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>
An article in the weekend Financial Review opened with:"Macquarrie Group, a bellwether for the strength of the office leasing market, is expanding."
And this clearly accords with a recent report released by BIS Shrapnel, which confirmed the office recovery would be stronger in "service and trade exposed markets like Sydney and Melbourne, but weaker in the mining-based markets such as Perth and Brisbane".
<img src="/images/2014/05/06/lang%20may%207%20one.png" alt="">
Source: Knight Frank/Australian Financial Review.
For Melbourne, you are now seeing strong demand in and around the city fringe — mainly within Southbank and the Docklands precinct.
Developers in these areas enjoying obvious cost advantages, which are then reflected in a lower rent profile for their prospective tenants.
And this is what led the likes of ANZ and NAB to relocate to Docklands, over a decade ago.
A growing number of major corporate tenants are progressively realising they no longer need be located within the heart of Australia's CBDs.
Instead, they can pre-commit to prime-grade Offices at very competitive rentals — and have that accommodation designed and fitted out, to meet their specific needs.
And this demand appears to be flowing through to established suburban markets as well.
With most of these new developments having significant pre-commitment from major tenants … this should curb the tendency for speculative development, over the next 3 to 5 years.
And this will help safeguard against an oversupply of space, within the Sydney and Melbourne office markets.
 
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chrislang-EQKojcgJPV

Demand for office space on the improve

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The Melbourne education entrepreneur Shesh Ghale has snappily sold Tomasetti House in Melbourne’s CBD for $16.2 million.
The eight-storey building at 277-279 Flinders Lane was bought in 2007 for $12.2 million and used in part for his headquarters. 
The marketing was through <a href="https://commercialpropertysearch.savills.com.au/7572/Sale/Melbourne/277-279-Flinders-Lane" target="_blank">Savills agents Clinton Baxter and Nick Peden</a> who advise it was bought by local private investor who outbid two offshore mainland Chinese buyers.
Set on 643 square metres of land, it is currently 93% leased.
The property will deliver a 7.1% yield fully leased with a fully let net rental of $1,156,870 per annum.
The eight-level Tomasetti House building, with 3,818 square metres of office and retail area, was briefly listed in 2011 with $15 million hopes.
Ghale is the co-founder of the Melbourne Institute of Technology which is undertaking the refurbishment of the 1920s Argus Building on the corner of Elizabeth and La Trobe streets into a 3,000 student campus.
His plans for a $450 million hotel-and-­apartment twin tower complex overlooking ­Melbourne’s Flagstaff Gardens near the Queen Victoria Market is yet to secure approval.
The application is for two towers of 50 and 30 storeys with a 210-room hotel and 609 apartments at the corner of William and Franklin streets with plans for 279 public car parking spaces for market visitors and a 372-space public bike hub with showers, gym and pool.
The development architect is Elenberg Fraser.
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jchancellor-FAypfDUnLy

