Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

Joel Robinson

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

WM Residences fills gap in Mordialloc townhouse market

&nbsp;

Developer GURNER™ Group has revealed $1.65 billion in residential sales nationally across the 12 months to December 2025, driven largely by the continued momentum of its Docklands wellness-focused precinct, Elysium Fields.

The sales result was generated across seven projects in Victoria and New South Wales, headlined by Elysium Fields, GURNER™’s $2.75 billion mixed-use precinct planned for Harbour Esplanade in Docklands.

The project has recorded more than $500 million in sales across the first three towers, equating to around 580 apartments sold.

The first tower, Helios, has now sold out of its 240 private residences, with GURNER™ preparing to release a premium penthouse collection comprising 15 three-bedroom penthouses in coming weeks.

[smartcode_project:default project_id=144441 project_image_fid=370975]

Elysium Fields is being developed on the long-held 20,000 sqm Docklands site at 208-226 Harbour Esplanade, which had remained undeveloped for more than two decades prior to GURNER™ taking over the project around four years ago.

Construction has now commenced across four towers ranging between 18 and 30 storeys, with Hamilton Marino and Maxcon appointed as builders.

Once complete, the precinct is expected to comprise around 1,100 residences, alongside retail, hospitality and public realm uses integrated throughout the site.

[smartcode_project:default project_id=144441 project_image_fid=370981]

Designed by Fraser &amp; Partners in collaboration with GURNER™ Design House, the project has been positioned around the developer’s broader focus on wellness-led residential living.

“We don’t sell apartments. We create a true luxury lifestyle that simply doesn’t exist elsewhere in the market today,” Founder and Executive Chairman Tim Gurner said.

“To deliver that requires an extraordinary level of detail, coordination and discipline across multiple verticals, from design and hospitality through to wellness and service.”

“We’ve always believed that living extends far beyond the physical residence. It’s about how you feel the moment you arrive, how you live day-to-day, and the ecosystem that supports that.” 
[smartcode_project:default project_id=144441 project_image_fid=370977]

The project’s design places a heavy focus on landscaping, wellness amenities and biophilic design principles.

Plans include around 3,700 sqm of landscaped gardens and open space throughout the precinct, alongside a retail and dining offering spanning approximately 5,000 sqm.

The broader public realm strategy centres around what GURNER™ describes as the “Path of Life”, an urban forest and landscaped pedestrian environment intended to connect the various buildings and wellness spaces across the precinct.

The apartments themselves will incorporate a range of wellness-focused inclusions, including purified air and water systems, circadian lighting, antimicrobial surfaces, and optional in-home wellness upgrades.

[smartcode_project:default project_id=144441 project_image_fid=370980]

Gurner said the company’s experience through its Saint Haven wellness clubs had directly informed the residential offering now being incorporated into Elysium Fields.

“We’re seeing a clear global shift toward longevity, performance and proactive health,” Gurner said.

“Our role is to deliver that in a way that feels seamless, highly private and beautifully resolved within the environments we create.”

A large component of the wellness offering is planned through the resident amenity and health facilities proposed within the precinct.

That includes plans for bathing and recovery facilities spread throughout the towers, incorporating mineral pools, saunas, steam rooms, flotation therapy, red light therapy and wellness lounges.

The developer is also seeking approvals for what it describes as a “reverse ageing medical clinic” within the precinct.

[smartcode_project:default project_id=144441 project_image_fid=370978]

According to project information released by the group, the proposed facility would include cryotherapy, IV infusion therapy, infrared and dry saunas, PEMF beds, MRIs, DEXA scans, brain scans and blood analysis services.

Within the first tower, Helios, residents will also have access to a dedicated amenity offering known as the Sky Private Club.

The upper 15 levels of the building will include private lounges, dining spaces, rooftop amenities and optional private wellness studios integrated within residences.

The Helios tower itself comprises 260 apartments ranging between 60 sqm and 300 sqm, including a collection of penthouses.

That includes a planned two-storey penthouse spanning around 600 sqm with uninterrupted bay views.

The Elysium Fields precinct is being delivered in partnership with Digital Harbour Holdings, a consortium that includes the Liberman family, which controls the development rights across the Docklands site.

[smartcode_project:default project_id=144441 project_image_fid=370979]

The sales result comes as GURNER™ continues expanding its national development pipeline beyond Victoria.

“We have a strong pipeline across Australia and are now focused on scaling into key markets including New South Wales and Queensland, while continuing to build on our Melbourne base,” Gurner said.

“We currently have more than $3 billion in the market, growing to over $5 billion by October, and expect to materially outperform last year in the 2026 calendar year.”

The result also reflects the continued strength of the upper-end apartment market in Melbourne, particularly for owner-occupier-focused product with large-scale amenity and lifestyle offerings.

