Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

Joel Robinson

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

WM Residences fills gap in Mordialloc townhouse market

&nbsp;

Developer GURNER™ Group has revealed $1.65 billion in residential sales nationally across the 12 months to December 2025, driven largely by the continued momentum of its Docklands wellness-focused precinct, Elysium Fields.

The sales result was generated across seven projects in Victoria and New South Wales, headlined by Elysium Fields, GURNER™’s $2.75 billion mixed-use precinct planned for Harbour Esplanade in Docklands.

The project has recorded more than $500 million in sales across the first three towers, equating to around 580 apartments sold.

The first tower, Helios, has now sold out of its 240 private residences, with GURNER™ preparing to release a premium penthouse collection comprising 15 three-bedroom penthouses in coming weeks.

[smartcode_project:default project_id=144441 project_image_fid=370975]

Elysium Fields is being developed on the long-held 20,000 sqm Docklands site at 208-226 Harbour Esplanade, which had remained undeveloped for more than two decades prior to GURNER™ taking over the project around four years ago.

Construction has now commenced across four towers ranging between 18 and 30 storeys, with Hamilton Marino and Maxcon appointed as builders.

Once complete, the precinct is expected to comprise around 1,100 residences, alongside retail, hospitality and public realm uses integrated throughout the site.

[smartcode_project:default project_id=144441 project_image_fid=370981]

Designed by Fraser &amp; Partners in collaboration with GURNER™ Design House, the project has been positioned around the developer’s broader focus on wellness-led residential living.

“We don’t sell apartments. We create a true luxury lifestyle that simply doesn’t exist elsewhere in the market today,” Founder and Executive Chairman Tim Gurner said.

“To deliver that requires an extraordinary level of detail, coordination and discipline across multiple verticals, from design and hospitality through to wellness and service.”

“We’ve always believed that living extends far beyond the physical residence. It’s about how you feel the moment you arrive, how you live day-to-day, and the ecosystem that supports that.” 
[smartcode_project:default project_id=144441 project_image_fid=370977]

The project’s design places a heavy focus on landscaping, wellness amenities and biophilic design principles.

Plans include around 3,700 sqm of landscaped gardens and open space throughout the precinct, alongside a retail and dining offering spanning approximately 5,000 sqm.

The broader public realm strategy centres around what GURNER™ describes as the “Path of Life”, an urban forest and landscaped pedestrian environment intended to connect the various buildings and wellness spaces across the precinct.

The apartments themselves will incorporate a range of wellness-focused inclusions, including purified air and water systems, circadian lighting, antimicrobial surfaces, and optional in-home wellness upgrades.

[smartcode_project:default project_id=144441 project_image_fid=370980]

Gurner said the company’s experience through its Saint Haven wellness clubs had directly informed the residential offering now being incorporated into Elysium Fields.

“We’re seeing a clear global shift toward longevity, performance and proactive health,” Gurner said.

“Our role is to deliver that in a way that feels seamless, highly private and beautifully resolved within the environments we create.”

A large component of the wellness offering is planned through the resident amenity and health facilities proposed within the precinct.

That includes plans for bathing and recovery facilities spread throughout the towers, incorporating mineral pools, saunas, steam rooms, flotation therapy, red light therapy and wellness lounges.

The developer is also seeking approvals for what it describes as a “reverse ageing medical clinic” within the precinct.

[smartcode_project:default project_id=144441 project_image_fid=370978]

According to project information released by the group, the proposed facility would include cryotherapy, IV infusion therapy, infrared and dry saunas, PEMF beds, MRIs, DEXA scans, brain scans and blood analysis services.

Within the first tower, Helios, residents will also have access to a dedicated amenity offering known as the Sky Private Club.

The upper 15 levels of the building will include private lounges, dining spaces, rooftop amenities and optional private wellness studios integrated within residences.

The Helios tower itself comprises 260 apartments ranging between 60 sqm and 300 sqm, including a collection of penthouses.

That includes a planned two-storey penthouse spanning around 600 sqm with uninterrupted bay views.

The Elysium Fields precinct is being delivered in partnership with Digital Harbour Holdings, a consortium that includes the Liberman family, which controls the development rights across the Docklands site.

[smartcode_project:default project_id=144441 project_image_fid=370979]

The sales result comes as GURNER™ continues expanding its national development pipeline beyond Victoria.

“We have a strong pipeline across Australia and are now focused on scaling into key markets including New South Wales and Queensland, while continuing to build on our Melbourne base,” Gurner said.

“We currently have more than $3 billion in the market, growing to over $5 billion by October, and expect to materially outperform last year in the 2026 calendar year.”

The result also reflects the continued strength of the upper-end apartment market in Melbourne, particularly for owner-occupier-focused product with large-scale amenity and lifestyle offerings.

