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I recently read a headline attributed to a US market research group that in part announced, “that virtually every home buyer did the majority of their research on the internet” – I think that most of us would agree that is also our experience in Australia.
While traditional media still has a role to play, buyers are clearly relying upon property related web sites and the internet to help find their new home.
Other research (from a number of sources including the Newspaper Association of America and AC Neilsen) clearly shows that the most trusted information on the web comes from company branded web sites.
These sites rank much higher and a more trusted than commercial portals, in fact company branded sites are only out ranked by personal recommendation, consumer on-line forums and editorial comment while at the bottom of the survey we find text advertising on mobile phones as the least trusted.
Potential buyers are now clearly investing time to ‘self-educate’ themselves about real estate market conditions.
It is vital that any engagement with the market remains a two-way process and that as a professional service we enhance the decision-marking journey via our own and project web sites.
To do so requires an ongoing effort to understand how the Internet is being used.
Recently, I had the opportunity of taking a detailed look at some interesting trends drawn from almost seven million site visits across a number of major projects.
None of us are strangers to the value of the internet in helping to market projects and so I think it is valuable to recount some of the key trends that I came across.
From the outset I think it is now realistic to see our marketing operating on a 24/7 basis – office hours and open for inspections aside in ‘virtual’ terms the market never sleeps, it might nap but never really switches off.
Web traffic to the real estate sites that I refer to ran across a full 24 hours, traffic was at its lowest point from around mid-night to seven am and after seven am traffic then ramped up to peak visit numbers around 10am daily. Then between 10am and 10pm – that’s a full 12 hours, activity was more or less constant.
One fact this clearly reinforces is that the impact of  smart phones and tablets as potential buyers access the web anywhere, from being on a bus to being in bed and now at almost any time.
It is also worth noting that the early bird traffic, that is between mid-night and 7am was about 30% of the peak time of 10am, and so that’s not a small number of potential buyers.
Another stand out trend, which I have to freely admit, is a statistic I have seen quoted frequently, was that most web traffic was recorded on a Tuesday, Wednesday and Friday, with Saturday and Sunday both low volume days.
Tuesday has long been seen as one of the best days for email marketing to your data base and that appears to be sound thinking, there’s lots of research to support this. With weekends a prime time to visit properties it also comes as no surprise that Friday’s are popular – it’s common sense.
Another key measure of activity was that first impressions on a web site appear to be critical as the drop off between visits to a site’s home page to the next most read page was frequently well over 70%.
That is 70% of site visitors did not bother or feel interested enough to go past the home page of a site, either they had not interest in the sites details or they may not have been attracted to what they read or saw on the home page. It’s another reason the home page should always be fresh.
While I am the first to admit these are just a few points relating to a complex and ongoing subject, each is worth noting and serves to my mind, to reinforce the need to keep an eye on how we use the internet as a key marketing tool.
Peter Chittenden is managing director for residential of <a target="_blank" rel="nofollow" href="https://www.colliers.com.au/Colliers%20Corporate/Residential.aspx">Colliers International.</a>
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Real estate marketing on the web requires an ongoing effort to engage the potential buyer

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Following on from last week’s post I want to turn my attention to house and land packages.
Unimproved land sales, where the buyer contracts a fully independent builder, are now less common and while some buyers may not relish the additional work involved, some do and they tend to be more attracted to infill locations.
Accordingly the marketing of an estate is enhanced by a good relationship with builders who can then provide house and land packages when the developer does not.
Almost regardless of the size of an estate, the ability to offer packages is usually seen as a core requirement by most buyers.
The only exception would be for very small infill estates in popular and well established, almost built out areas where the market demand for land is strong and such estates will almost always be high-end and high-cost locations. In a market like Sydney this does happen.
However, I have noted that a price ceiling for land in such locations can be somewhat constrained by comparisons to already established individual homes.
But, if the location is AAA then the land can reach higher price levels.
When estates are of a critical size, the builders involved should, where possible, also be a part of any display village and while they need not be large they are an important marketing element.
The displays not only showcase the builder’s product range but they create immediate activity on the estate. Raw muddy land for many consumers lack appeal. This sort of on-site activity is another key for all estates and even more so for smaller infill estates.
Why?
I feel the main reason is that infill estates may have been in a dormant state for many years and buyers may not feel any urgency to commit.
The availability of house and land packages and the construction of a display village are core project marketing tools.
They are part of the estate’s full service offer to potential buyers. Without them most if not all estates may well struggle to attract buyers in particular during construction works and prior to land registration, again vacant land with no activity is difficult to market in all but exceptional circumstances where supply is very limited or non-existant.
 
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This is an important area because land sales offer some of the most complex of marketing challenges and this is largely the result of the fact that land itself is not the end product in the housing cycle, or from the buyer’s perspective.
Consumers buy land with the primary intention of building a house.
Few blocks are purchased to hold and most estates have time limits in place that require a home to be built, usually within no more than two years.
Most government grants also have time limits. There will be some time gap between the land purchase and being able to move into a new home, this is something that buyers understand, but most want the time gap to be as short as possible.
This is another reason why house and land packages are so important for almost any estate.
Most buyers moving to a major new area will ask themselves a number of simple questions: Do I need to do this? What are the advantages? What other choices do I have?
Clear and simple answers to these questions can be a sobering experience for any marketing or sales professional to answer.
Marketing plans need to acknowledge that this is the reality of how their target market views their buying options and the sales path needs to be built around this reality.
New estates can be a much more sensitive and less flexible market than dealing with well established areas.
While established areas, might also have a downside because of a particular reputation, there is clearly much less trust involved as buyers can see right now exactly what they are buying into.
They can go out and experience an area for themselves and this is another clear advantage for infill locations, as much of the local community is already established.
 
