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

<html><body>
There are 1,090 auctions scheduled this week in Melbourne compared to 984 for the same time last year. 
The highest volume of auctions this week is in <a href="/news">Reservoir</a> with 24 expected followed by 23 in <a href="/news">Hawthorn </a>and 22 in <a href="/news">Brighton</a>.
Last week was the 12th time this year where in excess of 1,000 auctions were recorded; the highest for year was 1,510 in mid April. In 2013 there were 11 weeks with more than 1,000 auctions and in 2012 there was four.
Given an increase in auctions as a popular mechanism for selling, the prevalence of 1,000 plus auctions each week is much higher than ever before, making weeks of 1,500 plus a more significant indicator of confidence from vendors. There were four weeks with more than 1,500 auctions last year, all after the AFL Grand Final. There is no reason this won’t be repeated this year.
Time on market results for houses sold at private sale fell from 45 days to 44 days over the last week whilst vendor discounting fell from -5.6% to -5.4%.
Key data
<ul>
<li>Clearance rate week ending 14 September: 73.4% 
</li>
<li>Melbourne auctions expected week ending 21 September: 1,090 
</li>
<li>Melbourne private sales time on market week ending 14 September: 44 days (houses) 
</li>
<li>Melbourne vendor discounting market week ending 14 September: -5.4% (houses) 
</li>
<li>Listings being prepared for market are 0.4% higher in month ending 14 September (seasonally adjusted)</li>
</ul>
With a vast majority of homes sold in the last financial year now settled, it is possible to calculate some of the key numbers in the Melbourne market.
<ul>
<li>Suburbs with the lowest number of house sales: <a href="/news">Narre Warren East</a>, <a href="/news">Gilderoy</a>, <a href="/news">Sherbrooke</a>, <a href="/news">Tremont </a>and <a href="/news">Gruyere</a>. Each only recorded one sale 
</li>
<li>Suburbs with the biggest spend by house buyers; <a href="/news">Brighton </a>($805m), <a href="/news">Glen Waverley</a> ($613m), <a href="/news">Kew</a> ($592m), <a href="/news">Toorak </a>($576m) and <a href="/news">Balwyn North</a> ($502m) 
</li>
<li>Suburbs with the biggest spend by apartment buyers; <a href="/news">Melbourne </a>($649m), <a href="/news">Southbank </a>($378m), <a href="/news">South Yarra</a> ($353m), <a href="/news">Docklands </a>($346m) and <a href="/news">Brighton </a>($307m) 
</li>
<li>Suburb with the most house sales over $2m, <a href="/news">Brighton </a>with 147 
</li>
<li>Suburbs with the largest house blocks sold; <a href="/news">Park Orchards</a>, <a href="/news">Belgrave South</a>, <a href="/news">Kalorama</a>, <a href="/news">The Patch</a> and <a href="/news">Sassafras</a> 
</li>
<li>Suburbs with the largest increase in sale price for houses: <a href="/news">Ashburton</a>, <a href="/news">Balwyn North</a>, <a href="/news">Fairfield</a>, <a href="/news">Kew East</a> and <a href="/news">Balwyn</a> 
</li>
<li>Municipalities with the largest increase in sale price for houses: Monash, Glen Eira, Manningham, Whitehorse and Yarra 
</li>
<li>Municipalities with the least increase in sale price for houses: Hume, Cardinia, Mornington Peninsula, Nillumbik and Brimbank 
</li>
<li>Suburbs with the least increase in median advertised rents for houses: <a href="/news">Brighton</a>, <a href="/news">South Melbourne</a>, <a href="/news">Middle Park</a>, <a href="/news">Sandringham </a>and <a href="/news">Armadale</a> 
</li>
<li>Suburbs with the largest increase in median advertised rents for houses: <a href="/news">Balwyn</a>, <a href="/news">Caulfield South</a>, <a href="/news">Fitzroy North</a>, <a href="/news">Beaumaris </a>and <a href="/news">Carlton</a> 
</li>
<li>Suburbs with the highest proportion of houses advertised for sale: <a href="/news">Mount Eliza</a>, <a href="/news">Taylors Hill</a>, <a href="/news">Point Cook</a>, <a href="/news">Pakenham </a>and <a href="/news">Mount Martha</a>
</li>
</ul>
</body></html>

