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

Foreign Buyers

<html><body>
The overall share of foreign buyers in Australian property markets fell to a two-and-a-half year low in both new and established property markets in the first quarter of March, according to NAB's latest Residential Property Survey.
Foreign buyers accounted for just 11.8% of total new property sales (14.4% in Q4), while it was 7.2% in established property markets (8.6% in Q4).
In new property markets, foreign buyers fell to 10.7% in VIC (16.4% in Q4) - its lowest level in two years and significantly below survey high levels of 32.5% in Q4’14. Foreign buyers were also less prevalent in NSW, where their market share fell to 11.1% (11.7% in Q4). This down from a survey high 21% in Q1’15 and now at its lowest level since Q4’13. In WA, foreign buyers of new property accounted for just 2.9% of total demand (5.8% in Q4) down from around 10- 11% in the first half of 2015.
In contrast, the share of foreign buyers in new property markets in QLD continued to grow, rising to 21.9% in Q1’16 (20.9% in Q4). The market share of foreign buyers in new property markets has grown for three consecutive quarters and may suggest that they are being attracted by lower average prices there. In established property markets, foreign buyers accounted for just 7.1% of total demand in VIC - a 3 year low and down from 8.6% in Q4. Foreign buyers were also less active in NSW (7.8% vs. 9.4% in Q4) and QLD (6.7% vs. 8.9% in Q4), but they increased their market share in WA to a Survey high 8.8% (7.2% in Q4).
<img src="/images/2016/04/20/Screen%20Shot%202016-04-20%20at%204.14.07%20PM.png" alt="" width="534" height="302">
<img src="/images/2016/04/20/Screen%20Shot%202016-04-20%20at%204.27.49%20PM.png" alt="" width="525" height="305">
Type of property purchased by foreign buyers
Overall, 51% of all foreign purchases of Australian residential property were for apartments (53% in Q4), 31% houses (32% in Q4) and 18% for re-development (16% in Q4). However, these ratios continue to vary widely by state.
In VIC, 39.4% of sales in Q1’16 were for apartments (down from 44.2% in Q4), 37.6% were houses (35.2% in Q4) and almost 1 in 4 (23.1%) was land for re-development (20.6% in Q4). In NSW, 54.6% of all properties purchased by foreigners were apartments (53.9% in Q4) and 29.9% houses (32.4% in Q4). The share of property bought for re-development purposes rose to 15.9% (14.1% in Q4). In QLD, apartments made up 58.8% of all sales (60.8% in Q4) - still by far the biggest share among the main states. Houses accounted for just 24.3% of foreign sales (26.4% in Q4), but purchases for re-development purposes climbed to 17.5% (12.8% in Q4). In WA, apartment sales accounted for 48.4% of all foreign purchases (50.8% in Q4), houses for 34.5% (29.8% in Q4) and land for re-development 17% (19.4% in Q4).
Price range of property purchased by foreign buyers
Around 31% of apartments purchased by foreigners were valued at less than $500,000 (33.7% in Q4) while 40% were valued between $500,000-$1 million (41.7% in Q4). Just over 16% were in the $1-2 million range (14.8% in Q4), with the number of sales in the $2-5 million range unchanged at 7.9%. Just over 1 in 20 foreign buyers (5.5%) purchased apartments valued above $5 million (3.3% in Q4). There remain some interesting differences across states. In the apartment market, more foreign buyers in WA (42.8%) purchased properties worth less than $500,000 than in any other state. In NSW, just 18.4% of apartment purchases were below $500,000, probably reflecting a lower stock of apartments at this price level. Almost one in two apartments purchased in QLD were in the $500,000-$1 million range, compared to just 34% in VIC.
<img src="/images/2016/04/20/Screen%20Shot%202016-04-20%20at%204.34.37%20PM.png" alt="" width="606" height="372">
It was also notable that one in four purchases in NSW were in the $1-2 million range, compared to around 12-14% in all other states. More foreign buyers in NSW (6.6%) and VIC (4.9%) purchased apartments valued over $5 million than in any other state. In the house market, around 63% of foreign purchases were valued below $1 million. Around 25% were for properties below $500k and 38% between $500,000-$1 million. Just over 23% of all house sales were in the $1-2 million range, 11% in the $2-5 million range and 4% over $5 million. By state, approximately 57% of houses sold to foreigners in VIC and 46% in NSW were valued below $1 million, compared to 72% in QLD and 82% in WA. Around 35% of houses purchased in NSW and 25% in VIC were valued between $1-2 million, with 15% and 13% of houses in NSW and VIC respectively valued between $2-5 million. Almost 7% of houses in VIC and just over 4% of houses in NSW were sold for more than $5 million. 
<img src="/images/2016/04/20/Screen%20Shot%202016-04-20%20at%204.36.06%20PM.png" alt="" width="600" height="336">
 
