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.

First look: Aqualand joins St Leonards apartment party

Roberts Co has entered a new phase of growth following its acquisition by Arada, one of the world’s fastest-growing property developers in Australia.

The acquisition is supported by a $50 million capital injection into Roberts Co’s Australian balance sheet, consisting of the previously announced $25 million recapitalisation and an additional $25 million in new funding from Arada.

This investment strengthens Roberts Co’s financial position, stabilises operations, and provides the foundation for strategic expansion beyond its New South Wales base, with a focus on new opportunities in Queensland, including the Brisbane and Gold Coast regions.

With Arada’s international resources and financial backing, Roberts Co will broaden its portfolio across residential, commercial, and infrastructure sectors, reinforcing its strong market position in New South Wales and setting itself to capture growth in one of Australia’s most dynamic construction markets.

Ahmed Alkhoshaibi, Group CEO of Arada, said Roberts Co has a proud Australian heritage, an outstanding delivery record, and a strong reputation for collaboration with clients and partners.

"By combining this expertise with Arada’s global scale and financial capacity, we are creating a platform for sustained growth in the Australian market,"&nbsp;Alkhoshaibi said.

“Our $50 million capital injection, including new funds from Arada, underlines our commitment to both stabilise and expand Roberts Co’s operations, particularly into the fast-growing Queensland market. We see significant potential in South-East Queensland’s pipeline and are confident Roberts Co is well placed to deliver lasting value for clients and communities.”

George Kostas, CEO of Roberts Co, said Queensland, and particularly South-East Queensland, is one of the most active and opportunity-rich regions in Australia right now.

"The lead-up to the Brisbane 2032 Olympic Games will bring unprecedented investment across housing, transport, and infrastructure. Roberts Co is eager to play a major role in that transformation and secure a meaningful share of this fast-growing market.”

Arada pours more funds into Roberts Co, flags expansion into South East Queensland construction market

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Fire pits have become a new selling point for homes entertaining areas and backyards, from in ground to free standing they are a new must have for renovations and new homes.
The international trend was picked up in Channel Seven’s recent series of <a target="_blank" href="https://au.tv.yahoo.com/house-rules/houses/">House Rules which incorporated fire pits into three of the six home renovations</a>.
Stylish and practical, fire pits can be elaborate or functional and built using different types of materials from timber to wrought iron, bricks, sand stone, slate and rock.
The designs are endless and can be built to suite all types of homes from big modern houses to small country cottages or terrace homes, the limitless shapes and designs can work in any type of back yard and don’t have to feature as the focal point.
Fire pits can come in small portable styles that can be moved around an entertaining area, in these cases more than one can be used.
<img alt="poll-results-sept-3" height="122" width="470" src="/images/stories/2013/09/03/poll-results-sept-3.jpg">
 