Mebourne property developer Shesh Ghale sells Tomasetti House

<html><body>
ABC News 24 seems determined to overtake the Sydney Morning Herald as the nation’s leading source of real estate misinformation.
Following recent instances of badly misinformed comments on property issues by presenters Michael Rowland and Virginia Trioli, News 24 did a dangerously inept report on Melbourne's inner city apartment market on Thursday last week.
The report characterised the situation as an exciting boom. Not a word about inflated prices, two-tiered marketing practices, high vacancy rates and potential for market decline - and only the slightest reference to the possibility of oversupply.
The report allowed spruikers and marketers to eulogise the building boom as an endless summer of possibilities, without asking those with vested interests a single hard question.
In essence, developers are throwing up towers and peddling apartments to distant investors at inflated prices.  You might think: well, who cares? If Asians with too many dollars and not enough sense pay silly prices for bad real estate, that's their problem.
<blockquote>
There’s a shakeout of major proportions in the offing and you really don’t want to be part of it.
</blockquote>
But it's everyone's problem. Australians own property in these markets. I regularly meet people who have bought apartments in inner-city Melbourne - and can't get tenants, because the market is oversupplied.
I recently met an investor who owns three investment properties, all of them off the plan apartments in Docklands and only now realising there might be a problem.
These people will have to settle contracts at prices much higher than their property's market value. It's a disaster in the making. It has the ability to drag down the wider Melbourne market, to the detriment of families and the nation.
The inner Melbourne “boom” is toxic growth if ever I’ve seen it. Vacancies in the Melbourne CBD, Southbank and Docklands have been fluctuating between 5% and 10% recently - and will get worse, given the weight of new construction.
State Planning Minister Matthew Guy appears determined to aid and abet any developer who wants to build another tower, to the point where you have to wonder about his motives.
There was no sense of any of that in the shallow piece put together by the ABC News 24 team. 
At the end of the item, Jim Middleton weighed in with misplaced comments on foreign investors in Melbourne high-rise forcing up general Melbourne real estate prices and forcing Aussie battlers outs of the market.
Middleton also prattled on about price bubbles, putting the finishing touches to a consummate piece of misinformation. He made a goose of himself but will probably never know.
I urge all investors to stay away from the inner Melbourne apartment market. There’s a shakeout of major proportions in the offing and you really don’t want to be part of it.
Paying $700,000 for a two-bedroom generic apartment, in a market with tens of thousands of identical products, is the essence of bad investing.
You can contact Terry via <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email</a> or on <a href="https://www.twitter.com/hotspotting" target="_blank">Twitter</a>
Photo courtesy of Vincent Q/Flickr.
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terryryder-YECXbqmri2

The inner Melbourne “boom” is toxic growth

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There are 851 auctions scheduled this week in Melbourne compared to 822 this weekend last year.
It’s interesting to note that the suburbs which have had the highest volume of houses for sale as a proportion of the total number of homes over the past year, are found in the Mornington Peninsula.
<a href="/news">Mount Eliza</a> had 8.6% of its housing stock on the market followed by 7.9% in <a href="/news">Mount Martha</a> and in <a href="/news">Safety Beach</a>. At the other end of the spectrum is the highly sought after <a href="/news">Fitzroy North</a> where a mere 2.6% of houses were on the market. Given the high demand in Fitzroy North there is no doubt that if more homes were on the market they would find sellers.
Conditions remain tight in the private sale market with time on market for houses stable at 33 days and vendor discounting also stable at -5.6%.
Key data
Preliminary clearance rate week ending 20 April: 63%
<ul>
<li>Melbourne auctions expected week ending 4 May: 851 
</li>
<li>Melbourne private sales time on market week ending 27 April: 33 days (houses) 
</li>
<li>Melbourne vendor discounting market week ending 27 April: -5.6% (houses) 
</li>
<li>Listings being prepared for market are 13.5% higher in month ending 27 April (seasonally adjusted)</li>
</ul>
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rlarocca-zWhvjay44N

Highest proportion of homes for sale this year in Mornington Peninsula: RP Data's Melbourne auction preview

<html><body>
Melbourne house values recorded a very minor reduction in April with the <a href="https://image.e.rpdata.com/lib/fe591570776d03757d17/m/6/2014-05-01--rpdata-rismark-home-value-index.pdf" target="_blank">latest RP Data Rismark Index results</a> showing a change of -0.4%.
Over the last three months they have recorded a 1.7% rise and in the last 12 months there has been a 12.2% rise. The median house price based on settled sales over the last three months is was $615,000.
The underlying health of the market is shown by the fact that over the last year only one capital city, Sydney, has recorded a greater rise in house values. At the same time the result should allay concerns that Melbourne was moving into a period of rapid and unsustainable property price growth.
There is now a significant gap between units and houses.  Unit values recorded a change of -1.6% in April, over the last three months they have risen 0.7% and in the past 12 months the rise is just over half that of houses at 6.8%.
Demand in the auction market also fell with a clearance rate in April of 63.8% from 3,176 auctions in Melbourne. In March, which was a record month in terms of volumes, the clearance rate was 69.9% from 5,322 auctions.
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Melbourne home values record small drop in April

