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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More than 80 local tradies and building suppliers, directed by Shoalhaven’s G.J. Gardner Homes, have got together to build a house in Bomaderry, which will be auctioned to raise money for Variety, the children’s charity.
The first open house will be this Saturday from 10am to 2pm, at 9 Banool Circuit, Bomaderry, New South Wales. It will also be open for inspection on 10 and 17 May.
It will go for auction on Saturday 24th May.
The four-bedroom house has an open plan style with mountain views. The master bedroom has an ensuite and built-in robes, and the house includes ducted air conditioning, an integrated sound system, undercover decked alfresco area and a 5.5 star energy rating.
The block of land was given to Variety at a significant discount by the McDonald Family, with construction on the house beginning on 1 November 2013.
Integrity Real Estate are taking the property to auction. The proceeds will go to Variety’s Freedom program, which specifically looks to help children in need with their mobility and communication.
G. J. Gardner Homes Shoalhaven director Nathan Fay said that it is conveniently located near Nowra town centre, and is an opportunity for a family to experience country living.
“It is located in the elite Meroo Views Estate and has stunning panoramic views across beautiful rural surrounds,” said Fay.
Peter Hebbes, chairman for Variety, said that it has been a heartwarming experience.
“The proceeds of this auction will make a huge difference to the lives of many children in need,” Hebbes said.
Suppliers that got behind the project included: Smeg, James Hardie, Phil Jones Insulation Specialist, Humes Doors, Daikin, Gainsborough, HPM, JB Air Conditioning, Rheem, B&amp;D garage doors, Kiteleys, GJ NSW, GJ Corporate, South Coast Drafting, Efficiency Assessments, Bradnams Windows, Taubmans, Harvey Norman Commercial, Smart Film Termite Protection, Leslie &amp; Thompson Surveyors and Smith &amp; Sons.
For those elsewhere in New South Wales, G. J. Gardner Homes is looking to turn this into a state-wide program and to enlist one of their franchisees in NSW or ACT per year to repeat the process to help build Variety donations. Next year, a Tamworth office will take on the project.
The hopes are for over $1 million to be raised for Variety.
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jduke-EHk3XBmHkn

Bomaderry house auction to raise money for children’s charity Variety

<html><body>
The year-to-date Melbourne wide auction clearance rate is 71%, but many suburbs are recording weak auction results.
Property Observer lists 10 of the weakest suburbs with 20 plus auction offerings so far this year.
<ul>
<li>
<a href="/news">Dandenong</a> 36 offerings 50% sold 
</li>
<li>
<a href="/news">Frankston </a>26 offerings 50% sold 
</li>
<li>
<a href="/news">Mt Eliza</a> 20 offerings 50% sold 
</li>
<li>
<a href="/news">Rye</a> 46 offerings 48% sold 
</li>
<li>
<a href="/news">St Albans</a> 32 offerings 46% sold 
</li>
<li>
<a href="/news">Dandenong North</a> 31 offerings 45% sold 
</li>
<li>
<a href="/news">Maribyrnong</a> 55 offerings 40% sold 
</li>
<li>
<a href="/news">Portsea</a> 25 offering 36% sold 
</li>
<li>
<a href="/news">Greenvale</a> 20 offerings 30% sold 
</li>
<li>
<a href="/news">South Morang</a> 21 offerings 28% sold
</li>
</ul>
Source: <a href="https://www.reiv.com.au/en/Property-Research/Auctions/Clearance-rates" target="_blank">REIV</a>
It is not to say that auctions don't work as <a href="https://www.realestateview.com.au/Real-Estate/penola-drive-south-morang/Property-Details-sold-residential-6600915" target="_blank">a seven year old South Morang house</a> (pictured above) was snapped up ahead of last weekend's auction. 
<a href="https://www.realestateview.com.au/Real-Estate/32-skyline-drive-south-morang/Property-Details-buy-residential-6656905" target="_blank">In May $410,000 plus buyers</a> are being sought for a four bedroom two bathroom house on Skyline Drive.
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jchancellor-FAypfDUnLy