rlarocca-zWhvjay44N

Melbourne gears up for 1,000 plus auctions: RP Data's weekend preview

<html><body>
The Pie Face premises on Flinders Street, Melbourne - 38 square metre premises - have been sold for $92,105 per square metre.
The $3.5 million sale of Shop 2 at 250 Flinders Street opposite Flinders Street Station was struck on a 4.4% initial yield.
The property is leased to popular retailer Pie Face on a five year lease with further five year option had actually been expected by Colliers International to fetch in excess of $3.5 million.
The 24-hour Pie Face outlet sits on corner of Degraves Street. 
The lease yields $152,987.02 plus GST and outgoings, plus a 4% annual increase.
<a href="https://rca.colliers.com.au/property-retail-vic-melbourne-501216643" target="_blank">Shop 1</a>, leased as a travel agency, sold at auction last month for $2.33 million on yield of 3.6%, representing $61,316 a price per square.
Property Observer gleans the 2012 sale price of strata retail space at 97 Swanston Street at a rate per square metre of $184,214 holds the record for a CBD strata-titled shop.
A Vietnamese buying syndicate purchased the shop at an initial 4.7% yield from a syndicate associated with Cedric Fuchs for $2.579 million.
The $184,214 square metre price surpassed the level set by the neighbouring Telstra store in earlier in 2012, when the 65 square metre Telstra store on the corner of Swanston Street and Collins Street <a href="/expert-insights/investing/private-investor-snaps-up-collins-street-telstra-store-premises-for-9-25-million-ahead-of-auction">was sold by Sydney's Fuchs family for $142,300 per square metre.</a> Cedric Fuchs was one of the founders of Charter Hall.
The Telstra store was bought by South Yarra investor Ken Biddick, a sporting goods wholesaler.
</body></html>

jchancellor-FAypfDUnLy

Pieces of the Melbourne CBD strata retail pie proving popular

<html><body>
Not every suburb increases in value and while Melbourne has seen significant gains over the past 12 months, some areas have notably declined when looking at their median prices.

Property Observer looked at RP Data's 12 month growth statistics, which is the change in the median price over that period, to identify the areas that saw decreases across Melbourne. They are alphabetised below.

We note that these values are for houses. Keep an eye on Property Observer for the units data soon.

<img alt="" src="/images/2014/09/16/melbourne-map-sept-16-b.jpg"> 

Source: Google Maps 2011, RP Data (statistics to determine locations)

Suburbs where houses decreased in value over past 12 months: A to M

<ul>
<li>
<a href="/news">Armadale</a> 12 month growth: -14.55% 
	 </li>
	<li>
<a href="/news">Botanic Ridge</a> 12 month growth: -3.92% 
	 </li>
	<li>
<a href="/news">Brighton</a> 12 month growth: -4.09% 
	 </li>
	<li>
<a href="/news">Carlton North</a> 12 month growth: -0.55% 
	 </li>
	<li>
<a href="/news">Doreen</a> <a href="/news">12 month growth: -5.68%</a> 
	 </li>
	<li>
<a href="/news">Elwood</a> 12 month growth: 7.08% 
	 </li>
	<li>
<a href="/news">Eumemmerring</a> 12 month growth: -4.23% 
	 </li>
	<li>
<a href="/news">Jacana</a> 12 month growth: -1.54% 
	 </li>
	<li>
<a href="/news">Kealba</a> 12 month growth: -5.26% 
	 </li>
	<li>
<a href="/news">Kingsbury</a> 12 month growth: -1.15% 
	 </li>
	<li>
<a href="/news">Mccrae</a> 12 month growth: -10.70% 
	 </li>
	<li>
<a href="/news">Melton West</a> 12 month growth: -0.74%
</li>
</ul>
See over page for suburbs where houses decreased in value over past 12 months: N onwards

[smartcode_project:default project_id=3205]

<hr class="system-pagebreak">
Suburbs where houses decreased in value over past 12 months: N onwards

