Developer <a href="https://www.apartments.com.au/developers/auyin-property-development">Auyin</a> is the latest to turn to the Victorian Government's Development Facilitation Program in an effort to secure approval for its long-planned, mixed-use project in Elsternwick.

In 2018, Auyin lodged plans with Glen Eira City Council for a 14-storey building, however Council approved a reduced eight-storey scheme. A subsequent VCAT appeal in 2019 upheld the eight-storey height limit.

The project was later amended to nine storeys, but Auyin is now seeking to revive something closer to its original vision. The developer argues that the planning context has evolved significantly over the past decade, particularly within the Elsternwick Activity Centre, where higher-density development has increasingly been encouraged along Glen Huntly Road.

The proposal would transform the 1,239 sqm site at <a href="https://www.apartments.com.au/new-apartments/7-12-horne-street-elsternwick-vic-3185">7-15 Horne Street</a>, opposite Elsternwick Railway Station, into a 13-storey residential and retail development designed by CBG Architects, with 40 apartments

The site currently comprises three commercial properties.

<img alt="First look: 13-storey mixed-use tower planned for Elsternwick activity centre" data-entity-type="file" data-entity-uuid="5f465dd4-509b-4082-a669-0253b313914b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/elsternwick%20podium.png?VersionId=72frWi0SmQ5AVJ3ARRhX5ILUYObhTm7x" />

The proposed apartment mix comprises 25 two-bedroom and 15 three-bedroom residences above 200 sqm of retail space at ground level. Residents would have access to a 90 sqm wellness facility, a 351 sqm communal indoor and outdoor terrace on the third level, and extensive landscaped areas throughout the development. A publicly accessible 135 sqm plaza would be created on the north-east corner of the site, providing seating, landscaping, and a new gathering space adjoining Horne Street.

The design adopts a four-storey podium that references the finer-grain character of the surrounding streetscape, with the upper tower recessed behind generous setbacks on all boundaries.

<img alt="First look: 13-storey mixed-use tower planned for Elsternwick activity centre" data-entity-type="file" data-entity-uuid="e637e763-2abc-4c34-a0aa-5c7ad36fae18" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/elsternwick%20open.png?VersionId=J1AoOpZgTyaF.KeeFSX6lMjEScX8KKRi" />

A key element of the proposal is the reconfiguration and widening of the surrounding laneways. Vehicle access would be retained from Lois Lane, with upgraded pedestrian connections linking Ross Street and Horne Street. The development would provide 58 residential car spaces, two retail car spaces, and 52 bicycle spaces across two basement levels and ground-floor facilities.

Architecturally, the building draws inspiration from the established character of Elsternwick Village. The façade combines dark charcoal brickwork, textured concrete, bronze-toned metal detailing, and extensive planting integrated into podium and tower levels. The design also incorporates a chamfered corner treatment and publicly accessible plaza intended to strengthen pedestrian activity around the station precinct.

Elsternwick's last new development completion was&nbsp;EVA Elsternwick by Pitard late last year. <a href="https://www.apartments.com.au/developers/milieu-property">Milieu</a> is working away on its nature-led neighbourhood, <a href="https://www.apartments.com.au/new-apartments/elsternwick-gardens-by-milieu-8-gordon-street-elsternwick-vic-3185">Elsternwick Gardens</a>, on Gordon Street, with its first stage expected to complete next year.

Joel Robinson

First look: Auyin seeks mixed-use apartment project in growing Elsternwick Activity Centre

<a href="https://www.apartments.com.au/new-apartments/otium-parkdale-123-125-como-parade-east-parkdale-vic-3195">Otium Parkdale</a>, the 13-residence boutique development by&nbsp;<a href="https://www.apartments.com.au/developers/huxtable-property">Huxtable Property</a>, has entered its final stages of delivery, with completion expected within the coming month and more than half of the residences sold.

The Como Parade East project is nearing the finish line at a time when opportunities to purchase new apartments in <a href="https://www.apartments.com.au/developments/parkdale-vic-3195">Parkdale</a> remain exceptionally limited. Fewer than 10 per cent of dwellings in the bayside suburb are apartments, making developments like Otium a relatively rare addition to a market traditionally dominated by detached housing.

[smartcode_project:default project_id=134974 project_image_fid=5427]

The three-level development comprises 13 residences, including ten two-bedroom apartments and three larger three-bedroom homes, all positioned above a secure basement car park.

