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Reserve Bank of Australia governor Glenn Stevens has signalled the official cash rate is unlikely to see any more cuts, although he’s unsure how long it will stay at its current record low.
Speaking to the House of Representatives Standing Committee on Economics, Stevens said there is likely to be a period of stability.
“I haven’t said how long a period because I don’t know...That's a bit of a shift on our part, where we had been saying that there might be scope to go down a bit more if needed; I don't think we do need to, at this point in time,” he says.
“I think if it's possible for there to be a period of stability, then that in itself at the margins is probably helpful to people.”
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank" rel="nofollow">SmartCompany</a>.
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RBA signals further rate cuts unlikely

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The Victorian government has announced that from 2015 international students are able to access public transport concession cards, in a bid to boost local tourism and the economy.
The move will see overseas students offered a 50% annual discount for public transport tickets. Victoria and NSW are the only states that do not offer the same concession rates for international students that are available to their domestic counterparts – despite these states having the <a href="https://www.abs.gov.au/AUSSTATS/abs@.nsf/Lookup/4102.0Main+Features20Dec+2011" target="_blank">highest numbers of international enrolments</a>.
Victorian Tourism Industry Council chief executive Dianne Smith welcomes the changes, saying the new concession rates for international students will provide a good opportunity for businesses despite the government being “a bit slow” on the issue.
“This is obviously going to assist the tourism industry,” Smith told SmartCompany. “We have great cosmopolitan experiences in Melbourne and offer great regional experiences in Victoria.”
According to the Australian Bureau of Statistics, the international education sector contributed $16.3 billion in export income to the Australian economy in the 2010-2011 period. Smith says if businesses want to really tap into the international student market, then they need to create positive experiences.
“They bring with them their friends and relatives,” she says. “It can lead to repeat visitation. Family and friends are great value for tourism.”
Smith says the key is for businesses to work closely with colleges and tertiary institutions so that international students are fully aware of where they can travel.
“Already there’s quite a lot of collaboration between the tertiary and tourism sector. And we would encourage our members to maintain and increase that collaboration because we have to make sure opportunities are available and promoted well.”
In a statement, Victorian Minister for Public Transport Terry Mulder said international student concessions would be available in all metropolitan zones as well as regional centres. The scheme will apply to trams, buses and trains.
“This will make international students feel even more welcome when they come to study in Victoria and enhance our reputation as a world leading international student city,” he said. “An overseas student will now save up to $1,105 per year travelling across the greater city of Melbourne.”
International students have long agitated for changes to public transport concession rates, particularly over concerns that some international students <a href="https://www.theage.com.au/victoria/state-lags-on-cheap-travel-for-students-20121106-28w2r">are risking their safety</a> by walking home late at night because they cannot afford public transport.
This article first appeared on <a href="https://www.SmartCompany.com.au" target="_blank">SmartCompany</a>.
                            
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Tourism industry set for a boost as international students granted transport concessions

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As it turns out, the Australian economy wasn't the basket case Treasurer Joe Hockey, the rest of the government, business groups and their media mates have been claimed it to be after the gloomy mid year economic outlook was released last December. Economic growth picked up in the December quarter, <a href="https://www.propertyobserver.com.au/https://abs.gov.au/ausstats/abs@.nsf/mf/5206.0?OpenDocument" target="_blank">ABS national accounts</a> showed this morning, with growth of 0.8% seasonally adjusted, stronger than it was in the three months to September (0.6%).
In his first few months as treasurer, Hockey first warned us of the dire threat to growth from offshore -- back when he announced he was lavishing $9 billion on the Reserve Bank -- and then after he took the lowest possible forecasts from Treasury for the Mid Year Economic Forecast in order to portray himself as Hercules cleaning out the Augean stables left to him by Labor.
Today's numbers, though, suggest Hockey was more Chicken Little than Hercules. Growth through all of 2013 was a much stronger 2.8% compared to the annual rate of just 2.3% in the September quarter. The 2013 growth rate was much closer to the 3.1% growth seen in calendar 2012 and makes a mockery of the gloom and doom that emanated not just from Hockey but even from the unions and Labor, anxious to portray the government as killing the economy through being unwilling to keep handing out money.
But when Hockey held his MYEFO media conference in December 17 last year to detail to contents of what appeared to be a 'slit your wrists' assessment from the economy, the real thing was gathering pace - that's what successive figures for retail sales, exports, the National Australia Bank's business surveys and quite a few other measures show. Against that there was jobs data was negative and looking like it would worsen in line with forecasts, before it would improve. But the turmoil over the Holden announcement had little impact on consumers: they started using their savings (the household savings ratio fell below 10% for the first time since mid-2010), spent more in shops, on property and overseas travel.
The only gloomy spot, which we knew about from last week's capital expenditure data, was for private investment: gross capital formation - a measure of investment in the economy - which was a negative 0.5%. But thanks to the weakening dollar, the terms of trade rose 0.6% in the quarter as export volumes rose and import volumes fell -- net exports added 0.6%. But final consumption expenditure at 0.5%, much stronger than many business economists had forecast - that's down to the surge in retail spending in the closing months of 2013 and the real estate boom.
Industries contributing to growth were mining (1.2% because of the rising level of exports), while manufacturing (1.5%), rental, hiring and real estate added a combined 4.2% (not unexpected given the surge in property prices and activity).
GDP per hour worked also lifted yet again, providing yet more evidence of the sustained period of labour productivity growth delivered under the Fair Work Act -- up 0.6% in the quarter and 1.7% throughout the year, and slightly higher in the private sector. And unit labour costs fell 0.7% as well. More data that doesn't fit the narrative.
This article first appeared on <a target="_blank" href="https://www.crikey.com.au/">Crikey</a>.
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The economy is not as bad as Joe Hockey claims: ABS national accounts

