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 internation 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

Savills

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A ground floor retail shop in the Sydney CBD has been purchased by Lyndal Hale &amp; Kenneth Hale (K +L Hale Pty Ltd) for $910,000 on a passing yield of 5.16 percent pa through Savills ahead of its auction on June 27.
The 28 sqm shop is part of a 10-storey apartment block at <a href="https://www.realcommercial.com.au/property-retail-nsw-sydney-502413302" target="_blank">Lot 1, 21 Alberta Street</a>.
It was bought from Steven Fragias &amp; Gerasimos Fragias
The corner shop at the southern end of the CBD is leased to Cre Asion café on a new five-year lease, with a five-year option and offers 3.95 sqm of outdoor seating area. The rent is  $47,021 pa.
The deal was negotiated prior to auction by Robert Lowe and David Hickey of Savills Australia.
Robert said the long standing tenant has run a highly successful business for the past six years and also operates the recently acclaimed Japanese restaurant from an adjoining commercial tenancy know as Sasaki.
The corner shop has floor-to-ceiling windows with lot of natural light, an exposed concrete façade and modern timber fitout.
The shop is located within a short walk to CBD streets and St James Station.
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Corner shop in Sydney CBD leased to cafe snapped up before auction

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A local developer has snapped up a development site for $3.33 million in Melbourne's Ascot Vale in a private sale through Savills Australia. 
The <a href="https://www.realestate.com.au/property-residential+land-vic-ascot+vale-201784898" target="_blank">147-149 The Parade</a> property sold at a robust land area rate of $2,060 a sqm. 
The 1617 sqm property, zoned General Residential 1, is close to shops and public transport.
Improvements include a single level, residential duplex.
The sale was negotiated by Savills’ Julian Heatherich, Jesse Radisich and Benson Zhou.
Heatherich said the location had easy access to Melbourne CBD and with its three street frontages was very attractive to developers.
"This is an ideal site for both townhouse or apartment development and that was acknowledged by the very high level of enquiry from developers looking to capitalize on the demand from both investors and owner-occupiers," Heatherich said.
The vendor was a local investor.
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Developer snaps up Ascot Vale site in Melbourne for $3.33 million through Savills

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Retail sales activity during the first quarter of 2107 was a little more than $6.6 billion with 130 transactions clocking more than $5 million each, according to the Savills Retail Quarter Times.
Other trends show that there were 73 projects spread over a development area of 1.75 million sqm. At the same time, retail trade touched $102 billion, a 2.7 percent growth on an annual basis.
The top sales — more than $25 million — over the past year or so were at city centres. The top one was David Jones for $360 million and St Collins Land in Melbourne for $247 million, Savills data shows.
Yields for the top 20 sales varied from 3.72 percent to 8.41 percent, according to Savills.
<a href="https://www.propertyobserver.com.au/images/2017/06/14/SavillsSalesTop20.png" target="_blank">Click here to enlarge</a>
<img src="https://www.urban.com.au/images/2017/06/14/SavillsSalesTop20.png" alt="">
By state, NSW topped the sales activity for the year — sales more than $10 million — with Victoria and Queensland following.
<a href="https://www.propertyobserver.com.au/images/2017/07/03/SalesActivity.png" target="_blank">Click to enlarge</a>
 <img src="https://www.urban.com.au/images/2017/07/03/SalesActivity.png" alt="">
<a href="https://www.propertyobserver.com.au/images/2017/07/03/SalesByType.png" target="_blank">Click to enlarge</a>
 <img src="https://www.urban.com.au/images/2017/07/03/SalesByType.png" alt="">
<a href="https://www.propertyobserver.com.au/images/2017/06/14/SavillsAvgeYld.png" target="_blank">Click here to enlarge</a>
<img src="https://www.urban.com.au/images/2017/06/14/SavillsAvgeYld.png" alt="">
<a href="https://www.propertyobserver.com.au/images/2017/06/14/SavillsAvgeYldSpread.png" target="_blank">Click here to enlarge</a>
<img src="https://www.urban.com.au/images/2017/06/14/SavillsAvgeYldSpread.png" alt="">
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jonathanchancellor-7SQnKwU6yx

