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

Melbourne

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The most recent update to the list of million dollar suburbs in Melbourne has seen 50 reach or exceed that mark.
This is an increase of one on last month with <a href="/news">Caulfield East</a> joining the list. The median value of a house in that suburb is now $1,002,366. Prior to Caulfield East the other recent additions were <a href="/news">Fairfield </a>and <a href="/news">Aberfeldie</a>. Those additions meant that Melbourne now has million dollar suburbs in the north, east, south and west of the city.
The list is headed by the usual suspects; <a href="/news">Toorak</a>, <a href="/news">Deepdene</a>, <a href="/news">Canterbury</a>, <a href="/news">Kooyong</a> and <a href="/news">East Melbourne</a>.  The median house value in <a href="/news">Toorak</a> is now $2.85 million and unlike the majority of million dollar suburbs this number has fallen over the last year.
The suburbs next in line do not contain many surprises but can also tell us a lot about housing values in Melbourne.
The suburbs that are within $20,000 of the million dollar mark are <a href="/news">Prahran</a>, <a href="/news">Carlton North</a>, <a href="/news">Port Melbourne</a>, <a href="/news">Williamstown </a>and <a href="/news">Bentleigh</a>.
Bentleigh is quite typical of the next group of suburbs that will join the list. It would have been quite surprising a few years ago to think of Bentleigh houses costing this much but with 97 selling for over a million in the last 12 months it now a regular feature of the area.
A cursory glance at the ‘for sale’ advertisements shows a suburb undergoing significant change with an increase in multi unit dwellings replacing the older homes on what are now large blocks. These homes coexist with a mixture of styles that are clearly proving to be very popular with buyers.
There are 1,338 auctions scheduled this week in Melbourne compared to 1,270 for the same time last year. The most auctions will be found in <a href="/news">Bentleigh East </a>with 29.
Auctions are generally more popular in the most expensive segment of the market and some suburbs have been recording multiple sales in the ultra expensive category.
A review of suburbs ranked by the number of sales valued at more than $2 million over the last year shows that three had more than 100; <a href="/news">Brighton</a>, Toorak and <a href="/news">Kew</a>. <a href="/news">Camberwell</a>, Canterbury, <a href="/news">Balwyn</a>, <a href="/news">Hawthorn </a>and <a href="/news">Malvern </a>had between 50 and 100. Outside of the leafy inner east there were some interesting results in <a href="/news">Hampton</a>, <a href="/news">Elwood</a>, <a href="/news">Ivanhoe </a>and <a href="/news">Richmond </a>had between 10 and 20 sales over $2 million.
On a citywide basis, the time on market results for houses sold at private sale was stable at a very low 31 days over the last week and vendor discounting remained stable at -4.8%.
Key data
<ul>
<li>Clearance rate week ending 9 November: 65.5%</li>
<li>Melbourne auctions expected week ending 16 November: 1,338</li>
<li>Melbourne private sales time on market week ending 9 November: 31 days (houses)</li>
<li>Melbourne vendor discounting market week ending 9 November: -4.8% (houses)</li>
<li>Listings being prepared for market are 4.3% higher in month ending 9 November (seasonally adjusted)</li>
</ul>
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rlarocca-zWhvjay44N

Bentleigh soon to become a million dollar suburb: RP Data's Melbourne weekend auction preview

