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ASIC has a advised it was aware that valuations of illiquid assets have been challenging as a result of increased economic and financial uncertainties due to the COVID-19 pandemic.
In this context, it is more important than ever that valuations of managed fund assets are regular, robust and reasonable, ASIC advised.
ASIC is reminding responsible entities of their obligation to ensure that valuations of their managed fund assets are regular and reasonably current having regard to the nature of the assets. One of ASIC’s focus areas this year is reviewing valuation practices amongst investment managers (see ASIC Interim Corporate Plan 2020-21, p14).
Accurate valuation of fund assets, including illiquid assets, is needed for a responsible entity to determine:
<ul>
<li>the value of the units of a scheme for performance measurement</li>
<li>the unit price to allow for investors to enter into and exit from a scheme</li>
<li>the price for the selling and buying of specific assets, including stakes in a company</li>
<li>the value of assets in financial reports required by the Corporations Act 2001.</li>
</ul>
Ensuring fund assets are valued regularly and valuation processes are robust are part of responsible entities’ statutory duties to:
<ul>
<li>exercise a reasonable degree of care of care and diligence</li>
<li>ensure scheme property is valued at regular intervals appropriate to the nature of the property</li>
<li>act in the best interest of members of the fund</li>
<li>carry on their financial services business efficiently, honestly and fairly.</li>
</ul>
During COVID-19, responsible entities may face issues such as a lack of comparable transactional data, and uncertainties around cash flow forecasts, the shape and timing of any economic rebound, the selection of an appropriate discount rate in an environment of very low government bond yields, and the risk premiums that should be attached to the risk free rate.
As a result, responsible entities may need to carry out valuations more often to ensure reliable asset values and member unit prices. Where valuations are uncertain for a material proportion of a fund’s assets, the responsible entity needs to consider whether it is in a position to establish a reliable unit price. If not, the responsible entity may need to temporarily suspend entry and exit from the fund.
While the COVID-19 pandemic continues to disrupt financial markets, ASIC encourages responsible entities to ensure:
<ul>
<li>valuations are reasonably current and regular</li>
<li>valuations are performed using appropriate methods and assumptions for that asset class</li>
<li>assets are promptly written down should the cash flows of an asset be negatively impacted directly or indirectly by COVID-19 restrictions</li>
<li>estimates are developed on a sound and reasonable basis, and that they consider whether past performance and historical inputs are still reflective of future outcomes</li>
<li>valuation polices are regularly reviewed by the responsible entities’ management and board</li>
<li>valuations are carried out by unbiased valuers and valuers are periodically rotated by the responsible entity.</li>
</ul>
Responsible entities should also ensure that they provide their members and investors with timely, full and fair disclosure of asset values. They should inform their members about the processes they are implementing to support the valuations given the current circumstances and uncertainties.
Accurate and timely valuation of assets is central to the fair and efficient operation of managed funds. ASIC is actively monitoring the valuation practices of responsible entities during this period of market disruption. ASIC may take regulatory action against responsible entities that do not comply with their obligations to provide fair and reasonable valuations of fund assets.
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Managed fund asset valuations must be reliable during COVID-19

