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 internation 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

Melbourne

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Graham Arthur, the footballer who captained Hawthorn to its first premiership in 1961, knocked back $980,000 when his Balwyn North property went to weekend auction.
But it sold straight after for $1.1 million.
Graham Arthur's four-bedroom house is at <a href="https://www.realestateview.com.au/Real-Estate/41-helston-street-balwyn-north/Property-Details-sold-residential-7900404">41 Helston Street</a> (pictured above).
The house, which is in the Balwyn High School zone, was offered through Fletchers agents Jason Salan and Daniel Rasile. 
They had initially hoped for more than $1.2 million for the elevated brick house which had an updated kitchen and bathroom.
It last traded in 1987 for $146,000.
Domain Group APM reported Melbourne's weekend clearance rate sat at an initial 70.1%.
<div>"The Melbourne weekend auction market reported an improved clearance rate at the weekend despite hosting the highest number of auctions ever conducted on a December summer Saturday," the Domain Group's senior economist Andrew Wilson said.</div>
The Melbourne result was a modest improvement on the previous two weekends when rates fell below 70% on consecutive weekends for the first time since July 2013.
The 1,456 homes listed for auction was close to the all-time Saturday record of 1,558 set on the pre-Melbourne Cup holiday weekend of 25 October this year.
"Melbourne has now hosted over 1,000 auctions each Saturday over the past four weekends for the first time in its history with buyers increasingly spoiled for choice," said Wilson.
"And next weekend the market will end the year with a bang with another big day of auctions with over 1,300 homes set to go under the hammer.
<div>
"The pre-Xmas Saturday on 20 December may even host up to 500 auctions as the last chance for a result for sellers in 2014."
</div>
Melbourne’s four-weekend average clearance rate remains below 70% and at 69.1% is well down on the previous four weekend average result of 75.9%.
Melbourne’s north east suburban region reported the best result at the weekend with an auction clearance rate of 76.7%. The outer east was the next highest at 74% followed by the inner south 72.2% with the highest sales at 135, the inner city 70.3%, the inner east 69.9%, the west 66.1%, the north 65.8% and the south east with a clearance rate of 60.0%. 
 
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Modest clearance rate improvement as Hawks captain Graham Arthur's Balwyn North home sells post-auction

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There are 1,432 homes going under the hammer across Melbourne this weekend, according to Australian Property Monitors (APM).
It ranks as the highest ever conducted on a December Saturday.
It also ranks as the second highest number of weekend auctions conducted this year 
APM noted there were 1,325 properties listed for auction last weekend, the last Saturday of spring. There were the 1,341 at the same time last year.
The inner city will have the most auctions this weekend with 236 closely followed by the inner south with 233, the west with 207, the outer east with 196, the inner east with 188, the north-east with 183, the north with 102 and the south-east with 84.
The most popular suburbs for auction listings this weekend in metro Melbourne are Richmond and Mount Waverley each with 24 followed by St Kilda with 22, Glen Waverley and Port Melbourne each with 21 and Reservoir, Brighton East and South Yarra with 18 auctions this weekend.
The weekend auction market reported another subdued clearance rate at the weekend with clear indications emerging of a sustained fall in buyer activity over late spring.
The weekend's preliminary result of 67.2% was almost identical to last weekend's year-low result of 67.1%.
APM's Andrew Wilson said the four-weekend average clearance rate had now fallen to 69.5% is well down on the previous four weekend average result of 76.4%. 
Melbourne has now recorded consecutive clearance rates below 70% for the first time since July 2013.
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Record December Saturday offerings for deteriorating Melbourne auction scene