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Hemingway Residences in Melbourne’s Alphington have sold in four weeks, after launching 55 two- and three-bedroom townhouses to the market, totaling $47.5 million sales.
The project, developed by GURNER in conjunction with Chamerlain Javens Architects, was a transformation of a 9,160 square metre site on the corner of Heidelberg Road and Perry Street, or the former Jika International Hotel site. It is five kilometres from the CBD.
GURNER founder, Tim Gurner, said that the fast sale for <a href="https://hemingwayresidences.com.au/" target="_blank">Hemingway Residences</a> demonstrates confidence and is a good sign for the market.
“Sales momentum has been really strong since the project launched at the start of April,” said Gurner.
Properties had an average sale price of $880,000, and ranged from $795,000 to over $1 million. Those over $1 million included three-bedroom, three-bathroom homes that included car garages. Separate laundries and under-stair storage were also on offer. “When we first priced the project it was challenging, as the quality of Hemingway Residences is not often found in an inner-city project.  Now after selling out the project in only four weeks, our clients and buyers can feel confident that they secured great value for money in a prized location,” he said.
It was not marketed internationally, selling primarily to local downsizers and younger second home buyers moving out of apartments, plus a “handful of investors”.
Construction will commence in one week, due for completion mid next year.
Offered optional features included instant boiling water taps, gas log fires and marble benchtops.
Named after, yes, Ernest Hemingway there is an emphasis on gardens and outdoor space. However, according to council records, the townhouse style development wasn’t the only possibility for the site – noting that a high rise apartment development could also have been contemplated.
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Four week sell out for Alphington, Melbourne's Hemingway Residences

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Melbourne's key western and northern suburban industrial markets have been identified as the cheapest on a rental basis in Australia. 
Data collected by Savills Australia showed that in the period to December 2013, there was a wide gap in net effective rents between the key industrial markets nationally, with rents in Melbourne at least 31% and up to 35% lower than those in Adelaide, Brisbane, Perth and Sydney.    
Savills national head of research Tony Crabb said the lower rentals were a key factor in decisions taken by both national and international corporations to locate their distribution centres in Melbourne.
He said three or four key factors mainly dominated the thinking of corporates when taking those important decisions - access to ports and airports, access to freeways, access to local markets and rentals. 
"Should all of the access criteria be equal then Melbourne rentals offer a significant cost advantage", said Crabb. "When you’re talking an average 30,000 square metre plus national distribution centre then rental savings alone can be in the order of $1 million per annum." 
Such is the interest, Savills estimates that it has received an average 250,000 to 350,000 square metres of enquiry from national and international companies seeking major distribution facilities over the past 12 months. 
Savills head of industrial Victoria, Greg Jensz said "the rent doesn’t always prove decisive but it definitely puts Melbourne in a very strong position before other factors are considered".
He said that road transport infrastructure and plans to further enhance that infrastructure also played a pivotal role in the Melbourne market’s national pre-eminence. Congested roads meant longer delivery times, greater fuel costs, and delays in delivery to clients, he added.
He also makes a point of saying that "40% of Australia’s container shipping travels through the Port of Melbourne and that is because the bulk of Australia’s national distribution centres are located here. That is no accident," Jensz said.
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Cheapest industrial rents in Australia in Melbourne's west and north