Property Observer has noticed more and more fire pits advertised in real estate agents spiels. Here are some examples.
A three bedroom, two bathroom weatherboard home in Sydney’s north recently sold with Matt Brady of Belle Property for $1,055,100 it featured an alfresco deck, with an in ground fire pit and encompassing seating amongst its leafy green garden at <a target="_blank" href="https://www.realestate.com.au/property-house-nsw-seaforth-109398741">9 Prince Edward Road Seaforth</a> (pictured below).
<img height="353" width="470" src="/images/stories/2013/08/seaford_aug_29_one.jpg" alt="seaford_aug_29_one">
This glamorous harbour side home with views of the Sydney Harbour bridge and Opera House at <a target="_blank" href="https://www.realestate.com.au/property-house-nsw-mcmahons+point-112741739">37 East Crescent Street McMahons Point,</a> recently sold with Tim Foote at Belle Property for $$$. It also includes a bowl fire pit in a large entertaining courtyard (pictured below) with surrounding timber panel seating and stools. 
<img height="353" width="470" src="/images/stories/2013/08/mcmahon_point_aug_29.jpg" alt="mcmahon_point_aug_29">
Another home currently on the market featuring a free standing fire pits is <a target="_blank" href="https://www.realestate.com.au/property-house-sa-port+lincoln-112155563">20 Power Terrace Port Lincoln SA </a>  (pictured below).
<img height="353" width="470" src="/images/stories/2013/08/lincoln_aug_29.jpg" alt="lincoln_aug_29">
Those with in ground often use a sandy coloured gravel ground or grass and decorate with pebbles or rocks around the fire pit inlcuding the recenrly sold <a target="_blank" href="https://swanhill.ljhooker.com.au/6YKFCF">3 Emma Court, Swan Hill VIC</a> and <a target="_blank" href="https://www.realestate.com.au/property-house-qld-ningi-112645995">33 Cavanagh Place Ningi</a> (pictured below).
<img height="353" width="470" src="/images/stories/2013/08/nighi_aug_29.jpg" alt="nighi_aug_29">
They tend to landscape around the area to compliment the fire pit, with stone or brick retaining walls and timber panelling. The 2011 Block contestants <a target="_blank" href="/news">Shannon and Aaron from Perth have done up a home in Palmyra </a>Western Australia which recently sold for $670,000 through Wendy Maben of RE/MAX. The <a target="_blank" href="https://www.realestate.com.au/property-house-wa-palmyra-113470003">101 Adrian Street Palmyra</a> property is a good examples of using the lanscape to compliment the fire pit (pictured below). 
<img height="353" width="470" src="/images/stories/2013/08/palmyra_aug_29.jpg" alt="palmyra_aug_29">
Other examples can be found here:
508 Wendouree Parade, Ballarat VIC: <a href="https://shop.domain.com.au/Property/For-Sale/House/VIC/Ballarat/?adid=2009576159">https://shop.domain.com.au/Property/For-Sale/House/VIC/Ballarat/?adid=2009576159</a>
62 South Beach Road Somers VIC: <a href="https://www.realestate.com.au/property-house-vic-somers-114150103">https://www.realestate.com.au/property-house-vic-somers-114150103</a>
31 Peppermint Grove Engadine NSW : <a href="https://www.realestate.com.au/property-house-nsw-engadine-113332551">https://www.realestate.com.au/property-house-nsw-engadine-113332551</a>
40 Geographe Bay Road Dunsborough WA: <a href="https://www.realestate.com.au/property-house-wa-dunsborough-113144047">https://www.realestate.com.au/property-house-wa-dunsborough-113144047</a>
23 Newell Place Dawesville WA: <a href="https://www.realestate.com.au/property-house-wa-dawesville-111622399">https://www.realestate.com.au/property-house-wa-dawesville-111622399</a>
66 Dinsdale Road Gidgegannup WA: <a href="https://www.realestate.com.au/property-house-wa-gidgegannup-107930946">https://www.realestate.com.au/property-house-wa-gidgegannup-107930946</a>
Design Ideas: <a href="https://www.houzz.com/photos/firepits">https://www.houzz.com/photos/firepits</a>
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gwestgarth-UNyZGFyQQF

Will the winter firepits fad extend into spring?

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A rash of developer incentive programs continues to confuse the residential property market and there is a genuine need for transparency.
First-home buyers and uneducated buyers are unfortunately often those targeted by such schemes.
The following is a photo taken this week, illustrates the kind of incentives in the market place.
<img height="355" width="470" src="/images/stories/2013/08/sugars-aug-29-one.jpg" alt="sugars-aug-29-one">
So who pays for the new Ford Fiesta (currently valued at $15,000)? You would think the answer is obvious- “the purchaser”.
In this instance the land being marketed is being sold for an asking price of between
$156,500 and $165,000. Therefore the incentive is representative of almost 10% of the asking price.
So is a block of land or unit worth more due to the incentive? Maybe to the potential buyer.
But in a resale situation where no incentive is available, the market would adjust appropriately.
When a potential mortgage lender gets a professional valuation done, the price will be adjusted by the valuer to reflect the pre incentive price. This means the buyer will have to come up with the additional money that would in most cases simply reflect the value of the incentive.
Other incentives common in the market place include furniture vouchers, electronic equipment, landscaping packages, shopping vouchers and offers to pay the first $10,000 to $25,000 of the future builders contract.
In numerous instances the incentives are not as obvious as those depicted in the photo illustrated above. Most often they are hidden at the rear of a 100-200 page contract, or in some instances provided only on a second contract which is not disclosed to the lender or the valuer in the first instance.
Perhaps the developers would be better off pricing their stock at market levels, forget the incentives, be more transparent and build trust within the relevant market place.
Our experience suggests that the incentives at settlement time only provide frustration for the purchaser, mortgage broker, lender and valuer. It is a no win situation for all involved and often results in delays and disappointment.