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The residential property market differs from suburb to suburb in many different ways.
Some suburbs are tightly held, some are in high demand from buyers and in others, sellers are seeking to capitalise on improved local conditions.
It is in these suburbs that CoreLogic RP Data has recorded a substantial increase in the number of houses listed for sale compared to a year ago.
In undertaking this analysis only those suburbs within a 30 kilometres of the CBD have been considered as outside of this, development suburbs become more prevalent and that affects the outcome. In those suburbs the high rate of listings is a factor of developers’ centralised decision-making as opposed to the individual decisions of 100’s of owners.
The suburb where owners have been seemingly queuing up to sell is <a href="/news">Doncaster</a>.
Compared to a year ago there has been a 41% rise in listings. Over the same time the median sale price has grown by 15.5%, well in excess of the citywide 9.7%. This suggests that sellers have been motivated by high buyer demand.
Second on the list is <a href="/news">Heidelberg Heights</a> with a 33.3% rise in listings. Not unlike Doncaster, sellers have been rewarded for their decision with the median sale price rising by 14%.
Third on the list is <a href="/news">Burwood East </a>where those seeking to sell have increased by 30.9%. It is followed by <a href="/news">Sunshine</a>, <a href="/news">Forest Hill</a>, <a href="/news">Preston</a>, <a href="/news">Parkdale</a>, <a href="/news">Vermont South</a>, <a href="/news">Glen Iris</a> and <a href="/news">Altona North</a>.
The common factor in each case is an above average rise in the median selling price. Now of course there are exceptions to this, for instance <a href="/news">Bayswater</a> has seen a 17% fall in listings and 11.5% rise in the median selling price but the in the majority of circumstances strong local markets encourage owners to sell.
There are 1,570 auctions scheduled this week in Melbourne compared to 1,535 for the same time last year. The highest volume of auctions will be found in <a href="/news">Mount Waverley</a> where there are 26 expected.
The November CoreLogic RP Data November Home Value Index showed that house values fell by 2.8% and unit values fell by 1.5%.
The market in Melbourne clearly slowed in November as volumes rose and the clearance rate dropped resulting in a reduction in property values.
Over the year the Melbourne property market has showed healthy growth. With one month left in 2014 house values have risen by 6.5% and units by 1.6%. Viewed in conjunction with what has been a small rise in transactions compared to last year these results show a moderate and not booming market.
The clearance rate for November was 66.8% and there were 5,722 auctions held with 3,819 selling. This is lower than the 68.2% recorded last year
Volumes look set to remain high until the end of the year and this will be welcomed by buyers, especially as the clearance rate has been edging lower.
On a citywide basis, the time on market results for houses sold at private sale rose from 31 to 32 days over the last week and vendor discounting eased slightly to -4.9%.
Key data
<ul>
<li>Clearance rate week ending 30 November: 63%</li>
<li>Melbourne auctions expected week ending 7 December:  1,570</li>
<li>Melbourne private sales time on market week ending 30 November: 32 days (houses)</li>
<li>Melbourne vendor discounting market week ending 30 November: -4.9% (houses)</li>
<li>Listings being prepared for market are 0.5% higher in month ending 30 November (seasonally adjusted)</li>
</ul>
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The suburbs where owners are queuing to sell: Melbourne weekend auction preview

