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Ross Savas of Kay &amp; Burton Real Estate says Australian expat buyers are in a powerful negotiating position.
“They are cashed-up and ready to buy,” he emphasises.
“And they have the flexibility to offer vendors short or long-term settlements,” Savas adds.
“Often expats don’t need the house immediately and can rent it back to the vendor.”
The bottom line is that cashed-up expats are well placed to really make the most of this depressed market for high-cost properties.
“If you have cash at the moment, you are in a pretty good position,” says Shayne Harris of Savills Australia.
“There are not many people in the upper end of the market with 80% to 90% of the purchase price.”
 
For more tips for Australian expats buying back home this summer, <a href="http://propertyobserver.com.au/ebooks/free-ebook-20-top-tips-for-australian-expats-thinking-of-buying-homes-this-summer" target="_blank">download our free eBook.</a>
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Take advantage of your strong bargaining position: Tips for expat Australian property buyers

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Rich Harvey of propertybuyer argues that despite the high dollar, the depressed prices in the upper end of the property market make this a “brilliant” buying opportunity for expats with a bit of cash to spend.
“If someone is cashed up and wants to buy, they can do very well at the top end of the market right now.”
Harvey recently looked at a house with a $15 million asking price in the pricey eastern suburbs of Sydney that he estimates he could have picked up for $10 million.
And Harvey is confident that he could negotiate about $500,000 or so off houses in the $10 million range.
Angus Raine, chief executive of Raine &amp; Horne, agrees. “This is a fantastic buying opportunity,” Raine says.
“There are great, great deals to be had. And it should remain like this for next one or two years.”
Raine believes that expats should not let the high dollar dictate whether they buy a house at this time. “The upper end of the market is very soft. There is a perception out there that this end of the market has definitely bottomed.”
For more tips for Australian expats buying back home this summer, <a target="_blank" href="http://propertyobserver.com.au/ebooks/free-ebook-20-top-tips-for-australian-expats-thinking-of-buying-homes-this-summer">download our free eBook.</a>
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Balance the high dollar against depressed prices: Tips for expat Australian property buyers

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Australian expats often rely heavily on their Australian-based relatives – from second cousins to mothers-in-law – to help select properties to buy. In many cases, expats first identify potential buys on the internet and then ask their relatives to inspect the properties.
The general, but hardly unanimous, view among property specialists is that there is nothing wrong with asking relatives to inspect properties, however expats shouldn’t overly rely on their opinions when deciding whether to buy.
Shayne Harris of Savills Australia has found that parents, for instance, tend to really enjoy inspecting properties and representing their expat children. “They are obviously proud of their kids and pleased to be on the ground looking after them.”
But Harris says that some expats “rely on relatives having some sort of intuitive sense about what they like”, and this can lead to disappointment.
Rich Harvey, managing director of Sydney buyers’ agent propertybuyer, warns that the task of inspecting properties and making recommendations can place relatives under stress. “You are putting a lot of pressure on them to do a professional job that they may not be skilled at,” says.
For more tips for Australian expats buying back home this summer, <a href="http://propertyobserver.com.au/ebooks/free-ebook-20-top-tips-for-australian-expats-thinking-of-buying-homes-this-summer" target="_blank">download our free eBook.</a>
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Don't rely too much on relatives: Tips for expat Australian property buyers

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Rich Harvey of Sydney buyers' agency, propertybuyer says the high dollar can have a “very dampening effect” on the willingness of Australian expats to buy property.
In the past, Harvey’s firm had relied on expats for 20-30% of its business. David Morrell of Morrell and Koren emphasises the impact that a swing of, say, 10% in the value of the Australian dollar against other currencies can have on the value of a $5 million to $8 million house. And Morrell too has experienced a cut in demand in 2012 among expat buyers because of the high dollar.
However, Morrell and several other property specialists stress that many expats are motivated to buy property in Australia for reasons that are not influenced by the state of the dollar. Morrell says expats usually make a decision to buy in Australia when their children are reaching secondary-school age. “They normally come back for the schools.”
Ross Savas, a director of Kay &amp; Burton Real Estate in Melbourne, says “it doesn’t matter where the dollar is” if expats have to come home to educate their children or have been made redundant as countless employers cut costs.
“Don’t worry about the dollar,” adds Savas, who specialises in properties costing $3 million-plus. “If you are coming home, you are coming home. And you will need somewhere to live.
“Expats are the most expensive employees,” says Savas. “And they are the first to go when companies scale back their overheads.”
For more tips for Australian expats buying back home this summer, <a href="http://propertyobserver.com.au/ebooks/free-ebook-20-top-tips-for-australian-expats-thinking-of-buying-homes-this-summer" target="_blank">download our free eBook.</a>
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Understand the impact of the high Australian dollar: Tips for expat Australian property buyers