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Glenn Stevens' statement from the March Reserve Bank meeting:
"At its meeting today, the Board decided to leave the cash rate unchanged at 2.5 per cent.
Growth in the global economy was a bit below trend in 2013, but there are reasonable prospects of a pick-up this year. The United States economy, while affected by adverse weather, continues its expansion and the euro area has begun a recovery from recession, albeit a fragile one. Japan has recorded a significant pick-up in growth, while China's growth remains in line with policymakers' objectives. Commodity prices have declined from their peaks but in historical terms remain high.
Financial conditions overall remain very accommodative. Long-term interest rates and most risk spreads remain low. Equity and credit markets are well placed to provide adequate funding, though for some emerging market countries conditions are considerably more challenging than they were a year ago.
In Australia, recent information suggests slightly firmer consumer demand and foreshadows a solid expansion in housing construction. Some indicators of business conditions and confidence have shown improvement and exports are rising. At the same time, resources sector investment spending is set to decline significantly and, at this stage, signs of improvement in investment intentions in other sectors are only tentative. Public spending is scheduled to be subdued.
The demand for labour has remained weak and, as a result, the rate of unemployment has continued to edge higher. Growth in wages has declined noticeably. If domestic costs remain contained, some moderation in the growth of prices for non-traded goods could be expected over time, which should keep inflation consistent with the target, even with lower levels of the exchange rate.
Monetary policy remains accommodative. Interest rates are very low and savers continue to look for higher returns in response to low rates on safe instruments. Credit growth remains low overall but is picking up gradually for households. Dwelling prices have increased significantly over the past year. The decline in the exchange rate seen to date will assist in achieving balanced growth in the economy, though the exchange rate remains high by historical standards.
Looking ahead, the Bank expects unemployment to rise further before it peaks. Over time, growth is expected to strengthen, helped by continued low interest rates and the lower exchange rate. Inflation is expected to be consistent with the 2–3 per cent target over the next two years.
In the Board's judgement, monetary policy is appropriately configured to foster sustainable growth in demand and inflation outcomes consistent with the target. On present indications, the most prudent course is likely to be a period of stability in interest rates."
<a href="mailto:news@propertyobserver.com.au" target="_blank">news@propertyobserver.com.au</a>
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Solid expansion in housing construction forecasted: Glenn Stevens

