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

Auctions

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<div>There was a 79% success rate in the first big test of the strengthening Melbourne auction property market.</div>
<div> </div>
<div>
Houses achieved a median price of $866,250 while apartments sat at a $590,000 median.
</div>
<div>
The REIV was expecting about 1,530 auctions in 288 suburbs this weekend, its chief Enzo Raimondo said.
The preliminary results of around 1240 auctions saw the top reported sale of $5.5 million in Middle Park, a four bedroom Edwardian home at <a href="https://www.realestateview.com.au/Real-Estate/136-page-street-middle-park/Property-Details-buy-residential-8244022" target="_blank">136 Park Street</a> (pictured above). It had been initially listed by Cayzer Real Estate with $4 million plus price guidance which was raised to $4.2 million plus hopes. It was announced on the market at $4.7 million.
There was a similar $1 million plus over achievement in the second top price set in a $5.085 million Hawthorn result. Marshall White auctioneer John Manton had <a href="https://marketnews.com.au/auction-reviews/38472/38-Kooyongkoot-Road-HAWTHORN/" target="_blank">four motivated bidders</a> with two after it went on the market at $4,100,000.
Property Observer is also aware of <a href="https://www.realestateview.com.au/Real-Estate/11-maple-grove-toorak/Property-Details-buy-residential-8286286" target="_blank">a $7,625,000 Toorak auction sale</a>. There were three bidders for the renovated 1940s Maple Grove house last sold at $6.2 million in 2009. Some $7 million plus had been tipped for 11 Maple Grove by Jellis Craig.
The busiest auction locations were St Kilda (25 auctions), Kew (24 auctions) and Reservoir (23 auctions).
There was a $550,000 sale (below) at 89 Crookston Road, Reservoir.
<a href="https://www.realestate.com.au/photogallery_new.ds?id=118980127&amp;theme=rea.sold" rel="photos" data-id="118980127"><img src="https://i1.au.reastatic.net/456x342/e2cc686241cb7b474082a33ada32bda56bac426005978491e3a45b3bc4b7446f/main.jpg" alt="89 Crookston Road, Reservoir" title="89 Crookston Road, Reservoir" data-index="0"></a> There were around 3,000 auctions held for the month of February, the highest number of auctions ever for the month of February.
The REIV noted the previous record being 2,574 in February 2014.
The top clearance rate suburbs in the year to date before today's results were Bentleigh East (91%), South Yarra (81%) and Brighton (74%), and after today's auctions the busiest auction suburbs this year have been South Yarra (43 auctions), Reservoir (42 auctions) and Bentleigh East (33 auctions). 
There will be fewer auctions next weekend with 317 scheduled.
This weekend’s Super Saturday of auctions reflected a decision by sellers to avoid a clash with next weekend’s Labour Day holiday.  
</div>
<div>Melbourne recorded a clearance rate of 75% last Saturday – and 73% recorded over the same weekend last year.</div>
<div> </div>
<div>The weekend's sales included:</div>
<div>
<div class="wysiwyg">
TOP 5 HOUSES 1. 136 Page Street, Middle Park $5,500,000 2. 38 Kooyongkoot Road, Hawthorn $5,085,000 3. 266 Cotham Road, Kew $3,610,000 4. 146 Yarrbat Avenue, Balwyn $3,500,000 5. 29 Myers Avenue, Glen Waverley $3,308,800 
TOP 5 BARGAIN HOUSES 1. 1A Dartford Court, Craigieburn $277,500 2. 155 Morris Road, Hoppers Crossing $282,500 3. 32 Ovens Circuit, Whittlesea $290,000 4. 9 The Glen, Pakenham $301,000 5. 14 Kimberley Grove, Pakenham $315,000
TOP 5 APARTMENTS 1. 1/2A Ormsby Grove, Toorak $1,755,000 2. 20-22 Setani Crescent, Heidelberg West $1,640,000 3. 8.1/193 Domain Road, South Yarra $1,610,000 4. 3/5 Thomson Street, South Melbourne $1,531,000 5. 11/243 Beaconsfield Parade, Middle Park $1,485,000 
TOP 5 BARGAIN APARTMENTS 1. 3/39 Ovens Circuit, Whittlesea $180,000 2. 2/232 Nicholson Street, Footscray $200,000 3. 7/230 Ascot Vale Road, Ascot Vale $250,000 4. 5/24 Daly Street, Brunswick $260,000 5. 4/21 Nepean Avenue, Hampton East $267,000
</div>
</div>
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jchancellor-FAypfDUnLy

