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

<html><body>
Moonee Ponds had the weekend's top auction sale in Melbourne.
The $2.44 million trophy home - a simple Calirfornian bungalow at 26 Ardmillan Road - last sold at $915,000 in 2003.
The 1920s house came with 275 square metre one level space on its 805 square metre block.
It was renovated in 2004.
David Vaughan at Nelson Alexander secured the weekend sale having offered buyers a $2.2 million to $2.4 million price guidance.
The next highest was a likely knockdown house on a 1,736 square metre corner site at 112 Winmalee Road, Balwyn through Peter Dixon and William Chen of Jellis Craig.
A clearance rate of 74% was recorded on the Valentine's Day weekend compared to 65% last weekend and 70% the same weekend last year.
There were 458 auctions reported to the REIV, with 338 selling and 120 being passed in, 61 of those on a vendor bid.
TOP 5 HOUSES
<ol>
<li>26 Ardmillan Road, Moonee Ponds $2,440,000</li>
<li>5 Winmalee Road, Balwyn $2,344,000</li>
<li>6 James Street, Surrey Hills $2,218,000</li>
<li>38 Manning Road, Malvern East $2,115,000</li>
<li>37&amp;39 Bradley Street, Newport $1,850,000</li>
</ol>
TOP 5 BARGAIN HOUSES
<ol>
<li>24 Marie Street, Doveton $265,000</li>
<li>45 Middleton Drive, Woori Yallock $276,000</li>
<li>191 Werribee Street, Werribee $285,000</li>
<li>28 Piccolotto Drive, Melton West $315,000</li>
<li>20 Citronelle Circuit, Brookfield $330,000</li>
</ol>
TOP 5 APARTMENTS
<ol>
<li>1/721 Toorak Road, Malvern $1,620,000</li>
<li>36A Anne Street, Mckinnon $1,231,000</li>
<li>1/19-21 Ormond Esplanade, Elwood $1,230,000</li>
<li>17A Dickmann Street, Richmond $1,195,000</li>
<li>1B Hamilton Avenue, Blackburn $1,055,000</li>
</ol>
TOP 5 BARGAIN APARTMENTS
<ol>
<li>2/18 Third Avenue, Dandenong North $255,000</li>
<li>3/44 Type Street, Richmond $270,000</li>
<li>6/62 Snell Grove, Oak Park $290,000</li>
<li>340 Grand Boulevard, Craigieburn $310,000</li>
<li>9/52 Caroline Street, South Yarra $310,000</li>
</ol>
Source REIV
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jchancellor-FAypfDUnLy