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There is now a reasonable expectation among consumers of what a master planned community will offer.
In the widest meaning most buyers would consider this type of estate to offer more than just a collection of new homes.
There is an expectation that such communities will offer more and in some cases much more.
The markets expectations will be established and nurtured by the marketing and with large estates the brand will become a central element that will need to be sustained and managed over the entire life of the estate.
Master planned estates will also take many years to complete and may involve a partnership that includes several different developers as well as government.
Among the marketing challenges will be communicating the size of such projects and the time scales involved.
From a sales perspective time will be central issue and this will impact almost every aspect of marketing. If planned facilities are delayed buyers will be disappointed.
Large master planned projects take many years to complete and the process involves ongoing exposure to the wider community.
There will always be a long period before any work takes place on-site and a long lead-time before any product is available for sale and is ready to occupy, but the up-side can be very impressive.
Almost all metro areas have varied sites that over time become ideal for development as infill residential estates. These estates can range in size from a hand-full of blocks to as many as several hundred or a thousand blocks.
Infill sites are by their nature more likely than greenfield sites to be well located in relation to existing services and as such can be expected to attract a premium price, often out pacing the already established market.
The premium is created because buyers are willing to pay to be located in an area that would previously been considered fully developed. These estates usually attract a pocket of modern new homes, which in turn acts to reinforce the estates appeal.
The other major advantage is that infill sites are almost always well located to already established services – walking distance to schools and shops is an obvious plus.
This adds considerable weight to their appeal and hands the developer and marketing team (and buyers also) an instant advantage.
However regardless of the quality of existing services and good transport links there is still no guarantee of instant success. 
Peter Chittenden is managing director for residential of <a href="https://www.colliers.com.au/Colliers%20Corporate/Residential.aspx" rel="nofollow" target="_blank">Colliers International.</a>
 
 
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The challenges of marketing infill residential developments

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Back in late June I carried some news about a ‘tiny’ home designed architect Renzo Piano, described as “a technically perfect and aesthetically attractive refuge, testing the potential of the minimalist house.”
Now comes the world’s tallest mixed-use building in <a target="_blank" href="https://www.google.com.au/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=1&amp;cad=rja&amp;ved=0CCoQFjAA&amp;url=http%3A%2F%2Fen.wikipedia.org%2Fwiki%2FChangsha&amp;ei=tkL_UdOQIOuciAfWnoCoDg&amp;usg=AFQjCNFsM_KmfWHThT2zHMlqsZOPupZSiw&amp;bvm=bv.50165853,d.aGc">Changsha, China</a> and while the scale is very different these two buildings they do share the fact that both are pre-fabricated.
The <a target="_blank" href="https://www.propertyobserver.com.au/international/tiny-houses-and-huge-manors-peter-chittenden/2013062462628">tiny house</a> is equipped with everything you need and the same is claimed for Sky City; although, with its 27 meters foundations Sky City is setting many different records and clearly on a far greater scale.
<img height="372" width="470" src="/images/stories/2013/08/changsa-skycity-one.jpg" alt="changsa-skycity-one">
While the South China Morning Post quotes a professor of architecture from Tsinghua University who calls the scheme “insane” the project boasts some amazing statistics.
From January 1, 2014 the prefab floors and structure will start to be assembled on-site and the aim is to top off the structure in April 2014.
Yes that’s correct, all 202 floors in just four months.
And while at 202 floors the aim is to be recognised as the world’s tallest building, there are claims of a wider goal that might well impact China’s urbanisation policies.
Sky City aims to pioneer an environment that is healthier, saves energy and land and with less building material.
If Sky City was to be built as a conventional residential estate, it would occupy two square kilometres of land and need to accommodate parking for more than 2000 cars. In contrast as a tower Sky City is planned to accommodate apartments, offices, schools, shopping, a hospital and recreational facilities in just the one (very tall) building.
<img height="330" width="470" src="/images/stories/2013/08/changsa-skycity-two.jpg" alt="changsa-skycity-two">
As a resident of Sky City if you feel like stretching your legs then via a continuous internal ramping ‘street’ you will be able to walk from the ground floor to the 170th floor.
A variety of public spaces will serve as civic squares, playgrounds, tennis courts, swimming pools and theatres.
The estimated 280,000 pieces the building sections are being built via a process described as “similar to aircraft component management.”
Sky City will contain eleven million square feet and cost an estimated US$1.5 billion.
There have been concerns express about the social implications of such a concentrated urban environment and some safety concerns.
Like the time required for an emergency evacuation and its ability to resist earthquakes – the building has been designed to withstand a magnitude 9 earthquake.
Clearly the amount of prefabrication and construction between Sky City and the world’s smallest house are worlds apart but there are common factors.
Both address concerns of housing density, energy efficiency and building innovation.
I find this an interesting comparison once you account for scale still I think that the conversation is much the same as we look for varied housing options across our world.  
 