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Greg Sugars is chief executive officer at the property valuation and advisory firm <a target="_blank" href="https://prp.com.au/">Preston Rowe Paterson</a>.
 
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Greater need for transparency in developer incentives: Greg Sugars

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Granny-flats have renewed interest given recent law changes in WA, but are they really a good idea for investors?
Here are the top four reasons for and against granny-flats:
For
Increase your property’s rental – adding a granny-flat can add a significant amount of rental income onto an investment property. It means you’ll get two income streams from a single lot.
Turn a negatively geared property into a positively geared property – This extra income can turn a negatively geared property into a positively geared one. It may mean you can stop claiming deductions but at least you’re earning some cash.
Many tenants prefer them to apartments – granny-flats allow tenants access to a back-yard, which means they’re often pet friendly and utilities are often included in the rent due to the complications of separate metering.
Always have an income from the property – If one tenant vacates then you’ll always have the other to see you through the vacant period. It’s not a lot of money but it keeps the cashflow going.
 
Against
Reduced rent on the main house – Tenants will demand a lower rent on the main house if they are forced to live with other tenants in their back yard.
Longer vacancy periods – Even with a reduced rent there is often a longer wait on finding tenants on a house with a granny-flat. Many people simple won’t do it due to concerns about neighbour disputes and loss of privacy.
It may not add value to the house – granny-flats can cost a lot to build – maybe in the vicinity of $100,000 but they don’t add that much to the house, if at all. Land and houses increase in value, but granny-flats don’t. And they’re not even that special any more in some suburbs, especially across Sydney that have had a surge in granny-flat activity. When it comes to resales granny-flats might reduce your buying interest to investors, with own occupiers taking their interest elsewhere.
They’re ugly – They’re not very pretty things to look at. There’s no getting round the fact that granny-flats detract from the outlook of the property, which could diminish it’s value.
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The four pros and four cons of building a granny-flat

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As property developers, Property Bloom has a range of development strategies most commonly involving building new dwellings and land subdivision.
But, we also offer two house renovation strategies. One is to maximise rent and depreciation benefits, which is our most common strategy and recently we’ve decided to offer a service to renovate houses to sell them.
There are certain times in the property cycle that the renovate-to-sell strategy offers opportunity. You need to use this strategy when the sales market is rising, so timing is crucial.  If you buy, renovate and sell in a stagnant or downward trending market, even though you are adding value to the house, you are likely to lose money.
Outside of the renovation costs, you must consider costs such as stamp duty, legal fees for the purchase and sale, holding costs during the renovation and sales process and selling costs.
You may also need to include capital gains and land tax, so it’s important to seek good accounting advice and make sure you’ve included all costs in your feasibility analysis.
So you need the help of an upward moving market to supplement the renovation and selling costs. Bearing all this in mind, we think perhaps the time is approaching for a buy-renovate-sell strategy.
Property Bloom’s original renovation strategy to add value to increase rent is all about maximising the yield.  We are currently renovating a house for this purpose where we are also building a granny-flat so our client will have two rental incomes from the one property.
With this house renovation, we are bringing the house up to good rental standards, we are very conscious of all costs and continually ask the question of any changes – will they add rental value?  If not, we don’t do them.  So street appeal takes a step back and safety takes a step forward.
Creating a third bedroom or second living area is high on our list. No bells and whistles are needed, just a safe, clean and functional dwelling that meets tenant demand in this location.
It’s a different kettle of fish with our strategy to renovate to sell. The sole purpose of this renovation strategy is to create as much profit as possible for our client.
For this strategy, our has shifted from properties that have larger land and development potential, to property very well located and close to CBD and facilities. These properties are more likely to have a smaller land component, which won’t matter as long as there is some low maintenance and well presented private outdoor living areas.
The potential owner occupier buyers don’t want a granny-flat in their back yard and would prefer a home with a garden they can tend, a double garage or garden shed for storage, some good quality features to the home like stone benches, ducted A/C, good natural light, a quiet location and a pleasant neighbourhood.
Property Bloom looks for different features in a property to renovate and sell to what we may look for in a property to renovate and rent.
Tired property in need of help with good bones is what we need. Large homes – four bedrooms is a bonus - with some nice, original features that we can enhance and restore. The location is of high importance.
All of a sudden the house, not the land, is our focus.
Funny after all these years of looking at a house as a development site, now we are looking at a house for all the features of a warm, attractive home.
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Jo Chivers is director of <a title="Property Bloom" href="https://www.propertybloom.com.au/" rel="nofollow" target="_blank" style="font-size: 14px;">Property Bloom</a>, which manages property development.
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Choosing your renovation strategy; rent or sell?  Jo Chivers 

