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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 An apartment in Carnegie, southeast of the Melbourne CBD, was the Victorian capitals’ most affordable residential property to sell at auction this weekend.
The one-bedroom unit at 7/45 Oakleigh Road sold for $270,000 through agency Stuart Hocking Carnegie, according to Australian Property Monitors.
The price guide on the marketing leading up to the auction tipped a top price of $245,000. 
Stylishly fitted out and decorated with flamboyant golden wallpaper and minimalist furniture, the unit is on the top floor of the two-level 1970s-built red brick block.
It is rented for $295 a week reflecting a yield of 5.6% for the investor.
The last time the strata-titled apartment sold was in 2007 for $162,000 andthat deal was exchanged within seven days of listing, according to RP Data.
The median asking rent in Carnegie is $347 a week.
RP Data notes that 143 units in the area have sold this year and the median price paid for an apartment was $406,000 in August 2014. Median growth experienced among units in Carnegie in 2013 was 2.6%.
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andreadixon-oif3j7eKne

Carnegie 5.6% investment rental Melbourne's cheapest weekend sale

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There are 992 auctions scheduled this week in Melbourne compared to 1008 for the same time last year (the fourteenth week with over 1,000 auction this year).
The highest volume of auctions will be in Mount Waverly with 19 expected.
After a few weeks where sellers were holding the upper hand, last week showed that they still need to ensure that their sale price expectations are not too high.
While the Melbourne market is healthy, it is recording more moderate growth than in the two previous upswings in 2007 and 2010.
September quarter property values showed that the strongest growth in house values on a suburb basis were in the inner east.
Armadale saw a 25.4% rise over the last year and similar growth was recorded in nearby Malvern East, Glen Iris and Camberwell. It is often the case that in an improving market the most expensive segment records the strongest increase in values.
It was also interesting to note that Fairfield joined its neighbor, Alphington, as a suburb with a median house value of in excess of a million dollars. Buyers who can't afford Mont Albert or Balwyn are gravitating north of the Yarra.
On a city wide basis, the time on market results for houses sold at private sale rose from 39 days to 40 days over the last week while vendor discounting fell from -5.3% to -5.1%.
Key data
<ul>
<li>Clearance rate week ending 5 October: 69.1%</li>
<li>Melbourne auctions expected week ending 12 October: 992</li>
<li>Melbourne private sales time on market week ending 5 October: 40 days (houses)</li>
<li>Melbourne vendor discounting market week ending 5 October: -5.1% (houses)</li>
<li>Listings being prepared for market are 3.9% higher in month ending 5 October (seasonally adjusted)</li>
</ul>
 
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Melbourne buyers head north of the Yarra: RP Data's weekend auction preview

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Melbourne’s least expensive property to sell at auction on the weekend was a small unit in Gladstone Park, northwest of the CBD.
The one-bedroom 60 square metre unit in the single level row of dwellings was at <a href="https://www.realestate.com.au/property-house-vic-gladstone+park-117829227" target="_blank">20/16 South Circular Road</a>. It was offered to buyers all ages but with a covenant that only 55+ year olds can occupy/rent the unit.
It sold for $190,000 through Jason Real Estate Tullamarine, according to APM, at a $10,000 increase over the past six years, reflecting 0.88% annual growth.
There were $225,000 hopes when the brick unit was listed in early 2014.
The unit last traded in 2008 for $180,000 and before that in 1994 for $77,000. 
Last year another two units sold in the row, each for $205,000. 
The highest price paid for a one-bedroom unit in residential retirement complex is $227,500 in 2012.
The recent asking rental for the block are around $230 a week.
According to RP Data, the median unit price in Gladstone Park is $210,000.
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Gladstone Park's ordinary 0.88% price growth in Melbourne's cheapest weekend auction

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Another 2,820 lots of land will be launched into Melbourne's west by Satterley Property Group as they open two new residential developments in one month.
Upper Point Cook is a 2,000-lot offering in Point Cook, while Habitat, on Davis Creek in Tarneit, will be providing the other 820 lots, which they're calling some of the cheapest housing in the state.
Habitat's house and land packages are expected to span from less than $300,000 to above $450,000.
Habitat spans 65 hectares, on the corner of Sayers Road and Davis Road, includes more than 150 lots fronting Davis Creek and 14 hectares of open space.
Upper Point Cook will be the first to launch, followed three weeks later by Habitat on 26 October.
Satterley Victoria general manager Jack Hoffman said that since announcing the two, interest has been strong, particularly from first home buyers.
"Upper Point Cook and Habitat on Davis Creek are two quality master-planned communities that combine premium housing options and affordability," said Hoffman.
"Upper Point Cook is one of the few remaining quality land parcels close to shops, public transport and with direct access to the Princes Highway."
Strong sales are expected on launch weekend, with completion of the project to welcome 5,000 new residents.
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Satterley Property Group launches two new developments in Melbourne’s west