A 79% success rate for Melbourne's first 2015 Super Saturday

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An Ashfield, Sydney boarding house fetched $2,555,000 at auction, reflecting a 5.75% rental yield.
It sold through <a href="https://www.domain.com.au/real-estate-agent/Con-LaSpina-1082844">Con La Spina</a> at Elders Inner West-Ashfield.
It is currently a 10 room boarding house returning $146,000 per annum.
There are approvals to extend it to 19 rooms.
"And potentially more than double the return," Con La Spina said.
The Victorian era home sits on a 727 square metre block with train station and bus services nearby.  
"This grand Victorian money spinner offered high income, low vacancy and plenty of potential," the marketing said.
The 30 Chandos Street offering sold at $1.7 million in 2011.
It sold this time to an investor whose family owns another boarding house in the area.
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Ashfield boarding house sells for $2,555,000 at auction

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Five years ago there were 3,335 homes sold for in excess of $1 million in Melbourne – not so surprising is that the top 10 sales were in the city’s most expensive addresses.
The top three, Brighton, Camberwell and Kew, saw 266, 162 and 157 houses sold for over a million dollars in 12 months. Remarkably, in the bayside suburb of Brighton, 109 of those were in excess of $2 million. Bay views command incredible sale prices due to their scarcity.
The remaining seven in the list are Toorak, Brighton East, Hawthorn, Malvern,Malvern East, Canterbury and Surry Hills.
Over the past year, the million-dollar list has changed and shows some interesting shifts in the market. Firstly, there are many more with 9,684 sales over a million. Secondly five of the top 10 are new.
Balwyn North, Glen Waverley, Glen Iris, Balwyn and Mount Waverley are newly into the list.
Balwyn and Balwyn North are not a surprise, along with neighbouring Mont Albert and Mont Albert North, they have seen the highest capital gains on an annualised basis over the past five years in Melbourne.
The most significant shift is found in Mount Waverley and Glen Waverley.  Between these, 442 houses sold for over a million dollars, 41 of those for over two million.
Both have seen increases in demand well in excess of the comparable suburbs to the north and south with buyers attracted by a range of factors from transport choices to schools.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2015/02/melbourne-sales-million-dollar-table.jpg" rel="wp-prettyPhoto[g4285]"><img class="aligncenter size-full wp-image-4287" src="https://blog.corelogic.com.au/wp-content/uploads/2015/02/melbourne-sales-million-dollar-table.jpg" alt="Melbourne sales million dollar table" width="459" height="330"></a>
Key points
<ul>
<li>Over the past five years the number of million dollar homes sold has almost tripled;</li>
<li>Glen Waverley and Mount Waverley are in the top 10 and were not five years ago;</li>
<li>Nearly 10,000 homes have sold in the last year for more than $1 million.</li>
</ul>
There are 1,401 auctions scheduled this week in Melbourne compared to 1,334 for the same time last year.
This is the second week with over 1,000 auctions for the year and volumes at auctions have risen to a level that is similar to last year now. Once listings for private sale are taken into consideration there are fewer new homes on the market than a year ago. There were 1.8% fewer homes listed for sale in the past month than last year which suggests consumers are still approaching the market is caution.
In respect of the private sale market in the past week, on a citywide basis, the time on market results for houses sold at private sale fell to 60 days, down from 66 days in the previous week. Overall vendor discounting was up slightly to -5.4% from -5.1%.
Key data
<ul>
<li>Preliminary clearance rate week ending 22 February: 75.8%</li>
<li>Melbourne auctions expected week ending 1 March: 1,401</li>
<li>Melbourne private sales time on market week ending 22 February: 60 days (houses)</li>
<li>Melbourne vendor discounting market week ending 22 February: -5.4% (houses)</li>
<li>Listings being prepared for market are 0.7% higher in the month ending 22 February (seasonally adjusted)</li>
</ul>
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rlarocca-zWhvjay44N

