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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A former electrical sub-station at 42 Philpott Street, Marrickville failed to sell at weekend auction.
The three-bedroom designer home was passed in at $1,005,000 <a href="https://www.sydneysiderealestate.com.au/listings/42-philpott-st/a" target="_blank">through Dani Chahine of Sydneyside Real Estate</a>. Higher offers are being sought.
It last traded as a decommissioned sub-station in 2011 for $515,000.
The redundant electricity substation on a 77-square-metre block at Marrickville<a href="/news"> </a>ranks as one of the 1,000 substations that were built across Sydney from the late 1870s as the demand for electricity grew throughout the city.
There were approved plans by Tanner Architects (pictured below) for conversion the <a href="/news">Marrickville </a>property into a 159-square-metre, three-bedroom, two-bathroom abode with roof terrace with louvered pergola on its 2011 offering which had been subdivided off the neighbouring Globe Mills apartment development.
 
<img src="/images/stories/philpottflicker.jpg">
 
While many are simple designs, the Marrickville substation was built to fit into the architecture of its factory surroundings. It comes with three high steel roller shutter doors.
<img src="/images/stories/philpottplans.gif">
The initial weekend auction clearance rate dipped to 75.5%, according the Australian Property Monitors, down on the previous weekend’s revised 77.8% result.
The inner west hosted the most auctions with 164 followed by the upper north shore with 135, the city and east 121, the south 112, the lower north 110, the west 65, Canterbury Bankstown 60 and the northern beaches with 50 auctions scheduled.
The most popular suburbs for auctions was Mosman on the lower north and Maroubra in the city and east each with 14 auctions listed. 
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jchancellor-FAypfDUnLy

Marrickville substation conversion fails to ignite weekend auction buyer interest

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Some three years after heading north, the Greater Western Sydney (GWS) chief Dave Matthews and wife Jane have sold their former Albert Park, Melbourne family home. 
It fetched $2.57 million at weekend auction after initial price guidance of between $2 million and $2.2 million.
It sold at $820,000 in 2002.
The 1888 home on the Withers Street 320-square-metre block came with four bedrooms and a study. The garden shed had a TV point, so television can be watched in the yard.
It was offered through Parkinson's Frank Mlikota and Jane Mlikota having been leased by senior assistant coach of the Western Bulldogs Brett Montgomery and his wife Terri during some of the period.
It was initially listed for rent in 2010 at a $1200 a week asking rental.
It sold to a local, but inspections were undertaken by the former attorney-general Nicola Roxon and Scott Cam from The Block reality TV series.
Before moving north to helm the latest AFL franchise, Matthews was the code's general manager of national and international development.
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GWS boss Dave Matthews sells 1888 Melbourne home