Designed by <a href="https://www.apartments.com.au/architects/almeida-architects">Almeida Architects</a> with a strong connection to its coastal surroundings, Otium combines red brick, exposed concrete and dark metal detailing with integrated landscaping and greenery. Expansive glazing, generous balconies and terraces have been incorporated throughout the design to maximise natural light and reinforce indoor-outdoor living.

Inside, the residences feature engineered European oak flooring, natural and reconstituted stone benchtops, Bosch kitchen appliances, ducted heating and cooling, lift access and secure entry systems. The larger three-bedroom residences on the upper level have been designed with house-like proportions, while the two-bedroom apartments prioritise functionality, flexibility and low-maintenance living.

[smartcode_project:default project_id=134974 project_image_fid=5421]

The project is now in its final stages, with <a href="https://www.apartments.com.au/builders/labco">Labco</a> completing the remaining landscaping and external finishing works following the completion of the residences' interiors.

Otium's location within the heart of Parkdale continues to underpin its appeal. Residents will be just steps from local cafés, restaurants, shops and the newly elevated Parkdale Station, while the beach is less than a kilometre away.

With the project tracking ahead of schedule, buyers can currently secure a residence with a five per cent deposit and benefit from settlement terms of up to eight months. The advanced stage of construction also provides buyers with the opportunity to walk through the near-complete residences and experience the quality and finishes firsthand ahead of completion.

[smartcode_project_cta:default project_id=134974]

Otium Parkdale enters final month before completion as rare apartment opportunity nears sellout

A new boutique apartment development is entering the market in <a href="https://www.apartments.com.au/developments/chermside-qld-4032">Chermside</a>, with Brisbane-based developer <a href="https://www.apartments.com.au/developers/ausdev">Ausdev</a> bringing 33 residences to a well-connected pocket of Brisbane's north.

<a href="https://www.apartments.com.au/new-apartments/parkdrive-apartments-chermside-25-sammells-drive-chermside-qld-4032">Parkdrive Apartments</a>, at 25 Sammells Drive, will comprise a mix of one- and two-bedroom residences positioned within walking distance of Westfield Chermside, The Prince Charles Hospital, and Bradbury Park.

Established in 1989, Ausdev has a long-standing presence across both development and construction, with Parkdrive Apartments representing its latest residential project in Brisbane's northern suburbs.

[smartcode_project:default project_id=152125 project_image_fid=363778]

The development has been designed around open-plan living and natural light, with residences featuring stone benchtops, timber cabinetry, BOSCH appliances, and private balconies that extend the living areas outdoors.

Kitchens are positioned as the centrepiece of the homes, incorporating natural material palettes and integrated appliances, while bathrooms have been designed with a focus on functionality and understated finishes.

Residents will have access to a communal barbecue and entertaining area on Level 3, providing shared outdoor space within the development. Secure parking and lift access are also incorporated into the building.

The project will deliver a limited collection of 33 apartments, with one-bedroom residences priced from $749,000.

[smartcode_project:default project_id=152125 project_image_fid=363782]

Beyond the building itself, the location places residents within easy reach of several of Chermside's key amenities. Bradbury Park is around 350 metres away, while Westfield Chermside is approximately 1.3 kilometres from the site. The Prince Charles Hospital is located within 750 metres, and the Chermside Bus Interchange is around 1.5 kilometres away, providing connections across Brisbane.

Parkdrive Apartments adds to the growing residential pipeline in Chermside, a suburb that continues to evolve as a major retail, healthcare, and transport hub for Brisbane's north.

[smartcode_project_cta:default project_id=152125]

Ausdev introduces boutique Parkdrive Apartments to Chermside's growing centre

<a href="https://www.apartments.com.au/developers/skymark-group">Skymark</a>'s boutique Cronulla development Solis has secured a 10-year Latent Defects Insurance policy through Resilience Insurance, providing buyers of the 16-residence building on Ewos Parade with structural and waterproofing protection that extends a decade beyond the building's completion.

Currently under construction and due for completion in late 2027, <a href="https://www.apartments.com.au/new-apartments/solis-cronulla-8-ewos-parade-cronulla-nsw-2230">Solis</a> is one of a small number of new developments in the Sutherland Shire to carry Resilience LDI coverage, a distinction that carries increasing weight as buyer confidence in the off-the-plan sector continues to be shaped by how developers stand behind their product.