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Is it a smart idea to sell your business premises – owned in your own name or through your self-managed super fund – at the same time as selling your business? Or should you consider holding on to the property as an investment?
There are powerful arguments for and against simultaneously selling your business and your business premises. And tax, business and superannuation specialists warn the wrong decision could cost an SME owner a lot of money in lost tax benefits, income and capital gains.
The Survey of Financial Needs and Concerns of SMSF Members, recently compiled by Rice Warner Actuaries, shows that pre-retirees surveyed held an average of 13% of their portfolios in business property, falling to just 2% in retirement. (The survey covered super and non-super assets.)
Rice Warner suspects the sharp reduction in exposure to commercial property indicates many business owners sell their business premises when selling their businesses.
Of course, the question of whether to sell business premises at the same time as selling the business confronts SME owners at various stages of their working lives, including when they are selling a business to buy another.
Martin Murden, director of SMSF consulting with the Partners Group in Melbourne, says there is no right answer to the question of whether business owners should hold on to their business premises after selling their businesses. Much should depend on the circumstances.
Here are the cases for and against <a href="https://www.smartcompany.com.au/superannuation/050040-five-strategies-for-smsfs-investing-in-geared-property">selling your business premises</a> when selling your business:
<h2>Arguments against selling your business premises</h2>
1. Target the sale of your business to many more potential buyers
Tax and superannuation lawyer Robert Richards, principal of Robert Richards &amp; Associates in Sydney, says by selling the business without the premises, more buyers can afford to buy it. And as part of the deal, you could offer a very long lease on the business premises – which, in turn, should provide you with a reliable income.
“A lot of buyers of businesses don’t want the business premises or they don’t have the money,” Richards says. And he adds that many buyers would want to spread their risks by not having their real estate investments and their business mixed together.
“By trying to sell your business premises and business together, you are straightaway reducing the number of target buyers,” Richards emphasises.
2. Continue to profit from your business – after its sale
Richards points out you could continue to benefit from the profitability of your business after its sale by renting its business premises to the new owner.
And he asks: “If you know your business is good, wouldn’t it make sense to know you will get a good return on the property [by renting it to the business’s new owner]?”
3. Profit from your knowledge of the property
“Having run your business from the property for a number of years, you should know not only the property but the location,” says Martin Murden. “And you should know of any redevelopment opportunity [for your property].
“We have seen inner-city warehouses converted into properties,” says Murden. “And we have seen the prices they fetch.
“You might decide to hold on to the property for a few years to find a developer who may pay much more than it is currently worth,” he adds.
4. Continue to receive a concessionally-taxed or tax-free rental income and capital gains
If your business premises are held in your self-managed super fund you will keep receiving the same concessional tax treatment on the rental income and capital gains, stresses Richards.
Rental income is tax at 15% a year while capital gains are taxed at an effective 10% during a fund’s so-called accumulation or saving phase (if the property is held for more than 12 months). And your SMSF will continue to receive the usual tax breaks of landlords.
Once the assets of the fund begin to back the payment of a superannuation pension, fund income and capital gains are tax-free. This means your SMSF can eventually sell a property in the pension phase without paying a cent in capital gains tax – no matter how much the asset has risen in value over the years.
SME owners may decide to hold their business premises in their self-managed super funds after the sale of their businesses for a range of reasons including tax-effectiveness, asset-protection, and succession planning for family businesses.
 