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ASIC recently published Regulatory Guide 271 Internal Dispute Resolution (RG 271). The guide updates requirements for financial firms in dealing with consumer and small business complaints under their Internal Dispute Resolution (IDR) procedures.
Among other things, RG 271 clarifies ASIC’s expectations of financial firms in their dealings with paid representatives – including debt-management firms.
<h2>Debt-management firms and their role in dispute resolution</h2>
Debt-management firms promise to assist consumers in financial hardship. They offer a range of services such as debt negotiation and ‘cleaning’ or ‘fixing’ credit reports.
As part of their service offering to indebted consumers, these entities often lodge complaints with financial firms directly at the IDR stage and/or to an external dispute resolution (EDR) scheme such as the Australian Financial Complaints Authority (AFCA).
Debt-management firms operate on a for-profit basis and charges consumers fees for their services, either upfront or on a ‘success’ basis. Fees can be very high, and the services can sometimes leave consumers already in financial difficulty worse off.
Importantly, it is free for consumers to complain directly to their financial firm or to AFCA.
Financial firms, AFCA and consumer groups continue to raise concerns with ASIC about the conduct of debt-management firms and the potential harms these entities may cause consumers, including that they may provide unsuitable services and engage in predatory conduct.
<h2>When is it appropriate to not engage?</h2>
Responding to concerns from financial firms, ASIC has included guidance in RG 271 to clarify when we would consider it to be appropriate for a financial firm not to engage with a paid representative. This includes circumstances where a financial firm reasonably believes that a paid representative is not acting in the best interests of the consumer.
ASIC’s guidance also makes it clear that if AFCA has excluded a paid representative from representing a consumer in relation to a complaint under the AFCA Rules, this would also be an acceptable reason for a financial firm to no longer engage with the paid representative, for the duration of the exclusion period.
If financial firms cease to engage with a paid representative by relying on the updated guidance in RG 271, financial firms:
<ol type="a">
<li>should clearly explain to a consumer why contact is being made directly and provide reasonable time to respond; and</li>
<li>can continue to communicate with a consumer directly, even if the consumer still expresses an intention to retain the paid representative.</li>
</ol>
<h2>Paid representatives: ASIC’s guidance for financial firms</h2>
ASIC is currently considering technical updates to Regulatory Guide 96 Debt collection guideline: for collectors and creditors (RG 96), and intends an amendment to the section on ‘when a debtor is represented’ to ensure consistency with RG 271.
In the interim, financial firms can engage with paid representatives in a manner that is consistent with RG 271 and the approach set out in this article.
ASIC expects this article will provide financial firms with more clarity about how they can engage with paid representatives including debt management firms. We also support financial firms developing their own initiatives that help to protect consumers.
<h2>Background</h2>
There is no uniform regulatory framework applying to the activities of debt management firms in Australia. Most debt management firms are not required to hold an Australian credit licence or an Australian financial services licence to provide debt management services.
<h2>AFCA bans MCR Partners</h2>
On 1 July 2020, AFCA announced its decision to ban paid representative MCR Partners from lodging complaints on behalf of consumers and small businesses. The decision means that MCR Partners including its directors, employees or agents are excluded from lodging complaints with AFCA for a period of 15 months until 30 September 2021. 
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Handling complaints and paid representatives: ASIC provides financial firms with guidance

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Former financial adviser Brett Andrew Gordon has today appeared before the Maroochydore Magistrates Court charged with 10 counts of fraud to the total value of $975,600, following an ASIC investigation.
Mr Gordon, of the Sunshine Coast, Queensland, was the director of Refocus Financial Group Pty Ltd (Refocus) and Diverse Capital Management Pty Ltd (Diverse).
ASIC alleges that, between 2015 and 2017, Mr Gordon dishonestly caused a detriment to the trustees of six self-managed superannuation funds (SMSFs) by withdrawing a total of $502,000 from the SMSF bank accounts without authorisation. The trustees of these SMSFs were Mr Gordon’s clients.  
ASIC further alleges that, between 2016 and 2018, Mr Gordon dishonestly paid $473,600 in personal debts and expenses, as well as Refocus business expenses, from funds belonging to Diverse. Those funds had been invested by SMSF clients for the purpose of participating in property development activities to generate a return. 
The matter has been adjourned to 25 September 2020 for further mention in the Maroochydore Magistrates Court.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions following a referral from ASIC.
In July 2018, the Supreme Court of Queensland made orders by consent, on the application of ASIC, winding up Refocus and restraining Mr Gordon from carrying on a financial services business without holding an Australian Financial Services (AFS) licence or being an authorised representative of an AFS licensee.
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ASIC takes financial adviser Brett Gordon to court over 10 alleged fraud charges

