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

Auctions

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Two homes, just a kilometre apart, in Aireys Inlet are among this year's Easter auction offerings.
The double storey home with ocean views in Fairhaven will be auctioned on Sunday 5 April.
Set on a 920 square metre parcel, the home perched atop a cliff has views of a 6 kilometre stretch of Fairhaven beach. The three bedroom house, renovated in 2010, has direct beach access. Natural materials feature prominently, with timber cladding, columns and ceilings.
Agents Marty Maher and Mim Atkinson of Great Ocean Properties Aireys Inlet are expecting $2.75 million to $3 million for <a href="https://www.realestateview.com.au/Real-Estate/26-lialeeta-road-fairhaven/Property-Details-buy-residential-8401114" target="_blank">26 Lialeeta Road</a> (pictured above).
Nearby <a href="https://www.realestateview.com.au/Real-Estate/8-river-reserve-road-aireys-inlet/Property-Details-buy-residential-8145724" target="_blank">8 River Reserve Road in Aireys Inlet</a> (pictured below) will be auctioned the day before by the same agents, on 4 Saturday April.
<img src="/images/2015/03/16/aireys%20inlety%20march%2016%20one.jpg" alt="">
The distinctive house is marked by a glass atrium at the entrance, which holds a spiral staircase leading up to the upper level and the rooftop terrace. The four bedroom, four bathroom house includes a gas open fire and views over the river valley.
It comes with $950,000 to $1 million price expectations.
Victoria's coastal Easter long weekend auctions aren't restricted to Aireys Inlet. <a href="https://www.realestateview.com.au/Real-Estate/148-150-back-beach-road-portsea/Property-Details-buy-residential-8445140" target="_blank">148-150 Back Beach Road in Portsea</a> (pictured below), a five bedroom home, will be auctioned on Sunday 5 March.
<img src="/images/2015/03/16/portsea%20%20march%2016%20one.jpg" alt="">
Known as Lido, the two storey house and its gardens span two titles at 1,500 square metres, with views over Port Philip Bay. The house with a pool is mareted by Kay and Burton agents Liz Jensen and Linda Boulter.
Jensen is also marketing <a href="https://www.realestateview.com.au/Real-Estate/4-benjamin-parade-blairgowrie/Property-Details-buy-residential-8444826" target="_blank">4 Benjamin Parade in Blaigowrie</a>, which is to be auctioned an hour later, with David Heathcote.
While some vendors have chosen to take their homes to auction on the traditionally quiet Easter weekend, it seems the bulk of Victoria's coastal auctions will occur the weekend after. The second weekend of April will see Sorrento's <a href="https://www.realestateview.com.au/Real-Estate/3492-point-nepean-road-sorrento/Property-Details-buy-residential-8481806" target="_blank">3492 Point Nepean Road</a> (pictured below) go under the hammer through Max Prentice of Prentice Real Estate in conjunction with Hodges' Andrew Boyce.
<img src="/images/2015/03/16/sorrento%20mar%2016%20two.jpg" alt="">
The two cliffside allotments will be offered through executor's auction. Lot 2, which is accessed through Netley Avenue, is 1,592 square metres. Lot 3 is 2,789 square metres, and accessible from Point Nepean Road.
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jrichardson-uRX5hFdKfN

