<p>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.</p>

<p>The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.</p>

<p>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.</p>

<p>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.</p>

<p>“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.</p>

<p>“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.”</p>

<p><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" /></p>

<p>GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.</p>

<p>“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.”</p>

<p>Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.</p>

<p>“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.</p>

<p><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" /></p>

<p>&nbsp;</p>

<p>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.</p>

<p>Green praised local policy settings.</p>

<p>“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.”</p>

<p>One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.</p>

<p>“The way we will be able to achieve economies of scale is through size,” Green added.</p>


Joel Robinson

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

<p>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.</p>

<p>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.</p>

<p>Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be</p>

<p data-end="683" data-start="511">"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.</p>

<p data-end="882" data-start="690">"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."</p>

<p data-end="882" data-start="690">[smartcode_project:default project_id=134646 project_image_fid=6109]</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>[smartcode_project:default project_id=134646 project_image_fid=6110]</p>

<p>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.</p>

<p>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.</p>

<p>[smartcode_project:default project_id=134646 project_image_fid=6116]</p>

<p data-end="247" data-is-last-node="" data-is-only-node="" data-start="0">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.</p>

<p>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.</p>

<p>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.</p>

<p>[smartcode_project_cta:default project_id=134646]</p>


WM Residences fills gap in Mordialloc townhouse market

<p>&nbsp;</p>

<p>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.</p>

<p>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.</p>

<p>The project has recorded more than $500 million in sales across the first three towers, equating to around 580 apartments sold.</p>

<p>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.</p>

<p>[smartcode_project:default project_id=144441 project_image_fid=370975]</p>

<p>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.</p>

<p>Construction has now commenced across four towers ranging between 18 and 30 storeys, with Hamilton Marino and Maxcon appointed as builders.</p>

<p>Once complete, the precinct is expected to comprise around 1,100 residences, alongside retail, hospitality and public realm uses integrated throughout the site.</p>

<p>[smartcode_project:default project_id=144441 project_image_fid=370981]</p>

<p>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.</p>

<p>“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.</p>

<p>“To deliver that requires an extraordinary level of detail, coordination and discipline across multiple verticals, from design and hospitality through to wellness and service.”</p>

<p>“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.”<br />
[smartcode_project:default project_id=144441 project_image_fid=370977]</p>

<p>The project’s design places a heavy focus on landscaping, wellness amenities and biophilic design principles.</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>[smartcode_project:default project_id=144441 project_image_fid=370980]</p>

<p>Gurner said the company’s experience through its Saint Haven wellness clubs had directly informed the residential offering now being incorporated into Elysium Fields.</p>

<p>“We’re seeing a clear global shift toward longevity, performance and proactive health,” Gurner said.</p>

<p>“Our role is to deliver that in a way that feels seamless, highly private and beautifully resolved within the environments we create.”</p>

<p>A large component of the wellness offering is planned through the resident amenity and health facilities proposed within the precinct.</p>

<p>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.</p>

<p>The developer is also seeking approvals for what it describes as a “reverse ageing medical clinic” within the precinct.</p>

<p>[smartcode_project:default project_id=144441 project_image_fid=370978]</p>

<p>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.</p>

<p>Within the first tower, Helios, residents will also have access to a dedicated amenity offering known as the Sky Private Club.</p>

<p>The upper 15 levels of the building will include private lounges, dining spaces, rooftop amenities and optional private wellness studios integrated within residences.</p>

<p>The Helios tower itself comprises 260 apartments ranging between 60 sqm and 300 sqm, including a collection of penthouses.</p>

<p>That includes a planned two-storey penthouse spanning around 600 sqm with uninterrupted bay views.</p>

<p>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.</p>

<p>[smartcode_project:default project_id=144441 project_image_fid=370979]</p>

<p>The sales result comes as GURNER™ continues expanding its national development pipeline beyond Victoria.</p>

<p>“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.</p>

<p>“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.”</p>

<p>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.</p>

<p>[smartcode_project_cta:default project_id=144441]</p>


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

<p>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.</p>

<p>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.</p>

<p>Multiplex has been appointed the builder, and construction is now underway.</p>

<p>[smartcode_project:default project_id=108274 project_image_fid=365784]</p>

<p>Since its first project, Central Equity has delivered more than 85 residential developments with a combined end value exceeding $8 billion.</p>

<p>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.</p>

<p>“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.</p>

<p>He said NAB’s early support was instrumental in helping establish the company’s development model.</p>

<p>“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.</p>

<p>“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.”</p>

<p>[smartcode_project:default project_id=108274 project_image_fid=365771]</p>

<p>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.</p>

<p>Recognising changing demographics and lifestyle preferences, the company began developing high-rise residential projects designed to bring permanent residents into the city centre.</p>

<p>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.</p>

<p>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.</p>

<p>The developer said the Palmera apartment tower reflects its long-term view of the Gold Coast as a growing and increasingly diversified economy.</p>

<p>[smartcode_project:default project_id=108274 project_image_fid=365768]</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>[smartcode_project_cta:default project_id=108274]</p>