Latent Defects Insurance, which entered the Australian market in 2022 when Resilience Insurance was approved to offer the cover, protects buyers against major structural or waterproofing defects for ten years post-completion. Unlike traditional statutory warranties, it operates as a first-resort policy, if a covered defect arises, the insurer responds directly, without the buyer needing to pursue the builder or developer through a lengthy claims process.

Resilience Insurance CEO Corey Nugent has noted that the product addresses something fundamental to the new apartment market.

"The overarching feedback from prospective buyers in the new development space is that they want more confidence and assurances around the quality of the build," Nugent says.

"Resilience Insurance Latent Defects Insurance not only gives them complete peace of mind for 10 years, but it shows the developer they are buying from is standing by their product."

[smartcode_project:default project_id=150499 project_image_fid=370898]

For Solis, the Resilience LDI policy adds a meaningful layer of accountability to an already considered project. The development comprises nine two-bedroom and seven three-bedroom residences, including one dual-level three-bedroom apartment, across a five-storey building on Ewos Parade, positioned between Shelly Beach and South Cronulla.

Garden apartments connect directly to private landscaped courtyards, while upper-level homes capture beach views to the east from level four and above.&nbsp;

All 16 residences include at least one balcony or courtyard, and select apartments on the upper floors feature bar areas and secondary flexible living spaces.

Hiba Sander, Managing Director of Skymark, says Solis offers a rare balance, nestled between the quiet beauty of secluded beaches and the lively charm of South Cronulla's esplanade.

"It's a place to choose your pace and live gracefully, seaside'," Sander says.

[smartcode_project:default project_id=150499 project_image_fid=370900]

The architecture, designed by <a href="https://www.apartments.com.au/architects/ida-design-group">IDA Design Group</a>'s Michael Trinh, draws from the natural erosion patterns of <a href="https://www.apartments.com.au/developments/cronulla-nsw-2230">Cronulla</a>'s sandstone headlands, translating the organic forms of the coastline into soft curves, pavilion-style massing, and a material palette chosen for longevity in a salt-tinged environment.&nbsp;

Textured natural stone, soft renders, and timber-look battens reference the tones of the surrounding cliffs, while the building has been oriented to maximise natural light and passive ventilation, with primary living spaces facing north and east to capture morning sun and sea breezes.

"At Solis, our aim was to create architecture that feels quietly confident, grounded in natural materials like stone and timber, and elevated by light and landscape," Trinh says.&nbsp;

"The buildings are designed to sit gently within their coastal surrounds, with expansive glazing and abundant greenery creating a seamless dialogue between inside and out."

[smartcode_project:default project_id=150499 project_image_fid=370897]

Interiors by <a href="https://www.apartments.com.au/architects/hot-black">Hot Black</a> carry the same material language through to every room. Kitchens feature integrated Gaggenau appliances, sculpted stone benchtops, and Lo &amp; Co joinery, while bathrooms feature natural stone, timber, and brushed metal finishes.&nbsp;

Hot Black Founder and Design Director Sophie Safrin describes the intent as one of considered restraint: "At Solis, every detail has been thoughtfully considered to create a timeless coastal retreat, calm, refined, and effortlessly liveable. From natural finishes to seamless indoor-outdoor flow, Solis offers a quiet elegance that's deeply connected to its surroundings.

The landscape, designed by Julian Brady of <a href="https://www.apartments.com.au/landscape-architect/sitedesignstudios">Site Design Studios</a>, treats green space as an integral part of the resident experience rather than an afterthought.&nbsp;

"Gentle curves and layered native plantings mirror the ebb and flow of the ocean," Julian Brady says, "creating a serene connection between architecture and place."&nbsp;

Coco Republic has provided bespoke furniture packages tailored to the project's coastal palette.

[smartcode_project:default project_id=150499 project_image_fid=370899]

Skymark has an established track record in the Sutherland Shire, with a portfolio spanning Cronulla, Woolooware and Burraneer that includes Isla, Sylva, Bask, Shells, Sula and Mist. Securing LDI on Solis reflects a broader shift in how the developer is positioning its buildings to buyers, at a time when Resilience Insurance expects the policy to become mandatory in New South Wales by 2028.

Sales at Solis are launching soon through Ray White Projects, with an official event scheduled for 11 June. Enquire for more information.