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86 400, Australia’s first smartbank, has signed a strategic partnership with aggregator Australian Finance Group Ltd, to further expand its broker distribution network. With AFG on board, one in three mortgage brokers in Australia now have access to 86 400’s smarter approach to home loans.
Over the past 26 years, AFG has grown to become one of the largest aggregators in the market, with more than 3,000 brokers and a loan book exceeding $140 billion. The partnership will see AFG brokers gain access to 86 400’s fully featured Own home loan products from 10 August, which remains the first and only digital mortgage offering for brokers in the country. 
With the Own home loan launched in November 2019, 86 400 has quickly become a favourite of mortgage brokers nationwide who are taking advantage of the digital solution, competitive rates and fast turnaround times. The 86 400 solution enables digital verification of identity, digital collection of expense and income information and all 86 400 documents are signed electronically.
86 400 however, goes beyond just innovating across the application process for customers, it directly addresses some of the biggest pain points for brokers such as digital accreditation and innovating a more equitable claw back provision with a step-down process.  
While current approval times from larger lenders have continued to slow amidst the current global turbulence, 86 400’s Own home loan can give brokers a yes or no decision in just a few hours.
Robert Bell, CEO 86 400 said: “Brokers and customers want an application experience that’s easy to use and a process that gets them a decision quickly, giving both the broker and customer certainty and peace of mind, and that’s what we’re delivering through our digital solution. Partnering with AFG allows us to continue to help more Australians and more brokers realise the benefits of the 86 400 home loan.” 
AFG Head of Sales &amp; Distribution Chris Slater welcomed 86 400 to the panel: “We are pleased to announce the addition of 86 400 to the AFG panel as we continue to ensure the needs of our brokers and their customers are met.” 
“One of our core values over the last 26 years has been supporting our brokers to bring competition to the market and the team at 86 400 are very passionate about competing so they’ll fit in very well at AFG.  We will continue working closely with our brokers and funders like 86 400 to give them the best possible chance to compete for business.”
86 400 Own Home Loan fixed rates are at an all-time low of 2.24 per cent p.a. (2 year fixed comparison rate: 3.02 per cent p.a.) for owner occupied principal and interest. 
86 400 remains the only newly licensed bank in Australia with both home loan and everyday banking products in market. “We’ve said from day one that we’re not interested in building a niche bank. We have a long-term, sustainable business model, which balances both sides of the ledger, and are busy building and rolling out products and partnerships we know our customers want”, Bell said. 
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86 400 supercharges its home loan distribution with AFG partnership

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Mirvac Retail has announced an innovation to help its shopping centre customers navigate busy periods and time manage their physical trip to the shops via the centre website and a new tracking tool.
The traffic tracker application, now available on each of the portfolio’s 16 centres’ websites, has been partly in response the COVID-19 concerns about heavy crowd periods at centres, but also a continuation of the agile teams constant review and response to shopper needs and a focus on customer pain points. 
A simple page on the website under ‘Plan Your Trip’ shows tracking data across each opening hour of the day from the previous week, on a day by day basis, to analyse preferred times to attend the centre and improve the customer experience. The traffic data is presented in similar format to Facebook’s Popular Hours Google’s Popular Times tools. 
“In our Retail Reimagined focus we are always seeking ways to improve both the customer experience and also productivity in our centres for our retailers by helping people maximise their time and choices with quality available data,” said Nicole Imberger, director of experience at Mirvac.
“We hosted over 120 million visitations across our portfolio just in the last year. There is a lot of traffic data we can share and we believe people are seeking increased flexibility and information in so many aspects of their life in these days of more pressure and concern about being in crowded locations,” Ms. Imberger added 
Mirvac Retail has been actively focused on prioritising the health and safety of shoppers and retailers since the pandemic outbreak with many contactless initiatives implemented and hygiene and traffic management regimes put in place.
Compliance with all government guidelines has been a priority and as the restrictions ease and the community ventures back to centres for many and varied reasons, from shopping essentials to entertainment and community connection, it is all the more important for Mirvac to find ways to assist with the new normal of living in COVID times in our particularly urban locations.
Centres rolling out the weekly data include: Moonee Ponds Central in Victoria, Toombul, Orion Springfield Central and Kawana Shoppingworld in Queensland, and in New South Wales at Broadway Sydney, East Village, South Village, Greenwood Plaza, Harbourside, Tramsheds Sydney, Birkenhead Point Brand Outlet, Rhodes Waterside, Stanhope Gardens, Cherrybrook Village and MetCentre as well as Cooleman Court in the ACT.
In a further recent measure to improve customer safety Mirvac Retail locations that required contact to collect car park tickets have now installed contactless wave technology to activate ticket machines at Rhodes Waterside, Stanhope Gardens, Tramsheds and Broadway Sydney.
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Mirvac Retail launches traffic tracker to support shoppers with new COVID conscious planning tools

