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The Greater Building Society has cut 0.55% from their new owner occupier variable basic home loan and has announced it will waive establishment, settlement and title insurance fees on all of its basic and packaged home loans.   
The Greater has cut 0.55% off the rate for new owner occupier variable basic home loans worth $150,000 or more that have a loan to valuation ratio (LVR) of less than 80 per cent. This takes the rate for that loan to 4.09% (comparison rate 4.09%), the lowest it has ever been. 
It is also offering 0.2% off fixed Great Rate home loans and fixed and variable Ultimate (packaged) home loans of more than $150,000 with an LVR of less than 80% for both owner occupiers and investors. 
Chief executive officer Scott Morgan said when you consider the all important comparison rate (which takes into account interest rates plus key fees and charges) the discounted variable Great Rate Home Loan is the leading rate of The Greater’s main competitors and 0.83% lower than NAB’s equivalent rate.  
<table cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top">
Lowest Owner Occupied Variable Loan with LVR &lt;80%
</td>
<td valign="top">
Interest Rate (%)
</td>
<td valign="top">
Comparison Rate* (%)
</td>
</tr>
<tr>
<td valign="top">
Greater
</td>
<td valign="top">
4.09
</td>
<td valign="top">
4.09
</td>
</tr>
<tr>
<td valign="top">
NAB
</td>
<td valign="top">
4.53
</td>
<td valign="top">
4.92
</td>
</tr>
<tr>
<td valign="top">
ANZ
</td>
<td valign="top">
4.48
</td>
<td valign="top">
4.89
</td>
</tr>
<tr>
<td valign="top">
Westpac
</td>
<td valign="top">
4.48
</td>
<td valign="top">
4.86
</td>
</tr>
<tr>
<td valign="top">
Commonwealth Bank
</td>
<td valign="top">
4.19
</td>
<td valign="top">
4.79
</td>
</tr>
<tr>
<td valign="top">
Newcastle Permanent
</td>
<td valign="top">
4.09
</td>
<td valign="top">
4.45
</td>
</tr>
<tr>
<td valign="top">
IMB
</td>
<td valign="top">
4.09
</td>
<td valign="top">
4.45
</td>
</tr>
<tr>
<td valign="top">
CUA
</td>
<td valign="top">
4.13
</td>
<td valign="top">
4.19
</td>
</tr>
<tr>
<td valign="top">
Heritage
</td>
<td valign="top">
4.14
</td>
<td valign="top">
4.19
</td>
</tr>
</tbody></table>
* Comparison rate is based on $150,000 over 25 years. 
 
For more information, <a href="https://www.greater.com.au" target="_blank">click here</a>.
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mick.cee-iDmgDDAmu8

Greater cuts interest rates, fees from some home loans

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McGrath Estate Agents have opened a new office in Cairns, the second for the group in North Queensland.
McGrath chief executive John McGrath said he expects significant growth in Cairns and North Queensland over the coming years, as a result of a lower Australian dollar, heightened tourism activity and an upsurge in new development.
McGrath Cairns will be led by Principals, Matt Powe and Kirsty Kernot. Seven sales agents will join the team at McGrath Cairns.
Matt Powe said since 2012 the market has trended upwards after a sustained period of negative growth. 
"However Cairns remains an affordable city to raise a family with excellent schools and lifestyle and recreational facilities," he said.
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The new office will service Palm Cove, Gordonvale, Cairns City and Kuranda. The top five suburbs to be serviced include Edge Hill, Redlynch, Kewarra Beach, Kanimbla and Cairns City. 
 