Melbourne's 10 weakest auction suburbs reveals tepid South Morang auction buyers

<html><body>
On the back of low auction volumes, the preliminary auction clearance rate fell to the lowest reading so far this year.
Because of the ANZAC day long weekend, for the second week in a row, auction volumes across the combined capital cities were low. A total of 859 auctions were held across the capital cities, compared to 642 the previous week and the preliminary auction clearance rate fell from 65.5%t the previous week to 64.0% last week.
This is the lowest clearance rate seen so far this year and the lowest clearance rate since June last year. Volumes are expected to ramp up again over the coming week, with RP Data expecting 1,927 auctions to be held across the capital cities.
Much like last week, because auction volumes were much lower than usual, we will just provide some key stats to give a wrap up of the auction markets over the week:
<img class="alignnone size-full wp-image-3161" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140427-Capital-city.jpg" alt="20140427 Capital city" width="983" height="364">
<img class="alignnone size-full wp-image-3164" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140427-City-by-city-table1.jpg" alt="20140427 City-by-city table" width="845" height="249">
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Anzac Day weekend slowest of the year so far: RP Data's national auction market wrap

<html><body>
There are 349 auctions scheduled this week in Melbourne. Whilst higher than last weekend volumes are lower than usual due to Anzac Day.
RP Data captured 43 auction results across Melbourne last week with 25 successful sales recorded; however, due to the very low volume a clearance rate would not be statistically reliable.
The number of active buyers and sellers is clearly higher than it was over the past three years. However, as <a href="/expert-insights/investing/first-home-buyers-in-victoria-lowest-in-23-years">first home buyers are at record lows</a> the improved demand is coming from other segments.
Data shows that there are a proportionally higher numbers of upgraders and investors that was the case in the last rising market in 2009.
This highlights a fundamental difference to the last few cycles in the market as not only is this one shallower so far but there is a different mix of buyers.
Key data
<ul>
<li>Clearance rate week ending 20 April: NA due to low volumes 
</li>
<li>Melbourne auctions expected week ending 27 April: 349 
</li>
<li>Melbourne private sales time on market week ending 20 April: 33 days (houses) 
</li>
<li>Melbourne vendor discounting market week ending 20 April: -5.6% (houses) 
</li>
<li>Listings being prepared for market are 19.4 per cent higher in month ending 20 April (seasonally adjusted)</li>
</ul>
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Property cycle now shallower with different buyer mix: RP Data's Melbourne auction preview