[smartcode_project_cta:default project_id=144441]

Record result anchored by the Group’s “utopian” Elysium Fields precinct – defying market headwinds in Docklands.

Elysium Fields drive Gurner to $1.65 billion in apartment sales over 2025

National Australia Bank (NAB) will fund <a href="https://www.apartments.com.au/new-apartments/palmera-residences-gold-coast-18-garfield-terrace-surfers-paradise-qld-4217">Palmera</a>, a $1 billion, 52-level luxury residential tower being developed by Central Equity in one of the Gold Coast’s most tightly held coastal locations at Northcliffe.

The project, launched recently by <a href="https://www.apartments.com.au/developers/central-equity">Central Equity</a>, one of Victoria’s largest private residential developers, comes at a time when construction funding for large residential developments has become increasingly competitive as lenders tighten exposure to the sector.

Multiplex has been appointed the builder, and construction is now underway.

[smartcode_project:default project_id=108274 project_image_fid=365784]

Since its first project, Central Equity has delivered more than 85 residential developments with a combined end value exceeding $8 billion.

Palmera reflects Central Equity’s growing focus on the Gold Coast luxury apartment market and continues a relationship between Central Equity and NAB that dates back to the late 1980s, when the bank funded one of Melbourne’s earliest inner-city residential towers at a time when high-rise apartment living in the CBD was largely unproven.

“NAB’s funding of Central Equity’s $36 million CBD development in the late 1980’s to the financing of the billion-dollar tower today highlights the long-term relationship between the two organisations in delivering major residential projects” said Central Equity Founder and Chairman Eddie Kutner.

He said NAB’s early support was instrumental in helping establish the company’s development model.

“When we commenced our first residential tower in the late 1980s the concept of funding off-the-plan apartments was still largely untested in Australia,” Kutner said.

“NAB recognised the opportunity early and supported the project when others were uncertain. That relationship has now continued for more than 37 years across many developments.”

[smartcode_project:default project_id=108274 project_image_fid=365771]

Central Equity was established in 1987 when Melbourne’s CBD and Southbank precinct were still dominated by warehouses and commercial buildings. Fewer than 100 residents lived in Southbank at the time, and large-scale residential development in the inner city was not widely considered.

Recognising changing demographics and lifestyle preferences, the company began developing high-rise residential projects designed to bring permanent residents into the city centre.

Central Equity has provided accommodation for approximately 40,000 residents across Melbourne’s CBD and Southbank, while also incorporating supporting infrastructure including essential lifestyle facilities like retail spaces, childcare facilities and neighbourhood activity centres.

Central Equity has spent many years assembling the Palmera development site on the corner of Garfield Terrace and Frederick Street in Northcliffe, creating a supersite of around 3,300 sqm.

The developer said the Palmera apartment tower reflects its long-term view of the Gold Coast as a growing and increasingly diversified economy.

[smartcode_project:default project_id=108274 project_image_fid=365768]

Supported by infrastructure including the light rail network, major road upgrades expanded education, hospital and medical facilities and continued expansion at the Gold Coast Airport with more international and domestic flights.

Positioned in the tightly held Northcliffe precinct, the 52-level tower will deliver 347 apartments, targeting buyers seeking a high-end coastal lifestyle, from downsizers to interstate investors.

Designed by Marchese Partners with interiors by DBI, Palmera has been conceived as a next-generation residential offering, featuring a collection of oversized apartments, with premium three-bedroom residences offering sweeping northern views stretching from Surfers Paradise through to Burleigh Heads.

[smartcode_project_cta:default project_id=108274]

NAB funds $1 billion Surfers Paradise apartment development, Palmera

Two years after completing one of the newest developments in North Sydney, developer <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a> is turning its attention to the rapidly evolving St Leonards apartment market.

The developer, which completed AURA by Aqualand on North Sydney's Walker Street, has lodged plans for a 5,918 sqm site at <a href="https://www.apartments.com.au/new-apartments/33-37-herbert-street-st-leonards-nsw-2065">33-37 Herbert Street, St Leonards,</a> seeking approval for a pair of residential towers rising above a shared podium opposite Royal North Shore Hospital.

The proposal forms part of the broader transformation underway across the St Leonards-Crows Nest precinct, where former industrial and commercial sites are increasingly being redeveloped into high-density mixed-use projects tied to major transport infrastructure.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="2cc428cf-fe70-4cac-9cd5-264ad53af62c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.56%E2%80%AFAM.png?VersionId=otKSnHtbjAvAddOnovyXQMgcAwE6DMe1" />

According to the planning documents, the site sits “within the St Leonards–Crows Nest Strategic Centre, identified by the NSW Government as a key area for accommodating future jobs and housing across Sydney.”

