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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There was an initial 81.9% clearance rate at Sydney weekend auctions, continuing the recent renewed strength.
The revised APM prior weekend result was a strong 78.9%.
Umbrellas galore when Sydney's wet auctions got underway today on the busy last Saturday in August.
There were six bidders, barely visible, spotted amid the downpour when <a href="https://www.ppdre.com.au/selling/NSW/Eastern-Suburbs/Queens-Park/House/1P0577" target="_blank">53 Alt Street, Queens Park</a> went to auction.
<img src="/images/2014/09/01/rainy-day-sept-1-one.jpg" alt="">
Bidding opened at $2 million, with the hammer coming down on the Federation home at $2.51 million when auctioned through Debbie Donnelly at Phillips Panzter Donnelly. It was $160,000 over reserve.
The 53 Alt Street offering, Mayo was sold as a deceased estate.
The double-fronted brick house presented as an exciting prospect for a complete renovation and transformation with rear and second floor extensions (STCA) similar to neighbouring homes. Owned by the same family for many decades, it has a wealth of original features including leadlight windows and a tessellated tiled verandah with timber fretwork.
Another nearby offering at 6 Lynch Avenue, Queens Park (pictured below) sold this afternoon for $1.45 million.
<img src="/images/2014/09/01/quenns%20park%20sept%201%20towo.jpg" alt="">
<div>There were five registered bidders – with competition from three of them.</div>
<div> </div>
<div>The buyers are a young couple upgrading from a unit in Bondi.</div>
<div> </div>
<div>He’s a builder and they will add the approved second storey.</div>
<div> </div>
<div>The two bedroom house had already been renovated when it last traded for $1.325 million in November 2011.</div>
APM noted auction numbers in Sydney have risen steadily over recent weekends with this weekend some 573 auctions scheduled compared to the previous weekend’s 440.
There were the 550 listed over the same weekend last year.
The city and east hosted the most number of auctions with 82 followed by the inner west with 81.
Mosman hosted the most auctions this weekend in Sydney with 12. Next highest was Epping on the upper north shore, Strathfield in the inner west and Manly on the northern beaches each with 9 auctions.
With five Saturdays, Sydney has recorded its highest ever August for auction listings this year with 2660 properties going under the hammer.
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jchancellor-FAypfDUnLy

Bids aplenty as rain buckets down on Sydney weekend auctions

<html><body>
The suburbs with the highest proportion of owner occupiers differ in value and tend to have one thing in common – they are well established and in contrast to those proving popular for investors.
Last week’s post revealed that many of <a href="/news/vic/the-melbourne-suburbs-investors-are-most-active-in">the most popular suburbs for investors</a> were those that are more recently developed.
In the inner city the suburbs within a 10 kilometres of the CBD such as <a href="/news">Aberfeldie</a>, has the highest proportion of houses with 90% of these owner occupied. Aberfeldie recently became the first million dollar suburb in the city’s west. <a href="/news">Strathmore </a>ranked second with owner occupiers accounting for 88.6% of houses. The top five is rounded out by <a href="/news">Kew East</a>, <a href="/news">Ivanhoe </a>and <a href="/news">Malvern</a>.
In the middle ring of suburbs, those between 10 and 20 kilometres of the CBD, there is greater disparity in the prices of suburbs popular with owner occupiers.<a href="/news"> Eltham North</a> recorded 94.3% of houses as being owned by their occupiers and second on the list, <a href="/news">Campbellfield</a>, had 91.4%. Campbellfield is much more affordable with a median house value of $334,601 compared to $646,869 in Eltham North.
Finally, in the outer suburbs the highest proportion of owner occupiers at 95.2% can be found in <a href="/news">Montrose</a>. Four of the top five suburbs are in fact are in or near-to the Dandenongs. Second on the list, <a href="/news">Mount Evelyn</a>, has 94.1% of houses owned by their occupiers and <a href="/news">Warranwood </a>has 93.8%. Fifth on the list, <a href="/news">The Basin</a>, recorded 93.7%.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/RankedByProportionOfOwnerOccupiers-rpdata.jpg" rel="wp-prettyPhoto[g3656]"><img class="aligncenter size-large wp-image-3657" src="https://blog.rpdata.com/wp-content/uploads/2014/08/RankedByProportionOfOwnerOccupiers-rpdata-580x432.jpg" alt="Melbourne suburbs ranked by proportion of owner occupiers | RP Data" width="580" height="432"></a>
There are 809 auctions scheduled this week in Melbourne compared to 837 for the same time last year. The highest number of auctions are expected in the <a href="/news">South Yarra</a> with 21 expected.
The auction market is gathering strength with an average clearance rate of 70.6% over the past four weeks.
This is the last week before spring officially starts and the latest research from RP Data shows that there have been, including last week, 26.7% more homes sold at auction than the same time last year.
Importantly there have been almost as many extra sales with 24.7% more sales at auction in Melbourne.
At this stage conditions are well balanced between buyers and sellers across the market.
Time on market results for houses sold at private sale was stable at 44 days over the last week whilst vendor discounting rose from -5.1% to -5.2%.
Key data
<ul>
<li>Clearance rate week ending 31 August: 70.7%</li>
<li>Melbourne auctions expected week ending 31 August: 809</li>
<li>Melbourne private sales time on market week ending 24 August: 44 days (houses)</li>
<li>Melbourne vendor discounting market week ending 24 August: -5.2% (houses)</li>
<li>Listings being prepared for market are -0.2% lower in month ending 24 August (seasonally adjusted)</li>
</ul>
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rlarocca-zWhvjay44N

