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South Brisbane is an inner city suburb of Brisbane directly connected to the central business district by the Kurilpa, Victoria and Goodwill bridges. 
The suburb has witnessed a 6 percent decline in its median unit price since 2014, according to realestate.com.au.  
Buyers who bought in this area early at the median price of $522,000 in 2014 now own a unit with a median price of only $486,755.
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Median unit price 2014
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Median unit price 2019
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Price difference
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$522,000
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$486,775
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-$35,255
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For those who didn’t buy in South Brisbane five years ago, should they buy in now?
It is important for buyers to check the median price regularly to ensure you are not missing the best opportunity of buying a new home.
To learn all you need to know about South Brisbane, from median asking rents to average hold period,<a href="/developments/south-brisbane-qld-4101"> click here</a>. 
According to Microburbs, South Brisbane is an 9/10, with 9/10 in its convenience score and family score.
 
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What if you bought a South Brisbane unit five years ago?

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In the recent property market dip, St Albans, Victoria all but avoided the fate of the rest of the Victoria market.
Since 2009 to present day, the value of a house in St Albans has increased by 100%. This is despite a small drop in house values since mid-2018 (seen below).
Apartment prices have seen a similar trend although with smaller growth overall and a less stable median price, according to the <a href="/developments/st-albans-vic-3021">latest data</a>.
<img src="https://www.urban.com.au/images/2019/9/23/ST%20Albans%20data.JPG" alt="">
As of September 2019 the median house price in St Albans is $580,000, double the 2009 value of $290,000.
To learn all you need to know about St Albans, from median asking rents to household composition, <a href="/developments/st-albans-vic-3021">click here</a>. 
As a landlord it is important to check the asking rent trend regularly to ensure you are getting the most value out of your investment.
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What if you bought in St Albans 10 years ago? 100% gain

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In the recent property market dip, the Brisbane City apartment market has remained stagnant.
Since 2014 to present day, the value of an apartment in Brisbane City has fallen $7,500 (seen below).
Time on market for unit's has also increased over 5 years. Its up two weeks, according to the <a href="/developments/brisbane-city-qld-4000">latest data</a>.
<img src="https://www.urban.com.au/images/2019/9/23/Brisbane%20data.JPG" alt="">
As of September 2019 the median apartment price in Millers Point is $492,500.
To learn all you need to know about Millers Point, from median asking rents to household composition, <a href="/developments/brisbane-city-qld-4000">click here</a>. 
As a landlord it is important to check the asking rent trend regularly to ensure you are getting the most value out of your investment.
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What if you bought a Brisbane City unit 5 years ago?

