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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The former Bank of Melbourne boss David Airey secured Melbourne's top weekend auction result when his renovated four bedroom South Yarra home sold for $3.8 million.
David Airey and his wife Sally acquired the two-storey home (pictured above) in 2011 for $1.83 million before extensive renovations.
The 710 square metre property had pre-auction expectations of between $3.3 and $3.5 million through Jeremy Fox and Sarah Sharp of RT Edgar Toorak when<a href="/news/former-bank-of-melbourne-chief-lists-in-south-yarra"> Property Observer wrote on </a><a href="/news/former-bank-of-melbourne-chief-lists-in-south-yarra">the</a><a href="/news/former-bank-of-melbourne-chief-lists-in-south-yarra"> listing last month</a>.
The former Templestowe home (pictured below) <a href="/news/architect-phillip-mannerheims-former-templestowe-house-listed">of Victorian architect, Phillip Mannerheim</a> fetched $3.35 million having been listed with $2.4 million hopes. It is not entirely original as the current owners have extended and renovated the original residence.
<img src="/images/2014/07/30/templestowe_0000_1.jpg.jpg" alt="Architect Phillip Mannerheim's former Templestowe house listed">
They are the third owners of the home purchased 11 years ago for $870,000. 
They doubled the internal size, keeping in style with Phillip’s original vision for <a href="https://raywhitemanningham.com.au/vic/templestowe/1163486/" target="_blank">4 Winifred Court, Templestowe</a>.
The four bedroom, five bathroom house on 3,986 square metres was sold by Carmen Stenta at Ray White Manningham.
Melbourne notched up a steady clearance rate of 72% on the weekend the same last weekend but slightly lower of the 74% on the same weekend last year.
There were 560 auctions reported to the REIV, with 402 selling and 158 being passed in, 73 of those on a vendor bid.
"So far this year, more than $10.8 billion worth of homes was sold at auction, which surpasses the $10 billion value achieved over the same period in 2010," Enzo Raimondo, the REIV chief said. 
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jchancellor-FAypfDUnLy

South Yarra then Templestowe top weekend Melbourne auctions

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Sydney's most expensive property sold at weekend auction was a three-bedroom Beauty Point home with Middle Harbour views.
The house at <a href="https://www.domain.com.au/property/for-sale/house/nsw/mosman/?adid=2011307063" target="_blank">12 Euryalus Street, Mosman</a> was sold by Simeon Manners Property for $3.23 million. 
"It was just above the reserve, though the reserve was ambitious," agent Michael Mahon told Fairfax Media.
However Property Observer notes it last sold at $3.1 million in June 2010, so not even 1% price growth during the past four years.
There were three bidders with it knocked down to a Mosman family.
RP Data indicated its pre-auction price guidance was $3 million to $3.5 million.
The <a href="https://www.onthehouse.com.au/reports/property_profile/10366737/12_Euryalus_Street_MOSMAN_NSW_2088/" target="_blank">onthehouse estimate for the property</a> was $3,466,400 to $3,908,400 in June and at $3,340,900 to $3,766,900 in August.
The bungalow property comes with approval to rebuild a three level family home on the elevated, north facing 773 square metre block.
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Mosman price shocker tops Sydney's weekend auctions

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Architect Martin Gehrckens secured the sale of his Kew arts-and-crafts-style home after last weekend's auction where it was passed in at $1.8 million.
<a href="https://www.realestateview.com.au/Real-Estate/25-willsmere-road-kew/Property-Details-sold-residential-7339898" target="_blank">The 1928 Boscawen</a>, set near Willsmere village, last traded 23 years ago when Gehrckens, a senior project architect at architecture firm Baldasso Cortese, and his wife Pamela, secured the Willsmere Road house.
The downsizing couple extended and refurbished the four-bedroom property, which comes with two upstairs studies as well as a ground-floor home office. 
Desiree Wakim of Marshall White secured the sale post-auction at an undisclosed price after auctioneer Hamish Tostevin took an opening $1.5 million bid from one of the two interested bidders.
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Boscawen, the 1928 arts and craft Kew house sold