<ul>
<li>
<a href="/news">North Melbourne</a> 12 month growth: -2.26% 
	 </li>
	<li>
<a href="/news">North Warrandyte</a> 12 month growth: -1.70% 
	 </li>
	<li>
<a href="/news">Officer</a> 12 month growth: -14.82% 
	 </li>
	<li>
<a href="/news">Safety Beach</a> 12 month growth: -2.83% 
	 </li>
	<li>
<a href="/news">Selby</a> 12 month growth: -3.44% 
	 </li>
	<li>
<a href="/news">South Melbourne</a> 12 month growth: -6.99% 
	 </li>
	<li>
<a href="/news">South Yarra</a> 12 month growth: -4.76% 
	 </li>
	<li>
<a href="/news">St Kilda West</a> <a href="/news">12 month growth: -18.20%</a> 
	 </li>
	<li>
<a href="/news">Sunshine North</a> 12 month growth: -0.76% 
	 </li>
	<li>
<a href="/news">Sunshine West</a> 12 month growth: -1.07% 
	 </li>
	<li>
<a href="/news">Toorak</a> 12 month growth: -10.87% 
	 </li>
	<li>
<a href="/news">Tullamarine</a> 12 month growth: -1.89% 
	 </li>
	<li>
<a href="/news">Tyabb</a> 12 month growth: -2.14% 
	 </li>
	<li>
<a href="/news">Warranwood</a> 12 month growth: -1.99% 
	 </li>
	<li>
<a href="/news">Waterways</a> <a href="/news">12 month growth: -1.42%</a> 
	 </li>
	<li>
<a href="/news">Wattle Glen</a> 12 month growth: -4.48% 
	 </li>
	<li>
<a href="/news">West Melbourne</a> 12 month growth: -10.19% 
	 </li>
	<li>
<a href="/news">Williamstown</a> 12 month growth: -1.81%
</li>
</ul>
[smartcode_project:default project_id=24733]
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jduke-EHk3XBmHkn

The Melbourne suburbs that declined in value over the last 12 months

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The Victorian government has started the search for a developer for the “jewel in the crown” of Melbourne’s mixed-use development sites, Federation Square East.
An expression of interest campaign has been launched by Deputy Premier Peter Ryan and Minister for Major Projects David Hodgett.
The 3.3 hectare <a href="https://www.fedsquareeast.com.au" target="_blank">Federation Square East</a> site is a unique opportunity right in the heart of the city, said Ryan.
“Federation Square East will be a new jewel in Melbourne’s crown,” he said.
“We are offering a 3.3 hectare site with exceptional building layout and design flexibility to accommodate a mixed-use development. We are looking for a great design and exciting, active spaces to create a new destination that is the very essence of Melbourne."
Ryan noted that it will be a major new precinct, taking advantage of the site’s location close to transport, and is part of a government effort to unlock the underutilised land along the rail corridor, including E Gate, Flinders Street Station and Richmond Station.
“Together, this suite of projects represents opportunities for billions of  dollars in development, the creation of thousands of jobs, and a project pipeline stretching out for decades,” he said.
Hodgett called the project an exciting new phase, noting that the request for industry submissions process conducted in 2013 confirmed that an appetite exists for viable mixed use precincts.
“The successful proponent will secure the best development opportunity currently available in Melbourne in terms of location, flexibility, amenity, infrastructure and marketability.
“We have an excellent site in the heart of a prosperous city with a strong property market and I am looking forward to seeing what the innovation and creativity of industry can deliver for Melbourne,” Hodgett said.
The expressions of interest campaign ends on 11 December 2014.
The site is bound by Federal Square and Russell Street to the west, as well as Flinders Street to the north, Batman Avenue to the east and Birrarung Marr to the south.
Of the 3.3 hectare site, approximately 2.3 hectares is above rail lines, with the last hectare used for car parking.
The expression of interest notes that the developer will need to be able to cover the project “without a capital contribution or regulatory relaxation by government”.
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Victorian government looking for developer for Federation Square East site