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With summer heating up, there's few better places in Melbourne to sit and relax then a rooftop or balcony.
While many bars, restaurants and even cinemas are taking advantage of elevated open spaces, many residential offerings provide a personal oasis amongst the heat of summer.
Here are five of Property Observer's five favourite balconies  with great view currently available: 
<img src="/images/2014/07/04/yellow-one.jpg" alt="" style="float: left;"> <a href="https://www.realestate.com.au/property-apartment-vic-south+yarra-118347599" target="_blank">7/20 Airlie Bank Lane, South Yarra, VIC</a>
<img src="/images/2014/11/13/south%20yarra%20nov%2013%20one.jpg" alt="">
First off is a three bedroom apartment with a price range of $2.3 million- $2.8 million. It has a city view which includes a touch of the surrounding botanical gardens.
It won Houses magazine's apartment of the year in 2012.  
The balcony is a major feature of the apartment with a unique view of the city. The terrace also has a great view, overlooking South Yarra.
<img src="/images/2014/11/13/south%20yarra%20nov%2013%20two.jpg" alt="">
<img src="/images/2014/07/04/yellow-two.jpg" alt="" style="float: left;"> <a href="https://www.realestate.com.au/property-apartment-vic-docklands-118081347" target="_blank">2302/1 Point Park Crescent Docklands Vic </a>
<img src="/images/2014/11/13/docklands%20nov%2013%20one.jpg" alt="">
Here we have a balcony with a view of the Docklands and the city.
It is a two bedroom apartment and is priced at $860,000.
The balcony is seven metres swared and is central, expanding the living space outdoors and with floor to ceiling windows it captures views of the water and the city.
With the positioning of the balcony it is possible to create an open flow effect through the apartment with the view being the central feature.
<img src="/images/2014/11/13/docklands%20nov%2013%20two.jpg" alt="">
<img src="/images/2014/07/04/yellow-three.jpg" alt="" style="float: left;"> <a href="https://www.realestate.com.au/property-apartment-vic-st+kilda-118059735" target="_blank">1002/181 St Kilda Road St Kilda Vic 3182</a>
<img src="/images/2014/11/13/st%20kilda%20nov%2013%20one.jpg" alt="">
This St Kilda apartment has views across the bay and out to the city.
Situated in the recently completed Maxx boutique apartment building on the 10th floor, this two bedroom apartment has a panorama view of St Kilda Beach, Albert Park Lake and the city skyline.
It has an open plan living which leads into the balcony.
The apartment is a short walk from Albert Park Lake and public transport to the CBD.
It is currently under contract for $590,000.
<img src="/images/2014/11/13/st%20kilda%20nov%2013%20two.jpg" alt="">
<img src="/images/2014/07/04/yellow-four.jpg" alt="" style="float: left;"> <a href="https://www.realestate.com.au/property-apartment-vic-richmond-118207303" target="_blank">311/253 Bridge Road Richmond Vic 3121</a>
<img src="/images/2014/11/13/richmond%20nov%2013%20one.jpg" alt="">
A smaller apartment compared to the rest on the with a view looking out over Richmond.
Located on Bridge Road in the heart of Richmond, this is a one bedroom apartment on private sale at $459,000.
The floor plan allows an open living style that emphasises the views the balcony has to offer.
<img src="/images/2014/11/13/richmond%20nov%2013%20two.jpg" alt="">
<img src="/images/2014/07/04/yellow-five.jpg" alt="" style="float: left;"> <a href="https://www.realestate.com.au/property-apartment-vic-melbourne-118411639" target="_blank">2508/8 Downie Street Melbourne</a>
<img src="/images/2014/11/13/melbourne%20nov%2013%20one.jpg" alt="">
A balcony that gives you a view of Yarra River, Southbank and Port Phillip Bay.
Located near Etihad Stadium, Southern Cross Complex and the Crown Casino Complex, this two bedroom apartment is selling for $390,000.
<img src="/images/2014/11/13/melbourne%20nov%2013%20two.jpg" alt="">
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owisniewski-RiYLqnXfKH