[smartcode_project_cta:default project_id=144441]

Record result anchored by the Group’s “utopian” Elysium Fields precinct – defying market headwinds in Docklands.

Elysium Fields drive Gurner to $1.65 billion in apartment sales over 2025

National Australia Bank (NAB) will fund <a href="https://www.apartments.com.au/new-apartments/palmera-residences-gold-coast-18-garfield-terrace-surfers-paradise-qld-4217">Palmera</a>, a $1 billion, 52-level luxury residential tower being developed by Central Equity in one of the Gold Coast’s most tightly held coastal locations at Northcliffe.

The project, launched recently by <a href="https://www.apartments.com.au/developers/central-equity">Central Equity</a>, one of Victoria’s largest private residential developers, comes at a time when construction funding for large residential developments has become increasingly competitive as lenders tighten exposure to the sector.

Multiplex has been appointed the builder, and construction is now underway.

[smartcode_project:default project_id=108274 project_image_fid=365784]

Since its first project, Central Equity has delivered more than 85 residential developments with a combined end value exceeding $8 billion.

Palmera reflects Central Equity’s growing focus on the Gold Coast luxury apartment market and continues a relationship between Central Equity and NAB that dates back to the late 1980s, when the bank funded one of Melbourne’s earliest inner-city residential towers at a time when high-rise apartment living in the CBD was largely unproven.

“NAB’s funding of Central Equity’s $36 million CBD development in the late 1980’s to the financing of the billion-dollar tower today highlights the long-term relationship between the two organisations in delivering major residential projects” said Central Equity Founder and Chairman Eddie Kutner.

He said NAB’s early support was instrumental in helping establish the company’s development model.

“When we commenced our first residential tower in the late 1980s the concept of funding off-the-plan apartments was still largely untested in Australia,” Kutner said.

“NAB recognised the opportunity early and supported the project when others were uncertain. That relationship has now continued for more than 37 years across many developments.”

[smartcode_project:default project_id=108274 project_image_fid=365771]

Central Equity was established in 1987 when Melbourne’s CBD and Southbank precinct were still dominated by warehouses and commercial buildings. Fewer than 100 residents lived in Southbank at the time, and large-scale residential development in the inner city was not widely considered.

Recognising changing demographics and lifestyle preferences, the company began developing high-rise residential projects designed to bring permanent residents into the city centre.

Central Equity has provided accommodation for approximately 40,000 residents across Melbourne’s CBD and Southbank, while also incorporating supporting infrastructure including essential lifestyle facilities like retail spaces, childcare facilities and neighbourhood activity centres.

Central Equity has spent many years assembling the Palmera development site on the corner of Garfield Terrace and Frederick Street in Northcliffe, creating a supersite of around 3,300 sqm.

The developer said the Palmera apartment tower reflects its long-term view of the Gold Coast as a growing and increasingly diversified economy.

[smartcode_project:default project_id=108274 project_image_fid=365768]

Supported by infrastructure including the light rail network, major road upgrades expanded education, hospital and medical facilities and continued expansion at the Gold Coast Airport with more international and domestic flights.

Positioned in the tightly held Northcliffe precinct, the 52-level tower will deliver 347 apartments, targeting buyers seeking a high-end coastal lifestyle, from downsizers to interstate investors.

Designed by Marchese Partners with interiors by DBI, Palmera has been conceived as a next-generation residential offering, featuring a collection of oversized apartments, with premium three-bedroom residences offering sweeping northern views stretching from Surfers Paradise through to Burleigh Heads.

[smartcode_project_cta:default project_id=108274]

NAB funds $1 billion Surfers Paradise apartment development, Palmera

Two years after completing one of the newest developments in North Sydney, developer <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a> is turning its attention to the rapidly evolving St Leonards apartment market.

The developer, which completed AURA by Aqualand on North Sydney's Walker Street, has lodged plans for a 5,918 sqm site at <a href="https://www.apartments.com.au/new-apartments/33-37-herbert-street-st-leonards-nsw-2065">33-37 Herbert Street, St Leonards,</a> seeking approval for a pair of residential towers rising above a shared podium opposite Royal North Shore Hospital.

The proposal forms part of the broader transformation underway across the St Leonards-Crows Nest precinct, where former industrial and commercial sites are increasingly being redeveloped into high-density mixed-use projects tied to major transport infrastructure.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="2cc428cf-fe70-4cac-9cd5-264ad53af62c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.56%E2%80%AFAM.png?VersionId=otKSnHtbjAvAddOnovyXQMgcAwE6DMe1" />

According to the planning documents, the site sits “within the St Leonards–Crows Nest Strategic Centre, identified by the NSW Government as a key area for accommodating future jobs and housing across Sydney.”

