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>
Melbourne house prices have risen to a new record median of $658,000, with the city's median price up 3.3% over the three months to 30 June. 
Real Estate Institute of Victoria chief Enzo Raimondo said the Melbourne market remains strong and continues to show solid gains. 
There was a 16.7% year on year increase. 
The median house price was up from $637,000 in the March quarter - however the quarterly 3.3% increase was lower than the 9% recorded in the September quarter last year. 
"It was the city's middle ring suburbs, highly sought after by buyers priced out of the inner-city, which showed the most substantial house price growth," Raimondo said.
The middle Melbourne house price of $720,000 was up 1.8% in the June quarter and 15.8% year-on-year growth.
 Inner-city house prices grew 12.1% year-on-year, while for the outer suburbs the figure was 10.4%. 
Middle ring suburb auction listings around the Melbourne median price range include the 26 July Bulleen offering.
<a href="https://www.realestateview.com.au/Real-Estate/13-millicent-avenue-bulleen/Property-Details-buy-residential-7299741" target="_blank">Agents have advised a $620,000 to $680,000 price range for 13 Millicent Avenue</a>, Bulleen (pictured above) at its Fletchers auction.
Offerings at around the $720,000 middle Melbourne median include <a href="https://www.realestateview.com.au/Real-Estate/13-yorkshire-street-blackburn-north/Property-Details-buy-residential-7298851" target="_blank">13 Yorkshire Street Blackburn North</a> (pictured below) where the Noel Jones agents are suggesting $690,000 plus at its 26 July auction.
<img src="/images/2014/07/17/blackburb%20north%20july%2017%20one.jpg" alt="">
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jchancellor-FAypfDUnLy

Middle suburb sales strength triggers record $658,000 Melbourne median house price

<html><body>
Richmond is Melbourne's most active inner ring auction suburb, according to the REIV.
South Yarra ranked second, nine auctions fewer, in the top 10 auction suburbs in inner Melbourne are as follows (as at 6 July 2014).
Last weekend Richmond's highest price was <a href="https://www.domain.com.au/property/for-sale/house/vic/richmond/?adid=2011253785" target="_blank">19 Charlotte Street</a> (pictured above) sold at $1,363,000.
The cheapest was $390,000<a href="https://www.domain.com.au/property/sold/apartment-unit-flat/vic/richmond/?adid=2011254550" target="_blank"> at 2/16 Rowena Street for a one bedroom unit</a>.
<img src="/images/2014/07/17/richmond%20july%2017%20two.jpg" alt="">
<table style="width: 460px;" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="middle">
Suburb
</td>
<td valign="middle">
Total Auctions 
</td>
<td valign="middle">
Sold at Auction
</td>
<td valign="middle">
Clearance Rate
</td>
</tr>
<tr>
<td valign="middle">
Richmond
</td>
<td valign="middle">
248
</td>
<td valign="middle">
193
</td>
<td valign="middle">
78%
</td>
</tr>
<tr>
<td valign="middle">
South Yarra
</td>
<td valign="middle">
239
</td>
<td valign="middle">
176
</td>
<td valign="middle">
74%
</td>
</tr>
<tr>
<td valign="middle">
St Kilda
</td>
<td valign="middle">
235
</td>
<td valign="middle">
145
</td>
<td valign="middle">
62%
</td>
</tr>
<tr>
<td valign="middle">
Glen Iris
</td>
<td valign="middle">
220
</td>
<td valign="middle">
172
</td>
<td valign="middle">
78%
</td>
</tr>
<tr>
<td valign="middle">
Preston
</td>
<td valign="middle">
210
</td>
<td valign="middle">
144
</td>
<td valign="middle">
69%
</td>
</tr>
<tr>
<td valign="middle">
Kew
</td>
<td valign="middle">
191
</td>
<td valign="middle">
144
</td>
<td valign="middle">
75%
</td>
</tr>
<tr>
<td valign="middle">
Hawthorn
</td>
<td valign="middle">
189
</td>
<td valign="middle">
140
</td>
<td valign="middle">
74%
</td>
</tr>
<tr>
<td valign="middle">
Northcote
</td>
<td valign="middle">
183
</td>
<td valign="middle">
152
</td>
<td valign="middle">
83%
</td>
</tr>
<tr>
<td valign="middle">
Brunswick
</td>
<td valign="middle">
180
</td>
<td valign="middle">
133
</td>
<td valign="middle">
74%
</td>
</tr>
<tr>
<td valign="middle">
Camberwell
</td>
<td valign="middle">
180
</td>
<td valign="middle">
154
</td>
<td valign="middle">
86%
</td>
</tr>
</tbody></table>
Source: REIV
</body></html>

