5,000 sqm.

The broader public realm strategy centres around what GURNER™ describes as the “Path of Life”, an urban forest and landscaped pedestrian environment intended to connect the various buildings and wellness spaces across the precinct.

The apartments themselves will incorporate a range of wellness-focused inclusions, including purified air and water systems, circadian lighting, antimicrobial surfaces, and optional in-home wellness upgrades.

[smartcode_project:default project_id=144441 project_image_fid=370980]

Gurner said the company’s experience through its Saint Haven wellness clubs had directly informed the residential offering now being incorporated into Elysium Fields.

“We’re seeing a clear global shift toward longevity, performance and proactive health,” Gurner said.

“Our role is to deliver that in a way that feels seamless, highly private and beautifully resolved within the environments we create.”

A large component of the wellness offering is planned through the resident amenity and health facilities proposed within the precinct.

That includes plans for bathing and recovery facilities spread throughout the towers, incorporating mineral pools, saunas, steam rooms, flotation therapy, red light therapy and wellness lounges.

The developer is also seeking approvals for what it describes as a “reverse ageing medical clinic” within the precinct.

[smartcode_project:default project_id=144441 project_image_fid=370978]

According to project information released by the group, the proposed facility would include cryotherapy, IV infusion therapy, infrared and dry saunas, PEMF beds, MRIs, DEXA scans, brain scans and blood analysis services.

Within the first tower, Helios, residents will also have access to a dedicated amenity offering known as the Sky Private Club.

The upper 15 levels of the building will include private lounges, dining spaces, rooftop amenities and optional private wellness studios integrated within residences.

The Helios tower itself comprises 260 apartments ranging between 60 sqm and 300 sqm, including a collection of penthouses.

That includes a planned two-storey penthouse spanning around 600 sqm with uninterrupted bay views.

The Elysium Fields precinct is being delivered in partnership with Digital Harbour Holdings, a consortium that includes the Liberman family, which controls the development rights across the Docklands site.

[smartcode_project:default project_id=144441 project_image_fid=370979]

The sales result comes as GURNER™ continues expanding its national development pipeline beyond Victoria.

“We have a strong pipeline across Australia and are now focused on scaling into key markets including New South Wales and Queensland, while continuing to build on our Melbourne base,” Gurner said.

“We currently have more than $3 billion in the market, growing to over $5 billion by October, and expect to materially outperform last year in the 2026 calendar year.”

The result also reflects the continued strength of the upper-end apartment market in Melbourne, particularly for owner-occupier-focused product with large-scale amenity and lifestyle offerings.

[smartcode_project_cta:default project_id=144441]

Record result anchored by the Group’s “utopian” Elysium Fields precinct – defying market headwinds in Docklands.

Elysium Fields drive Gurner to $1.65 billion in apartment sales over 2025

National Australia Bank (NAB) will fund <a href="https://www.apartments.com.au/new-apartments/palmera-residences-gold-coast-18-garfield-terrace-surfers-paradise-qld-4217">Palmera</a>, a $1 billion, 52-level luxury residential tower being developed by Central Equity in one of the Gold Coast’s most tightly held coastal locations at Northcliffe.

The project, launched recently by <a href="https://www.apartments.com.au/developers/central-equity">Central Equity</a>, one of Victoria’s largest private residential developers, comes at a time when construction funding for large residential developments has become increasingly competitive as lenders tighten exposure to the sector.

Multiplex has been appointed the builder, and construction is now underway.

[smartcode_project:default project_id=108274 project_image_fid=365784]

Since its first project, Central Equity has delivered more than 85 residential developments with a combined end value exceeding $8 billion.

Palmera reflects Central Equity’s growing focus on the Gold Coast luxury apartment market and continues a relationship between Central Equity and NAB that dates back to the late 1980s, when the bank funded one of Melbourne’s earliest inner-city residential towers at a time when high-rise apartment living in the CBD was largely unproven.

“NAB’s funding of Central Equity’s $36 million CBD development in the late 1980’s to the financing of the billion-dollar tower today highlights the long-term relationship between the two organisations in delivering major residential projects” said Central Equity Founder and Chairman Eddie Kutner.

He said NAB’s early support was instrumental in helping establish the company’s development model.

“When we commenced our first residential tower in the late 1980s the concept of funding off-the-plan apartments was still largely untested in Australia,” Kutner said.

“NAB recognised the opportunity early and supported the project when others were uncertain. That relationship has now continued for more than 37 years across many developments.”

[smartcode_project:default project_id=108274 project_image_fid=365771]

Central Equity was established in 1987 when Melbourne’s CBD and Southbank precinct were still dominated by warehouses and commercial buildings. Fewer than 100 residents lived in Southbank at the time, and large-scale residential development in the inner city was not widely considered.

Recognising changing demographics and lifestyle preferences, the company began developing high-rise residential projects designed to bring permanent residents into the city centre.

Central Equity has provided accommodation for approximately 40,000 residents across Melbourne’s CBD and Southbank, while also incorporating supporting infrastructure including essential lifestyle facilities like retail spaces, childcare facilities and neighbourhood activity centres.

Central Equity has spent many years assembling the Palmera development site on the corner of Garfield Terrace and Frederick Street in Northcliffe, creating a supersite of around 3,300 sqm.

The developer said the Palmera apartment tower reflects its long-term view of the Gold Coast as a growing and increasingly diversified economy.

[smartcode_project:default project_id=108274 project_image_fid=365768]

Supported by infrastructure including the light rail network, major road upgrades expanded education, hospital and medical facilities and continued expansion at the Gold Coast Airport with more international and domestic flights.

