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" />

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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

Foreign Buyers

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The Urban Taskforce has said the federal government's review of foreign investment in residential real estate must be blind to the nationality of the foreign investor.
"While this review is said to consider foreign investment in residential real estate, we fear that the review will focus on Chinese investment. 
"Focusing on a particular country’s investment is counterproductive and dare we say, xenophobic," Urban Taskforce Australia chief, Chris Johnson warned.
He said the Urban Taskforce urges the standing committee to consider foreign investment generally.
"It must resist pressure from those who would have us believe that it is simply Chinese investment in real estate that is driving increases in the cost of housing.
"Media coverage on this matter has been one- sided, suggesting that there is a flood of unregulated money from China causing real estate prices, especially in Sydney, to soar. 
"The claims are that foreign investment, in residential real estate, particularly from China is on the increase," he said.
Their submission said foreign investment in residential real estate was on the decline.
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"The evidence provided in the recent Foreign Investment Review Board Annual Report 2012-13 does not support claims of ever increasing foreign investment.
"For instance, total foreign investment in residential property in Australia has actually been falling from a high of $20.92 billion in 2010-11 to $19.7 billion in 2011-12 to $17.2 billion in 2012-131.
"Reports based on the Foreign Investment Board and Australian Bureau of Statistics data suggest that the Chinese contribution of the total foreign investment in residential real estate to be approximately $5 billion per annum.
"However this is in a market that saw $250 billion in residential property being sold.
"While 2% of the market is a worthy contribution to new housing, it is not considered to be at a level to warrant the community concerns and intense media scrutiny of late.
"There is no doubt that residential property investment from China is the highest with Chinese investors purchasing $5.9 billion in all real estate, which includes commercial real estate.
"It should be noted that commercial real estate is almost twice that of foreign investment in residential real estate.
"Other countries invest in Australian real estate.
"Canada invested just under $5 billion in Australian real estate and the Americans invested $4.4 billion.
"Based on these figures alone, the focus on Chinese investment is not warranted," Chris Johnson suggested.
"Notwithstanding any of the above, the overarching principle of Australia's foreign investment policy, as it applies to residential property, is that the investment should increase Australia's housing stock.
"We support such a policy and agree that it brings benefits to the local building industry and its suppliers.
"The data provided in the Foreign Investment Review Board Annual Report 2012-13 shows this. 
"In the 2010-11 reporting period only $3.77 billion of foreign investment went to existing housing while $12.54 billion went to new developments."
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Urban Taskforce warns against xenophobic review of Chinese investment by federal government

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An 863 square metre development site in Melbourne’s Southbank residential precinct has seen strong interest. The 47 City Road precinct, being sold through CBRE City Sales, has seen interest around the $9 million mark.
It is bordered by St Kilda Road and Southbank Boulevard, and currently holds a single-level office building, 12 onsite car spaces and two street frontages on Fawkner Street and City Road, which provides a revenue stream while plans and permit are organised for future development.
CBRE’s Josh Rutman, Mark Wizel and Ed Wright are marketing it through an International Public Expressions of Interest campaign that is expecting to see strong offshore interest. The campaign goes until June 12.
It is located near Crown Casino Complex, the Yarra River, and Southbank Theatre.
"Developers, especially those from Asia, are recognising Southbank is serviced by world class infrastructure and amenity, and is viewed by overseas apartment buyers as being a terrific alternative to buying an apartment in the Melbourne CBD,” said Rutman.
Recently, Singapore’s Aspial Corporation purchased a land holding on the corner of City Road and Southbank Boulevard, Australia 108, for $42.3 million. A total of more than $180 million has reportedly been spent in the past six months on Southbank sites – with the majority from offshore purchasers.
Wright noted that offshore buyers are interested in two elements primarily. The first – how many apartments can be built on the site. The second – what they can get for these apartments.
High density Southbank apartments often go for high prices, he said.
“With the recent explosion of Asian investment into Melbourne’s property market, we expect this property will be of particular interest to offshore investors looking to undertake a landmark residential development in Australia’s most liveable city.”
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Melbourne development site expecting strong foreign interest