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Eight vacant waterfront building blocks at Paynesville were sold at weekend mortgagee auction.
Under instructions from Gippsland Secured Investments Ltd, <a href="https://www.castran.com.au/index.cfm?pagecall=property&amp;propertyID=2618010" target="_blank">the Driftwood Close properties</a> (pictured above) sold through John Castran at John H Castran. Three sold at undisclosed pre-auction prices, with the five under the hammer selling for between $230,000 and $308,000.  
There was an earlier mortgagee auction in January in the holiday town which attracted strong interest from Melbourne buyers which was tipped to spark a local building boom.
The holdings, about three hours drive from Melbourne, were part of Riviera Properties, which was placed in voluntary administration in September last year after principal lender Gippsland Secured Investments collapsed.
GSI had about $150 million under management and 3,500 investors, many of them from the eastern Victorian locality.   
There was a $517,500 sale at Rye when 57 Bimbiang Crescent sold through Craig Evans at Hockingstuart Blairgowrie. It previously traded at $580,000 in 2010 with the property recently been connected to the sewerage system.
Set a short walk to the Tyrone foreshore safe sandy beach, the elevated three bedroom, two storey beach house was on a 1,169 square metre block. 
<a href="https://www.realestate.com.au/property-house-vic-mount+martha-116494971" target="_blank">There was a $1.32 million sale at Mount Martha of a contemporary home</a> (pictured below) through McEwing Partners.
<img src="/images/2014/04/22/mount%20martha%20april%2022%20one.jpg" alt="">
At Ocean Grove a three bedroom house on an 816 square metre Epworth Street block fetched $515,000 through RT Edgar. It had last sold about three decades ago for around $40,000.
There was a $3.5 million vendor bid when the landmark Point Lonsdale cottage, Samarai went to weekend Easter auction.
The Ramsay family's Edwardian home (pictured below) is set on 1,100 square metres, last sold in the mid-1980s when bought from the Wortley's for around $240,000. 
It's been offered <a href="https://www.realestateview.com.au/Real-Estate/149-point-lonsdale-road-point-lonsdale/Property-Details-buy-residential-6827429" target="_blank">through Damian Cayzer at Kerleys Coastal Real Estate</a> who expected $3.5 million plus for the 149 Point Lonsdale Road offering with easterly view.
<img src="/images/2014/04/22/point%20lonsdale%20april%2022%20pne.jpg" alt="">
The 60 Frimmell Way, Portsea offering - marketed as an affordable charming cottage style offering through Little Residential - was passed in at $725,000.
Looking like a mountain hut, <a href="https://www.realestateview.com.au/Real-Estate/31-seaview-street-blairgowrie/Property-Details-sold-residential-6820083" target="_blank">31 Seaview Street, Blairgowrie</a> (pictured below) fetched $502,500 through Hockingstuart Blairgowrie agent Michael Christodoulou. The four-bedroom timber home is spread over three levels on its 766 square metre block.
<img src="/images/2014/04/22/blairgowrie%20april%2022%20opne.jpg" alt="">
Sales were not just on the coast.
At Dinner Plains in the mountains, the<a href="https://www.realestateview.com.au/Real-Estate/3-5-burrinjuck-lane-dinner-plain/Property-Details-buy-residential-6849967" target="_blank"> mortgagee auction of a three level three bedroom two bathroom townhouse</a> (pictured below) secured $231,500.
<img src="/images/2014/04/17/dinner%20plain%20april%2017.jpg" alt="">
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Paynesville leads Victorian Easter weekend coastal auctions with eight sales 

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Cronulla Sharks coach Shane Flanagan has listed his longtime Bangor home having spent $2.3 million on a contemporary five-bedroom house in Caringbah South.
It has been listed for 30 April auction <a href="https://raywhitemenai.com.au/nsw/bangor/1122210/" target="_blank">through Ray White Menai agent Matt Debreczen</a> who expects about $1 million.
The two level 1980s built house was bought for $330,000 in 1994 with wife, Cathie.
<a href="/news/cronulla-sharks-coach-shane-flanagan-spends-2-3-million-in-caringbah-south">His next architecturally designed property</a> overlooking Burraneer Bay was recently sold through John Schwarzer, of Highland Property Agents.
Flanagan, who also signed on with the club last month for another three years, has been suspended by the NRL following the ASADA investigation for its part in the 2011 supplements scandal.
Flanagan took over the lead coaching role from Ricky Stuart, who after quitting the Parramatta Eels is now with the Canberra Raiders.
The former plumber, Flanagan, a Sutherland Shire resident for the past 29 years, had been Stuart's right-hand man for six years previously at the Roosters and the Sharks.
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Cronulla Sharks coach Shane Flanagan auctioning longtime Bangor house