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McGrath Estate Agents opens Cairns office

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The Reserve Bank of Australia (RBA) has kept the official cash rate at 2%.
CoreLogic RP Data head of research Tim Lawless said August housing market data together with recent data on investor credit growth would have been welcome news to the Reserve Bank when they deliberated on the cash rate setting.  
"The rate of capital gain eased across the housing market in August; after capital city dwelling values increased by more than two per cent in both June and July, it was reassuring to see that capital city dwelling values grew by a much more sustainable 0.3% in August," he said.  
"Additionally, recent credit data released by the Reserve Bank showed the annual pace of growth in investment credit slipped from a recent annual high of 11.1% to reduce back to 10.8% in July. The slower month of housing data may indicate that the housing boom in Sydney and Melbourne is starting to slow and investment lending is starting to moderate in line with APRA guidelines.  
"While the Sydney and Melbourne housing markets don’t need any further stimulus, other capital cities as well as regional markets have recorded much more sustainable growth rates. In fact dwelling values declined across four of the eight capital cities over the month of August and three capital cities, Perth, Darwin and Canberra, have recorded a decline in dwelling values over the past twelve months. Home owners and prospective buyers across Australia will welcome the sustained low interest rate setting which will continue to spur buyer demand and help to offset the effects of softer economic conditions outside of Sydney and Melbourne."
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RBA holds rates at 2%

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GUEST OBSERVER
The ANZ Stateometer, released today, shows NSW and Victoria continue to improve solidly, with NSW extending its lead. 
The other states remain firmly below trend and so Q2 y/y GDP growth, when released tomorrow, is expected to have remained soft. 
The mining states appear to have arrested the slowing in activity for now, while SA has fallen further behind. 
Tasmania is at risk of losing steam, while the ACT was the biggest improver. 
NSW AND VICTORIA LEAD THE REBALANCING OF THE ECONOMY 
The inaugural ANZ Stateometer, a new indicator of economic activity for Australia’s states and territories, highlights the outperformance of NSW, but also a pick-up in economic momentum in Victoria. 
The upturn in activity for NSW and Victoria (which together account for more than half of Australia’s GDP) has been an important part of the rebalancing in activity as resources investment turned down. Given their strong inter-linkages with the rest of the country, NSW and Victoria’s performances bode well for an ongoing, albeit slow, recovery. 
But the below-trend performance of the bottom five states and territories affirms our expectation that tomorrow’s national accounts will show GDP growth remained soft in the June quarter. 
<a href="/images/2015/09/01/Screen%20Shot%202015-09-01%20at%2012.19.07%20PM.png" target="_blank">Click to enlarge</a>
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THE ANZ STATEOMETER READINGS: 
Economic activity in NSW and Victoria was growing faster than long-run average rates over the year to the June quarter and accelerating. 
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Apart from Tasmania, which has recently fluctuated around its trend rate, growth in the remaining jurisdictions was firmly below average. 
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Queensland’s growth was below trend and momentum slowed slightly in the year to the June quarter. 
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WA and SA are furthest from average growth rates and growth slowed in SA in Q2 in year-ended terms. We see the slight quarterly pick-up in WA’s growth momentum as a momentary stabilisation in economic activity before further weakness occurs. We hold the same view for the NT.
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The ACT played catch-up in Q2 with a strong increase in economic momentum, but it remains well below its trend rate of growth. 
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<div class="column">NSW EXTENDING ITS LEAD ON THE REST OF THE COUNTRY</div>
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 Residential investment, labour market conditions, business conditions, and pockets of commercial property have been relatively strong in both NSW and Victoria, but the former has outperformed according to the ANZ Stateometer.
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 Tasmania and Queensland share some of these strong states’ characteristics; they have solid housing and private consumption, and are also benefiting from the depreciating Australian dollar. We expect their below-trend, lower momentum position on the ANZ Stateometer will change as these drivers lead to recovery rather than further deterioration.
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 Economic activity in WA and SA are firmly on a downward trend. For WA it is the ongoing falls in resources investment, while SA is dealing with a broader malaise in its industrial sector. All other states and territories have shown some pick-up in economic activity over the first half of the year.
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 The NT has also seen a substantial contraction in economic activity from a decline in business investment, and growth remains well below its trend rate. The recent pick- up in its reading on the ANZ Stateometer has been narrowly based, so we do not expect it to be long-lived.
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 The ANZ Stateometer also shows the ACT economy has been growing well below its trend rate since late 2011, largely due to Commonwealth budget consolidation. The index deteriorated precipitously over 2014 off the back of a consolidating labour market and its impact on consumption. The index has improved sharply recently. 
 
