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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Five years ago when Melbourne land supply was at its most constricted, there were some 90 housing estates selling land on Melbourne's outskirts. Now there are around 140. 
Land prices in Melbourne’s city-fringe housing estates continue to hover at around four-year lows, according to <a href="https://www.oliverhume.com.au/" target="_blank">Oliver Hume</a>.
 <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2014/08/29/hume-aug-29-breakout.jpg" alt="">
And are likely to stay that way as the Victorian state government ramps up new land releases, as Victoria’s population grows by around 2,000 people per week.
Oliver Hume research director Andrew Perkins forecasts lots released will peak above 200,000 for the first time this year.
In three years, that figure is set to treble.
Melbourne’s house and land market typically settles about 12,500 to 13,000 dwellings a year. 
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Most developers appear to be more accepting of volume over price growth – over the short-term at least, Oliver Hume suggests.
There has been some price growth on some projects in some municipalities, their recent report noted.
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The Q1, 2014 median land purchase price for the first home buyer sat at $192,000 - largely in line with the long-term trend.
"With much discussion to date focusing on the median land price, it is worth noting that the Melbourne growth area gross median land price is still around 16% below its 2010 peak," Perkins said.
Melton, Mitchell and Whittlesea are around 20% down on their peak (falls of between $36,000 - $49,000). Cardinia is surprisingly only 4% down on its peak. 
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The time on market index continues to fall. In the December quarter 2012 it took 6.7 months to sell a lot, now it takes around 3.5 months. 
Taking account of withdrawn, completed and launched projects, the fully-developed yield at the end of the quarter was just over 125,600 lots across 136 projects (down from its peak of around 145 in mid 2013). 
Some 22% of all projects are located in Whittlesea, 19% in Wyndham and 18% in Casey. On a suburb basis, 11 projects are in Doreen and 10 in Pakenham. Mernda rounds out the top three with nine. 
The gross median land price is $201,000, or $191,000 net after rebates. After rebates, Wyndham remains the most expensive land market at $214,500. 
Casey, with a net median land price of $207,500, is the second most expensive growth-area land market. Casey and Wyndham are only land markets with a net median price above $200,000. 
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jchancellor-FAypfDUnLy

Outer Melbourne land tracking at four-year lows: Oliver Hume

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It’s often said that those looking for lower priced entry points into the market should consider purchasing units.
However, it isn’t always a cheap approach. Here are the suburbs where median prices tip above $700,000 for units, according to RP Data.
<ol>
<li>
<a href="/news">BRIGHTON</a> $810,000 
</li>
<li>
<a href="/news">BEAUMARIS</a> $765,000 
</li>
<li>
<a href="/news">TOORAK</a> $753,000 
</li>
<li>
<a href="/news">MONT ALBERT NORTH</a> $738,000 
</li>
<li>
<a href="/news">BALWYN NORTH</a> $713,000 
</li>
<li>
<a href="/news">PORT MELBOURNE</a> $711,000 
</li>
<li>
<a href="/news">ALBERT PARK</a> $706,000
</li>
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jduke-EHk3XBmHkn