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For the past five weeks, auction clearance rates in Sydney have exceeded 80%, a further sign that strong growth in the city’s housing prices is set to continue into 2014.
Although some surveys indicated prices in Melbourne were flat last month, elevated clearance rates in the city led analysts to describe the market as solid.
Despite a general consensus among economists that the Reserve Bank board will keep official rates on hold  tomorrow, the outlook for property prices in both cities remains bullish as home buyers are likely to benefit from improved borrowing conditions as financial institutions compete to attract lenders.
In 2013, the median house price in <a target="_blank" href="https://www.smartcompany.com.au/finance/investment/35385-brisbane-to-boom-house-price-growth-to-slow-property-trends-for-2014">Sydney rose by 15.1%</a> to $793,000 and in Melbourne the median <a target="_blank" href="https://www.smartcompany.com.au/finance/investment/35385-brisbane-to-boom-house-price-growth-to-slow-property-trends-for-2014">price jumped 8.6%</a> to $569,000, according to Australian Property Monitors.
<h3>Sydney still booming</h3>
In Sydney 82.7% of properties that went to auction were sold, the fifth week in a row that the figure has exceeded 80%. Over the month of February, 1490 homes were sold at auction, the best monthly results for February on record.
The average price for houses sold by auction in Sydney was $1.08 million, up from $989,000 for the same weekend last year. For Sydney units, the average median price was $681,005, up from $637,500 last year.
Auction listings also remained strong, with this weekend’s offering of 671 properties well ahead of last year’s 455 over the same weekend.
Australian Property Monitors senior economist Andrew Wilson noted in a report that “February’s record breaking Sydney weekend auction market has unsurprisingly continued into March with no sign of a let up in buyer or seller enthusiasm.”
<h3>Melbourne solid despite February flat spot</h3>
Despite monthly data from the <a target="_blank" href="https://www.rpdata.com/research/monthly_indices">RP Data-Rismark Home Value Index</a> showing that prices actually fell by 0.19% in Melbourne in February when compared to the previous month, clearance data for the month points to a strengthening in the home auction market.
Wilson told SmartCompany Melbourne’s property market was “solid rather than strong.”
“Buyer and seller confidence in Melbourne’s auction market remains solid with no sign of a waning in activity despite ongoing concerns over the performance of the local economy”.
In Melbourne, the average median house price was $810,000, up from $730,00 for the same weekend in 2013, while the average price for units sold at auctions was $550,000, up from $495,500 last year.
The clearance rate for auctions in the metropolitan region on Saturday was 76.1%, well ahead of the 65.8% clearance rate registered over the same weekend in 2013 and also about the weekend average of 75.2% for the month.
As in previous years, the number of properties going to auction was bolstered by an expected pause in the market next week due to the Labour Day holiday. A total of 1,102 properties were listed to be sold at auction last weekend, about the same as the 1,139 that went under the hammer the previous week and well ahead of the 882 auctions that took place during the same weekend last year.
The most expensive auction in Sydney over the weekend was a five-bedroom house in  Coogee which sold for more than $4.3 million. At the other end of the property market, a two-bedroom unit in Bankstown went for $377,500.
This article first appeared on <a target="_blank" href="https://www.SmartCompany.com.au">SmartCompany</a>. 
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Sydney auction clearance rates continue to soar while Melbourne flattens

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Australian Property Monitors (APM) has released a list of results from 434 auctions in Sydney for the weekend of March 1. The clearance rate was 82.7%. <a target="_blank" rel="nofollow" href="https://www.homepriceguide.com.au/saturday_auction_results/Sydney.pdf" style="font-size: 14px;">Click here</a> for the auction results, and click on each street address to see the property's marketing.
 
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APM's Sydney 434 auction results show a 82.7% clearance rate

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Australia could be facing its biggest investment slump years, with new figures released from the Australian Bureau of Statistics data released yesterday.
The quarterly survey of business investment intentions shows spending is projected to drop 17.4% from $167 billion to $125 billion by the end of June 2015.
According to the report, the main reason for such a sharp decline is the mining industry. In the 2014-15 financial year, investment in mining is expected to drop by 25.2%. In other words, from $102 billion to $74 billion in the space of 12 months.
Meanwhile, manufacturers are expected to invest almost 20% less than expected, dropping from $8.9 million to $6.3 million in the ABS estimates.
AMP Capital chief economist Shane Oliver says the figures are worse than expected.
“The investment intentions for next financial year are pretty terrible,” he told SmartCompany.
“It is a poor outlook for investment and one of the biggest slumps in a long, long time. The mining boom is coming to an end and now investment is sliding down to where it used to be five or six years ago.”
JP Morgan economist Tom Kennedy agrees.
“Yesterday’s numbers were pretty disappointing in general,” he says. “The more important thing is the forward intentions were pretty weak also and largely located in the resource sector. Worryingly there was no sign of lift in the manufacturing or select industry groups.”
However, Oliver says there is “a light at the end of the tunnel” thanks to industries outside mining and manufacturing.
While investment in industries outside the resource sector is expected to drop from $55.7 million to $44.4 million, the latter figure is 0.4% higher than the first estimate for the 2013-2014 period.
“It is not all doom and gloom out there,” says Oliver. “The investment side was always a big worry, but if you look at the broader economy, people are buying homes again and there could be an upwards swing in housing construction.”
Oliver says the retail sector did better than expected late last year and investment in general could pick up outside of the mining sector later this year.
“Even though we’re getting all these negative comments regarding employment there are some positive signs outside these key areas of manufacturing and mining.”
This article first appeared on <a target="_blank" href="https://www.SmartCompany.com.au">SmartCompany</a>.
             