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 Peter Chittenden is managing director for residential of <a target="_blank" rel="nofollow" href="https://www.colliers.com.au/Colliers%20Corporate/Residential.aspx">Colliers International.</a>
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The world's largest building is being built; pre-fabricated, in just four months! Peter Chittenden

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For many years Sydney’s housing market has been influenced by a shortage of supply, in particular a shortage of land.
Various estimates put the land under supply at 50% of what would be a sustainable level. An average of 14,500 homes have been built in Sydney every year for the past five years, we would have to build 27,500 new dwellings every year to reach some recently announced State Government targets.
New land supply is currently being created with major projects in the south-west and north-west. In March the New South Wales Government unveiled an ambitious plan to supply more than 170,000 new homes across greater Sydney. Under part of the plan eight existing suburbs will be re-zoned to accommodate 30,000 new homes in high density apartment blocks.
The Government has also released greenfield sites on the city’s north-west and south-west outskirts to build new houses, business parks and town centres over the next 20 years. 
Beyond these plans Sydney’s supply problems have been evident now for almost a decade with the supply of new dwellings falling to a 50 year low in 2008–09.
Today, activity still remains well below the long term average and this reality is having a major impact on demand at a time when we are also seeing shifting lifestyle demands.
While there are plans for some major new greenfield projects it has been infill estates across Sydney that have over the past five years assumed a large share of new estate activity, with the more ambitious greenfield land releases in the outer areas at times facing delivery hurdles.
Clearly there is strong demand for new developments, but I think that the appeal of infill estates goes a long way towards explaining a subtle shift that is taking place in the demand for land and I have several examples to explore.
However, before looking at some specific examples the federal government’s independent National Housing Supply Council report suggests that we’re being priced out of our own homes. But, at the same time the report also finds that the overall rate of home ownership at around 70% of Australians still remains stable.
Then we also have the fact that there are falling numbers of first-time buyers in the housing market, with fewer young people buying and we a drop in the number of traditional new households forming.
The supply council’s report points to affordability problems at the bottom end of the market where there is a struggle to save the deposit for a home. The council’s report also shows that housing supply has fallen over the past decade and this trend has also been amplified by shifts in lifestyle expectations. Buyers have become debt adverse, and even if the deposit hurdle is overcome and recent rate cuts have an impact, buyers are still searching for lifestyle balance and I feel this is key among the facts driving the demand for infill estates.
We have buyers looking at where new estates are located and the distance from central Sydney or other major commercial and employment centres. They weigh up travel time and costs and find the idea of a long daily commute less and less appealing. Then experiences shows a constant need to consider the availability of local services and many infill locations score well in this regard.
 
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Expansive new suburban communities will, for many reasons also remain a popular housing choice but when we look at the success of smaller infill estates there are some key and proven marketing advantages.
Although many Australians dream of living on the coast or in the country, in reality the best quality of life in Australia is still found in the suburbs.
The larger greenfield estates are seen as an ideal way to offer buyers a big choice of size, location, quality and price that might not be provided in smaller developments.
However major new residential housing projects tend by virtue of the amount of land involved to be located at the edge of the current established residential and services footprint.
But even if there is a lag in some services, for many people they are better off in the suburbs. In Sydney’s suburbs residents often have the best of all worlds, with access to good schools, shops, modern hospitals and reliable jobs, but also large houses, fast internet connections and low crime rates.
While a shift to more medium and high density living located in the inner-city is a trend the era of the new housing estate will remain part of the local market for many decades yet to come. The area still remains a fertile market and rich environment for marketing professionals, as well as developer innovation and we will see many infill estates deliver these benefits from day one.
The location of an individual property is usually, if not universally the most important factor influencing its market appeal.
Location wraps up how well a property is positioned relative to services, employment and ever more important access to transport links.
These values can also take on different priorities for different purchasers depending upon their personal needs and circumstances. Schools are important to young families, but other facilities like sporting and cultural will be important to a more mature family or couple.
On varied scales the arrival of a new development can readily impact how desirable a location is.
Once unfashionable or even undesirable locations can be transformed by the development of a new project if it is either very larger with the provision of new services and facilities.
An infill estate can have the same impact by knitting together a previously disjointed neighbourhood.
Location needs to be very carefully communicated in all marketing activity. It can not be assumed that a good location will sell itself. It can not also be assumed that a poor location does not have some up-side.
The lack of transport is now a major issue and as consumers are currently getting another taste of higher oil prices transport (of every kind) will remain an even more central issue as most Australian cities,including Sydney, play catch-up with improved transport.
The result is that major new projects in any big metropolitan area will face common aspects of location that will be influenced by their relationship to the main CBDs.
Location in the context of services is a critical factor for both greenfield and infill estates because it helps to determine the housing mix and how in turn each project taken to and received by the market.
Demand and price expectations will also be tied to the core issue of services and infrastructure and any deficiencies will have to be compensated by prices variations. 
Peter Chittenden is managing director for residential of <a href="https://www.colliers.com.au/Colliers%20Corporate/Residential.aspx" rel="nofollow" target="_blank">Colliers International.</a>
 
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How will Sydney deal with a shortage of land supply?: Peter Chittenden