Richmond tops ladder for most auctions: REIV

<html><body>
Vegetarian favourite in Melbourne’s Fitzroy, The Bear Café, is closing up shop – but just for renovations.
At 439 Brunswick Street, they initially started with VIP coffee deliveries in late-2012 to Fitzroy, before expanding and including retail with food and coffee, and specialised groceries.
The café has been a more recent staple at the same address of "Animal Lovers by Neo Tokyo's" retail store, which has operated since 1998. Their focus is on gluten-free and dairy-free alternatives, but they do also provide dairy options.
It seems there was some online speculation that they are closing up for good, with outraged online comments lamenting and calling the believed closure ‘sad,’ despite no official word out from the owners themselves.
However, vegetarians and Brunswick Street lovers can breathe a sigh of relief – it’s just believed to be a temporary closure as the owners carry out renovations.
A sign out front says 'The Bear is hibernating', however Property Observer understands that it will be back up and running in three to four weeks.
<a href="https://www.propertyobserver.com.au/https://www.facebook.com/pages/The-Bear-Cafe/411756705573879" target="_blank">The Bear Cafe Facebook page</a> has been silent since January, however they had been open and busy until earlier this month.
Picture courtesy of Facebook.
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jduke-EHk3XBmHkn

The Bear Café, Brunswick Street hibernates, but for reno only

<html><body>
One of St Kilda Road’s prominent office towers, the St Kilda Road police complex has been listed for sale.
It is situated on a corner site at 412 St Kilda Road.
The 21 level office building has the potential for a residential conversion with St Kilda Road having been one of Melbourne’s sought after apartment locations.
The planned residential conversions are tipped to put St Kilda Road’s office vacancy rate in single figures by 2017 with an average of 13,267 square metre of office stock expected to be removed annually over the next five years.
With Victorian Police not extending its lease over the property beyond mid-2016, the <a href="https://www.realcommercial.com.au/property-offices-vic-melbourne-501203687" target="_blank">sales campaign is </a><a href="https://www.realcommercial.com.au/property-offices-vic-melbourne-501203687" target="_blank">underway through </a><a href="https://www.realcommercial.com.au/property-offices-vic-melbourne-501203687" target="_blank">CBRE’s Mark Coster, Mark Wizel and Josh Rutman</a> in conjunction with Dawkins Occhiuto’s Walter Occhiuto and Andrew Dawkins .
Offers close 31 July for the building located at the city-end of St Kilda Road.
The property’s Commercial Zone 1 zoning under the Port Phillip Planning Scheme aims to create vibrant mixed use commercial centres for retail, office, business, entertainment, residential and community uses. 
However current residents complain there is a lack of suitable supermarket retail along the strip.
The property’s corner location, with three street frontages allows good natural light and views of the Royal Botanic Gardens, the Shrine of Remembrance and the CBD, as well as Albert Park Lake and Port Phillip Bay.
Another offering comes from the boutique fund manager Calibre Capital 
The nine-level tower at 509 St Kilda Road has almost 19,700 square metres space, with tenants including Transfield and Australia Post
It is near the Commercial Road junction backing onto Fawkner Park. 
Abacus sold the 18-storey building at 484 St Kilda Road for $94 million which was bought three years ago for about $68 million.
Two years ago, Newmark Property acquired the 20,500-square-metre tower at 417 St Kilda Road from Challenger for $81.3 million.
Singapore’s International Healthway Corporation acquired 553 St Kilda Road for $45 million.
IHC purchased 541 St Kilda Road for $35.75 million.
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Residential conversion mooted for St Kilda Road police centre