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There are 1,726 auctions scheduled across Australia this week.
In capital cities there are 1,372 auctions expected compared to 1,441 for the same period last year. Based on previous years, this annual period typified by low auction volumes should be over by the end of the month.
The national clearance rate has been both stable over the past few weeks and in line with this time last year. Given the higher volumes this means more active buyers are in the market.
<ul>
<li>In Sydney there are 486 auctions expected compared to 588 last week and 521 for this week last year. Last week’s clearance rate of 76.7% was the highest since March. The auction market is following the trajectory of last year which suggests a very competitive spring ahead for buyers.</li>
<li>Brisbane is expecting 97 auctions after 96 last week.</li>
<li>Adelaide is expecting 50 auctions compared to 95 last week.</li>
<li>Canberra has 31 auctions scheduled compared to 28 last week.</li>
<li>Perth has 25 auctions compared to 20 last week.</li>
<li>There are nine auctions scheduled in Tasmania.</li>
</ul>
Across Australia, the highest number of auctions is expected in <a href="/news">Malvern East</a>,<a href="/news"> Balwyn North</a> and <a href="/news">Reservoir</a>, each of which has 13 scheduled.
There are 673 auctions scheduled this week in Melbourne compared to 677 for the same time last year. Buyers are clearly in the market for capital gains, as yields remain low at 3.3% for houses; the lowest of all capital cities.
Low yields translate into good conditions for renters in many parts of Melbourne. Recently released rental market data showed that the median advertised rent for a house in Melbourne was stable in July at $447 per week and has risen by 2.4% in the previous twelve months.
This means that the median advertised rent for houses is not keeping pace with the CPI, 3.2% in Melbourne, for most relevant period. The comparable data for units showed a drop of a dollar a week to $397 over the month and an increase of 1.6% in the year. This reflects the adequate levels of supply in the higher density market.
The average time on market for houses sold last month rose from 44 to 46 days. Vendor discounting rose, but only slightly from -5% the previous week to -5.1% last week.
Key data for Melbourne
<ul>
<li>Clearance rate week ending 3 August: 69%</li>
<li>Melbourne auctions expected week ending 10 August: 673</li>
<li>Melbourne private sales time on market week ending 3 August: 46 days (houses)</li>
<li>Melbourne vendor discounting market week ending 3 August: -5.1% (houses)</li>
<li>Listings being prepared for market are 0.7% higher in month ending 3 August (seasonally adjusted)</li>
</ul>
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rlarocca-zWhvjay44N

Period of low auction numbers coming to an end: RP Data's weekend auction preview

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Investors secured seven NSW offerings of 7-Eleven service stations at auction yesterday, but the average 4.6% yield was tighter than the 6.8% two years ago.
Generating $33.08 million in sales, the top price was $6.01 million for a Lane Cove Road, Macquarie Park, North Ryde property (pictured above), which sold on a net yield of 4.96%.
 The other service stations sold on net yields of between 3.85% in Dee Why and 5.04% in nearby Mona Vale - all with 15-year leases to 7-Eleven.
The 15-year lease terms that commenced between 2010 and 2012, come with three five-year options; guaranteed fixed 4% annual rent increases, with the tenant responsible for all outgoing costs except land tax.
JLL’s John Macree, Leslie Cheng and Dylan McEvoy marketed the properties on behalf of the Withers Barlow Property Trust.
More 7-Eleven service stations, two in South East Queensland and six in Melbourne, will be auctioned this week.
Russell Withers, worth an estimated $665 million according to the recent BRW Rich list, jointly owns the rights to 7-Eleven in Australia with his sister, Beverley Barlow.
Jones Lang LaSalle has been selling the stores in tranches on behalf of 7-Eleven since early 2011.
The stores were purchased as part of 7-Elevens acquisition of 250 retail sites from Mobil Retail in 2010.
In 2011 seven properties in Thomastown, Clifton Hill and Noble Park in Victoria, Blacktown East, West Gosford and Long Jetty in NSW and Robina in Queensland were successfully auctioned by Jones Lang LaSalle with net yields ranging between 7.28% and 7.95%.
The purchasers have been attracted by land rich investment properties in prime locations with secure long-term leases and fixed rental increases.
7-Eleven Stores is the biggest convenience retailer in Australia, operating about 600 stores.
Many of the buyers were self-managed super fund retirees looking for passive cash flow investments, seeing the opportunity as ticking the box for a premium tenant on long-term lease, high underlying land value, rental growth guarantee, and high-profile exposure locations.
The New South Wales 7-Eleven convenience store and service station investments sold:
<ul>
<li>Ashfield, 132 Hume Highway – 1,524 square metres, sold for $4.9 million with a yield of 4.21%</li>
<li>Camperdown, 198 Parramatta Road – 1,107 square metres, sold for $3.65 million with a yield of 4.72%</li>
<li>Dee Why, 940 Pittwater Road – 1,867 square metres, sold for $5.05 million with a yield of 3.85%</li>
<li>Mona Vale, 38 Barrenjoey Road – 1,573 square metres, sold for $4.325 million with a yield of 5.04%</li>
<li>Macquarie Park / North Ryde, 404 Lane Cove Road – 1,716 square metres, sold for $6.01 million with a yield of 4.96%</li>
<li>Sans Souci, 476 Rocky Point Road – 1,538 square metres, sold for $4.55 million with a yield of 4.96%</li>
<li>St Ives, 157 Mona Vale Road – 2,257 square metres, sold for $4.6 million with a yield of 4.94%.</li>
</ul>
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Yields tighten in latest 7-Eleven Sydney service station offering 