Melbourne's seven most expensive suburbs for units

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The suburbs with the highest proportion of owner occupiers differ in value and tend to have one thing in common – they are well established and in contrast to those proving popular for investors.
Last week’s post revealed that many of <a href="/news/vic/the-melbourne-suburbs-investors-are-most-active-in">the most popular suburbs for investors</a> were those that are more recently developed.
In the inner city the suburbs within a 10 kilometres of the CBD such as <a href="/news">Aberfeldie</a>, has the highest proportion of houses with 90% of these owner occupied. Aberfeldie recently became the first million dollar suburb in the city’s west. <a href="/news">Strathmore </a>ranked second with owner occupiers accounting for 88.6% of houses. The top five is rounded out by <a href="/news">Kew East</a>, <a href="/news">Ivanhoe </a>and <a href="/news">Malvern</a>.
In the middle ring of suburbs, those between 10 and 20 kilometres of the CBD, there is greater disparity in the prices of suburbs popular with owner occupiers.<a href="/news"> Eltham North</a> recorded 94.3% of houses as being owned by their occupiers and second on the list, <a href="/news">Campbellfield</a>, had 91.4%. Campbellfield is much more affordable with a median house value of $334,601 compared to $646,869 in Eltham North.
Finally, in the outer suburbs the highest proportion of owner occupiers at 95.2% can be found in <a href="/news">Montrose</a>. Four of the top five suburbs are in fact are in or near-to the Dandenongs. Second on the list, <a href="/news">Mount Evelyn</a>, has 94.1% of houses owned by their occupiers and <a href="/news">Warranwood </a>has 93.8%. Fifth on the list, <a href="/news">The Basin</a>, recorded 93.7%.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/RankedByProportionOfOwnerOccupiers-rpdata.jpg" rel="wp-prettyPhoto[g3656]"><img class="aligncenter size-large wp-image-3657" src="https://blog.rpdata.com/wp-content/uploads/2014/08/RankedByProportionOfOwnerOccupiers-rpdata-580x432.jpg" alt="Melbourne suburbs ranked by proportion of owner occupiers | RP Data" width="580" height="432"></a>
There are 809 auctions scheduled this week in Melbourne compared to 837 for the same time last year. The highest number of auctions are expected in the <a href="/news">South Yarra</a> with 21 expected.
The auction market is gathering strength with an average clearance rate of 70.6% over the past four weeks.
This is the last week before spring officially starts and the latest research from RP Data shows that there have been, including last week, 26.7% more homes sold at auction than the same time last year.
Importantly there have been almost as many extra sales with 24.7% more sales at auction in Melbourne.
At this stage conditions are well balanced between buyers and sellers across the market.
Time on market results for houses sold at private sale was stable at 44 days over the last week whilst vendor discounting rose from -5.1% to -5.2%.
Key data
<ul>
<li>Clearance rate week ending 31 August: 70.7%</li>
<li>Melbourne auctions expected week ending 31 August: 809</li>
<li>Melbourne private sales time on market week ending 24 August: 44 days (houses)</li>
<li>Melbourne vendor discounting market week ending 24 August: -5.2% (houses)</li>
<li>Listings being prepared for market are -0.2% lower in month ending 24 August (seasonally adjusted)</li>
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rlarocca-zWhvjay44N

Melbourne's most popular owner occupier suburbs: RP Data's weekend auction preview

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Emulation Hall, one of Australia's last remaining examples of Egyptian Revival architecture, has been listed for sale with offers due 4 September.
Designed by Dunstan Reynolds &amp; Partners in 1927, the longtime Masonic Centre has quite extraordinary dimensions.
It is marketed for sale at the moment as suitable for possible educational or commercial application. Even a home, the <a href="https://www.realestate.com.au/property-house-vic-canterbury-117663955" target="_blank">Jellis Craig listing agent Paul Batrouney</a> suggests.
More than $1.5 million is tipped.
Emulation Lodge finally in the 1990s and the temple was acquired by Chatham Lodge No 459 which still meets there. 
From the start, the hall was also made available for community use, including the Canterbury &amp; District Horticultural Society annual flower show, dances and local chess clubs.
{qtube vid:=7Q6pgpi7miU}
The property at 3 Rochester Road, Canterbury was designed in the Egyptian Revival style that remains especially rare and unusual in Victoria.
The best known example of the style is the Syme Memorial at Boroondara Cemetery, Kew, designed by Walter Butler in 1908 – effectively, a scaled replica of the Temple of Isis at Philae.
There are only two other Egyptian Revival masonic temples in Victoria – the Zetland Lodge in Piper Street, Kyneton, which has a lavish Egyptian-themed interior (1905) within an older building of conventional form, and the Sandringham Lodge at 23 Abbott Street, Sandringham (1931), a purpose-built venue where the Egyptian influence is expressed both inside and out.
Example of inter-war Egyptian Revival buildings of other types include the former Bank of NSW in Bourke Street, Melbourne, (1929) and the Wimmera Stock Bazaar in Horsham (1935).
The inter-war Egyptian Revival building has a symmetrical façade importing two pylon-like wings that flank a central projecting porch.
Its Egyptian-inspired detailing includes large coved and fluted cornices and matching window heads, tapered walls, small windows, scarabs and winged sun motifs. Internally, the main hall and lodge room are decorated with elements including pilasters, dadoes and stencilled and moulded ornament depicting Egyptian motifs and masonic symbols.
The building was erected in 1927-28 for Emulation Lodge No 141 (which was founded in Box Hill in 1889) and was designed by architect Dunstan Reynolds, who was both a local resident and a lodge member.
<a href="https://dsewebapps.dse.vic.gov.au/shared/ats.nsf/(attachmentopen)/32476EF1B7CB8ADACA25799F001932B1/%24File/Boroondara+C153+Supporting+Document+3+Rochester+Road+Citation+Exhibition+Gazetted.pdf?OpenElement" target="_blank">His original working illustrations</a> are included in the local heritage listing. 
<img src="/images/2014/08/29/canterbury-aug-29-one.jpg" alt="">
Courtesy of the Victorian Department of Primary Industries and the Department of Sustainability and Environment.
Declared insolvent in 1938, Reynolds left his wife and moved to Sydney, where he made an unsuccessful attempt to re-launch his private practice. Dogged by litigation as well as illness, he died in 1949 at the age of 51 years. 
What to make of its ball-room-style main hall regally crowned with towering decorative ceiling.
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Emulation Hall, the 1927 Egyptian Revival Canterbury offering