 
</body></html>

jonathanchancellor-7SQnKwU6yx

Foreign buyers disappearing from Australian property market: NAB 

<html><body><div class="page" title="Page 1">
<div class="layoutArea">
<div class="column">
Foreign investment legislation introduced into parliament last week implementing a penalty increase from $90,000 to $135,000 for serious breaches of real estate rules is welcome news, according to REINSW president Malcolm Gunning. 
The REINSW International Chapter has been alerted that many are being told to buy a property first and them make an application to the Foreign Investment Review Board second, he said, adding most foreign investors don’t come into Australia with the intention of breaking the law.
“They tend to seek advice from someone who they have been referred to who speaks their native tongue and this is where the problem lies because they are often taken advantage of and given incorrect advice.," he said.
“A major issue with foreign investment in the past was due to inadequate policing. We welcome the fee of $5,000 for properties valued at $1 million or less and higher fees to more expensive residential and agricultural properties as well as commercial real estate and business applications.
“We support new compliance powers granted to the Australian Taxation Office, which we believe is the appropriate place to find such transactions, and additional powers to the Foreign Investment Review Board."
</div>
</div>
</div></body></html>

mick.cee-iDmgDDAmu8

REINSW welcome foreign investment reform

<html><body>
<div class="page" title="Page 1">
<div class="section">
<div class="layoutArea">
<div class="column">
Respondents to the the CoreLogic RP Data Nine Rewards Consumer sentiment survey are concerned about foreign buyers pushing prices higher across the housing market, with 73% of all respondents nationally indicating they thought foreign purchasing was making it more difficult to own a home. 
19% of respondents perceived foreign buyers were placing ‘Extreme upwards pressure’ on housing prices and 30% (the largest proportion) thought foreign buyers were exerting ‘strong upwards pressure’. Only 6% of respondents though foreign buyers weren’t effecting housing prices at all. 
The regions where foreign buying was perceived to make it most difficult for residents to purchase a home were Sydney, regional New South Wales, Melbourne and Tasmania where are least 79% of respondents perceived foreign buyers were making it more difficult for Australian residents to purchase their own home. 
</div>
</div>
</div>
</div>
<a href="/images/2015/07/24/Screen%20Shot%202015-07-24%20at%202.07.00%20PM.png" target="_blank"> Click to enlarge</a>
<img src="/images/2015/07/24/Screen%20Shot%202015-07-24%20at%202.07.00%20PM.png" alt="">
Source: CoreLogic RP Data Nine Rewards Consumer sentiment survey
</body></html>

Are foreign buyers trumping locals attempting to buy property? CoreLogic RP Data

<html><body><div class="cq-article-content-paras section">
The latest NAB Quarterly Australian Residential Property Survey found foreign buyers were less active in new residential property market acquistions, but had reputedly increased their presence in established markets, especially Victoria.
The percentage of foreign buyers in the new property market dropped from 15.6% to 12.8% in the latest quarter, according to the NAB survey that gathers feedback from property industry professionals on the current market.
NAB Group chief economist Alan Oster noted foreign buyers had increased their established home purchasing status, up from 7.5% to 8.6%.
Most foreigners buy newly built apartments and houses because of FIRB limits on non-Australian citizens buying established housing. Permanent Australian residents can, ofcourse, buy established houses and temporary residents can buy established houses too, but need to sell when they depart the country, under newly enforced FIRB regulations. 
Alan Oster suggested foreign buyers accounted for high sales volume especially in Victoria.
Units were favoured by foreign buyers, accounting for 16.1% of all apartment sales nationally in the second quarter.
Foreign buyers secured 28% of all new apartment purchases in Victoria and 16.5% in New South Wales. The July 1 Victorian Government tax on foreign buyers is likely to be behind some of the higher Victorian volumes coming in the weeks before its introduction.  
In Queensland they accounted for 13.1% of buyers and in Western Australia around 12.9%.
More than three quarters of foreign investors bought apartments valued at less than $1 million, with around 41% of those priced below $500,000.
More than 16% of all apartment sales were in the $1 million to $2 million price range.
Though NAB noted it was higher in New South Wales where foreign buyers were responsible for one in four purchases at that price and close to 12% at more than $2 million.
The figures are based on a National Australia Bank survey of 300 people working in areas such as real estate management, development and asset management.
</div></body></html>