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The auction of 11 vacant blocks by Wesley College in Rose Street, Glen Waverley, last Saturday achieved an ‘’unprecedented result’’ for Barry Plant Glen Waverley.
The blocks of between 700 and 750 square metres on a two hectare site sold for an average $1.2 million each. The land had never been used for school purposes and was originally an orchard.
The sale – possibly the suburb’s largest land release - came five months after the college dumped plans for an 84-apartment complex abutting its Glen Waverley campus.
Most of the buyers were families and international buyers. However, agent Adrian Santini said one or two were bought by developers to build display homes. A further 11 blocks was sold to home builder Metricon prior to Saturday’s auction.
Rose Avenue is 500 metres from Centro The Glen, Glen Waverley station and Glen Waverley Secondary College.
“It was unprecedented,’’ Santini said. ‘’We had more than 600 people crammed into a massive marquee which we had set up for the occasion with 15 staff members lined up to handle questions and the paperwork.
‘’The blocks all sold within about 40 minutes, all achieving prices more than 25% above the average for a similar property in the area.
“They even sold for more than established homes on larger blocks.” The suburb’s median house price is $727,000, with the agent theorising that, as the original 22 blocks was reduced to only 11 after the Metricon sale, the supply/demand equation pushed prices up further.
“The majority of buyers were definitely families wanting to build in the area which is so close to excellent local schools and all amenities,” Santini says.
Barry Plant Group founder and market commentator, Barry Plant, said the whole of the property market had their eyes on the sale. “Glen Waverley has evolved to become one of Melbourne’s most sought after suburbs, and the results of the auction shows this is where the real action is in the property market.” 
 
Melbourne’s house clearance rate on the weekend was 77%, with a median price of $771,000 and the total value of properties sold at $239,320,050.
Two hundred and two flats/apartments achieved a clearance rate of 73%, with a median of $522,750 and a total value sold at $82,354,670.
The sale of 17 blocks of land achieved a clearance rate of 76%, with a median price of $1,180,000 and the total value sold at $14,103,500.
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Snapped up - 11 vacant blocks sold by Wesley College in Rose Street, Glen Waverley