Where are most of Melbourne’s million dollar homes sold? Weekend auction preview

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A $3.35 million Vaucluse home was the most expensive sold last week, exceeding the sale of $3,225,000 Mosman house.
The house at <a href="https://www.domain.com.au/property/sold/house/nsw/vaucluse/?adid=2011702484" target="_blank">9 The Crescent in Vaucluse</a> (pictured above) had remained in the same family for 53 years. It has four bedrooms, two bathrooms and a powder room, with separate living and dining rooms.
The home also includes two sunrooms, with timber flooring and decorative ceilings. The house, sold through Richardson &amp; Wrench Double Bay, is located just across the road from waterfront parklands.
A renovated Federation home at <a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house-mosman-nsw-2088/225370" target="_blank">131 Middle Head Road, Mosman</a> was the second highest sale of the week. Sold through McGrath Estate Agents, the c1910 home with a rear north orientation has four bedrooms and rear access.
The top 10 sales of the week ending 22 February
<ol>
<li>9 The Crescent, Vaucluse, NSW, 2030, four-bedroom house, sold on February 17 by Richardson &amp; Wrench Double Bay for $3.35 million </li>
<li>131 Middle Head Road, Mosman, NSW, 2088, four-bedroom house, sold at auction on February 18 by McGrath Estate Agents for $3.225 million </li>
<li>6 Alton Avenue, Concord, NSW, 2137, five-bedroom house, sold at auction on February 17 by McGrath Estate Agents for $2.99 million </li>
<li>63 Wharf Road, Gladesville, NSW, 2111, five-bedroom house, sold on February 17 by McGrath Estate Agents for $2.9 million </li>
<li>4A Bellevue Garden, Bellevue Hill, NSW, 2023, three-bedroom house, sold prior to auction on February 18 by Phillips Pantzer Donnelley for $2.79 million </li>
<li>5 Linkmead Avenue, Clontarf, NSW, 2093, five-bedroom house, sold at auction on February 21 by Clarke &amp; Humel Property Manly for $2.715 million </li>
<li>37 Windsor Street, Paddington, NSW, 2021, three-bedroom house, sold prior to auction on February 21 by BresicWhitney Estate Agents Darlinghurst for $2.7 million </li>
<li>369 Esplanade, Mount Martha, VIC, 3934, five-bedroom house, sold on February 17 by Harcourts Mornington for $2.65 million </li>
<li>44 Nelson Road, Lindfield, NSW, 2070, four-bedroom house, sold at auction on February 21 by L J Hooker Concord for $2.643 million </li>
<li>36 Bourne Road, Glen Iris, VIC, 3146, four-bedroom house, sold at auction on February 21 by Marshall White Real Estate for $2.54 million</li>
</ol>
Source: CoreLogic RP Data 
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After 53 years of ownership, Vaucluse home pips Mosman: CoreLogic Top 10 sales

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Dogs don't typically feature in real estate marketing campaigns, or for that matter work when they do, but Title Tattle loved this one.
Adrian Oddi at BresicWhitney Balmain secured $2.75 million for the five bedroom, four bathroom house at weekend auction.
It was a 236 square metre offering at 8 Byrnes Street, Rozelle.
<a href="https://www.bresicwhitney.com.au/buy/8-byrnes-street-rozelle-10401" target="_blank">The price guide was over $2.5 million</a>, whippet not included. Title Tattle ascertained the dog's name is Jasper. He's apparently extremely timid but loved the camera at the photo-shoot!
However he wasn’t there at the not quite sultry weekend auction, apparently too nervous. 
"He went to the dog park instead," Adrian, the selling agent told Property Observer.
There was rental guidance for investors of potentially $1,800 to $2,000 per week.
The Tony McLain architect plans were approved by council in 2011 for the new home.
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No dog day as Rozelle offering fetches $2.75 million