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Investment set to slump amid mining decline, but some industries are looking up

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Record sums are being invested in bricks and mortar – but novice investors often fail to fully realise the necessity of managing risk.
Failure to manage risk is one of the key reasons so many property investors sell within a year, frequently at a loss after transaction costs are taken into account.
There are risks at every point on the property journey, from an initial decision to invest, to property selection, financing and tenanting.
Here are a number of risks both novice and experienced investors should be aware of, maximising their chances of a successful investment.
<img style="float: left;" alt="number-1" height="30" width="20" src="/images/stories/2014/02/27/numb/number-1.jpg">Opportunity cost. Property investment can be financially rewarding but it’s usually negatively geared, at least to begin with, reducing your opportunity to invest in other asset classes or different properties. Can you argue the merits of a property you are considering buying over others in the marketplace and over other types of investment?
<img style="float: left;" alt="number-2" height="30" width="26" src="/images/stories/2014/02/27/numb/number-2.jpg">Overconfidence. Everyone’s an armchair property expert, but successful property investing requires a commitment to learning, research, patience and planning (a little bit of luck also helps). Property management is also not as easy as it sounds, and investors who attempt DIY tenant selection and management need to be careful not to stray outside the law.
<img style="float: left;" alt="number-3" height="30" width="22" src="/images/stories/2014/02/27/numb/number-3.jpg">Fear. Committing hundreds of thousands of dollars to a single asset is scary. Sometimes it seems “safest” to buy something near your home – even if that’s not such a great area for investing. While research is vital, fear can also lead to “analysis paralysis”. If you never take the plunge, you’ll never profit.
<img style="float: left;" alt="number-4" height="30" width="22" src="/images/stories/2014/02/27/numb/number-4.jpg">Naivety. There are plenty of property spruikers happy to take advantage of the unwary, pushing them towards poor investments which leave the adviser with good commissions and the investors with lemons. Do your own research – don’t just rely on your accountant, financial planner or mentor.
<img style="float: left;" alt="number-5" height="30" width="22" src="/images/stories/2014/02/27/numb/number-5.jpg">Over-ambition. Banks sometimes lend investors more money than they can comfortably repay, particularly if their financial circumstances change. Property investors should consider the need for: access to a cash buffer to shield them in case of unemployment; income protection insurance in case of injury; buildings and contents insurance; and landlord insurance.
<img style="float: left;" alt="number-6" height="30" width="22" src="/images/stories/2014/02/27/numb/number-6.jpg">Failure to plan. Things change. You need to go through the major “what ifs” to avoid a situation where you may be forced to sell. What if you have a child? What if interest rates rise? What if you can’t find a tenant for several months? What if your tenant absconds or, accidentally or deliberately, damages your property? What if you need a new car?
<img style="float: left;" alt="number-7" height="30" width="22" src="/images/stories/2014/02/27/numb/number-7.jpg">Lack of a coherent strategy. In order to choose the correct investment property for you, you need to know what you’re hoping to achieve from it. Even well-respected property commentators and authors use very different approaches, so it’s important to read everything you can and choose a strategy which suits your circumstances.
<img style="float: left;" alt="number-8" height="30" width="22" src="/images/stories/2014/02/27/numb/number-8.jpg">Getting side-tracked. Buying for negative gearing or depreciation benefits alone is a bad idea. The aim of the game is to make money long-term, while managing the risks to ensure you are never a forced seller.
<img style="float: left;" alt="number-9" height="30" width="22" src="/images/stories/2014/02/27/numb/number-9.jpg">Impatience. Property is a long-term investment. Your property won’t necessarily grow at a steady pace. There will be years where its value remains static or even goes backwards.
<img style="float: left;" alt="number-10" height="30" width="53" src="/images/stories/2014/02/27/numb/number-10.jpg">Herd instinct. Buying with the herd, when property prices are reaching records, can leave you in danger of several years of sub-par performance. In the words of legendary investor Warren Buffett: “Be fearful when others are greedy and greedy when others are fearful.”
Sharon Fox-Slater is general manager of <a href="https://www.rentcover.com.au/" target="_blank">RentCover landlord insurance</a>, which insures more than 120,000 tenancies around Australia, and is a division of EBM Insurance Brokers.
                            