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During the week I sent out a little survey question to some of the real estate agents Property Bloom uses in the Hunter Region of NSW. I wanted to pick their brains on a decision we had to make.
We were in the process of designing a three villa project for our wonderful client, Tim, and my brief to the builder and architect was to try and include double lock-up garages (DLUGs), not just a single garage (SLUG), for each three bedroom villa if possible.
When the concept plan came back it did indeed have DLUGs but the villas did not have ensuites off the master bedrooms. 
However, they did have a separate ‘powder room’.
A powder room is a small bathroom that contains only a wash sink/vanity and a toilet. Sometimes, it's referred to as a guest bathroom or half bathroom, and it is usually located in a place where guests can use the facilities without having to go into the main bathroom.
Our optimum villa design includes three bedrooms, two bathrooms and a DLUG.  But the land size for this project meant we couldn’t have it all and we didn’t want to sacrifice the size of the double living areas of the villas.
I had recently seen a villa for sale (not one of ours) that had to be reduced in price dramatically as the living space was just too small. It had been sacrificed so that there were two bathrooms and a DLUG.
My question to the agents was “What is more valuable: an ensuite or a double garage? (In lieu of a single garage)”
It was interesting to see two differing opinions. One agent thought the ensuite or second bathroom was more important than the extra space a DLUG would provide.
But more agents came back with recommendations to keep the DLUGs over the second bathrooms.
The reasons were interesting; it was mentioned several times by the agents that both owner occupiers and tenants love storage space. 
Sometimes, their most valuable asset is their car and they want a garage for the car plus space to store their things.
Internal access from the garage to the house was also important particularly for downsizers or young families.  There is nothing worse than lugging bags of groceries further than you have to on a wet day.
Security was also mentioned, so remote access to the garage was important.
These villas would be kept and used as investment properties but our client  was also mindful of the end value and demand when he does decide to sell.
I had just read a really good article written by fellow observer Mark Armstrong: <a href="https://www.propertyobserver.com.au/residential/how-the-single-storey-villa-unit-ugly-duckling-became-a-highly-prized-investment-mark-armstrong/2013081364170?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=upperright" target="_blank">"How the single story villa became a highly prized investment."</a>  
Mark talks of a 1970s villa selling above reserve in Hawthorn, Victoria. 
He described three target markets for this little two bedroom, one bathroom, single garage villa:
-          Downsizers
-          Investors
-          Home owner investors – looking for a stepping stone property
This was exactly the same as our target market up in the Hunter Region. 
I clicked through to view the villa Mark was talking about and was interested to see the size and the amount it had sold for.  It actually didn’t have either an ensuite or DLUG but it was beautifully renovated.
What I also needed to take into consideration was a recent experience where a valuer had valued two villas that were part of a dual occupancy project.
They were very similar but one had a SLUG and one had a DLUG. The difference in the valuation was $30,000. 
The main reason was that in that particular market, the sales references for three bed, two bath single garage villas were all mostly attached and formed part of a duplex. The valuer didn’t seem to add back the value of freestanding villas.
So for this three villa project, I have looked closely at what had sold in this estate and what was in demand from tenants. 
In this area, there were more sales references for villas with DLUGs than for SLUGs and bearing in mind our client’s first intention was to maximise rental returns, we have chosen the DLUG over the ensuite.
But we do still have the powder room which I think is a great compromise.
Jo Chivers is director of <a style="font-size: 14px;" target="_blank" rel="nofollow" href="https://www.propertybloom.com.au/" title="Property Bloom">Property Bloom</a>, which manages property development.
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What's worth more to your home: an ensuite or a double garage? Jo Chivers

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A first round new home building recovery looks set to be stopped in its tracks without increased policy focus on housing reform at a state and federal government level.
That’s the view of chief economist Harley Dale speaking at the launch of the HIA’s winter 2013 edition of its National Outlook.
Putting forward its ‘’comprehensive national report card’’ Dale predicts the new home building recovery is ‘’at risk of running out of steam’’ and that there will be a gradual improvement in renovations investment from a 10 year low.
“A strengthening in the new home building markets of NSW and Western Australia has driven a promising first round recovery in national housing starts,” he says.
“Ensuring the recovery is sustainable is the key, but that looks unlikely based on current policy settings.”
Dale says a policy focus on housing reform at state and federal levels was crucial for a first round new home building recovery. “Such an outcome would be detrimental to an improvement in housing affordability, a faster pace of economic growth, and a lift in the nation’s productivity performance.”
HIA estimates housing starts rose 8.3% last financial year to 157,108 following two consecutive years of decline. A fall of 4.2% is forecast for 2013/14 as growth in NSW and WA temporarily runs out of steam ‘’before a geographically broader-based recovery takes sufficient hold’’.
HIA estimates that total investment in renovations fell by 6.6% in 2012/13 to reach a decade low. Growth of 3.5% is forecast for this financial year, which would take investment up to $28.9 billion. This would be $1.8 billion short of the 2010/11 record.
In May this year HIA launched its Federal Election 2013 policy platform - Housing Australians - outlining 50 policy actions for a future federal government. These aim to address the growing housing affordability challenge facing Australians and to ensure a sustainable residential construction recovery to suit the economy and growing population.
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New home building recovery at risk of running out of steam: HIA