Retail sales activity in first quarter reached $6.6 billion: Savills

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Properties in Gordon, Killara and Pymble are appealing to a wide range of buyers, according to Savills’ latest report.
It noted across the suburbs, the median house price in January 2017 was $2.3 million, over twice the average for Greater Sydney.
It advised there is a premium for being closer to the city and in close proximity to a train station.
“Killara is the most expensive with an average house price of over $2.5 million compared to West Pymble at $1.7 million," the report advised.
“House prices have experienced significant growth over the past decade, increasing by 103%, in line with the Sydney average.
“Across the suburbs, West Pymble and Pymble experienced the strongest growth with house prices increasing 113%, reducing the value gap with suburbs closer to the city.
“Strong growth has continued over the past 12 months, driven by a lack of supply across the area, with house prices across the five suburbs increasing by 13%, outperforming the Sydney average.
“Units in the area had a median value of $970,000 in January 2017, less of a premium than houses when compared to Sydney at just one third more expensive.
“Similarly to house prices, apartment values vary in price along the train line. Pymble is roughly 10% cheaper than those in Killara and Gordon.
“Growth in unit prices has been slightly more subdued than houses with an increase of 83% over the past decade.
“However, much like houses, price rises over the past year have outperformed the Sydney average with an increase of 11%,” the report stated.
Private renters are more frequent in medium density housing areas according to Savills head of research Sophie Chick.
“The proportion of private renters varies significantly across the area,” Chick says.
“Unsurprisingly, there is a higher concentration in the areas with more medium density housing.
“Gordon has the highest proportion with 22% of the residents private renting, followed by Killara with 18%.
“Conversely, just 9% of residents in West Pymble are private renters.
“Across the suburbs, the median weekly rental value was $1,200 for a house and $700 for a unit in January 2017, equating to average yields of 2.8% and 3.7% respectively,” she commented.
International buyers are an important source of demand Savills says.
“Across the five suburbs, families with children make up over half the residents, accounting for 57% compared to an average of 45% across Sydney.
“International buyers are an important source of demand for the housing market across Sydney as both owner occupiers and investors.
“Of the five suburbs, East Killara has the highest proportion of residents born overseas, accounting for 45% of the population with a particular dominance of residents from China and Hong Kong.
“Accessibility to employment locations is high priority for many house hunters.
“Residents across the area work in a number of locations, reflecting the suburbs' connectivity to major employment hubs.
“The largest employment industry for people living in the five suburbs is the professional, scientific and technology sector accounting for 18% of employees compared to an average of 10% across Sydney.
“This industry is the fastest growing in Sydney meaning the area is well placed to draw on the newly created wealth in these industries.”
Qualities that attract residents to these areas are expected to grow Savills comments.
“It is important to assess the outlook for the area in the context of the Sydney market,” the report advised.
“Factors such as low interest rates, population growth and infrastructure investment point to a positive economic outlook for NSW over the next five years.
“These factors are expected to continue to support demand for housing, particularly in Sydney.
“However, it is likely the rate of growth will slow, given the affordability pressures and the regulatory measures implemented to slow the amount of bank lending to investors.
“Across all five suburbs, the good primary and secondary schools, connectivity, high quality housing stock and open space available are expected to continue to appeal to families looking for their long-term home regardless of market conditions.
“The development of apartments and townhouses along the Pacific Highway provides a wider range of housing options, which is likely to attract a broader demographic of buyers including first home buyers, downsizers and investors.”
For more information go to Savills' home <a href="https://www.savills.com.au" target="_blank">page</a>.
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Gordon, Killara and Pymble appeal to wide range of buyers: Savills