Positioned in the tightly held Northcliffe precinct, the 52-level tower will deliver 347 apartments, targeting buyers seeking a high-end coastal lifestyle, from downsizers to interstate investors.

Designed by Marchese Partners with interiors by DBI, Palmera has been conceived as a next-generation residential offering, featuring a collection of oversized apartments, with premium three-bedroom residences offering sweeping northern views stretching from Surfers Paradise through to Burleigh Heads.

[smartcode_project_cta:default project_id=108274]

NAB funds $1 billion Surfers Paradise apartment development, Palmera

Two years after completing one of the newest developments in North Sydney, developer <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a> is turning its attention to the rapidly evolving St Leonards apartment market.

The developer, which completed AURA by Aqualand on North Sydney's Walker Street, has lodged plans for a 5,918 sqm site at <a href="https://www.apartments.com.au/new-apartments/33-37-herbert-street-st-leonards-nsw-2065">33-37 Herbert Street, St Leonards,</a> seeking approval for a pair of residential towers rising above a shared podium opposite Royal North Shore Hospital.

The proposal forms part of the broader transformation underway across the St Leonards-Crows Nest precinct, where former industrial and commercial sites are increasingly being redeveloped into high-density mixed-use projects tied to major transport infrastructure.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="2cc428cf-fe70-4cac-9cd5-264ad53af62c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.56%E2%80%AFAM.png?VersionId=otKSnHtbjAvAddOnovyXQMgcAwE6DMe1" />

According to the planning documents, the site sits “within the St Leonards–Crows Nest Strategic Centre, identified by the NSW Government as a key area for accommodating future jobs and housing across Sydney.”

The proposal has been designed by fjcstudio, formerly FJMT Studio, and is being progressed through the State Significant Development pathway due to its scale and affordable housing provision.

The scheme would comprise 413 apartments, including 46 affordable housing units, alongside retail and commercial uses fronting Herbert Street. The project would also include communal open space, landscaping, a swimming pool, gymnasium, children’s play areas and podium-level resident amenities.

Planning documents show the development would consist of a part-13, part-39 storey tower form positioned above a four-storey podium.

“The development comprises a unified podium that activates the street interface, and two setback towers to accommodate new housing supply while maintaining an appropriate human scale at ground level,” fjcstudio noted in its Design Report.

The northern and southern towers have been shaped to respond to the surrounding skyline while also limiting overshadowing impacts to nearby public open space, particularly Talus Reserve.

The design report said the differing tower heights were intended to “contribute to a varied skyline while responding to the surrounding built form context and solar access considerations.”

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="36da62dc-ff9e-41f2-a7e3-7be38373751c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.45%E2%80%AFAM_0.png?VersionId=Mo6Rp2r.XRLTzIfg_PEEpw8NepDH8UBs" />

The site sits directly opposite Royal North Shore Hospital and within walking distance of both St Leonards Station and the new Crows Nest Metro station.

While the site itself sits just outside the formal Crows Nest Transport Oriented Development boundary, the planning documents repeatedly reference its alignment with the broader TOD objectives reshaping the Lower North Shore.

“The site is located adjacent to St Leonards Station and in close proximity to Crows Nest Metro which is within the Crows Nest Transit Orientated Development Accelerated Precinct which has been identified by the NSW Government to support housing delivery,” the Design Verification Statement noted.

According to fjcstudio, the project has been designed to respond to the broader transition occurring across St Leonards, where increasing residential density is being concentrated around transport infrastructure and employment hubs.

“The broader precinct is undergoing significant change, with a mix of existing mid-rise buildings and newer high-density developments,” the report stated.

“Recent and approved projects indicate a consistent shift toward taller built form, typically organised as tower-and-podium typologies with more active ground levels.”

The proposal includes close to 6,000 sqm of retail and commercial space across the ground floor and podium levels, designed to create a more activated street edge along Herbert Street.

Aqualand’s plans would also introduce a landscaped podium shared between the two towers, with communal open space in the form of a podium rooftop designed to support resident interaction and improve urban greening outcomes. The scheme would also introduce pocket parks at the northern and southern ends of the site, including a landscaped area at the corner of Herbert and Ella streets designed to improve pedestrian amenity and soften the streetscape.

&nbsp;

The proposal is being progressed through the NSW Government’s Housing Delivery Authority pathway, which was introduced to accelerate housing supply across the state. The application was declared State Significant Development in April 2025 following an expression of interest process.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="faf6d97d-2671-454f-b85a-fe1c6a7be608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.49%E2%80%AFAM.png?VersionId=diVd28OBVr5.YV.7prrOz.uAanwwwm7a" />

St Leonards has been particularly active with new developments in recent weeks. Developer SP Setia’s <a href="https://www.apartments.com.au/news/nsw/first-look-sp-setia-targets-st-leonards-skyline-with-40-storey-tod-tower">plans for a new 42-storey tower</a> recently went on exhibition through the same pathway, while <a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">Stockland’s 52-storey tower proposal</a> was also recently unveiled.

Aside from the St Leonards project, which is expected to take around nine months to move through the approvals process ahead of a potential 2027 launch, Aqualand is also preparing to launch Boronia, a new apartment project in Roseville comprising around 111 apartments on Larkin Street.

The developer also has approvals in place for the next stage of the Barangaroo precinct, which will feature new residential, retail, hospitality and community uses, alongside a new metro entry across the five-hectare site.

More than 50 new retail destinations are planned for Central Barangaroo, alongside a 270-metre-long boulevard connecting Hickson Park to Nawi Cove. Together with Harbour Park, more than 50 per cent of the precinct will comprise public open space and parkland.

Michael Crawford

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