[smartcode_project_cta:default project_id=150499]

Skymark takes out 10-year Resilience Insurance LDI at Solis Cronulla

Investors may soon find themselves with fewer reasons to buy established property and more incentives to look towards the new apartment market.

Proposed changes to negative gearing and capital gains tax concessions would see new and off-the-plan apartments retain access to the tax benefits, while established properties would miss out, creating a clear advantage for buyers purchasing newly built housing.

The policy direction aligns with what many developers have been saying for several years. Australia needs more housing supply, and governments are increasingly looking for ways to encourage investment into new stock rather than existing homes.

The challenge for investors is that suitable product is becoming harder to find.

For much of the last decade, one-bedroom apartments were the cornerstone of investor demand. They offered a lower entry price, strong rental appeal, and were a common feature across most apartment developments.

Today, the development pipeline looks very different.

Across both New South Wales and South East Queensland, developers are increasingly targeting owner-occupiers and downsizers, delivering larger two, three and four-bedroom apartments in response to changing buyer preferences. While one-bedroom apartments still exist, they now form a much smaller portion of many new projects.

That shift has created a shortage of investor-friendly stock, particularly in well-located projects close to transport, employment hubs and lifestyle amenity.

At the same time, rising apartment prices have pushed many new developments beyond the reach of traditional investors. On the Gold Coast and across South East Queensland, it's becoming increasingly difficult to find new apartments priced around the $1 million mark, particularly those offering strong rental fundamentals and long-term growth prospects.

We've rounded up four new apartment developments where investors can still secure a foothold in the market for around $1 million or less.

<h2 data-end="1140" data-start="844">Flourish Soleira</h2>

<h2>Priced from: $1.07 million</h2>

Popular Palm Beach developer <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa</a> is soon to officially launch its newest local apartment development, <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-1150-1154-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>.

The one-bedroom apartments in the building were only offered to first home buyers rather than investors, and all of those have been snapped up. The two-bedroom apartments will start from $1.07 million, and the three-bedrooms, still a good investment given the popularity of Palm Beach for owner-occupiers, starting at $2,045,000.

[smartcode_project:default project_id=150017 project_image_fid=370964]

Flourish Soliera will comprise 153 apartments across two buildings, connected by a skybridge, the first ever delivered in the suburb.

True to Sherpa's booming Flourish brand of apartment projects, Flourish Soleira will have extensive rooftop amenity across both buildings including a&nbsp;wellness centre with gym, work from home, yoga, pilates, a&nbsp;heated pool, private dining rooms, pizza oven and barbecues, basketball court, and golf simulator.

<h2>Corallo, Palm Beach</h2>

Priced from: $841,500

Nearby Flourish Soleira is Changfa Group's beachfront-inspired <a href="https://www.apartments.com.au/new-apartments/corallo-palm-beach-5-palm-beach-avenue-palm-beach-qld-4221">Corallo</a> development. They still have some one-bedroom apartments remaining, priced from $841,500.

The 105-apartment project on Palm Beach Avenue is otherwise dominated by larger two and three-bedroom residences, many of which are aimed at owner-occupiers and downsizers.

[smartcode_project:default project_id=112194 project_image_fid=808]

For investors, the appeal lies in Palm Beach's continued transformation from a laid-back beachside suburb into one of the Gold Coast's most sought-after residential markets. Residents at Corallo will be within walking distance of Palm Beach's surf beaches, the recreational amenity of Tallebudgera Creek, and the increasingly popular collection of cafes, restaurants and boutique retailers along the suburb's central dining precinct.

<h2>Corner House, Stones Corner</h2>

<h2>Priced from: $880,000</h2>

One of only two Brisbane apartment developments to make the list with prices under $1 million is DeMartini Fletcher's <a href="https://www.apartments.com.au/new-apartments/corner-house-stones-corner-18-stoneham-street-stones-corner-qld-4120">Corner House development</a> in Stones Corner.

One-bedroom apartments start from $880,000 within the 88-apartment development, providing investors with exposure to one of Brisbane's most established inner-south locations.

[smartcode_project:default project_id=149098 project_image_fid=330594]

Stones Corner has long been supported by strong tenant demand due to its proximity to major employment and education destinations. The suburb sits less than five kilometres from Brisbane's CBD and is within easy reach of the Princess Alexandra Hospital, Greenslopes Private Hospital, Queensland Children's Hospital and several university campuses.