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The Danish pension fund Pensionskassernes Administration (PKA) has secured a stake in $60 million worth of Queensland cattle stations.
The stake in around 480,000 hectares, from Blackall to Cunnamulla, is held through the SLM Australia Livestock Fund.
The fund raised $75 million from PKA in 2012 with SLM Partners director Tony Lovell telling the AFR that the SLM fund was still looking to expand.
The market value of the assets managed by PKA across the world was DKK 194 billion (A$38 billion).
The AFR noted SLM Partners kept a low profile as it aggregated its properties.
The Cunnamulla aggregation includes the 43,000ha Padua Park hub purchased for $10 million, sold in part by the Sunshine Coast engineer David Wimhurst. There was also the 49,000 hectare Willacora hub for $9.3 million; the 71,000 hectare Eureka Plains for $7.4 million; the 48,000 hectare Amenda at $11.8 million and the 79,000 hectare Garrawin for $4.3 million.
At Quilpie, SLM put together the 165,000 hectare Colac hub for $6.4 million.
At Blackall it secured the 25,000  hectare Listowel Downs for $11.2 million.
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Danish pension funds take Queensland cattle station stake

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Meriton Group has indicated its support of the current regulations surrounding foreign investment in real estate, but would like their liberalisation.
"Although offshore buyers represent only a small percentage of Australia’s overall sales, this market is an important factor in maintaining business confidence and giving developers the impetus and security to embark on new projects – directly increasing the supply of new housing" the Meriton founder Harry Triguboff advised the House of Representative inquiry into foreign ownership of residential property.
It was among the most diligent of submissions made to the committee which the Treasurer, Joe Hockey asked in March to report back by October. There were an <a href="https://www.aph.gov.au/Parliamentary_Business/Committees/House/Economics/Foreign_investment_in_real_estate/Submissions" target="_blank">underwhelming 15 submissions</a> made on the supposed controversial issue which Liberal MP chairperson Kelly O’Dwyer has tried to make her high-profile cause.
"If Australia wishes to keep housing affordable and to keep developers building, it is imperative that we embrace foreign investment in real estate and the certainty it can bring to industry," the Meriton submission said.
"In light of Australia’s recent Free Trade Agreement with China, this review represents an opportunity for FIRB regulations to in fact be liberalised rather than further restricted."
Harry Triguboff said it was his belief that it was a range of other factors, such as excessive local government planning requirements and fees, that added to the cost of housing and which have seen first home buyers effectively pushed out of the market. 
"There are many possible solutions and alternatives to this problem which do not involve restricting the flow of foreign investment in Australian real estate. 
"The outcomes of this inquiry are of major significance to Meriton, as the nation’s largest apartment developer, and the housing market overall.
"In order to ensure consistent and affordable residential housing supply, it is important that Australia strengthen its ties with overseas markets that are not subject to the ups and downs of the domestic economy. 
"Foreign investment remains a welcome source of support for the local housing and construction industries and any changes to regulation would be keenly felt."
He hopes welcome to discuss this issue with the committee. 
Their submission noted Meriton is Australia’s largest apartment builder, constructing over 2,500 new apartments annually, and accounting respectively for 6.4% and 1.6% of annual dwelling commencements in NSW and nationally. 
Meriton provides employment for around 2,700 people across the building and services sectors. It employs either directly, or as sub-contractors, up to 2,000 people in the construction industry on around 15 active building sites in Sydney, Brisbane and the Gold Coast, and over 700 in the services and tourism sector, contributing significantly to the Australian economy.
Meriton’s forecast turnover for 2014 is some $2 billion. 
"Foreign investors contributed to around 13% of Meriton’s sales in the financial year 2012- 2013, and without securing this initial foreign investment, many of Meriton’s complexes may not have been developed," the submission said.
The submission said foreign investment in Australian residential real estate had often been the subject of political controversy. 
"In the late 1980s, concerns over Japanese investment, particularly in Queensland, led to the amendment of the foreign investment legislation and the establishment of regulatory arrangements which are essentially operating unchanged today," it said. 
Photo of Harry Triguboff courtesy of Wikipedia/Creative Commons.
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Meriton's Harry Triguboff says FIRB regulations should be liberalised, not further restricted