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Wharf's Entrance will be the latest residential project marking Mirvac's westward journey along the southern bank of the Yarra River.
Due to begin construction in 2015, the four-hectare Wharf's Entrance site will comprise 246 residences, anchored by Forge, a 30 level apartment tower.
In addition to Forge's 228 apartments, seven Cargo home offices will be on offer, along with 11 Wharfside Residences - up market riverfront homes.
Wharf's Entrance is the fourth chapter of Mirvac's decade-long southside story, which began with the five tower Marina Precinct. Then came the Park Precinct, with the Yarra Point and Array towers, the second of which is still under construction, followed by the 82-home River Precinct.
“Wharf’s Entrance is the final piece of the puzzle at Yarra’s Edge and will cement the precinct as Melbourne’s premier waterfront living community,” said group executive residential for Mirvac, John Carfi.
“What we have created over the past 15 years is a neighbourhood of 2,500 people that values great design and embraces a lifestyle by the water, much like the world’s greatest cities do,” he said.
“We expect that as Wharf’s Entrance is the final offering in this community, demand for the final stage will be high.”
<img src="/images/2014/08/28/photo4.JPG" alt="">
Mirvac's mark on the Yarra. 
In total, the seven towers and River Precinct homes make up 1,244 residences, with 2,500 residents. When Wharf's Entrance is completed, there will be 1,490 Mirvac residences on the Yarra.
Delivering a community the size of a substantial regional town is a responsibility Mirvac design director Michael Wiener takes seriously. With Wharf's Edge, he worked to expand the diversity of apartments on offer, with standard small one bedroom apartments sharing a tower with larger "warehouse style" studio residences.
Following heavy public criticism of Melbourne's <a href="/expert-insights/buying/new-melbourne-suburbs-come-with-big-promises-but-will-the-infrastructure-eventuate">"soulless" Docklands precinct</a>, Mirvac is tasked with creating residences that interact with the public and respond to the city's culture. To this end, Weiner has worked with materials that speak to Wharf's Entrance history, including recycled timber "totems" on the exterior. The lobby will feature a nod to the project's geography, with a fish tank populated with native "pre-contact" Yarra fish and flora.
The Forge tower will have winter gardens scattered over the northern city-facing side, with the smaller south facing apartments all including winter gardens. The apartments range in size from 50 square metres to 150 square metres.
Wharf's Entrance will also include a communal recreation facility at the base of the Forge tower, with a pool, gym and cafe open to the public. The Wharf's Landing sound garden will allow children to play with chimes, gongs and bells.
The Wharfside Residences, with four-bedrooms across four levels, range from 332 square metres to 493 square metres, including the balcony. They also include personal lifts.
Cargo Home, their home office design, will cover three levels with either three or four bedrooms and will range from 275 square metres to 354 square metres.
Carfi said the company was "thinking from a pedestrian perspective".
"When you think about Melbourne, you think about livability and 'walkability'," he said.
Mirvac will begin marketing Wharf's Entrance residences next month, with a schedule that includes so-called "tower hoppers" (repeat buyers), local buyers and offshore buyers, who represent about 30% of the Yarra's Edge customer base.
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Mirvac continues westward along the Yarra with Wharf's Entrance

