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

Victoria

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Low priced land has a lot of people talking and in Victoria there are a few blocks available on the cheap.
Land prices in Melbourne’s city-fringe housing estates <a href="/expert-insights/building/outer-melbourne-land-tracking-at-four-year-lows-oliver-hume">continue to hover at around four-year lows, according to Oliver Hume</a>.
However, how far away do you need to get from the capital to secure blocks at prices as ludicrously low as $2 per square metre?
<a target="_blank" href="">Lot 7</a>, as well as<a href="https://www.realestate.com.au/property-residential+land-vic-netherby-200831835" target="_blank"> Lot 17</a> (pictured below), on Netherby Baker Road, Netherby are both on the market for $11,500 each.
The listing notes that the land is rural residential in the <a href="/news">Netherby </a>township, “which boasts a pub” and is 20 minutes from larger town <a href="/news">Nhill</a>. It is an hour from the city of <a href="/news">Horsham</a>, and 20 minutes from Victoria’s largest recreational lake – Lake Hindmarsh.
Netherby is 405 kilometres north west of Melbourne.
They are each listed as being approximately 1,011 square metres.
This works out at approximately $11 per square metre.
<a href="https://www.realestate.com.au/property-residential+land-vic-netherby-200831107/"><img src="/images/2014/08/29/netherby%20uag%2029%20one.jpg" alt=""></a>
 
<img src="/images/2014/08/29/netherby%20uag%2029%20two.jpg" alt="">
Another 1,011 square metre block at <a href="https://www.realestate.com.au/property-residential+land-vic-kaniva-200629727" target="_blank">12 Moore Street, Kaniva</a> (pictured below) is up for sale for $13,500. It has electricity, water and sewerage adjacent to the block and faces the Native Botanical Reserve.
<a href="/news">Kaniva </a>is 415 kilometres north-west of Melbourne.
It works out at around $13 per square metre.
<img src="/images/2014/08/29/kaniva%20aug%2029%20one.jpg" alt="">
For $13,500, the 836 square metre block at <a href="https://www.realestate.com.au/property-residential+land-vic-dimboola-200937795" target="_blank">59a Anderson Street, Dimboola</a> (pictuyred below) is available for purchase.
It is noted as being ready to be built on with all services available, apart from gas.
<a href="/news">Dimboola</a>, in the Shire of Hindmarsh, is 335 kilometres north-west of Melbourne.
This works out at approximately $16 per square metre.
<img src="/images/2014/08/29/dimboola%20aug%2029%20one.jpg" alt="">
<a href="https://www.naracoortefn.com.au/buy-residential-real-estate/vacant-land-coleraine-edenhope-road-harrow-vic-14813100109" target="_blank">A block in Harrow</a>, for $14,000, on Coleraine-Edenhope Road (pictured below) was up for sale noting that power was passing by the block.
At 6,457 square metres, the block estimates out at about $2 per square metre.
<a href="/news">Harrow</a> is 390 kilometres north west of Melbourne.
<img src="/images/2014/08/29/harrow%20aug%2029%20one.jpg" alt="">
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jduke-EHk3XBmHkn

Can you really buy land in Victoria for $2 per square metre?

<html><body>
Victorian first time home buyers will pay less stamp duty for homes from 1 September.
The reduction in duty has become increasingly attractive - initially, 20% was reduced on 1 July 2011, followed by 10% on 1 January 2013, 10% on 1 July 2013 and the upcoming 10% on next Monday, 1 September 2014.
It is available for new or established home purchases.
<img src="/images/2014/08/29/vic-fhb-aug-29-one.jpg" alt="" style="line-height: 1.3em;">
Stamp duty concessions across the country are on the next page. Please click below.
<hr class="system-pagebreak">
Here’s the table that clears up what concessions are available (click to open in new window):
<a href="/images/2014/08/28/stamp%20duty%20chart%20aug%2028%20one.png" target="_blank"><img src="/images/2014/08/28/stamp%20duty%20chart%20aug%2028%20one.png" alt=""></a>
Source: State Revenue Offices/HIA
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jchancellor-FAypfDUnLy