Moonee Ponds tops Melbourne's Valentine's Day auctions

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The Blacktown, Sydney vendor - who advertised a $1 reserve price ahead of today's auction - secured $565,000 on his investment property.
Vendor Neil Tyagi purchased the four bedroom 1960s Blacktown home 11 years ago, for $310,000 in November 2004, reflecting 6% annual price growth.
It was $5000 more than what he wanted - $560,000 - when it was initially listed unsuccessfully in early November last year.
The opening bid was, no surprise, $1, then jumping to $30.
The eventual buyer first bid at $400,000. There were 35 registered parties, with around 14 managing a bid, in what proved to be a marketing masterstroke by the relieved selling agent Raj Bhandari who said he didn't want a "textbook auction."
With 384 of the results reported, Domain Group's APM put the preliminary clearance rate at a strong 83.2 per cent, up from the revised 81.2 percent of the prior Saturday.  The Blacktown suburb's median house price sits at $537,000, <a href="/news">according to CoreLogic RP Data</a>, up 3.8% annually on the $355,000 median in 2004, so an above trend growth price was secured at the auction.
"It is a high risk," the agent proffered about the stunt, adding he hoped there would be over 100 in attendance.
The taxi business owner and vendor Neil Tyagi suggested the $1 reserve was intended to inject some fun back into auctions, although the NSW Fair Trading sent a stern letter advising it must be sold.
"Buying a property should be fun. I wanted to do something different, and I've never heard of a property setting a $1 reserve. Sydney home buyers attend so many boring textbook auctions. I want the auction of my home to have a lively, exciting atmosphere that everyone will enjoy and remember – not just the lucky buyers on the day," he said.
Starr Partners Fairfield auctioned the property.
Agent Raj Bhandari throught "with a reserve of just $1, bidding on the day is likely to start out low and pick up quickly."
"We are confident with our marketing and sales strategies and know that there will be plenty of competition on the day to help the vendor achieve an optimum result," he said pre-auction.
Some industry players suggested the $1 dollar disclosed reserve was underquoting to get buyers in, which Raj Bhandari said misrepresented the listing motive. Other suggested unless surrendered, it was possible despite the reserve, for the vendor to place a vendor bid at a price that could see the property passed in.
"This is the first time in NSW that the home is going to auction with a $1 reserve," Raj Bhandari said.
"It means that after the first bid of $1.00 the home will be out of the hands of the vendors and into the hands of the bidders.
"The home will sell to the highest bidder on the day, no ifs no buts."
At busy <a href="https://www.realestateview.com.au/Real-Estate/230-blacktown-road-blacktown/Property-Details-buy-residential-8224634" target="_blank" style="line-height: 1.3em;">230 Blacktown Road</a> has four bedrooms and two bathrooms, with a double garage, and is set on a 571 square metre block.
The property is currently rented at $440 per week. It was first available for rent at $425 a week in late 2012.
A nearby three bedroom brick house on 575 square metres fetched $568,000 late last year.
Its late 2004 purchase price came as the Sydney boom was flagging out west, it having been listed at $395,000 in early 2004.
The 2004 listing agent Con Koulendianos advised Property Observer it was a "pretty flat time."
"Prices had hit a wall and didn't really recover until 2009," he said.
Now selling at Rouse Hill, he said many Blacktown vendors have relocated there over recent years. The current vendors have relocated to Quakers Hill.
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Smart gimmicky $1 Blacktown reserve Valentine's Day auction sells for $565,000

<html><body>
A Prestons home in Sydney's south-west sold at weekend auction for $600,000.
The mortgagee sale of a three bedroom home in a quiet cul de sac had 11 registered bidders comprising of 50/50 split of first home buyers and investors. 
"The bidding opened at $400,000 seeing seven parties taking part in the bidding," Rocky Bartolotto from Auction Services said.
It was sold to a couple with two children outbid the investors in the listing through Vince Labbozzetta at Raine &amp; Horne Liverpool.
3 Huskisson Street, Prestons fetched $60,000 over reserve. The 1997 built brick home last sold in 2004 at $360,000.
</body></html>

Home owners beat out investors in Prestons, Sydney mortgagee auction

<html><body>
There are 506 auctions scheduled this week in Melbourne compared to 783 for the same time last year.
Auction volumes continue to be well below those recorded 12 months ago and last week saw the lowest clearance rate for 26 months.
Recent analysis from CoreLogic RP Data &amp; the Australian Bureau of Statistics (ABS) shows that, once inflation is accounted for, Melbourne home values were not quite yet at a new peak.
The results showed that home values were 2.7% below the peak in September 2010; when the improvement in January is included home values will be very close to peak in real terms.
It’s also illustrative to compare the strength of the market in this cycle to the last in 2010. Values rose at just half the rate of pace in 2010 which has helped to underscore the more moderate market conditions and consumer conservatism.
The private sale market has also begun. On a citywide basis, the time on market results for houses sold at private sale was 65 days over the last week and vendor discounting was -5.1%.
Key data
<ul>
<li>Clearance rate week ending 8 February: 60.7%</li>
<li>Melbourne auctions expected week ending 15 February: 506</li>
<li>Melbourne private sales time on market week ending 8 February: 65 days (houses)</li>
<li>Melbourne vendor discounting market week ending 8 February: -5.1% (houses)</li>
<li>Listings being prepared for market are 9% lower in month ending 8 February (seasonally adjusted)</li>
</ul>
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rlarocca-zWhvjay44N