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Parramatta is set to become Sydney’s future, according to Savills’ latest report.
“Forecast to be vital to Sydney’s future, Parramatta is now a city in transition with significant residential and commercial development activity taking place.
“The centre of Parramatta is already considered Sydney’s second CBD with an extensive commercial centre with substantial retail amenities.
“The suburb has benefitted from a number of private sector companies relocating or opening new offices in the area.
“These moves mean there is a greater number of high earning professionals, not just working, but often living in the area as well as utilising the retail, dining and leisure facilities.
“Aside from the ongoing development activity and popular dining precinct, Parramatta will continue to evolve into more of a destination due to the infrastructure improvements due to take place.
“The State Government has committed $10 billion for infrastructure investment for Parramatta and Western Sydney, which includes the new Sydney Metro West, Light Rail network, integrated and upgraded roads, rail, buses and ferry services,” the report stated.
Property values in Parramatta have experienced strong growth over the past decade.
“House prices have increased by 136 percent and apartment prices by 118 percent, outperforming the average growth seen across Sydney as a whole.
“However, over the past year, the rate of annual growth has slowed to 3 percent and 5 percent for houses and units respectively, reflecting a more subdued housing market seen across Sydney.
“Despite this rise in value, Parramatta remains a relatively affordable location to buy residential property.
“The median price of a house in the suburb of Parramatta in December 2016 was $1.19 million.
“This is slightly higher than average across all of greater Sydney but offers a substantial discount when compared to Central Sydney, the Inner West and the north western suburbs.
“Units in Parramatta have a medium price of $592,000, which is a discount of 16 percent compared to the Sydney average.
“This is due to a higher concentration of units in central, more expensive locations.
“Across the wider area of the City of Parramatta, prices can vary significantly.
“Oatlands, a suburb with high quality, family housing stock, is the most expensive location with the average house price nearly reaching $1.5 million.
“By comparison, areas to the south east of Parramatta such as Granville and Rosehill are cheaper with an average price for a unit of around $500,000,” the report advised.
A two bedroom unit at <a href="https://www.realestate.com.au/property-apartment-nsw-rosehill-125583526" target="_blank">11/88 James Ruse Drive</a>, Rosehill (above) has been listed for between $570,000 to $600,000.
Similarly a two bedroom unit at <a href="https://www.realestate.com.au/property-apartment-nsw-granville-125581878" target="_blank">11/9-11 Boundary Street</a>, Granville (below) has been listed for between $589,950 to $629,950.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/05/31/11_9-11%20Boundary%20Street.jpg" alt="">
Large-scale unit block developments are now common in Parramatta according to Savills.
“In response to the increased demand and changing demographics of the area, there has been a significant amount of residential development activity in Parramatta including a number of large-scale unit blocks.
“These apartments are popular with investor buyers and have increased the number of rental properties available.
“The proportion of private renters in Parramatta is already significantly higher than average, accounting for half of the population compared to a quarter across Greater Sydney.
“Tenants are attracted to the cheaper rents available. The median weekly rent in December 2016 was $550 for houses and $470 for units, around 15 percent cheaper than the Sydney average, resulting in average yields of 2.4 percent and 4.1 percent respectively.
“Unsurprisingly, given this new stock coming to the market, vacancy rates in Parramatta are slightly higher than the average across Sydney but the rental market remains active and the median rent has remained relatively stable over the past two years, following large increases,” the report commented.
Parramatta has one of the fastest growing populations of any local government area in Sydney, according to Savills.
“From 2011 to 2016, estimates show the population across the city of Parramatta has increased 17.6 percent, twice the rate of growth seen across Greater Sydney.
“This has significantly added to the demand for real estate in the area, equating to 7,150 new residents a year.
“Employment opportunities are a key reason people are drawn to live in an area.
“The City of Parramatta provides a wide range of employment options for both residents and surrounding locations.
“There are currently 92,000 residents of the city who are employed, but there is a daily work population of over 157,000, indicating at least 40 percent of the workforce lives outside Parramatta.
“Health care and social assistance is the dominant employment industry, with almost 25,000 employees, primarily driven by the Westmead health precinct.
“Across the city of Parramatta, there is a similar breakdown of household type to the Sydney average.
“There are higher numbers of lone person and group households which reflects the increasing number of young people moving to the area.
“Across the suburb, nearly half of residents are aged between 20 and 34 compared to a quarter across greater Sydney.
“Parramatta is a culturally diverse city and has a large international community.
“In the suburb, 21.3 percent of residents describe their ancestry as Indian and a further 21.2 percent as Chinese.
“Just 19.3 percent describe it as Australian or English compared to over half across Greater Sydney.
“As such, many international buyers are attracted to the area, providing an important source of demand for the housing market as both owner-occupiers and investors,” the report stated.
Parramatta’s landscape is expected to change if project development continues Savills says.
“The Parramatta CBD has seen a surge of residential and commercial development in recent years.
“If the projected development pipeline is realised, the Parramatta landscape is expected to continue this significant transformation over the next decade.
“This should contribute to strong population growth for the region and an increase of much needed supply of both commercial and residential properties.
“Forecasts suggest the population is set to increase by 74.5 percent over the next 20 years, to 416,750 people compared to a 37 percent increase across Greater Sydney.
“This is the third largest increase forecast of all Sydney’s Local Government Areas (LGA) following Camden and The Hills.
“The major investment in infrastructure and the ongoing commercial development is expected to create more jobs in the area and therefore an increase in demand for residential property.
“By 2021, Parramatta’s economic growth rate is anticipated to nearly double from 2.4 percent to 4.6 percent, taking the total employment to 186,000 people.
“The financial and insurance services sector is projected to see the most concentrated economic growth.
“The increased residential supply in Parramatta, combined with substantial government investment in infrastructure has increased general awareness of the Parramatta region.
“Whilst many buyers are still expected to be local to the western suburbs of Sydney, the ongoing changes and development activity are expected to broaden the range of interest and appeal to a larger catchment area, which is already starting to take place," the report stated.
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Parramatta the future of Sydney: Savills