The proposal has been designed by fjcstudio, formerly FJMT Studio, and is being progressed through the State Significant Development pathway due to its scale and affordable housing provision.

The scheme would comprise 413 apartments, including 46 affordable housing units, alongside retail and commercial uses fronting Herbert Street. The project would also include communal open space, landscaping, a swimming pool, gymnasium, children’s play areas and podium-level resident amenities.

Planning documents show the development would consist of a part-13, part-39 storey tower form positioned above a four-storey podium.

“The development comprises a unified podium that activates the street interface, and two setback towers to accommodate new housing supply while maintaining an appropriate human scale at ground level,” fjcstudio noted in its Design Report.

The northern and southern towers have been shaped to respond to the surrounding skyline while also limiting overshadowing impacts to nearby public open space, particularly Talus Reserve.

The design report said the differing tower heights were intended to “contribute to a varied skyline while responding to the surrounding built form context and solar access considerations.”

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="36da62dc-ff9e-41f2-a7e3-7be38373751c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.45%E2%80%AFAM_0.png?VersionId=Mo6Rp2r.XRLTzIfg_PEEpw8NepDH8UBs" />

The site sits directly opposite Royal North Shore Hospital and within walking distance of both St Leonards Station and the new Crows Nest Metro station.

While the site itself sits just outside the formal Crows Nest Transport Oriented Development boundary, the planning documents repeatedly reference its alignment with the broader TOD objectives reshaping the Lower North Shore.

“The site is located adjacent to St Leonards Station and in close proximity to Crows Nest Metro which is within the Crows Nest Transit Orientated Development Accelerated Precinct which has been identified by the NSW Government to support housing delivery,” the Design Verification Statement noted.

According to fjcstudio, the project has been designed to respond to the broader transition occurring across St Leonards, where increasing residential density is being concentrated around transport infrastructure and employment hubs.

“The broader precinct is undergoing significant change, with a mix of existing mid-rise buildings and newer high-density developments,” the report stated.

“Recent and approved projects indicate a consistent shift toward taller built form, typically organised as tower-and-podium typologies with more active ground levels.”

The proposal includes close to 6,000 sqm of retail and commercial space across the ground floor and podium levels, designed to create a more activated street edge along Herbert Street.

Aqualand’s plans would also introduce a landscaped podium shared between the two towers, with communal open space in the form of a podium rooftop designed to support resident interaction and improve urban greening outcomes. The scheme would also introduce pocket parks at the northern and southern ends of the site, including a landscaped area at the corner of Herbert and Ella streets designed to improve pedestrian amenity and soften the streetscape.

&nbsp;

The proposal is being progressed through the NSW Government’s Housing Delivery Authority pathway, which was introduced to accelerate housing supply across the state. The application was declared State Significant Development in April 2025 following an expression of interest process.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="faf6d97d-2671-454f-b85a-fe1c6a7be608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.49%E2%80%AFAM.png?VersionId=diVd28OBVr5.YV.7prrOz.uAanwwwm7a" />

St Leonards has been particularly active with new developments in recent weeks. Developer SP Setia’s <a href="https://www.apartments.com.au/news/nsw/first-look-sp-setia-targets-st-leonards-skyline-with-40-storey-tod-tower">plans for a new 42-storey tower</a> recently went on exhibition through the same pathway, while <a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">Stockland’s 52-storey tower proposal</a> was also recently unveiled.

Aside from the St Leonards project, which is expected to take around nine months to move through the approvals process ahead of a potential 2027 launch, Aqualand is also preparing to launch Boronia, a new apartment project in Roseville comprising around 111 apartments on Larkin Street.

The developer also has approvals in place for the next stage of the Barangaroo precinct, which will feature new residential, retail, hospitality and community uses, alongside a new metro entry across the five-hectare site.

More than 50 new retail destinations are planned for Central Barangaroo, alongside a 270-metre-long boulevard connecting Hickson Park to Nawi Cove. Together with Harbour Park, more than 50 per cent of the precinct will comprise public open space and parkland.