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Chinese international real estate website, Juwai.com, explained that Australian real estate agents earned an estimated $147.5 million in commissions on Chinese buyer transactions in the past financial year.
In fact, this figure could be even higher. Basing their statistics on the total transaction value, multiplied by the estimated average commission rate of 2.5%, it’s clear that the real commission earnings could be even higher. The total Chinese investment in Australian property jumped 149% over the recorded financial year, to $5.9 billion.
A Juwai spokesperson told Property Observer that they used a conservative commission rate to come up with this figure, and noted that as a site their model is not to take commissions themselves but to charge for listings and advertisements - similar to solely Australian online listing portals.
The agents seeing the biggest piece of the pie are those in Sydney, followed by Brisbane, Melbourne, the Gold Coast and Adelaide.
Interestingly, of Juwai’s popular countries for Chinese buyers the United States trumps Australia. Australia is then followed by the UK, Canada and Germany.
Key motivations of individual mainland Chinese investors:
<ul>
<li>Seeking yields and capital gains. 
</li>
<li>Obtaining educational opportunities for their children. 
</li>
<li>Internationally diversifying their investments. 
</li>
<li>Enjoying an attractive lifestyle and living overseas for business or emigration. Many wealthy Chinese have a primary residence in Beijing, and second homes in Australia, the US and the UK.</li>
</ul>
Source: Juwai.com
This comes as franchise groups are increasingly signing up with online portals. Most recently, Raine &amp; Horne have announced a partnership with Juwai, with the Chinese website acting as an exclusive Chinese-language marketing partner.
Overseas, similar partnerships are also being created.
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Agents earned $147.5 million commissions from Chinese buyers in past financial year: Juwai

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Local buyers and foreign buyers appear to be head-to-head in Melbourne’s development market, according to a JLL study, however they believe that locals are at a distinct advantage.
The study looked at buyer profiles of major development sites across Melbourne’s CBD, City Fringe, Docklands and St Kilda Road over the past 12 months. It found that 49% of the 39 properties sold from February 2013 to April 2014 were domestic buyer purchases.
When looking at the dollar value of $1 billion in transactions over the past 12 months, 51% came from domestic buyers, said JLL director, sales and investments, James Kaufman.
“Of the 39 major site sales JLL recorded, CBUS' purchase of 447 Collins Street for $91 million was the only land sale where the developer intended to undertake a commercial development,” he said.
“Generally foreign developers have a strong preference for sites that are offered for sale with the benefit of planning permits. Sites with permits make the assessment process significantly less complicated and remove uncertainty.”
He said that domestic developers have a “much deeper understanding” of the town planning process, providing them the advantage when bidding without a planning permit.
“This is evidenced with the sale of 181 Fitzroy Street, St Kilda (pictured above) and 85 Spring Street, Melbourne. During both campaigns, the marketing attracted interest from foreign buyers, however the planning risk put the local developers in the best position to secure the sites,” he said.
This was purchased by Grocon, with planning approval lodged for a 38-level, $300 million 370-apartment development at 85 Spring Street.
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​Melbourne development sites give locals the advantage

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Eling Forest Vineyard, the Southern Highlands of NSW boutique winery, has been sold.
Located just west of Sutton Forest village, the 73 hectare property has been bought by the Wang family for $5.8 million.
<a href="https://www.andrewhearn.com.au/listings/rural_sale-93411-sutton-forest/" target="_blank">It had been listed</a> by interests associated with Warwick Wainberg through Andrew Hearn at the Berrima based Andrew Hearn Real Estate.
The buyers were Wei Guo Wang, Wei Min Wang, Chen Yang Wang and Pei Hong Cao.
It last traded in 2005 at $600,000.
It highlights the Southern Highlands stature as one of Australia's most exciting new wine regions, though still not a patch on the Hunter Valley which has been attracting strong Chinese buying interest in recent years.
The Southern Highlands' first wine producer in recent times was Kim Mogine at Joadja in 1983. There were about 50 vineyards in the region by 2000 that spanned 145 hectares within Australia's newest wine region better known for its tulips.
Cool climate vineyards were first planted at Joadja Creek in the 1870s, supplying Sydney with table grapes.
Established in 1990, Eling Forest was the second modern winery to be established in the cool climate area, with its first wines produced in 1993. 
Its first vines were planted by Leslie Fritz, who was then 80, and came from a long line of winemakers in Hungary. The then 157 hectare holding had cost $1.9 million in 1989.
The grapes are handpicked and vines hand pruned in the traditional manner at the Hume Highway property, with the wine fermented in stainless steel vats, then aged in American and French oak barrels. 
<a href="https://www.elingforest.com.au/cafe-a-cellar-door/gallery" target="_blank">About 120,000 bottles are currently produced plus "Apple Thief" ciders.</a>
The cool climate vineyard produces white and red wine varieties and blends sold through is cellar door which is open seven days a week.
There is an 1840 colonial homestead - restored in 2005 during the ownership of Ron Fryer - and other living quarters that provides accommodation in picturesque gardens tendered to at one point by Clause Crowe. 
It comes with function centre that caters for up to 200.
The former boxer Fortunato "Lucky" Gattellari and his brother Frank briefly bought into Eling Forest Winery, initially securing a small stake around 2003. Their venture, which soon soured, <a href="https://articles.chicagotribune.com/2003-01-22/entertainment/0301220080_1_winemaking-wine-bottle-australian" target="_blank">attracted international media interest</a>.
Other major vineyards in the highlands include the Centennial Vineyards at Bowral, established by the co-founders of Cellarmasters, John Piven Large and his partner, Mark Dowling.
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Eling Forest, Sutton Forest vineyard sold to Chinese interests