Two Aireys Inlet homes among coastal Victorian Easter auctions

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The Sunday Telegraph has revealed that NSW Fair Trading has accused the BresicWhitney agency of advertising two auction properties — in Double Bay and in Surry Hill — at prices below estimates that were given to sellers in written agreements.
The agency only learnt of the court action on Friday night and was yet to decide whether it would defend the claims, but accepts it needs to ensure future compliance.
The consumer watchdog will reveal its case in the Parramatta Local Court later this month.
The more serious price discrepancy alleged was at Double Bay, where the publicly published price guidance reputedly did not match the private agency agreement documentation in the office paperwork.
The Murilla apartment at <a href="https://www.bresicwhitney.com.au/buy/543-545-new-south-head-road-double-bay-9956" target="_blank">62/543-545 New South Head Road</a> had a reported price guide of over $1.5 million last November, but Fair Trading investigations revealed the selling price estimate in the agency agreement at the low end of $1.6 million.
The late 1950s, A.M. Bolot-designed, company title apartment (below) was reported in the Wentworth Courier as sold for $1.79 million (and at $1.76 million by the Sunday Telegraph) through agent Walter Burfitt-Williams. The three bedroom sub-penthouse had 176 square metres space in the eight storey block above Redleaf Pool at the corner of New South Head and Victoria roads. The previous time it was marketed for sale was in 1989.
<img src="/images/2015/03/16/oduble-bay-march-16-one.jpg" alt="">
When contacted by The Sunday Telegraph cost of living editor, John Rolfe, before its front page splash, Walter Burfitt-Williams said: “The owner gave us instructions.”
At Surry Hills an 1890s terrace house at <a href="https://www.realestate.com.au/property-house-nsw-surry+hills-118276043" target="_blank">14 Collins Street</a> was advertised last November with a price guide of over $1.05 million, but the estimate in the agency agreement was $1.1 to $1.2 million. The guidance was lifted from $1,025,000 during the marketing campaign.
The two bedroom terrace (below) actually sold for $1.07 million through Nic Krasnostein, so it appears, with benefit of hindsight, he may have been overly ambitious in his pitch to the vendor. It sold to an investor who sought to rent it out at $850 a week. It had previously sold at $610,000 in 2005.
<img src="/images/2015/03/16/surry%20hills%20mar%2016%20one.jpg" alt="">
The prosecutions are the third in a decade.
“We believe we’ve found evidence to prove the agent has under quoted,” Commissioner Rod Stowe told The Sunday Telegraph who published a Warren cartoon too.
<img src="/images/2015/03/16/cartoon%20march%2016.jpg" alt="">
Source: Sunday Telegraph
<a href="/news/sydney-agency-under-fair-trading-investigation-for-underquoting">Last December, Property Observer reported p</a><a href="/news/sydney-agency-under-fair-trading-investigation-for-underquoting">ossible underquoting activity</a> from an undisclosed agency was under investigation.
Operation Balaya, an investigation specifically developed to look at real estate compliance, was launched on agencies operating in the inner-city.
 Officers were also checking licences, certificates, current continuing professional development, professional indemnity insurance and current and past financial year qualified audits.
“During its inspections, NSW Fair Trading identified certain information that requires further investigation to establish whether or not representations made by a real estate agency in relation to a number of recent sales were misleading,” the Minister for Fair Trading Matthew Mason-Cox said.
“Agents who engaged in this illegal practice could face a maximum penalty of $22,000 or depending on the severity of the breaches an agency could have its license cancelled.”
The NSW Premier Mike Baird recently elevated the issue into an election policy.
<div>
NSW estate agents were reminded last weekend that they must tell buyers the same price guidance estimate they have given to their vendors.
Depending on the success of his re-election, Baird has vowed to crackdown on price underquoting… and overquoting too.
<a href="/expert-insights/investing/estate-agent-commissions-to-be-at-risk-as-nsw-premier-mike-baird-seeks-house-price-underquoting-review">Not only fines</a>, but also the loss of sale commissions for any such sale where there is intentional false feedback.
Property Observer gleans the genesis of the policy was when the Mason‐Cox was quoted a price on a Sydney unit, only for him to discover it sold for 25% more a few days later. 
There has, however, not been a fine on an agent for underquoting since 2004 when an agent was fined more than $14,000 by NSW Fair Trading. In 2008 another agent was disqualified from holding a licence for five years for underquoting, The Daily Telegraph reported.
</div>
"There are some agents that bend the rules and waste everyone's time," Baird said.
"The practice of underquoting has to end."
"This is aimed at those who advertise a price that they know is not fair value for a property."
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jchancellor-FAypfDUnLy

NSW Fair Trading prosecutes Double Bay and Surry Hills auction price underquoting allegations