First look: Aqualand joins St Leonards apartment party

Melbourne

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Unnamed property experts declared Fitzroy "the next Toorak" in weekend Fairfax Media silliness.
It was off the back of house price growth on Melbourne's north outpacing the south by 9.7% in the past five years.
"It is now more expensive to buy a home in Fitzroy than Windsor and Prahran," according to the news report.
But of course, Windsor and Prahran aren't Toorak.
The city's most expensive suburb remains Toorak, with a median house price of $2,430,000 in the March quarter – down from $2,875,000 in the December quarter. 
However, it was still above second place which was East Melbourne's $2,242,000 with a handful of mansion sales, and Kew in third place, with a $1,944,000 median, up from $1,700,000.
Fitzroy North's median house was $1,135,000.
And it's poorer cousin Fitzroy had a $1.08 million house median.
And anyway looking at the list, Parkville seems to outrank the near suburbs from the other side of Nicholson Street.
<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>
Source: REIV
(*fewer than 30 sales)
The nine reasons Fitzroy/Fitzroy North will not be the next Toorak.
<ol>
<li>
The celebrity chef <a href="/news/chef-george-calombaris-sells-fitzroy-north-pad-as-he-upgrades-toorak-mansions">George Calombaris sold out of Fitzroy North</a> recently to upgrade Toorak residences to a $4.75 million French Provincial family residence with picture book windows overlooking Paul Bangay gardens. 
</li>
<li>The queues over summer outside the Messina gelato shop on Smith Street are too long. Best send the butler from the air-conditioned Toorak mansion to collect the salted caramel take-away tub. </li>
<li>
Clifton Hill holds first rights to the title as it was described back in the 1880s as the "Toorak of Collingwood". 
</li>
<li>
Fitzroy only had two salons, Unico and Redroom, on the recent <a href="https://www.theurbanlist.com/melbourne/a-list/where-get-melbourne-s-best-blow-dry" target="_blank" style="line-height: 1.3em;">The Urban List</a> of Melbourne's best blow dry. Toorak, and neighbouring South Yarra, had six entrants among the 16 salons. 
</li>
<li>The 3,200 Toorak houses have an average 640 square metre block size. Fitzroy North's 3,500 houses come with a 240 square metre average. Fitzroy's 2,300 houses sit on an even smaller 165 square metre average square metre holding. </li>
<li>
The typical Fitzroy fare is plant-based Latin cuisine highlighted by the Smith &amp; Daughters menu of pazole, paella, chorizo, ceviche and croquettes. There apparently isn't a single animal product on the premises.  
</li>
<li>
The top sale in the Fitzroy district has been $4.2 million since the 2012 sale of the charming <a href="/news/fitzroy-north-tops-sales-with-strathfield-seizing-sydneys-highest-result-for-second-consecutive-weekend">Walkley</a> set in 740 square metres of beautifully landscaped grounds on Alfred Crescent. Toorak has had around 250 sales above $4.2 million, topping out at <a href="/news/nigel-austin-the-cotton-on-retailer-chain-founder-the-one-towers-road-toorak-buyer">$21.5 when the Cotton On boss Nigel Austin bought last year</a>.  
</li>
<li>Around 40% plus of Fitzroy/Fitzroy North houses are semis or terraces compared to just 15% in Toorak. </li>
<li>Toorak is dominated by owner occupiers, with investors holding around 50% of stock in the Fitzroy precinct.</li>
</ol>
The pity was the captivating, though now amended, headline in The Age, "Million-dollar suburbs smash north-south divide", alluded to something significant occurring within the systemic divide, but then disappointed, I'd suggest in delivery.
And it has since come to light, from at least one of the unnamed experts, that they actually agree Fitzroy won't be Toorak. They were told "Fitzroy North becoming the Toorak of the north". What was reported was different.
Aerial photo of Fitzroy courtesy of Wikipedia/Creative Commons.
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jchancellor-FAypfDUnLy

The nine reasons Fitzroy will not be the next Toorak

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The professional matchmaker Yvonne Allen has sold her three-level inner city Melbourne pad for $1.3 million.
Allen, founder of Yvonne Allen &amp; Associates, and her partner Stephen Hopley, a former director of Macquarie who is now on the board of oil company MEO Australia, bought the three-level apartment at 10/130 Flinders Street in 2007 for $695,000.
The couple then commissioned architect Victoria Hamer to renovate <a href="https://www.melbourneboutiqueproperty.com/index.cfm?pagecall=property&amp;propertyID=2624823" target="_blank">the four bedroom apartment in the 1885 building</a>.
The Italian High Renaissance revival warehouse stood as the tallest in Flinders Street after being designed by W.H.Ellerker.
The converted warehouse has had nine residential apartments since 1993.
It sold through Gina Donazzan, of Melbourne Boutique Property, who was quoting $1.1 million-plus.
It features a private rooftop terrace with views towards Government House. Its open-plan living area comes with seven metre ceilings, exposed red brick walls, parquetry floors and original french doors.
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Matchmaker Yvonne Allen sells Melbourne warehouse penthouse