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The man behind Melbourne's most famous burger joint couldn't sell his South Melbourne property.
Greg and Eleni Mitropoulos put in a $1.3 million vendor bid when their pretty four-bedroom Victorian cottage went to weekend auction.
It is not far from Andrew's Hamburgers in Albert Park, the Bridport Street diner which Greg Mitropoulos manages, which recently celebrated its 75th year trading.
The renovated home at 396 Dorcas Street had been listed <a href="https://www.marshallwhite.com.au/396-dorcas-street-south-melbourne-137375/" target="_blank" style="line-height: 1.3em;">through Marshall White agent Oliver Bruce</a> who was anticipating $1.25 million-plus.
Property Observer gleans it cost $1.21 million in 2010 after its renovation. It has 148 square metres of living space on its 162 square metre block.
The Melbourne weekend auction market resumed on Saturday after last weekend’s break for the Melbourne Cup holiday long weekend.
But high auction numbers led to a sharp fall in the clearance rate, to 71.6% according to Australian Property Monitors (APM), the lowest reported by the Melbourne market since the first weekend of July.
Some 977 homes were listed for auction at the weekend in metro Melbourne which was unsurprisingly well above last weekend’s 132 and also just higher than the 961 auctioned over the same weekend last year, according to APM.
Melbourne’s four weekend average clearance rate now stands at 74.3% compared to 78.8% over the previous four-weekend period. 
Melbourne’s south-east reported the highest regional clearance rate at the weekend with a strong 84% result, leading the outer east with 76.5%, the north-east 75.2%, the inner south 71.9%, the inner east 70.9% and the inner city with a clearance rate of 69.5%.
Melbourne’s inner south hosted the most number of auctions with 147 closely followed by the inner east with 143, the outer east  with 140, the inner city 138, the west 133, the north-east 131, the north 80 and the south-east 43.
The most popular suburb for auction listings in metro Melbourne was again Mount Waverley in the outer east with 20 auctions scheduled. The next highest was Glen Waverley also in the outer east with 16, Reservoir in the north-east and St Kilda in the inner city each with 15 and South Yarra in the inner city, Mitcham in the outer east and Glen Iris in the inner east with 13 auctions scheduled on the weekend.
The REIV reported a clearance rate of 68 per cent this weekend compared to 67 per cent last weekend and 68 per cent this weekend last year.
There were 934 auctions reported to the REIV this weekend, with 632 selling and 302 being passed in, 146 of those on a vendor bid.
 
 
 
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Flipping hamburgers easier than property in toughening Melbourne auction market

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There are 999 auctions scheduled this week in Melbourne compared to 1,123 for the same time last year.
The most auctions will be found in <a href="/news">Mount Waverley</a> with 20, followed by 19 in <a href="/news">St Kilda</a> and 16 in <a href="/news">Glen Waverley</a>.
With just under two months remaining in the year it is worth noting that October was a relatively good month for sellers with the growth in home values increasing more strongly than in August and September.
The release this week of the RP Data CoreLogic Home Value Index showed that Melbourne house values rose by 2.1% over the month and by 1.8% over the last three months. Units saw a small rise of 0.5% in the month and 2.2% in the quarter. Over the more important longer term, the house value index outpaced units with a 9.5% rise over this year compared to 3.1%.
Auction market conditions are similar to those in the private sale market. On a citywide basis, the time on market results for houses sold at private sale tightened again from 33 days to 31 days over the last week whilst vendor discounting remained stable at -4.8%.
Key data
<ul>
<li>Clearance rate week ending 2 November: 69.6% 
</li>
<li>Melbourne auctions expected week ending 9 November: 999 
</li>
<li>Melbourne private sales time on market week ending 2 November: 31 days (houses) 
</li>
<li>Melbourne vendor discounting market week ending 2 November: -4.8% (houses) 
</li>
<li>Listings being prepared for market are 5.2% higher in month ending 2 November (seasonally adjusted)</li>
</ul>
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rlarocca-zWhvjay44N