The proposal has been designed by fjcstudio, formerly FJMT Studio, and is being progressed through the State Significant Development pathway due to its scale and affordable housing provision.

The scheme would comprise 413 apartments, including 46 affordable housing units, alongside retail and commercial uses fronting Herbert Street. The project would also include communal open space, landscaping, a swimming pool, gymnasium, children’s play areas and podium-level resident amenities.

Planning documents show the development would consist of a part-13, part-39 storey tower form positioned above a four-storey podium.

“The development comprises a unified podium that activates the street interface, and two setback towers to accommodate new housing supply while maintaining an appropriate human scale at ground level,” fjcstudio noted in its Design Report.

The northern and southern towers have been shaped to respond to the surrounding skyline while also limiting overshadowing impacts to nearby public open space, particularly Talus Reserve.

The design report said the differing tower heights were intended to “contribute to a varied skyline while responding to the surrounding built form context and solar access considerations.”

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="36da62dc-ff9e-41f2-a7e3-7be38373751c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.45%E2%80%AFAM_0.png?VersionId=Mo6Rp2r.XRLTzIfg_PEEpw8NepDH8UBs" />

The site sits directly opposite Royal North Shore Hospital and within walking distance of both St Leonards Station and the new Crows Nest Metro station.

While the site itself sits just outside the formal Crows Nest Transport Oriented Development boundary, the planning documents repeatedly reference its alignment with the broader TOD objectives reshaping the Lower North Shore.

“The site is located adjacent to St Leonards Station and in close proximity to Crows Nest Metro which is within the Crows Nest Transit Orientated Development Accelerated Precinct which has been identified by the NSW Government to support housing delivery,” the Design Verification Statement noted.

According to fjcstudio, the project has been designed to respond to the broader transition occurring across St Leonards, where increasing residential density is being concentrated around transport infrastructure and employment hubs.

“The broader precinct is undergoing significant change, with a mix of existing mid-rise buildings and newer high-density developments,” the report stated.

“Recent and approved projects indicate a consistent shift toward taller built form, typically organised as tower-and-podium typologies with more active ground levels.”

The proposal includes close to 6,000 sqm of retail and commercial space across the ground floor and podium levels, designed to create a more activated street edge along Herbert Street.

Aqualand’s plans would also introduce a landscaped podium shared between the two towers, with communal open space in the form of a podium rooftop designed to support resident interaction and improve urban greening outcomes. The scheme would also introduce pocket parks at the northern and southern ends of the site, including a landscaped area at the corner of Herbert and Ella streets designed to improve pedestrian amenity and soften the streetscape.

&nbsp;

The proposal is being progressed through the NSW Government’s Housing Delivery Authority pathway, which was introduced to accelerate housing supply across the state. The application was declared State Significant Development in April 2025 following an expression of interest process.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="faf6d97d-2671-454f-b85a-fe1c6a7be608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.49%E2%80%AFAM.png?VersionId=diVd28OBVr5.YV.7prrOz.uAanwwwm7a" />

St Leonards has been particularly active with new developments in recent weeks. Developer SP Setia’s <a href="https://www.apartments.com.au/news/nsw/first-look-sp-setia-targets-st-leonards-skyline-with-40-storey-tod-tower">plans for a new 42-storey tower</a> recently went on exhibition through the same pathway, while <a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">Stockland’s 52-storey tower proposal</a> was also recently unveiled.

Aside from the St Leonards project, which is expected to take around nine months to move through the approvals process ahead of a potential 2027 launch, Aqualand is also preparing to launch Boronia, a new apartment project in Roseville comprising around 111 apartments on Larkin Street.

The developer also has approvals in place for the next stage of the Barangaroo precinct, which will feature new residential, retail, hospitality and community uses, alongside a new metro entry across the five-hectare site.

More than 50 new retail destinations are planned for Central Barangaroo, alongside a 270-metre-long boulevard connecting Hickson Park to Nawi Cove. Together with Harbour Park, more than 50 per cent of the precinct will comprise public open space and parkland.