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There are 49 auctions scheduled this week in Melbourne; the total volume of auctions is affected by the upcoming Easter and Anzac Day public holidays.
The lower volume of auctions does not reflect the broader level of supply with overall volumes continuing to rise. The high level of supply is having an impact on prices with a slight depreciation being recorded so far this month in the Melbourne Home Price Index.
The key issue for the Melbourne property market after Anzac Day will be the supply of homes. The RP Data Mortgage market activity shows that so far, the number of buyers has risen to match the higher levels of supply with mortgage activity events higher than a month ago in Victoria. As activity is generally reduced over winter the high level of supply will be a challenge for the market.
Key data
<ul>
<li>Clearance rate week ending 13 April: 64.4% 
</li>
<li>Melbourne auctions expected week ending 20 April: 49 
</li>
<li>Melbourne private sales time on market week ending 13 April: 34 days (houses) 
</li>
<li>Melbourne vendor discounting market week ending 13 April: -5.6% (houses) 
</li>
<li>Listings being prepared for market are 3.5% higher in month ending 13 April</li>
</ul>
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Key issue for post-Easter will be supply:  RP Data's Melbourne auction preview

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According to the latest RP Data-Rismark Home Value Index Results, Melbourne dwellings sold for a median price of $515,000 for 2014’s March quarter.
Melbourne's median dwelling price has increased 11.6% increase year on year, the second biggest yearly increase after 15.6% growth in Sydney median dwelling price.
Property Observer looks at five Melbourne homes that recently sold around the median $515,000 mark.
<a href="https://www.realestate.com.au/property-apartment-vic-fitzroy+north-107254529" target="_blank">41/9-19 Miller Street, Fitzroy North</a>
<img src="/images/2014/04/17/image3.jpg" width="456" height="342">
An apartment (pictured above) in Fitzroy North’s Miller Park complex sold for $510,000 on 9 April. The two bedroom first floor unit opens onto secure communal gardens and is situated just off Nicholson Street. This property sold below March’s median unit price for <a href="/news">Fitzroy</a>, which was $671,000 according to RPData.
<ul>
<li>Price: $510,000</li>
<li>Rooms: Two</li>
<li>Drive to CBD: 10 minutes</li>
</ul>
<img src="/images/2014/04/17/fitzroy%20north%20april%2017%20one.jpg" alt="">
<img src="/images/2014/04/17/fitzroy%20north%20april%2017%20two.jpg" alt="">
<img src="/images/2014/04/17/fitzroy%20north%20april%2017%20three.jpg" alt="">
 <a href="https://www.realestate.com.au/property-house-vic-reservoir-116400331" target="_blank">170 Spring Street, Reservoir</a>
<img src="/images/2014/04/17/image2%201.jpg" width="460" height="345">
This three bedroom home in Melbourne’s northern suburbs sold at $510,000 earlier this week. Another one sold on the back of its development potential, the weatherboard sits on a 585 square metre plot within walking distance of <a href="/news">Reservoir</a> train station and the Preston market. It was purchased by the vendors in 2006 for $258,000, almost doubling in value over eight years.
<ul>
<li>Price: $510,000</li>
<li>Rooms: Three</li>
<li>Drive to CBD: 18 minutes</li>
</ul>
<img src="/images/2014/04/17/reservoir%20april%2017%20one.jpg" alt="">
<img src="/images/2014/04/17/reservoir%20april%2017%20two.jpg" alt="">
 
<a href="https://www.realestate.com.au/property-apartment-vic-southbank-116430995" target="_blank">6/100 Dodds Street, Southbank</a>
<img src="/images/2014/04/17/image2.jpg" width="460" height="345">
This two bedroom unit (pictured above) sold for $511,000 this past weekend. The apartment in a low-rise complex has an open plan living area and is located near Melbourne’s Botanical Gardens. Though selling below <a href="/news">Southbank</a>’s March median price of $566,000, the property’s value almost doubled over the past 11 years. The vendors purchased the Dodd Street apartment for $265,000 in 2003.
<ul>
<li>Price: $511,000</li>
<li>Rooms: Two</li>
<li>Drive to CBD: Six minutes</li>
</ul>
<img src="/images/2014/04/17/southbank%20april%2017%20one.jpg" alt="">
<img src="/images/2014/04/17/southbank%20april%2017%20two.jpg" alt="">
<img src="/images/2014/04/17/southbank%20april%2017%20three.jpg" alt="">
 