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Elwood will soon be home to $35 million Canopy, a 58 apartment project at 12-14 Dickens Street, with construction expected to commence this year.
With designs from ROTHELOWMAN, <a href="https://www.canopyelwood.com.au" target="_blank">Canopy</a> will include one- and two- bedroom apartments over four levels from $480,000.
They will be sized from 45 square metres to 80 square metres.
<img src="/images/2014/07/16/Canopy_Penthouse%20Living%20Room.jpg" alt="">
Urban Inc are the developers behind the project.
Selling the development is 360 Property Group’s Evan Cathcart, who notes that the area has seen ongoing gentrification for many years.
“Recent changes in planning legislation mean there will be limited opportunities for purchasers to buy property off main roads in Elwood, so we anticipate interest in Canopy will be high,” Cathcart said.
“With Elwood’s forecasted capital growth over the next five years and the low vacancy rate of 1.7 percent, it represents a great opportunity for both owner occupiers and investors.”
In the development will be six penthouse apartments with two-bedrooms and two-bathrooms, including 35 square metre terraces. Meanwhile, each of the one- and two-bedroom apartments will have an individual terrace and ground floor terraces are adjoined by landscaped courtyards from MDG Landscape Architecture.
<img src="/images/2014/07/16/bg_video.jpg" alt="">
Each has one basement car park, and in total seven visitor car parks will be included as well as bicycle and storage cages. Security entrances with video intercom will also be included.
The expectation for building completion is late-2015, however other material suggests early 2016.
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Construction to commmence soon on Canopy development in Elwood

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Mentone is one of the Melbourne's more affordable bayside suburbs. But is it a good option for investors?
Bordered by <a href="/news">Black Rock</a>, <a href="/news">Parkdale</a>, <a href="/news">Cheltenham</a> and <a href="/news">Mordialloc</a>, <a href="/news">Mentone</a> is a large suburb located in Melbourne's south-east.
In 2012, Mentone had a population of 12,458, according to the Australian Bureau of Statistics. The average monthly mortgage payment in 2011 was $2,171.
The majority of the suburb's homes are occupied by families, rather than lone occupants or house-sharers; in 2011, 64% of Mentone homes were family-occupied. Of the suburb's 3,104 families, 1,371 with children under 15 and/or dependent students. The high proportion of families in Mentone is unsurprising, given some of the key drivers of demand in the suburb. Jason C Swift, director of Hodges Real Estate Mentone, says residents are attracted to the suburb's schools. "The area boasts a number of good public and private schools including Kilbreda College, St Bede’s College, Mentone Grammar School, Mentone Girl’s Grammar School and Mentone Girl’s Secondary College – providing families with children a great reason to reside in the area," says Swift. Schools remain a key concern for many buyers, <a href="/expert-insights/buying/suburb-spotlight-does-sandringham-s-lifestyle-market-stack-up-for-investors">as in the nearby Sandringham</a>.
According to Swift, lifestyle factors and local amenities are also a key quality for the suburb.
"Mentone offers a great beach lifestyle with many leisure activities at its residents’ front doorsteps. It is home to a number of sporting associations including a lifesaving club, cricket club, football club, tennis club and lawn bowls club," says Swift.
"For shopping enthusiasts, Mentone has a number of retail strips including Como Parade West and Balcombe Road. Surrounding side streets offer restaurants, cafes, supermarkets, bakeries, home-wares and book shops, and the strip alongside the Nepean Highway is home to many large furniture retailers, car dealerships and hardware stores. Furthermore, Mentone is situated close to Southland, one of Victoria’s largest shopping malls."
{plotalot id="20"}
Float cursor over the graph to view each segment.
Located 21 kilometres from Melbourne's CBD, Mentone is still relatively well serviced by public transport and roads, Swift explains.
"Transport options for the commute from Mentone into Melbourne’s CBD are good, with both a reliable train line and easily accessible road links."
The Mentone railway station is serviced by the Frankston line and falls in Metro's Zone 2, meaning ticket prices are substantially more for Mentone residents than they are for those in Bentleigh, five stations closer to the city. A train trip into the city will take Mentone residents around 40 minutes.
 