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The Stockland managing director Mark Steinert has described the past year as a "trough" year for Stockland as it reported its results for the year ended 30 June 2013 with its underlying $494.8 million profit, down 27% on the previous corresponding period.
It reflected soft conditions in the new housing market, the impact of asset sales, and the previously reported change in approach to capitalised interest.
"This has been a challenging year and we have responded with a number of important strategic decisions that position our business for stronger future returns," Mr Steinert said.
"Although global economic conditions have improved over the last six months, there is still considerable uncertainty and volatility.
"In Australia business confidence remains low and consumer spending is relatively soft as households continue to deleverage.
"We expect consumer sentiment will remain relatively subdued, however we do anticipate continued moderate economic growth. While the housing market is showing clear signs of improvement, the recovery is likely to be modest and uneven."
Mr Steinert said he expected steady improvement in Stockland’s earnings from FY14 largely from its new retail, residential and retirement living projects beginning to contribute, along with recent industrial letting, rental growth and as benefits of cost reduction initiatives come through.
However, improvement in residential earnings "will likely be constrained as Stockland continues to work through a number of impaired and low margin projects.
"It will also take some time to see the full benefits of the Group’s new strategic priorities, particularly in Industrial and medium density housing development.
"Our decision to hold our distribution at 24 cents per share, despite being outside our target payout ratio, demonstrates our confidence that earnings should continue to improve from FY14," Mr Steinert said.
"We significantly restructured the business to reduce costs and improve core processes and skill sharing.
"We reviewed our residential landbank to create a clear classification of core and workout projects, and also maintained our strong balance sheet and A-/stable credit rating."
As previously flagged, the performance of its residential business was significantly impacted by "market softness" which affected both volume and prices.
Its profit also reflected the shift in sales mix with a lower proportion coming from higher margin projects in Victoria, and the previously reported change in our approach to interest capitalisation.
The residential division group executive Andrew Whitson said Stockland had reduced "finished goods by 50%, ensuring a good mix of affordable products and accelerating the sale of impaired lots to release capital for reinvestment."
While looking to accelerate the work out of impaired projects, Stockland are now  focused on bringing new higher margin projects to market such as East Leppington (Willowdale) in NSW and Banjup in WA.
It has also identified projects in its portfolio where it can increase revenue and broaden its market reach by expanding our medium density offering.
"Importantly we have outlined a clear strategy to optimise securityholder returns within an acceptable level of risk through the cycle," Mr Steinert said.
"This includes setting target asset weighting ranges that reflect our strengths and which will deliver the right balance of income and growth.
"We have a refreshed senior management team in place and are determined to execute our strategy with a disciplined focus that will deliver reliable profit and EPS growth over time."
Its statutory profit was $104.6 million, down 79%, largely due to a previously disclosed $355 million impairment in the value of the residential book.
Its underlying EPS was 22.4 cents, down 24% from FY12.
Stockland’s full year distribution was 24 cents per security.
Stockland announced it will sell its 14.9% stake in its retirement rival, FKP Property, a strategic holding which dates back to 2008.
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Trough year for Stockland who are now focused on higher margin residential projects