jchancellor-FAypfDUnLy

Foreign buyers securing 28% of all new apartment purchases in Victoria: NAB

<html><body>
The $300 million plus marketing of Australia’s biggest landowner and historic cattle producer, S. Kidman and Co Ltd, is well underway.
Ernst &amp; Young Adelaide managing partner Don Manifold said EY had been flooded with "significant" interest in the prospect. The Australian Financial Review says there have already been 200 inquiries.
"It's gained a lot of attention from domestic and international bidders," Mr Manifold said, stressing it will be sold in one line.
Australia's biggest private rural landholding, which includes the world's largest cattle station, is up for sale by the pioneering company. 
Eleven cattle stations covering more than 100,000 square kilometres are set to be offered next month with documentation through Ernst and Young Adelaide.
S. Kidman and Co. is 98% owned by members of the Kidman family, represented by 58 shareholdings.
Not all wanted to sell, The Land reported, adding last financial year the company reported a net operating cashflow of $9.3 million and paid dividends of 20 cents a share. 
But it recorded a net after tax loss of $1.4m as herd numbers declined 15 per cent because of tough seasonal conditions to 182,350 head, and their livestock market value fell about $10 million to $97.4 million.
The cattle king Sir Sidney Kidman's first purchase was in 1886: Owen Springs south-west of Alice Springs.
The business still has cattle stations across Western Australia, the Northern Territory, Queensland and South Australia. 
Anna Creek Station in South Australia's outback is the largest at 23,000 square kilometres. 
"This is a world class asset of international significance," said Alex Thamm a rural valuer with Colliers International.
The Kidman family has $364 million net worth, as ranked 37th on the BRW Rich Family List, spread across family groups based in Australia, the United Kingdom and United States.
 
</body></html>

200 inquiries as Sidney Kidman cattle farms offered in one line

<html><body>
I was invited to speak at a recent property event in Singapore. I was booked and ready to go – and then pulled out when it became clear it wasn’t a research-based seminar for investors but an event designed to flog Brisbane off the plan units to Asian buyers in an oversupplied market. 
The event organisers wanted to censor my presentation, eliminating any information deemed unfavourable to the selling objective – particularly the vacancy rate figures.
Vacancy rate data is unflattering for central Brisbane – and is set to get considerably worse, given the high level of new supply in the construction pipeline. The Brisbane inner-city unit market is one of the locations I warn about in my No Go Zones report.
Marketing companies who are earning big money selling inner-city Brisbane units to unsuspecting foreign investors have been putting a politician’s spin on the situation – with some even claiming the city isn’t building enough apartments.
A research paper published by Matusik Property Insights puts those claims into perspective. It confirms that Brisbane’s inner-city areas already have high vacancies and the city is making matters worse by building too many new rental properties.
According to the Matusik report, the highest vacancies are all in the inner-city and near-city suburbs, headed by 6% in upmarket Ascot/Hamilton and 4.6% in the CBD/Spring Hill precinct.
The lowest vacancy rates in the Brisbane City Council region, between 1.5% and 2%, are all in the outer reaches of the municipality.
Overall, says Matusik, the Brisbane LGA has about 155,000 rental properties, of which an estimated 4,600 are vacant. This makes the city's overall vacancy rate about 3%, up from 2.5% a year ago. 
“The vacancy rate is rising and Brisbane is already adding more new rental properties than is required,” the report says. “This trend is likely to accelerate as more new rental dwellings are built across the city.”
The number of Brisbane rental properties has increased by 3,725 over the past 12 months. The current rate of rental supply in Brisbane is growing at twice the rate than is needed. Two thirds of this new rental supply is apartments and a further 30% is in townhouses. 
“Apartments now dominate the rental market in Brisbane, with a 45% market share. Houses come in second with 38%, followed by townhouses with 11%.”
The average vacancy rate across inner Brisbane is 3.6%, compared to 3.1% in the middle-ring suburbs and 2.4% in the outer suburbs. 
“Typically, a rental market is tight (rents rising) if the vacancy rate is under 2%,” the report says. “Between 2% and 3% represents a balanced market and over 3% suggests oversupply. 
“An increasing number of locations in Brisbane, typically the inner-city postcodes, already have rental vacancy rates over 3%. And new rental supply, especially new apartments, is snowballing across Brisbane. 
“Brisbane is unlikely to see much in the way of generic rental growth for some time to come.”
Brisbane is not alone. The No Go Zones report also warns about the inner-city apartment markets in Melbourne, Perth and Darwin, while noting that the Gold Coast is hurtling towards another boom-bust scenario.
TERRY RYDER is the founder of <a href="https://www.hotspotting.com.au/">hotspotting.com.au</a>. You can <a href="mailto:%20&lt;script%20type='text/javascript'&gt;%20/n%20&lt;/script&gt;&lt;script%20type='text/javascript'&gt;%20%20&lt;/script&gt;This%20email%20address%20is%20being%20protected%20from%20spambots.%20You%20need%20JavaScript%20enabled%20to%20view%20it.%20&lt;script%20type='text/javascript'&gt;%20%20&lt;/script&gt;">email him</a> or follow him on <a href="https://twitter.com/hotspotting">Twitter</a>.
</body></html>