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LaSalle Investment Management has sold its 706-bay Melbourne car park for $17.5 million through Savills.
The eight-level, strata-titled property, <a href="https://www.realcommercial.com.au/property-offices-vic-melbourne-501264455" target="_blank">at 20-28 La Trobe Street</a>, was sold on a 2.78% yield to a local private buyer.
The 1,400 square metre site is leased to Secure Parking, but on a term that expires at the end of this year.
 
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jchancellor-FAypfDUnLy

$17.5 million Melbourne CBD car park sale

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Residex’s John Edwards has called the substantial growth in Melbourne over August a “one off”, with a slower pace to mark the way forward.
He noted that Melbourne’s property market often appears more volatile than others across Australia.
“We suspect this is a function of the selling process, which is predominately auction driven,” Edwards noted.
Melbourne house price growth from August 2012 to August 2013 was 4.57%. From August 2013 to August 2014 it was recorded at 10.71%. Over the last quarter, 2.10% growth was recorded, with 2.31% over the month.
Melbourne unit price growth from August 2012 to August 2013 was 0.57%. From August 2013 to August 2014 it was recorded at 5.80%. Over the last quarter, 0.71% growth was recorded, with 1.0% over the month.
The August house price growth is the highest seen since March 2013.
Edwards said that the quarterly trend suggests that more moderate growth will be recorded over September.
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Melbourne’s significant August growth a “one off”: Residex

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Guest observation
Spring is here and with it, an air of excitement about Melbourne's residential property sector.
History tells us market activity will be reinvigorated in the coming weeks with a surge of properties hitting the market mid-October. The choices for buyers will be bountiful, but, be warned, not everyone will wind up a winner this spring.
Buying and investing in property can be tricky business. Here are three simple tips to avoid the most common heartaches when buying during the frenzy this spring.
Don't pay too much
 Remember, price doesn't necessarily equal value. When buying property don't take the listing price as gospel. It's a real shot to the heart, and the ego, to find out you've overpaid for a property because you failed to do your research, or got caught in the emotion of the purchase. Research is the key to negotiating a price that is fair for both you and the seller.
Compare the property with recent sales of similar properties, or, if it's particularly unique or unusual, obtain a sworn valuation for greater certainty.
Competition will be particularly strong for family homes in Melbourne's middle ring suburbs, while $1 million plus homes and established one and two-bedroom apartments in the city's inner suburbs will be a popular choice among professional households and families.
Don't miss out 
There's nothing more disappointing than missing out on a property you have your heart set on. This can be avoided to some degree by ensuring the property is the right match from the outset. Firstly, is the property's upper price limit within your budget and how much are you willing to pay for it?
While it's important to feel excited about a property purchase, don't allow emotion to impact your perception of value.
It's also important to realise not all successful purchases are just about price – offering the winning bid is also about strategy. For example, stamp duty concessions for first-home buyers, which from 1 September save buyers 50% or up to $15,535 on stamp duty costs, cut out at $600,000.
Savvy buyers who recognise this limitation know that, with a single dollar more, they can knock first-home buyers out of the race, reducing their competition and improving their chances to tender the winning bid.
Also, consider what conditions of sale will make your offer more appealing to the seller, like an unconditional offer, a higher deposit or a shorter or longer settlement period, depending on the seller's requirements.
If your purchase is for investment purposes you could also rent the property back to the current owner in need to sweeten the deal. Buy an asset, not a liability 
Residential property is increasingly complex with many things to consider to select a property that satisfies both personal and investment parameters.
Generally, the most influential factor driving performance is location. Proximity to schools and employment, transportation – including arterial roads and reliable public transport, and infrastructure such as shopping, culinary and recreational facilities is of particular importance to the majority of would-be buyers.
But, while being located within walking distance or a short commute to the above can be beneficial, being too close can be detrimental, due to noise pollution and traffic congestion.
Armed with the right knowledge and attitude, discerning buyers will uncover some of Melbourne's best performing properties this spring, reaping the rewards of their careful selection for many years to come.
Greville Pabst is CEO of <a href="https://www.google.com.au/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=1&amp;ved=0CEAQFjAA&amp;url=http%3A%2F%2Fwww.wbpproperty.com%2F&amp;ei=Jb4hUevODOyamQX6mIGYDQ&amp;usg=AFQjCNH0u8Ji9ymluq8AKARfB-KjHZ-aFA&amp;sig2=DNsIKQR7tQj4PtYuiJOHPA&amp;bvm=bv.42553238,d.dGY" target="_blank" rel="nofollow">WBP Property Group.</a>
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Three familiar property heartaches and how to avoid them