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<h2>Arguments for selling your business premises</h2>
1. Improve liquidity of your investment portfolio
 
Murden often sees SMSFs with investment portfolios that are dominated by a single, costly property such as the members’ former business premises. This can lead to various difficulties for the fund, including poor liquidity.
SMSF trustees are legally required when setting their investment strategies to consider, among other factors, the ability of the fund to pay member benefits when necessary. Member benefits include lump sums on retirement and death as well as pensions. Obviously, pressure to pay such benefits increases as the members of a fund age.
In short, valuable business premises – particularly if designed for a specific purpose such as manufacturing a particular product – may be difficult to sell within a reasonable time for a satisfactory price.
Even if your commercial property is not held in an SMSF, liquidity of an investment portfolio is a crucial issue – particularly for retired investors. Liquidity may not have been such a priority when the members were earning incomes from their business.
2. Further diversify your investment
 
Again, SMSF trustees are legally required to consider portfolio diversification and investment risk when setting their funds’ investment strategies.
And the ability for super funds or individual investors to spread their risks and opportunities by having an appropriately diversified portfolio is often limited if most of the money is invested in a business property.
Undoubtedly, many retirees would be uncomfortable with having their retirement lifestyles dependent on the performance of a single asset.
Martin says the departure of a tenant can be a particular problem if your super fund’s assets comprise mainly a business property. Much of the fund’s financial wellbeing may depend upon regular payment of rent.
3. Escape from having to look after your property
 
In retirement, many retirees would not want the task of managing an investment property including dealing with tenants and maintenance. Management of a direct property can still be a burden even with the services of a property manager.
“No-one wants to go overseas on retirement and be cruising down the Rhine when the tenant phones with a problem,” says Murden.
4. Understand that CGT often may not be payable on the sale of your business premises
Fear of a huge CGT liability would make some SME owners reluctant to sell their business premises held, say, in their own names or in a trust – particularly if those premises have significantly risen in value over the years.
However, Richards explains that the small business CGT concessions – together with the 50% general CGT discount (applying to individuals and trusts) – often eliminate CGT on the sale of “active” small business assets. Such assets include the premises of a business.
Some SME owners sell all of their business assets and contribute the proceeds to super if possible. (Super contributions from the proceeds of small business assets that qualify for the CGT small business 15-year exemption or retirement exemption are excluded from the non-concessional contributions cap up to a lifetime limit of $1.255 million for 2012-13.)
What if the business premises were held in an SMSF at the time of their sale? As discussed, CGT is not payable on the sale of assets backing the payment of a superannuation pension.
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/index.php">SmartCompany</a>
 
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Should you sell your business property when you sell your business? 

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In other words, what is the potential for future capital gains and growth in rental yields in the location of your investments?
The answer to this straightforward question may guide your decision whether to hold on to the properties and whether or not to buy another in the same suburb.
Bernie Mitchell of Focus Property Management suggests that you first look at the levels of stock for sale and rent in your area. And also try to ascertain how long properties tend to be on the market before being sold. This can provide a vital key to the possible future capital gains and growth in rental yields.
“Say about 100 properties a year are sold in a suburb, and there are 300 properties on the market,” Mitchell says. “Basically, there is three years’ of sales stock on the market now.” [Of course, unsold stock levels can vary significantly with the state of the overall property market.]
The same principle applies with the stock of properties to rent. If a suburb has a large stock of properties to rent – in other words, a high vacancy rate – it will be tougher to earn your desired rental yield.
Investors can do much of the basic research into the numbers of properties for sale and rent by searching real estate websites and by speaking to local real estate agents as well as buyer’s agents.
Signs of a strong area for property investments can include solid population growth and improving infrastructure such as the building or planned building of motorways. Quality of public transport can be a valuable indicator.
Mitchell warns, however, that strong population growth in, say, a regional area can be for a specific reason that may not lead to long-term benefits for your property investments. So do your homework.
 