<a href="https://www.realestate.com.au/property-house-vic-altona+north-116006059" target="_blank" style="line-height: 1.3em;">26 First Avenue, Altona North</a>
<img src="/images/2014/04/17/main%203.jpg" width="460" height="345">
A new build in Melbourne’s south west, this three bedroom, two bathroom home (pictured above) sold for $525,000 on Monday. Bedrooms are carpeted while living areas feature hardwood flooring. The brick house with a courtyard and garage sold above the March median for houses in <a href="/news">Altona North</a>, which sat at $507,000.
<ul>
<li>Price: $525,000</li>
<li>Rooms: Three</li>
<li>Drive to CBD: 17 minutes</li>
</ul>
<img src="/images/2014/04/17/altona%20north%20april%2017%20two.jpg" alt="">
<img src="/images/2014/04/17/altona%20north%20april%2017%20three.jpg" alt="">
<img src="/images/2014/04/17/altona%20north%20april%2017%20four.jpg" alt="">
 
<a href="https://www.realestate.com.au/property-house-vic-watsonia+north-116392011" target="_blank">12 Busst Drive, Watsonia North</a>
<img src="/images/2014/04/17/main%204.jpg" width="460" height="345">
Situated 17 kilometres north-east of the Melbourne CBD, this <a href="/news">Watsonia North</a> home (pictured above) sold for $515,500 this past weekend. The three bedroom house with front and backyards is situated on a corner plot, with the selling agent suggesting the possibility of further development subject to council approval. The home was last advertised to tenants at $380 per week in February, putting rental yield at 3.84%.
<ul>
<li>Price: $515,000</li>
<li>Rooms: Three</li>
<li>Drive to CBD: 27 minutes</li>
</ul>
<img src="/images/2014/04/17/watsonia%20north%20april%2017%20two.jpg" alt="">
<img src="/images/2014/04/17/watsonia%20north%20april%2017%20three.jpg" alt="">
<img src="/images/2014/04/17/watsonia%20north%20april%2017%20four.jpg" alt="">
Photo of Melbourne courtesy of Vincent Q/flickr.
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jrichardson-uRX5hFdKfN

What Melbourne's median house price really gets you

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If you've ever wanted to buy a haunted island then you're in luck. Poveglia is up for sale.
{qtube vid:=URbvSD0QdnA}
Possibly the only place near Venice that nobody wants to go to, the uninhabited Italian island has been put up for sale to help reduce the country’s public debt, according the the UK’s The Independent.
It was a quarantine station in the 18th century before apparently becoming a ‘dumping ground’ for plague victims, including children, and the 17-acre island was then home to a mental hospital where the doctor apparently undertook horrible surgeries, such as lobotomies, with hand drills, on the patients. Combining these aspects together, with current rumours that it’s now haunted, and you have the topic for one of the most nail-bitingly creepy films of all time.
That doctor then threw himself off the tallest tower. That hospital only closed in the late-1960s.
As they say, one man’s trash, another man’s treasure. Where some Property Observer readers will see “Personal Worst Nightmare” our property opportunists may instead consider it a “Private Island Holiday Destination”.
The Telegraph reports that the plan is to transform the building into a luxury hotel, however a campaign has been launched to stop privatisation of the lagoon. We imagine that creepy child plague-ghosts, one by the name of Little Maria, aren’t among the resort’s plans, but we could be wrong.
Closed to visitors in recent years by the Italian government, in what could be seen as a conspiracy against the worldwide findings-out of the devils beyond but is likely just a safety protocol, it has attracted paranormal investigators in the past.
If you’re in the market to buy a creepy island, then this is the perfect option. Bids for Poveglia close 6 May 2014.
The Daily Mail explains that a 99 year lease is in the offering for its redevelopment, but that a further four properties, including 15th Century castle and monastery, will be auctioned off freehold. Around 150 state-owned properties will go under the hammer with hopes of netting a 500 million euro total.
Australians can bid <a href="https://venditaimmobili.agenziademanio.it/AsteDemanio_FE/index.php/benioffertalibera/index" target="_blank">in the virtual auction</a>.
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Poveglia, haunted Venetian island up for sale, with hotel plans