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China-based estate agencies are selling Australian properties through a two-tiered pricing structure with inflated prices to China-based buyers, according to Michael Yang, the chief of GiFang.com, the largest Chinese language property site in Australia.
"Some agents sell at more inflated prices to China-based buyers," he noted.
"When developers promote house and land packages to buyers in China for areas such as Point Cook, Sanctuary Lakes and Tarneit, the land component of the package can sometimes have a higher price in China. 
"They are “exclusive lots” for Chinese buyers that are only promoted in China," he noted in a blog published on the <a href="https://www.businessspectator.com.au/economy/china" target="_blank">China Spectator</a> website.
"It is believed that one in 10 China-based agents are involved in selling Australian properties according to a two-tiered pricing structure. 
"The misconduct of Chinese agents also contributes to the perception that Chinese buyers are willing to pay for above the market price."
"This is perhaps the biggest misconception of all," he added.
He said stories about Chinese buyers turning up at auctions with suitcases packed with cash and making an on-the-spot decision to buy the property without a proper inspection were not likely to be accurate.
"Very few of these stories are true or are at least exaggerated.
"In our survey conducted in China, 63% of buyers said they would ask a friend or relative based in Australia to inspect the property for them, and the remaining 37% believed it was a must for them to inspect the property personally before making the final decision."
Even if the property is an off-the-plan apartment, they will still travel to Australia to get a feel for the location and to conduct personal research.
He also refuted then widely held belief that Chinese buyers pay for their real estate purchases in Australia in cash and there is little need for them to borrow.
"This could not be further from the truth."
He said some 97% of Chinese buyers in Australia rely on mortgages, according to the survey of 283 buyers.
"The big four banks have all established offices in China in order to assist China-based buyers to purchase Australian properties using home loans.
"These banks are responsible for making 85% of all home loans of Chinese property buyers in Australia.
"Chinese buyers generally accept the idea of investing with "OPM" (other people's money) and love the fact that a minimal amount is required to own or control real estate in Australia."
He suggested Westpac was responsible for 70% of all home loans from China, according to the survey results as well as a banking source.
Michael Yang added the situation was different in China where property buyers are forced to use more cash to buy properties. 
"For example, Chinese banks will only lend up to 70% of the value of the home to borrowers for their first purchase and 30% for their second home. 
"Third purchases are usually not allowed."
The fourth misconception addressed in the blog was that Chinese buyers do not seek out rental yields by merely land banking.
"As Chinese investors become increasingly educated about the Australian market, rental yield becomes more and more important. 
"Gifang's surveys in China show that more than 90% consider rental yield an important aspect to their property purchase, with the acceptable rental yield at 5%.
He noted more than 72% of investors consider capital growth as more important than rental yield but all prefer to have a balance.
He did add that some Chinese investors would rather leave their residential property vacant for most of the year until they visit Australia and use their properties for personal enjoyment. 
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China-based estate agencies selling Australian properties through inflated two-tiered pricing schemes