For more questions to ask as to how your residential property portfolio is performing, <a target="_blank" href="http://propertyobserver.com.au/ebooks/free-ebook-how-is-your-residential-property-portfolio-performing">download our free eBook.</a>
To find out <a target="_blank" href="/news">where residential property should sit within your portfolio, watch our free webinar </a>
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How do I 'measure the temperature' of where my investment properties are located? Wealth-creation webinar postscript

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Key points to think about are the diversification of an investor’s overall investment portfolio; whether a direct property investment is still appropriate for an investor’s changing circumstances; and whether a property investment is still pulling its weight.
Financial planner Matthew Scholten is “certainly supportive” of clients having an investment property as part of their portfolios.
“Time has shown that good properties in the right location have done particularly well,” says Scholten, a practice principal of Godfrey Pembroke in Melbourne.
“[But] I don’t advocate having all of your assets in a single asset class, irrespective of what it is,” he adds.
Scholten says that one of the biggest risks for direct property investors is being overexposed to a single, high-cost and illiquid asset. He stresses to his clients the desirability of having a portfolio that is widely diversified for risk and return.
“I have some new clients who come to me who have a number of properties and not much else.”
From time to time, Scholten advises clients to consider broadening their portfolios by, say, adding more shares to their portfolios – perhaps through superannuation.
Sometimes, he recommends that a client consider whether a direct property is still appropriate given the person’s changing circumstances. Perhaps an investor is nearing retirement and no longer wants the task of looking after an investment property.
“We often suggest to such clients that it might be time to consider selling and putting the assets into a more tax-effective vehicle, such as superannuation.”
The advice will depend on an investor’s personal circumstances. The potential costs of selling a property, including CGT, should be taken into account.
Scholten stresses that the timing of a sale can be important from a tax perspective. For instance, an investor may plan to retire in a year’s time. By delaying the sale until after retirement, less tax may be payable.
Of course, the timing of a sale must make sense from an investment viewpoint.
A crucial consideration for investors is whether a property still deserves a place in their investment portfolio given its potential for capital gains and growth in rental yields.
“It’s not so much how the property has performed in the past, it is the asset’s prospect for future appreciation that is most important,” says Scholten.
“People come to me who have bought properties in, say, holiday or regional areas which have not done a great deal. I might suggest that they may be better off in something else.”
Scholten advises investors not to let negative-gearing tax breaks dictate their decision to invest or remain invested in a property. “Tax concessions won’t compensate for a poor investment.”
“If you buy a property the key is its ability to appreciate over time.”
 
For more questions to ask as to how your residential property portfolio is performing, <a target="_blank" href="http://propertyobserver.com.au/ebooks/free-ebook-how-is-your-residential-property-portfolio-performing">download our free eBook.</a>
To find out <a target="_blank" href="/news">where residential property should sit within your portfolio, sign up for our free webinar on Thursday, November 29 at 12.30.</a>
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How does my property portfolio fit my wider wealth-creation strategy? Countdown 5 to wealth-creation webinar

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Bernie Mitchell of Focus Property Management says the vast majority of his clients have come to him because of dissatisfaction with their previous property managers.
“There are generally two things they complain about – poor communication or lack of activity in the management of the property,” he says. “The real question is whether your property manager is doing what they should be doing.”
A basic job for property managers is to regularly review rents to ensure the tenant is paying a market rent or close to it.
“We review rents every six months for our clients if tenants are not on leases,” explains Mitchell. “And if a tenant is on a lease, we review the rents about 90 days before the expiry of the lease. This gives us time to speak to the owner, speak to the tenant, to negotiate and give notice to a tenant of a rent rise.”
“A lot of landlords get frustrated that some property managers do not review the rent until the lease expires. Once the lease expires, landlords do not have as much leverage [during negotiations], and the tenant is still in the property by default.”
Good property managers will also advise their clients if the rental yield can be improved by better maintenance of a property.
For more questions to ask as to how your residential property portfolio is performing, <a href="http://propertyobserver.com.au/ebooks/free-ebook-how-is-your-residential-property-portfolio-performing" target="_blank">download our free eBook.</a>
To find out <a href="/news">where residential property should sit within your portfolio, sign up for our free webinar on Thursday, November 29 at 12.30.</a>
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Is my property manager doing a good job? Countdown 4 to wealth-creation webinar