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10 risks first time property investors need to overcome

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A female chippie joined The Block last week. Of the hundreds of tradesmen swarming the building site, the producers did everything short of shining a stage light on her to highlight her presence.
And then it began. A segment devoted to the fact that there was a female carpenter in the group and ... she was a LEADER. Surely not. Apparently this clearly rare breed of tradesman could not only use a drill, she could also tell the blokes what to do. <a target="_blank" href="https://channelnine.ninemsn.com.au/video/?videoid=73ff2c3e-e693-4986-8e01-22710e89572d">Footage was shown</a> of her drilling and also directing the workflow.
A couple of male contestants then proceeded to discuss how great it was to have a female chippie on The Block leading the troupes. But did the producers have to include the comment that the very idea of it was "a bit hot"?
The only male contestant who actually is a tradesman exclaimed that he hadn't really met a female chippie before. And host Scott Cam, another chippie by trade, wanted to know if she was good at being the leader. He actually asked her.
<img height="264" width="470" src="/images/stories/2014/02/25/the-block-feb-25-flicker.jpg" alt="the-block-feb-25-flicker">
Photo courtesy of Channel 9.
It was the most patronising three minutes of television that I have witnessed in a while. The female chippie looked as capable as the next guy and anyone who hasn't just woken from a fifty-year coma knows that female leadership is increasingly not a miracle to behold.
I almost feel bad about calling out The Block for this because I actually believe that the producers were naively thinking they were doing a positive thing for women to highlight the woman. But true equality can only be achieved when women can get on with the business of working in jobs that were once the domain of men without it being made to feel token. Flooding The Block's construction crew with women would have been a better step forward for gender equality. It would have looked a lot less awkward.
The Block wasn't the worst thing about being a woman in the construction industry yesterday. The Australian Bureau of Statistics released it's latest gender pay gap figures and although on <a target="_blank" href="https://www.propertyobserver.com.au/https://www.womensagenda.com.au/talking-about/top-stories/gender-pay-gap-declines-but-not-by-much/201402203609">average the overall gap has slightly declined</a> to 17.1% compared with a 17.5% gap a year earlier, the gender pay gap in the construction industry has blown out in the space of 12 months from 18.2% to 20.1%.
Construction isn't even the industry with the greatest gap. That honour falls to Financial and Insurance Services with a gap of 31.9%. My own industry, Information Media and Communications, has a gender pay gap of 18.6%, also worse than the national average. The best industry for female pay equality is Wholesale Trade with a 7.2% difference, down drastically from 17.2% a year earlier.
The thing is there doesn't have to be a gap at all. There are highly skilled female leaders in most industries waiting for an opportunity to show you what they can do. I have five women in my leadership team of eight. I will readily admit that I would rather have a 50:50 mix because I am aware of the benefits of diverse thinking at the leadership level. But I also have a broad spread of age groups, ensuring that there is a healthy mix of experience and fresh ideas.
There isn't a pay gap based on gender in our small slice of the media industry, so there must be organisations where the actual pay gap is much greater than the industry average. Those companies are undoubtedly feeling little real pressure to do anything about the gap because the industry figure lets them off the hook: everyone else in the industry must be in the same boat so how can they be expected to feel responsible for an industry issue?
I won't apologise for being a supporter of quotas. It's called good planning. Has anyone else managed to get their company to equality using a different strategy?
Marina Go is CEO of Private Media, publisher of <a target="_blank" href="https://www.womensagenda.com.au/">Women's Agenda</a>, <a target="_blank" href="https://www.crikey.com.au/?">Crikey</a>, <a target="_blank" href="https://www.SmartCompany.com.au">SmartCompany</a>, Property Observer, <a target="_blank" href="https://www.startupsmart.com.au/?">StartUp Smart</a> and <a target="_blank" href="https://www.dailyreview.crikey.com.au/?">Daily Review</a>. 
This article first appeared on <a target="_blank" href="https://www.womensagenda.com.au/">Women's Agenda</a>.
          
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The Block patronisingly introduces first female chippie - Would the show benefit from quotas?

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Australian Property Monitors (APM) has released a list of auction results in Adelaide for the weekend of February 22. <a target="_blank" href="https://www.homepriceguide.com.au/saturday_auction_results/Adelaide.pdf" rel="nofollow" style="font-size: 14px;">Click here</a> for the auction results, and click on each street address to see the property's marketing.
  
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APM's Adelaide auction results for February 22 weekend

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

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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.

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.

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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.

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