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Even young first time investors are getting mum's money to secure their property purchases.
It was the case today when the one-bedroom house at 7 Little Bloomfield Street, Surry Hills, was bought by a first home buyer, with help from his mother.
Agent Marc Marano of Oxford Agency secured $840,000 for the single-storey worker's cottage at auction. 
It was marketed as a "diamond in the rough".
<img src="/images/2015/03/16/4.jpg" alt="">
Investor Doi Kim, 25, and his mother, Gina Lim will renovate before renting it out after paying $140,000 over the reserve, Fairfax Media reported.
The unrenovated, 63 square metre terrace had been in the same family about five decades.
The trend of traditional first time buyers investing instead as their first property purchase has been escalating in recent times.
Mortgage Choice has noticed a marked alternate trend of first time investor buying by the traditional first home buyer. 
"More and more are buying investments as their first time buy," Michael Russell, the Mortgage Choice chief executive said recently.
Their recent survey showed there were 21% of its first time buyers borrowing for an investment property rather than a home to live in.
Surry Hills' median house price sits at <a href="/news">around $1.26 million</a>, according to CoreLogic RP Data.
There was an $840,000 median back in 2010.
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Even first time investors need mum's money in Surry Hills

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The auction battle for 3-5 Fourth Street, Black Rock highlighted the escalating buyer intensity along the Melbourne sand belt and inner east suburbs today.
It fetched $1,010,000 over its reserve price setting a new $3.81 million record for a residential property in the suburb. 
"The previous highest that we could find being $3,775,000 for a contemporary home with pool and tennis court on around 1650sqm of land in May 2010," <a href="https://www.jacobsba.com.au" target="_blank">said buyers agent Nicole Jacobs</a>. Bidding began at $2,450,000, swiftly going past $2,800,000 when it was announced on the market (below) at the Marshall White auction.
<a href="https://www.realestate.com.au/photogallery_new.ds?id=119054395&amp;theme=rea.sold" rel="photos" data-id="119054395"><img src="https://i3.au.reastatic.net/456x342/27c32b444fe77d755cfdb4ba1ec7ada742d91d315297878cea0ded67ba6e0cdf/image2.jpg" alt="3-5 Fourth Street, Black Rock" title="3-5 Fourth Street, Black Rock" data-index="2"></a>
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Once the $3,000,000 barrier was exceeded the increments started to decrease but the pace of bids didn’t, Jacabs noted as at $3,060,000 a third bidder joined the fray.
Selling agent Barb Gregory thought its architectural features including a large open fireplace in the family room, extensive use of cedar, wide eaves had Frank Lloyd Wright influences.
The final $3.81 million sale price was withheld, so it didn't feature in the REIV's top five sales.
A clearance rate of 78 per cent was recorded this weekend compared to 70 per cent last weekend and 72 per cent this weekend last year.
There were 939 auctions reported to the REIV today, the REIV chief Enzo Raimondo advised, the resumption of the auction market after last weekend's Labour Day holiday.
The Black Rock auctioneer Peter Kakos cheekily asked the two final bidders if there was any chance of the two of them moving in together, to which the second bidder quipped “not after this” – a light moment breaking the auction tension. 
It was a 1440 square metre corner block with <a href="https://www.youtube.com/watch?v=2IrDlh0C4Zk" target="_blank">a large 1980’s architect designed home</a>.  
Meanwhile Malvern results topped both house and apartments on the REIV results.
Late week several parties gathered inside <a href="https://www.realestateview.com.au/Real-Estate/106-stanhope-street-malvern/Property-Details-buy-residential-8312666" target="_blank" style="line-height: 1.3em;">106 Stanhope Street, Malvern</a> (pictured above) for a private auction, which ranked as the week's highest house sale. 
Midlothian, the 1891 Malvern property had been renovated by the current vendors by Rosenthal, Munckton and Shields in 1997 and then further enhanced by the addition of a superb pool-side studio, with sub-floor heating, from the same architects in 2006.
Langley says just about every premium offering now has multiple buyers running on it, which is a sign of the depth and heat in the market.
Other Malvern sales included 6 Claremont Avenue at $2.51 million.
 