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Keeping your investment properties in top condition makes sense from a cost-control and tax perspective.
And quality tenants are drawn to well-maintained properties. Ongoing maintenance is usually tax-deductible. However, Paul Banister of accountants Grant Thornton warns: “If you let a property run down, the larger expenditure needed may be a non-deductible capital cost.”
As property manager of more than 300 investment properties across 100 Sydney suburbs, Bernie Mitchell advises clients to place a strong emphasis on maintenance.
“The condition of a property plays a big factor in attracting the right tenants,” says Mitchell, managing director of Focus Property Management.
Mitchell suggests that landlords plan well ahead to undertake regular maintenance. Typically, regular maintenance work is recommended at the end of a lease or every 12 months.
“By planning ahead, we try to ensure that the client has a buffer of funds to pay for the maintenance; large expenses shouldn’t suddenly pop up.” A property often simply requires a fresh coat of paint and new carpet.
 
For more questions to ask as to how your residential property portfolio is performing, <a href="http://propertyobserver.com.au/ebooks/free-ebook-how-is-your-residential-property-portfolio-performing" target="_blank">download our free eBook.</a>
To find out <a href="/news">where residential property should sit within your portfolio, sign up for our free webinar on Thursday, November 29 at 12.30.</a>
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Is my property maintenance falling behind? Countdown 3 to wealth-creation webinar

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Crucial tax factors to consider include the need to keep excellent tax record; to ensure as much interest as possible is deductible; to check whether your method of ownership is tax-effective; and to revisit your negative gearing strategies.
Paul Banister, director of taxation services for accountants Grant Thornton in Brisbane, says the first half of a new financial year is a great time for tax planning. By thinking about tax planning early, you have plenty of time to take any necessary action.
Banister names accurate record-keeping as a fundamental priority for property investors. Good records will help maximise your opportunities for tax deductions and make certain that non-deductible capital expenses are added to the property’s “cost base” to reduce capital gains tax (CGT) upon the property’s eventual sale.
As part of their tax-planning, Banister suggests that landlords prepare a checklist of allowable deductions.
“Basically, this checklist [compiled as early as possible in a financial year] will help give you the discipline of writing everything down,” he says.
Property management firms typically provide their investor clients with an endof-year financial summary, setting out the costs incurred in relation to a property – including for regular maintenance. Banister says that if your property manager hasn’t prepared such a summary in the past, make sure you receive one in future.
An essential part of good tax recordkeeping involves having an accurate and up-to-date depreciation report from a quantity surveyor. Banister says investors should obtain a depreciation report upon buying a property or at least before they lodge their first tax return after its purchase.
It is worthwhile checking whether you are holding your investment properties in the most tax-effective way. If not, the next question is whether it is financially feasible to do something about it.
As Banister explains, many investors choose to hold a property in the name of the spouse with the lower marginal tax rate in order to pay the least tax on rental income and capital gains.
But the most suitable form of ownership from a tax viewpoint will depend on personal circumstances. For example, high marginal taxpayers receive the biggest tax benefits from negative gearing.
When making recommendations about how a property should be held, tax advisers consider such issues as how long a property is likely to remain negatively geared and how long the property will be owned.


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Property owners who are thinking about changing ownership of a property from one spouse to another have much to take into account. Expect to pay stamp duty and property transfer costs, and possibly CGT on the transaction, warns Banister. Further, the transaction should make sense from an investment perspective.
Banister says it is a matter of “running the maths” to calculate whether stamp duty, transfer costs and CGT exceed the potential future tax-savings of changing ownership.
He suspects that in many cases, it would not be worthwhile to switch owners. As part of your tax check-up on your investment property, you should ensure that your line-of-credit or investment loan to finance the property is being used in both a tax-effective and cost-effective way.
“One of the biggest nightmares in tax compliance is where investors attempt to claim deductions for interest on a line-of-credit or a loan with redraw facility where payments [into the account] have been made and then redrawn for personal purposes,” says Banister.
“Just think of how it can play out over the whole term of a financing facility if borrowers just drop money in and take it out again for personal purposes. A proportion of the loan is not deductible; the challenge is working out which proportion. It is very labour intensive to pull apart each of the transactions.”
 