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GUEST OBSERVATION
In my time of investing and purchasing for investors, I have the luxury of knowing that this current market movement is not normal, nor an accurate prediction of what they next five years will be like.
In fact, if anything, I am more bearish now about property than I have been for some six years, seeing that affordability and irrational exuberance have taken over rational thinking and sensible wealth planning.
But I have never actually been called a property bear - until now, that is.
I copped the comment last week at a luncheon, replete with bankers and wankers. I might also add that my fellow lunchers included people who exclusively made their money from giving obscene levels of credit to suckers (otherwise known as consumers) to go and buy more residential property.
After I gave someone a response that they clearly didn't want to hear, of course I was howled down. In their minds, there are so many people out there buying right now. The masses clearly can't be that wrong.
Can't they? Have they ever been that wrong before?
You bet they have. In fact, history demonstrates this repeatedly. I cite below one of the most extraordinary examples of irrational exuberance ever to present itself to an investor market.
Tulip Mania
The Tulip Craze of Holland truly demonstrates not only what a human mind can conjure up to consider an investment, but how obsession and irrational exuberance can take over even the most logical of minds.
The flower Semper Augustus was judged to be the most valuable flower in the Tulip family in the 1600s. So much so that in 1630 one person paid 3,000 guilders for one tulip bulb.
Do you know what the value of a guilder was in 1630s? Well, me either - but I can tell you that three months later, a Rembrandt painting sold for 1,500 guilders. Importantly, Rembrandt (1606-1669) was not one of those artists who were popular only after he died!
Moving on to 1633, records show that one investor swapped traded three tulip bulbs for a whole property. In the ensuing years (1634-1673) the value of tulips then ran up by another 1000%.
Then, one day, at a non-descript tulip auction, one large buyer didn't turn up to claim his prized tulip trade. Upon witnessing this, other buyers baulked. The ensuing panic saw the value of tulips return to their intrinsic value in less than a week: zero (or at least, the nominal value of just a beautiful flower).
The government of the day agreed to protect people's bad investments to the value of 10%, a story that is repeating itself now. That is: privatise the gains, but socialise the losses. Sometimes, we never learn!
Now, in the above examples it is true to say that there was profit to be made from the trade at every stage except for the when the last investors jumped in.
There is no denying that many of you already have and still will make money from property in 2014-15 in particular segments of the market. But as time passes the risk increases that you may just be the one holding the bomb when the fuse runs out.
I also understand that tulips aren't property. Of course, property has a utility value of some considerable price (a roof over someone's head), but we still need to keep in mind that it is the same "animal spirits" brought out tulip mania that are playing itself in our property market.
This article continues on the next page. To continue, please click below.
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Investors keep bidding the prices of property up, so much so that they can reflect far more than the actual value of the property.
I find it almost strange that I am writing this article at the time when my <a href="https://propertyobserver.com.au/forward-planning/investment-strategy/market-trends/23116-thursday-may-30-observer-gavin-mcpherson" target="_blank">past simple calculations</a> (see paragraph 6) have come about, with average Sydney prices now coming in at $800,000; only $500 off my prediction.
With an interest rate decrease given to consumers last August '13, it is true to say that the potential to bid homes even higher is likely. But not by much. Ask yourself how much more that $40-$50 per month can add to a house price. Very little, I would imagine.
But keep in mind, my calculations used a logical and arithmetic method to it. Logic and arithmetic don't come into the equation when "animal spirits" take over.
And that's why I think property is going to go higher, and produce a lot of pain for those latecomers (still) piling into the Sydney and Melbourne property markets right now.
I am not happy about it, but it seems the inevitable next step for the market to take. Call it irrational exuberance.
The fact remains that the greatest risk always presents itself when the the most people are in the same trade - all expecting it to go up in perpetuity.
Any decrease in this demand in the future can only decrease price expectations.
Is there still opportunity?
The only opportunities I see (at all) for real capital growth are north of the New South Wales border. In <a href="/expert-insights/buying/six-tips-to-help-you-through-the-next-market-cycle-unscathed-gavin-mcpherson">the same article mentioned above</a>, I observered that Brisbane and the Gold Coast presented real buying opportunities over 12 months ago. In fact, they were perfect buying then. It's true that some of the gains have been lost to modest capital growth since then, but opportunity still abounds while so much attention is focussed on the overbid Sydney and Melbourne markets.
And for those who still carry that foolish notion, "I want to live near my investment property, so I can check on it", may I ask how you might feel in 2016/17 if you had to drive by that same property to be reminded that you were in a negative equity position. Wouldn't that be ironic?
Brisbane - I still love it. As Australia's fastest growing capital city (yes, it has overtaken Perth some time ago now!) and Australia's 3rd largest city, for me still stands out as a bastion of value.
For Gold Coast, I don't deny the volatility that this presents over a long term investment period. All the same, for those that can avoid the high rise district and cope with this long term volatility, the seachange effect is something that I expect is occurring in earnest now.
Don't forget, in 2001-04, when prices doubled in the southern states (especially Sydney and Melbourne), the Gold Coast (and less so Brisbane) became a beneficiary of this as migration led by affordable housing made the move north a rational decision. As the sunny state hit prices only 10% below Sydney/Melbourne leading up to 2007, the rationale for a 'seachange' diminished.
With southern states house prices edging $800k and $700k respectively now, yet with Brisbane and Gold Coast at just over half of that, are you telling me that history is not about to repeat itself?
I'd at least put down a few tulip bulbs to bet that it will.
Sydney and Melbourne at record highs, or the northern cities on the way up. What side of this trade are you going to get caught on?
Oh, one more tip. If you think that something like Tulip Mania can't strike again, I have two words for you. Bit. Coin.
Gavin McPherson is the chief executive of <a href="https://www.oasisproperty.com.au/" target="_blank">Oasis Property Group</a>. His book, 'Value Investing in Property - What would Warren Buffet do if he was buying property in Australia?', takes aim at the get rich quick property experts and explains instead the sturdy path to wealth through value investing in property.
 