  
TOP 5 HOUSES 
1. 106 Stanhope Street, Malvern $5,080,000 2. 28 Rowland Street, Kew $3,840,000 3. 11 Collington Avenue, Brighton $3,520,000 4. 13 Springfield Avenue, Toorak $3,225,000 5. 42 Bogong Avenue, Glen Waverley $2,925,000 
TOP 5 BARGAIN HOUSES 
1. 43 Vista Drive, Melton $190,500 2. 1 Argyll Circuit, Melton West $223,000 3. 71 Hilton Way, Melton West $245,000 4. 19 Kynoch Street, Deer Park $291,000 5. 44 Mulberry Pass, Craigieburn $330,000
TOP 5 APARTMENTS
1. 17 Fraser Street, Malvern $3,690,000 2. 26B Shoobra Road, Elsternwick $1,500,000 3. 204/55-62 Beach Street, Port Melbourne $1,480,000 4. 2/48 Albany Road, Toorak $1,320,000 5. 5/20 Yarra Grove, Hawthorn $1,300,000 
TOP 5 BARGAIN APARTMENTS 
1. 501/2 Eastern Place, Hawthorn East $95,000 2. 5/160 Grange Road, Carnegie $240,000 3. 1/156 Station Street, Fairfield $270,000 4. 4/11 Wallarano Drive, Noble Park $275,000 5. 18/46 Baker Street, Richmond $290,000
<a href="https://www.reiv.com.au/Property-Research" target="_blank">Source REIV </a>
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Black Rock $3.81 million auction record, while Malvern makes clean sweep

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Sydney auctions stayed above 80% for the sixth consecutive weekend.
There was an 84% preliminary success rate at auction today, according to Australian Property Monitors.
Last weekend's revised figure was 81%.
A Kent Road, Rose Bay house (pictured above) at $6.5 million was the top notified sale amid the 525 results.
It was the first time it had been offered in 25 years when it sold through Hamish Robertson and Joe Aboud at McGrath Estate Agents.
The 22 Kent Road house had been updated by John Crawford in 1970s, then Michael Suttor in the early 1990s.
The Domain Group's senior economist Andrew Wilson described the weekend results as "Sydney's unstoppable auction market".
The Sydney market with 628 auctions scheduled was similar to the 625 conducted over the same weekend last year.
The most popular Sydney suburb for auctions this weekend is Surry Hills with 13 followed by Mosman 12, Maroubra and Epping each with 9, Drummoyne and Yagoona 7 each and Chatswood, Redfern, Baulkham Hills and Alexandria each with 6 auctions listed this weekend.
Auction listings will continue to rise with the pre-Easter Super Saturday of auctions now looming for the 28 March election day.
Well over 1,000 auctions are likely that day which might go close to challenge the all-time Saturday record of 1,111 set over the same weekend last year under threat. 
"Big auction numbers however are likely to continue to be a snack for a ravenous Sydney home buying public," Wilson suggested.
Strong weekend results included 1 Stansell Street, Gladesville which sold at $2.85 million through Paul Tassone &amp; Ahmad Malas of Professionals Ermington
Auctioneer Rob Trovato of Auction Services saw a huge crowd of around 300 people with 28 registered bidders for the small cottage nestled between a unit block and a service station.
It had a zoning of R4 Mixed Use for its 714 square metre holding.
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Ravenous Sydney buyers keep auctions above 80% for sixth consecutive weekend