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GUEST OBSERVATION
Brighton is located on Port Phillip Bay 11 kilometres south of Melbourne’s CBD. One of Melbourne’s most exclusive suburbs, Brighton is home to a number of celebrities and prominent individuals.
Brighton’s demographic has traditionally consisted of middle-aged and older couples with children, along with older single residents. In more recent times, younger families have started populating the area. As of the 2011 census, Brighton had a population of just over 21,000.
The suburb offers a cosmopolitan lifestyle with a selection of attractive shopping precincts. Brighton’s main centre is situated along Church Street which houses supermarkets, an assortment of beauty salons, high-end fashion boutiques, a cinema and a shopping plaza. North Brighton’s historic Bay Street is another popular shopping strip boasting gourmet cafes, bars and restaurants, designer retail stores and gift shops.
Numerous upmarket hotels are scattered along Brighton’s famous Esplanade, which features a pedestrian and bicycle path lined with palm trees along its foreshore. Another area that’s popular among locals is Martin Street which contains a number of gourmet food stores.
Brighton is bordered by six kilometres of stunning coastline and is home to the iconic colourful bathing boxes at Dendy Street Beach. The area also boasts Middle Brighton’s Municipal Baths that were established in 1881 and are one of only a handful of remaining open water seas baths in Australia.
Brighton has a well-connected transport system with the Sandringham train line running through the suburb. Four stations; Gardenvale, North Brighton, Middle Brighton and Brighton Beach provide residents with quick and easy public transport links into Melbourne’s CBD. At the eastern extremities of the suburb, there is also a regular tram service into the city. Brighton is bordered by the Nepean Highway – an arterial route that offers direct access to the city and the Mornington Peninsula.
The area is popular among families with teenage children largely due to its exceptional schools that include; Brighton Grammar School, Brighton Secondary College, Firbank Girls’ Grammar School, Haileybury’s Castlefield Campus, St Leonard’s College, Xavier College’s Kostka Hall campus and Star of the Sea College.
With a median property price of $1.9 million for a house and $940,000 for a unit, Brighton is home to some of Melbourne's most luxurious properties. Almost half of the home owners in the suburb own their property outright. The types of property available in the area can be categorised as follows:
<ul>
<li>Large mansions boasting tennis courts and swimming pools. These can be found in the suburban streets as well as along the desirable Beach Road.</li>
<li>Large Victorian properties.</li>
<li>A good supply of Edwardian family homes and other period properties.</li>
<li>Recent years have seen an influx of modern townhouses.</li>
<li>In the past five to 10 years many new apartments have been built and a number of new developments are currently underway.</li>
</ul>
The majority of properties in the area are stand-alone houses, which make up over 60% of Brighton’s property types. Townhouse and unit housing account for 20% of the houses and the remaining 20% are apartment buildings. Renters make up almost a quarter of the market, so there is high demand for rental properties.
Property prices in Brighton have risen significantly in the past 10 years and as Brighton is a high demand market this is likely to continue. This strong demand has greatly affected the price and availability of property in the area. With an average of 43 people showing interest per property – almost double the state average - it pays to do your research and be selective when it comes to a property’s position, style and type.  
By getting a foothold on the property ladder in Brighton, you will more than likely be able to sit back and watch the value of your investment grow. 
Julian Augustini is director of <a href="https://www.hodges.com.au/brighton-real-estate" target="_blank">Hodges Real Estate Brighton</a>.
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JulianAugustini-CWBpkiJwAX