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Perth’s industrial market continues to improve with record low yields and an annual vacancy fall of almost 5%, according to Knight Frank’s latest research report. 
The found however that there is still inconsistency across locations, product styles and end-users making some market sectors tough going.
The latest Perth Industrial Market Overview shows vacancy has reduced 4.7% year on year for 2018/19, but while the news is good for suburbs like Canning Vale, Bibra Lake and Wangara, established eastern precincts like Kewdale and Welshpool are no longer enjoying the same success due to their older stock.  
Modern developments constructed by private investors in estates like Canning Vale and Bibra Lake are now mostly full and placing upwards pressure on rents for other new facilities brought to the market.  
According to Knight Frank Industrial Sales &amp; Leasing Director, Geoff Thomson, other areas showing improvement in rental rates are those with recent infill subdivisions, where the delivery of new lots led to speculatively constructed buildings. 
<a href="https://www.propertyobserver.com.au/images/2019/9/4/perth%20industrial%201.png" target="_blank">Click here</a> to enlarge: 
<img src="https://www.urban.com.au/images/2019/9/4/perth%20industrial%201.png" alt="">
He said this activity had been seen mainly in core industrial precincts, but was also having a flow on effect across other sections the market. 
“The resurgent resource sector in WA is undoubtedly leading the recovery in the industrial property market, but at this stage it is still very resource focussed,” Mr Thomson said.  
“The demand for workshops with crane capacity and hardstand continues in the eastern and southern precincts. 
“While there has been an increase in both sales and leasing activity over the last 12 months, it is very much focussed on new stock, particularly in the Wangara/Gangara, Bassendean and Canning Vale areas. 
“Speculative developments in these areas have predominantly leased in the short term and have outperformed the more established areas who are offering older style facilities.” 
<a href="https://www.propertyobserver.com.au/images/2019/9/4/perth%20industrial%202.jpg" target="_blank">Click here </a>to enlarge: 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/9/4/perth%20industrial%202.jpg" alt="">
Mr Thomson said investment demand from both local and east coast based investors had driven yields to record lows, but a lack of suitable investment opportunities meant there was relatively little sales activity.  
Knight Frank Research Analyst Nicholas Locke said vacancy data as at July 2019 revealed total available space of approximately 622,000 sqm in buildings larger than 2000 square metres. - an impressive quarterly decline of 2.9%.  
However he highlighted the volatility in the market that had seen alternating quarterly increases and decreases leading to an overall, but unsteady improvement.
<a href="https://www.propertyobserver.com.au/images/2019/9/4/perth%20industrial%203.jpg" target="_blank">Click here</a> to enlarge: 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/9/4/perth%20industrial%203.jpg" alt="">
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Perth industrial market continues to improve with record low yields: Knight Frank 

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Office investment activity in Newcastle has been fairly subdued over the past 12 months, according to the latest report from valuation firm Herron Todd White.
The property valuation firm said the outlier was the headline grabbing sale of 18 Honeysuckle Drive, Newcastle (pictured) to IOOF Investment Management Ltd for a reported sum of $52.2 million of course, A record for office property in the city.
Colliers International describes the property as, “an A Grade, seven-level commercial building completed in 2017 that provides investors with a top tier asset featuring outstanding investment credentials."
"The 6,524 square metre building is 100% leased to a diverse list of corporate and Government tenants. Plus it is well-positioned in the prominent Honeysuckle harbour front precinct of the Newcastle CBD."
The property was designed to meet a 4.5-star NABERS energy rating and was awarded a 5-Star Green Star rating.
The sale reflects an approximate yield of 6.2% and reflects the continuance of low yields for well positioned and occupied investment stock in the current market.
A-grade vacancy remains at historic lows and with major office developments around the Wickham transport interchange being built fully or majority pre-committed, this vacancy rate will remain low for some time, the report concluded.
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Newcastle office market remains subdued: HTW Commercial 

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Sales transactions in the Wollongong office sector have slowed over the past 12 months mirroring the trend of the broader commercial real estate market across regional New South Wales, according to the latest report from valuation firm Herron Todd White.
The firm's report found, the slowdown is coming at the end of a very buoyant three years where record sales prices were achieved resulting in yield compression across the board.
This is exemplified by the sale of 90 Crown Street, Wollongong in late 2018 for $50.38 million showing an initial passing yield of 7.75% on a WALE of 3.5 years.
Report authors stated, "the slowdown in investment sales over the past year is attributed to several factors including the Banking Royal Commission, state and federal elections, volatility in the global markets, downturn in the housing market and just the normal market cycle."
"There is optimism that recent interest rate cuts will spur activity with most participants keenly watching to see if this will result in further yield compression in the sector or if there will be a more permanent reassessment of risk despite lower borrowing costs."
"During this period of low and reducing interest rates, owner-occupiers have remained relatively active in the sub-$1.5 million price category, however the limited availability of such properties particularly in the Wollongong CBD has seen owneroccupiers look further afield to the region’s other major centres including Corrimal, Fairy Meadow, Dapto and Shellharbour."
"Gross face rents in the Wollongong CBD generally sit in the order of $400 to $450 per square metre for A-grade and $350 to $395 per square metre for better quality B-grade stock in the CBD," the authors concluded.
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Wollongong office market slows after three buoyant years: HTW Commercial