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The Camperdown warehouse at 31 Australia Street (pictured above) was the week's fourth highest reported at $4,275,000 sale, according to CoreLogic RP Data.
The luxury steel-framed residence was offered by BresicWhitney agent Shannan Whitney, who had given it a price guide of about $3.5 million.
It was sold by Macquarie Bank executive Peter Lucas who bought the holding in 2007 for $1.45 million from property developer and restaurateur father and son team Leon and John Fink.
The design by architect Andrew Vingilis of Corben Architects was completed in 2009.
It bettered Camperdown's $3.65 million high paid late last year for a converted warehouse on Gibbens Street.
CoreLogic RP Data's top 10 home
<ol>
<li>7001/14 The Esplanade, Surfers Paradise, QLD, 4217, four-bedroom unit, sold at auction on March 7 by McGrath Estate Agents for $7 million </li>
<li>10 Mirimar Avenue, Bronte, NSW, 2024, four-bedroom house, sold on March 3 by Phillips Pantzer Donnelley for $5.6 million </li>
<li>55 Darley Road, Randwick, NSW, 2031, five-bedroom house, sold at auction on March 3 by BradfieldCleary Double Bay for $4.7 million </li>
<li>31 Australia Street, Camperdown, NSW, 2050, four-bedroom house, sold at auction on March 5 by BresicWhitney Glebe for $4.275 million </li>
<li>28 Ranelagh Road, Burradoo, NSW, 2576, four-bedroom house, sold on March 3 by Drew Lindsay Real Estate Bowral for $4.175 million </li>
<li>1B Tara Street, Woollahra, NSW, 2025, three-bedroom house, sold at auction on March 3 by BradfieldCleary Double Bay for $3.85 million </li>
<li>25/501 Glebe Point Road, Glebe, NSW, 2037, three-bedroom unit, sold at auction on March 6 by Gavagna Group Stanmore for $3.75 million </li>
<li>47 Glenview Street, Paddington, NSW, 2021, three-bedroom house, sold at auction on March 3 by BradfieldCleary Double Bay for $3.31 million </li>
<li>73 Bannockburn Road, Pymble, NSW, 2073, five-bedroom house, sold at auction on March 4 by McGrath Estate Agents for $3.2 million </li>
<li>21 The Citadel, Castlecrag, NSW, 2068, four-bedroom house, sold at auction on March 3 by Richardson &amp; Wrench Castlecrag for $2.8 million</li>
</ol>
 
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Camperdown warehouse conversion sells at $4,275,000

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There were just eight sales at $500,000, or below, at Sydney weekend auction.
The sales ranged from $424,000 at Monterey to $500,000 in Darlinghurst.
There was another sale at Toukley, some 110 ams from Sydney, on the NSW Central Coast at $297,500. It was a two bedroom villa which was marketed by Raine &amp; Horne Charmhaven as a "great investment opportunity with a weekly rental return of $320pw to $345pw." It would reflect a yield of around 5.6%.
The 5/288 Main Road, Toukley villa had previously traded at $247,000 in 2007, reflecting around 2.6% annual compound price growth.
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Metropolitan Sydney's cheapest sale was a one bedroom at 15/53 Banks Street, Monterey (below) through PRD Woodward Ramsgate.
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Other Views 
The 22/6 Stanley Street Darlinghurst sale at $500,000 was an one bedroom unit in the art deco St James block through Belle Property.
The other six sales were:
$495,000 - 36 Melba Road, Lalor Park - three bedroom home
$487,500 - 36/155 Missenden Road, Newtown - studio apartment
$485,000 - 10/2 Phillip Street, Strathfield - one bedroom unit
$472,500 - 610/72 Henrietta Stree, Waverley - one bedroom unit
$467,000 - 30/29 Castlereagh Street, Liverpool - three bedroom unit
$448,000 - 22/48 Neil Street, Merrylands - two bedroom unit
Australian Property Monitors reported 99 auction sales above $1 million at the weakend amid the 558 reported results.
Auctions are typically pricier than the general private treaty market.
The weekend median auction house price was $1.19 million and $821,000 median auction unit price, according to APM.
APM put the Sydney median house price at $873,786 and the unit price at $597,688.
 