Melbourne auction market well down on last year: Robert Larocca

<html><body>
A preliminary weighted average clearance rate of 66.9% was recorded this week across capital cities compared to 61.6% last week and 68.2% this time last year.
<img class="aligncenter size-large wp-image-4245" src="https://blog.corelogic.com.au/wp-content/uploads/2015/02/20150209-Capital-City-580x431.jpg" alt="Auction market review - Capital Cities" width="580" height="431">
This weeks result compares well to the 2014 market when an overall clearance rate of 67.8% was recorded. It also broadly reflects the moderate growth recorded in home values this year.
The positive impact of the rate cut will take a few weeks to be apparent on a national wide scale as volumes are still low. If the rate cut is to encourage a few more active buyers and sellers it will also take a few weeks to be obvious.
In Sydney a preliminary clearance rate of 80.5% recorded compared to 77.9% last week and 79.5% last year. Compared to last year this is near identical start.
<img class="aligncenter size-large wp-image-4247" src="https://blog.corelogic.com.au/wp-content/uploads/2015/02/20150209-Sydney-580x396.jpg" alt="Auction market review - Sydney" width="580" height="396">
In Melbourne a preliminary clearance rate of 61.4% was recorded compared to 66.3% last week and 67.5% this time last year. It is still early but results so far make it interesting to see which way the market goes as the year has started with lower auction volumes and clearance rates.
<img class="aligncenter size-large wp-image-4246" src="https://blog.corelogic.com.au/wp-content/uploads/2015/02/20150209-Melbourne-580x385.jpg" alt="Auction market review - Melbourne" width="580" height="385">
In Brisbane a preliminary clearance rate of 45.6% was recorded compared to 43.3% last week.
<img class="aligncenter size-large wp-image-4244" src="https://blog.corelogic.com.au/wp-content/uploads/2015/02/20150209-Brisbane-580x390.jpg" alt="Auction market review - Brisbane" width="580" height="390">
In Adelaide a preliminary clearance rate of 61.1% compared to 52.7% last week.
<img class="aligncenter size-large wp-image-4243" src="https://blog.corelogic.com.au/wp-content/uploads/2015/02/20150209-Adelaide-580x381.jpg" alt="Auction market review - Adelaide" width="580" height="381">
In Canberra a clearance rate of 62.8% was recorded compared to 72.7% last week, whilst for Perth a clearance rate of 35.7% was recorded.
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No interest rate cut impact on auctions, yet: Robert Larocca

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The most affordable Sydney property reported sold at the weekend was a two bedroom unit on Equity Place at Canley Vale (building pictured above).
It sold for $307,000 through <a href="https://www.century21.com.au/property/314025/" target="_blank">Century 21 Southwest Fairfield agent Nick Dilles</a> to an owner occupier.
It last sold at $175,000 in 2009, having sold for even more in boom time 2004 at $195,000.
It was available for rent at a $260 asking rent of a week in 2011. It was most recently rented at $290 a week.
"It was a second floor unit in a modern block with great long term tenants on an expired lease," Dilles told Property Observer.
 It had two large bedrooms, large lounge/ dining area, eat-in kitchen, internal laundry, plus one bathroom.
The most expensive property reported sold at auction at the weekend was a three bedroom home at 27 Riverside Drive, Sans Souci (pictured below) that sold for $2,700,000 by Raine and Horne Sans Souci.  
<img src="/images/2015/02/09/sans%20souci%20feb%209%20one.jpg" alt="">
 
The 873 square metre waterfront reserve block sits opposite the water.
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Sydney's weekend cheapest, but big bounce back for Canley Vale offering