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The Singaporean developer Fig Tree Holdings has purchased the Duke of Kent hotel  development site in central Melbourne.
The $14.08 million sale <a href="https://www.realcommercial.com.au/property-land+development-vic-melbourne-501212843" target="_blank">was through DTZ</a> by private investors George Yankos, Antigone Yankos and Lambros Yankos.
Figtree Holdings Ltd is incorporated in Singapore with Danny Siaw its executive chairman.
Siaw and another of its board members have had tertiary education in Australia. Siaw started his career in November 1990 as a site engineer with Civil &amp; Civic Pty Ltd. He holds a Bachelor of Building from the University of Melbourne.
The 503 square metre Melbourne CBD site is at 293 to 299 LaTrobe Street with frontages to Sutherland Street and Flanigan Lane.
It came with a preliminary development scheme for 322 apartments and ground floor retail.
<img src="/images/2014/08/28/1.jpg" alt="" style="display: block; margin-left: auto; margin-right: auto;">
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Melbourne's Duke of Kent hotel sells to Singaporean developer

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You don’t need to have an economics PhD or be a 30 year veteran of the Melbourne market to understand that there is some heat in the market right now leading into our main spring markets.
In the north at <a href="/news">Northcote</a>, by the bay from <a href="/news">Port Melbourne</a> to <a id="mfa48" class="st_tag internal_tag" href="/news" target="_blank" title="Posts tagged with Brighton" rel="tag">Brighton</a>, in <a href="/news">Bentleigh</a>, in the east from <a href="/news">Toorak </a>to <a href="/news">Kew</a>, through to outer east areas of <a href="/news">Mont Albert North</a> – wherever we went in our million dollar plus auction bidding for clients or reporting for James Marketnews, we found large numbers of bidders on market-perceived “good” homes.
Bidder depth (the key measurement to market pricing) shows an underlying market strength, perhaps on even larger numbers than before our winter break. And when you combine this statistic with our James million dollar plus clearance rate of 70%, you can clearly see that the market is again being super selective, super picky and only really going for the ones it considers “market” value or a really good home. If the clearance rate number pushes into the high 70s and stays there, and auction bidder depth stays above two over the next few weeks, then the market direction is clear.
Right now we are in what we call the early spring market which lasts until the Grand Final (c’mon Pies hang in there). Then we have the very powerful mid-spring market between Grand Final and the Melbourne Cup and we finish with the late spring or pre-Christmas market from early November to mid December. Next week is the last of the new stock early spring weeks (with only four weeks to run an auction campaign before Grand Final). Then you have a window of one large new stock week after the Grand Final that will give four weeks to run an auction campaign before the Melbourne Cup. And finally there are four (hopefully) solid stock weeks in November. That adds up to six key new stock weeks between this weekend and till when the market shuts down till February 2015.
Our balancing comments are, one, we are seeing a different bidder depth on deals over $4 million right now and, two, this early spring market can be a bit like our early February market. It can, and often does, perform slightly better than the higher volume middle and late spring markets as demand spreads across a wider number of homes. Having said that, make no mistake – this weekend’s figures are very, very clear on their messages.
We may sound like a broken record, but those two clear messages, those two crystal clear market pointers are
<ol>
<li>
Beware the wounded underbidder  For each of the homes we reported on or purchased, there are still around four bidders out there in the market looking for a home varying in price between $1.2 million to $3.3 million. To put it another way, for every dozen homes there is still a pool of 40 frustrated buyers who will go more aggressively, with more money, when they are competing against you on a home of similar characteristics next week or next month. It’s hard to explain to our potential clients that your “enemy” right now is, not always the agent, it is in August more often than not, the other buyer. But as we can see with our buying success rate around 90% this year, it is not always about the most money, often<a href="/expert-insights/investing/winning-at-auction-isnt-amount-having-the-most-money-its-about-strategy"> it is about the best strategy that wins the market priced home</a>. 
</li>
<li>
Not every home flew out the door  Whilst the majority of our activity has been off market and pre-auction, expressions of interest or even “stales” in the last month (we have had not just a record August, but our busiest month ever), you still need to be smart on price and strategy.
</li>
</ol>
<ul>
<li>
Price: Don’t overpay the market based on your fear. Stock levels are good, if you know where to look. 
</li>
<li>
Strategy: You can’t assume you are the only bidder. Clearly on the sample you may not be. However you also don’t want to assume you are competing against many, because in a smokes and mirrors situation (e.g. away from public bidding), on an overpriced home, you may be Robinson Crusoe when it comes to putting in an offer.
</li>
</ul>
This weekend is a pointer. Yes it’s only one week and it is early days yet, but nonetheless it’s a very solid pointer to spring and it is sending a very clear message that if conditions are perceived to remain as they are perceived now, then the market is going in one clear direction only.
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This weekend is a big pointer to the strength of the Melbourne market