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The largest CBD freehold, mixed-used development site with holding income, is set to hit the market in the coming weeks.
Colliers International in conjunction with CBRE are selling this significant holding known as the South Yards precinct, on behalf of Honeycombes Property Group who are one of Queensland’s largest private developers. The 17.2ha site is on the edge of the Townsville CBD and will become an extension of the city once fully developed.
Adjacent to the new $300 million, 25,000 seat Queensland Country Bank Stadium, the purchaser will have the opportunity to masterplan the site and develop a mixed-use precinct, capitalising on the growth underway in North Queensland.
The South Yards precinct has a holding income of more than $870,000 per annum; a rarity for large-scale development sites.
“The South Yards site is intended to be the natural expansion of the Townsville CBD and represents a huge opportunity for a forward-thinking investor, developer or land banker,” said Samuel Biggins, Director, Investment Services at Colliers International. 
“Notable comparisons can be drawn to renowned urban renewal projects such as Brisbane’s James Street and Southbank precincts; Lend Lease’s Barangaroo project and Docklands in Melbourne.” 
Neville Smith, Associate Director, Townsville at Colliers International said “Townsville is the economic, administrative, educational and defensive hub of Northern Australia, with over $12 billion in infrastructure projects currently underway.  
“The city enjoys a diversified economy supported by several sectors including the Australian Defence Force; prominent higher education institutions such as James Cook University and State and Federal government bodies including the Australian Tax Office and Queensland Government Regional Headquarters.  
This major land holding is of the same size as Townville’s existing core CBD with an anticipated development standard already set with the grandeur of the new Stadium precinct opposite
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Townsville’s most strategic land holding is on the market 

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Mirvac official opens LIV Indigo at Sydney Olympic Park, the first residential community in NSW designed and built exclusively for renters.
LIV Indigo is an Australian adaptation of the build to rent model which has soared in popularity in the US and UK, and reduces the vulnerability of tenants in private rental.
Residents will be offered a minimum 12-month secure lease with rental increases capped, no bond requirement, on-site maintenance teams to deal with repairs instantly.
They will also be offered the freedom to paint the walls of their home, bang in a nail to hang a picture and keep a pet without having to negotiate strata by-laws.
The opening event was officiated by Mirvac CEO &amp; Managing Director, Susan Lloyd-Hurwitz and NSW Minister for Planning and Public Spaces Rob Stokes.
Ms Lloyd-Hurwitz said LIV bridged the gap between owning and renting, offering the flexibility of renting with a sense of security akin to ownership.
“We are living in an era where property ownership is not the overarching goal of all Australians,” said Ms Lloyd-Hurwitz. 
“And those who do aspire to home ownership will on average spend more time in the rental market before they can afford to buy their home.
“We studied the market overseas, spoke to Australians about their rental experience and from these insights crafted an entirely new housing choice that offers convenience, comfort and above all security.”
LIV Indigo, within Mirvac’s soon to be completed Pavilions residential development, offers residents a shared community and entertaining space with kitchen lounge and dining area, cinema room, co- working spaces, private and bookable meeting rooms, a gym, workout and fitness space, children’s play room and barbecue facilities.
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To help build a sense of community, a manager and onsite team will welcome residents as well as arranging events and activities when the first residents move in from 1 September.
institutional landlords such as Mirvac would provide more stability and certainty for those who rent.
“We can’t just assume that the homeowner model is for everyone. As society changes and grows, our policies and approaches to living need to reflect that,” Mr Stokes said.
“Build to rent can attract direct investment in construction at a time when bank finance is hard to secure. It is a critical way to ensure housing is built during difficult financial times.
“Not only do we need different types of housing, such as detached, high-rise and missing-middle types, we need different tenures so that individuals and families can access secure housing that suits their circumstances.”
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In line with Mirvac’s sustainability goals, LIV Indigo has been designed to achieve 40 per cent less greenhouse gas emissions. 
Energy and water-saving measures include upgraded glazing to improve thermal performance, LED lighting throughout, energy-efficient appliances, solar power and water efficient taps, toilets, showers and washing machines.
Residents will also have access to electric vehicle charging stations and connection to Sydney Olympic Park’s recycled water network.
The Australian Government, through the CEFC, committed to invest $63 million in LIV Indigo via Mirvac’s Australian Build-to-Rent Club in 2018. 
“We are pleased to be working with Mirvac to show how commercially viable sustainable initiatives can lower energy costs for residents and building owners, as well as reducing greenhouse gas emissions in Australia’s housing market," the CEFC CEO, Ian Learmonth said. 
Ms Lloyd-Hurwitz said recently announced tax discounts proposed by the NSW Government would help Australia’s nascent build to rent sector expand as it has overseas.
“The key drivers for the growth of build to rent overseas – housing affordability, supply, urbanisation and demographics – are all present here in Australia,” said Ms Lloyd-Hurwitz.
“Home ownership rates have been declining for many years and affordability issues mean that more Australians are destined to be long-term or life-long renters.
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“But we are also seeing a fundamental change in the attitudes of people who rent by choice because they are pursuing other investment strategies or have down-sized and want to release the equity from their home to enjoy their retirement.”
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Mirvac officially opens its first purpose built build to rent property