<html><body>
A South Melbourne property has been sold by the University of Melbourne for $10.78 million to the Victorian state government with the settlement last month.
It is set to become a primary school after the then Baillieu state government responded to the perceived looming crisis of rising enrolments and overcrowded inner city state schools. 
The 129-161 Ferrars Street property was identified in a 2012 report that signalled its as the preferred location for a new primary school due to its access to the 96 tram route and proximity to the Melbourne Sports and Aquatic Centre.
The report by Ernst &amp; Young acknowledged the 5,136 square metre site's closeness to City Road could pose a congestion problem.
The number of five to 12-year-olds in Southbank and Docklands is forecast to jump from 285 in 2011 to 1,366 in 2021.
The primary school is expected to open in about 2017, and could be expanded to take students up to year nine.
The site, variously owned by James Hardie, Rocke Tompsitt &amp; Co, and Elders through the decades, has been owned by the university since its 1977 purchase of the then Nathan Blight building.
</body></html>

University of Melbourne secures $10.78 million in future South Melbourne state school site sale

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It's something of musical chairs amid the mansions of East Melbourne, though they allow in outsiders from Mont Albert. Pollster Gary Morgan's East Melbourne mansion, Sunnyside, has been sold through Jock Langley, of Abercromby's Real Estate, but the details remain sketchy.
It is likely to sold for close to $7 million. Title Tattle gleans it has been bought by Sheree Robinson from Mont Albert who lodged a caveat over the property title sat month pursuant to its upcoming settlement.
The 1864 property on George Street, had been listed for sale by international tender in March last year with expectations of more than $10 million.
The Victorian residence, designed by Charles Webb with its striking façade, has eighteen principle rooms. 
It includes large, north facing reception rooms, a romantic drawing room, library and study, inviting informal living areas and a well equipped kitchen.
There is a private lawn, swimming pool and stables that offer pavilion entertaining and a self-contained apartment.
Last September the London style Georgian mansion Amberley, set just across the road, was sold for $10.2 million. Set on 902 square metres, it was built in 1886 offering a lifestyle reminiscent of inner London.
The George Street six bedroom offering was marketed as arguably "the finest home, in the finest street, in the most sought after suburb in Melbourne."
The technology millionaires Evan Thornley and Tracey Ellery sold Amberley through Kay &amp; Burton for the $10.2 million to the McKeon family who are longtime locals.
It last traded at $7.1 million in 2002 when sold by Krystyna Campbell-Pretty and her husband, Harold, chairman of market research group, Amberley Corporation after their 20 year ownership.
Peter and Maureen McKeon's prior nearby house was designed by the architect Leonard Terry, responsible other fine buildings such as the Melbourne Club. It sold for $6.35 million last year. Braemar, the 1865 grand Victorian mansion, with hints of Georgian influence, was marketed an imposing bluestone home built for William Bowen on 1,018 square metres. It was bought by Wayne Sidwell.
The Morgan's aren't going far either having bullishly purchased Claverings, the $5,155,000 Victorian villa in March last year.
Meanwhile another house with the same name, Sunnyside, one of the grandest homes to line Sydney Harbour, Sunnyside remains listed for sale. The 1857 sandstone home is set on 1,250 square metres of gardens.
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Pollster Gary Morgan sells Sunnyside in East Melbourne

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There are 349 auctions scheduled this week in Melbourne. Whilst higher than last weekend volumes are lower than usual due to Anzac Day.
RP Data captured 43 auction results across Melbourne last week with 25 successful sales recorded; however, due to the very low volume a clearance rate would not be statistically reliable.
The number of active buyers and sellers is clearly higher than it was over the past three years. However, as <a href="/expert-insights/investing/first-home-buyers-in-victoria-lowest-in-23-years">first home buyers are at record lows</a> the improved demand is coming from other segments.
Data shows that there are a proportionally higher numbers of upgraders and investors that was the case in the last rising market in 2009.
This highlights a fundamental difference to the last few cycles in the market as not only is this one shallower so far but there is a different mix of buyers.
Key data
<ul>
<li>Clearance rate week ending 20 April: NA due to low volumes 
</li>
<li>Melbourne auctions expected week ending 27 April: 349 
</li>
<li>Melbourne private sales time on market week ending 20 April: 33 days (houses) 
</li>
<li>Melbourne vendor discounting market week ending 20 April: -5.6% (houses) 
</li>
<li>Listings being prepared for market are 19.4 per cent higher in month ending 20 April (seasonally adjusted)</li>
</ul>
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rlarocca-zWhvjay44N

Property cycle now shallower with different buyer mix: RP Data's Melbourne auction preview