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It is easy to lose track of how frequently infrastructure and development are linked together and how the lack of infrastructure has a negative impact on many aspects of the residential development market.
Now the context of this debate is about to dramatically change and I feel that to some extent it’s a change that has snuck up on us.
Over the next few years two light rail links in Sydney will transform parts of the south-east and inner-west.
Building and completing these projects will also reduce chronic CBD congestion and help revitalise Sydney and for the CBD in particular, adding further energy to the residential market.
<img alt="lightrailjuly23one" height="248" width="470" src="/images/stories/2013/07/lightrailjuly23one.jpg">
Both projects will have a major impact on the surrounding residential environment and will boost investment and site demand. The inner west light rail extension will connect to the existing light rail service,which operates from Central to Lilyfield, through the inner west to the Dulwich Hill Interchange.
This extended service will begin operating in early 2014 with nine new stations and an investment of $176 million. Popular residential areas like Leichhardt, Dulwich Hill and Marrickville are set to benefit.
The much talked about south-east light rail to be built through the Sydney CBD to Randwick and Kingsford is also on its way.
A heads of agreement is now in place with Randwick City Council, The Centennial Parklands Trust and The University of NSW, along with the already committed City of Sydney Council, who have joined with the state government to assure the project.
The obvious support of the Sydney City Council for the project has been shown through a contribution of $220 million.
With an estimated total price tag of $1.6 billion the 12 kilometre project will link Circular Quay and Central via George Street, the Moore Park precinct (including the Sydney Cricket Ground and Allianz Stadium), Randwick Racecourse, the University of NSW and Prince of Wales Hospital at Randwick.
Significantly the light rail will also reduce the number of buses now increasingly clogging the CBD during the peak with lines of buses at stand still a sore point.
<img alt="lightrailjuly23two" height="248" width="470" src="/images/stories/2013/07/lightrailjuly23two.jpg">
The reduction in congestion combined with a brand new public transport option to key locations will greatly increase the demand for new residential development.
In recent months we have already seen parts of Kensington transform with new projects as this potential becomes a reality and the trend will continue across the entire area.
The light rail will deliver an integrated, modern and new transport solution making suburbs like Randwick, Kensington and Kingsford even more attractive places to live and this will further reinforce the demand for apartment projects in these areas.
In the Sydney CBD and surrounding areas, residential projects will have access to the light rail and this will boost the appeal of the projects around the billion-dollar redevelopment of the Sydney Entertainment and convention centre.
<img alt="lightrailjuly23three" height="248" width="470" src="/images/stories/2013/07/lightrailjuly23three.jpg">
In the south-east, major employers like the Prince of Wales Hospital and The University of NSW will also benefit from the new light rail and this will fuel the demand for housing in the area already influenced by the student population.
When looking at the appeal of these areas in terms of new developments other key benefits of the new light rail will include the reduced journey times into the CBD and this will in-turn boost retail activity and reduce travel time for those working in the city.
Moving people efficiently into and out of special events at Moore Park is also a very positive feature that will potentially boost economic activity as the area competes to attract new events.
All eyes are now on the final timetable for construction of this very welcome infrastructure in the South East, which it is expected to take five or six years. Construction work is planned to begin in 2014.
From the many comments discussed here in Project Agenda, investing in quality infrastructure for Sydney is a vital step in cementing our reputation as a world class city.
In the past we have been marked down in some international rankings because of the lack of a reliable and modern public transport systems.
The inner-west and south-east light rail links are very welcome and they are set the change the local dynamics of housing and future residential development markets.
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Light rail will transform Sydney's residential development market: Peter Chittenden

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Like me you may be able to clearly recall when living in a flat or buying an apartment was seen as an entry point into the housing market.
For varied reasons a flat, or a unit was seen as ‘second-best’. Why was this so? In many respects price would have been key, and living in an inner-city flat was often a better choice because of easier access to employment or university.
Here’s another suggestion – in the 1830s the first multi-unit homes were built in New York, but these were not really flats or apartments, because as inner-city tenements a number of dwellings shared a bathroom.
It was not really until around 1870 that ‘real’ apartments started to be developed as fully self-contained multi level homes. Today from such a humble start apartment living is now a fully mature market, and when it comes to CBD apartments a very complex market and a rich demographic.
Over the last few weeks I have already suggested some key dynamics that are now common in our major cities. Recapping these include and in no particular order: the clear emergence of several well-defined sub-markets where in terms of price and quality the resident profiles are very different from other parts of the CBD.
Different types of facilities influence where people choose to live, as both buyers and of course the very high number of people renting, and so investment potential is also a strong motivation.
However most CBD apartment dwellers also have a lot in common on the list of must-haves, and these include location, convenience, design, facilities, views, public transport, prestige and the general desire for active and appealing neighbourhoods. 
It is clear that in the CBD a ‘great position’ is made up of a big list of features like public amenity, a rail link to the airport (in particular in Sydney) alongside lifestyle attractions such as access to parks, cafes, shops, restaurants, what many of the buyers I speak to refer to as the ‘buzz’ – in fact as a collective narrative its perhaps the most common factor.
Another two key issues that popped up all of the time, and regardless of location and price was design and quality. While the two items might be defined very broadly, as the CBD market continues to mature design and quality are now very clearly understood by any buyer.
Some points like size will always be a function of price – other factors like privacy, noise, storage and in-house facilities are important to the keen eye of any buyer.
 