First look: Aqualand joins St Leonards apartment party

Auctions

<html><body>
Tony Macvean, managing partner at law firm Hall &amp; Wilcox and a Committee of Melbourne board member, didn't sell his three-bedroom warehouse conversion on Richmond Hill under the hammer at weekend auction.
It was passed in at $1.1 million. But elsewhere Richmond agents secured under the hammer sales sales in 12 of their 14 weekend offerings, while the suburb's star AFL forward Jack Riewoldt was in Sydney kicking his bag of 11 goals against the GWS team.
Macvean and Amy Carroll bought the then newly converted property at 6/10 Waltham Place (pictured above) as a family home in 2004 for $780,000. And after it was passed in at a reserve of $1,215,000, post auction negotiations actually took the selling price to $265,000 above the reserve, according to the buyers' agent Frank Valentic.
They have rented it out more recently, initially in 2008 at around $780 a week. They are selling it to purchase a beach shack at Wye River.
The three-level property comes with two living areas. The second terrace has city views taking in the famous Pelaco sign. There is basement parking for two cars.
<a href="https://www.propertyobserver.com.au/https://www.bigginscott.com.au/property/details/17129" target="_blank">Julie Taylor of Biggin &amp; Scott</a> expected $1.2 million-plus.
<a href="/news">Richmond</a>'s weekend sales ranged between $285,000 to $1.19 million. The cheapest had been tipped to fetched $270,000 plus.
The top sale was another warehouse apartment, this one sold by Marek Olech, of Nelson Alexander, who was quoting $980,000 to $1.05 million for <a href="https://www.realestate.com.au/property-house-vic-richmond-116833807" target="_blank">3 Stewart Place</a> (pictured below) which was bought as a shell about 12 years ago. It has three bedrooms and top-floor open-plan living-dining with a terrace featuring MCG and city views. It came with a home office, dumb waiter and tandem garage.
<img src="/images/2014/05/26/richmond%20may%2026%20two.jpg" alt="">
The most popular suburb for auction listings at the weekend in metro Melbourne was <a href="/news">Glen Iris</a> in the inner east with 25.
There were 19 auctions including <a href="/news">South Yarra</a>, <a href="/news">Brighton</a> and <a href="/news">Northcote</a> in the north east.
<a href="/news">Preston</a> in the north east had 17 auctions listed followed by <a href="/news">Bentleigh East</a> in the inner south with 16.
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jchancellor-FAypfDUnLy

Better than Jack's 11, Richmond scores with 12 weekend residential sales

<html><body>
Positioned opposite Victoria Park on a substantial 3,718 square metre block, Mimosa, the 1894 heritage listed Victorian Italianate mansion at St Marys has been sold.
The western Sydney home fetched $2 million mid-week. The suburb's median house price is at a record $377,500, <a href="/news">according to RP Data</a>.
Retaining original grandeur, it was the first <a href="https://www.dukesestateagents.com.au/Property.aspx?Property=702&amp;s=St%20Marys%20&amp;=mi&amp;=ma&amp;=t&amp;=be&amp;=ba&amp;=c" target="_blank">time offered in over 60 years</a>.
"It presented an once-in-a-lifetime opportunity to secure a local landmark," the Dukes Real Estate Penrith marketing said.
<a href="https://www.realestate.com.au/property-house-nsw-st+marys-116045467" target="_blank">It was sold through Craig Caughlan </a>who listed it last November with $1.95 million plus hopes.
Caughlan, noting that many house sales have been for consolidation and residential redevelopment, estimated the sale at least doubled the previous record.
It was built for master tanner Andrew Thompson, in the early Penrith district days.
The local St Marys historical society notes it was built in 1894 by local builder Joseph Sainsbury.
Mimosa was considered to be the most expensive home built in the district at that time. 
Apparently Andrew Thompson preferred to light the house with acetylene gas in preference to electricity and the home wasn’t switched to electricity until the 1950s.
He has started his first tannery with the help of an Irishman named John Briggs and he was the first Australian tanner to import the South African "<a href="https://www.stmaryshistoricalsociety.org/tributewi2004.htm" target="_blank">Mimosa</a>" bark which he found superior to the local product - this "Mimosa" emblem was used as his trade mark on his products and his family home in Pages Road. 
Andrew married John’s daughter Lydia in 1873. 
He died on his property “Lenore” on 30th October, 1918 and willed the family home to his spinster daughter Mary Thompson.
</body></html>