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For a number of years, the performance of the Brisbane office market has been underwhelming, to say the least, and has lagged behind the broader Brisbane commercial markets, according to property valuation firm Herron Todd White.
The valuation firm found, stubbornly high vacancy rates due to constant supply additions and patchy conditions across key industries resulting in an ongoing competitive leasing market and limited rental growth have been key factors as to why the office market has been sluggish virtually since the GFC.
Brisbane is however currently undergoing a major transformation with a number of significant infrastructure projects that have either recently been completed or are currently under construction.
These projects, coupled with the low interest rate environment, are having a positive impact on the CBD and fringe CBD leasing markets and are seeing increasing appetite from investors, both on a private and an institutional level.
Recent vacancy statistics released by the Property Council of Australia (PCA) have indicated that the overall Brisbane CBD vacancy rate compressed further in July 2019 to 11.9%, which is its lowest rate since January 2013. Furthermore, the overall Brisbane fringe CBD market also reduced to 13.8%, its lowest since January 2017.
Vacancies for prime grade CBD accommodation are now below 9% and more tellingly, there is no sub-lease space now available in these properties.
A-grade vacancies in fringe areas have also dropped markedly from 16.7% to 12.7% over the past six months.
The report stated, "given the improving leasing markets, it is likely we will see gross face rents stabilise for prime and A-grade office accommodation in the CBD and fringe CBD."
It also noted, stronger performing precincts such as King Street and Ann Street (Fortitude Valley), Gas Works precinct (Newstead), South Brisbane and the Golden Triangle (Brisbane CBD) are likely to see rental growth over the remainder of the year for modern quality developments.
The HTW valuers said, "we may also (finally!) see incentives start to fall. The positive vibe coming out of Brisbane is now starting to translate into a number of strong investment transactions and the opportunity and appetite for re-positioning underperforming commercial office assets is on the rise."
"The market generally has been active over the past 12 months and selling agents are reporting that demand is also increasing for underperforming, older style office assets that can be re-positioned and re-let."
"The near-term outlook for the Brisbane office market appears positive and it is possible that further yield compression may occur should interest rates decline further."
"Furthermore, the yield spread between Brisbane and its southern counterparts (Sydney and Melbourne) is still significant and the coming infrastructure projects are likely to increase Brisbane’s attraction as an investment destination," they concluded.
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Brisbane office market sees growing investor appetite: HTW Commercial

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The Coffs Harbour office market has remained relatively stable during 2019, according to the latest report from property valuation firm Herron Todd White.
The report found, the market for leasing appears to have remained stable with supply and demand issues broadly balanced which has resulted in rents remaining stable.
Good quality office space is leased at $350 to $400 per square metre per annum.
Specialist medical tends to command a premium above this with examples of $400 to $500 per square metre occurring.
Secondary office accommodation tends to be more difficult to lease with rentals in the vicinity of $200 to $300 per square metre depending on size, quality and location.
The report authors stated, "the direction of yields tends to be stable with ultimately the strength of the tenant and lease term driving the yield."
"The traditional variation between retail and office markets (one per cent to 1.5 per cent in favour of retail) is no longer as evident as it once was."
"The retail sector is currently experiencing higher vacancy and the longer lease-up periods are impacting value and saleability."
"The office market appears the more stable at this time and into the future the yield trend between office and retail maybe reversed," they concluded.
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Coffs Harbour office market stable while NSW slows: HTW Commercial 