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The intensity of the Sydney auction property market appears to be strong in early August auctions.
Last week Property Observer published a survey of 30 recent auctions suggesting there was a <a href="/expert-insights/buying/add-12-to-sydney-auction-estimates-to-secure-purchase-intelligent-property-services">12% gap between price estimate and knock down sale price</a>.
We'll be checking the auction temperature on a weekly basis as we head into spring.
The randomly selected 10 results showed a range in above estimate sale prices of between 5% and 37%.
There was an 18% above estimate sale price.
The highest result was actually not disclosed, but we can advise it was $1.1 million, some $300,000 above the $800,000 pre-auction price estimate. 
<ul>
<li>51 Burgess Street BEVERLEY PARK  Over $800,000 SOLD AT $1.1 million</li>
<li>110B/144 Dunning Avenue ROSEBERY Over $700,000 SOLD AT $825,000</li>
<li>21 Avenel Road GYMEA BAY Over $770,000 SOLD $820,000</li>
<li>9 Oswald Street  RANDWICK Over $1,050,000 SOLD $1.33 million</li>
<li>13 Henry Lawson Drive PEAKHURST Over $800,000 SOLD $1,052,000</li>
<li>15/176 Russell Avenue DOLLS POINT Over $490,000 SOLD $600,000</li>
<li>15 Pemell Street NEWTOWN $950,000 SOLD $1.105 million</li>
<li>14/16 Abbott Street  COOGEE Over $720,000 SOLD $838,000</li>
<li>49 Caldarra Avenue ENGADINE Over $690,000 SOLD $765,000</li>
<li>28a Rosemead Road, HORNSBY NSW Over $1.4 million SOLD $1.7 million</li>
</ul>
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Paying 18% over auction estimates: Sydney's pre-spring price spurt

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The property clearance rate crept higher again across capital cities this weekend, as experts shrug off suggestions the spring market will not reach full bloom this year.
The national clearance rate has remained <a href="https://www.smartcompany.com.au/finance/investment/42998-strong-clearance-rates-keep-auction-market-warm-through-winter">unseasonably strong</a> for winter, rising to 69.7% off the back of 1,467 auctions this weekend, up from 67.3% last week, according to RP Data.
Property analyst Louis Christopher, from SQM Research, said he didn’t put stock in predictions the spring market may be smaller than usual.
Christopher says there will be just as many buyers around, but the number of listings should swell.
“Clearance rates will fall and commentators will say there has been a slow down,” says Christopher.
He says comments pointing to a price growth “slow down” are inaccurate, and it is more likely the market was just experiencing a natural seasonal lull.
“The market has still got a lot of momentum,” he says, pointing to a tempo of a 7% rise in national property prices. That tempo has hit 15% in Sydney, according to Christopher. 
RP Data spokesman Robert Larocca agrees there is no evidence of a slowdown, said this morning that all indications show spring volumes will be larger in volume than a year ago.
At the weekend, Sydney’s auction market again performed outstandingly, with a clearance of 77.6% as 583 properties went under the hammer.
Melbourne cleared 70.9% of its 637 auctions.
Larocca says the weekend’s results were a good sign for the Melbourne market, which has been playing second fiddle to Sydney’s auction strength.
“Last week Melbourne dragged the national clearance rate down, but this week it contributed substantially, and that bodes well for those in Melbourne,” says Larocca.
Adelaide had a clearance of 60.3% on 94 auctions, while Brisbane preformed woefully, with a 32.3% clearance on 96 properties.
A review of volumes nationally over the first eight months of the year shows there have been nearly 50,833 capital city auctions in total, or 38% more auctions held when compared to the same period last year, according to RP Data.
Christopher shrugged off commentators saying buyers are showing signs of ­resistance to higher prices at the end of an 18-month upturn.
“They were saying that two years ago. Buyers will always be unhappy about prices,” he says.
Christopher predicts spring listings will be strong but says it will be interesting to compare the numbers to that of last year’s strong season.
Larocca says the growth is more moderate than levels associated with the 2007 and 2010 cycles.
“I remember in 2010 and 2007, buyers were complaining about prices rising in front of their eyes. They are less likely to be surpassed by rising prices now [than back then],” he says.
This article first appeared on <a href="https://www.smartCompany.com.au" target="_blank">SmartCompany.</a>
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Spring market expected to boom as national clearance rate lifts