This article continues on the next page.
<hr class="system-pagebreak">
 
According to Swift, the suburb offers a diverse mix of properties for investors.
"A wealth of choice is available when it comes to property in Mentone and a wide range of architectural styles span the area including Victorian homes, Edwardian properties, 1940s to 1970s architecture and an array of contemporary style homes," says Swift.
RP Data records the suburb's median house price for June at $1,138,800. However, it's unclear whether this is a monthly fluctuation due to a few high value home sales in the suburb - in May, the median house price was $885,000. The median unit price for June was $289,500. In May, it was $505,000.
Given the suburb's size and the variety of homes on offer, Swift says buyers should be careful about the Mentone properties they consider.
"When looking to purchase in Mentone, it pays to be wary of properties that are close to the Nepean Highway or too close to Mentone’s train line. Mentone is a large suburb with great variation in property values so prospective buyers will do well to fully research the street or area of Mentone that they are looking to purchase in," he says.
"For example there can be a notable price differentiation between properties located on either side of the Nepean Highway."
This <a href="https://www.realestate.com.au/property-house-vic-mentone-116997327" target="_blank">three bedroom home</a> on a 779 square metre plot on the beach side of the Nepean Highway sold last month for $1,170,000.
<img src="/images/2014/07/16/mentone1.jpg" alt="">
<a href="https://www.realestate.com.au/property-house-vic-mentone-116945347" target="_blank">Another three bedroom home</a> with a smaller plot (566 square metres) but a more substantial house sold for $800,000 last month. It's located on the other side of the Nepean Highway.
<img src="/images/2014/07/16/mentone2.jpg" alt="">
Swift says the suburb's bayside appeal attracts interest among buyers.
"As with many other suburbs along the bay, there is a high demand for property in the area, with an impressive average of 52 people looking at each property compared to the state average of 22 people per property," he says.
Despite the suburb's appeal to owner-occupier families, the suburb's rental market shouldn't be overlooked.
"For those looking to invest in Mentone, there is potential to realise great capital growth on properties located in the suburb," says Swift.
"Renters represent 29% of the market and are attracted by the area’s excellent transport links and schools. Rental properties typically fetch an average of $500 per week for a house and $340 per week for a unit. Both houses and units in Mentone tend to experience good capital growth, with annual price increases for homes averaging 5% and 8% on units," he explains.
"For the astute property buyer, Mentone has a significant amount to offer including a good village lifestyle, great transport links, attractive schools and beautiful beachside living," says Swift.
Feature photo courtesy of Wikimedia.
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Suburb spotlight: Mentone's family appeal

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New riverside planning controls have been proposed to protect the middle section of the Yarra River from over-development.
Planning Minister Matthew Guy noted that the controls are to ensure consistent rules around building height, setback and density controls, and would be across a 70 kilometre stretch of the river. This includes through Banyule, Manningham and Nillumbik.
“We’re proposing strict mandatory controls that will prevent development intruding on the natural character of the river corridor, its banks and much valued vegetation and parkland,” said Guy.
Mandatory proposed height limits are between eight and 12 metres, with setbacks of between 30 and 100 metres from the Yarra.
Minimum lot sizes are also likely to be increased, particularly along the rural and lower density areas, and a Neighbourhood Residential Zoning will be applied along the inner urban stretch.
The <a href="https://www.dpcd.vic.gov.au/planning/plansandpolicies/waterways-planning/yarra-river-planning/middle-yarra-river-study" target="_blank">draft recommendations are up for submission until 22 August 2014</a>.
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Middle Yarra over-development protection measures proposed