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The country’s largest private construction company has been charged over the collapse of a brick wall that killed three people last year.
WorkSafe has filed five criminal charges against the company following a lengthy investigation into the events that lead to the death of researcher Dr Marie-Faith Fiawoo, 33 and siblings Bridget Jones, 18 and Alexander Jones, 19.
Charge sheets filed in the Victorian Magistrates Court and allege that the companies failed to protect the lives of those who died in the collapse, according to The Herald Sun. The publication reports that the charge details allege that it was “reasonably practicable for Grocon Pty Limited to have eliminated or reduced the risk to the health and safety of persons in the vicinity of the wall and hoarding.”
In a statement released late yesterday, Grocon Executive Chairman Daniel Grollo stated: “We acknowledge the action taken by WorkSafe given the tragic consequences of last year’s wall collapse and the broad obligations that apply under the Victorian Occupational Health &amp; Safety Act.
“We don’t yet know the specific detail of what is being alleged against Grocon or the Melbourne signage company responsible for erecting the advertising sign on the wall so we need to await further information from WorkSafe before we can properly respond.”
Grollo said that assisting the investigation remained the company’s priority to ensure that the events are not repeated.
Fiawoo and the Jones siblings were killed when a structurally unsound brick wall collapsed in 100km/h winds. A wooden advertising board dynabolted to the façade is thought to have contributed to the collapse of the wall.
Aussie Signs, who installed the hoarding, has also been charged.
According to The Herald Sun, the documents filed by WorkSafe inspector Brendan Johnson allege eight key failings by Grocon companies:
<ol>
<li>Prior to installation of the hoarding, producing a detailed design which included how it was to be attached to the wall and how the wall and hoarding would be braced </li>
<li>Prior to installation of the hoarding getting a risk assessment about wind loading of the wall with the hoarding attached </li>
<li>Prior to installation of the hoarding getting an assessment by a structural engineer of the wall’s capacity to safely bear the hoarding </li>
<li>Obtaining a building permit for the hoarding </li>
<li>Require that the hoarding must not increase any lateral wind loading on the wall because it extends above or beyond the wall </li>
<li>Require that any increase in the later wind loading on the wall be counteracted by engineer approved bracing </li>
<li>Require a reduction in the wall so that a more robust signage/wall with engineer approved bracing could be constructed </li>
<li>
After installation of the hoarding get an assessment of the wall’s capacity to safely bear the hoarding and making any modifications deemed necessary 
</li>
</ol>
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jrichardson-uRX5hFdKfN