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Building lifestyle facilities
Clearly we have come a very long way since the days of those New York tenements in the 1830s with ‘shared-bathroom facilities’ and buyers now have very clear expectations about the ins and outs of their own apartments, which brings me to some of the feedback I have noted about building facilities, common areas and how strata plan levies are impacted.
Some buildings have great facilities, like the lap pool in Sydney’s The Hyde, which the developers (Stocklands) had the vision to place on level eight of the building and so ensured all residents had a pool that appears to float above the trees of nearby Hyde Park.
They could have always put the pool in the basement or to the backside of the building. It’s like the clever thinking that saw a common roof terrace on top of the Astor in 1923 and on the roof of many early apartment buildings built in Potts Point.
It is however clear that buyers see facilities falling into two clear groups – the must have facilities and others that people might like to have but are not seen as essential. There will always be a relationship between apartment prices, the size of a project and the reality that ongoing levies will be impacted.
Buyers in the CBD also see the ground-level public amenity that surrounds their building as part of this picture, as cafes, restaurants and shops are not the usual preserve of an individual building nor are large sometimes 24 hour fitness centers but for many buyers a ‘city-pad’ surrounded by these services is an essential and likewise CBD residents who rent.
Outside of these it is  important to note that other areas like security, parking and storage are must haves, although parking is under pressure and is becoming more limited with 2-bedroom and 3-bedroom apartments no longer having one plus spaces.
Most of the feedback I have garnered from buyers is that they are happy with this if local transport is good and so the car might not be used during the working week.
In Melbourne the tram network was extended to the Docklands area from the start and also in Brisbane the intensive residential development along Southbank also had rail access. Now Sydney’s light rail in the CBD will be a key transport link for city residents.
Turning back to individual buildings after we tick off security and easy access to parking (including visitor parking) the choice of desirable facilities has grown. In recent years, while we still have pools and some smaller but very well-equipped gyms appealing to most buyers, there has also been the spread of common-use areas. These now include meeting rooms, libraries, cinema rooms, and wine cellars and shared dining areas with quality BBQ facilities.
When apartments in general are tending to get smaller, what most of these facilities have in common is that they extend the ‘personal’ entertaining opportunities for the building community, which is seen as very desirable. It’s easier to entertain family and friends on special occasions and once established they are not a cost burden.
Building management is also now a keenly understood area that extends way beyond what for some may have been the novelty of a concierge – a high level of professional management is now critical.
 
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Someway To Go
The CBD apartment market already has a long heritage and its appeal is only growing. In our major cities buyers and already well-established residents have a clear idea of what is good and not so good about city living.In taking a project into this market the demographics have some clear pointers that reveal a complex market.
This is a high-density highly urban market, a mobile and shifting market where off-shore buyers are active, many buyers are investors and accordingly a lot of your neighbours will be renting, it’s a young market, but for lifestyle reasons many high-end buyers are older with very precise expectations of location and quality. Local and building facilities are key and building services and quality continue to improve.
One of the many buyers I spoke to said to me that they had looked long and hard before they moved into the CBD, they were very aware that within 10ks of the city they also had different options, that were much cheaper. But in the end they were happy that the city offered a rich lifestyle, a good mix of facilities with easy work access – but there was room for the city (Sydney in this case) to improve.
Once More to New York
I mentioned earlier the appeal of a building concierge, and New York is the home of the ‘doorman’ and woman. A New York doorman might perhaps be the measure of a very mature CBD residential market. We all know the uniform that may even include top hat, gloves, epaulets, a jacket, embroidered with building logos, and stripe pants.
It’s worth a footnote to history as the doormen have been around ever since the Romans coined the job title — ostiarius — for the slaves who guarded their doors.
The men and women who are now an important part of many CBD apartment buildings do have a long history and while in Australia they might be spared the use of white gloves it’s a great reminder of the charm of city living as something we can all find stimulating to market.
Peter Chittenden is managing director for residential of <a target="_blank" rel="nofollow" href="https://www.colliers.com.au/Colliers%20Corporate/Residential.aspx">Colliers International.</a>
 
 
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A flat or a unit has always been viewed as ‘second-best’. Why is this so?: Peter Chittenden 