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GUEST OBSERVATION
Our federal budget is due to be delivered on Tuesday 13 May, 2014 and we are being repeatedly told that there has to be significant cuts to expenditure. Our state budgets will be delivered soon after that date.
In essence it is time for governments to deliver something which is new and helpful to maintain and increase housing stock, but at the same time does not simply drive housing prices higher. This definitely rules out changes to negative gearing as its removal would simply reduce investor activity and available housing stock.
There are two outcomes in our housing markets that are needed:
1. Ensure there is an increase in Australian citizen investment in new housing stock; and
2. Increase the number of first home owners in the market.
The first, in my view, is a state issue
Most of us will have family or friends who have been trying to buy a home and failed because they have been out bid by a cashed-up foreign buyer. One has to ask whether foreign buyers should have equal rights as Australian citizens. I suspect not. That is not to say that foreign buyers are not necessary in our markets, rather they are simply investing in a low risk, very attractive country and for that benefit they should have to pay some type of premium.
Altering our land tax regime would enable us to charge this premium from foreign investors and potentially decrease their activity without necessarily decreasing supply of new stock. This can be done by increasing the land tax payable by non-Australian citizens who own property in our country and at the same time, decrease the rate of land tax charged on property owned by Australian citizens, with all property purchased in the future and currently held, being subjected to these changes. Obviously, the amount of these alterations will need to be modelled and the changes would need to be phased in.
The consequence is clear. Foreign investment activity would be marginally reduced (depending on the altered tax rate applicable to them) and the lower tax rates for Australian citizens should cause increased investment activity by this group. It should also mean that the first home owner may have a better chance of competing when buying.
The second, in my view, is a federal government matter
The first home owner has been forced out of the market simply as a consequence of rising house prices and the consequent level of income needed to support a home loan.
In essence we need to organise things so this group – and everyone buying a property to live in – has adequate cash flow to meet the high home loan repayments. This will particularly be the case when interest rates increase in the medium term.
A relatively simple change to the capital gains tax (CGT) legislation is required.
This change would allow home owners to claim interest deductions on their home loan repayments where they elect to be subject to normal capital gains tax on the profit they make on any future sale of the property. In essence they exchange the right to have their home exempt from capital gains tax in exchange for the right to immediately reduce their taxable income by the interest they are paying on their home loan.
Being brutally honest given the government’s current budget problems they should simply just phase in the removal of the capital gains tax exemption on the family home all together and automatically provide first home owners who buy a new home with the right to claim interest deductions. Politically this might be better for government than altering pension rights and health benefits etc.
Allowing buyers to elect to claim interest as a deduction would mean an improved annual cash flow which will help to make housing more affordable. What is the cash benefit? Well assume someone has a loan of $400,000 and has a tax rate of 22% then the annual benefit at current interest rates would be in the order of $5,000 per annum or roughly about $100 per week.
The impact of this proposal on borrowers as interest rates increase should also not be overlooked. That is, deductibility means that interest rate increases will not have as large a negative impact on our first home owner as they would otherwise. As interest rates increase their deductions increase and their tax liability is reduced. Hence as interest rates rise, defaults on home loans are likely to also be lower.
There needs to be some detailed modelling to work out a progressive phasing in and potentially define a percentage of the interest cost on the home loan that would be allowed to be deductible. Once this is done then a reasonably solid estimate of the cost to the federal budget could be identified.
From any logical perspective, a combination of subjecting all of our owner occupied housing to a form of capital gains tax and allowing our first home owners to access interest tax deductions, does have merit. And provided it is structured in a manner which does not drive housing prices higher, it will also make housing affordable for the next generation.
The negative which could be seen as a benefit by some, is that it would encourage home owners to limit their trading activity in their own home. That is, a home owner would potentially be less inclined to use their home as trading stock and instead use it as a mechanism for wealth generation by buying with the intent of selling following renovation.
In the short-term we are going to be asked to accept some difficult decisions and perhaps the above, implemented carefully by government could potentially soften the perceived blow.
John Edwards is consulting analyst for <a href="https://www.onthehouse.com.au/" target="_blank" rel="nofollow">Onthehouse.com.au</a> and founder of <a href="https://www.residex.com.au/" target="_blank" rel="nofollow">Residex</a>.
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jedwards-8kHM8GNY6d

Two brave budget decisions that would benefit tomorrow’s generation

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Just three days after the close of an expression of interest campaign, a Malaysian investor has swooped in on a whole top floor stratum titled office in Melbourne's South Yarra.
At $4.28 million, the sale is seen as one of the most significant Melbourne strata office transactions in recent years, equating a rate of $7,781 per square metre.
More than 60 enquiries were received through a marketing campaign steered by CBRE's Ed Wright, Tom Tuxworth and Mark Wizel.
The property has a total building area of 645 square metres, of which 366 square metres is available for immediate occupation. The balance - 279 square metres- is leased to the Bridge Consulting Group, generating a net income of $156,000 per annum.
The property at 9 Yarra st, South Yarra was sold with "value-add potential" with plans and permits to add an additional 16th level incorporating 591 square metres of building area.
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