Further stamp duty reduction for Victorian first home buyers

<html><body>
Dan Hunter’s new three hats restaurant,<a href="https://braerestaurant.com/"> </a>Brae, at <a href="/news">Birregurra</a>, some 90 minutes south-west of Melbourne, has been named The Age Good Food Guide restaurant of the year.
It is only the third time the award has gone to a restaurant outside of Melbourne.
Brae was also named best new and best regional restaurant in the Gourmet Traveller awards last week.
<img src="/images/2014/08/29/brae_0004_BraeRestaurant%205.jpg.jpg" alt="">
Chef Dan Hunter and his wife, Julianne established the $180 set price multi-course menu less than a year ago.
Drawing many of its ingredients from the surrounding gardens and local farms, The Age Good Food Guide co-editor Janne Apelgren said Brae was “a benchmark in contemporary fine dining”.
As for "the Brae Effect" what is very obvious is the surge in new B&amp;B's as without doubt the restaurant has created huge demand for short-stay accommodation. 
That means the 15 or so staff at the restaurant have found local accommodation challenging - some renting in nearby towns like Winchelsea and Colac.
<img src="/images/2014/08/29/brae_0002_BraeRestaurant%203.jpg.jpg" alt="">
There have been around 40 property sales since early 2013 at Brae, with prices ranging from $90,000 on Main Street to $1.8 million for an 80 hectare farm on Cape Otway Road. Sales are a bit too erratic to make out an obvious price growth trend.
The restaurant is on a seven hectare holding that sold in May 2013 for $1.05 million to the McCorkell Brown Group, directed by Howard McCorkell and Damien Newton-Brown, who have been building and developing iconic properties together for 15 years.
The property came with the original 1868 cottage, with Corkell and Newton-Brown commissioning James Legge, principal of Six Degrees Architects, to work on the design of the new operation.
Accommodation is currently on the drawing board with Damien Newton-Brown telling Property Observer that he is close to lodging the planning permit application for the accommodation, and if all things go well construction might get underway in early 2015.  
<img src="/images/2014/08/29/brae_0001_BraeRestaurant%202.jpg.jpg" alt="">
Brae was formerly Sunnybrae, the pioneering paddock-to-plate restaurant owned and run by chef George Biron who farmed organically with his partner, Di Garrett, who sold the property.
Tulip in nearby Geelong was named the new regional restaurant of the year.
<div class="display-media image secondary pull-right"><img class="size_secondary filetype-jpg" src="https://edge.alluremedia.com.au/uploads/businessinsider/2014/08/age-cover-an-300x0.jpg" alt="" style="display: block; margin-left: auto; margin-right: auto;"></div>
2015 marks the 35 edition of The Age Good Food Guide which is on sale for $24.99.
Photos: <a href="https://www.colinpage.com.au/#See" target="_blank">Chris Page</a>. Source: Supplied. 
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Brae restaurant awards puts Birregurra on the foodies B&B map