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National property fund manager Primewest has made its first investment in Australia’s globally successful agricultural sector with its Primewest Agricultural Trust No 1 purchasing Pinegatta in the NSW southern riverine region.
The newly established trust managed by Primewest paid $4.8 million for the 425 hectare property, which is leased to blue chip tenant Kagome – Australia’s largest fruit and vegetable processor with a market capitalisation in excess of $2 billion.
The Pinegatta property, near the town of Deniliquin, primarily produces carrots and potatoes, most recently servicing contracts to the Smith Snack Food Company (Pepsico). 
It consists of fertile, rolling loam soils with a state-of-the-art irrigation system that is connected to highly reliable water resources via deep bores and the Mulwala Canal - Australia’s largest irrigation canal which is less than a kilometre away.   
Primewest director David Schwartz said Pinegatta was a high quality, investment grade, agricultural asset leased to a blue chip tenant and was well positioned to benefit from the anticipated improvement in the Australian agricultural sector.
He said Primewest has taken a counter-cyclical approach to investing in the agricultural sector, with plans to acquire a range of properties in its new trust totalling up to $100 million.
“Kagome has invested around $700k on capital improvements to the property in the last 12 months and its also features $1 million worth of central irrigation pivots that span 259 hectares of land,” Mr Schwartz said.
“It provides a net passing income of $300k per annum and we expect investors will receive a total return on investment of 8 per cent pa (IRR).”
Mr Schwartz said the Triple-Net Lease provided a WALE (by income) of 6.4 years.
Main photo: Primewest directors John Bond, David Schwartz and Jim Litis / Gabriel Oliveria
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New Primewest fund enters agricultural sector with plans to invest up to $100 million

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The historic Southern Tablelands property Greenwich Park at Marulan has been sold for $8 million.
It has been bought by fund manager Ben Fife and his wife Rachel, of the property investment group Fife Capital.
The sale reflects a small loss for Shanghai-based property developer Peiqing Wu, having bought the 1200 hectare property in 2011 for $8.2 million.
Greenwich Park, with its 1.5 kilometres of frontage to the Wollondilly River, is thought to be the oldest operating farm on mainland Australia, which has retained its original size.
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Ben Fife buys Greenwich Park on Southern Tablelands

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2019 saw an easing in market values following the effects of the royal commission into the banking sector, however the central west and western Gold Coast market is set to improve in 2020, according to a recent Herron Todd White (HTW) residential report. 
The March report notes a number of real estate agents in the local area have stated that confidence has returned since the result of the last federal election.
The central west and western Gold Coast region provides first-home buyers and investors with entry options in areas such as Highland Park, Nerang, Pacific Pines, Maudsland, Upper Coomera and Oxenford.
A Nerang three bedroom house was sold for $530,000 in February. 
Situated at <a href="https://www.realestate.com.au/sold/property-house-qld-nerang-132912762" target="_blank">17 Ealing Crescent</a> (pictured below), the home comprises open plan living, kitchen, 3 bedrooms and flat back yard.
Other features include air conditioning, landscaped gardens and council approved shed. 
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The entry-level market will remain strong due to the government first home grant of $15,000 and home loan interest rates continuing at record lows.
"Many home buyers are keen to enter the property market before prices go up further," the valuation firm said. 
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The report suggests local infrastructure projects and jobs growth will contribute to the improvement. 
"Also, cashed-up interstate buyers continue to see value or a better lifestyle in the Gold Coast market," the valuation firm added. 
Property types popular in the region include house and land packages, second hand detached dwellings and attached duplex and townhouse or villa units that either meet first home owner requirements or provide investors a rental return.
A niche market seen within the region is Tamborine Mountain, located on the western hinterland with a variety of tourism based cafés and restaurants, wine outlets and wedding reception establishments. 
"Over the past year or so, a number of owners have been tapping into the Airbnb market by extending their homes into dual living floor plans and leasing part or all of the home on a short term basis. Many owners who have done this advise of very good rental demand and return," the valuation firm said. 
A current listing is a Tamborine Mountain due level house priced at $1.275 million.
The five bedroom, three bathroom home is situated at <a href="https://www.realestate.com.au/property-house-qld-tamborine+mountain-132102638" target="_blank">3 Cliff Way </a>(pictured below).
It comes with home office, combined living and dining, outdoor kitchen and area for pool or spa.
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Central west and western Gold Coast region's property market set to improve in 2020: HTW residential 

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.

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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.”

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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.

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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.

Staff reporter

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