terryryder-YECXbqmri2

Brisbane inner-city vacancy rate to get considerably worse: Terry Ryder

<html><body><div class="cq-article-content-paras section">
Lola Wang Li has placed a caveat on the Point Piper property Villa del Mare to buy the trophy home from Golden Fast Foods Pty Ltd, a company associated with Chinese billionaire Xu Jiayin.
Lola Wang Li is married to Li Liang a wealthy former chief executive of the Hong Kong-listed China Power New Energy Development, which invests in renewable energy projects in mainland China.
Li currently resides in a $2.668 million apartment on Darling Island Road, on Pyrmont's waterfront which was bought eight years ago. It is a 192 square metre three bedroom apartment bought off the plan. 
She was born in China in 1966 at Fujian, on China's south eastern coast. She directs an Australian registered company called, L L International which was registered in 1996, when Vaucluse Road, Vaucluse-based. For a time the company was also registered at a $494,000 Peak, Haymarket apartment that remains in the Li family ownership. Members of the extended Wang family spent $5.1 million in Rose Bay in 2009.
The face saving May 2015 sale came after Treasurer Joe Hockey forced the divestment of the Point Piper home, arguing the sale to Xu Jiayin breached Australia's foreign investment rules.
Gibson Lawyers caveat says it was a May 8 sale, although it was announced as sold six days earlier by the Treasurer. It was only registered today, with price details to be lodged on its undisclosed settlement date. Peter Hudson and Norman Gibson appeared to be assisting with the legalities. 
Treasurer Joe Hockey told Reuters earlier this month the re-sale of the Point Piper trophy home, Villa del Mare had taken place.
It was advised an Australian buyer had been found by its the billionaire owner Xu Jiayin (許家印 also known as Hui Ka Yan).
“She has signed a statutory ­declaration that she is not associated with Golden Fast Foods in any way,” his office says.
There was a 90 day divestiture order Treasurer Joe Hockey that announced to force the sale of the $39 million Point Piper trophy home, Villa del Mare.
"The property that has been reported has been re-sold to an Australian citizen, and we are investigating around 100 other cases," Joe Hockey told Reuters. 
"In some cases people are disclosing their own failure to comply with the law."
The forced sale by one of China's richest men Xu Jianyin followed a crackdown on enforcing foreign ownership rules.
The head of the Evergrande Real Estate Group was given 90 days on March 3 to divest the property as it was deemed to have been bought without approval from the Foreign Investment Review Board.
Agents were not aware the property has been shown to buyers since the order.
The sale by the owner of the company, Chinese billionaire Xu Jianyin, has been billed as set to be followed by more divestment orders, with about 100 other cases currently being investigated.
 