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Melbourne-based development company R.Corporation has acquired a 7,620 square metre former textiles factory site in West Brunswick.
The site, at 8 Olive York Way, West Brunswick, has been vacant since 2000 and is six kilometres from the CBD.
The amenity, direct aspect to transport and Citylink, and the characteristics of the neighbourhood, were noted as reasons for the acquisition, particularly as the latest Census 2011 notes that 30% of Brunswick West residents catch public transport, primarily the tram system.
R.Corp, who developed Clara South Yarra, are expected to imitate their previous project.
This new site is adjacent to 1.4 acres of parkland, which are subject to a $300,000 upgrade by council.
At present they are in development planning stage for what is <a href="https://www.rcorporation.com.au/apartment/the-york-west-brunswick/%20" target="_blank" style="line-height: 1.3em;">expected to be called The York</a>, and include one and two bedroom apartments.
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R.Corp makes West Brunswick acquisition, with residential plans

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The 100 diner East Brunswick premises of Hellenic Republic has been sold for $2,375,000.
The initial price guidance was around $1.9 million for the recent auction.
There were five interested parties for the 340 square metre property at 434 Lygon Street.
It has been listed by Made Establishment through the Killen Thomas agent John Camilleri in conjunction with <a href="https://www.fitzroys.com.au/property/8757/sale/434-lygon-street/brunswick-east-vic-3057/investment-(retail)" target="_blank">Chris Kombi at Fitzroys</a>. 
It is just the premises that sold as the popular 273 square metre eatery will continue to trade after a newly signed 10-year lease.
Hellenic Republic, with its new 10 year plus five and five year lease, was offered returning $120,000 per annum plus outgoings and GST.
Made Establishment is jointly owned by celebrity chef George Calombaris, restaurant entrepreneur George Sykiotis, and steel industry barons Joe Calleja and Tony Lachimea.
The property traded at $824,000 in late 2007 when bought by George C Pty Ltd and Cerberos Pty Ltd.
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Hellenic Republic premises sold by George Calombaris syndicate

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The weekend offering in Majorca House on the corner of Flinders Lane and Degraves Street in the Melbourne CBD fetched $750,000.
The 1928 fifth-level apartment now sits among the coffee and cafe-filled laneways.
It last sold for $315,000 in 2003.
The floorplan allows either for two bedrooms or a huge living-dining room.
It was offered<a href="https://www.realestate.com.au/property-apartment-vic-melbourne-117552031" target="_blank"> through Melbourne Boutique Property agents Gina Donazzan and Mark Connellan</a> whose price guidance for 504/258 Flinders Lane was $600,000 plus.
The building was designed by art deco architect Harry Norris.
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