Five balconies with fantastic views of Melbourne

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Melbourne isn't the only city struggling with empty towers.
According to Prosper Australia's 2014 Speculative Vacancies Report, authored by regular Property Observer contributor Catherine Cashmore, an estimated 4.4% of Melbourne housing is likely to be vacant.
<a href="https://www.propertyobserver.com.au/https://twitter.com/JMojanovski/status/532441118231638016" target="_blank"><img src="/images/2014/11/13/tweet-nov-13-one.jpg" alt=""></a>
With capital gains far exceeding rental yields, the report says investors don't have enough incentives to rent out their properties, leaving many homes sitting empty.
The report, gathering a significant amount of media attention, has some criticising policy makers and urban planners and others sharing their frustrations with empty properties in their neighbourhoods.
You can view the<a href="/news/vic/over-64-000-melbourne-properties-sit-vacant-prosper-australia"> top 10 Melbourne areas with the highest vacancy rates</a> according to Prosper here.
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jrichardson-uRX5hFdKfN

Tweet of the day: Penthouse sitting vacant for three decades

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A new study suggests 64,386 properties in Melbourne are likely be sitting empty.
Prosper Australia, a land policy lobby group, conducted the research for the 2014 Speculative Vacancies Report using the amount of water consumed per houseshold.
According to the report, the Docklands area has the highest proportion of properties that are likely to be vacant based on water consumption, with 489 residences using no water at all in 2013 – 17% of the properties connected to a provider.
The vacancy rates recorded using Prosper's water use method doubled in Docklands, Abbotsford and West Melbourne over 2013, tripling in Highett. The water use method allowed the study to capture vacant properties that are not currently advertised for rent.
The report's author Catherine Cashmore said without significant holding fees for vacant properties, investors may not have incentives to rent out their properties.
"I suspect that there is a proportion of foreign investment holding properties vacant," Cashmore told Property Observer.
"But it could be local investors, for whom the capital gains of a property far outweigh the rental income. A rental property might earn you $18,000 or $19,000 a year, but the median house price this year has gone up by $60,000. The gains are quite significant.
"Renting a property quite often can be more trouble than it's worth," she said, explaining some investors may choose not to rent out their properties due to property management costs and previous problems with teantns.
"Some properties within the Docklands might even find it difficult to find tenants – they're generally low grade and not great to live in."
She also said properties sometimes stay vacant if their owners are elderly or have passed away, and the family is unsure what to do with the property. In her experience, new or young Australian buyers often do purchase investment properties with the intention of renting them.
But as older investors pay down their debts, and have neither the time nor money to manage their properties, they may consider leaving them vacant.
With small apartments increasingly common in Melbourne's inner city, Cashmore also noted that while developers and policy makers often claim inner city apartment development is catering to the the rising single-household demographic, the stock is inappropriate for those who need it. In fact, she said, the majority of single person households actually populated by elderly residents.
"A lot of single person households are actually widows in three or four bedroom houses," she explained.
"But the demographic of people who live in high density apartments – figures peak at around 27 years."
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Source: Prosper Australia.
According to Cashmore, the most effective way to change the current number of vacant properties in Melbourne is to adjust taxation policy.
The report estimates 4.4% of Melbourne's total housing stock is vacant.
"This level of latent supply is not usually identified outside of a significant downturn in economic activity. Yet, if the latent supply of withheld land were put to effective use, it would theoretically reduce cost-of-living pressures for tens-of- thousands of low-income families forced to live at the margins," the report states.
"In light of this, government inaction on Australia's housing affordability crisis is indefensible.  Access to affordable shelter is a basic human right and vital to the prosperity of our nation."
The report recommends tax reform to ease volatile boom and bust cycles based on speculation and "unsustainable levels of debt".
"We submit that these causes would be alleviated or removed if current transaction taxes were replaced with a holding tax levied on the unimproved value of land."
According to Prosper's report, a broad base, "low flat-rate no threshold" state land tax should be implemented, replacing the current progressive land tax scale, which can be passed along to tenants.
"This would act as a disincentive to withhold properties from use, with escalating land prices increasing the relative holding costspredictable and less volatile that stamp duties, which are dependent on the volume of housing transfers in addition to the transacted price.
"This would act as a disincentive to withhold properties from use, with escalating land prices increasing the relative holding costs," the report states.
Cashmore believes it's up to the government to reduce the level of unused property and affordability pressures.
"You've got to question a large proportion of prime urban land has a high published vacancy rate," she said.
"You add that onto the property that's being sold and not for rent.
"What a waste of land. And we need to question that," said Cashmore.
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Over 64,000 Melbourne properties sit vacant: Prosper Australia