</div></body></html>

Australian buyer Lola Wang Li emerges with Villa del Mare, the $39 million Point Piper FIRB home

<html><body>
GUEST OBSERVATION
Over the weekend the Andrews government announced a tax on foreign investment in Victorian real estate. This includes a 3% Stamp Duty surcharge and a 0.5% Land Tax premium. On top of the $5,000 foreign investment fee announced by the Federal government, this will add some much needed balance between those looking for housing and those wanting an investment.
However, we wait with baited breath for the devil in the detail. The one sure winners are Australian property investors who will enjoy less competition from foreign investors. A national property spruiker is currently touring the nation a seminar beckoning investors to enjoy their ‘unfair advantage’. Such a move by Andrews will do nothing to unwind local investor advantage.
In fact, this ‘reform’ may add further benefit to Australian investors. Whilst the policy announcement allows New Zealand citizens and those with permanent residency to enjoy their unfair advantage, we are yet to see the detail on Real Estate Investment Trusts (REITs) and property syndicates. Will foreigners be able to invest in local investment entities if under say a 20% capital threshold? REITs are already benefitting from the <a href="https://www.prosper.org.au/2015/02/24/the-foreign-investment-future/" target="_blank">Significant Investment Visa</a> program.
We are pleased to see<a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2015-05-02/foreign-home-buyers-set-to-pay-higher-taxes-in-victoria/6439650" target="_blank"> Treasurer Tim Pallas stating: </a>
“We think it’s inherently unfair on Victorians for foreign purchasers to take the gains of owning property in Victoria through the services and infrastructure that Victorians pay over an extended period of time without contributing their fair share,”
This implies it is bad for foreigners to <a href="https://www.prosper.org.au/georgist-glossary#Unearned%20Income" target="_blank">make money in their sleep</a>, but perfectly acceptable for Victoria’s elite to do so. Hypocrisy we say!
An upfront Stamp Duty will curb some demand but established foreign investors will see this as requiring even greater capital gains to justify investments. This may extenuate the number of vacant properties and the investment window held. It could also see further cuts in quality product by foreign developers.
The Andrews government did have the common sense to include a Land Tax component to the impositions on foreign investment. Whilst the new 3% stamp duty on a $600,000 home will add some $18,000 to a foreign investment, the 0.5% increase in Land Tax is minimal. For the same home, that equates to an extra $1750 imposition.
If Andrews was serious he would have reversed the tax imposition with a minor Stamp Duty increase and a major Land Tax increase. This would put pressure on foreign investments to be leased out or on-sold quickly, adding to supply. A higher Stamp Duty does the opposite by slowing turnover. Buyers will hold a property until the $18,000 in stamp duty plus their desired capital gain is achieved. Charging $1750 in Land Tax will do little to alter investment behaviour at just 10% of possible rental income. With capital gains running at $40,000 – $60,000 per annum, a $1750 charge is minimal. We will be very interested to see if the new change affects auction clearance rates and off-the-plan sales.
With foreign investments doubling in the last five years and hitting some 20% of purchases nationally in 2014, a policy move was needed to protect our sovereignty. Well done Treasurer Pallas for admitting Victorian taxpayers need a return on investment for their public infrastructure. If only we could extend that concern to the immense capital gains those owning real estate near <a href="https://www.prosper.org.au/2015/04/30/value-capture-for-victoria/" target="_blank">the new Melbourne Metro loop will enjoy.</a> That would reflect the ‘fair go for all’ mantra Australians live by. To meet this, Andrews must go further by demonstrating the exponential wealth delivered by property is bad for the economy, whether for a foreign or local investor.
Karl Fiztgerald is project director of <a href="https://www.prosper.org.au/" target="_blank">Prosper Australia</a>.
This article first appeared on Prosper's website.
</body></html>