Mimosa, the 1894 mansion sells at five times St Marys median

<html><body>
Melbourne auction volumes remain high as there are 1,137 auctions scheduled this week in Melbourne, compared to 823 at the same time last year. This will be the ninth week with more than 1,000 auctions in Melbourne.
The highest number of auctions this week is in <a href="/news">Glen Iris</a> with 24 followed by <a href="/news">Northcote</a> and <a href="/news">South Yarra</a>, both with 19.
The Melbourne auction market continues to record reasonable clearance rates in light of the very strong volumes.
Volumes in the auction market are consistent with those across the residential market which is seeing more new homes being listed and more sold. In Melbourne there are 31,604 homes listed for sale, 8.7% lower than a year ago. At the same time new listings have been consistently higher than a year ago, over the month ending 18 May there was 15.7% more new listings.
Key data
<ul>
<li>Clearance rate week ending 18 May: 68.5%</li>
<li>Melbourne auctions expected week ending 25 May: 1,137</li>
<li>Melbourne private sales time on market week ending 18 May: 40 days (houses)</li>
<li>Melbourne vendor discounting market week ending 18 May: -5.5% (houses)</li>
<li>Listings being prepared for market are 1.3% lower over the month ending 18 May (seasonally adjusted)</li>
</ul>
Source RP Data
The average number of days a house spends on the market has fallen to a new low according to the latest RP Data monthly update.
In March a house for sale by private sale in Melbourne spent 35 days on the market. As most auction selling campaigns are around 28 days, it is interesting to note that private sales are delivering, in broad terms, similarly quick sales.
This is also significant because the majority, around 69% in 2013, of Melbournians sell by private sale.
Comparing March this year with the past few years shows the change clearly, last year the time on market was 45 days, the year before that it was 57 days and in 2010, when the market last peaked, it was 38 days.
There is clearly a reflection between the strength of the market and the time it takes to sell a house.
Units are taking slightly longer; around 37 days – but this is not a significant difference and they show a similar trend over time.
On a suburban level the shortest time on market is generally found in the outer east of the city in <a href="/news">The Basin</a>, <a href="/news">Croydon South</a> and <a href="/news">Knoxfield</a>. Time on market data on a suburban level is calculated over a longer time period so fluctuates to a lessor degree but still clearly shows the areas where sales are more rapid.
<img class="aligncenter size-full wp-image-3238" src="https://blog.rpdata.com/wp-content/uploads/2014/05/Days-on-market-drops-vic-blog.jpg" alt="Days on market drops in Victoria -- RP Data" width="355" height="251">
Source: RP Data
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rlarocca-zWhvjay44N

Days on market falls to new low: RP Data's Melbourne auction preview

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We said May was a month of change and boy has it been. Sure, the market changes, but there have been some very dramatic mood swings since Easter.
We can tell just by tracking the activity on our <a href="/expert-insights/investing/negotiation-council-planning-for-success">negotiation council</a>. Before Easter the offer board was full. We had 12 active negotiations in the week before Easter in fact. After Easter the offer board was nearly empty – in fact it had an average of two on it for the first fortnight.
Then last Friday suddenly the Offer Board was full again. We now have 11 active negotiations to discuss.  That reflects how the market mood is swinging right now at the <a class="st_tag internal_tag" href="https://marketnews.com.au/tag/top-end/" title="Posts tagged with Top End" rel="tag">top end</a>. Its fluid, it’s dynamic and it’s a little unclear.
Although looking at this weekend’s results, you wouldn’t think there was anything unclear.
You won’t always see the impact of these mood swings in price changes at the lower end. Because the A grader at $1.3 million which has six bidders before Easter will still have three bidders when the market dips and so most observers won’t see any change.
But at the top end, as well as on B and C graders at the lower end, a mood change can cut what would once have been a three bidder auction to just one bidder – and if that one bidder is you, then are you simply competing against yourself.
Key issues at the top end of the market are
<ul>
<li>Agent quoting</li>
<li>Chinese nationals buying</li>
<li>Market vagaries in May</li>
</ul>
We feel it is important for buyers to understand and face these issues rather than just worrying and complaining about them.
Agent Quoting
We have received a couple of responses from readers regarding some of our more recent comments on agent quoting.
We seem to have given some people the impression that we support Underquoting.
Let’s be clear we don’t support underquoting – for the simple reason that markets function better when they are ethically run. In better functioning markets we earn a more meaningful living. So we are not a supporter of agent underquoting.
In our attempt to help the markets function better we tried to explain <a href="/expert-insights/buying/we-need-to-enhance-the-auction-system-not-just-complain-about-it">what an agent quote is and what it isn’t</a>.
We pointed out that an agent quote is nothing more than an attempt by the agent to get as many buyers as possible to see the home.
Yes, you the buyer want the agent quote to be more than that, i.e. the reserve or indicative sell price. Consumer Affairs Victoria says it should be this and that – but it is not.
In fact there is a big difference between what an Agent Quote is and what you might think it should be.
Agent quotes are like marriages; we all want them to be good but about half aren’t and so we can stay unhappy or we can do something about it.
And, frustrating as big differences between the agent quote and the actual sell price may be, getting emotional about that can be counterproductive to helping you buy the home you want.
So getting emotional is not what we think you should do. Understand and take alternative action  is what we think you should do.
If you can understand agent quoting for what it really is, not what you want, then you will buy a lot better.
We also pointed out previously the unhelpfulness of CAV’s assumption that just because they have received few complaints about underquoting, that means there is no problem.
Cheerio from us publicly on this subject for a while.
Chinese Nationals
Some people have also expressed concerns about the number of properties being bought by Chinese Nationals. There is perhaps a fear that it has become impossible to compete against a group of people who seem to have very deep pockets.
We even get complaints that we raise this as a subject.
As buyers you need to know who your competitors are and how to maximise your chances of dealing with their strengths and weaknesses in this market. As with underquoting though, there is no point being caught up in fear and frustration at such competition.
The law allows Chinese nationals to buy homes in Victoria, and if you want to buy a home in Melbourne’s Inner East and increasingly in Bayside you are going to have to compete against this group of people.
If you are a buyer then you need strategies. We act for Chinese nationals in buying homes in Australia.  We have also competed against Chinese nationals at auctions and in other negotiations.
So over the years we have learnt through experience to feel comfortable negotiating both for and against Chinese nationals.
This weekend, we had to deal with both issues on a property we bid on.
The property at 27 Dean Street, Kew (Anthony Panayi &amp; Chris Ewart of Christopher Russell) was a basic brick home on a big block – it was a land sale. The initial quote on the home at was $1,500,000, but was raised to $1,800,000 during the campaign. We turned up half an hour before the auction and there was a steady stream of Chinese nationals and Chinese Australians flowing into the property.
Our research indicated that the property was worth a lot more than $1.8 million, and we opened the bidding at $2,200,000. At that point it was announced on the market, and from then on our two main competitors were either Chinese nationals or New Australians (both had interpreters to assist).
We bid in a certain manner to win us the home, and in this instance our clients won.
Was this a case of poor agent quoting? Well, the agent’s original quote was $1.5 million, which he then raised to $1.8 million. The auctioneer got a lot of people to the auction and then put it on the market with our first bid. So in this instance a big tick to the agent – he did his job for his client (the seller).
If you as a buyer were thinking it was not going to go anywhere near that number, then is that the fault of the selling agent (who is not working for you)? Did you do your due diligence to understand what it realistically should go for?
We paid a price that to us seemed strong but not mind boggling. There have been a number of sales of new builds in the area at $4 million for blocks this size. If you work your way backwards, and value the build cost of new home at $1.2 million, then the price we offered stacks up.
On advice received we formed and gave an opinion that it could go above $2.6 million at a strong auction.
You might think we opened too strongly. Well other bidders didn’t think so. It would have been a volcano if bidding started low. Our bidding patterns were designed very specifically to compete against the Chinese nationals or Chinese New Australians we knew would be there.
Summary
If you don’t understand how agent quoting works, you will not give yourself the best chance to buy.
And, if you don’t accept and have a strategy for competing against Chinese nationals bidding, you will not give yourself the best chance to buy either.
Finally, if you don’t understand and take affirmative action in this May market then you will either bring too many people into a bidding war against you or you may pay too much.
Mal writes weekly auction reports, advice and in-depth market analysis on <a href="https://www.jamesbuyeradvocates.com.au/" target="_blank">James' website</a>.
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maljames-vHwm28JUAa