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With cranes dotting the horizon and a new apartment complex seemingly launched every week, many are wondering whether Melbourne will soon have more homes than it knows what to do with.
The Housing Institute of Australia forecasts a total of 51,007 dwelling starts for 2014. The figure puts Victoria's housing output above that of any other state, as it has been for every year since 2005. Dwelling starts in Victoria are predicted to reach 8.7% above those recorded last year.
According to <a href="/news">Victorian government predictions</a>, the number of households in Victoria is set to grow by an average of 1.9% between 2011 and 2021 to a total of 2,600,000 households.
The population projections have some arguing that Victoria is equipping itself for a migration boom. Others, however, believe we are building excess stock that will eventually result in a housing downturn. Meanwhile, the latest Speculative Vacancies Report from Prosper estimates a total of 64,386 properties are likely currently vacant in Melbourne.
<div id="stcpDiv" style="position: absolute; top: -1999px; left: -1988px;">64,386</div>
Property Observer took the question to the experts: Is Melbourne facing an oversupply problem?
Catherine Cashmore: independent analyst and author of Prosper's 2014 Speculative Vacancies Report<img src="/images/authors/fullbody/Catherine-Cashmore.png" alt="" style="float: right;">
If you're looking at it over the state as a whole, compared with the increase in population, it appears that there is ample property for the population.
If you narrow it down it down and look at it at a micro level, some areas definitely have an oversupply. Areas like Cardinia: there are about another 21,000 homes or that are to be built over the next five years or so. But almost 15% of the existing stock is sitting there vacant or unused.
When you say oversupply, in raw terms, sure. But the fact that it's not available to be accessed is important.
This is why it's really important for the government to understand how much latent supply is out there. If we do have a downturn in economic activity – which we will have, property cycles are quite predictable – investors try to offload their stock. That's what happened in 2008. A whole load of tiny apartments came onto the market because investors needed to access funds. Vacant properties go on the rental market. People sell off holiday homes.
In a downturn, people are hit in the pocket and the latent supply becomes active.
I wouldn't touch an inner city apartment. I'm talking about the Docklands, Carlton, West Footscray – all of these areas have seen an enormous uplift in apartment stock.
In Abbotsford, I'd advise any investor to keep glued to SQM's vacancy rates. In Abbotsford, SQM's <a href="https://www.sqmresearch.com.au/terms_vacancy.php" target="_blank">vacancy rate</a> came to 14% at one point. If you add that to our [Prosper's] <a href="https://www.prosper.org.au/2014/11/05/speculative-vacancies-7/" target="_blank">speculative vacancy rate</a>, of properties that have been vacant for 12 months or more – that figure rises considerably.
That is a red flag. The risks are just too great. The supply is not going to go away. You're not going to get capital gains from it, and you're not going to get a tenant.
The government can't keep talking about having a housing supply crisis. [Victorian Planning Minister] Matthew Guy says he doesn't want to see Melbourne suffering from a shortage of supply. They're fine concentrating on pushing the city's boundaries outwards and building more highrises, rather than concentrating on the supply that is vacant.
Robert Larocca: Victoria housing market specialist, RP Data<img src="/images/authors/fullbody/Robert-Larocca.png" alt="" style="float: right;">
The question of supply levels is a vexed one, after all a high level of supply can be great for buyers as it can dampen price growth, but as most buyers are sellers too it is not that simple.
The question is also hard to comprehensively answer, as there are a wide range of data sets and stages in the development cycle to compare.
At a citywide level the volume of homes on the market at any given time is a good measure.  In the month ending on 9 November there were 4.5% more homes newly listed for sale and 6.6% fewer overall homes for sale in Melbourne. Given values have been rising that suggests that there is not oversupply of homes for sale, buyers are buying the new homes and the older stock is also reducing.