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Kirk Zammit is economist, ANZ and Cherelle Murphy is co-head of Australian Economics, ANZ. They can be contacted <a href="https://bluenotes.anz.com/authors/our-economists/" target="_blank">here</a>.
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Big states pull away from the pack: ANZ Stateometer

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Capital city dwelling values continued to rise through August although at a slower rate then previously, according to the CoreLogic RP Data Hedonic Home Value Index for August 2105.
The report found Sydney had the highest monthly movement, with dwelling values in August 1.1% higher. Adelaide is up (0.7%) and Darwin (0.3%), with Melbourne and Brisbane stable.
According to CoreLogic RP Data head of research, Tim Lawless, dwelling values across Melbourne were 8.0% higher over the rolling quarter, and Sydney values were up 7.4%.
"Both cities have seen dwelling values trend substantially higher than other capitals, where the third highest growth rate over the three month period was Brisbane, which showed an increase in values of 2.2%," he said. 
"The three largest capital cities, together with Hobart, have all recorded growth in dwelling values over the past three months, half the nation’s capital cities have recorded a fall in values. Darwin recorded the most substantial decline in values with a fall of 3.2% over the three month period, while Perth values were down by 1.5%, Canberra values were 0.8% lower and Adelaide values are slightly lower, at 0.1%.
"While the August results indicate a slowdown in the rate of appreciation in dwelling values, the quarterly figures highlight just how strong the housing market has been over the past three months; combined capital city dwelling values are 5.3% higher over the three months to the end of August this year."
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August capital city dwelling values rise, albeit slowly: CoreLogic RP Data

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Spring is expected to bring an increase in listing numbers but whether buyer demand keeps pace with the additional level of homes for sale is another question, according to CoreLogic RP Data's head of research Tim Lawless.
The CoreLogic RP Data Hedonic Home Value Index for August found new listing numbers are 5.5% higher across capital cities when compared with the same time last year. There was a 16% lift in fresh listings for Sydney and a 10% lift in Melbourne.
Mr Lawless said this is indicative that the spring listing trend is already accelerating as vendors look to take advantage of the strong selling conditions. 
"The Spring season will provide a timely litmus test for the housing market given it’s a time when listing numbers normally increase materially," he said.
"It will be important to monitor whether buyer demand keeps pace with the additional number of homes being advertised for sale."
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Spring listings increase needs buyer demand: CoreLogic RP Data's Tim Lawless

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Potential property investors are warned to be wary of apartment purchases in sub-markets where supply levels are heightened or where there is a strong pipeline of apartment supply.
According to CoreLogic RP Data's Hedonic Home Value Index Results for August, apartment supply has ramped up substantially more than detached housing supply.
CoreLogic RP Data research director Tim Lawless said it has generally been the case throughout this cycle, and previous cycles, that house values have risen at a faster rate than unit values.
“However, over the past three months across every capital city except Melbourne and Brisbane, it has been the apartment sector that has shown the stronger growth result,” he said. 
"Unit values have recently shown a higher rate of growth than detached houses, with values rising 0.8% over the month compared with a 0.3% rise in house values. The rolling quarterly rate of growth was also higher for units at 6.7% compared with 5.1% across the detached sector.
“Sub-markets where supply levels are heightened, or the pipeline of apartment supply is substantial, should still be viewed with some caution.
“This result comes at a time when apartment supply has ramped up substantially more than detached housing supply. To see such a broad-based over performance of units relative to houses, provides some comfort for developers and purchasers that higher density stock values are appreciating."
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Warning on sub-market apartment purchases: Tim Lawless