The key issues at the top end of the Melbourne market

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National auction market stable despite a strong rise in the number of properties taken to auction.
A preliminary auction clearance rate of 65.4% was recorded this week across capital cities compared to 65.0% last week and 67.3% this time last year.
The auction clearance rate has maintained a stable performance despite a 42% rise in the number of properties taken to auction this week and concerns the federal budget may have a negative impact on buyer demand.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/05/20140518-Capital-city.jpg" target="_blank"><img class="aligncenter size-large wp-image-3246" src="https://blog.rpdata.com/wp-content/uploads/2014/05/20140518-Capital-city-580x429.jpg" alt="Capital City auction results: 19 May 2014" width="580" height="429"></a>
In the Sydney market a weaker preliminary clearance rate of 70.9% was recorded compared to 73.3% last week highlighting improving conditions for buyers.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/05/20140518-Sydney.jpg" target="_blank"><img class="aligncenter size-large wp-image-3242" src="https://blog.rpdata.com/wp-content/uploads/2014/05/20140518-Sydney-580x382.jpg" alt="Sydney auction results: 19 May 2014" width="580" height="382"></a>
In Melbourne a preliminary clearance rate of 64.5% was recorded compared to 61.9% last week. Auction numbers rose steeply this week and it is significant that the clearance rate didn’t drop below the lows of the last fortnight.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/05/20140518-Melbourne.jpg" target="_blank"><img class="aligncenter size-large wp-image-3243" src="https://blog.rpdata.com/wp-content/uploads/2014/05/20140518-Melbourne-580x377.jpg" alt="Melbourne auction results: 19 May 2014" width="580" height="377"></a>
In Brisbane a preliminary clearance rate of 49.5% was recorded compared to 46.7% last week. Adelaide recorded a clearance rate of 65.5% compared to 62.3% last week. In Canberra a clearance rate of 52.6% was recorded and in Perth there were eight auction sales from 17 results. In Tasmania there was two sales from five results.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/05/20140518-Brisbane.jpg" target="_blank"><img class="aligncenter size-large wp-image-3245" src="https://blog.rpdata.com/wp-content/uploads/2014/05/20140518-Brisbane-580x377.jpg" alt="Brisbane auction results: 19 May 2014Brisbane" width="580" height="377"></a>
 