Melbourne's most popular owner occupier suburbs: RP Data's weekend auction preview

<html><body>
Over the first five months of the year, across the combined capital cities of Australia, RP Data has recorded 35,367 auctions of which 24,320 (69%) sold either under the hammer or shortly before/after the auction date. 
Over the same time frame we have recorded a total of 128,437 house and unit sales. Based on these numbers, auction sales account for about 19% of all sales across the capital cities of Australia (excluding Darwin).  Excluding the month of January, where very few auctions are held, the proportion of auctions to total sales increases to 22% between February and May.
The remaining 81% of home sales were sold by private treaty. The fact that private treaty sales account for the vast majority of all home sales often gets overlooked when people are commenting on recent market conditions and trends.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/Auction-and-private-treaty-sales-as-a-pc-of-all-sales.jpg" rel="wp-prettyPhoto[g3629]"><img class="aligncenter size-large wp-image-3630" src="https://blog.rpdata.com/wp-content/uploads/2014/08/Auction-and-private-treaty-sales-as-a-pc-of-all-sales-580x252.jpg" alt="Auction and private treaty sales as a pc of all sales" width="580" height="252"></a>
Source: RP Data.
Of course the proportion of auctions varies substantially from city to city. Melbourne and Sydney have historically had a selling culture that is more heavily aligned with auctions as a method of sale.  Between February and May of this year, auction sales accounted for 35% of all Melbourne sales and 31% of all Sydney sales. At the other end of the spectrum is Perth where auctions are comparatively rare, comprising just 2% of all sales over the same time frame.
Another trend we have seen in the market since the growth phase kicked off in June 2012 is a substantial rise in auctions as a proportion of the total market. Clearly auctions as a method of sale are more popular when housing market conditions are ‘hot’; a fact which comes as no surprise. Auctions work best when there is high buyer demand providing a competitive bidding environment.
Of course, home value growth is strongest at the moment in Sydney and Melbourne which are the two most auction-centric markets.  What is interesting though is that auctions as a proportion of all sales are significantly higher over the current growth cycle (ie June 2012 to current) compared with the previous growth cycle (ie Jan 2009 to Oct 2010).
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/Auctions-as-a-pc-of-all-sales-history.jpg" rel="wp-prettyPhoto[g3629]"><img class="aligncenter size-large wp-image-3631" src="https://blog.rpdata.com/wp-content/uploads/2014/08/Auctions-as-a-pc-of-all-sales-history-580x254.jpg" alt="Auctions as a pc of all sales history" width="580" height="254"></a>
Source: RP Data.
Considering that private treaty sales account for a larger proportion of housing sales than auctions, what high frequency metrics are available to monitor this side of the market?  RP Data publishes a variety of vendor metrics each week, with the most commonly referred to metrics being the average selling time and average level of vendor discounting which are both measures of private treaty conditions.  Both of these measures exclude auction results.
The average selling time is a measure based on the number of days from when a home is first advertised to the contract date of sale.  The vendor discount provides a metric on how much vendors are reducing their initial asking price in order to sell their home.  It’s based on the percentage difference between the initial asking price and the contract price on the home.  Both indicators are updated weekly by RP Data based on data received over the past 28 days.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/Tom-and-Vee.jpg" rel="wp-prettyPhoto[g3629]"><img class="aligncenter size-large wp-image-3635" src="https://blog.rpdata.com/wp-content/uploads/2014/08/Tom-and-Vee-580x172.jpg" alt="Tom and Vee" width="580" height="172"></a>
Source: RP Data.
There are additional weekly metrics where you can follow the housing market trends such as updates to the RP Data Home Value indices, median selling prices, number of listings in the market, and metadata indices that indicate mortgage demand (RP Data Mortgage Index) and how many homes are being prepared for sale (RP Data Listings Index).
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/Values.jpg" rel="wp-prettyPhoto[g3629]"><img class="aligncenter size-large wp-image-3636" src="https://blog.rpdata.com/wp-content/uploads/2014/08/Values-580x143.jpg" alt="Values" width="580" height="143"></a>
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/Listings.jpg" rel="wp-prettyPhoto[g3629]"><img class="aligncenter size-large wp-image-3632" src="https://blog.rpdata.com/wp-content/uploads/2014/08/Listings-580x146.jpg" alt="Listings" width="580" height="146"></a>
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/RMI.jpg" rel="wp-prettyPhoto[g3629]"><img class="aligncenter size-large wp-image-3634" src="https://blog.rpdata.com/wp-content/uploads/2014/08/RMI-580x153.jpg" alt="RMI" width="580" height="153"></a>
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/RLI.jpg" rel="wp-prettyPhoto[g3629]"><img class="aligncenter size-large wp-image-3633" src="https://blog.rpdata.com/wp-content/uploads/2014/08/RLI-580x150.jpg" alt="RLI" width="580" height="150"></a>
 