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Melbourne’s early spring weekend home auction market continues to produce strong results for sellers with Australian Property Monitors senior economist Andrew Wilson suggesting it was "another robust clearance rate".
"Although the 77.1% result was down on the previous weekend’s year-high 79.1% clearance rate, it was nonetheless the third consecutive weekend result recorded above 77% for the first time since 2010," Wilson noted.
The current four weekend metro Melbourne average clearance rate sits at 77.4% compared to the previous four weekend result of 74.1%, based on initial results.
The weekend’s clearance rate was up on the 72.9% recorded over the same weekend last year.
Listings numbers have been rising in tandem with clearance rates over the past month with 842 scheduled auctions at the weekend compared to 715 the previous weekend. 
The north-east produced the highest clearance rate at 86.4% with 70 sales from 81 reported auctions. 
The next best was the outer east at 81.4% followed closely by the inner south with 80.9% and the inner east with 80.8% with the highest number of reported sales at 105.
The most popular suburb for auction listings was Glen Iris in the inner east with 16 followed by Prahran in the inner city with 15.
The most expensive property reported sold at auction at the weekend was a four bedroom home at 38 Davis Avenue, South Yarra (pictured above) sold for $2,955,000 by Kay and Burton. It last sold in 2002 at around $1.38 million and in 1998 at $735,000.
 The most affordable property reported sold at the weekend was a two bedroom home at 2a Hermione Terrace, Epping sold for $220,000 by Harcourts.
The early spring auction action will its reach its usual crescendo this weekend with the pre-Grand Final super Saturday set to deliver nearly 1,000 properties under the hammer in metro Melbourne.
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Early September Melbourne auctions robust: APM's Andrew Wilson

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A derelict 135 year old cottage at 336 Burnley Street in Richmond, in inner city Melbourne, sold at auction today for $2,544,000 as a development site.
The property has planning permission for the construction of four townhouses, one of which will have to incorporate the very rundown heritage listed cottage.
<a href="https://www.realestate.com.au/property-residential+land-vic-richmond-200964519" target="_blank">Biggin &amp; Scott agent Allan Cove</a> last sold it in 2012 when the worn-out weatherboard house on a large 779 square metre block fetched $1.621 million.
At its executors' 2012 auction there were five competing developer syndicates taking the bidding beyond its $1.5 million reserve.
Today another five bidders pushed it above its $2.4 million reserve.
It is across the road from the Grand Hotel between Bridge Road and Swan Street with rear frontage to Canterbury Street.
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Derelict Richmond cottage development site sold at $2,544,000

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The August RP Data CoreLogic Home Value Indices results released this month show a rise in dwelling values of 0.8% in Melbourne and a 7.6% rise this year.
A detailed review of the market shows that the most expensive segment of the market, (25% most expensive houses), recorded the highest value growth this year.
This segment of the market will be interesting to follow this spring and over summer as there is a strong correlation with the performance of the auction market.
In the first eight months values rose by 9.6% compared to 8.7% for the middle of the market, and 3.7% for the most affordable segment.
All segments of the market for houses have outperformed the unit market with the exception of the most affordable segment. Values of the most affordable 25% of the unit market have grown by 4.4% this year compared to 3.7% for houses.
A longer term view of the market, comparing its performances since the last peak in values, reveals a slightly different picture. Values for houses in the most expensive and middle segments of the market peaked in October 2010. Since that time it is the middle of this market that has seen the strongest increase in values of 9.8% compared to 7% for the most expensive segment.
Given most of the people selling will have bought their homes before 2010, it is this longer-term view that is more relevant.
There are 927 auctions scheduled this week in Melbourne compared to 975 for the same time last year. The highest number of auctions is expected in the <a href="/news">Prahran</a> where 19 are scheduled.
As the market enters spring there are fewer homes on the market than a year ago with 28,988 active listings in Melbourne and 54,619 in Victoria. 12 months ago the comparable number was 32,454 in Melbourne and 58,664 in Victoria. This is a positive sign as it highlights a more active market with more buyers.
The extent that this translates into higher prices will depend in many ways on the volume of new listings. Thankfully for buyers the number of homes being newly listed for sale is rising compared to last year.
Time on market results for houses sold at private sale fell from 47 days to 45 days over the last week whilst vendor discounting rose from -5.3% to -5.6%.
Key data
<ul>
<li>Clearance rate week ending 7 September: 73.5%</li>
<li>Melbourne auctions expected week ending 14 September: 927</li>
<li>Melbourne private sales time on market week ending 7 September: 45 days (houses)</li>
<li>Melbourne vendor discounting market week ending 7 September: -5.6% (houses)</li>
<li>Listings being prepared for market are -1.1% lower in month ending 7 September (seasonally adjusted)</li>
</ul>
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Melbourne's most expensive houses record largest value growth: RP Data's weekend auction preview