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I must be missing something here.  I have been told that I am slow.
But for the life of me I cannot see how the recent price growth in Sydney and Melbourne (up 15% and 12% respectively over the last 12 months) is anywhere near sustainable.
Nor can I see how the median Australian house price (which apparently is $535,000) is just over four times the disposable average family household income.  That would mean that on a gross basis, the average Aussie family earns about $175,000 each year.
Hmmm, something must be amiss.
Experiment
Each article i write is kind of like an experiment.  Topics are chosen often because the common rhetoric doesn’t seem to add up.  Sometimes they get picked because I like to disagree.  Many more are actually written than published.
In most cases we go back to basics – “explain it to me like I was a five year old” – it worked for Denzel Washington in the movie, Philadelphia, and it works for us too.
So in this regard we did the following:
<ul>
<li>Went to the 2011 Census for each capital city and found the median family household income 
</li>
<li>Worked out – via average weekly earnings – which are updated by state/territory twice each year –how much, by proxy, family incomes may have risen since the last census.  There was a big variation between each city. 
</li>
<li>Determined disposable income (gross wages minus tax) using an up-to-date (2013/14) online calculator. 
</li>
<li>Recorded dwelling prices by capital for all dwellings; houses and attached product according to the latest release from RP Data. 
</li>
<li>Used AFG’s mortgage index to determine the average loan to value ratio for each state/territory.  Overall, the average equity is 32% on recent home loans according to AFG. 
</li>
<li>Applied a basic online mortgage calculator using a principal and interest loan; 30 year time frame and 5.95% variable interest rate (the average rate, according to the RBA). </li>
</ul>
Our aim here is to find out two things:
<ul>
<li>The current dwelling price to income ratio for each capital, and 
</li>
<li>The proportion of disposable family income needed to pay the average mortgage in each city today. </li>
</ul>
Now that sounds pretty logical, right?  No silly things like prices versus nominal GPD; nor is income determined by national accounts.  Just a simple comparison between what we say we earn; what we have left over, in theory at least (as day to day expenses just seem to be escalating far beyond CPI), after tax; and how much a dwelling costs to buy.  Importantly, it is measured on a city by city basis.
So here are the results – all for March 2014.
Sydney 
<table style="width: 523px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="433">
Median dwelling price
</td>
<td width="90">
$762,000
</td>
</tr>
<tr>
<td>
Median detached house price
</td>
<td>
$818,000
</td>
</tr>
<tr>
<td>
Median attached dwelling price
</td>
<td>
$585,000
</td>
</tr>
<tr>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr>
<td>
Median family household income
</td>
<td>
$97,500
</td>
</tr>
<tr>
<td>
Median disposable household income
</td>
<td>
$72,000
</td>
</tr>
<tr>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr>
<td>
Ratio - dwelling price to disposable income
</td>
<td>
10.6
</td>
</tr>
<tr>
<td>
Ratio - house price to dis. income
</td>
<td>
11.4
</td>
</tr>
<tr>
<td>
Ratio – attached price to dis. income
</td>
<td>
8.1
</td>
</tr>
<tr>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr>
<td>
% dis, income needed to buy dwelling
</td>
<td>
50%
</td>
</tr>
<tr>
<td>
% dis, income needed to buy house
</td>
<td>
54%
</td>
</tr>
<tr>
<td>
% dis, income needed to buy attached
</td>
<td>
38%
</td>
</tr>
</tbody></table>
Houses are very overpriced; attached property is heading that way.
Melbourne
<table style="width: 523px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="433">
Median dwelling price
</td>
<td width="90">
$669,000
</td>
</tr>
<tr>
<td>
Median detached house price
</td>
<td>
$699,000
</td>
</tr>
<tr>
<td>
Median attached dwelling price
</td>
<td>
$498,000
</td>
</tr>
<tr>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr>
<td>
Median family household income
</td>
<td>
$93,500
</td>
</tr>
<tr>
<td>
Median disposable household income
</td>
<td>
$69,500
</td>
</tr>
<tr>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr>
<td>
Ratio - dwelling price to disposable income
</td>
<td>
9.6
</td>
</tr>
<tr>
<td>
Ratio - house price to dis. income
</td>
<td>
10.1
</td>
</tr>
<tr>
<td>
Ratio – attached price to dis. income
</td>
<td>
7.2
</td>
</tr>
<tr>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr>
<td>
% dis, income needed to buy dwelling
</td>
<td>
50%
</td>
</tr>
<tr>
<td>
% dis, income needed to buy house
</td>
<td>
52%
</td>
</tr>
<tr>
<td>
% dis, income needed to buy attached
</td>
<td>
37%
</td>
</tr>
</tbody></table>
Like Sydney, Melbourne’s houses are very expensive and attached property is heading the same way.
Visit Michael's <a href="https://www.matusik.com.au/" target="_blank">website</a>, read <a href="https://www.matusikmissive.com.au/" target="_blank" rel="nofollow">his blog</a>, follow him on <a href="https://www.facebook.com/ThinkMatusik?fref=ts" target="_blank" rel="nofollow">Facebook</a> and <a href="https://www.twitter.com/michaelmatusik" target="_blank" rel="nofollow">Twitter</a>, or connect via <a href="https://www.linkedin.com/in/michaelmatusik" rel="nofollow">LinkedIn</a>.
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michaelmatusik-49YzLvdmNv