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GUEST OBSERVATION
According to preliminary auction results, there were a reported 852 residential properties auctioned in Melbourne at the weekend, 76% or 494 of these selling.
Total auction volumes included 520 houses and 316 apartments, with clearance rates of 81% and 71% respectively. The balance of auctions consisted of vacant land sales.
The highly anticipated unofficial opening of Melbourne’s real estate auction calendar occurred at the weekend, and, as predicted by WBP’s property advisers, with as much ferocity as it closed in December last year.
The keen interest observed at open for inspections and the market’s handful of auctions in January and early February converted to participation at the weekend, with a multitude of bidders driving strong outcomes for many properties across Melbourne. And, the results are telling.
A clearance rate of 76% signifies over three quarters of vendors received an offer to purchase their property either equal to or exceeding their expectations. This demonstrates high confidence levels among both buyers and sellers – a factor that will continue to drive market performance until the Easter period, in the least, particularly following the RBA’s surprise cut to already record low interest rates earlier this month.
It’s interesting to note the consistency of performance across Melbourne’s metropolitan market. All residential markets, ranging from the city’s outer east to the west are clearing at rates higher than this same time last year. But still, Melbourne’s litmus suburbs experienced mixed results – Richmond showed a strong clearance rate, commanding strong prices for quality properties, while Reservoir cleared at lower rates with just half of auctioned properties transacting.
Other standout performer was St Kilda, due partly to a proportion of properties selling prior to auction. It’s not unusual for many properties to transact prior to auction in January and February amid concerns the market may not meet vendor price expectations prior to buyer interest peaking. This trend is likely to dissipate over coming weeks as markets heat up and vendors feel more at ease.
The Melbourne market has opened strongly overall, however, micro level analysis continues to demonstrate not all properties perform the same. Don’t rely heavily of macro property statistics when selecting a home or investment property. Instead, investigate the individual asset’s long-term performance as a gauge of future expectations.
Greville Pabst is CEO of <a href="https://www.google.com.au/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=1&amp;ved=0CEAQFjAA&amp;url=http%3A%2F%2Fwww.wbpproperty.com%2F&amp;ei=Jb4hUevODOyamQX6mIGYDQ&amp;usg=AFQjCNH0u8Ji9ymluq8AKARfB-KjHZ-aFA&amp;sig2=DNsIKQR7tQj4PtYuiJOHPA&amp;bvm=bv.42553238,d.dGY" target="_blank" rel="nofollow">WBP Property Group.</a>
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Melbourne's auction season swings back into action with ferocity: Greville Pabst

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An incredibly strong auction weekend set the scene for a remarkable auction in Sydney’s north at the weekend, when a house in the suburb of North Epping, 19 kilometres from Sydney’s CBD, sold for nearly $200,000 above reserve.
A combination of the <a href="https://www.smartcompany.com.au/growth/economy/45528-what-does-the-rba-interest-rate-cut-mean-for-your-business" target="_blank">interest rate cut</a> and a greater volume of properties on offer saw the national clearance rate hit a high not seen since October 2009, according to RP Data Victorian housing market specialist Robert Larocca.
Twelve registered bidders pushed the price for the five-bedroom home at 9 Narelle Street, North Epping, to $1,616,000 – a whopping $191,000 above the reserve price, <a href="https://news.domain.com.au/domain/real-estate-news/epic-epping-auction-nets-seller-almost-200000-above-reserve-20150221-13l158">according to Domain</a>.  
A local couple made the winning bid after going head-to-head with a Chinese investor, according to the reports, who jumped the price by $1,000 increments over the phone.
Larocca said lower interest rates clearly had a connection to such outstanding results.
“That was the point [of lowering rates], in many respects. The Reserve Bank wanted people to open their wallets, or their bank loans, just a bit more,” says Larocca.
Larocca says if the market continues with such strength, we will likely see more exceptional results.
“But I think what’s more interesting is the overall national clearance. That speaks more about the market than those people who do get hundreds over their reserve,” he says.
The national clearance rate reached 77.7%, according to RP Data preliminary data, and Larocca says even if that is adjusted down, the result points to a very strong weekend.
“It was a remarkable outcome really,” says Larocca.
Sydney was again the country’s star performer, scoring an 87.8% clearance off 839 auctions.
It’s the third week in a row the Sydney market has delivered a result above 80%, but Larocca says this is not against the trend at this time last year.
Melbourne did not disappoint despite the higher volumes, logging a clearance rate of 74.9% off 1,049 homes sold under the hammer.
Even Brisbane delivered a stellar result of 68.9% off 113 auctions.
Larocca says the coming weekend will be “interesting” to watch, as the weekend before a long weekend brings even more properties on the market.
“It will be interesting now the momentum has built significantly. Seeing as it was admittedly a slow start to the year,” he says.
“Buyers are clearly back out,” Larocca adds.
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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North Sydney home sells for nearly $200,000 above reserve as interest rates push auctions to “remarkable” high