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Victoria’s construction boom comes as no surprise to anyone who has seen the increase in highrises and cranes on the skyline over the past few years.
This week Planning Minister Matthew Guy said that it shows no signs of abating.
Notably, <a href="/news/construction-work-falls-in-june-quarter-abs">construction work did fall slightly over the June quarter, according to the Australian Bureau of Statistics</a>, although remains up 3.2% over the past year.
Here are 10 quotes from Guy, reverse chronologically, in regards to changes in Melbourne.
<ol>
<li>“Victoria’s land supply program has been the most successful of any state, releasing 95,000 housing lots in metropolitan Melbourne alone. The strong competition between developers has dropped the median lot price from $225,000 in 2010 to around $191,000 now.” (August 2014) 
</li>
<li>“The last thing we need in Victoria is a housing shortage like the one Sydney is experiencing… Whether planning for land supply in suburban growth areas, for urban renewal precincts or for central city high rise apartments, we need to keep building enough homes to keep the market affordable.” (<a href="/expert-insights/buying/central-melbourne-sees-1-000-apartments-approved-to-avoid-sydney-like-housing-shortage">June 2014</a>) 
</li>
<li>“This [Plan Melbourne 2050] is a comprehensive plan for Melbourne that caters for a projected population of 7.7 million people by 2051 and provides a solid foundation to meet these challenges.” (<a href="/expert-insights/building/the-16-suburbs-to-benefit-most-from-plan-melbourne-2050">May 2014</a>) 
</li>
<li>"The Victorian Coalition government will not allow public accessed beaches to be built  on, where the land is technically held in private ownership … With this change, any permit application to use or develop land within this zone will require consent. This is wide-ranging and includes fences, signs, outdoor furniture, shade sails, flag-poles, sheds, pergolas, verandahs and decks. Until today’s reforms, building these structures on private land in this zone did not require a planning permit.” (<a href="/expert-insights/building/private-land-owners-near-victoria-s-beaches-to-lose-ability-to-develop-as-of-right">April 2014</a>) 
</li>
<li>“It’s clear that there is plenty of land for future development and plans to maintain supply. It is critical that we continue to identify land to drive industry, jobs and housing growth in regional centres. Melbourne is certainly in an enviable position because we have large tracts of land marked for urban renewal and new suburbs. We also have the largest amount of industrial land of all capital cities in the country.” (<a href="/news/vic/supply-to-continue-increasing-in-melbourne-minister-for-planning">January 2014</a>) 
</li>
<li>“Melbourne is proud to be developing some of the most innovative and advanced skyscraper designs in the world. While other skinny buildings are called ‘pencil towers’, this building displays a slender, twisting flower stem design. 54 Clarke Street has strong architectural features to ensure it embodies a slender, sophisticated style all the way from a 'webbed' foundation at ground level.” (<a href="/news/guy-approves-melbournes-most-skinny-tower-for-southbank">December 2013</a>) 
</li>
<li>“Southbank’s appeal for new residents is significant, as this ‘urban village’ is within our vibrant arts precinct and has immediate access to the Melbourne CBD, employment, public transport, the Yarra River, parks and gardens and other services … It also helps meet anticipated high population growth in the area, while also boosting livability for residents.” (<a href="/news/matthew-guy-approves-120-million-residential-tower-for-southbank">October 2013</a>) 
</li>
<li>“The Fishermans Bend project will set the standard for urban renewal  across Melbourne and Australia over the next three decades, bringing  thousands of new residents to areas close to jobs, transport and  Australia’s greatest cultural heart.” (<a href="/news/vic/urban-renewal-project-a-game-changer-for-melbourne-cbd">September 2013</a>) 
</li>
<li>"Melbourne’s skyline will take a dramatic turn upward following the Victorian Coalition Government's approval of the Australia 108 tower.” (<a href="/news/vic/two-more-melbourne-high-rise-towers-seek-matthew-guys-tick-of-approval">April 2013</a>) 
</li>
<li>“We have an ageing population, those heading towards retirement have reduced wealth, and housing stress is a chronic problem for about 10% of households… Almost all of the city’s most affordable housing is in the outer suburbs with the inner suburbs out of reach to many renters and all but the wealthiest first-home buyers.” (<a href="/news/vic/matthew-guys-nine-step-plan-to-addressing-housing-affordability-in-melbourne">October 2012</a>)</li>
</ol>
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10 quotes from Planning Minister Matthew Guy on changes in Victoria