KarlFitzgerald-5HzVbxHhJb

Foreign investment curbs benefit Australian investors: Karl Fiztgerald

<html><body>
The universal distrust of politicians has been confirmed, yet again, by the Roy Morgan survey ranking the professions on ethics and honesty.
Only 13% give a positive rating to federal politicians, who are near the bottom of the poll with the people who sell real estate, advertising and cars.
Election outcomes increasingly reflect the degree to which the public is fed up with politicians. Few incumbents survive elections these days, with Victoria’s Denis Napthine dumped and Queensland’s Campbell Newman converting a record majority into a stunning defeat. The recent New South Wales poll was a rare exception.
Politicians provide examples daily of why people detest them: broken promises, relentless spin, refusal to give a plain answer to a straight question, the strident overblown language, the brattish behaviour in the Canberra kindergarten known as parliament.
To put it in pub terminology, they’re the people who p--- on us and tell us it’s raining.
Tony Abbott managed to encapsulate everything that’s despised about politicians with his recent pronouncement on foreign investors. The Prime Minister, if we can believe him, proposes to lock up people for buying houses. He says this will make homes cheaper and the Great Australian Dream more attainable.
Now, I know Abbott isn’t the sharpest tool in the political shed but even this dead-man-walking Prime Minister must know that persecuting foreigner investors won’t make housing more affordable.
Foreigners are allowed to buy Australian real estate provided they buy new. The issue is the degree to which some overseas buyers sidestep the rules to buy existing dwellings. But the research shows that overseas buyers of secondhand homes are a tiny share of the total market and stopping them won’t affect pricing levels.
But Abbott managed to keep a straight face while claiming this is why he’s threatening to jail foreign buyers for three years. He says they’re “unnecessarily driving up prices”.
If he really believes that, he’s an even bigger idiot than I think he is.
Firstly, Australian prices are not rising to any significant degree, outside of Sydney. According to Domain’s House Price Report, median prices in the past 12 months went backwards in two capital cities, were unchanged in another, and grew less than 5% in three others. In the unit market, prices dropped significantly in three cities, were unchanged in another and grew less than 4% in two others.
So we don’t have a pricing issue, apart from Sydney.
But if you genuinely wanted to stop real estate prices rising, you would target the sections of the market that have the greatest influence. According to the recent NAB survey, the largest market sector by far is next-time buyers (home buyers other than first home buyers), who comprise 42% of sales of existing dwellings.
Next most important are first time buyers, who are 26% of sales, and then Australian investors, who are 22% of the market. Foreign investors are 7% of sales.
We must have slipped into a parallel universe if 7% of buyers can have more influence over prices than the other 93%?
The reality is that the federal government is running a Yes Minister scenario. The ordained method of dealing with a thorny issue is to run an inquiry, hold lots of press conferences, threaten strong action, find an unpopular minority as a scapegoat and, in the end, do nothing.
They started last year with a long and expensive federal inquiry into affordability. This talkfest produced nothing of value to the public, but something of immense value to beleaguered politicians – the perfect scapegoat. Foreign investors are a godsend because they’re few in number and they don’t vote anyway.
A chest-thumping press conference with a touch of sabre-rattling makes the PM look tough – but what he’s suggesting is nonsensical.
Imagine a scenario in which a Shanghai businessman buys a mansion in Sydney. Is it proposed that Australian will extradite him and put him on trial here for the crime of real estate purchase? And then lock him up for three years?
That’ll go down well in China, the most important buyer of our resources and also the No.1 source of foreign investment in Australian real estate. Even a twit like Tony Abbott isn’t going down that path.
You get the feeling it’s all designed as a smokescreen ahead of the Budget in which the numbers will be embarrassing.
TERRY RYDER is the founder of <a href="https://hotspotting.com.au/" target="_blank">hotspotting.com.au</a>. You can <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email him</a> or follow him on <a href="https://www.twitter.com/hotspotting" target="_blank">Twitter</a>. 
</body></html>

Abbott's foreign buyer sabre-rattling is nonsensical: Terry Ryder

<html><body>
Christie's International agent Ken Jacobs says there are mixed message coming from the Australian government on foreign investment in prestige residential 
Jacobs was part of the high level delegation from the Christie's that was visiting China last week to help build stronger relationships across the company’s global network.
There has to be clarity and certainty in the wake of the Villa del Mare, Point Piper decision,<a href="https://www.propertyobserver.com.au/https://vimeo.com/126578065" target="_blank"> he </a><a href="https://www.propertyobserver.com.au/https://vimeo.com/126578065" target="_blank">suggests</a>.
<div>It was the first time Jacobs has spoken publicly on this issue - he was one of the sellers of the $39 million Point Piper home. </div>
<div> </div>
<div>Jacobs said Treasurer Joe Hockey’s forced sale was an unpreced­ented and an ill-considered political stunt.</div>
<div>
“The market here is seeing lots of mixed messages from our government, which is the worst thing that any country can do or any investment category can do,’’ he said.
“People want certainty, they want to be able to look at the crit­eria and meet that criteria, but if the criteria’s sort of a moving feast then there are lots of other markets they can go to.”
</div>
</body></html>

Foreign Buyers

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News

Foreign Buyers

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

Developments

New apartments

New townhouses

News