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Over the last two weeks I have looked at <a href="https://www.propertyobserver.com.au/residential/a-snapshot-of-young-city-dwellers-peter-chittenden/2013070162865" target="_blank">some of the key demographics</a> driving our CBD residential markets.
While a city apartment is not a new idea, Sydney’s Astor dates back to 1923, it has only been over the past two decades that CBD living has attracted big numbers of residents.
That growth is going to continue as CBD markets evolve to offer ever more clearly defined precincts, neighbourhoods and project diversity.
And just like other areas spread across a major metropolis these various sub-markets present rich marketing opportunities.
How we label these sub-markets as: villages, neighbourhoods or burrows, does not really matter, but what does matter is what aspects attract buyers. Then over time how the ‘locals’ fashion these areas to create their own rich local communities.
There’s a Lot Going On
Because many of us find ourselves marketing projects in these CBD markets, I wanted to get an appreciation of how buyers are adapting to their new homes, including an impression of how new developments are fitting into the wider goals of city planners and simply, do people enjoy this evolving lifestyle. As a result what can we learn?
I was not setting out to produce any sort of research paper, no the idea was more about a series of personal conversations to get a handle on the experience of buyers. And all the time of course reflecting on the marketing that might have been used to engage these same buyers, as a counter-balance to some of the published statistics I have looked at over the past few weeks.
My first view is that the most shared experiences have a lot in common, and these include location, convenience, design, facilities, views, prestige and the general feeling that there is still some way to go before CBD living ‘matures’. I also have to acknowledge here that all of the buyers I spoke to were in Sydney.
Location
At first glance I suspect that in the widest definition of location it might be seen as a simple point, after all we are talking about the CBD – that’s the location. The question of location is however very complex, there is a vast difference and some distance between many locations in the Sydney CBD or for that matter in Melbourne, Brisbane or the Gold Coast.
Location really has everything to do with position, it’s the place that people see as making up the key benefits of where they live. In the CBD a ‘great position’ is made up of a big list of characteristics, and as the market continues to grow and mature, it is clear that buyers appreciate even the most subtle differences of position/location.
While there were a number of comments from the buyers I spoke to, which included transport, public amenity, a rail link to the airport and access to parks, cafes, shops, restaurants, there was a general feeling that a desirable location had to have, what was frequently referred to as a ‘buzz’ – a feeling of activity, excitement, animation and life.
While I was not really surprised to hear this feedback, what I did find interesting was that some parts of the Sydney CBD failed this test by comparison to an area like Potts Point. It appears that buzz might need time and diversity and community to nurture this important aspect of CBD living.
So I think it’s worth ticking off the reality that you might not visit the Sydney Opera House or Art Gallery of NSW every day, but a choice of coffee shops and a much loved pizza shop count for a lot.
Design – It’s all in the detail
CBD buzz is great it appears, but sooner or later every buyer in my conversations turned their comments to what they liked or did not like about their own apartments, how they were designed and finished and how different building facilities influence where they purchased.
Also over many years I have always collected and stored away in my own mind the varied comments my team and I hear about apartment design. In this area of marketing, design decisions are critical and they need to be because buyers are very much in tune to what they are looking for.
My group of buyers was happy enough with their choices but they did feel there was room to improve the fine details.
But firstly some of the most common factors were storage, ceiling heights, cross ventilation and light, separate living and bedroom zones and how noise could be managed.
There was also general agreement that security was very important, the idea of a low maintenance lifestyle, the ability to lock-up and go away for the weekend or several months was seen as key and somewhat aligned to the possible investment appeal of the apartment and building.
Another design issue that popped up was the design and function of balconies. They need to be a reasonable size – not a football field but also not a window shelf, safe and private enough to use and there are concerns, which I share, about what is sometimes called ‘balcony blight’.
Balcony blight can happen in high rise buildings where because so much glass is used in the balustrade design this restricts privacy and so washing, stored furniture, assorted boxes and exercise equipment are all visible. When spread over 10 or 20 levels of a building this creates a somewhat hectic look.
While I am not suggesting a repeat of the idea that only one type of outdoor furniture should be used, as was notoriously the case with The Republic building in Darlinghurst, a building’s exterior design appeal are important to any buyer or resident.
Design to Meet a Lifestyle Change
During most of the conversations I had with recent buyers, many had experienced a change in lifestyle, while some had moved from an existing apartment, others were experiencing CBD apartment living for the first time.
This was one of the reasons storage was important, along with parking. If you have moved from a larger home adjusting to a smaller space will almost always involve buyers having to transition personal possessions and storage can become an ‘emotional’ issue. It is possible to buy strata car parks and storage, but if these are not in your building it’s very often not a practical option.
Another key design feature that most buyers were looking for, in particular buyers who may have downsized was a zoned interior layout.
Comments like ‘it’s great to have a different area for the grand kids or visitors to use, where they have their own private space’ were a frequent observation.
While this feedback might not be all that surprising I think it is always very valuable from a marketing perspective to keep in mind what buyers want, to remind ourselves that long after the glossy brochures are forgotten – how apartments and buildings function should be our concern.
Next week I will finish off this topic with more interesting buyer feedback.
Peter Chittenden is managing director for residential of <a target="_blank" rel="nofollow" href="https://www.colliers.com.au/Colliers%20Corporate/Residential.aspx">Colliers International.</a>
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The importance of functional design in CBD residential markets: Peter Chittenden