But what of the unit market? A casual glance at the Melbourne skyline shows a lot of new high rise residential towers being constructed. Our data shows that those units are finding buyers. The number of units listed for sale is marginally, 2.4% lower than a year ago, and the overall number of units on the market is 3.3% higher.
That suggests that the supply is exceeding demand to a greater extent than is the case in the houses market. That is not necessarily a bad thing. Over the past decade the state government’s policies to address housing affordability concerns have been centred on increased supply in the inner city unit market and outer suburbs. The data shows that it is working.
This article continues on the next page. Please click below.
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Andrew Wilson: Chief economist, Domain Group's Australian Property Monitors<img src="/images/authors/fullbody/Andrew-Wilson.png" alt="" style="float: right;">
I think it's almost becoming common knowledge that in the CBD highrise market, it clearly looks like supply has moved ahead of underlying demand.
We have record levels of approvals for highrises over the last two years.
It's a market that's under development in the sense that demand isn't pushing supply, but supply is trying to lead demand. The difficulty is that a lot of the development is funded by overseas development. The question is whether that investment model reflects the investment model we have here. That is, ensuring there are a lot of pre-sales before construction commences to ensure demand meets supply.
The prospect of empty towers is raised, and it also presents a conundrum for those developers who are looking for a critical mass of pre-sales before construction commences. With the market seemingly flooded, it means there's a lot of competition for a small pool of buyers. I don't know if there's an underlying culture of CBD living in Melbourne, particularly a culture that would satisfy the number of apartments that would be built. I'm not sure if there's the infrastructure to support it. I'm not sure Melbourne has the natural attributes that would support inner city living like in Sydney and Brisbane.
We probably have a lack of high rise in some of the inner suburban areas. South Yarra has undertaken a change in its profile, as has Prahran. I think demand and supply are matching each other in Prahran and South Yarra.
In Boroondora and Bayside and Stonnington, there are constraints from the local community to high rise development but there is the demand there. It's not all about high rise - it's a question of median density as well. The key question is whether there will be a medium density homes available for downsizers. If we do have these restrictions, there is a shortage.
We seem to be moving away from balance. We're building more high rises in the inner city and fewer medium density suburbs.
Developers such as Little Projects seem to be meeting the market, as are many other developers. In the city of Yarra, there seems to be a reasonable balance there.
Terry Ryder: Founder, hotspotting.com.au<img src="/images/authors/fullbody/Terry-Ryder.png" style="float: right;">
I'm surprised this is even up for debate. The oversupply in Melbourne's inner city apartment is starkly obvious. Also readily apparent is that it will get worse. A lot worse. It has the potential to cause a market crash.
Current vacancy rates include 5% in Docklands, 6% in the CBD and 7% in Southbank. That's about 1,200 apartments sitting vacant and seeking tenants, without considering the thousands of apartments under construction or being marketed off the plan prior to construction.
The true level of vacancies may be higher, given a recent report which found that 17% of Docklands apartments consumed no water last year, which presumably means they were permanently vacant.
New highrise projects are being approved by Planning Minister Matthew Guy at a frantic rate. Since coming to office four years ago, Guy has approved close to 100 buildings in Melbourne's inner city areas.
A recent study by RMIT, looking at additions to the supply of inner-city units from 2011 to 2021, found 85,000 apartments either built, under construction or in the pipeline.
Guy has shown that he will approve anything and everything that comes across his desk. A report six weeks ago suggested there were applications for 42 more apartment buildings on his desk – and the record suggests they will all be approved. You have to wonder about his motivations.
It's overbuilding on a grand and reckless scale. And it's all being done, not to provide homes for Melbourne buyers, but for sale to Asian investors.
There is clearly no local demand to support the scale of new supply that's being created. We will soon have vacancies above 10% throughout the inner city suburbs, with rents falling and property values being dragged down with it.