Source: RP Data.
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How important are auction clearance rates in the housing market?

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A preliminary weighted average clearance rate of 66.7% was recorded this week across capital cities compared to 70.8% last week and 70% this time last year.
All capital cities have seen a higher number of auctions than last year. Compared to last year the best performing auction markets from the perspective of relative improvement this year have been Sydney, Tasmania and then Adelaide. Sydney has seen a 63% rise in the number of homes sold at auction, Tasmania a 56% rise and a 48% rise was recorded in Adelaide.  
It should be noted that there have been 357 auctions in Tasmania this year, 2,467 in Adelaide and 22,329 in Sydney.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/20140824-Capital-city.jpg" rel="wp-prettyPhoto[g3640]"><img class="aligncenter wp-image-3641 size-large" src="https://blog.rpdata.com/wp-content/uploads/2014/08/20140824-Capital-city-580x430.jpg" alt="RP Data auction market review | Capital city" width="580" height="430"></a>
In Sydney a preliminary clearance rate of 76.2% was recorded this week compared to 76.2% last week. Compared to last year and over recent months Sydney has clearly been the strongest auction market.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/20140824-Sydney.jpg" rel="wp-prettyPhoto[g3640]"><img class="aligncenter wp-image-3642 size-large" src="https://blog.rpdata.com/wp-content/uploads/2014/08/20140824-Sydney-580x382.jpg" alt="RP Data auction market review | Sydney" width="580" height="382"></a>
In Melbourne there was a preliminary clearance rate of 64.1% recorded compared to 73.3% last week. Melbourne remains on trend and once final results are in should confirm it has a healthy auction market on the eve of spring.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/20140824-Melbourne.jpg" rel="wp-prettyPhoto[g3640]"><img class="aligncenter size-large wp-image-3643" src="https://blog.rpdata.com/wp-content/uploads/2014/08/20140824-Melbourne-580x386.jpg" alt="RP Data auction market review | Melbourne" width="580" height="386"></a>
In Brisbane a preliminary clearance rate of 52.1% was recorded compared to 50% last week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/20140824-Brisbane.jpg" rel="wp-prettyPhoto[g3640]"><img class="aligncenter size-large wp-image-3644" src="https://blog.rpdata.com/wp-content/uploads/2014/08/20140824-Brisbane-580x383.jpg" alt="RP Data auction market review | Brisbane" width="580" height="383"></a>
Adelaide recorded a clearance rate of 68.5% compared to 65.6% last week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/20140824-Adelaide.jpg" rel="wp-prettyPhoto[g3640]"><img class="aligncenter size-large wp-image-3645" src="https://blog.rpdata.com/wp-content/uploads/2014/08/20140824-Adelaide-580x391.jpg" alt="RP Data auction market review | Adelaide" width="580" height="391"></a>
In Canberra a clearance rate of 46.9% was recorded and in Perth there was a clearance rate of 38.9%.
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National auction market well placed for spring sales: RP Data's national auction wrap