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Sydney and Melbourne: ticking time bombs

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There are 72 auctions scheduled this week in Melbourne compared to 92 for the same time last year.
Auction numbers are low this week due to the AFL Grand Final.
Conditions in the private sale market are becoming more competitive with homes taking fewer days to sell and a lower vendor discount.
Recent data shows that all of the top 10 suburbs when ranked by time on market are in the eastern suburbs. Rowville had the lowest number of days on market followed by Blackburn North, Croydon, Wantirna South and Vermont South.
On a city wide basis the time on market results for houses sold at private sale fell from 44 days to 41 days over the last week whilst vendor discounting fell from -5.4 per cent to -5.2 per cent.
Key data
<ul>
<li>Clearance rate week ending 28 September:72.1%</li>
<li>Melbourne auctions expected week ending 28 September: 72</li>
<li>Melbourne private sales time on market week ending 21 September: 41 days (houses)</li>
<li>Melbourne vendor discounting market week ending 21 September: -5.2% (houses)</li>
<li>Listings being prepared for market are 2% higher in month ending 21 September (seasonally adjusted)</li>
</ul>
 
 
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Sellers steer clear of Grand Final day: RP Data's weekend auction preview

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Offshore marketing of Melbourne's tallest building, Australia 108, on Southbank Boulevard, is underway through Knight Frank Singapore.
At 319 metres it will be the tallest block in the southern hemisphere.
<a href="https://propertybuyer.sg/australia-108-70-southbank-boulevard/" target="_blank">There will be 1,105 apartments in the complex</a>, located up to its 100th level.
Property Observer understands it has a 2019 estimated completed date.
<img src="/images/stories/2012/11/australia108.jpg">
Singaporean developer Aspial bought the Australia 108 site in Southbank which has building approvals from the Victorian Planning Minister Matthew Guy.
They paid $42.3 million in January for 70 Southbank Boulevard with its permit for 312-metre tower design by architects Fender Katsalidis. 
The southern hemisphere’s tallest building, Australia 108 will stand at 319 metres — 25 metres higher than the Eureka Tower.
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The name stems from a previous mooted incarnation when it was set to be 108 stories high.
Aspial began as a single-store jeweller in 1970 to become a major retailer, financial services business and property group.
<img src="/images/2014/09/23/australia-108-sept-23-one.png" alt="">
<img src="/images/2014/09/23/australia-108-sept-23-two.png" alt="">
<img src="/images/2014/09/23/australia-108-sept-23-four.png" alt="">
 PS The Knight Frank website pages soliciting registrations have been removed <a href="/expert-insights/buying/rogue-marketing-claims-in-offshore-australia-108-registrations">in the wake of claims they had no authority</a>.
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