<a href="https://blog.rpdata.com/wp-content/uploads/2014/05/20140518-Adelaide.jpg" rel="wp-prettyPhoto[g3240]"><img class="aligncenter size-large wp-image-3247" src="https://blog.rpdata.com/wp-content/uploads/2014/05/20140518-Adelaide-580x385.jpg" alt="Adelaide auction results: 19 May 2014" width="580" height="385"></a>
 
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Market stabilises despite rise in volume: RP Data's national auction market wrap

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Melbourne’s 75.6% weekend clearance rate topped Sydney's 74.9% for the first time this year, according to Australian Property Monitors after a slow-down in sales in Sydney’s mid-price range suburbs.
According to Andrew Wilson, senior economist for Australian Property Markets some Sydney suburbs could have hit the “affordability ceiling” especially around Sydney’s inner west. 
At times pre-Easter there was up to a 11% gap in Sydney's advantage over Melbourne, which has been bouyed by a strong inner south.
The last weekend when Melbourne pipped Sydney was December 21, the last busy weekend before Christmas 2013.
Property Observer has noted revised final figures are deteriorating to sit in the low 70% range in Sydney since Easter.
The 10 May weekend was revised down to 70.3%.
Previously Sydney recorded 10 consecutive clearance rates at or above 80%, on the initial preliminary figures, from 1 February which followed 13 consecutive 80% plus weekend clearance rates reported over spring last year.
Belle Property Wollongong - which sold 11 of 16 auctions yesterday - secured NSW's highest sale when <a href="https://www.belleproperty.com/buying/NSW/Wollongong-and-Illawarra/Mangerton/House/35P0905-2-norman-street-mangerton-nsw-2500" target="_blank">2 Norman Street, Mangerton</a> (pictured below) fetched a record $3.6 million. It was a record for a single dwelling non-waterfront, announced by Cooley auctioneer Damien Cooley at $3 million.
<img src="/images/2014/05/19/wollongong%20may%2019%20one.jpg" alt="">
 
There were six registered bidders at the auction through Belle Wollongong agents Darren Kay and Nicole Kay. The house has ocean views from above the golf course.
Toorak had the nation's highest sale when buyers' agent David Morrell represented the buyer of a $3,955,000, two-storey house at <a href="https://www.realestate.com.au/property-house-vic-toorak-116772171" target="_blank">22 Cole Street, Toorak</a> (pictured in the top gallery above) at its Marshall White auction.
Bidding opened at $3.5 million and three bidders took the price to $3.8 million before the property was passed in for successful negotiations.
“A market is not flying when there are three or four bidders and the property does not sell under the hammer and the property is passed in,” he told the AFR.
“This is not a market that is running away from itself.” The house, which had been a single family home for about 50 years, is on a 817-square metre block of land is likely to be demolished for apartments.
But Mal James, another buyers' agent noted there was momentum.
"We saw a 76% clearance rate on the 34 auctions we covered.
"More than seven out of 10 auctions had more than two bidders, and a quarter were 'volcanoes' with four or more bidders. APM's reports an unprecedented surge in listings for May with well over 2,000 properties set to go under the hammer.
Auction numbers will surge over the next two weekends leading up to the Queen’s Birthday holiday break with over 1,600 properties scheduled to go under the hammer.
Canterbury Bankstown produced the best regional clearance rate at the weekend with a strong 90% result. Next best was the lower north with 84.4% closely followed by the upper north shore with 83.7%, the city and east with 79.6% and the northern beaches with a clearance rate of 76%.
There were 599 properties listed well up on the prior weekend’s 378. 
Auction numbers in metro Melbourne are also set to surge to high levels over the remainder of May leading up to the Queen’s Birthday weekend with up to 2000 properties set to go under the hammer.
There were 860 properties on the weekend, well up on the prior weekend’s 600 auctions.
The outer east remains Melbourne’s best regional performer recording yet another strong 79.7% result.  Next best was the north east with a 79.5% clearance followed by the inner south with 78.1%, the inner east at 77.6% and the west with a weekend clearance rate of 76.5%.
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Melbourne outperforms Sydney's weekend auction clearance rate as Toorak pips Wollongong