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This weekend even the most hardened property investor will get the opportunity to take a well-earned break from the Super Saturday action.
While some choose to enjoy the Easter long weekend with some hot cross buns and a good book, others are after some more active (and sweet) fare. Property Observer has tracked down four properties perfect for a good old fashioned Easter egg hunt.
<a href="https://www.realestate.com.au/property-other-nsw-kangaloon-7517167" target="_blank">Kangaloon, NSW </a>
 <img src="/images/2014/04/17/image12.jpg" width="460" height="345">
This Kangaloon country estate has plenty of room for a roving egg hunt – 111 acres, to be precise. The main house offers six bedrooms in which to plant chocolates, while the garage, stable complex, barn machinery shed, stockyards, dressage arena and three bedroom studio will provide lots of good hiding spots.
But best of all are the tree lined garden paths, pictured above – perfect for traipsing along with a basket full of Easter eggs.
<a href="https://www.realestate.com.au/property-acreage+semi+rural-vic-flinders-115045263" target="_blank">217 Gwenmarlin Road, Flinders, Vic</a>
<img src="/images/2014/04/17/main%201.jpg" width="460" height="345">
Where better to host a hunt than a good old fashioned castle? This granite rock and bluestone residence (pictured above) is located down the end of a country lane in the historic town of Flinders. Property Observer thinks this Scottish castle would be best explored by candlelight for the full experience, though that might take things from Easter excitement to haunted house.
If one was to take the hunt outside, there are 50 acres of land to explore. But make sure you get to the chocolates before the local mob of Eastern Grey Kangaroos get to it (or old Daisy, the resident cow).
<a href="https://www.realestate.com.au/property-acreage+semi+rural-nsw-sutton+forest-105088598" target="_blank">Sutton Forest, NSW</a> 
<img src="/images/2014/04/17/main%202.jpg" width="460" height="345">
Another grand old country estate, this residence set on 15 acres offers plenty of opportunities to squirrel away Easter eggs. The five bedroom suites, two dressing rooms, two studies, library and conservatory offer ample hiding space. Earlier this week, <a href="/news/malaysian-tycoon-teo-ah-khing-from-china-horse-club-snaps-up-historic-the-chase-at-sutton-forest">Malaysian racing tycoon Teo Ah Khing</a> was revealed to be the new owner of another historic Sutton Forest estate, The Chase.
The landscaped garden, with a fountain and two grand old lion statues of this property are perfect for tucking away some chocolates. But with a tennis court, pool pavilion, games room, triple garage, separate kitchen and an additional two storey house for guest accommodation, Property Observer guesses that the discovery of stray Easter eggs would continue til November.
<a href="https://www.realestate.com.au/property-house-tas-taroona-112393283" target="_blank">55 Channel Highway,Taroona, Tasmania</a>
<img src="/images/2014/04/17/image11.jpg" width="460" height="345">
Winmarleigh, the 1893 heritage estate in Tasmania’s Taroona, offers as much for the grown-ups as for the kids. The sandstone home, which has been the site of many a function, is on the market for the first time since its 1939 purchase by the late judge Sir John Demetrius.
While Winmarleigh has plenty of Easter egg hidey-holes in its five bedrooms, two bathrooms, a formal dining hall and eight original fireplaces, it’s the home’s study and library, pictured above, that offers the prime confectionery hiding spots. With bookshelves that extend to the ceiling, accessible only via ladder, this indeed might be one for the adults – 80% cacao dark chocolate eggs, please.
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