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It might not come as a surprise that most CBD dwellers are young, in Melbourne 67% are less than 35 years old. Most live in households of only 1 or 2 people, many rent and most are very well educated, but income profiles are not remarkably different from the wider population.
So it is safe I think to assume that we are dealing with a ‘Young and Restless’ market, but a more detailed picture is evident if we start to look at these headline trends in more detail. I also think it is very clear that large markets like Sydney and Melbourne contain various sub-markets that we need to understand and accommodate in our marketing decisions.
Avoid the stereotype
In lots of marketing material for new projects I find myself reading what appears to be a fairly standard project outline that starts of with copy something like this – ‘our aim is to create a living, functional community reflecting this vibrant location, that appeals to a mixed demographic creating a unique place to live’ – fair enough I guess, but possibly a little lazy and in the case of many CBD projects I suggest a bit obsolete.
To help establish a more robust descriptor here are some key facts about the age profiles of CBD residential markets in Sydney, Melbourne and North Sydney. The figures show a clear trend, but I do not think the figures should be seen as universal, but they do show a strong correlation.
Young and passing through
In the Melbourne CBD, according to figures published by the City of Melbourne, the three biggest age brackets are 20-24, 25-29 and 30-34 and this is why 67% of CDB residents are less than 35 – clearly a young market, where it would be reasonable to assume the bright CBD lights are the key attraction, along with access to higher-education.
In Sydney the picture is similar, the two biggest age brackets for people moving to the CBD are 18-24 and 25-34 and it’s the same for North Sydney. These two markets also share another key population measure that is prominent.
The biggest age bracket when people make the move out of the CBD to another market is in the age bracket 35-44, plus there is a not to be unexpected link to the 5-11 years group which could well be families leaving the CBD, and this is reinforced by where this group moves to, which I will return to as the trends there may directly impact marketing tactics.
Another key age bracket in the Sydney and North Sydney CBD market is the high number of arrivals in the 55-64 age range, and this group while not the largest by any means is notable because it is growing. Both the Sydney and North Sydney markets and this is equally true of Melbourne now have market precincts that would attract older buyers.
The Sydney CBD market in particular now has some clearly established precincts that offer their own distinctive ‘brand of CBD living’ and that trend is set to continue. These sub-markets or sub-brands include the north, the sandstone belt, south, Chinatown and waterfront locations and these locations will become more distinct as the city grows and buyers become more choosy.
While some high-end projects attract a lot of attention the percentage of rented accommodation also aligns to the fact that NSW now generates some $5.8billion in education exports, and students have a big impact on the CBD market and its investment appeal.
CBD migration
The population gains and losses of the CBD markets are also strong marketing pointers that send a very interesting message. The trends are very useful when planning how to engage with the demographics that are playing out.
In the case of North Sydney when people leave the CBD area they tend to stay on the North Shore or go to the Inner West, where families looking for a traditional home might be attracted and still keep some connection to their former homes. Then when we look at where buyers move from into the North Sydney CBD market we see this movement coming from the North Shore and the Inner East.
If we look at the City of Sydney this movement, while similar in structure, is slightly more diverse. People leaving the CBD appear to move to areas with traditional housing and within the top five destinations, more possibly affordable housing and given that some of those leaving will now have children, access to schools.
And so we see our CBD population move to the Inner West and to a number of closer suburbs in Sydney’s South. Those moving into the CBD come from a mix of locations as well, including from the South, Inner East, Upper North Shore and The Hills District – the diversity of locations is perhaps not surprising given that the Sydney CBD market is also a very mixed residential market. It is no longer just a particular cluster of buildings, it has wider and evolving appeal including to older buyers 55-64.
The picture thus far
CBD markets are at first glance seen as diverse places, but rather like our marketing copy suggests, the CBD market is still evolving. We already know it is a young market, where most people live on a 1 or 2 person or 3 and 4 person household, but thereafter around the age of 35-44 make a move away. Facilities are important, it’s an attractive rental market, but it also appears that’s how residents relate to services and facilities may be very different. After all the CBD is still very much a shared ‘experience’ – with residents alongside office blocks and big numbers of workers and visitors moving in and out of the city daily.
Having taken this brief snapshot of the CBD market, in my next post I will detail some of the feedback and comments from recent Sydney buyers. It all goes to further reveal how our CBD residential markets are changing and managing their growing pains and how as project marketers we need to stay attuned.
Peter Chittenden is managing director for residential of <a href="https://www.colliers.com.au/Colliers%20Corporate/Residential.aspx" rel="nofollow" target="_blank">Colliers International.</a>
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A snapshot of young city dwellers: Peter Chittenden

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I have previously written about small apartments, but now it is tiny houses in the headlines. And who else but architect Renzo Piano, known for the Pompidou Centre in Paris and the Shard in London and Aurora Place and Macquarie Apartments in Sydney, has designed a very tiny house ‘Diogene’, what Domus (the Architecture, Design, Art &amp; Products bible) have described “a technically perfect and aesthetically attractive refuge, testing the potential of the minimalist house.”
Domus goes on to describe Diogene not as emergency accommodation, but a retreat that is able to function in various climate conditions, as a self-sufficient system. The required water is collected by the house itself, cleaned and reused and the house supplies its own power and the necessary platform is minimised.
Renzo Piano emphasises its aspect of “spiritual silence”. “Diogene provides you with what you really need and no more,” Piano states.
This tiny house is equipped with everything you need in a living room – of course there is a pull-out sofa and a folding table. Behind a partition, you’ll find a shower, toilet and a kitchen.
There is yet no indication about price or actually going into production, but it won’t be cheap; there are a lot of special systems to pay for.
But it will be a lot less than £200 million
In contrast to the tiny Piano designed house the Daily Mail in London asks if this London home might well be the most extravagant property? A local property tycoon has purchased seven Regent’s Park houses to create a £200m ‘supermansion’ as described by The Mail.
Plans to combine the seven homes into a single ‘home’ will create London’s largest residence after Buckingham Palace.
Over seven levels it will have 35 bathrooms including some spacious ‘his and hers’ bathrooms, 15 bedrooms and roof garden. With a £200million asking price, it will be one of the most expensive properties in Britain.
On the top floor the house will have a lush private roof garden despite the fact that the 472-acre Regent’s Park is a stone’s throw away, but then who wants to use a public park!
But even though the property will also feature a subterranean leisure complex with a swimming pool, jacuzzi, pool bar and cinema, most of the 355 comments posted by readers of The Mail web site appeared less than impressed.
One saying: “I’d rather have a few hundred square miles, in the Highlands of Scotland, for that amount of money.”
And you could assume with plenty of room for more than one of the Renzo Piano, ‘Diogene’ tiny homes.
Peter Chittenden is managing director for residential of <a href="https://www.colliers.com.au/Colliers%20Corporate/Residential.aspx" rel="nofollow" target="_blank">Colliers International.</a>
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Tiny houses and huge manors: Peter Chittenden