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Australia’s property market had a solid weekend at auction, despite the clearance rate taking <a href="https://www.smartcompany.com.au/finance/investment/43308-auction-numbers-swells-as-spring-approaches">a slight dip from last week</a>.
The national market achieved a 66.7% clearance rate on the 1,675 auctions held across the county at the weekend, down from 68.4% of 1,544 auctions the week before, according to RP Data.
Sydney again outshone the other capital cities with a robust 76.2% clearance as 632 homes went under the hammer.
RP Data Victorian housing market specialist Robert Larocca said Sydney is continuing to be a strong market in more ways than one.
“Sydney is continuing to set a whole range of records,” says Larocca.
Larocca says Sydney has seen the biggest rise in the number of homes sold at auction compared to the same time last year, at 63%.
But he notes this trend towards auction is true of all the capital cities, with particularly strong results also recorded in Tasmania, with a 56% rise in auction volumes, and Adelaide, with a 48% lift in homes sold at auction. 
Larocca says although Tasmania’s relatively lower figures should be taken into account, vendors are still trending strongly towards the auction sales method in the state and finding good results.
This week, Melbourne had a solid clearance of 64.1% off 749 auctions, while Brisbane continued to struggle with a 52.1% off 134 auctions.
Larocca shrugged off comments made by Jeremy Lawson, a former senior economist at the Reserve Bank of Australia, this week that suggested the housing market was overvalued by at least 30%.
Larocca says, in Melbourne, values still haven’t reached the peaks of 2010 and transactions numbers overall were down from figures seen in 2007.
However, he says the points Lawson makes about the impact of the economy on the property market are sound.
“Australia is an island geographically, not economically,” he says.
“Employment figures and the economy as a whole has to have an impact on prices.”
Yet Larocca says evidence currently points to the market’s strength.
“On the eve of spring, the market is looking very sound,” says Larocca.
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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Auction volumes on the rise as Sydney continues to lead the way

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The property at 12 Attunga Street, Woollahra - the former home of artist Charles Blackman - sold at weekend auction. 
The five bedroom-bedroom home sold for $2.8 million. Sotheby’s International agent Michael Pallier was quoting $2.3 million plus.
The upper level was the studio of Blackman when he and wife Barbara lived in the Attunga Street house.
The Blackmans sold the house in 1994 for $1.22 million.  
It has been renovated by architect Anthony Gill, since it last traded at $2.1 million in 2007.
There was an initial weekend clearance rate of 83% from the 319 auctions reported to Domain Group's Australian Property Monitors.
There are another 120 results yet to be reported given the total of 440 auctions.
Sotheby's sold the weekend's highest sale when a five-bedroom house on 697 square-metres at 73 O'Sullivan Road, Rose Bay fetched $4.39 million through Michael Pallier. It previously traded at $3,075,000 in 2007.
The Rose Bay property briefly had high price hopes which were revised down to $4.5 million.
It was available for rent at $3500 a week in 2012.
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Artist Charles Blackman's former Woollahra home sold

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The 1892 trophy home built for the Northcote's second mayor, fetched $2.52 million at weekend auction through Marek Olech from Nelson Alexander.
Around <a href="/news/grand-view-northcote-listed-by-strange-fruits-roderick-poole">$2 million was the initial price guidance</a>.
It was sold by the Otway-bound Roderick Poole, founder of performing troupe Strange Fruit, and his partner, opera and theatre director Suzanne Chaundy.
They paid $900,000 in 2003.
It was owned between 1974 and 1980 by the then teacher librarian, turned cook Stephanie Alexander with veggie patch of course outback. Stephanie Alexander and her then husband barrister Maurice Alexander sold for $77,500.
The 28 Mitchell Street home is located on the Prospect Grove corner block on Ruckers Hill with views of the Dandenongs.
The two-storey five bedroom home has period detailing. There is as a studio/workshop.
Northcote's second mayor was the Glasgow-born butcher William Smith.
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Northcote's Grand View sold at 20% above guidance