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A preliminary weighted average clearance rate of 77.7% was recorded this week across capital cities compared to 74% last week and 76.2% this time last year.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2015/02/20150223-Capital-City.jpg" rel="wp-prettyPhoto[g4298]"><img class="aligncenter size-large wp-image-4299" src="https://blog.corelogic.com.au/wp-content/uploads/2015/02/20150223-Capital-City-580x437.jpg" alt="National auctions - Capital City" width="580" height="437"></a>
At this stage this is the highest clearance rate recorded on a national level since September 2009.
Last week’s momentum has been carried into this week with solid demand evident in Sydney, Melbourne and Canberra. The interest rate cut is clearly having a beneficial impact.
In Sydney a preliminary clearance rate of 87.8% was recorded and this is higher than any other week in the past year. This is compared to 83.3% last week and 84.2% last year. This result is the sign of a strong market but not against the trend at this time last year.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2015/02/20150223-Sydney.jpg" rel="wp-prettyPhoto[g4298]"><img class="aligncenter size-large wp-image-4300" src="https://blog.corelogic.com.au/wp-content/uploads/2015/02/20150223-Sydney-580x397.jpg" alt="National auctions - Sydney" width="580" height="397"></a>
In Melbourne preliminary clearance rate was 74.9%, compared to 70.9% last week and 73.5% this time last year. The Melbourne auction market has lifted by around 15 points in the past two weeks.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2015/02/20150223-Melbourne.jpg" rel="wp-prettyPhoto[g4298]"><img class="aligncenter size-large wp-image-4301" src="https://blog.corelogic.com.au/wp-content/uploads/2015/02/20150223-Melbourne-580x394.jpg" alt="National auctions - Melbourne" width="580" height="394"></a>
In Brisbane a preliminary clearance rate of 68.9% was recorded compared to 49.5% last week.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2015/02/20150223-Brisbane.jpg" rel="wp-prettyPhoto[g4298]"><img class="aligncenter size-large wp-image-4302" src="https://blog.corelogic.com.au/wp-content/uploads/2015/02/20150223-Brisbane-580x373.jpg" alt="National auctions - Brisbane" width="580" height="373"></a>
In Adelaide a preliminary clearance rate of 55.2% compared to 69% last week.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2015/02/20150223-Adelaide.jpg" rel="wp-prettyPhoto[g4298]"><img class="aligncenter size-large wp-image-4303" src="https://blog.corelogic.com.au/wp-content/uploads/2015/02/20150223-Adelaide-580x392.jpg" alt="National auctions - Adelaide" width="580" height="392"></a>
In Canberra a clearance rate of 72.9% was recorded compared to 72.3% last week. This is the third week with a clearance rate in excess of 70% and means the Canberra auction market has had a stronger start than last year.
In Perth a clearance rate of 53.8% was recorded.
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Interest rate cut is clearly having a beneficial impact to auction market: Robert Larocca