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Last week I started to outline why product design and planning are project marketing essentials. I think it is reasonable to suggest that the project marketing team should play an important role here, because comprehensive planning can only improve the end product eventually taken to market.
While product design and planning tends to be seen as a non-core responsibility of the sales team I do not think this is the most productive approach. While clearly central to the architectural and building roles, this should also, and frequently does, need too include an active involvement from the sales and marketing teams. Together they can play a vital role that will help produce a final product the market wants and is happy to buy at the most competitive price helping to secure revenue targets.
During the planning cycle the anticipated prices for the end product are the core of the project’s viability. So the aim is not to overlook any aspects during the product review that could either directly reduce prices or delay sales. Product planning should be all about securing the best prices within the shortest possible time.
In a complex environment like this, there is a theme that keeps resurfacing that is a ‘collaborative’ effort. This is not always the way and poor planning can influence outcomes in the short and long-term. Lets consider a simple example.
Updating the buyer’s perspective
For reasons that are hard to pin-down an apartment balcony can end up with a view of roof-mounted air-conditioning units or garbage bays. Not only can the value of the apartment be impacted, but also it remains an ongoing source of frustration to the eventual buyer or tenant. Views are important and they’re not always picture perfect, but they should address privacy and everyday utility.
Hopefully a more collaborative approach might avoid such simple mistakes. It is also worth keeping in mind that services are very much a part of this discussion.
Poor design and services that are not subjected to sufficient checking can have ongoing and unexpected results. Post construction it might be possible to ‘fix’ the problems but band-aid solutions to overcome design or construction faults are never the best idea.
This type of outcome will, without doubt influence sales and prices. These concerns influence buyers across all apartment price bands. The problems can also extend beyond the directly affected apartment. If buyers are unhappy then bad reports about the development could result, and thanks to word of mouth and now social media soon spread.
The ramifications from not undertaking a solid product review as part of the project planning can be complex and ongoing. From a project marketing point of view the question should always be: will any aspect of this product and design stop or delay a sales or restrict the target in a negative way, is this what the market is looking to buy?
While these are simple question they can be taken for granted, mistakes still happen and so it is worthwhile setting in place structures that will help avoid any potential problems.
The Project Marketing function should play a co-operative pre-delivery role, as a core role to help secure sales and to help achieve the maximum sales revenue. After all lets be realistic because the project revenue will in the end be the main measure of success or failure.
 
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The financial model
The marketing effort needs to be involved from the start of any project. The marketing team can champion the consumer’s perspective. So that via constructive and well-researched feedback the final product is the most suitable it can be within the project’s financial envelope.
Clearly there will always be a financial framework, and this raises the issue of how product research is applied. Those involved in marketing do need to invest time and energy so that any research is used in the most pro-active and constructive way – to get the best value from the funds available. We need to contribute more than feedback, there needs to be buckets of clever thinking as well.
This should be an area supported by solid and on-going feedback between project groups. Feedback is always valuable it helps highlight things that are going according to plan, or that they may not! Despite the best planning buyer feedback should be used to help pinpoint any problems that can be addressed in the future.
The aim should never be to get the job done with little fuss and without any product delivery involvement happily in my experience this is not the typical view.
Sales Revenues
Planning has a vital impact on sales revenue and it is important for the whole project team to stand shoulder to shoulder in achieving revenue targets.
From the start of any development revenue expectations should be clearly understood by the entire project team, and targets defined. Varied issues can impact ongoing sales and so there should also be regular revenue up-dates. Sales results and target (time in the market) will be a central.
Given the funding costs associated with every development, the time taken to sell all stock is very important.
Time in the market will be a big influence because un-sold inventory has a material impact on every project. It’s a factor no matter if we are selling off the plan or selling completed product. Time in the market is an area that marketing plans must always keep central and continue to review.
If sales rates are not being achieved the circumstances need to be closely examined and this is where we might find our teams looking back to the product review for re-assurance or with some doubts.
If marketing off the plan the required sales rate should drive all of the marketing dynamics. If a critical number of these sales are required to secure the project’s finance then the task is all the more important. If the pre-sales are not achieved the project will be delayed or may not go ahead.
What sells and when?
In addition to planning and then managing the sales timeline it will also be necessary for the team to influence the type of stock taken to market and sold. Product planning is again central here because experience predictably shows what apartments are more likely to sell first.
In a majority of big projects it is the smaller apartments that tend to sell first and the bigger (and more expensive) apartments that sell last and in smaller buildings it’s often the reverse.
Another key part of planning is how to manage the available stock to meet revenue targets. If a particular apartment design sells out and others fail to sell, then the on-sale mix may need to change. If this is not possible because for instance a projects starts to near completion, then other steps, such as price leverage may have to be used to move less popular stock.
If apartments are being built and completed in stages across various buildings then in some circumstances, it may be possible or necessary to review the product offer and again buyer feedback will be an influence.
When off the plan sales are slow, it may well delay the entire development and the marketing will need to be alert to this and again it may be necessary to review the product mix.
By contrast if off the plan sales run away this could well indicate that prices or other factors, such as the release strategy needs to be re-visited. Too many sales at prices below possible potential may impact the total end profit result. Across the varied circumstances the consequence of poor product review and planning are unmistakable.
Peter Chittenden is managing director for residential of <a target="_blank" rel="nofollow" href="https://www.colliers.com.au/Colliers%20Corporate/Residential.aspx">Colliers International.</a>
 
 
 
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Product review and planning are key to project marketing: Peter Chittenden

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.

Peter Chittenden

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