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The former Mooroolbark Primary School site is being turned into a property development of 79 residences by developer Three Pillars.
It will be known as the <a href="https://threepillars.com.au/portfolio-type/mooroolbark/" target="_blank">Central Ave Mooroolbark</a> estate and will bring life to a site that has been vacant since the school’s closing and subsequent demolition in 2004.
On the corner of Manchester Road and Lincoln Road, Three Pillars purchased the land in 2012 with the new houses to be built by Edgepoint Homes.
The first two stages are nearly sold out, with Stage Three released earlier this month.
Remaining allotments include double- and triple-storey townhouses. They vary up to four bedrooms, but all have two-bedrooms with off-street parking.
From $370,000 to $440,000, they vary from 133 square metres to 188 square metres, looking to attract both homebuyers and investors.
Three Pillars’ director Ben Thomas said that families, first home buyers and downsizers are among the interested buyers.
“We are already seeing confirmation of its universal appeal in our sales results, which reveal that 30&amp; of our buyers are first-home buyers, 40% are second and third home buyers and 30% are investors,” said Thomas.
Three Pillars purchased the site from the Department of Education for $4.6 million.
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Former Mooroolbark Primary School site to become 79 new homes

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Barramunga, the classic two storey home set well back off Point Nepean Road at Sorrento, has been sold for $2.01 million.
It has upstairs views of Camerons Bight.
Barramunga kicked off the 2014 Australia Day long weekend auctions which faced buyer hesitation.
Title Tattle recalls the auction of the six bedroom cottage on its 3,474 square metre holding opened and closed on its $1.9 million vendor bid by the auctioneer Gerald Delany, who'd told the crowd that the site had been the choicest of selections in the 1920s by the stockbroker John Hindsen.
After three decade ownership, it was offered by Toorak dentist Geoffrey Wymond and his wife Diane who had it listed through Liz Jensen from Kay &amp; Burton Portsea.
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Barramunga, the 1927 Sorrento weekender, sells for $2.01 million

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Last night, the City of Greater Geelong voted to remove a covenant on a contentious block of land.
The Geelong West Bowling Club had been looking to remove a covenant over an area of land that previously was to be used solely for the purpose of bowls.
In 1986, 1,728 square metres of land at 12 Bowlers Avenue, Geelong West had been sold to the Geelong West Bowls Club for $48,000 and had applied the covenant at that time restricting its use as a bowling green. The amount they paid was agreed upon by Council to be at or close to market value and had previously been used as a table tennis site.
The initial valuation and associated documents were unable to be found, so the council struggled to ascertain whether they had purchased it for a discount. However, they did note that due to a later valuation they believed they paid close to full market value.
The Club looks to move their site and want to maximise the revenue from the sale of the land for this purpose. The value would be greatly enhanced without the covenant, which restricted it to a bowling green and occasional car parking.
The council approved the removal of the covenant (M262445Q).
Attending the council meeting, the Geelong Advertiser tweeted the following:
<img src="/images/2014/08/13/geelong%20aug%2013%20one.png" alt="">
Council records note that the Club and the Drumcondra Bowling Club have entered into an agreement with Links Investco No 1 Pty Ltd to acquire land and build new clubrooms and greens at the former Geelong Golf Club site. The sale of the existing land is to support the move and club’s consolidation at the new location on Ballarat Road.
“In deciding to agree to the removal of the covenant, the Council is entitled to consider whether at the time of sale of the land to the Club, the covenant had a restrictive effect on the price at which the land transferred,” council meeting minutes note.
The land is currently zoned Residential 1, and is proposed to be included in a Residential Growth Zone 2 under a Greater Geelong Planning Scheme amendment.
“Once the covenant is removed the owner of the land is free to use and develop the land subject to the provisions of the Planning Scheme and subsequent planning permit,” the minutes confirm.
<img src="/images/2014/08/13/geelong%20aug%2013%20two.png" alt="">
Source: City of Greater Geelong
The entire site is <a href="https://www.realestate.com.au/property-residential+land-vic-geelong+west-200945771" target="_blank">currently being marketed through Gartland Real Estate, who are calling it a unique development/subdivisional opportunity</a>.
“The former Geelong West Bowls Club is located only 85 metres to Pakington Street and adjoining the Geelong west public park this is a one of a kind development opportunity,” the listing reads.
“Set within moments to the vibrant Cafe and restaurant precinct, offering direct access to major arterials and public transport, this location offers a multitude of opportunities to the buyer. Surrounded by residential homes in one of Geelong strongest neighbourhoods this is the perfect mix of location and opportunity.”
It is open for expressions of interest.
The Geelong Advertiser had previously indicated that locals fear the site would become a high-density housing block if this took place and noted that Gartland had estimated a sale price of up to $10 million for the combined Geelong West and Drummondra clubs’ locations.
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Geelong council removes covenant on bowls club land, paving way for possible development