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It was yet another stunning result at weekend auctions when an initial 84.6% success rate was secured by Sydney vendors, according to Australian Property Monitors (APM).
The sizzling clearance rate was just below last year’s all-time record result of 86%, recorded coincidentally over the same weekend, said the senior economist at APM Andrew Wilson.
Some 636 homes were listed to go under the hammer on Saturday, which was well ahead of the previous Saturday’s 455 auctions, when the revised rate sat at 80.5%.
It was the third week above 80% on the weekend.    
Sydney’s inner city regions recorded a combined 90.6% clearance rate with almost half of all auction sales.
The city and east reported the highest regional clearance rate on Saturday with 92.5%.
The next best was the inner west with 91.2% with the highest sales reported at 93, followed by the lower north 85.7%, the upper north shore 84.2%, the northern beaches 82.5%, the south 81.8%, the west 80%, Canterbury Bankstown 76.7% and the north west 70.6%.
The central coast ranked weakest with a 54% clearance rate on Saturday.
The most expensive property reported sold was a five bedroom, tri-level home at <a href="https://www.clarkeandhumel.com.au/3032030/10-carrington-parade-freshwater" target="_blank">10 Carrington Parade, Freshwater </a>that sold for $3,750,000 through Clarke and Humel Property. There were seven registered bidders, four of whom got to lodge bids.
<img src="/images/2015/02/23/freshwater%20feb%2023%20one.jpg" alt="">
On its 2008 completion it was noted the architects, Gartner Trovato, maximised what one can do with the site. It last sold as is in 2012 at $3.01 million through Clarke.
The most affordable property reported sold at the weekend was a studio apartment at Coronation Inn, when 103/284 Pacific Highway, Greenwich sold for $308,000 by Urbane Inner West.
<img src="/images/2015/02/23/greenwich%20feb%2023%20one.jpg" alt="">
It was recently available at $320 a week, but the agency says <a href="https://www.realestate.com.au/property-studio-nsw-greenwich-118887747" target="_blank">$350 a week was achievable</a>.
However CoreLogic RP Data records show $350 was unsuccessfully sought earlier this year for the 30 square metre studio plus 16 square metre car space. It's $308,000 sale price reflected a 5.4% yield.
The first Super Saturday of the year arrives with 800 homes scheduled to go under the hammer next weekend.
"Sydney’s feeding frenzy for home buyers shows no sign of diminishing," Wilson said.
Saturday's 636 offering was down 20% on the same time last year, with next weekend's 800 offerings 20% up, according to APM.
{mijopolls 91}
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Sydney auction success at fresh near-record high as Super Saturday looms

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An Australian online platform where buyers can bid on residential properties has sold its first house.
<a href="https://www.bresicwhitney.com.au/buy/77a-ryan-street-lilyfield-10366" target="_blank">It was a three bedroom Lilyfield listing</a> with $1.3 million plus hopes offered via <a href="https://exchangehouse.com.au/auction_details.php?name=&amp;auction_id=100579&amp;sesuburb=lilyfield" target="_blank">Exchangehouse.com.au</a>.
The three bedroom terrace in Lilyfield secured 22 bids over a three day period from three bidders.
The winning bidder secured the property for $1,618,000 - well above the reserve price. It last sold in 2005 at $790,000.
Click to open in new window: 
<a href="https://www.propertyobserver.com.au/images/2015/02/23/bids-feb-23-one.jpg" target="_blank"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2015/02/23/bids-feb-23-one.jpg" alt=""></a>
Source: Exhangehouse.com.au
Given five registrations, the auction timetable was brought forward. The last bid was placed at 12.30am on Thursday morning and with 24 hours given the hammer came down at 12.30am on Friday as the reserve was exceeded.
Jonathan Elepano, a director at exchangehouse.com.au, was the vendor of 77a Ryan Street.
“We have been working on the technology behind the website for many years," Elepano said.
"I was pleased to use my property on our platform to see the results in real time with live bidders.  
"22 bids over a three day period was a phenomenal result and exceeded everyone’s expectations."
BresicWhitney pioneered the online auction in the onsite inner Sydney residential heartland.
Exchangehouse, an online platform for owners to list their properties via their agent, has been developed over the last three years by Mark Jamieson, a property executive with over 15 years industry experience, and Jonathan Elepano, an IT expert with over 20 years experience in the technology sector.
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