The project's location within a walkable urban village environment, surrounded by retail, dining and public transport infrastructure, continues to attract both professionals and healthcare workers seeking accommodation close to work.

Parkdrive Apartments, Chermside

Priced from: $749,000

The most affordable apartments across Brisbane's new and off the plan market are in Chermside where developer AusDev is selling one-bedroom apartments from $749,000, and two-beds from $929,000, at its <a href="https://www.apartments.com.au/new-apartments/parkdrive-apartments-chermside-25-sammells-drive-chermside-qld-4032">recently launched Parkdrive development</a>.

The development is strategically positioned in one of Brisbane's largest employment and retail precincts, placing residents within easy walking distance of Westfield Chermside, The Prince Charles Hospital, St Vincent's Private Hospital Northside and the suburb's major bus interchange.

[smartcode_project:default project_id=152125 project_image_fid=363782]

Already under construction and scheduled for completion in early 2028, Parkdrive benefits from Chermside's ongoing evolution into Brisbane's northern metropolitan centre. The suburb continues to attract significant public and private investment, supporting population growth and underpinning long-term rental demand.

For investors focused on yield and tenant depth, the combination of healthcare, retail and transport infrastructure within close proximity provides a strong foundation for occupancy and rental performance.

Investors to turn to new apartments after federal government changes spark hunt for Queensland's best $1 million apartments

Portsea

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Former Liberal Party treasurer and businessman Andrew Abercrombie and wife Shadda have sold their limestone Portsea holiday home.
Provenance is understood to have sold for around $5 million, having spent over 150 days on the market before its sale through Kay &amp; Burton agent Liz Jensen.
Abercrombie, reportedly brokered the lucrative float of his company FlexiGroup from the home, which is today worth over $1 billion.
He paid $668,000 in 1998 for the holding which now comes with a seven bedroom, five bathroom house along with a limestone guest cottage, barbecue pavilion, tennis court and inifinity edge swimming pool sit on the 3,750 sqm parcel.
The Toorak based Abercrombie couple have recently completed a new waterfront holiday home nearby.
Provenance has been bought by the property developer Jonathan Altson and his wife Elizabeth who are whispered to have recently sold their three level, four bedroom Brighton home.
This article first appeared in The Weekend Australian Mansion Australia section. 
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Provenance at Portsea sold by Andrew Abercrombie

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The former Computershare director Michele O'Halloran, who broke the Victorian residential house record when she sold historic Ilyuka, has bought back into Portsea.
It was 2010 when O'Halloran her the clifftop Spanish Mission style mansion to BRW Rich Lister John Higgins for $26 million.
The eight bedroom, eight bathroom home stood as the state's most expensive until late last year when the Besen home in Toorak sold for $26.25 million.
O'Halloran paid $7.5 million for the home in 1999.
Her buy back into the Mornington Peninsula has been a little more modest as she's spent $6.2 million on a nearby home that sits between Ilyuka and Port Nepean Road (above and below).
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/06/19/Portsea.jpg" alt="">
The contemporary five bedroom home opens to the swimming pool.
This article was first published in The Weekend Australian.
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Former Computershare director Michele O'Halloran returns to Portsea

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Future Fund board member Michael Wachtel and photographer wife Linda headlined the Easter weekend Portsea auction listings.
It was passed in at <a href="https://www.realestate.com.au/sold/property-house-vic-portsea-124942066" target="_blank">$1.26 million and sold soon after</a>.
There were 27 auction across the Mornington Peninsula the weekend.
The couple's  long-time Back Beach Road weekender was been listed after the Australia Day weekend auction acquisition closer to the bay.
The couple paid $660,000 for the home in 2004.
Kay &amp; Burton agent Liz Jensen has been marketing the home as a 'charming Portsea beach house'.
The classic 'L' shape holiday home has five bedrooms, three bathrooms and a north-facing entertaining sun deck that flows from the kitchen, dining and living spaces.
Wachtel, who is also an advisor at Credit Suisse, spent $1.95 million on Blair Ridge which came with Fiona Brockhoff designed gardens.
It's been a busy time for Wachtel, who also sold his long-held Toorak home last month at a private auction for just under $8 million to Fraser Wilkinson of Wilkinson Electronic Document Solutions.
The Cross Street terrace, which cost $726,000 in the recession-hit Melbourne in 1992, sold through Kay &amp; Burton agents Gerald Delany and Michael Gibson.
They have paid $3.2 million for a 400 sqm Balmerino Ave, Toorak site where they intend building a new town house.
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Wachtel headlined Easter Portsea offerings