RP Data's Melbourne weekend auction preview

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A preliminary weighted average clearance rate of 71.1% was recorded this week across capital cities compared to 69.3% last week and 70.3% this time last year.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/11/20141103-Capital-City.jpg" rel="wp-prettyPhoto[g3924]"><img class="aligncenter size-large wp-image-3925" src="https://blog.rpdata.com/wp-content/uploads/2014/11/20141103-Capital-City-580x429.jpg" alt="RP Data Auction Comments | Capital City" width="580" height="429"></a>
With volumes low in Melbourne due to the Melbourne Cup the main activity in the auction market was in Sydney which had its eighth week with over 1,000 auctions for the year and continued to record above trend results.
The Sydney market continues to strengthen with a preliminary clearance rate of 78.5% recorded compared to 74.8% last week and 75% last year. The improving trend is apparent over the medium term as well with a citywide clearance rate the first ten months of the year of 75.1% compared to 72.5% a year ago.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/11/20141103-Sydney.jpg" rel="wp-prettyPhoto[g3924]"><img class="aligncenter size-large wp-image-3926" src="https://blog.rpdata.com/wp-content/uploads/2014/11/20141103-Sydney-580x389.jpg" alt="RP Data Auction Comment | Sydney" width="580" height="389"></a>
In Melbourne there was a preliminary clearance rate of 68.2% recorded compared to 71% last week and 70.8% this time last year. From a clearance rate perspective the Melbourne market is marginally down on a year ago with a year to date clearance rate of 68.9% compared to 69.6%.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/11/20141103-Melbourne.jpg" rel="wp-prettyPhoto[g3924]"><img class="aligncenter size-large wp-image-3927" src="https://blog.rpdata.com/wp-content/uploads/2014/11/20141103-Melbourne-580x378.jpg" alt="RP Data Auction Comments | Melbourne" width="580" height="378"></a>
In Brisbane a preliminary clearance rate of 47.3% was recorded compared to 46.3% last week. The Brisbane auction market is stronger than a year ago with a clearance rate of 46.3% compared to 41.2%.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/11/20141103-Brisbane.jpg" rel="wp-prettyPhoto[g3924]"><img class="aligncenter size-large wp-image-3928" src="https://blog.rpdata.com/wp-content/uploads/2014/11/20141103-Brisbane-580x376.jpg" alt="RP Data Auction Comment | Brisbane" width="580" height="376"></a>
Adelaide recorded a clearance rate of 61.5% compared to 56.5% last week.
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Sydney leads the way: RP Data's weekend auction wrap

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The stellar property run of Australian Idol 2006 winner Damien Leith and his wife Eileen Stapleton has stalled.
Their inner west 1920s Petersham house didn't sell at weekend auction. It was withdrawn and is now available via private treaty.
The four bedroom 133 square metre house, on a 278 square metre block, cost $940,000 in 2011.
More than $1.2 million was tipped ahead of its <a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house-petersham-nsw-2049/239867" target="_blank" style="line-height: 1.3em;">1 November McGrath auction</a>, with the Leiths holding $1.3 million aspirations.<a href="/news/midas-touch-australian-idols-damien-leith-lists-petersham-house"> </a><a href="/news/midas-touch-australian-idols-damien-leith-lists-petersham-house">The couple will be trading up to something larger</a> again.
The musician had enjoyed great private property success since he won the hit singing competition.
In 2009, the Leiths spent $675,000 on a Marrickville house which was sold for $935,000 in 2010.
Their two-bedroom Stanmore unit, which cost $291,000 in 2005, was for rent at $360 a week in 2009, and sold in 2011 for $481,000.
The Sydney home auction market steamed into November at record pace at the weekend despite the Leith result.
Sydney recorded an 82.4% initial clearance rate which was well ahead of last weekend’s 78.9% result which was revised down to 77%.
It was above the 81.2% recorded over the same weekend last year.
Sydney’s lower north was the leading suburban region on the weekend with a strong 89.0% clearance rate with 65 sales from 73 reported results. 
The northern beaches also reported a strong result with 86.5% closely followed by the inner west at 85.8% with the highest number of sales at 103. 
The next best was the upper north shore with 84.1%, while the south followed with 80.7%, Canterbury Bankstown 80% and the city and east with a clearance rate at the weekend of 79.8%.
"Sydney buyers however remain hungry for property with the market bouncing back with vengeance at the weekend," Andrew Wilson, the Australian Property Monitors senior economist said.
Some 883 homes were listed to go under the hammer, which was well ahead of the 753 conducted last weekend and the 739 auctions listed over the same weekend a year ago.
"Auction numbers will continue to surge over the remainder of the year with Sydney set to break the November record for auction activity following record breaking performances over August, September and October," Wilson said.
"Sellers are rushing into the market to take advantage of high competition for property amongst buyers."
The most expensive property reported sold at auction at the weekend was a four bedroom home at 5 Simmons Street Balmain East sold for $6,560,000 by McGrath Balmain.
The most affordable property reported sold at the weekend was a one bedroom unit at 18/8 Hope Street, Rosehill sold for $181,000 by Ray White Parramatta.
It was a split level one bedroom fully furnished serviced apartment, leased and managed by 4.5 star APX Hotel Apartments, situated opposite Rosehill racecourse. The current net rental return is $1,258 per month, reflecting an 8% yield.
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Damien Leith fails to sell Petersham home amid 82% Sydney weekend success rate