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Each week for almost two years we have heard auctioneers proclaim now is a good time to buy as interest rates are low. In the media recently, we now read we are in a housing 'bubble'.
If there is to be any interest rate changes this time around, they may have to be particularly punitive to have an effect on the current Inner Melbourne $1 million plus market.
Why?
Because interest rates are not a direct key driver of the currently strong inner Melbourne $1 million plus market.
In our opinion the current key drivers of this market are
<ol>
<li>
Population/locals/demand with long-term increased “non debt” wealth. When you are not using debt to fund your homes, or if you are using say 50% debt, then interest rate movements do not affect you as much as if you were using 90% debt to fund your home. From our experience of buying 100 plus homes every year, we see that very few inner Melbourne $1 million plus homes are bought on 90% debt ratios. We note that interest rate increases can dampen business demand, which ultimately affects a business-owner home buyer. But that takes some time to have an effect if the business owner is low on debt as many are since the GFC – we are. The Inner Melbourne $1 million plus market has at its foundations a lot of local professionals who are immune from interest rates effecting their businesses such as doctors. The Million dollar super fund that buys <a class="st_tag internal_tag" href="https://marketnews.com.au/tag/property/" title="Posts tagged with Property" rel="tag" style="line-height: 1.3em;">property</a> is now an active phenomenon that wasn’t here pre GFC. And of course there are other tax advantaged investors who create demand and limit supply. 
</li>
<li>
Chinese nationals If you are a Chinese national then Australian interest rates only seem to refocus your home buying activities when there are major changes in the Australian dollar such as 10 or 20 cents rather than 1 or 2 cents. This we see when competing against and acting on behalf of Chinese nationals during times when the Australian dollar is fluctuating dramatically.
</li>
</ol>
We think minor interest rate changes have little effect on the above.
Inner Melbourne home buying demand is a bit like inner Melbourne traffic – demand is so deep and supply so restricted that game changers that worked 20 years ago, such as new freeways, may not work today.
Right now interest rate changes may not change the strength in home buying demand – a new tool is needed and we’re not sure fear of higher interest rates is that “new” answer and besides it’s not new anyway.
Fear is a primal behaviour changer. There’s no question the media talk since the winter break has changed and now has a focus on fear such as bubble, unsustainable, record and so on.
But will fear have the desired effect? And who will affected the most?
Is the inner Melbourne $1 million plus home buying market a more sophisticated, seemingly less debt orientated market, more overseas based than it was pre-GFC? We think so.
The inner Melbourne $1 million plus waterhole has limited capacity and holding back the herd through fear can only work for a while – ultimately we all still need to drink. When you are actively increasing the size of the herd, maybe you need to look there; rather than trying to change the behaviour of the herd, if a sustainable future, especially for younger home buyers is a worthwhile goal.
Are stock levels causing this current market to do what it is doing?
With two big auction weekends coming up – any talk of market strength being solely due to low stock levels will be proved or disproved.
We think it will be disproved as we see an underlying strength across the board – except right at the Top. At the top, the market is not quite as consistent as it is at the lower levels.
There have been consistently well above two bidders per auction each week and that says to us the bidder depth should be able to soak up this first wave of spring stock – meaning buyers will have to compete.
But if we’re wrong then you’ll read it here soon.
Mal writes weekly auction reports, advice and in-depth market analysis on <a href="https://www.jamesbuyeradvocates.com.au/" target="_blank">James' website</a>.
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maljames-vHwm28JUAa

Low interest rates aren't driving the inner Melbourne market

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Actor Nadine Garner has sold her Bentleigh East home for $1.08 million.
Garner, who has been around since playing Tamara on The Henderson Kids in the mid-1990s, bought 26 Paloma Street in 2008 for $860,000.
<a href="/news/actor-nardine-garner-lists-bentleigh-east-home">The five bedroom, three bathroom home had $820,000 to $890,000 price guidance</a>.
<a href="https://www.realestate.com.au/property-house-vic-bentleigh+east-117667511" target="_blank">Tara Ferrier of Hodges</a> auctioned the 620 square metre property.
She is currently filming the third season of The Doctor Blake Mysteries.
Garner, her husband Cameron Barnett and two sons, Eden and Jem, are moving to the northern suburbs to be closer to the boys’ school.
<a href="/news">RP Data puts the suburb's house median at $780,000</a>.
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Actor Nardine Garner secures Bentleigh East sale