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A preliminary weighted average clearance rate of 69.7% was recorded this week across capital cities compared to 67.9% last week and 69.3% this time last year.
<img class="aligncenter size-large wp-image-3562" src="https://blog.rpdata.com/wp-content/uploads/2014/08/20140804-Capital-city-580x429.jpg" alt="RP Data auction comment - capital cities" width="580" height="429">
Both Sydney and Melbourne, which account for the majority of the auction market in Australia, had strong results with clearance rates above trend.
This week a preliminary clearance rate of 77.6% was recorded in Sydney compared to 75.4% last week. Prior to this weekend the year to date clearance rate was a healthy 74.4%.
<img class="aligncenter size-large wp-image-3563" src="https://blog.rpdata.com/wp-content/uploads/2014/08/20140804-Sydney-580x384.jpg" alt="RP Data auction comment - Sydney" width="580" height="384">
In Melbourne a result above trend for the year was reached with a preliminary clearance rate of 70.9% recorded compared to 68.5% last week. Not including this weekends results the clearance rate for the first eight months of the year was 67.3%.
<img class="aligncenter size-large wp-image-3565" src="https://blog.rpdata.com/wp-content/uploads/2014/08/20140804-Melbourne-580x380.jpg" alt="RP Data auction comment - Melbourne" width="580" height="380">
In Brisbane a preliminary clearance rate of 32.3% was recorded compared to 44.7% last week. 
Adelaide recorded a clearance rate of 60.3% compared to 60.3% last week.
In Canberra a clearance rate of 59.1% was recorded and in Perth there was a clearance rate of 46.2%.
<img class="aligncenter size-large wp-image-3566" src="https://blog.rpdata.com/wp-content/uploads/2014/08/20140804-Brisbane-580x380.jpg" alt="RP Data auction comment - Brisbane" width="580" height="380"> <img class="aligncenter size-large wp-image-3567" src="https://blog.rpdata.com/wp-content/uploads/2014/08/20140804-Adelaide-580x384.jpg" alt="RP Data auction comment - Adelaide" width="580" height="384">
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National clearance rate lifts: RP Data's national auction wrap

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Fashion maven Rozalia Alpert's Potts Point apartment has sold at auction for $3,625,000.
It was initially listed with $5 million plus hopes in mid-2012 which were revised recently to around $4 million.
The three-level Wylde Street apartment is one of three in Tarana, a circa 1885 Victorian Italianate-style mansion that was converted to strata residences in 2003 by developer Jorge Fernandez.
The 415 square metre apartment has an enormous living area that originally was the Tarana ballroom along with ornate Italianate features including parquet floors, corinthian columns and vaulted ceilings.
Alpert was the founder of Cara &amp; Co, which sold cutting-edge fashion as well as food, music and art.
The apartment was relisted with revised expectations, with hopes that the apartment in the heritage building might match its $4 million 2005 purchase price<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/apartment-potts-point-nsw-2011/226991" target="_blank"> through McGrath's Peter Starr and Jared Ginsberg</a>.
With three interested parties, the auction had just the one bidder on the somewhat awkwardly shaped apartment and car parking.
Its location too just a little too far out of the neighbourhood to attract competitive bidding.
Title Tattle recalls it was last sold for $4million by Retro Security's Koste Stefanoff. The apartment, with 258sqm of internal space plus a 160sqm garden, is in the triplex developed in the 1880 Victorian-Italianate-style mansion built for Arthur McQuade, whose family also owned the adjacent sandstone mansion, Bomera.
Tarana stands on Wylde Street, high above the sandstone cutting that was opened up to car traffic many decades ago. In 1907, a third storey was added to the residence and the original billiards room was extended into a ballroom.
The 2003 restoration was undertaken by the heritage-sympathetic Jorge Fernandez who secured $10.5million from the three apartment sales - with $2.55million from Stefanoff.
The Potts Point result sat within Sydney’s strengthening winter auction market with the weekend’s clearance rate the highest reported for 10 weeks.
The initial August weekend commenced on a high recording a preliminary clearance rate of 79.1%, bringing the four weekend Saturday night average to 77.9% compared to the previous four weekend result of 74.4%, according to the Domain Group's Australian Property Monitors.
Sydney has now recorded four consecutive weekends with clearance rates above 77 percent for the first time since March.
Auctions numbers in Sydney were down with 416 properties scheduled to go under the hammer – 90 fewer than the 506 that were auctioned the previous weekend.
However auction numbers were ahead the same weekend last year when 331 homes were auctioned.
APM senior economist Dr Andrew Wilson said this continued the trend over recent months with 1757 homes listed for auction over July again well ahead of the 1233 auctioned over July last year.
Sydney’s inner suburban regions led the charge at the weekend recording exceptionally strong results.
The top performer was the lower north shore with a clearance rate of 92.9% followed by the inner west at 89.9%, the city and east with 84.4%, the northern beaches at 84.2%, the south with 82.2% and the upper north shore with a clearance rate of 81.8%.
The most expensive property reported sold at auction at the weekend was the Wylde Street, Potts Point offering.
The most affordable property reported sold at the weekend was a two bedroom unit at 9/12 Drummond Street Warwick Farm that sold for $296,000 through Professionals Canley Heights.
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Prestige Tarana, Potts Point apartment sold at 10% discount