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For the uninitiated, an auction can be an overwhelming experience.
There are a lot of auction tactics and tricks floating around – ask one person for their tips and the next will give you the opposite advice. Here are four things to keep an eye out for at an auction that could play to your advantage.
<ol>
<li>
The competition  The auctioneer is the natural ring leader of the show, so it’s tempting to cast your eye towards them. But when at an auction, keep one eye on the other bidders. They’re your competition, so it’s what they do that really counts. 
</li>
<li>
The numbers If you arrive at an auction and there’s only one other couple and the next door neighbours who have turned up for a sticky beak, you might be in luck. Fewer bidders may mean that there’s not much interest in the property which could give you the opportunity to snap it up. A big turn out might signal some tough competition, but it could just point to observational interest in the property, especially in the case of unique or trophy homes. 
</li>
<li>
The “on the market” announcement This one’s a case of ears over eyes. Under quoting by agents means that you might approach an auction underestimating the price that sellers are willing to accept. <a href="/expert-insights/assessing-scott-papes-12-tips-for-auction-bidding-and-listings">Both Jonathan Chancellor and Barefoot Investor Scott Pape agree</a> that the “on the market” announcement is the pivotal moment in any auction. 
</li>
<li>
The “knockout” bid One of the keys to bidding well at auction is recognising your competitors’ tactics. Don’t be intimidated if another bidder suddenly jumps up the price when bidding has been slow. Remember your limit and don’t be afraid to bid conservatively. Olivier Stier of buyers agency OH Property group <a href="/expert-insights/buying/twelve-tips-for-bidding-at-property-auctions">recommends setting your limit well before the auction.</a>  "This price should be set the night before the auction and should be entirely independent of the likely level of competition on auction day or what other buyers may possibly bid," he says. "These are things which you have no control over and should not influence the price you are prepared to pay. "
</li>
</ol>
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Four things to look out for at an auction

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There are 979 auctions scheduled this weekend in Melbourne compared to 738 for the same time last year.
Conditions in the Melbourne auction market continue to be relatively cool. The clearance rate has exceeded 70% only twice so far in 2014 and has been slowly drifting down since that time.
As conditions are shifting in favour of buyers at auction the significant lift in volumes this week will prove to be a challenge for the market.
Conditions in the private sale market remain tight with the latest time on market monthly data  showing a new low for houses. In March the days on market for houses dropped to 35, the lowest on record. Time on market for units reached 37 days highlighting softer conditions in the higher density market as this is higher than the record low of 32 days in May 2010.
Key data
<ul>
<li>Preliminary clearance rate week ending 11 May: 61.9%</li>
<li>Melbourne auctions expected week ending 18 May: 979</li>
<li>Melbourne private sales time on market week ending 11 May: 38 days (houses)</li>
<li>Melbourne vendor discounting market week ending 11 May: -5.5% (houses)</li>
<li>Listings being prepared for market are 2.5% higher in month ending 11 May (seasonally adjusted)</li>
</ul>
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Market continues to cool: RP Data's Melbourne auction preview

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The former world motorcycling ace Mick Doohan has sold his Tallebudgera Valley holding which went to auction last August.
<a href="/expert-insights/buying/mick-doohans-tallebudgera-valley-property-passed-in">Passed in on a seller's bid of $1 million</a>, and later listed at $1.375 million, the 65 hectare two-title Tallebudgera Valley property fetched $1.15 million.
It was marketed by John Natoli from McGrath Estate Agents who secured the Gold Coast hinterland sale last month.
Doohan bought in 1996 for $855,000.
The larger lot, at 1332 Tallebudgera Creek Rd, included a two-bedroom caretaker's cottage with workshop.
The smaller lot, at 1368 Tallebudgera Creek Rd, measuring 7,057 square metre vacant land.
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Mick Doohan sells Tallebudgera Valley, Gold Coast hinterland holding

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A lawned courtyard 202 square metre garden plot, which fronts ordinary Chelsea houses in London, has been sold at Savills International auction for £84,000 (AU$151,000) to an international buyer
"Little bits of London, such as this, are in scarce supply and people want to get their hands on their own little piece of Chelsea," Savills auctioneer Chris Coleman-Smith said.
<a href="https://www.rightmove.co.uk/property-for-sale/property-43982548" target="_blank">The 0.05 acre plot of land with sundial</a>, accessed from Sprimont Place, sold for the equivalent of £1.68 million per acre.
It has no planning permission and no right of way, situated in Chelsea, one of Central London’s most affluent and highly sought after residential areas.
"City environments can easily change and so this could be a very long term investment bought with grandchildren and inheritance in mind – who knows what it might be possible to do with it in 20 years time," Chris Coleman-Smith said.
The garden was sold only eight months ago for £53,000 (AU$94,000).
Meanwhile Alan Titchmarsh’s departure as host of the BBC coverage of the Chelsea Flower Show continues to intrigue.
He has revealed he stepped down hurt, because his role as lead presenter was given to fellow gardener and Daily Mail columnist Monty Don.
Titchmarsh was the unofficial face of Chelsea Flower Show for three decades. 
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