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A new office/showroom/warehouse in Bayswater has been sold for $4.5 million. 
It represents a sharp yield of 5.68% and building sale rate of $2,200 per square metre.
Stan Dawidowski and Ian Angelico of CVA held the listing. 
The property comprises a floor area of 2,038 sqm, quality construction, main road profile, and finishes throughout including a passenger lift and 30 onsite car spaces. 
Set on a 3,202 sqm land holding, it was sold subject to a 5+5-year lease to a local company, with rental of $256,000 per annum.
The property is positioned opposite Mitre 10 Bayswater, between Scoresby Road &amp; Mountain Highway and about 1 km to the Bayswater Train Station.
“The firming of yields and sale rates coupled with the increase in enquiry are evidenced through CVA transactions over the past two months and there is a clearly defined level of confidence in the commercial market,”  says Angelico. 
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Brand new Bayswater commercial building sold for $4.5 million

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A development parcel with the potential for a school site in the northern NSW coastal village of Pottsville has hit the market. 
The property sitting at <a href="http://ecomms.raywhite.com/collect/click.aspx?u=jRYOrR8N39R+6hBQZ7yXMnRwCHtDSMM2WWxS6QOKXcl8elBm5QDFkEeRMk9HQbKY61FnTKC8+7uUXkYU97BYQJSzAdO2g4UgkJgCTRJXY6FgjPKcgMBrAIv0CpAJifgfpACTrULjxxafyMqKpoX8wC9+bIWTdlqe&amp;rh=ff0051e1124efff45e4cf971fe4d93d46fa60538" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">Lot 1747 Seabreeze Boulevard</a> is on a 6.27ha site, and is just 2.5km to Pottsville Village and beachfront.
It is designated ‘Potential School Site’ in the Tweed Shire Council DCP. 
The property is being marketed via expressions of interest by Ray White Special Projects Queensland Executive Directors Mark Creevey and Tony Williams.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/9/23/Potts_2.jpg" alt="">
Creevey said Seabreeze Estate was at the picturesque seaside village of Pottsville, within the Tweed Local Government Area.
“Pottsville is just 35km south of the Queensland border and only 40km north of ever-popular Byron Bay,” Creevey said.
The expressions of interest campaign for the property closes October 9.
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Pottsville school site hits the market

Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

Joel Robinson

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

WM Residences fills gap in Mordialloc townhouse market

&nbsp;

Developer GURNER™ Group has revealed $1.65 billion in residential sales nationally across the 12 months to December 2025, driven largely by the continued momentum of its Docklands wellness-focused precinct, Elysium Fields.

The sales result was generated across seven projects in Victoria and New South Wales, headlined by Elysium Fields, GURNER™’s $2.75 billion mixed-use precinct planned for Harbour Esplanade in Docklands.

The project has recorded more than $500 million in sales across the first three towers, equating to around 580 apartments sold.

The first tower, Helios, has now sold out of its 240 private residences, with GURNER™ preparing to release a premium penthouse collection comprising 15 three-bedroom penthouses in coming weeks.

[smartcode_project:default project_id=144441 project_image_fid=370975]

Elysium Fields is being developed on the long-held 20,000 sqm Docklands site at 208-226 Harbour Esplanade, which had remained undeveloped for more than two decades prior to GURNER™ taking over the project around four years ago.

Construction has now commenced across four towers ranging between 18 and 30 storeys, with Hamilton Marino and Maxcon appointed as builders.

Once complete, the precinct is expected to comprise around 1,100 residences, alongside retail, hospitality and public realm uses integrated throughout the site.

[smartcode_project:default project_id=144441 project_image_fid=370981]

Designed by Fraser &amp; Partners in collaboration with GURNER™ Design House, the project has been positioned around the developer’s broader focus on wellness-led residential living.

“We don’t sell apartments. We create a true luxury lifestyle that simply doesn’t exist elsewhere in the market today,” Founder and Executive Chairman Tim Gurner said.

“To deliver that requires an extraordinary level of detail, coordination and discipline across multiple verticals, from design and hospitality through to wellness and service.”