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<div>
Houses within 10 kilometres of Melbourne’s CBD are now typically worth $1 million, new figures from Real Estate Institute of Victoria show.
Inner Melbourne stretches from <a href="/news">Coburg </a>in the north, <a href="/news">Ivanhoe </a>in the east, <a href="/news">Caulfield </a>in the south and <a href="/news">Tottenham </a>in the city’s west.
The 87 suburbs rage from <a href="/news">Toorak </a>being the most expensive at $2.43 million to <a href="/news">Maidstone</a> the most affordable of the inner city ring at $555,000.
The overall median house price for Melbourne’s inner suburbs has risen to $1,027,500 by the end of June, a $13,000 (1.3%) lift in prices from the $1,014,500 median in March.
</div>
The March figures were the first time the median for inner-Melbourne hit six figures.
There were 52 suburbs across Melbourne that had a median house price in excess of $1 million in March quarter 2014. 
<table style="width: 460px;"><tbody><tr>
<td>TOORAK  EAST MELBOURNE*  KEW  BRIGHTON  MALVERN*  CANTERBURY*  BALWYN  ARMADALE*  MIDDLE PARK*  HAWTHORN EAST*  SURREY HILLS  CAMBERWELL  PORTSEA*  IVANHOE EAST*  HAWTHORN  ALBERT PARK*  PARKVILLE*  SOUTH YARRA*  SOUTH MELBOURNE*  SANDRINGHAM*  CAULFIELD NORTH*  ELWOOD*  GLEN IRIS  HAMPTON  MONT ALBERT*  BALWYN NORTH  BRIGHTON EAST  KEW EAST*  ELSTERNWICK*  BLACK ROCK*  BEAUMARIS  ALPHINGTON*  ASHBURTON*  MCKINNON*  MALVERN EAST  FITZROY NORTH*  ST KILDA EAST*  ORMOND*  ST KILDA*  CAULFIELD SOUTH*  PORT MELBOURNE  FITZROY*  BOX HILL*  PRAHRAN  BENTLEIGH  FAIRFIELD*  MONT ALBERT NORTH*  WINDSOR*  PARK ORCHARDS*  TEMPLESTOWE  CARLTON*  CARLTON NORTH*</td>
<td>$2,430,000  $2,242,500  $1,944,000  $1,915,500  $1,908,750  $1,804,000  $1,740,000  $1,670,000  $1,670,000  $1,669,250  $1,551,000  $1,525,000  $1,520,000  $1,516,250  $1,505,000  $1,487,500  $1,467,500  $1,455,000  $1,335,000  $1,320,000  $1,317,500  $1,310,000  $1,310,000  $1,307,500  $1,305,000  $1,301,500  $1,301,000  $1,270,000  $1,268,500  $1,240,000  $1,220,000  $1,208,000  $1,175,000  $1,155,000  $1,146,000  $1,135,000  $1,127,500  $1,110,000  $1,110,000  $1,095,000  $1,085,000  $1,080,000  $1,065,000  $1,060,500  $1,050,000  $1,050,000  $1,047,500  $1,047,500  $1,045,000  $1,033,000  $1,027,500  $1,005,000</td>
</tr></tbody></table>
The REIV president Neville Sanders said the latest modest lift in the June quarter showed it "wasn’t a spike or aberration".
The March quarter was substantially more than $979,000 in the December median.
There are 83 suburbs that make up inner Melbourne have recorded a 15% boost in auction numbers to 7,282 auctions, with almost 5,400 sold under the hammer.
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Inner Melbourne's million dollar house median no aberration