Inner city Melbourne has experienced oversupply in the past. It helps to explain why the market performance of inner city units has been so poor in Melbourne.
There has been no growth in the median unit price for the CBD over the past three years, while the median prices for Southbank and Docklands have fallen in that time.
Over the past five years, the median price for Docklands has averaged growth of just 1.7% per year, while Southbank and the CBD has managed little better, at around 3% per year.
Given the poor historic performance of inner city apartments, the current high vacancies and the impending glut of new properties, I would strongly urge investors – and home buyers – to steer well clear of this market.
This article continues on the next page. Please click below.
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Miriam Sandkuhler: Founder, <a href="https://www.propertymavens.com.au" target="_blank">Property Mavens<img src="/images/authors/fullbody/sandkuhler-profile.png" alt="" style="float: right;"></a>
Having lived in and around the inner Bayside suburbs over the last 20 plus years, the ongoing addition of highrise development, especially in and around Port Melbourne, has had an enormous impact on the area.
While Port Melbourne has an attractive location on the bay with some great amenity, I would say that oversupply of apartments is an issue, not just for investors but for local residents alike.
When attempting to shop at Coles or anywhere in Bay Street, it is often a struggle to find a car park. In securing one, the one hour time limit frequently isn't adequate and the grey ghosts are hot to trot in this densely populated part of the suburb. Bay Street also carries a high volume of traffic during peak hour into and from the CBD and surrounding suburbs.
The local primary school is full to overflowing and the new Albert Park high school is also at capacity (it services Albert Park residents ahead of Port Melbourne residents). There is strong demand for a high school and child care to be built in Port Melbourne.
As we know, high demand and low supply drives capital growth. As demand in Port Melbourne is average, I wouldn't recommend investing in Port Melbourne. Investors can do better in other inner city suburbs with less high and midrise development, lower supply and greater demand.
This is evidenced by there being over 1,000 apartments available for rent and over 1,150 apartments for sale as at today, not including houses for rent or sale. Demand for housing to buy is average, based on data from listings over the last 12 months on realestate.com.au.
If owner occupiers particularly wanted to reside in Port Melbourne, I would recommend that they only buy a period style house to maximise capital growth and keep to the older and more established parts of Port Melbourne - on the north side of Graham Street and towards the city.
In other words, steer clear of all of the apartments.
Todd Hunter: Director and location researcher, <a href="https://www.wheregroup.com.au/" target="_blank">wHere Group</a><img src="/images/authors/fullbody/hunter-profile-2.png" alt="" style="float: right;">
Note: Last year, <a href="/news/vic/melbournes-potential-oversupply-the-experts-have-their-say">when asked the same question</a>, Todd Hunter said Melbourne was "absolutely" facing oversupply. 
So I went back and had a re-look at the available properties for sale and for lease, and I'm sorry, but the numbers tell a similar story:
Docklands and surrounding suburbs: 1,904 units for lease, 2,205 for sale, 4.5% yield
Melton: 840 houses for sale, 170 for lease, 4.7% yield
Whittlesea: 1,912 for sale, 414 for lease, 4.7% yield
Pakenham: 765 for sale, 414 for lease, 4.9% yield
Point Cook: 1,685 for sale, 518 for lease, 4.3% yield
Roxburgh Park: 902 for sale, 178 for lease, 5.1% yield
Werribee: 1,680 for sale, 504 for lease, 4.6% yield
In the above numbers, I have not used any price point and ticked the surrounding areas on realestate.com.au and the suburbs next door also add relevance to the huge over supply in these locations. All locations except for Docklands are houses.
It is also relevant to note that the above numbers account for each advert on the website. Now on many of the adverts where new House and Land is being offered or Blocks of Land, there are many properties on the one advert, so the numbers are even more scary than above – and the yields are very reflective of an over supplied market place.
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Exclusive: Does Melbourne have an oversupply problem?