“We’ve always believed that living extends far beyond the physical residence. It’s about how you feel the moment you arrive, how you live day-to-day, and the ecosystem that supports that.” 
[smartcode_project:default project_id=144441 project_image_fid=370977]

The project’s design places a heavy focus on landscaping, wellness amenities and biophilic design principles.

Plans include around 3,700 sqm of landscaped gardens and open space throughout the precinct, alongside a retail and dining offering spanning approximately 5,000 sqm.

The broader public realm strategy centres around what GURNER™ describes as the “Path of Life”, an urban forest and landscaped pedestrian environment intended to connect the various buildings and wellness spaces across the precinct.

The apartments themselves will incorporate a range of wellness-focused inclusions, including purified air and water systems, circadian lighting, antimicrobial surfaces, and optional in-home wellness upgrades.

[smartcode_project:default project_id=144441 project_image_fid=370980]

Gurner said the company’s experience through its Saint Haven wellness clubs had directly informed the residential offering now being incorporated into Elysium Fields.

“We’re seeing a clear global shift toward longevity, performance and proactive health,” Gurner said.

“Our role is to deliver that in a way that feels seamless, highly private and beautifully resolved within the environments we create.”

A large component of the wellness offering is planned through the resident amenity and health facilities proposed within the precinct.

That includes plans for bathing and recovery facilities spread throughout the towers, incorporating mineral pools, saunas, steam rooms, flotation therapy, red light therapy and wellness lounges.

The developer is also seeking approvals for what it describes as a “reverse ageing medical clinic” within the precinct.

[smartcode_project:default project_id=144441 project_image_fid=370978]

According to project information released by the group, the proposed facility would include cryotherapy, IV infusion therapy, infrared and dry saunas, PEMF beds, MRIs, DEXA scans, brain scans and blood analysis services.

Within the first tower, Helios, residents will also have access to a dedicated amenity offering known as the Sky Private Club.

The upper 15 levels of the building will include private lounges, dining spaces, rooftop amenities and optional private wellness studios integrated within residences.

The Helios tower itself comprises 260 apartments ranging between 60 sqm and 300 sqm, including a collection of penthouses.

That includes a planned two-storey penthouse spanning around 600 sqm with uninterrupted bay views.

The Elysium Fields precinct is being delivered in partnership with Digital Harbour Holdings, a consortium that includes the Liberman family, which controls the development rights across the Docklands site.

[smartcode_project:default project_id=144441 project_image_fid=370979]

The sales result comes as GURNER™ continues expanding its national development pipeline beyond Victoria.

“We have a strong pipeline across Australia and are now focused on scaling into key markets including New South Wales and Queensland, while continuing to build on our Melbourne base,” Gurner said.

“We currently have more than $3 billion in the market, growing to over $5 billion by October, and expect to materially outperform last year in the 2026 calendar year.”

The result also reflects the continued strength of the upper-end apartment market in Melbourne, particularly for owner-occupier-focused product with large-scale amenity and lifestyle offerings.

[smartcode_project_cta:default project_id=144441]

Record result anchored by the Group’s “utopian” Elysium Fields precinct – defying market headwinds in Docklands.

Elysium Fields drive Gurner to $1.65 billion in apartment sales over 2025

National Australia Bank (NAB) will fund <a href="https://www.apartments.com.au/new-apartments/palmera-residences-gold-coast-18-garfield-terrace-surfers-paradise-qld-4217">Palmera</a>, a $1 billion, 52-level luxury residential tower being developed by Central Equity in one of the Gold Coast’s most tightly held coastal locations at Northcliffe.

The project, launched recently by <a href="https://www.apartments.com.au/developers/central-equity">Central Equity</a>, one of Victoria’s largest private residential developers, comes at a time when construction funding for large residential developments has become increasingly competitive as lenders tighten exposure to the sector.

Multiplex has been appointed the builder, and construction is now underway.

[smartcode_project:default project_id=108274 project_image_fid=365784]

Since its first project, Central Equity has delivered more than 85 residential developments with a combined end value exceeding $8 billion.