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Yield-chasing isn’t quite as popular pastime for those buying in Victoria as for those buying apartments in other states and territories.
With just 15 results above 6% gross rental yield, according to RP Data, it’s unsurprising that the majority of investors are after capital growth. Of course, not every property is made equal and astute buyers may be able to achieve strong yields even in suburbs whose headlining figure does not suggest this, and so Property Observer trawled the list of Victorian suburbs to bring you the suburbs that actually are the highest yielding.
Here are the 15 highest yielding Victorian suburbs for apartment buyers.
<ol>
<li>
<a href="/news">HAMILTON </a>Median price: $85,000 Gross rental yield: 13.46% Our only contender with a double-figure gross rental yield, the data-range may be limited. An ‘N/A’ result was provided for the area’s five and three year growth, though it notes 0.27% average annual growth. Also the cheapest suburb on the list, the apartments in the area’s median advertised weekly rent sits at $220. 
</li>
<li>
<a href="/news">CRANBOURNE WEST </a>Median price: $203,000 Gross rental yield: 7.94% 
</li>
<li>
<a href="/news">ALFREDTON </a>Median price: $175,000 Gross rental yield: 7.43% 
</li>
<li>
<a href="/news">INVERLOCH </a>Median price: $295,000 Gross rental yield: 6.87% 
</li>
<li>
<a href="/news">MILDURA </a>Median price: $155,000 Gross rental yield: 6.54% 
</li>
<li>
<a href="/news">HORSHAM </a>Median price: $185,000 Gross rental yield: 6.46% 
</li>
<li>
<a href="/news">MELTON </a>Median price: $210,000 Gross rental yield: 6.38% We have previously spotlighted Melton in a suburb profile. You can <a href="/expert-insights/buying/suburb-spotlight-melton-council-gearing-up-for-growth">read more about this west of Melbourne area here</a>.  
</li>
<li>
<a href="/news">WHITTINGTON </a>Median price: $189,000 Gross rental yield: 6.33% 
</li>
<li>
<a href="/news">MOOROOPNA </a>Median price: $168,000 Gross rental yield: 6.27% 
</li>
<li>
<a href="/news">SWAN HILL </a>Median price: $180,000 Gross rental yield: 6.21% 
</li>
<li>
<a href="/news">SPRING GULLY </a>Median price: $223,000 Gross rental yield: 6.19% 
</li>
<li>
<a href="/news">REDAN </a>Median price: $185,000 Gross rental yield: 6.18% 
</li>
<li>
<a href="/news">WEST WODONGA </a>Median price: $188,000 Gross rental yield: 6.09% 
</li>
<li>
<a href="/news">WODONGA </a>Median price: $185,000 Gross rental yield: 6.04% We have previously also written about Wodonga, and its prospects for growth. The <a href="/expert-insights/buying/suburb-spotlight-will-wodongas-big-spend-pay-off">council is spending big... but will it pay off? </a>
</li>
<li>
<a href="/news">ARARAT </a>Median price: $172,000 Gross rental yield: 6.04%
</li>
</ol>
BONUS SUBURB: <a href="/news">BROADMEADOWS</a> Median price: $273,000 Gross rental yield: 5.95%
In 2013, Broadmeadows was <a href="/news/vic/broadmeadows-among-the-top-mortgage-delinquent-locations-standard-poors">named one of the top mortgage delinquint locations</a> by ratings agency Standard &amp; Poor's.
Which state or territory would you like to know the top yielding locations for?
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The 15 highest yielding Victorian suburbs for apartments