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The Downs Street, Brunswick house used as surety in Tony Mokbel's controversial 2004 bail, has returned to the market after the sale of earlier this year failed to settle.
Glenn Bartlett from Woodards Carlton has the listing again, this time offered at $1.23 million, having accepted a pre-auction offer above the $1.1 million that was being publicly sought before February's auction.
The <a href="https://www.woodards.com.au/index.cfm?pagecall=property&amp;propertyid=2734196" target="_blank">empty double-storey house</a><a href="https://www.woodards.com.au/index.cfm?pagecall=property&amp;propertyid=2581524" target="_blank" style="line-height: 1.3em;"> </a>sits on 500 square metres, but unlike its portrayal on the Channel 9 mini-series Underbelly and Fat Tony &amp; Co, is of modern dimensions not boom Italianiate.
The previous marketing made cryptic mention of its status when noting the "impressive size and scale are the hallmark of this imposing family home, made even more memorable for its role in Melbourne's contemporary history".
It has a 13 metre x 33 metre <a href="https://www.woodards.com.au/index.cfm?pagecall=property&amp;propertyid=2581908" target="_blank">block next door</a> currently used for pool and garden. They sold last for $850,000 and $550,000 in 2010.
{yoogallery src=[images/stories/2014/02/27/brun2]}
Property Observer understands Mockel paid $200,000 in 1999 after paying $160,000 next door in 1996 for the larger home.
Ownership of the property was transferred to the Attorney-General of Victoria in late 2009, under the Confiscation Act 1997.
It was the site of a clandestine drug lab which was revealed after it caught fire and exploded. Crime writer John Silvester wrote that following its February 1997 fire, detectives ascertained the lab had produced 41 kilograms of pure methylamphetamine with a street value of $78 million.
He wrote that detectives believed the Downs Street lab helped Mokbel progress from a mid-level drug trafficker to the biggest in Australia over the 1990s.
While Mokbel was not arrested over the drug lab, his friend Paul Howden was badly burnt, charged and later sentenced to four years in jail.
The property was surety when securing his bail in 2004.
It emerged the property was part of a family trust, JR Mokbel Pty Ltd, an ownership structure which hampered efforts to sell the property after Tony Mokbel fled.
After his return from Greece, Mokbel was jailed for 30 years, with a minimum of 22 years, in 2012 over his international drug business. The judge described him as "intelligent and a cunning person".
While on the run in Athens in 2007, Tony instructed his associates to look after his late mother, Lora, who was living in the family's Brunswick home.
Lora Mokbel raised her four sons after her husband Sajih's death in 1980 when Tony was 15. The family had migrated from Lebanon in 1974.
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jchancellor-FAypfDUnLy