Criminal charges laid against Grocon for fatal wall collapse

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In March 2009, the median advertised rent for a house in Melbourne was $379 per week compared to $442 this year.
This has equated to a rise of 16.6% over five years. Surprisingly there are a number of suburbs where renters have not faced comparable rises and there are even some suburbs where rents have actually dropped.
Three of the four suburbs where rents have fallen are growth suburbs; Doreen, Mernda and Sandhurst. These suburbs are unique cases as the supply of homes is very strong resulting in distortion in the data compared to more established areas.  In this case it has resulted in reductions in the advertised rent.
Advertised rents in Doreen have dropped by 6.4% over five years, similar to nearby Mernda which recorded a fall of 5.9%. Sandhurst rents dropped by 2.6%.
Rents have also fallen in Ormond and barely changed in Toorak; both suburbs have comparatively expensive houses and this highlights a trend of poor growth in rents in expensive suburbs.
With very low yields in the more expensive suburbs investors are more motivated by the strong capital growth that can be found and renters in this price bracket are clearly in a very different market to the majority of renters in Melbourne.
Other similar suburbs in the top 20 for low rental growth are Canterbury, Wonga Park, Caulfield, Ashburton and Hawthorn East.
This highlights that by targeting certain areas renters can find homes where rents do not continually rise.
<table style="width: 460px;" border="0" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="bottom" width="139">
Suburb
</td>
<td valign="bottom" width="129">
Change in advertised rents in five years - Houses
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="139">
<a href="/news">DOREEN</a>
</td>
<td valign="bottom" nowrap width="129">
-6.4%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="139">
<a href="/news">MERNDA</a>
</td>
<td valign="bottom" nowrap width="129">
-5.9%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="139">
<a href="/news">SANDHURST</a>
</td>
<td valign="bottom" nowrap width="129">
-2.6%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="139">
<a href="/news">ORMOND</a>
</td>
<td valign="bottom" nowrap width="129">
-2.0%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="139">
<a href="/news">TOORAK</a>
</td>
<td valign="bottom" nowrap width="129">
0.3%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="139">
<a href="/news">ELTHAM NORTH</a>
</td>
<td valign="bottom" nowrap width="129">
0.5%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="139">
<a href="/news">CANTERBURY</a>
</td>
<td valign="bottom" nowrap width="129">
0.9%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="139">
<a href="/news">DANDENONG SOUTH</a>
</td>
<td valign="bottom" nowrap width="129">
1.7%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="139">
<a href="/news">WONGA PARK</a>
</td>
<td valign="bottom" nowrap width="129">
1.8%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="139">
<a href="/news">BLACKBURN</a>
</td>
<td valign="bottom" nowrap width="129">
2.6%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="139">
<a href="/news">CAULFIELD</a>
</td>
<td valign="bottom" nowrap width="129">
2.7%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="139">
<a href="/news">BROOKFIELD</a>
</td>
<td valign="bottom" nowrap width="129">
3.4%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="139">
<a href="/news">ASHBURTON</a>
</td>
<td valign="bottom" nowrap width="129">
3.6%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="139">
<a href="/news">HAWTHORN EAST</a>
</td>
<td valign="bottom" nowrap width="129">
4.2%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="139">
<a href="/news">LYNDHURST</a>
</td>
<td valign="bottom" nowrap width="129">
4.2%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="139">
<a href="/news">OAK PARK</a>
</td>
<td valign="bottom" nowrap width="129">
4.5%
</td>
</tr>
</tbody></table>
Photo courtesy of <a href="https://www.flickr.com/photos/linh_rom/" target="_blank" data-track="commentUserNameClick" data-action="follow" data-rapid_p="34">Hai Linh Truong</a>/Flickr.
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Melbourne suburbs where rents have dropped over past five years

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There was no rental growth for landlords of inner Melbourne one bedroom apartments, and often rentals are falling.
The median one bedroom rent stayed steady at $350 a week during the March quarter in the inner Melbourne ring, which is suburbs within a 10 kilometre radius of the CBD, <a href="/news">according to the REIV</a>.
But Southbank one bedroom rentals fell 3.8% to $500 a week. The Docklands drop wasn't as severe down 0.4% to $428 a week.
Frankston with an 8.1% jump in rents to $200 a week for the typical one bedroom went again the overall metropolitan Melbourne trend which had a 2.4% growth to $340 across Melbourne.
Fitzroy saw a fillip too, jumping 8.1% to a typical $431 a week rental for one bedroom offerings.
The typical middle ring suburb - set between 10 and 20 kilometres of the CBD - had one bedroom rentals typically at at $271 a week, with outer Melbourne at $220 a week.
Median one bedroom rents fell in Camberwell, Glen Iris, Kew, Malvern and Malvern East. But the small falls were not just in the east, with drops in Footscray, Caufield North and Murrumbeena.
There was no change in rents in Toorak, Brunswick, West Melbourne, Carnegie, South Melbourne, Fitzroy North and Yarraville.
On the price front, inner Melbourne one bedroom apartments gained 1.4% in the March quarter to a $370,000 median, <a href="https://www.reiv.com.au/Property-Research/Median-Prices/Median-prices-by-bedroom/1-bedroom-units" target="_blank">according to the REIV</a>. There had been a 4.6% five year annual capital growth.
Middle Melbourne one bedroom units moved ahead by 2.3% in the quarter to $312,000, having recorded a 5.5% annual price growth over the past five years.
Outer Melbourne was the only region where the March quarter growth exceeded the five year growth, with 7.8% price growth to a $275,000 median one bedroom price, reflecting 7.3% annual capital growth over the past five years.
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