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Heading to an auction to purchase a property can be an exciting time for any home buyer or investor, however, if you want to avoid a number of “nightmare” scenarios then you need to research carefully.
EPS Property Search’s Patrick Bright, who wrote the Insider’s Guide to Saving Thousands at Auction, said with the practice of underquoting widespread  in Sydney and Melbourne, it’s more important than ever to do your research.
“As soon as searching for a property becomes a major chore, people tend to start cutting corners on the research that’s needed just to get the process over and done with,” said Bright. You don’t want to be that person.
“Remember a property is likely to be one of the biggest purchases you will make in your life,” he said.
“From my experience in reading hundreds of building and pest reports, around one in three properties have what I would regard as significant structural damage, and or, pest issues that you need to take into consideration when making an offer.”
He recommends researching 100 properties ahead of time.
 “Researching 100 properties may sound like a lot of work but it’s really only 10-12 properties a week over a 10-week period,” said  Bright.
“Given that this work will save you tens if not hundreds of thousands of dollars I would think it’s a very worthwhile investment of your time.”
So what are the major traps you can get caught in? Here are his four nightmares and how to avoid them:
<ul>
<li>Getting carried away</li>
</ul>
Everyone wants to be a winner and unfortunately auctions can turn into an expensive game or an ego play for inexperienced and highly emotional bidders. The problem is that one extra bid can easily turn into a handful of extra bids which could result in you paying a price above fair value and beyond your financial means.
If you’re the type of person who could get carried away in the moment then engage a trusted friend or family member or a professional buyers’ agent to bid at the auction on your behalf.
<ul>
<li>Forgetting the selling agents’ role</li>
</ul>
You need to always keep in mind that the selling agent is acting in the best interest of the seller not the buyer. On auction day, don’t let the selling agent pressure you into increasing your bid if the auction stalls.
If you’re the highest bidder and the property isn’t on the market, then allow the property to be passed in and start your negotiations in the post auction environment. Stay focused on the job at hand in order to avoid bidding against yourself at auction.
I witness this happening quite often and in speaking recently with two auctioneers with over 40 years’ experience between them they estimate it happens at roughly one in three auctions.
Typically the highest bidder gets caught up in the moment of the first call, second call and ends up bidding against themselves through fear of missing out as they are not sure if they are the highest bidder at that time.
<ul>
<li>Over-extending yourself</li>
</ul>
Follow my 20-25-20 rule which is a 20% deposit and no more than 25% of your income in repayments over a 20 year loan.
When purchasing a home or investment property you should always aim to put down at least a 20% deposit so that you avoid paying mortgage insurance and have some equity in your property.
I call this “the ability to sleep peacefully at night buffer”. That way you know that you and your family can cope if unexpected financial challenges arise.
<ul>
<li>Ignoring property inspections</li>
</ul>
You’ve already paid for pest and building inspections on two previous properties that you’ve missed out on buying. You’ve found another property and you’ve convinced yourself that you don’t need the checks on this one.
You start thinking these inspections aren’t really necessary. Wrong! You absolutely need to know what you’re buying into.
The property may be termite infested, the construction may be shoddy or the wiring and plumbing may be faulty. Any of these major faults will costs significant dollars to fix and this expense should be factored into the equation when working out your maximum bid figure prior to auction.
Source: Patrick Bright
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Four auction nightmares and how to avoid them