Price growth in Melbourne and Sydney is not sustainable

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A 1,273 square metre vacancy created by the departure of the Australian Tax Office at 414 LaTrobe Street in Melbourne's CBD has been filled by Blue Rock Australia.  
The local accountancy, law and wealth management firm agreed to lease the one and a half floors on a term of seven years. It is understood the rent is in the mid-to-high $300s per square metre (net). 
Colliers International’s Edward Knowles negotiated the lease. 
“The business is experiencing rapid growth, hence the move from a 350 square metre floor plate in a boutique building to 1,273 square metre over the top one and a half floors in a higher grade building,” said Knowles. 
Blue Rock is due to relocate into the new premises in June. 
Knowles said the first quarter of 2014 had seen improved business sentiment and consumer confidence which was propelling activity in the Melbourne CBD office leasing market.
“The first signs of improvement in the market are starting to be seen,” he added. 
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kjiminez-eaYKfU7qd2

Blue Rock Australia sign La Trobe Street lease

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There’s a new breed of investor that is sweeping Melbourne and driving demand, according to property valuers Opteon Victoria.
It’s the cashed up self-managed superannuation fund investors that are part of what is driving Melbourne’s house prices, in concert with low interest rates and strong consumer sentiment, and Opteon Victoria managing director Chris Knight said that prices are expected to be more consistent than 2012 and 2013.
“Melbourne’s record median house prices in the March quarter were an encouraging sign of life and a return to more consistent prices across all sectors,” Knight explained.
“Top-end sales are in great shape and older homes on larger blocks are also selling well, which indicates those with money to spend are snapping up some good deals while interest rates remain low. This includes developers looking to subdivide.”
However, he said that there are three main buyer categories – upgraders, downsizers and investors. Overseas buyers are also looking at Melbourne.
“But a new breed of investor – the cashed-up self-managed super fund brigade – is starting to make its presence felt in both the residential and commercial property markets,” he said.
Where are they looking and what are they looking for?
Knight told Property Observer that these SMSF investors, that have been emerging over the months, are looking largely in the East and West growth corridors, and particularly the more affordable areas. This includes Point Cook, Tarneit, Cranbourne and Pakenham.
However, they’re also looking for a certain type of property to best suit SMSF requirements.
Those with self-sustaining yields, that are new enough to require few improvements and to offer substantial depreciation benefits, and that are at a lower investment-grade price point are the most sought after factors. This is for a number of reasons, including that the amount able to be poured into a super fund each year in extra contributions is capped, making renovations and sustaining a loss-making asset difficult for some SMSF investors. Similarly, improving an asset purchased in an SMSF can fall under a number of different rules from the ATO, which restricts renovating to the same extent as property purchased in other, more common, structures.
“Interest in self-managed super funds is growing substantially,” said Knight, noting that it is occurring broadly across Melbourne. "They're often ably assisted by their financial adviser," he said.
Investors looking outside of their SMSF, however, have some other ideas. Despite a general wave of negativity regarding inner city Melbourne and the discussion of oversupply and low yields, it appears that there is still strong interest. The west and north west areas in particular see interest, such as the outskirts of Essendon and Footscray, he said, noting it has also been a surprise to see investors heading into the CBD and inner city ring.
"It's all about the entry point, the yields, and the ability to secure the properties quickly," he explained.
New stock, a <a href="/expert-insights/off-the-plan-values-coming-back-at-15-below-purchase-price">contentious topic in the past on Property Observer for states other than just Melbourne</a>, will be an interesting sector to watch. Knight noted that it's the re-sale values that will be the proof the market needs, however warns those tracking the properties that often developers are those selling these properties again on second sale.
This is often due to the developer owning a right to the sale through the contract, particularly when they have other stages up for sale. He notes that it's worth waiting to see how they sell through a local real estate agent, as it's hard to quantify just how much the marketing costs may have been built in to the value.
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jduke-EHk3XBmHkn