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Sydney's 82% weekend auction success rate was right up there.
The weekend was the second with reasonable 2015 auction offerings, with the results from Domain Group's Australian Property Monitors up from the initial revised 69% of last weekend, January 30.
There were 297 offerings in Sydney, with results in for 272.
Melbourne's weekend auction success rate was a bit more pedestrian at 67%, which was not too dissimilar to the 65% of last weekend.
The REIV reported a catchup clearance rate of 61% had been recorded between 22 December 2014 and 7 February 2014.
The APM dearest February 7 weekend auction sales results
<table style="width: 460px; height: 119px;" border="0" cellspacing="0" cellpadding="5"><tbody align="left">
<tr id="ecxrpMostExpensive_trMostExpensiveRow_0">
<td id="ecxrpMostExpensive_tdMostExpensiveCity_0" align="left">Sydney</td>
<td id="ecxrpMostExpensive_tdMostExpensiveLocation_0">27 Riverside Dr, Sans Souci NSW 2219, 3 br House, R&amp;H Sans Souci $2.7m</td>
</tr>
<tr id="ecxrpMostExpensive_trMostExpensiveRow_1">
<td id="ecxrpMostExpensive_tdMostExpensiveCity_1" align="left">Melbourne</td>
<td id="ecxrpMostExpensive_tdMostExpensiveLocation_1">6 Bishop Ct, Mount Waverley VIC 3149, 2 br House, Jellis Craig $1.48m</td>
</tr>
<tr id="ecxrpMostExpensive_trMostExpensiveRow_2">
<td id="ecxrpMostExpensive_tdMostExpensiveCity_2" align="left">Adelaide</td>
<td id="ecxrpMostExpensive_tdMostExpensiveLocation_2">22 Preston Av, Brighton SA 5048, 3 br House, Gary J Smith RE Glenelg $908,000</td>
</tr>
<tr id="ecxrpMostExpensive_trMostExpensiveRow_3">
<td id="ecxrpMostExpensive_tdMostExpensiveCity_3" align="left">Brisbane</td>
<td id="ecxrpMostExpensive_tdMostExpensiveLocation_3">7 Rule St, Hendra QLD 4011, 6 br House, RW Ascot $1.52m</td>
</tr>
</tbody></table>
The APM most affordable sales 
<table style="width: 460px; height: 96px;" border="0" cellspacing="0" cellpadding="5"><tbody align="left">
<tr id="ecxrpMostAffordable_trMostAffordableRow_0">
<td id="ecxrpMostAffordable_tdMostAffordableCity_0" align="left">Sydney</td>
<td id="ecxrpMostAffordable_tdMostAffordableLocation_0">6/20 Equity Pl, Canley Vale NSW 2166, 2 br Unit, C21 Southwest Fairfield $307,000</td>
</tr>
<tr id="ecxrpMostAffordable_trMostAffordableRow_1">
<td id="ecxrpMostAffordable_tdMostAffordableCity_1" align="left">Melbourne</td>
<td id="ecxrpMostAffordable_tdMostAffordableLocation_1">4/32 Birdwood St, Frankston VIC 3199, 2 br Unit, C21 Home Port $215,000</td>
</tr>
<tr id="ecxrpMostAffordable_trMostAffordableRow_2">
<td id="ecxrpMostAffordable_tdMostAffordableCity_2" align="left">Adelaide</td>
<td id="ecxrpMostAffordable_tdMostAffordableLocation_2">5/56 Northcote Tce, Gilberton SA 5081, 2 br Unit, LJH Modbury $365,000</td>
</tr>
<tr id="ecxrpMostAffordable_trMostAffordableRow_3">
<td id="ecxrpMostAffordable_tdMostAffordableCity_3" align="left">Brisbane</td>
<td id="ecxrpMostAffordable_tdMostAffordableLocation_3">12 Hope St, Kingston QLD 4114, 4 br House, Professionals Logan Lifestyles $248,000</td>
</tr>
</tbody></table>
On the same weekend last year Sydney had a strong 78% clearance rate from 301 listings. Melbourne had 261 offerings and a 67% success rate this time last year. 
APM's senior economist Dr Andrew Wilson noted the "super strong" clearance rate in Sydney at 82.4% was achieved from significantly higher listings than last weekend's 97. 
"The market remains white hot as interest rates fall," <a href="https://twitter.com/docandrewwilson" target="_blank">he tweeted</a> to his 933 followers.
AMP Capital economist Shane Oliver had a different interpretation suggesting yes the auction clearances were solid: But he tweeted "Syd 82% (likely 78% after revisions), yr ago 79%; Melb 67%, yr ago 68%." "Can't see big impact from rate cut though," he tweeted.