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A ground floor 56-square-metre Darlinghurst unit fetched $650,000 ahead of its recent auction.
With high ceilings and ornate cornices, the 2/265 Palmer Street offering had initial $580,000 plus hopes.
It was at the cheaper end of Darlinghurst's median price for two bedroom units.
The classic art deco apartment is tenanted for $655 a week until early 2015, so <a href="https://www.realestate.com.au/property-apartment-nsw-darlinghurst-118033331" target="_blank">the BresicWhitney sale </a>reflected a 5.2% yield.
The stone kitchen has stainless steel Smeg appliances and the updated bathroom has travertine floors. 
The master bedroom has plantation shutters and a good-sized balcony leads off the lounge. 
Its levies were $1,152 per quarter.
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Darlinghurst two bedder sale reflected 5.2% rental yield

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Melbourne property market transaction numbers are marginally higher on what they were this time last year, with the growth largely coming through auction sales.
Comparing the months with the vast majority of settled sales, from January to July, the results show a rise of 3.7% compared to a year ago.
On a month by month basis, the majority of the growth occurred in March and April when in excess of 1,000 auctions were recorded across five consecutive weeks.
This same occurrence also took place between 2012 and 2013. In 2013 there were 9,738 more home sales in Melbourne than in 2012 and there were 10,175 extra sales by auction.
The growth in volumes was completely accounted for through the use of auctions. The same seems to be the case this year.
Based on the first seven months of the year, there have been 1,725 more home sales and at the same time 3,248 more sales by auction.
These numbers highlight one of the key characteristics about auctions and where they work well when there is competition between buyers. Competition such as this can arise through many means; there may be an inadequate number of homes on the market or something unique about the property in question.  This is why auctions are rarely used in the outer suburbs and more frequently used in the inner city.
When making the decision of how to sell, owners would be well advised to keep this factor in mind and listen to the advice of their real estate agent.
There are 175 auctions scheduled this week in Melbourne compared to 196 for the same time last year. The low volumes are a result of the Melbourne Cup on Tuesday and ensure that the week’s auction results will not be a useful auction market indicator.
Last week’s record volume of auctions and sales provides a clear indication that the remaining seven weeks should provide healthy outcomes for sellers.
On a city wide basis, the time on market results for houses sold at private sale tightened again from 36 days to 33 days over the last week whilst vendor discounting remained stable at -4.8%.
Key data
<ul>
<li>Clearance rate week ending 26 October: 71%</li>
<li>Melbourne auctions expected week ending 2 November: 175</li>
<li>Melbourne private sales time on market week ending 26 October: 33 days (houses)</li>
<li>Melbourne vendor discounting market week ending 26 October: -4.8% (houses)</li>
<li>Listings being prepared for market are 4.7% higher in month ending 26 October (seasonally adjusted)</li>
</ul>
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Melbourne auctions providing growth in transactions: RP Data's weekend preview

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Ardoch Youth Foundation will receive a portion of the sale price of a St Kilda East apartment block after it is auctioned today.
Selling agents Hodges St Kilda will also contribute a portion of their commission to the charity.
The apartment block at <a href="https://www.realestate.com.au/property-unitblock-vic-st+kilda+east-118045907" target="_blank">105 Westbury Street</a>, on a 760 square metre plot, was formerly a halfway house. There are now two period apartments on the site and a three level town house at the rear of the plot.
According to listing information, the property falls within the General Residential Zone, which allows multi-unit development, subject to council approval. It's located within walking distance of Carlisle Street and Balaclava cafes and restaurants.
Vendor Andrew Robinson, who has owned the five-apartment block for almost 25 years, will be making a donation. He is a volunteer for the Ardoch Youth Foundation and runs music classes for disadvantaged young people.
The Ardoch Youth Foundation provides education services for young people experiencing barriers to education. They support Port Phillip Bay schools including St Kilda Primary, Elwood College and Elwood Primary School.
The auction of 105 Westbury Street will take place at 1pm, 29 October.
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