For more questions to ask as to how your residential property portfolio is performing, <a target="_blank" href="http://propertyobserver.com.au/ebooks/free-ebook-how-is-your-residential-property-portfolio-performing">download our free eBook.</a>
To find out <a target="_blank" href="/news">where residential property should sit within your portfolio, sign up for our free webinar on Thursday, November 29 at 12.30.</a>
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Is my tax planning in excellent shape? Countdown 2 to wealth-creation webinar

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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.

Joel Robinson

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 internation 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.

First look: Aqualand joins St Leonards apartment party

<section data-scroll-anchor="false" data-testid="conversation-turn-5" data-turn="user" data-turn-id="e65dbe94-e3b6-47f7-b62a-9cbb30c9bf79" data-turn-id-container="e65dbe94-e3b6-47f7-b62a-9cbb30c9bf79" dir="auto">Time &amp; Place’s plans to transform the former David Jones factory building in Surry Hills into a mixed-use residential precinct have gone on exhibition through the NSW Government’s In-fill Affordable Housing pathway.</section>

<section data-scroll-anchor="false" data-testid="conversation-turn-6" data-turn="assistant" data-turn-id="request-WEB:f4d533b7-64a5-413d-86fd-5c99649c2b73-2" data-turn-id-container="request-WEB:f4d533b7-64a5-413d-86fd-5c99649c2b73-2" dir="auto">
The Marlborough House proposal, lodged for the <a href="https://www.apartments.com.au/new-apartments/marlborough-house-47-97-marlborough-street-surry-hills-nsw-2010">47-97 Marlborough Street</a> site, would see the adaptive reuse of the heritage-listed warehouse building alongside the construction of new residential additions and a separate apartment building on the northern portion of the site.

The proposal seeks approval for 172 apartments across three buildings, including 15 per cent affordable housing managed by a community housing provider for at least 15 years from occupation.

<img alt="Marlborough" data-entity-type="file" data-entity-uuid="5d1d3c2a-bf13-47d6-a335-7c01102cdee1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.36%E2%80%AFAM.png?VersionId=cjMYrbR.BLUlWH4dar0RVDDo0bG.u2YT" />

Interior view from the Northern Building Penthouse overlooking the park

&nbsp;

The redevelopment is planned for the prominent 3,413 sqm site bounded by Marlborough Street, Goodlet Street and Lansdowne Street, directly opposite Eddie Ward Park and around 200 metres from the Surry Hills light rail stop.

Time &amp; Place acquired the former David Jones building in 2024, marking the first time the property had changed hands in around 50 years.

Designed by Wardle, the proposal centres around the adaptive reuse of the former David Jones factory, originally constructed between 1913 and 1935 in the Inter-War Chicagoesque architectural style.

Wardle noted in its Architectural Design Report that the building “occupies a significant place in the industrial and cultural history of Surry Hills” and at its peak was “the largest department store manufacturing facility in Australia, employing over 800 people and fuelling the growth of Sydney’s fashion and retail industries.”

The practice said the project positions itself “not as an isolated intervention, but as a contributor to the civic, social, and architectural grain of the precinct.”

The proposal would deliver 75 apartments within the retained southern heritage building, 59 apartments within the central addition, and a further 38 apartments within the new northern building fronting Lansdowne Street.

Planning documents show the scheme would comprise a mix of heritage apartments, new-build apartments, townhouses and penthouses.

<img alt="Marlborough" data-entity-type="file" data-entity-uuid="57758518-40a3-4b83-958c-d06e96a2cffa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.42%E2%80%AFAM.png?VersionId=VerlX9ST5xgBi8.1_YRsqdWTJeT6ygjs" />Interior View of the Heritage Building Apartment

The development would also include a ground-floor retail tenancy on the corner of Marlborough and Lansdowne streets, rooftop communal open space, a landscaped pedestrian link along the western edge of the site, and basement parking accessed from Lansdowne Street via a car stacker system.