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Just eight sales at $500,000 or below at Sydney weekend auction

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McGrath agent Ben Collier secured a $15.3 million sale when 52A The Crescent, Vaucluse when to onsite auction today.
The art deco home on its 1016 square metre Kutti Beach holding was sold by the estate of the late bookmaker Albert Webster, who died late last year aged 94, having previously traded in 1965 for 31,600 pounds. The opening offer of $13.5 million matched the reserve.
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The sale to a local buyer - understood to be rag trader Bob Locke - ranks as the fourth highest price ever paid at auction. There had been two 2013 private treaty sales nearby at 48 The Crescent for $19 million and 52 The Crescent for $15 million.
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Albert Webster's death notice was tagged "My Last Bet" ahead of mass at St Mary Magdalene Catholic Church, Rose Bay last November. 
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There was an 83.3% preliminary success rate at Sydney's weekend auctions with 583 results counted.
The revised figure for last weekend came in at 80.5%, maintaining the whole of February 80% plus clearance rate.
There are 600 plus auctions expected over the next week, with March 28 looking like the predicted pre-Easter super Saturday 
"We look like we have a very big super Saturday just before Easter," Damien Cooley told 2GB.
Cooley Auctions clearance rate was 86% today selling 48 of its 56 offerings.
His auction agency reported high levels of pre-auction sales with February seeing 38% of properties ahead of auction.
<div>The 663 homes scheduled to go under the hammer across Sydney this weekend was slightly higher than the 622 auction listings reported over the same weekend last year, according to Australian Property Monitors.</div>
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Some 2319 homes had been listed for auction over the past five weekends compared to the previous record of 2290 recorded over the same period last year, Dr Andrew Wilson, the Domain Group senior economist noted.
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<div>The city and east again hosted the most number of auctions with 110 followed by the inner west with 93, the south 85, the upper north shore also 85, the lower north, 76 Canterbury Bankstown 48, the west 46 and the northern beaches 45. </div>
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<div>The most popular Sydney suburb for auctions this weekend was  Mosman with 13 followed by Bankstown and Eastwood each with 10.</div>
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<div>Melbourne notched up a 71% success rate on subdued Labour Day long weekend volumes.</div>
<div>
The clearance rate of 71 per cent was recorded this weekend compared to 77 per cent last weekend and 67 per cent this weekend last year.
There were 306 auctions reported to the REIV today, with the market gathering momentum from next week onwards.
There are two super Saturday weekends scheduled in the next fortnight – with 1,173 auctions scheduled next weekend and 1,265 the following weekend.
In the year-to-date, there have been more than 3,500 auctions held, Enzo Raimondo, the REIV chief said. 
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Sydney maintains its 80% plus auction success rate as Vaucluse bookie family bags $15.3 million