The ABC reported on a Port Hedland auction where the fibro cottage was passed in at auction for $360,000 unsold - its highest offer reflecting 2006 price levels.
It last traded four years ago for $1.3 million, and before that at $870,000 in 2009 and at $350,000 nine years ago in 2006. 
The three bedroom, one bathroom 1960s house sits in the heart of the Western Australian mining town. It is within the business and commercial district, opposite developments and not far from the boat ramp, Marapikarrinya Park, and fishing wharf.
<img src="https://i1.au.reastatic.net/456x342/49a5c01f21af367a5de7fb681e52e33ab038ed15221a465a6c2527b549f59a26/main.jpg" alt="18 Edgar St, Port Hedland, Port Hedland" title="18 Edgar St, Port Hedland, Port Hedland" data-index="0">
Real estate agent Barry Walsh at Jan Ford Real Estate told the ABC the top bid was a sign the mining boom's construction phase had tapered off.
Negotiations continue for the sale of the cottage with 145 square space on its 600 square metre block.
It was initially listed for private treaty sale in June 2013 at $1.42 million.
Property Observer understands its most recent rental asking price was $800 a week in mid-2014, having been in excess of $2000 a week in 2008 and 2011, when it was last sold.
Last month the controversial research body, Demographia noted the affordability of <a href="/expert-insights/buying/karratha-one-of-australias-most-affordable-towns-as-prices-decline">WA mining </a><a href="/expert-insights/buying/karratha-one-of-australias-most-affordable-towns-as-prices-decline">towns had improved</a>.
Last July Property Observer Terry Ryder wrote<a href="/expert-insights/port-hedland-and-karratha-the-best-places-to-buy-dont-get-roped-into-that-one"> Port Hedland and Karratha</a> "the best places to buy"? Don't get roped into that one, he advised a year after an earlier warning.
In 2012 Property Observer reported <a href="/news/qld/moranbah-and-port-hedland-unsustainable-single-industry-mining-boom-hotspots-westpac">Westpac viewed Port Hedland as an "unsustainable" single industry mining boom hotspot</a>.
Back in Sydney Cooley Auctions weekend clearance rate was 88% selling 21 of 24. It included two at Caringbah South which collectively sold at $120,000 over reserve.
Rocky Bartolotto at Auction Services secured seven from seven on the day reporting registered buyer numbers were strong across Sydney with an average of eight per property. 
"This is up from 6 buyers compared to February 2014," he advised.
CoreLogic Rp Data advised a preliminary weighted average clearance rate of 66.9% was recorded this week across all the capital cities compared to 61.6% last week and 68.2% this time last year. "This week's result compares well to the 2014 market when an overall clearance rate of 67.8% was recorded," spokesperson Robert Larocca said.
"It also reflects the moderate growth recorded in home values this year. "The positive impact of the rate cut will take a few weeks to be apparent on a national wide scale as volumes are still low. 
"If the rate cut is to encourage a few more active buyers and sellers it will also take a few weeks to be obvious." In Sydney a preliminary clearance rate of 80.5% recorded compared to 77.9% last week and 79.5% last year. In Melbourne a preliminary clearance rate of 61.4% was recorded compared to 66.3% last week and 67.5% this time last year. In Brisbane a preliminary clearance rate of 45.6% was recorded compared to 43.3% last week. In Adelaide a preliminary clearance rate of 61.1% compared to 52.7% last week. In Canberra a clearance rate of 62.8% was recorded compared to 72.7% last week. In Perth a clearance rate of 35.7% was recorded.
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Sydney's weekend auction clearance rate soars to 82%, but Port Hedland highlights how the mighty can fall