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Real estate agents cannot conduct open for inspections in a rental property without the consent of the tenant, a new Victorian Civil and Administrative Tribunal (VCAT) order has confirmed.
The decision was made after an unnamed tenant did not consent to open for inspections of their rental home being sold for fear of security and privacy.
VCAT has confirmed the view held by the Tenants Union of Victoria (TUV) that tenants being forced to endure open for inspections is not legal under the requirement for tenants to have ‘quiet enjoyment’ of their rental home, explained TUV’s policy and liaison officer James Bennett.
“Having dozens of strangers looking through your home without your consent can be a massive infringement of privacy, security and quiet enjoyment,” he said.
“VCAT has clarified that only genuine prospective buyers can be shown a property by appointment – not just anyone who is wandering past and wants to stickybeak, check for valuables or assess the security system.”
Bennett noted that the decision does not prevent rentals from being marketed, inspected and sold, simply clarifies tenants’ rights.
Inspections by appointment are still allowed.
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VCAT orders agents not to conduct opens without tenant consent

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The Calder Freeway, which makes its way through central Victoria’s has contributed to a increase in capital growth and compared to other regional centres towns along this transit corridor are showing the strong appreciation.
For those unfamiliar with Victoria the Calder Freeway is the main road between Melbourne and Bendigo and links <a href="/news">Macedon</a>, <a href="/news">Kyneton</a>, <a href="/news">Gisborne</a>, <a href="/news">Woodend </a>and <a href="/news">Castlemaine</a>. There is also a matching rail service and both have been upgraded over the past decade.
House values in these areas have outpaced Melbourne, Ballarat and Geelong over the past five years.
The best growth was recorded in the Macedon Ranges Shire which includes Macedon, Kyneton, Gisborne and Woodend. Over the past five years house values have grown by 46.2%.
Following Macedon Ranges Shire was Mount Alexander Shire which is centred on Castlemaine. There house values have risen by 39.5%.
The further away from the Melbourne the area is the lower is the growth, presumably as there is less of a flow on from the metropolitan market.
In the City of Greater Bendigo values have risen by 38.4%, lower than Macedon Ranges but still well above the 28.4% recorded in Melbourne.
Interestingly values in Ballarat, with a rise of 33.9% have also exceeded Melbourne.
For many people, the attraction to these areas is highlighted by the availability of more affordable property coupled with a country lifestyle. The data shows that as a result of additional transport options in these areas it has made it more and more possible for people to maintain employment and undertake a tree change.
There are 573 auctions scheduled this week in Melbourne compared to 600 for the same time last year. This is a rare but minor 4.5% fall which does not reflect the fact that in the first eight months of the year there have been 29.5% more auctions than the same time in 2013.
The current regional variation in auction numbers should be taken into account when analysing the auction market as many sellers in the inner east appear to avoiding winter.
The main auction activity in Melbourne remains outside the inner eastern suburbs with 16 homes scheduled to go under the hammer in <a href="/news">Reservoir</a>, 11 in <a href="/news">St Kilda</a> and 10 in <a href="/news">Essendon</a>, <a href="/news">Melbourne</a> and <a href="/news">Preston</a>. For buyers looking in the more expensive inner east volumes are rising slowing with six expected in <a href="/news">Camberwell</a>, <a href="/news">Kew </a>and <a href="/news">Hawthorn East</a>.
The average time on market for houses sold last month rose slightly from 43 to 44 days. Vendor discounting contracted from -5.2% the previous week to -5% last week.
Key data
<ul>
<li>Clearance rate week ending 27 July: 68.5%</li>
<li>Melbourne auctions expected week ending 3 August: 573</li>
<li>Melbourne private sales time on market week ending 27 July: 44 days (houses)</li>
<li>Melbourne vendor discounting market week ending 27 July: -5% (houses)</li>
<li>Listings being prepared for market are 0.7% higher in month ending 27 July (seasonally adjusted)</li>
</ul>
Photo courtesy of Richmeister/<a class="mw-mmv-license cc-license" href="https://www.propertyobserver.com.au/https://creativecommons.org/licenses/by/2.5" target="_blank">CC BY 2.5</a>.
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