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The pharmaceutical entrepreneur Jeremy Cutts and wife Robin have bought on the Portsea clifftop.
<a href="https://www.realestate.com.au/sold/property-house-vic-portsea-124374698" target="_blank">The property</a> was offered for the first time in 35 years having last sold in 1982 to the Lansell family for $400,000.  
The large eight bedroom family home near the tip of Point Nepean Road overlooks the bay from its elevated 1685 sqm holding.
There's a mod-grass tennis court and boat mooring.
The South Yarra based couple already own in Portsea, inland some two kilometres away from their new purchase.
The cocktail party tattle on the acquisition has been growing louder ever since Abercromby's agent Tim Derham sold the home 10 days before Christmas. 
Last September Cutts oversaw the $90 million sale of Australian Pharmaceutical Manufacturers, which he established APM in 2002. 
Cutts joins former Swisse Vitamins owner Stephen Ring on the peninsula since he paid $7.58 million last year after the company sold for $1.67 billion.
The reputed $10 million plus Cutts purchase bettered the priciest sale at Sydney's Palm Beach over summer. It was when restaurant entrepreneur John Szangolies bought in Sydney's comparable location, Iluka Road for $9.2 million.
Szangolies pocketed nearly $200 million in 2015 when he sold his Urban Purveyor Property Group private equity group Quadrant.
This article first appeared in the Weekend Australian's Mansion Australia section.
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Entrepreneur Jeremy Cutts buys on Portsea clifftop

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The Credit Suisse advisor Michael Wachtel has bought the Portsea weekender, Blair Ridge for $1.95 million.
The Toorak based Future Fund board member and photographer wife, Linda secured <a href="https://www.realestate.com.au/sold/property-house-vic-portsea-124403442" target="_blank">the three bedroom home</a> at its Australia Day long weekend auction.
There's a large entertaining deck that overlooks the Fiona Brockhoff designed gardens where the RT Edgar agents Warwick Anderson and Ilze Morgan held the auction.
It came on the market at $1,925,000 with underbidding from a woman with a State of Escape handbag.
Wachtel, a past president of the International Fiscal Association, went and got his ANZ chequebook from his black BMW after the auction which had three bidders.
The Armadale barrister James Mighell and wife Alison had owned the home since 1997 when they paid $247,500. 
The famous Bell stockbroking family members were among the crowd as Colin senior and widow Rachel, had the home as a weekender from their Malvern base in the 1950s.
Brothers Andrew and Lewis were there, however Colin junior was sailing on Pittwater.
The late Sun newspaper columnist Jack Cannon and wife Judith sold it in 1997, some 17 years after paying $45,000 in 1980.
Just along Blair Road, Toorak-based entertainment lawyer Andrew Abercrombie and wife Shadda are selling Provenance having spent nearly $10 million on the Wayne Gillespie-designed Mandurah in 2015.
They're asking for over $5 million for the 2000 built, seven bedroom home on its 3,758 square metre holding. 
The couple paid $666,000 in 1998. 
Wachtel is currently selling his five-bedroom Toorak home with a price guide of $6.8 million-plus having paid $3.2 million for a 410 square metre site elsewhere in Toorak where they will build a new house.
This article first appeared in The Weekend Australian.
 
 
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Portsea buy by Future Fund's Michael Wachtel

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There’s two Portsea bathing boxes for sale set among tea trees on the Shelley Beach foreshore.
Agents expect <a href="https://www.realestate.com.au/property-house-vic-portsea-124335854" target="_blank">box number 43</a> (above) to fetch about $500,000.
It was number 23 sold for a record price of $615,000 in late 2015 at auction while Boat Shed No.1 on Portsea’s Front Beach received an offer of more than $700,000 last year, before the listing was withdrawn.
“It wasn’t high enough for the vendors to let go of an asset that they know they can never replace,” Melbourne Sotheby’s International Realty Sorrento’s Rob Curtain told the local paper.
Dubbed by the agent as the “buttercup boatshed”, no. 43 sits at the foot of the main track to Shelley Beach, near the Hemston Avenue car park.
<a href="https://www.realestate.com.au/property-house-vic-portsea-124449762" target="_blank">Number 37</a>, (below) between the car park and Campbells Road stairs, is also on the market for $400,000.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/01/17/Portsea-2.jpg" alt="">
There are about 50 on Shelley Beach.
Kay and Burton’s Liz Jensen is the listing agent of no. 43.
The Shelley Beach boat sheds are north facing, and typically sheltered from prevailing winds.
Mr Curtain is the listing agent for no. 37.
 