Brighton: High demand pushing prices higher

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<h3>GUEST OBSERVATION</h3>
Labor’s state election victory in Victoria has fatally undermined Melbourne’s most controversial tunnel, the now-doomed <a href="https://www.linkingmelbourne.vic.gov.au/east-west-link" target="_blank">East-West Link</a>, with new Premier Daniel Andrews pledging to rip up the contracts for the project.
His decision is a victory for anyone who values 21st-century urban thinking over the outdated car-first mentality.
It’s also a financial relief, because – as the project’s back story shows – the East-West Link was always more about politics than economics.
<h3>Courting cars</h3>
For many years, the only groups calling for a tunnel to link Melbourne’s Eastern and Citylink freeways were the <a href="https://www.racv.com.au/wps/wcm/connect/racv/Internet/Primary/home" target="_blank">RAC of Victoria</a> and <a href="https://www.vicroads.vic.gov.au/" target="_blank">VicRoads</a>. The problem was that the tunnel never made economic sense when it was just a freight project, yet most attention in the transport planning system was on public transport, where demand was growing rapidly. The East-West tunnel needed a large dose of cars to justify it.
Enter Tony Abbott, who <a href="https://www.smh.com.au/federal-politics/federal-election-2013/tollfree-eastwest-link-preferable-tony-abbott-20130902-2t0ff" target="_blank">pledged A$1.5 billion</a> before last year’s <a href="https://theconversation.com/au/topics/federal-election-2013">federal election</a> for the East-West plan, arguing that Australians love their cars and public transport was not in his federal knitting.
The East-West project grew in concept and soon became a massive capital cost, with the price tag for the whole plan, including the western extension to Melbourne’s port, threatening to <a href="https://www.theage.com.au/victoria/state-budget-2014-major-road-and-rail-projects-worth-24b-to-transform-melbourne-20140506-zr5mj">hit A$10 billion</a> and swamp the transport budget.
Meanwhile, in the waning days of the first <a href="https://www.infrastructureaustralia.gov.au" target="_blank">Infrastructure Australia</a> (on which I was privileged to serve for four years), it became obvious that the East-West tunnel and Sydney’s <a href="https://www.westconnex.com.au" target="_blank">WestConnex</a> would never be subject to the scrutiny of our process. They were to be seen as purely political projects and the case for their going ahead would depend on their popularity, not on value for money.
<h3>Why tunnelling Melbourne was a bad idea</h3>
The old shibboleth that building roads is vital for improving the economy is no longer true. Economic growth has divorced itself from car dependence (my new book with <a href="https://theconversation.com/profiles/jeff-kenworthy-15708" target="_blank">Jeff Kenworthy</a>, <a href="https://www.bibliovault.org/BV.book.epl?ISBN=9781610914635" target="_blank">The End of Automobile Dependence</a>, traces the fall of the empire of car-based planning).
Growth in the Victorian and Australian economies now depends on the growth in “knowledge economy” jobs. These jobs at the creative, productive, innovative edge of our economy are now firmly enmeshed in the dense centres of our cities.
As the US urban economists Ed Glaeser and Richard Florida have <a href="https://blog.ted.com/2012/02/29/cities-ed-glaeser-at-ted2012" target="_blank">shown</a>, the knowledge economy depends on close interactions between creative people and those who can deliver projects. This work requires intensive spaces in cities, which in turn need intensive modes of transport to enable them. This means that rail, cycling and walking are critical to the knowledge economy. Although heavily into digital communications, knowledge economy workers need face-to-face contact and are now shifting back into central and inner city locations to optimise this process.
In contrast, cars and trucks are dispersive modes of transport, and are needed for the consumption economy. These jobs are important too, but are essentially based in the dispersed spaces of the suburbs. These jobs are not the ones we are seeking as much as those in the knowledge economy, because they do not drive productivity growth as effectively.
It is no wonder that around the world, we are seeing <a href="https://www.scirp.org/journal/PaperInformation.aspx?PaperID=38472#.VH1FI2SUdgA" target="_parent">declining car use per capita and growing public transport use</a>, as well as a widespread return to formerly neglected inner cities.
The six most walkable US cities have <a href="https://urbanful.org/2014/06/20/walkable-cities/" target="_blank">38% higher gross domestic product than the national average</a>. Cities now compete on new measures such as <a href="https://www.nytimes.com/2012/05/27/opinion/sunday/now-coveted-a-walkable-convenient-place?_r=0" target="_blank">walkability</a> and <a href="https://www.livablecities.org/blog/value-rankings-and-meaning-livability" target="_blank">livability</a>. Governments everywhere are aiming to build quality rail projects and make city centres more human in scale. Even <a href="https://www.canberratimes.com.au/act-news/canberras-780m-light-rail-line-gets-final-go-ahead-business-case-to-be-released-20140915-10gzr3">Canberra</a> and <a href="https://www.parracity.nsw.gov.au/work/business_in_parramatta/strategy/solving_transport_problems/light_rail_for_western_sydney">Paramatta</a> are joining in, as they work out how to build light rail.
Melbourne has one of the most attractive city centres in the world for knowledge economy jobs. It needs to ensure that this is not lost by tipping more cars into its walkable centre. Instead it needs to encourage commuting by rail, bike and on foot.
<h3>Change in the air</h3>
Victoria’s people have now spoken. The East-West Link will be scrapped, and should be replaced by more sensible transport planning. Melbourne does need to improve east-west access for people and freight, but it should not be beyond us to find some solutions that do not break the bank.
Clearly there are plans for upgrading rail access through several proposed rail projects, including the <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2014-11-19/melbourne-rail-a-better-deal-than-east-west-toll-planners-say/5902268" target="_blank">original Melbourne Metro plan</a>, and the <a href="https://ptv.vic.gov.au/assets/PTV/PTV%20docs/Melbourne-Airport/Melbourne-Airport-Rail-Link-Study-Overview.pdf" target="_parent">Airport Rail Link</a>. <a href="https://ptv.vic.gov.au/projects/rail-projects/doncaster-rail-study" target="_blank">Doncaster Rail</a> should remain on the table, hopefully not for another 100 years, as it is a simple and direct way to move passengers east-west.
The freight system seems to be amenable to much simpler concepts than the East-West Tunnel, like those <a href="https://habitattrustmelbourne.org.au" target="_blank">presented by the Habitat Trust</a>, using several inland rail interchange facilities.
The <a href="https://www.propertyobserver.com.au/https://www.thefifthestate.com.au/spinifex/bays-precinct-five-principles-emerge-from-summit/69895">same principles</a> should lead New South Wales to modify the Connex West project, especially where it spills traffic into Sydney’s central and inner areas. Such traffic “solutions” actually harm the economy of inner urban areas, burying investment opportunities under bitumen for parking and road-widening, and congesting areas that already have too many cars.
The public can sense that we have to update the way we travel and how we build cities so they are not car-dependent. The road-building brigade needs to take a deep breath and see that their plans are old-fashioned. Perhaps the legacy of the East-West Tunnel will be that such projects will never again be foisted on the Australian public.
<img src="https://counter.theconversation.edu.au/content/34914/count.gif" alt="The Conversation" width="1" height="1">Peter Newman is professor of sustainability at Curtin University.
This article was originally published on <a href="https://theconversation.com" target="_blank">The Conversation</a>.
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po-LsXgBTHBmX