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Lakemba had the cheapest of Sydney's 70% weekend auction success rate, according to the results from Domain Group's Australian Property Monitors.
There were 97 offerings in Sydney ranging from $417,000 at Lakemba to $2 million at Lane Cove North.
<a href="https://www.domain.com.au/property/for-sale/apartment-unit-flat/nsw/lakemba/?adid=2011679420" target="_blank" style="line-height: 1.3em;">The 5/41 Sproule Street, Lakemba</a> offering was a two bedroom unit sold through Ralph RE which sold for $417,000. Agent Mark Dissinger says it was a suburb record for a two bedroom without a garage. The modernised 82 square metre last sold at $163,000 in 2001. It came with carport. Mark Dissinger said $476,000 was the top two bedroom price with garaging. It sold to an owner occupier.
The 36 Kara Street, Lane Cove North offerings was a recently refurbished four bedroom house.
McGrath agent Brent Courtney had the house listed for December auction last year with $1.8 million hopes, but the occupation certificate didn't come through in time. 
So as soon as it became available in January, Courtney organised an impromptu auction.
There were nine registered bidders, around half having been there on the property in the lead up to the thwarted December auction.
 
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Lakemba record but cheapest among Sydney's opening weekend auction range

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Sydney's 70% weekend auction success rate was outdone by Melbourne's 72% clearance rate.
The weekend was the first with reasonable auction offerings, and results from Domain Group's Australian Property Monitors.
There were 97 offerings in Sydney and 59 in Melbourne, where the REIV results have yet to return. Adelaide had more listings, with 69 auction offerings with a 65% success rate.
In Brisbane, on election day, there was a 40% clearance rate from the 60 listings.
The APM dearest sales results
<table style="width: 484px; height: 100px;" border="0" cellspacing="0" cellpadding="0"><tbody><tr>
<td colspan="2">
<table style="width: 475px; height: 96px;" border="0" cellspacing="0" cellpadding="5"><tbody align="left">
<tr id="rpMostExpensive_trMostExpensiveRow_0">
<td id="rpMostExpensive_tdMostExpensiveCity_0" align="left">Sydney</td>
<td id="rpMostExpensive_tdMostExpensiveLocation_0">36 Kara St, Lane Cove North, 4 br H, McGrath $2 million</td>
<td id="rpMostExpensive_tdMostExpensiveSold_0"> </td>
</tr>
<tr id="rpMostExpensive_trMostExpensiveRow_1">
<td id="rpMostExpensive_tdMostExpensiveCity_1" align="left">Melbourne</td>
<td id="rpMostExpensive_tdMostExpensiveLocation_1">7 Crows La, Glen Waverley, 3 br H, Barry Plant Monash $920,000</td>
<td id="rpMostExpensive_tdMostExpensiveSold_1"> </td>
</tr>
<tr id="rpMostExpensive_trMostExpensiveRow_2">
<td id="rpMostExpensive_tdMostExpensiveCity_2" align="left">Adelaide</td>
<td id="rpMostExpensive_tdMostExpensiveLocation_2">9 Hawthorn Cr, Campbelltown, 3 br H, LJH Glynde $540,000</td>
<td id="rpMostExpensive_tdMostExpensiveSold_2"> </td>
</tr>
<tr id="rpMostExpensive_trMostExpensiveRow_3">
<td id="rpMostExpensive_tdMostExpensiveCity_3" align="left">Brisbane</td>
<td id="rpMostExpensive_tdMostExpensiveLocation_3">31 Central Av, Paddington, 2 br H, HAR Ascot $1.11m</td>
<td id="rpMostExpensive_tdMostExpensiveSold_3"> </td>
</tr>
</tbody></table>
</td>
</tr></tbody></table>
The APM most affordable sales
<table style="width: 605px;" border="0" cellspacing="0" cellpadding="5"><tbody align="left">
<tr id="rpMostAffordable_trMostAffordableRow_0">
<td id="rpMostAffordable_tdMostAffordableCity_0" align="left">Sydney</td>
<td id="rpMostAffordable_tdMostAffordableLocation_0">6/31 Marine Pde, The Entrance NSW 2261, 2 br Unit, FN The Entrance</td>
<td id="rpMostAffordable_tdMostAffordableSold_0">$264,000</td>
</tr>
<tr id="rpMostAffordable_trMostAffordableRow_1">
<td id="rpMostAffordable_tdMostAffordableCity_1" align="left">Melbourne</td>
<td id="rpMostAffordable_tdMostAffordableLocation_1">27 Henty St, Pakenham VIC 3810, 4 br House, Stockdale &amp; Leggo Pakenham</td>
<td id="rpMostAffordable_tdMostAffordableSold_1">$323,000</td>
</tr>
<tr id="rpMostAffordable_trMostAffordableRow_2">
<td id="rpMostAffordable_tdMostAffordableCity_2" align="left">Adelaide</td>
<td id="rpMostAffordable_tdMostAffordableLocation_2">50 Mellor Rd, Glanville SA 5015, 3 br House, C21 - Beachside &amp; Lakes</td>
<td id="rpMostAffordable_tdMostAffordableSold_2">$280,000</td>
</tr>
<tr id="rpMostAffordable_trMostAffordableRow_3">
<td id="rpMostAffordable_tdMostAffordableCity_3" align="left">Brisbane</td>
<td id="rpMostAffordable_tdMostAffordableLocation_3">2/19 Haig St, Clayfield QLD 4011, 3 br Unit, LJH Clayfield</td>
<td id="rpMostAffordable_tdMostAffordableSold_3">$419,000 
</td>
</tr>
</tbody></table>
On the same weekend last year Sydney had a stronger 76% clearance rate from 94 listings. Melbourne had 72 offerings and a 72% success rate. This time last year Brisbane had a 49% clearance rate from 57 offering. In Adelaide last year there were 52 offerings with a 57% success rate.
<div>
Bookings for the weekends of February 28 and March 7 will likely see Super Saturday weekends across Sydney, auctioneer Rocky Bartolotto tipped.
</div>
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Sydney's 70% auction success rate outdone by Melbourne's 72% as 2015 selling season gets underway