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A fully leased, boutique style office building in South Melbourne, on the CBD fringe, has been sold by Savills for $4,2 million.
The property at <a href="https://www.commercialrealestate.com.au/property/21-yarra-place-south-melbourne-vic-3205-2013581512" target="_blank">21 Yarra Place</a> was being marketed through an expressions of interest campaign that closed June 7 and was expected to fetch around $4 million.
The selling agents were Clinton Baxter, Nick Peden, and Benson Zhou.
Designed by Hayball Architects, the four-level building includes a timber façade, modern fit-out, eco-friendly materials and an internal vertical garden. It has views of the CBD and Port Phillip Bay.
Baxter said the building had all the credentials to attract serious investors, such as a blue chip suburb location, a near new building with depreciation benefits and fully leased with strong rental growth potential.
<img src="https://www.urban.com.au/images/2017/06/28/SavillsYarra2.png" alt="">
The property is fully leased to Caramel Creative on a new five-year term with two five-year options at a current net annual rental of $168,000.
The yield works out to be 4 percent.
“Property in South Melbourne has exceptional potential simply by virtue of its proximity to the CBD and the benefits that proximity can offer especially to businesses and that has driven strong growth in the precinct over the last few years,” added Zhou.
 
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Modern office building on Melbourne CBD fringe sells for $4.2 million through Savills

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Developers who take the time to research their local market and deliver suburban apartment projects that reflect local culture and values in terms of architecture and landscaping are being rewarded, according to Savills director Julian Heatherich.
"We have seen a shift in the apartment product offering to owner-occupiers and particularly to potential owner-occupiers currently residing within immediate proximity of such developments," he said.
"Downsizers, perhaps baby boomers and the like, have embraced, indeed demanded this shift of focus from developers and it is paying dividends.
"As the market matures in this way we are seeing larger apartments, better design, more sympathetic local landscaping and streetscaping and ultimately a more successful product.’’
Heatherich said developments in suburbs like Camberwell may also benefit from the federal government’s $300,000 superannuation incentive.
He, with Jesse Radisich and Benson Zhou, is currently marketing a circa $8 million, prime corner landholding in Camberwell’s Anderson Hill precinct with a permit for 29 luxury apartments.
The incentive, announced in the May Budget, is designed to encourage retirees to downsize by allowing a non-concessional contribution of up to $300,000 into their superannuation from the proceeds of the sale of their home.
Radisich said the 553-555 Burke Road (corner Mowbray St) property was arguably the best permit approved site to be offered to the market this year.
"We expect extremely strong interest, as the project has been designed with large, high quality apartments targeted at owner-occupiers/downsizers, and this is really where the market is strongest at the moment," he said.
"The fact that the proposed project also includes prime retail fronting Burke Road within the Anderson Hill residential precinct will further enhance its prospects.
"Retail components – cafes, eateries and the like - are another relatively recent addition to apartment developments that have been embraced and welcomed by prospective purchasers."
Zhou said purchasers would have access to a level of amenity that is only available in the some suburbs - exclusive schools, a fashionable retail precinct, a prized village atmosphere, excellent public transport, and close proximity to the CBD.
"This sort of amenity is another important driver of suburban apartment projects and why sites such as this are so popular with developers,’’ Zhou said.
The 1427 square metre Burke Road property will be sold by expressions of interest closing Wednesday, July 12.
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Locals shape apartment projects as boomers downsize: Savills

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Deal Corp is selling 34 serviced apartments in one line at its Arkana development at Dandenong with expectations of around $10 million through Savills.
Designed by Hayball Architects, Arkana comprises an eight-storey building with serviced apartments, ground floor retail, office accommodation, conferencing and other facilities.
They are fully leased to hotel operator Punt Hill at a total annual income of $723,236.
The apartments are on the market by expressions of interest closing July 5.
The marketing is being handled by Savills' Julian Heatherich, Benson Zhou and Jesse Radisich.
Heatherich said the unique investment offered benefits over a typical apartment investment.
"This offering provides investors with 34 fully furnished apartments leased to the Punt Hill Group at fixed rental costs with annual CPI increases, rent is not linked to occupancy or vacancy, assuring investors of dependable annual gains, returns are well above residential apartment rates and there are depreciation benefits from a modern building," he said.
The lease is on each apartment specifically and was not dependent on group revenues or any other form of pooled income or profit share.
He said owners could use apartments up to 14 days annually.
Zhou said the number of serviced apartments had surged by more than 300 per cent making it the fastest-growing category of tourist accommodation in Melbourne.
 