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The median price for a unit in Melbourne was $460,000 for the August quarter, according to RP Data.
Unit prices were up 5.2% for the quarter, with 6.2% growth over the 12 months to August.
Property Observer looks at recent unit sales in Melbourne's inner and middle suburbs to see what you can buy for $460,000 and how the regions compare.
Inner ring: 0-10 kilometres from Melbourne's CBD
<a href="https://www.realestate.com.au/property-apartment-vic-north+melbourne-117647391" target="_blank">201/9-13 O'Connell Street, North Melbourne</a>
<img src="/images/2014/09/08/1.jpg" alt=""> This two bedroom, one bathroom apartment in North Melbourne sold for $465,500 in August.
Located minutes from the Queen Victoria Market, the city fringe apartment has a balcony and open plan living space, with a galley kitchen. There are floorboards throughout the living space and the bedrooms are carpeted. The largest bedroom has an area of 8.96 square metres, and the apartment has a total internal floor size of about 48 square metres. The apartment's price sits below what is typical for North Melbourne: according to RP Data, North Melbourne's median unit price for July was $528,752.
<ul>
<li>Price: $465,500</li>
<li>Bedrooms: Two</li>
<li>Car spaces: One</li>
<li>Drive to CBD: Walking distance</li>
</ul>
<a href="https://www.realestate.com.au/property-apartment-vic-docklands-116289735" target="_blank">603/673 LaTrobe Street, Docklands</a> <img src="/images/2014/09/08/2.jpg" alt=""> A two bedroom apartment in Docklands sold for $465,000. The apartment has 52 square metres of internal space, with a 6.7 square metre balcony. Both bedrooms include built in robes, with carpeted bedrooms and floorboards in the living areas. The master bedroom has a floor size of 9.6 square metres, but the irregularly shaped second bedroom is slightly larger, with 10.2 square metres of floor space. The complex includes an outdoor pool and a gym. This apartment is more than $100,000 cheaper than the Dockland's July median of $575,000.
<ul>
<li>Price: $465,000</li>
<li>Bedrooms: Two</li>
<li>Car Spaces: One</li>
<li>Drive to CBD: Walking distance</li>
</ul>
 Article continues on the next page. Please click below.
<hr class="system-pagebreak">
Middle ring: 10-20 kilometres from the CBD <a href="https://www.realestate.com.au/property-apartment-vic-heidelberg-117456639%20" target="_blank"></a>
<a href="https://www.realestate.com.au/property-apartment-vic-heidelberg-117456639" target="_blank">5/77 Yarra Street, Heidelberg</a> <img src="/images/2014/09/08/3.jpg" alt=""> This two bedroom apartment is located in Heidelberg, 11 kilometres from the Melbourne CBD. It sold for $462,500 early last month. Each of its bedrooms include built in robes, and the apartment includes a full sized kitchen and meals area, a living and dining area and a bathroom including bath. Its largest bedroom is 12 square metre. The apartment's balcony faces north, with views to the ranges. The apartment is more expensive than the suburb's median of $410,750.
<ul>
<li>Price: $462,500</li>
<li>Bedrooms: Two</li>
<li>Car spaces: One</li>
<li>Drive to CBD: 20 minutes</li>
</ul>
<a href="https://www.realestate.com.au/property-apartment-vic-donvale-117526691" target="_blank">Donvale</a>
<img src="/images/2014/09/08/4.jpg" alt=""> Located in the eastern suburb of Donvale, 19 kilometres from the Melbourne CBD, this apartment sold for $459,000 in August. The two bedroom, one bathroom unit has a modern kitchen, a central bathroom, European laundry and an open plan living and dining area. This unit with about 65 square metres of internal space also has a balcony with parkland views. It is located with direct access to public transport and the Eastern Freeway. According to RP Data, Donvale's median unit price was $565,000 for July.
<ul>
<li>Price: $459,000</li>
<li>Bedrooms: Two</li>
<li>Car spaces: One</li>
<li>Drive to CBD: 23 minutes</li>
</ul>
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