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Intelligent Property Services says recent Sydney auction price guidance is around 12.7% below actual sale prices.
"With the Sydney market getting off to a cracking start in 2014 we saw that agents and vendors’ price expectations were being regularly eclipsed," the general manager of <a href="https://www.ipsg.com.au/" target="_blank">Intelligent Property Services</a>, Ramon Mitchell, said. 
"We believe that price guides need to be more accurate, especially given the information available to agents and the large sums of money involved in property transactions. 
"Not only do real estate agents have a plethora of information available to them when they price each property, they are also supposed experts in their local area," he said.
A survey issued in August 2013 by Intelligent Property Services (IPS) reported that there was a variance of 13.1% between real estate agent price guides and the final auction result in Sydney, and<a href="/news/nsw/sydney-auctions-selling-15-3-above-price-guides-since-september"> a November 2013 survey showed the gap had got to 15%</a>.
The latest 30 auction sample selection, with tabulation undertaken by head of research at Intelligent Property Services, Joe Kotevich, was from Bondi in the east to Burwood in the west at auctions from $549,000 to $1.7 million.
The results ranged from 1.5% above to the largest variance at 26%, recorded for a $1,362,000 terrace in Alexandria’s golden triangle which had an initial guide of $1 million plus.
"Some sales are pushed significantly over expectations by exuberant bidders as evidenced by the oversized studio at 12/7 Ithaca Road, Elizabeth Bay selling for $725,000 which was a whopping $165,000 over reserve, some 24% above the original guide of $550,000," said Mitchell.
"Another recent example was at the sale of <a href="https://www.homehound.com.au/listing/withdrawn/nsw/sydney-region/eastern-suburbs/darlington-eastern-suburbs/72-ivy-street-darlington-nsw-2008/" target="_blank">72 Ivy Street, Darlington</a>. 
"With a price guide of $700,000 plus there was approximately 100 people in attendance at the auction. 
"After a slow auction bidding stalled in the $700,000’s and a vendor bid of $810,000 was used by the frustrated auctioneer; perplexing many in the crowd. 
"The dilapidated terrace then passed in at $811,000 and finally sold after negotiation for $820,000 – some $120,000 over the price guide."
Mitchell said with the traditional spring selling season fast approaching, "what better time for the industry to show greater levels of transparency in order to temper buyer frustration and to give them a better chance in picking the proverbial battles that they actually have a shot at winning". 
"Whilst our intention is not to infer that all properties are deliberately underquoted, nonetheless the impact remains the same.
"Whenever we ask prospective property buyers what they would rank as the most frustrating aspect of the buying process invariably the answer is the agent “lowballing” the price guide. 
"In our day-to-day role as buyers agents we regularly see selling agents give would-be buyers enticingly low price guides so as to bolster their auction attendance numbers. 
"Time and again we watch disappointed registered bidders walk out of auction rooms without even having had a chance to bid after having watched opening bids knock them straight out of contention," Ramon Mitchell said.
IPS will continue to monitor the market and track the results. 
Auctions numbers in Sydney are down this weekend with 416 properties scheduled to go under the hammer – 90 fewer than the 506 that were auctioned last weekend, according to Australian Property Monitors.
However auction numbers are well ahead the same weekend last year when 331 homes were auctioned.
"This continues the trend over recent months with 1,757 homes listed for auction over July well ahead of the 1,233 auctioned over July last year," APM senior economist Dr Andrew Wilson said.
The inner west will host 75 auctions followed by the south with 64, Canterbury Bankstown  with 45, the upper north shore with 42, the west with 41 and the city and east with 39.
The most popular suburb for auctions this weekend in Sydney is Blacktown in the west with eight followed by Bankstown.
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