The East-West Link is dead – a victory for 21st-century thinking

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Developer Elias Jreissati's bespoke foreshore penthouse at Port Melbourne has returned to the market with a new video marketing campaign.
The listing through Kay &amp; Burton agent Ross Savas also its own website, <a href="https://www.thepenthousemelbourne.com/" target="_blank">thepenthousemelbourne.com</a>.
The campaign has been co-ordinated by GoldenEye Media.
Its $18 million plus asking price derives from it being 1,040 square metres over three levels - 18, 19 and 20 - atop the HMAS Lonsdale building (pictured below).
<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/stories/2013/02/rouse.jpg" alt="rouse" width="470" height="353">
Designed by architect Nonda Katsalidis, the Rouse Street property comes with five bedrooms and five bathrooms, plus a kitchen on each level.
191/85 Rouse Street has bay and city skyline views, perhaps the city's ultimate entertainer's residence with five balconies and two large landscaped rooftop areas 400 square metres in size.
The penthouse includes five bedrooms, seven bathrooms, two kitchens, an internal lift between the three levels, a two-storey 100-square-metre living room, an executive wing, a 1,800-bottle wine cellar and seven carparks.
Title Tattle ranks the $19.36 million sale of the 11th floor, 150 Clarendon Street, East Melbourne, complex as the national record holder, and it was a little higher after inclusions.
It sold in 2008 to a Hong Kong holding company, directed by Margaret Lou, the little-known businesswoman born in Tianjin, China. 
It is the same building where there is currently a seven-bedroom apartment space on the eighth floor (pictured below) on the market with<a href="https://dinglepartners.com.au/listing/?listing_id=1403" target="_blank"> a US$20 million-plus asking price</a>.
<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/2014/12/02/east%20melbourne%20dec%202%20one.jpg" alt="">
The 150 East building offering is set to smash the record price for a Melbourne apartment at its current pricing.
The eighth-storey unit at 150 Clarendon Street, East Melbourne, was listed<a href="https://www.domain.com.au/property/for-sale/apartment-unit-flat/vic/east-melbourne/?adid=2011580160&amp;sp=1" target="_blank"> </a>last month by the Tregonning family.
Measuring nearly 1,000 square metres, the offering is available through Dingle Partners agent Anton Wongtrakun.
It can be used as three separate apartments with their own current entrances, or one large residence.
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$18 million plus hopes for HMAS penthouse at Port Melbourne 