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You're house is being auctioned off and the proceedings have stalled - significantly.
You feel like all the buyers need is a little push, but they aren't moving - and the highest bid is well below your reserve.
Suddenly, you're wishing that you had authorised your auctioneer to put in a vendor bid on your behalf to keep the ball rolling.
A vendor bid is just what it sounds like - a bid from the seller to help push up the price at auction. The regulations around vendor bids vary from state to state, but in general, an auctioneer must announce if a bid is being made through the vendor.
Everyone wants to do what they can to push up the price of their property at auction, but when exactly do you use a vendor bid?
Vendors certainly don't have to bid on their own property. If a vendor does want to put in a bid, it should only be put in if the prices are hovering below the reserve price, and shouldn't be put in above the reserve price.
In fact, once you've passed your reserve, making a vendor bid is illegal in some states and known as a false bid - if you're not willing to accept a price above your reserve, you should have set your reserve higher. After the reserve is passed, the highest bid must be accepted by the vendor as the sales price (assuming finances all come through as they should).
Similarly, if your auctioneer doesn't announce that the bid came from you, it becomes a dummy bid - also illegal. The same goes for bids made by your family or friends if they don't intend to purchase the property. 
In New South Wales, only one vendor bid can be made, while other states accept multiple vendor bids. If you're selling a property in NSW, carefully talk over when you should make a vendor bid (if necessary) with your auctioneer before the auction, because you only get one chance.
 
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When should you use a vendor bid?

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There are 689 auctions scheduled this week in Melbourne compared to 712 for the same time last year.
It is encouraging for sellers that for each of the last five weeks the clearance rate has risen in the lead up to spring.
As the market has appreciated over the past year it has resulted in some new suburbs joining the ranks of those with million dollar median values for houses. The new suburbs were <a href="/news">Aberfeldie</a>, <a href="/news">Caulfield South</a>, <a href="/news">Fitzroy North</a>, <a href="/news">McKinnon</a>, <a href="/news">Ormond</a>, <a href="/news">Park Orchards</a>, <a href="/news">Princes Hill</a>, <a href="/news">South Melbourne</a> and <a href="/news">South Yarra</a>.
This is particularly noteworthy as Aberfeldie is the first suburb from the western region of Melbourne to upgrade to the million dollar median value ranks while Fitzroy North and Princess Hill are the first in the north. These changes underscore just how much the structure of the housing market has changed in the last decade.
Time on market results for houses sold at private sale was essentially stable with a small rise from 43 to 44 days over the last week whilst vendor discounting fell from -5.3% the previous week to -5.1%.
Key data
<ul>
<li>Clearance rate week ending 17 August: 73.3%</li>
<li>Melbourne auctions expected week ending 24 August: 689</li>
<li>Melbourne private sales time on market week ending 17 August: 44 days (houses)</li>
<li>Melbourne vendor discounting market week ending 17 August: -5.1% (houses)</li>
<li>Listings being prepared for market are 1.2% higher in month ending 17 August (seasonally adjusted)</li>
</ul>
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Melbourne's new million dollar median suburbs: RP Data's weekend auction preview

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Sydney's fifth most expensive sale of the weekend was a four-bedroom house in Pymble.
The 1920s house at <a href="https://www.domain.com.au/property/for-sale/house/nsw/pymble/?adid=2011326005" target="_blank">1 Selwyn Street</a> sold for $2.62 million through Carole McCrea of McConnell Bourn Lindfield.
It came with a solar-heated pool on its 917 square metre block.
Auctioneer Vic Larouso secured $120,000 over reserve when the property sold under the hammer.
The agents had issued 10 contracts, with six registering to bid.
The bidding started at $2.2 million. It sold to a Roseville family.
Currawilla, a five-bedroom house in Mosman was the weekend's most expensive with the two block 1,230 square-metre block offering at 59 Moruben Road (pictured below), sold for $5.05 million through Kate Galetto of Galetto.
<img src="/images/2014/08/19/mosman%20aug%2019.jpg" alt="">
Listed with $4.95 million plus hopes, it was sold as a development opportunity with potential for a single freestanding dwelling or two semi-detached dwellings. Property Observer gathers the buyers will live in he existing home.
The most popular suburbs for auctions one the weekend in Sydney was <a href="/news">Strathfield</a> in the inner west with nine followed by <a href="/news">Mosman </a>on the lower north.
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