The new breed of investor and the Melbourne suburbs they’re targeting

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A development application for 150-162 Flinders Street and 17-25 Russell Street in Melbourne has been slammed by Melbourne Heritage Action (MHA) who say that while they’re not against development on the site, they believe that the Forum Hotel tower is inappropriate due to height and heritage concerns.
According to the permit application form, the site owner is looking to develop a multistorey building to the rear of the forum, including a residential hotel, dwellings, retail, office and business identification signs, as well as the refurbishment of the Forum Theatre and building and works to make alterations to adjacent roads. The permit was applied for late last year.
The 2,038 square metre 150-162 Flinders Street property was purchased for $6,000,000 in June 2011, according to RP Data.
Arguing on the basis of five points, the MHA said that the application should not be approved in a letter made to the Minister for Planning.
Their points of contention:
<ol>
<li>The development ignores a height limit designed to maintain the heritage character of the area and keep other iconic landmarks in the skyline. </li>
<li>It will be detrimental to Hosier Lane – an important cultural and tourist location. </li>
<li>It has not been proven to be essential for the funding of restoration works (which MHA does welcome for the development). </li>
<li>It may be detrimental to the Forum itself and Cavendish House. </li>
<li>It does not conform to some aspects of the planning scheme.</li>
</ol>
“We are worried that the issue of restoration is being used to sugar-coat what is essentially an inappropriate development intended solely at maximising economic return in a sensitive area,” writes MHA president Tristan Davies in his objection.
He further notes that any development on the site should conform to the 40 metre height limit and “not something three times the limit, dominating over some of our most important heritage landmarks in flagrant violation of the Melbourne Planning scheme.”
Urban Melbourne notes that the tower would sit up to 107 metres high under the proposal.
According to the Department of Planning and Community Development website, the applicant for the development is Bill Kusznirczuk, renowned urban planning expert and managing director of Clement Stone Town Planners who is no stranger to arguments for and against proposals.
Picture courtesy of wikipedia/creative commons. 
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Objections to Forum Theatre hotel tower as Melburnians seek to save skyline

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Seven years ago a real estate professional in Tasmania sent me a bottle of whiskey because he liked what I wrote about his area.
I don’t particularly like whiskey and I don’t want gifts for writing positive things about a location, because it carries a whiff of corruption. But it was an expensive brand of liquor and I do remember receiving it, the name of the person who sent it, who he worked for and the fact that I sent him a thank-you note – although it was seven years ago.
I’m certain that if someone sent me a $3,000 bottle of wine and I sent that someone a hand-written thank you note, I would remember it.
So I’m incredulous that some sections of the media are painting NSW Premier Barry O’Farrell as a noble statesman who sacrificed himself at the altar of ethics in politics after a memory lapse. Give me a break; he is merely the latest politician to be mired in the cesspool that is the Australian Water Holdings, which is shaping up as Australia’s Watergate. More big names will fall before this one has played out.
Favours to businesses and property developers, in return for gifts or party donations, are all too common in Australian politics. It’s the single most likely explanation for the unnatural enthusiasm of the Victoria state government for approving more and more apartment towers in a vastly oversupplied market, often over the top of local councillors who said ‘no’ to the project.
If you want to understand how the politics of property development work in Melbourne, read the novels of Peter Temple, which have been turned into a series of television movies starring Guy Pearce and currently running on ABC TV.
But back to New South Wales, which now has a new Premier. Whatever the reality of the Barry O’Farrell situation, there’s no doubt that the state economy and the Sydney property market have benefited from his governance.
For almost 10 years, most of it under an ALP government that gets my vote as the worst in my lifetime, the Sydney market went nowhere and was the chronic under-achiever of capital city Australia. Then last year it sparked to life and showed the first meaningful growth since 2003.
<blockquote>
Suburbs will rise not so much because they’re near the airport, but because they have rail or motorway links that previously did not exist.
</blockquote>
The single biggest difference is that money is being spent on infrastructure. As I have often remarked, infrastructure spending is the number one game-changer in residential real estate.
Until recently Adelaide, a city a quarter the size of Sydney, had more new infrastructure happening than did the nation’s biggest city. But now Sydney is receiving belated impetus from long-overdue spending on infrastructure, included rail links, motorway upgrades and hospital expansions.
Many investors are asking whether they’ve missed the boat in Sydney. The short answer is that they should have been buying in 2012, when prices were down and competition was scarce. The 2013 upturn was highly predictable – and now many areas have had double-digit annual growth. I would be focusing on regional areas of NSW with strong growth prospects and a much higher degree of affordability, including <a href="/news">Wollongong</a> and <a href="/news">Dubbo</a>.
The longer answer is that there is still more growth to come to Sydney and the key to finding it is to follow the infrastructure trail.
There will a considerable boost to locations out towards <a href="/news">Rouse Hill</a> as completion of the North West Rail Link draws closer. Plans to build the missing link motorway in the north of Sydney will impact suburbs in that area. And now a whole new series of impacts have been introduced with the possibility that the Badgerys Creek Airport may actually happen.
Don’t be in too much of a rush to exploit the airport plan, because the best clues about where to buy are yet to be revealed. The most influential aspect about that facility will be the transport infrastructure to be built around it – the road and rail links feeding into it.
Suburbs will rise not so much because they’re near the airport, but because they have rail or motorway links that previously did not exist.
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>. 
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