Crime boss Tony Mokbel's former Brunswick house back for sale

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A local developer has gained a foothold in the highly sought after Melbourne University precinct, after acquiring the Corkman Irish Pub for $4.76 million.
It was $1.56 million above its auction reserve.
Located at 154-160 Leicester Street in the inner city fringe suburb of Carlton, the historic two storey pub, formerly the Carlton Inn, is located on a prime 456 square metre corner site.
The pub is directly across the road from the University of Melbourne law school. 
It was sold by CBRE Hotels agents Joseph Du Rieu and Scott Callow, in conjunction with CBRE agent Mark Wizel.
There were five bidders vying to buy the Corkman Irish Pub which is a traditional food and beverage venue with public bar, bistro dining, courtyard and first floor hostel accommodation.
The pub has been with the same owner since it last traded in 1987 for $900,000.
It was offered as a freehold site, subject to a six-month lease. The holding income is about $82,000 a year.
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Carlton's Corkman Irish Pub sold for $1.56 million above auction reserve

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A five bedroom home at 150 Kooyong Road, Toorak was resold at weekend auction for $3,382,000, just nine weeks after it was sold for $3.29 million.
It seems the local vendor, a cosmetics industry veteran who lives diagonally opposite, had little choice but to put it on the market again.
“He bought without his wife seeing it,” said <a href="https://www.domain.com.au/public/Propertydetails.aspx?adid=2011488099" target="_blank">Beller Residential listing agent Max Bevacqua who had the listing both times</a>.
“She wasn’t interested in renovating another property. It happens quite often,” he told the Australian Financial Review.
The late August buyer had settled and paid the $181,000 Victorian stamp duty.
It had been bought at auction in late August for $3.29 million.
The five bedroom, four bathroom house on a corner 685 square metre block was billed as a future family dream home or an opportunity for a “creative builder, developer or interior designer”.
It also sold at $2.85 million in September last year after which was available for rent at $1,800 a week.
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Surprised wife refuses to move, so Toorak unrenovated home resold

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The man behind Melbourne's most famous burger joint couldn't sell his South Melbourne property.
Greg and Eleni Mitropoulos put in a $1.3 million vendor bid when their pretty four-bedroom Victorian cottage went to weekend auction.
It is not far from Andrew's Hamburgers in Albert Park, the Bridport Street diner which Greg Mitropoulos manages, which recently celebrated its 75th year trading.
The renovated home at 396 Dorcas Street had been listed <a href="https://www.marshallwhite.com.au/396-dorcas-street-south-melbourne-137375/" target="_blank" style="line-height: 1.3em;">through Marshall White agent Oliver Bruce</a> who was anticipating $1.25 million-plus.
Property Observer gleans it cost $1.21 million in 2010 after its renovation. It has 148 square metres of living space on its 162 square metre block.
The Melbourne weekend auction market resumed on Saturday after last weekend’s break for the Melbourne Cup holiday long weekend.
But high auction numbers led to a sharp fall in the clearance rate, to 71.6% according to Australian Property Monitors (APM), the lowest reported by the Melbourne market since the first weekend of July.
Some 977 homes were listed for auction at the weekend in metro Melbourne which was unsurprisingly well above last weekend’s 132 and also just higher than the 961 auctioned over the same weekend last year, according to APM.
Melbourne’s four weekend average clearance rate now stands at 74.3% compared to 78.8% over the previous four-weekend period. 
Melbourne’s south-east reported the highest regional clearance rate at the weekend with a strong 84% result, leading the outer east with 76.5%, the north-east 75.2%, the inner south 71.9%, the inner east 70.9% and the inner city with a clearance rate of 69.5%.
Melbourne’s inner south hosted the most number of auctions with 147 closely followed by the inner east with 143, the outer east  with 140, the inner city 138, the west 133, the north-east 131, the north 80 and the south-east 43.
The most popular suburb for auction listings in metro Melbourne was again Mount Waverley in the outer east with 20 auctions scheduled. The next highest was Glen Waverley also in the outer east with 16, Reservoir in the north-east and St Kilda in the inner city each with 15 and South Yarra in the inner city, Mitcham in the outer east and Glen Iris in the inner east with 13 auctions scheduled on the weekend.
The REIV reported a clearance rate of 68 per cent this weekend compared to 67 per cent last weekend and 68 per cent this weekend last year.
There were 934 auctions reported to the REIV this weekend, with 632 selling and 302 being passed in, 146 of those on a vendor bid.
 
 
 
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Flipping hamburgers easier than property in toughening Melbourne auction market

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The owners and renovators of an Armadale Edwardian home have decided to run with the pack and add "stables" to the back of their property.
While genuine stables are not uncommon at the back of homes in Melbourne's Armadale, the structure at the back of <a href="https://www.marshallwhite.com.au/140534/" target="_blank">62 Union Street</a> was actually built this year.
They hold a double garage, a workshop and a studio or guest accommodation.
The main circa 1905 single level Edwardian house was renovated this year. Bi-fold doors open directly onto the back garden and the so-called stables.
Madeline Kennedy of Marshall White has not provided a price guide for the four bedroom home. Vendors paid $1.46 million for the unrenovated property in October 2013.
62 Union Street will be auctioned on the evening of Thursday, 20 November.
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