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Two Portsea beach boxes listed for sale

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The clifftop Rovina estate which was the season's top Portsea property offering, has been sold for $10.7 million, well above its $8 million-plus price guidance.
CoreLogic RP Data put <a href="/news">the seaside suburb's median house price</a> at a record $1.8 million.
The five bedroom home has a Mediterranean villa influence interpreted by society architect Geoffrey Sommers.
The eclectic home comes with a separate bluestone cottage at the 3808 Point Nepean Road holding on Fishermans Beach accessed via a private walkway. 
<a href="https://www.realestate.com.au/property-house-vic-portsea-121585322" target="_blank">Gerald Delany and Liz Jensen of Kay &amp; Burton had the property</a> inconjunction with Warwick Anderson and IIze Moran at RT Edgar.
It last sold in 1983 at $714,000 under mortgagee instructions through RT Edgar having previously traded at $450,000 in late 1977.
Businessman James O'Connor's 1983 sale came after his Mercedes dealership, Kew Star Motors hit some financing issues in the recession. 
The 1983 Rovina transfer paperwork was to Pacrana Pty Ltd, a company associated with Brighton businessman Brian Davis, the octogenarian 1950s founder of the Australian housewares company Décor Corp.
Rovina <a href="/news/rovina-headlines-portseas-summer-of-limited-2016-prestige-property-listings">headlined Portsea's summer of limited 2016 prestige property listings</a> in January.
 
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Rovina at Portsea sells for $10.7 million

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A Portsea's bathing box still sits on the market, but is quite close to sale.
Listed for the first time in 25 years with $600,000 hopes, there's been one strong offer coming late summer. 
It came on the market in November with the boat shed being unusually constructed of concrete.
<a href="https://www.domain.com.au/no-1-boat-shed-portsea-front-beach-point-franklin-portsea-vic-3944-2012482650" target="_blank">Boat Shed No.1</a> was originally built as a bunker during World War II below Fort Franklin.
It measures about 12 sqm in size with a large deck.
It was last on sale 25 years ago to Rob Pitt who owns the Sorrento Hotel with wife Anne. Family members have been reluctant to let it go, Title Tattle gleans.
There have been <a href="https://www.youtube.com/watch?v=H95umF81E_U" target="_blank">35,000 plus youtube </a>views.
The listing agent Rob Curtain of Peninsula Sotheby’s International Realty said he was confident the bathing would fetch a higher sale price than the last boat shed to change hands.
It was a 20 sqm timber shed on nearby Shelley Beach which fetched a record $615,000 at auction late last year.
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Portsea boatshed No 1 still on the market