Palmera reflects Central Equity’s growing focus on the Gold Coast luxury apartment market and continues a relationship between Central Equity and NAB that dates back to the late 1980s, when the bank funded one of Melbourne’s earliest inner-city residential towers at a time when high-rise apartment living in the CBD was largely unproven.

“NAB’s funding of Central Equity’s $36 million CBD development in the late 1980’s to the financing of the billion-dollar tower today highlights the long-term relationship between the two organisations in delivering major residential projects” said Central Equity Founder and Chairman Eddie Kutner.

He said NAB’s early support was instrumental in helping establish the company’s development model.

“When we commenced our first residential tower in the late 1980s the concept of funding off-the-plan apartments was still largely untested in Australia,” Kutner said.

“NAB recognised the opportunity early and supported the project when others were uncertain. That relationship has now continued for more than 37 years across many developments.”

[smartcode_project:default project_id=108274 project_image_fid=365771]

Central Equity was established in 1987 when Melbourne’s CBD and Southbank precinct were still dominated by warehouses and commercial buildings. Fewer than 100 residents lived in Southbank at the time, and large-scale residential development in the inner city was not widely considered.

Recognising changing demographics and lifestyle preferences, the company began developing high-rise residential projects designed to bring permanent residents into the city centre.

Central Equity has provided accommodation for approximately 40,000 residents across Melbourne’s CBD and Southbank, while also incorporating supporting infrastructure including essential lifestyle facilities like retail spaces, childcare facilities and neighbourhood activity centres.

Central Equity has spent many years assembling the Palmera development site on the corner of Garfield Terrace and Frederick Street in Northcliffe, creating a supersite of around 3,300 sqm.

The developer said the Palmera apartment tower reflects its long-term view of the Gold Coast as a growing and increasingly diversified economy.

[smartcode_project:default project_id=108274 project_image_fid=365768]

Supported by infrastructure including the light rail network, major road upgrades expanded education, hospital and medical facilities and continued expansion at the Gold Coast Airport with more international and domestic flights.

Positioned in the tightly held Northcliffe precinct, the 52-level tower will deliver 347 apartments, targeting buyers seeking a high-end coastal lifestyle, from downsizers to interstate investors.

Designed by Marchese Partners with interiors by DBI, Palmera has been conceived as a next-generation residential offering, featuring a collection of oversized apartments, with premium three-bedroom residences offering sweeping northern views stretching from Surfers Paradise through to Burleigh Heads.

[smartcode_project_cta:default project_id=108274]

NAB funds $1 billion Surfers Paradise apartment development, Palmera

Two years after completing one of the newest developments in North Sydney, developer <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a> is turning its attention to the rapidly evolving St Leonards apartment market.

The developer, which completed AURA by Aqualand on North Sydney's Walker Street, has lodged plans for a 5,918 sqm site at <a href="https://www.apartments.com.au/new-apartments/33-37-herbert-street-st-leonards-nsw-2065">33-37 Herbert Street, St Leonards,</a> seeking approval for a pair of residential towers rising above a shared podium opposite Royal North Shore Hospital.

The proposal forms part of the broader transformation underway across the St Leonards-Crows Nest precinct, where former industrial and commercial sites are increasingly being redeveloped into high-density mixed-use projects tied to major transport infrastructure.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="2cc428cf-fe70-4cac-9cd5-264ad53af62c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.56%E2%80%AFAM.png?VersionId=otKSnHtbjAvAddOnovyXQMgcAwE6DMe1" />

According to the planning documents, the site sits “within the St Leonards–Crows Nest Strategic Centre, identified by the NSW Government as a key area for accommodating future jobs and housing across Sydney.”

The proposal has been designed by fjcstudio, formerly FJMT Studio, and is being progressed through the State Significant Development pathway due to its scale and affordable housing provision.