&nbsp;

The scheme emerged from a competitive design process run by Urbis, with Wardle ultimately selected as the winning architect ahead of FJC Studio, TZG, Architectus and Wilkinson Eyre.

The Design Integrity Panel later described several aspects of the Wardle scheme as fundamental to the project, including “the stepped character of the new addition to the north of the site”, the landscaped western pedestrian link, and the “garden arrival” experience separating the original Marlborough House from the heritage addition.

Wardle’s design heavily references the site’s industrial and heritage history, while also responding to the surrounding Surry Hills streetscape.

The Architectural Design Report describes Surry Hills as “a finely grained neighbourhood with beautiful and expressive brickworks throughout the suburb,” with the proposal introducing a material palette intended to sit comfortably alongside the existing warehouse fabric and neighbouring terraces.

The report also outlines the project’s relationship with Eddie Ward Park and the broader landscape context of the area.

“Marlborough House occupies a site of deep cultural memory and the neighbouring Eddie Ward Park is of local ecological significance, where natural systems, topography, and stories have long shaped human experience,” Wardle noted in the report.

The architects said the proposal sought to “rebind built form to Country” through landscape, materiality and the adaptive reuse of the heritage structure.

<img alt="Marlborough House" data-entity-type="file" data-entity-uuid="9ae3f2f9-c85f-477a-a6f8-b43f6cb97c41" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.53%E2%80%AFAM.png?VersionId=B.qUCLqRvJOR.n9CvYcTpaknIX9LuqKZ" />

The project is also being progressed under the NSW Government’s in-fill affordable housing provisions, allowing developments that include affordable housing to access additional height and floor space incentives.

Under the plans, 2,593 sqm of the project’s floor space would be dedicated to affordable housing, slightly exceeding the required 15 per cent threshold.

In its Design Excellence Strategy, Urbis said the project aimed to “sensitively adapt and enhance the heritage-listed building on site through alterations and additions that preserve its historical significance” while delivering “high-quality market and infill affordable housing development in Surry Hills.”

Time &amp; Place has been one of the most active developers nationally in the last 12 to 24 months. Late last year they completed&nbsp;The Queensbridge in&nbsp;<a href="https://www.apartments.com.au/developments/southbank-vic-3006">Southbank</a>, a mixed-use tower with 353 apartments and a hotel. They are currently selling Park Modern, 246 apartments near the famous Botanic Gardens in&nbsp;<a href="https://www.apartments.com.au/developments/south-melbourne-vic-3205">South Melbourne</a>, and have future projects, <a href="https://www.apartments.com.au/new-apartments/the-wilmot-173-burke-road-28-hope-street-glen-iris-vic-3146">The Wilmot</a>&nbsp;in&nbsp;<a href="https://www.apartments.com.au/new-apartments/glen-iris-vic-3146">Glen Iris</a>, the redevelopment of the Northcote Plaza, and another tower in South Melbourne.

The developer broke into Sydney just a few years ago with Two Tides in Manly. They have another project nearby, which is at the ultra-luxury end of the market on&nbsp;<a href="https://www.apartments.com.au/buildings/shoreline-manly-beach-89-90-north-steyne-manly">North Steyne</a>, fronting the beach.

It is also continuing to work through the <a href="https://www.apartments.com.au/news/nsw/first-look-time-place-settles-on-design-for-the-chimes-potts-point-redevelopment">redevelopment of The Chimes building</a> on Macleay Street in&nbsp;<a href="https://www.apartments.com.au/developments/potts-point-nsw-2011">Potts Point</a>, as well as a project on <a href="https://www.apartments.com.au/news/nsw/time-place-to-take-on-mosman-apartment-market">Mosman's Redan Street</a>.
</section>

First look: Time & Place unveils Marlborough House redevelopment designs for former David Jones warehouse in Surry Hills

The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.

Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.

The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.

The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.

Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.

The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.

The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.

Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.

Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.

The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.

Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.

Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.

Michael Laurence

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