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Docklands has historically outperformed the Melbourne CBD for property sale price growth, according to a report by Urbis.
With a median sale price growth of 19.2% between June 2009 and June 2014, it sat higher than the 10.9% recorded for the Melbourne CBD over the same period.
Docklands also recorded a higher median sale price, at $600,000 compared to $400,000 for the Melbourne CBD as at the June 2014 quarter.
<img src="/images/2014/12/01/docklands-dec-1-one.jpg" width="756" height="828">
"Ultimately, the sale price growth within Docklands has been supported by the scarcity of inner city waterfront sites with close proximity to the Melbourne CBD," the report noted.
The location also attracts a rental premium for investors with apartments within Docklands achieving between 12.5% (two bedroom product) and 23.2% (three bedroom product) over the Inner Melbourne Catchment at March 2014.
<img src="/images/2014/12/01/docklands-dec-1-two.jpg" alt="">
The residents of Docklands registered a median personal income that was 79% higher than the median personal income registered within Greater Melbourne, acccording to the Census 2011 data.
Melbourne's Docklands has a higher proportion of residents in the top tier income bracket, with 20.5% earning over $2,000 per week, compared to only 9.4% across Greater Melbourne.
This strong income profile can be credited to a high proportion of young professional residents in Docklands, with high levels of spending power and disposable income. 
<img src="/images/2014/12/01/docklands-dec-1-three.jpg" alt="">
The Docklands-Southbank Statistical Local Area is forecast to increase by over 25,398 new residents between now and 2031.
This is in line with historic growth and equates to over 1,209 new residents per annum over the period, indicating a requirement for approximately 637 dwellings per annum and increasing residential density, according to an Urbis Study.
This projected population growth highlights the long-term potential for additional dwellings within Melbourne’s inner city. 
<img src="/images/2014/12/01/docklands-dec-1-four.jpg" alt="">
Between 2006 and 2011, the Docklands-Southbank Statistical Local Area (SLA) registered an increase of around 726 new residents per annum. 
Australian Bureau of Statistics Census 2011 data indicates that the largest demographic residing within the suburb of Docklands is the 25 to 29 age group, at 18.3% of the population. 
The proximity of this catchment to CBD employment and activity are key drivers for a young professional demographic, with a desire to embrace inner city living and low maintenance dwellings, particulary in key locations such as Docklands. 
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Docklands achieving higher apartment prices and rentals than Melbourne CBD

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Melbourne’s weekend auction market finished the spring selling season on a 67.2% clearance rate.
It was a similar result to last weekend which recorded the lowest clearance rate for spring, and for the year so far, with an initial 67.1% which was revised to 66.8% after late results.
A surge in late spring auctions numbers was impacting market activity with buyers increasingly spoiled for choice, according to Australian Property Monitors (APM).
Auctions numbers rose strongly this weekend with over 1,300 homes listed offered under the hammer in the metro area. 
"This is well ahead of last weekend’s 1,154 results and just below the 1,341 auctions conducted over the same weekend last year," APM's Andrew Wilson said.
There are around 400 of the 1,326 results yet to be advised.
The top sale was Sandy Cove, the Brighton beachfront at 38 Dawson Avenue, which (pictured below) sold for $8,525,000 through hockingstuart. Boasting 46 metres of absolute west-facing beach frontage, the 1989-built Jon Friedrich house sits on a 771 square metre block. It last sold in 2007 for $6.1 million.
<img src="/images/2014/12/01/brighton%20dec%201%20one.jpg" alt="">
Pre-auction sales were prevalent, with the REIV reporting 170 pre-sales from its larger sample of 1181 auction results.
The REIV listed the top sales amid its 65% success rate:
TOP 5 HOUSES 1. 38 Dawson Avenue, Brighton $8,525,000 2. 37 Elizabeth Street, Brighton East $4,345,000 3. 6 Chilcote Avenue, Malvern $3,760,000 4. 2 Barnsbury Court, Deepdene $3,700,000 5. 129 Richardson Street, Albert Park $3,510,000
TOP 5 BARGAIN HOUSES 1. 83 Seventh Avenue, Rosebud $240,000 2. 11 Romsey Crescent, Dallas $270,000 3. 72 Songlark Crescent, Werribee $270,000 4. 36 Chelsworth Loop, Craigieburn $330,000 5. 15 Freda Street, Broadmeadows $330,000 
TOP 5 APARTMENTS 1. 2/8 Glenview Avenue, Malvern $1,920,000 2. 4 Bosisto Street, Richmond $1,530,000 3. 105 Ormond Esplanade, Elwood $1,500,000 4. 3 Edward Street, Toorak $1,250,000 5. 1B Wordsworth Street, St Kilda $1,036,000
TOP 5 BARGAIN APARTMENTS 1. 1/44 Brunswick Street, Fitzroy $133,000 2. 9/10 Derby Street, Fawkner $228,000 3. 36 Elinda Place, Reservoir $253,000 4. 5/216 Sladen Street, Cranbourne $255,000 5. 710/551 Flinders Lane, Melbourne $295,000
Source: Australian Property Monitors.
Melbourne’s inner city hosted the most number of auctions on the weekend with 220 closely followed by the inner south with 209, the inner east with 188, the west  185, the north east 165, the outer east 160, the north 109 and the south east  49.
The most popular suburb for auction listings on the weekend in metro Melbourne was Richmond in the outer east with 24 followed by Glen Waverley in the outer east and Reservoir in the north east each with 22, Port Melbourne in the inner city with 21, St Kilda also in the inner city with 19, Mount Waverley in the inner east and Melbourne CBD each with 18 and Doncaster in the inner east and Brighton in the inner south each with 17 auctions scheduled this weekend.
Last weekend’s auction clearance rate of 67.1% was well below the previous weekend’s 72.1% with the local market clearly tracking backwards since the Melbourne Cup weekend holiday. "Record numbers of auctions will continue to test a fading market through December to the Christmas break," Wilson said.
Before Saturday's result Melbourne’s four weekend average clearance rate had fallen to 72.7% well down on the previous four weekend average result of 75.4%.  
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Melbourne's weekend auctions end spring on weakened 67% clearance rate