The scheme would comprise 413 apartments, including 46 affordable housing units, alongside retail and commercial uses fronting Herbert Street. The project would also include communal open space, landscaping, a swimming pool, gymnasium, children’s play areas and podium-level resident amenities.

Planning documents show the development would consist of a part-13, part-39 storey tower form positioned above a four-storey podium.

“The development comprises a unified podium that activates the street interface, and two setback towers to accommodate new housing supply while maintaining an appropriate human scale at ground level,” fjcstudio noted in its Design Report.

The northern and southern towers have been shaped to respond to the surrounding skyline while also limiting overshadowing impacts to nearby public open space, particularly Talus Reserve.

The design report said the differing tower heights were intended to “contribute to a varied skyline while responding to the surrounding built form context and solar access considerations.”

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="36da62dc-ff9e-41f2-a7e3-7be38373751c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.45%E2%80%AFAM_0.png?VersionId=Mo6Rp2r.XRLTzIfg_PEEpw8NepDH8UBs" />

The site sits directly opposite Royal North Shore Hospital and within walking distance of both St Leonards Station and the new Crows Nest Metro station.

While the site itself sits just outside the formal Crows Nest Transport Oriented Development boundary, the planning documents repeatedly reference its alignment with the broader TOD objectives reshaping the Lower North Shore.

“The site is located adjacent to St Leonards Station and in close proximity to Crows Nest Metro which is within the Crows Nest Transit Orientated Development Accelerated Precinct which has been identified by the NSW Government to support housing delivery,” the Design Verification Statement noted.

According to fjcstudio, the project has been designed to respond to the broader transition occurring across St Leonards, where increasing residential density is being concentrated around transport infrastructure and employment hubs.

“The broader precinct is undergoing significant change, with a mix of existing mid-rise buildings and newer high-density developments,” the report stated.

“Recent and approved projects indicate a consistent shift toward taller built form, typically organised as tower-and-podium typologies with more active ground levels.”

The proposal includes close to 6,000 sqm of retail and commercial space across the ground floor and podium levels, designed to create a more activated street edge along Herbert Street.

Aqualand’s plans would also introduce a landscaped podium shared between the two towers, with communal open space in the form of a podium rooftop designed to support resident interaction and improve urban greening outcomes. The scheme would also introduce pocket parks at the northern and southern ends of the site, including a landscaped area at the corner of Herbert and Ella streets designed to improve pedestrian amenity and soften the streetscape.

&nbsp;

The proposal is being progressed through the NSW Government’s Housing Delivery Authority pathway, which was introduced to accelerate housing supply across the state. The application was declared State Significant Development in April 2025 following an expression of interest process.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="faf6d97d-2671-454f-b85a-fe1c6a7be608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.49%E2%80%AFAM.png?VersionId=diVd28OBVr5.YV.7prrOz.uAanwwwm7a" />

St Leonards has been particularly active with new developments in recent weeks. Developer SP Setia’s <a href="https://www.apartments.com.au/news/nsw/first-look-sp-setia-targets-st-leonards-skyline-with-40-storey-tod-tower">plans for a new 42-storey tower</a> recently went on exhibition through the same pathway, while <a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">Stockland’s 52-storey tower proposal</a> was also recently unveiled.

Aside from the St Leonards project, which is expected to take around nine months to move through the approvals process ahead of a potential 2027 launch, Aqualand is also preparing to launch Boronia, a new apartment project in Roseville comprising around 111 apartments on Larkin Street.

The developer also has approvals in place for the next stage of the Barangaroo precinct, which will feature new residential, retail, hospitality and community uses, alongside a new metro entry across the five-hectare site.

More than 50 new retail destinations are planned for Central Barangaroo, alongside a 270-metre-long boulevard connecting Hickson Park to Nawi Cove. Together with Harbour Park, more than 50 per cent of the precinct will comprise public open space and parkland.

Staff reporter

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