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Deal Corp's 34 Dandenong apartments for sale in one line

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Earmarked as a growth hotspot, Oran Park offers an affordable, new community, according to Savills’ latest report.
Across Oran Park, the median house and land price is currently $766k, offering a 28.3 percent discount compared to the average across Sydney.
It noted the median price for a vacant land site is $400,000.
“Prices have increased significantly since the first homes were sold in 2010," Savills head of research Sophie Chick noted.
“Over the past five years, the median price has increased by 67 percent and 71 percent for a house and land package and a vacant land site respectively.
“As well as appealing to purchasers as their primary residence, Oran Park attracts a number of investors.
“This provides rental accommodation for families looking for more space as well as residents currently building their home in the area.
“The median weekly rent for a house in Oran Park is $570 resulting in an average yield of 4.0%.
“This is higher than the Sydney average of 3.2 percent and as such, attracts property investors looking for higher income returns,” the report stated.
A four bedroom house at <a href="https://www.realestate.com.au/property-house-nsw-oran+park-421131542" target="_blank">48 Thorpe Circuit</a>, Oran Park (above) is available for rent for $580 per week.
Similarly a four bedroom house at <a href="https://www.realestate.com.au/property-house-nsw-oran+park-421236914" target="_blank">9 Hansford Street</a>, Oran Park (below) is available for rent for $550 per week.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/05/31/9%20Hansford%20Street.jpg" alt="">
One third of residents in Oran Park are employed locally according to Savills.
“Across the Local Government Area of Camden, families with children account for nearly 60% of the residents.
“Growing families are attracted to the area due to the space and value on offer in comparison to other areas in Sydney as well as the community environment, which Oran Park is creating.
“Camden residents work in a range of locations.
“One third of residents are employed locally and a further third commute to neighbouring Campbelltown and Liverpool.
“Sydney CBD is the next largest employment region with 6.4% of Camden residents making the commute,” the report commented.
Savills head of research Sophie Chick says that development for Oran Park is forecasted to continue.
“The development activity in Oran Park is forecast to continue as the new town is formed and a community is created.
“Over the next ten years, the population is expected to more than quadruple in size to 21,500 people living in 7,500 homes.
“In addition to the ongoing residential development, the plans for Oran Park consist of 18 hectares of employment land, including a town centre and open space.
“Collectively, this is likely to increase the desirability of the area for existing and new residents as well as creating local jobs.
“As a suburb within the Government’s South West Priority Growth Area, Oran Park is part of a wider plan to improve housing availability, infrastructure and employment opportunities across the area.”
For more information go to Savills' home <a href="https://www.savills.com.au" target="_blank">page</a>.
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Oran Park earmarked as an affordable Sydney locality: Savills

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A classic five-level freestanding retail and accommodation building in the Melbourne CBD has been sold in an off-market transaction through Savills.
The corner building at 2-8 Spencer Street is one of the most recognisable corners in Melbourne. 
The art nouveau building was bought by education entrepreneur Shesh Ghale for a speculated $30 million, according to the Sydney Morning Herald.
The Melbourne Institute of Technology founder is Australia’s 105th richest person.
The 1913-built building, previously known as the <a href="/expert-insights/buying/art-nouveau-spencer-street-melbourne-corner-offering-through-savills">Sir Charles Hotham Hotel</a> and the Hotham Private Hotel, sold for $10.75 million in 2012 and was again put on the market in 2015, as reported in the Property Observer.
The 2012 buyer was associated with private investor Peter Russell's Kurrawong.
The property has frontages to both Spencer and Flinders Streets in the Melbourne CBD.
The sale was negotiated by Clinton Baxter of Savills.
The building’s tenants include Nomads Backpacker Hostel, a backpacker accommodation group.
The corner block has a land area of 883 square metres with a 20.9 metre frontage to Spencer Street and 40.2 metres to Flinders Street. 
When the hotel was first erected the daily press described as one of the largest in the city, close to what was the shipping trade, Spencer Street Railway Station, Harbour trust offices and Railways Offices. 
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