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The clifftop Rovina estate is the season's top Portsea property offering, but just $8 million-plus is the price guidance for the trophy home.
Overlooking Portsea pier and Weeroona Bay, it was built in the early 1960's utilising materials, including columns, from some of Melbourne's most magnificent buildings from the last century.
The five bedroom home has a Mediterranean villa influence interpreted by society architect Geoffrey Sommers, who had his home home on London Bridge Road, near the backbeach.
The eclectic home comes with a separate bluestone cottage at the 3808 Point Nepean Road holding.
The buyer will have the option to purchase the boatshed, situated directly below the house on Fishermans Beach accessed via a private walkway. 
<a href="https://www.realestate.com.au/property-house-vic-portsea-121585322" target="_blank">Gerald Delany and Liz Jensen of Kay &amp; Burton have the property</a> inconjunction with Warwick Anderson and IIze Moran at RT Edgar with offers due February 18.
It last sold in 1983 at $714,000 under mortgagee instructions through RT Edgar having previously traded at $450,000 in late 1977.
Businessman James O'Connor's 1983 sale came after his Mercedes dealership, Kew Star Motors hit some financing issues in the recession. 
The recession also saw O'Connor - known as Jimmy like his hotelier father - lose what had been Melbourne's first $1 million home, which he had bought from Maurice Nathan in 1980 for $1.01 million on St Georges Road.
The 1983 Rovina transfer paperwork, lodged by Madden Butler Elder &amp; Graham, was to Pacrana Pty Ltd, a company associated with Brighton businessman Brian Davis, the octogenarian 1950s founder of the Australian housewares company Décor Corp, whose former wife is Marilyn Darling, nee Skinner.
Rovina, on 1990sqm near The Cutting, had been bought in 1977 by O'Connor with vendor finance from the Watkins family of Toorak, who'd owned it for the prior 16 years. Peggy and Larry Watkins had O'Connor, who was living in Barridene apartment 101, in the early 1970s Toorak block, pay back the loan by 1980. The 1977 marketing advertisement suggested the interest rate was 10 percent. 
At the time Mr Jensen at RT Edgar advertised Rovina as a gracious classical residence built around a magnificent atrium. There was a 50 foot by 20 foot living room. Reference was made to the doric columns and bluestone stairs to beach and mooring. Title Tattle would suggest the columns came from the 1960 Whelan The Wrecker-demolished Colonial Mutual building, on the corner of Collins and Elizabeth streets, since Sommers had some columns at his nearby residence.
Owners through earlier years included sharebroker Alfred Mellor from 1954 to 1957; with Toorak couple, Ken and Kath Guest who also owned the original Laughing Water estate at Eltham, holding it between 1957 and 1961.
Décor, based in Scoresby, manufactures 450 products include kitchenware, food-storage containers, wine coolers, picnicware and gardenware.
The company’s annual sales were once advised as US$77.5 million.
Davis’ first product was a plastic tumbler in a plastic case with Décor’s most successful product being a two-bottle portable wine cooler that allows patrons to take their own drinks to restaurants. The award-winning product is included in the New York Museum of Modern Art’s permanent collection.
Davis’ career began at Coles later to work at his uncle’s toy company as sales manager. He then worked at a California-based plastics company for a year, returning to Australia when in 1958, he formed Décor, which was originally called Brian Davis and Co. Pty. Ltd.
Décor first started exporting in 1960, with about 75 percent of the company’s products manufactured in Australia; the rest are made in China having started manufacturing there in 1980.
<a href="/news/portseas-mandurah-sold-at-9-75-million">Mandurah, the double-storey house designed by Wayne Gillespie on the Portsea cliff top</a>, was last summer's top sale at $9.75 million.
Mandurah was a 1,969 square metre holding with tennis court above Fisherman’s Beach.
At $8.25 million, the FlexiGroup founder and chairman Andrew Abercrombie, who owns 25 per cent of the $900 million lease and retail credit company, and wife, Shadda paid 2015's second highest known Portsea price.
The 2,600 sqm property, opposite Relph Avenue, was bought off market from the Newman family, associated with the former Gunns chairman Chris Newman.
It had last sold at $3.5 million in 2002.  
Portsea’s most expensive mansion sale remains <a href="/expert-insights/investing/palm-beach-v-portsea-jonathan-chancellor-and-margie-blok-offer-30-plus-insights">Ilyuka</a> which former Computershare director Michele O'Halloran sold for $26 million in 2010 to John Higgins, a Victorian house record. The Spanish Mission-style home was built in 1928-29 for oil executive Harry Conforth.
CoreLogic RP Data put <a href="/developments/portsea-vic-3944">the seaside suburb's median house price</a> at a record $1.8 million.
 
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Rovina headlines Portsea's summer of limited 2016 prestige property listings

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Mandurah, the double-storey house designed by Wayne Gillespie on the Portsea cliff top, has settled with David and Jennifer Swann its $9.75 million buyers.
It had returned to the market last summer with <a href="/news/mandurah-the-12-million-portsea-clifftop-summer-offering">a $12 million asking price</a>. It was the highest recorded price of the 2015 summer season.
The five bedroom, five bathroom trophy home was listed by the former Hinkler Books publishing boss Robert Ungar who reportedly had unfulfilled $10 million plus hopes the prior summer.
It was offered through Sotheby's International Realty agent Robert Curtain.
Ungar bought the then two-year-old house at 3820 Point Nepean Road 20 years ago with wife Rosemary.
It sold at the 1995 Australia Day weekend auction for $2,625,000, one of nine clifftop mansions at Portsea and Sorrento and Portsea to sell for above $1 million during 1995.
The Ungar's are off to a new home at Blairgowrie.
Mandurah is a 1,969 square metre holding with tennis court above Fisherman’s Beach.
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