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In many respects the Melbourne auction market last year was better than in 2013. 
Auction volumes rose 19.7% compared to last year, however the clearance rate fell a small degree from 69.2% to 68.4%.
While there is a great degree of interest in data associated with the auction market, what exactly should buyers be looking at to help inform their judgement?
Firstly, when undertaking market analysis it is important to get as much information as possible and understand the data in context, after all the sale of a new home means something different to the sale of an established one.
Auctions can provide a rich source of information, even if you are not bidding.
Auctions account for around one in five sales in capital cities and nearly one third in Melbourne.
With that in mind there are three important things for buyers to look at from auctions;
<ul>
<li>Number of Buyers:</li>
</ul>
The number of active buyers is a slice of the people you are competing against in a given area. If you go to enough open houses and auctions you will get a feel about how strong demand is in an area and that will affect the price you need to pay..
<ul>
<li>
Sale Price (or passed in amount):
</li>
</ul>
Buyers will be able to compare the sale prices with their expectations of price, even if it is passed in. This information will help you make informed judgments about the market when bidding on the home you want. You can then see this data the day after, however it’s far better to turn up and see it live.
<ul>
<li>
Local Auction Conduct:
</li>
</ul>
Auctions can be a high-pressure event, as a result the more you attend the more used to the process you will get which in turn will help you stick to your budget and strategy. Attending auctions in the area you aim to buy in will allow you to become acquainted with the styles of different auctioneers and the level of competition in the area.
Key facts
<ul>
<li>Attendence at auctions important for buyer research</li>
<li>Clearance Rates – in 2014 these fell to 68.4%</li>
<li>Auctions increased to take advantage of rising market</li>
</ul>
January has seen a fairly typical commencement to the auction market with only 419 auctions held. The market moves up a notch this week with 800 expected across Australia and 391 in capital cities.
The volume of auctions in capital cities should rise to exceed 1,000 in the middle of February, as most real estate agents need to allow a reasonable marketing period for the property.
It is also fairly typical to see the majority of auctions outside the capital cities and that is the case this week.
The highest volume of auctions is expected in Adelaide with 97. There are 94 expected in Sydney, 80 in Melbourne, 24 in Perth and 21 in Canberra.
Before the auction market increases significantly in volume it is useful to reflect on how 2014 ended. On a national basis there 101,444 auctions held in capital cities, the first time ever the volume has exceeded 100,000.
Melbourne had the most auctions with 44,089 and just exceeded Sydney for the most sold. The most significant shift in 2014 was the growth in the Sydney auction market. If this is sustained this year it will be difficult for Melbourne to retain the title of the “auction capital”.
The highest clearance rate for 2014, 74%, was recorded in Sydney.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2015/01/2015-01-29-capital-Low-volume-of-auctions-this-week.jpg" rel="wp-prettyPhoto[g4230]"><img class="aligncenter size-full wp-image-4231" src="https://blog.corelogic.com.au/wp-content/uploads/2015/01/2015-01-29-capital-Low-volume-of-auctions-this-week.jpg" alt="Capital Low volume of auctions this week - CoreLogic RP Data blog" width="604" height="304"></a>
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