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NSW estate agents have been reminded that they must tell buyers the same price guidance estimate they have given to their vendors.
Depending on the success of his re-election, Premier Mike Baird has vowed to crackdown on price underquoting ….. and overquoting too.
Not only fines, but also the loss of sale commissions for any such sale where there is intentional false feedback.
Property Observer gleans the genesis of the policy was when the Fair Trading minister Matthew Mason‐Cox was quoted a price on a Sydney unit, only for him to discover it sold for 25 per cent more a few days later. 
There has, however, not been a fine on an agent for underquoting since 2004 when an agent was fined more than $14,000 by NSW Fair Trading. In 2008 another agent was disqualified from holding a licence for five years for underquoting, The Daily Telegraph reported.
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"There are some agents that bend the rules and waste everyone's time," the Premier Mike Baird said today.
"The practice of underquoting has to end," Mike Baird said.
"This is aimed at those who advertise a price that they know is not fair value for a property. 
"We don't want to raise false hope, we don't want home-buyers to waste their time, we don't want them to spend money on strata inspections and building inspections if they have no chance of actually acquiring this property."
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Underquoting is where an agent intentionally quotes a low likely price estimate to reel in prospective auction buyers who face a vendor reserve price far in excess of the guidance, then typically concluded with the claim the auction was a great result.
For many years, NSW estate agents have been required to duplicate the price guidance they had advised the vendor on the agency agreement, which has generally seen a lessening of the underquoting issue across Sydney.
However it is possible that the agency agreement is an intentionally conservative estimate designed to encourage a greater pool of prospective buyers into the bidding process when all along the vendor's hopes were substantially higher when revealed on auction day.
Ofcourse many naive vendors continue to be tricked by agents who promise the world with an ambitiously high estimated selling price, as a strategy to get the listing only to then condition the vendor down in price in the lead up to the auction day, blaming the market.
Also another cyclical issue around underquoting is that in a strong market it is harder to predict where a sale price might finally fall, making genuinely held estimates considerably short of the sale price, a frustration for longtime lookers missing out yet again at auction.
Competition on the auction day can just blow a vendor's and agent's expectations out of the water. Some industry players believes the price estimate within the agency agreement between agent and vendor should be disclosed after the auction to make sure nothing shady has taken place, available to the registered bidders, not just the Department of Fair Trading whose well-announced raids on agencies have failed to yield any recent scalps.
Agents, of course, sometimes have little idea of where the vendor's true expectation is until the written reserver is handed over minutes before the auction.
Agents typically provide comparable recent sale prices elsewhere in the neighbourhood to both their prospective vendors, then prospective buyers to assist in informing the market.
“The existing laws are vague at best so prosecutions or fines have been few and far between. So, yes, greater ­enforcement is anticipated ­because the laws will be clearer,” a spokeswoman for Mr Baird told state political editor, Andrew Clennell in the Daily Telegraph exclusive front page Saturday story.
“The changes we’ll impose will require all ads to specify a dollar figure or price range as opposed to ‘offers over’.”
While disclosed price estimates are the cornerstone of transparent pricing, some agents don't like price ranges as they deem it to be almost price capping, setting an upper limit.
An aggrieved Fairfax Media quickly lashed out with follow-up Saturday afternoon headlines labelling the Premier's truth in advertising announcement in the Daily Telegraph as an "election stunt leaked to the tabloid press." However the Fairfax Media readers website vote on whether underquoting was an issue in NSW was tracking at 80% or more has having concerns. 
The minister also raised the prospect of over quoting in markets in decline.
Matthew Mason-Cox advised the changes will be made to clear up the confusion around what constitutes underquoting, also known as bait advertising.
“The laws will be changed to recognise underquoting has occurred if the advertised selling price of a property is less than the price indicated in the agent’s agreement with the vendor,” he said. “The new laws will also … require all property advertisements mentioning a price to now offer an actual dollar price or range.”
"As part of what we are bringing in if we are re-elected, there would be a very clear picture of how the price was arranged, how the price was actually come to by the agent," the Minister said.
"Everything will have to be in writing for the first time, as well as ensuring that that is communicated to the vendor and reflected in the file as well as in relation to the vendor contract."
The government is promising to set up a special hotline for underquoting complaints.
Underquoting became a political issue in Victoria during last November's state election.
The outgoing Coalition government said it would introduce new laws on underquoting if it was re-elected – a policy slammed as unnecessary by the Real Estate Institute of Victoria.
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Estate agent commissions to be at risk as NSW Premier Mike Baird seeks house price underquoting review

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The Ray White Parramatta sales team notched up a strong month for new listings, private treaty sales and a 100% auction clearance rate.
"Auction results will always deliver a clear and measurable reflection of the strength and heat of the market," the office noted.
There were two new suburb records within their results:
<ul>
<li>
<a href="https://raywhiteparramatta.com.au/nsw/parramatta/1245588/" target="_blank" style="font-size: 12.1599998474121px; line-height: 1.3em;">17 Irving Street, Parramatta: $1,625,000</a> (pictured above)
</li>
<li>
<a href="https://raywhiteparramatta.com.au/nsw/south-wentworthville/1256019/" target="_blank" style="font-size: 12.1599998474121px; line-height: 1.3em;">72 Chelmsford Street, South Wentworthville: $1,325,000</a> 
</li>
</ul>
"With interest rates at historical low levels and lack of property on the market, March looks like continuing the current demand and competition for city apartments and family homes in the Parramatta district," it concluded.
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