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Experts predict the Reserve Bank will leave the current cash rate on hold at 2% ahead of its upcoming monthly board meeting today.
Of the 32 respondents to finder.com.au the latest Reserve Bank Survey, 31 economists and financial experts expect the cash rate to remain on hold, while just one respondent believes it will fall.  
Shane Oliver from AMP Capital said not much has changed since the last meeting and the Statement of Monetary Policy when the Reserve Bank seemed reasonably comfortable with current monetary settings.
"While on balance I think the Reserve Bank will need to cut interest rates again, I also think it’s a very close call as there is evidence that the economy is rebalancing and of course rates are already very low,” he said.
Bill Evans from Westpac said it is reasonable that a key explanation for markets pricing in around a 60% probability of a rate cut by November is the expectation that the Bank would continue to openly discuss the possibility of rate cuts.
"The Bank remains confident that inflation will remain consistent with the target over the next one or two years and also notes that the economy is likely to be operating with a degree of spare capacity for some time yet... there is nothing in this statement that would motivate us to move away from our call that rates will remain on hold in 2015 and through the course of 2016,” he said.
Dr Andrew Wilson from the Domain Group said the Reserve Bank is continuing with their ‘wait and see’ approach - but weakening data may be changing that bias. Paul Bloxham from HSBC believes the labour market improving is one of the reasons we anticipate the Reserve Bank will hold the cash rate at the September meeting.
Grant Harrod from LJ Hooker said the Reserve Bank has indicated that it is now comfortable with where the Australian dollar sits and thinks the unemployment rate has now peaked. Combined with the implementation of lending restrictions to property investors from the banks we expect the Reserve Bank to continue their ‘wait and see’ approach and maintain the cash rate at its current level.
Angus Raine from Raine &amp; Horne said the latest Australian economic data proved to be a mixed bag with consumer confidence up and business confidence down. 
"Property continues to be the flavour of the month in Sydney and Melbourne but the Reserve Bank in its latest minutes has noted that trends are more varied in other capital cities. These factors will prompt another hold decision,” he said.
Janu Chan from St.George Bank believes the Reserve Bank is a little bit more comfortable with recent developments, including a stronger-than-expected labour market, the weaker Australian dollar and improved business confidence and conditions.
"The rate cut door however, hasn't closed completely as there remains a risk that the economy will not pick up as the Reserve Bank expects," she said
"However, the tentative signs of improvement in the domestic economy are enough to leave the Reserve Bank in wait and see mode for a while longer.”
To track the current cash rate, click <a href="https://www.finder.com.au/rba-cash-rate" target="_blank" style="line-height: 1.3em;">here</a>. 
 
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Interest rate change unlikely this mortgage season: finder.com.au

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A Chinese investor has paid $12 million for a four level, 930sqm Queen Street property in Melbourne’s CBD, sold as a vacant possession.
The property, 338 Queen Street, offers ground level retail and three upper floors of office space.  
Savills CBD sales director Clinton Baxter said the property had sold on a land rate of $41,379 sqm, adding the buyer had flown into Melbourne for one day to view the property. 
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$12 million paid for Queen Street, Melbourne CBD property

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Celebrity chef Sean Donovan is looking to create a gastropub venture within the Town Hall Hotel in Fitzroy after current chef Harry Lilai moves on after five years. 
He said he was looking to take the place back to more of a fair dinkum pub.
"I think the pub needs to be a place where you can walk in from the street and get a beer, so I hope to take the Town Hall back closer to its roots,” he said.
The Town Hall Hotel has been extensively refurbished to offer two commercial kitchens, two dining rooms and a converted cellar used for private functions. Harry Lilai is looking to buy a cafe closer to home in Melbourne's west.
Pat Connolly and Will Connolly from Colliers International’s sold the premises on behalf of Lilai.
 
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Chef Sean Donovan moving to Fitzroy's Town Hall Hotel

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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