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As outlined in <a target="_blank" href="https://www.propertyobserver.com.au/auctions/estimating-construction-costs-on-residential-projects-michael-matusik/2013080763671">my recent post,</a> it is interesting to ponder why ‘construction costs’ is so high on the Missive search button list.  
We know that much more of the ‘new’ housing dollar is being spent on renovations. 
Some estimate that just over half of the money spent on residential construction is now spent renovating rather than on new builds. 
Others estimate that the Australian renovation market has more than doubled in size (dollars spent) since the early 2000s.  
I think there is much more at play here than just economics.  
It’s true that the increase in taxes and charges on new property (GST, infrastructure charges, stamp duties etc.) has had a negative impact on new housing demand. 
This goes some way to explain why new house building is at record lows (in per capita terms), but it doesn’t fully explain the rapid rise in renovations.  
Several things come to mind:  
Increasingly, we feel we have less control over our lives: post 9/11- threat of terrorism;  lack of political leadership;  the internet;  media sensationalism;  our general lack of fortitude – we scare so easily theset days;  no nation building projects.
This list could go on and on.
And so undertaking a renovation is one way of controlling our environment. 
We aren’t confident enough to make a big move and buy something new.  
What defines a home isn’t the property itself, but more often than not, it is defined by the spaces around it.
Housing or the idea of a home, is bound up with a vivid sense of place.  
This seems lost on many of today’s planners, even architects and especially developers. 
If you listen to buyers (including investors), they will describe what surrounds the property and how the building itself interacts with this space, rather than the dwelling itself.  
It’s not just about what the project looks like but how it fits into its immediate surrounds. 
It is much more than just a property’s location or in which suburb it sits.  
There is pride at stake. 
Too few new residential developments evoke a sense of pride.  An owner must be able to say, with a degree of self-importance, that I live here (or own one of these).  
I cannot help but think that too many new developments look pretty crappy and also lack this vital connection between the property itself and the surrounding space.  
Too many lack a sense of place.  
Taking this line of thought further, we all seem to want our own place.  This want for my place is one reason why renovations are replacing new development. <ol></ol>
Renovations can allow us to make space more suited to me.  Whilst renovating often means adding space – a home within a home so to speak – renovations also aim to improve space and this is the point when it comes to new development.  
Potential buyers tell us that it is the carbon copy nature of new development (rather than the amount of it), their lack of input in the final product and the strict rules of its use that stop them from buying something new.  
It seems to me that new development these days plans out all of the non-profitable components.  For example, the best medium-density housing developments incorporate plenty of built-in space where incidental contacts occur naturally.  
Why can’t off-plan buyers – who financially qualify – make changes to certain things like kitchen and bathroom layouts? 
Many more would buy if they could do so.  
Why can’t new projects design in some flexibility, suchas  internal walls that moveor multi-functional spaces?  
We want bespoke, even if is just a tiny bit.  
And whilst a cost burden, many accept body corporate fees, but the rules associated with living under such a system seem antiquated to say the least.  
Yes there are plenty of economic reasons why what I have outlined is difficult to implement,  but these are some of the reasons why new dwelling sales remain low and renovation activity is on the rise.  
The want for my space helps explain why, in many Western societies, houses are expanding while households are generally shrinking.  Children used to share bedrooms a generation ago. 
My grandparents never said I need some space,  but my kids, our parents and my wife and I do.  
Michael Matusik is the founder of <a style="font-size: 14px;" href="https://www.matusik.com.au/" rel="nofollow" target="_blank">Matusik Property Insights</a>, which has helped over 550 new residential projects come to fruition.  Read <a style="font-size: 14px;" href="https://www.matusikmissive.com.au/" rel="nofollow" target="_blank">Michael’s Blog</a> or follow him on <a style="font-size: 14px;" href="https://www.facebook.com/ThinkMatusik?fref=ts" rel="nofollow" target="_blank">Facebook</a> and <a style="font-size: 14px;" href="https://www.twitter.com/michaelmatusik" rel="nofollow" target="_blank">Twitter</a>  or connect via <a href="https://www.linkedin.com/in/michaelmatusik" rel="nofollow">LinkedIn</a>.
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Renovations are more popular than off-the-plan because people have more control over their home

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After chilling through the winter months it's hard not to think about the long, hot days of summer ahead.
MSN Real Estate recently tweeted to their 5,011 followers on  "<a target="_blank" href="https://realestate.msn.com/40-tricked-out-patios?ocid=vt_twmsnre">40 tricked out patios</a>".
Space and budget limitations aside, these patios will give you plenty of ideas for your outside space. 
<a target="_blank" href="https://twitter.com/MSNRealEstate"><img height="63" width="451" src="/images/stories/2013/08/Tweet_of_the_Day/Screen_Shot_2013-08-01_at_4.40.24_PM.png" alt="Screen_Shot_2013-08-01_at_4.40.24_PM"></a>
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