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The impact of land size on the value of and demand for a property is an interesting question.
Analysis of RP Data information comparing the sale price with the land area shows that location is still more important than size when comparing suburbs.
After all, a block of land that is twice the size and twice the distance from the amenities you desire is not likely to be as appealing as a well-located smaller one.
The value per square metre of houses in Melbourne’s million dollar suburbs demonstrates this.
<a href="/news">Toorak </a>is the city’s most expensive suburb for houses with a median sale price over the last year of $2.622 million. The average block size is however quite large at 8,232 square metres which translates to a cost of $3,187 per square metres. Interestingly, this is lower than the $6,274 in Albert Park and $6,074 in Middle Park and the median sale price is less than half that of Toorak
These two neighbouring suburbs have, compared to Toorak, very expensive land but this is more a factor of the small block sizes, at 2,092 square metres and 2,592 sqaure metres respectively.
At the other end of the spectrum is <a href="/news">Ivanhoe East</a>, a highly sought after suburb with a median sale price of $1.15 million; it has slightly larger blocks than Toorak at an average of 9692 square metres, again highlighting that location is the most critical factor.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/07/Land-size-table-blog.jpg" rel="wp-prettyPhoto[g3452]"><img class="aligncenter size-full wp-image-3453" src="https://blog.rpdata.com/wp-content/uploads/2014/07/Land-size-table-blog.jpg" alt="Does land size matter? RP Data Melbourne Blog" width="518" height="252"></a>
Melbourne Auction Market preview for week ending 13 July
There are 527 auctions scheduled this week in Melbourne compared to 426 for the same time last year.
The Melbourne market has been delivering consistent results for sellers in the past four weeks with very little change in the weekly clearance rate.
A review of the change in house values on a suburban basis shows that the largest increase over the last year was found mainly in inner city suburbs. <a href="/news">Middle Park</a>, <a href="/news">Hawthorn East</a>, <a href="/news">Braybrook</a>, <a href="/news">Balwyn North</a> and <a href="/news">Praaran </a>comprised the top five with changes in median value of between 43.2% and 24%. For apartments the top five included <a href="/news">Caulfield East</a>, <a href="/news">Middle Park</a>, <a href="/news">Canterbury</a>, <a href="/news">Flemington </a>and <a href="/news">Spotswood</a>.
The average time on market for houses sold last month rose sharply from 35 to 40 days despite average discounting being stable at -5.3% over the previous week.
Key data
<ul>
<li>Clearance rate week ending 6 July: 71.4%</li>
<li>Melbourne auctions expected week ending 13 July: 527</li>
<li>Melbourne private sales time on market week ending 6 July: 40 days (houses)</li>
<li>Melbourne vendor discounting market week ending 6 July: -5.3% (houses)</li>
<li>Listings being prepared for market are 0.5% lower in month ending 6 July (seasonally adjusted)</li>
</ul>
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rlarocca-zWhvjay44N

Does land size matter? RP Data's Melbourne auction preview

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Grocon has secured funding arrangements for its $110 million Bouverie Street Apartments development at the former Carlton brewery site in Melbourne.
Qualitas is an equity partner and Sumitomo Mitsui Banking Corporation, <a href="https://bouveriest.com.au" target="_blank">the project</a> debt financier.
Bouverie St Apartments follows the full sellout of Swanston Square apartments, Grocon’s first residential development at the site, which is due for completion early next year.
The 225 apartments and town houses in the Bouverie St Apartments development have attracted strong interest from investors, university students and young professionals, selling at a rate of 50 apartments a month. Prices start from around $379,000 through Colliers.
The development incorporates a winter garden designed by ARM architects which provides public access to covered gardens and retail tenancies.
Phil Lydeamore from Grocon Group Capital said there would be further development of another 0.9 hectares which remains over four sites.
Construction is now set to commence on Bouverie Street Apartments which are due to be completed early in 2016.
Grocon partnered with Studio 505 architects for design of the latest project.
Grocon paid the Royal Melbourne Institute of Technology $39 million for the 1.6 hectare former brewery in 2006.
A brewery occupied the site for more than a century, from about 1858 to 1987, having had houses on the block from as early as the 1840s. 
<img src="/images/2014/07/11/melbourne%20july%2011.jpg" alt="">
 
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