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The Malaysian developer UEM Sunrise ­has secured a virtual off the plan sellout of its a highrise ­residential tower, the 92-storey Aurora Melbourne Central.
It is the ­developer’s <a href="https://aurora-melbourne.com.au" target="_blank">first Australian project</a>, being managed by<a href="https://www.pdsgroup.com.au/projects/aurora-melbourne-central/" target="_blank"> PDS Group</a>. 
The developer has sold 895 apartments of the 941 apartments - mostly through its sale ­networks in south-east Asia and China over the past fortnight.
Local buyers account for 25% of the apartments sold through Colliers.
Around 60% of buyers are investors attracted both by ­Melbourne’s reputation as the world’s most liveable city and its relatively low prices by international standards.
Some 22% of the Aurora Melbourne Central apartments, priced between $395,000 and $1.1 million, were bought by Malaysians, 25% were purchased by Australians, 15% by Singaporeans and the remaining 38% by Hong Kong and Chinese investors.
The project is slated to be completed by 2019, once works start in March or April next year.
“As a benchmark in Australasia, Melbourne core CBD prices are on par with KL, 50% cheaper than Sydney, 200% cheaper than ­Singapore, 350% cheaper than Hong Kong, and a staggering 550% cheaper than London,” Raymond Cheah, director of UEM Sunrise’s Australian subsidiary, said.
He described the sellout as “breathtaking”.
The $730 million project will rise in the heart of the Melbourne CBD, on La Trobe Street near the State Library and RMIT University.
Listed on the Malaysian stock exchange, UEM Sunrise is a subsidiary of the UEM conglomerate, which is owned by Malaysian sovereign fund Khazanah Nasional.
The developer has another property project in Melbourne, a 0.4 hectare site on Mackenzie Street which was bought for $65 million.
The project on Mackenzie Street known as The Conservatory will be unveiled by June next year.
The company wants to build more properties in Australia to ride on the expanding economy and population growth in Melbourne and Sydney.
"We are zooming in on a few sites," Cheah said.
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75% foreign buyers in UEM's 92 storey Aurora Melbourne Central near sell-out

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There is no surprise investor activity is heavily concentrated within the capital city inner city unit market. But the latest charts from Cameron Kusher at CoreLogic RP Data provides insights into the elevated level of investor purchasing.  
There are many suburbs were investors represent 50% plus of apartment buyers. Melbourne has the highest levels of investor activity for units, followed by Brisbane, Adelaide and Sydney.
 The spread of house investors are not an issue, other than one location in Brisbane. 
<img class="aligncenter size-full wp-image-4047" src="https://blog.corelogic.com.au/wp-content/uploads/2014/11/Chart-7.jpg" alt="Chart 7" width="500" height="315">
Source: CoreLogic RP Data
As Kusher suggests, if many investors were to exit the market at a similar time in search of superior returns, that could have some serious repercussions for the inner city unit market and potentially the wider housing market too.
Investors own a staggering 89% of units in <a href="/news">Travancore</a>, the Melbourne suburb.
Their report noted the suburbs with the highest levels of investor apartment ownership are often those with significant and large developments so <a href="/news">Travancore</a>, ranked above <a href="/news">Kingsville</a>, <a href="/news">Carlton</a>, <a href="/news">Elwood</a>, <a href="/news">Notting Hill</a>, <a href="/news">Hawthorn</a> and <a href="/news">Melbourne</a>.
 Each of these areas has more than seven in 10 units owned by an investor.
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