NAB funds $1 billion Surfers Paradise apartment development, Palmera

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p data-end="792" data-start="529"><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" /></p>

<p data-end="1040" data-start="794">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.”</p>

<p>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.</p>

<p>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.</p>

<p>Planning documents show the development would consist of a part-13, part-39 storey tower form positioned above a four-storey podium.</p>

<p>“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.</p>

<p>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.</p>

<p>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.”</p>

<p><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" /></p>

<p>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.</p>

<p>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.</p>

<p>“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.</p>

<p>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.</p>

<p>“The broader precinct is undergoing significant change, with a mix of existing mid-rise buildings and newer high-density developments,” the report stated.</p>

<p>“Recent and approved projects indicate a consistent shift toward taller built form, typically organised as tower-and-podium typologies with more active ground levels.”</p>

<p>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.</p>

<p>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.</p>

<p>&nbsp;</p>

<p>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.</p>

<p><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" /></p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>


First look: Aqualand joins St Leonards apartment party

Residential Development

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<p><span>A significant boost in unit construction since mid 2005 has seen six major complex built along the Victoria Parade river front in Rockhampton, however over time the average size of units has decreased due to a focus on the bottom line, according to Herron Todd White.</span></p>
<p><span>Herron Todd White's September Month in Review noted s</span><span style="line-height: 1.3em;">maller units equals more units and these have proven to be </span><span style="line-height: 1.3em;">very attractive to the market.</span></p>
<p><span style="line-height: 1.3em;">"Despite the significant boost in unit numbers over the past ten years the attached residential space still reflects only a very small percentage of the entire Rockhampton and surrounding residential markets," the review noted.</span></p>
<p><span style="line-height: 1.3em;">"This has been a key factor in the successful marketing and solid sales rates which have enabled these developments to get out of the ground.</span></p>
<p><span style="line-height: 1.3em;">"In 2005 we saw large spacious 3-bedroom units (160 square metres plus) selling from $330,0000 off the plan compared to Empire where much smaller 1-bedroom units of 50 plus square metres have sold for $330,000 off the plan.</span></p>
<p><span style="line-height: 1.3em;">"Looking forward the notable downturn in the resource industries across Central Queensland and general lack of confidence across the market may result in an extended period where the Rockhampton skyline remains unchanged for some time into the future."</span></p>
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mick.cee-iDmgDDAmu8

Rockhampton's attractive unit market falling in floor space: Herron Todd White

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<p><span>The global real estate services company JLL has bought the valuation business, Propell National Valuers.</span></p>
<p><span>The deal sees Propell's 200 staff from every state and territory added to JLL's 2300-strong workforce.</span></p>
<p><span>JLL Australia chief executive Stephen Conry said the acquisition had been made carefully within the heated residential market. </span></p>
<p><span>Propell completes about 100,000 residential valuations per year.</span></p>
<p><span>It has been reported JLL's reputed $25 million acquisition will give it clout in the residential segment, taking on valuation companies such as Herron Todd White, which does more than 300,000 valuations per year, CBRE and Opteon Property Group. </span></p>
<p><span>JLL has doubled revenue from its valuations business in the last five years.</span></p>
<p><span>Propell chief executive Bart Mead will continue his senior leadership role at JLL Australia.</span></p>
<p><span>Propell’s Head office is in Brisbane.</span></p>
<p><span>The business in Australia will continue to operate as Propell – a JLL company during an initial transition and integration phase.</span></p>
<p><em>Picture above is of Propell CEO, Bart Mead, (left), with JLL Australia CEO, Stephen Conry.</em></p>
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jchancellor-FAypfDUnLy

JLL buys Propell National Valuers

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<p><span>Developer Golden Age Group </span><span>has purchased two neighbouring sites in Sydney’s </span><span>Double Bay for $18 million.</span></p>
<p><span>The properties, 315-</span><span>317 and 321 New South Head Road has a</span><span style="line-height: 1.3em;"> total of 2004.5sqm, with development plans for boutique residences.</span></p>
<p><span style="line-height: 1.3em;">Golden Age Group managing director Jeff Xu said the group will continue to develop premium properties in Melbourne.</span></p>
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Golden Age Group grabs neighbouring Double Bay sites

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<div>The ABS released its Construction Work Done figures for the June quarter, which showed total construction for the quarter rebounding by +1.6% to a seasonally adjusted $49.8 billion.</div>
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<div>Over the last year total construction remained at historically very high levels at $198 billion, although this is now down from a sky-high annual figure of $211 billion one year ago.</div>
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<div>As any good politician would, of course, smiling Treasurer Hockey immediately took to Twitter to claim credit for the rebound.</div>
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<div>But in fact public infrastructure work has been very weak. </div>
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<div>Furthermore, against recent trends the rebound in the June quarter was not driven by residential construction either, rather it was a punchy quarter for engineering (i.e. resources) construction works, with expenditure rebounding by +5.6 per cent to a seasonally adjusted $25.6 billion.</div>
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<div>Despite this positive blip, engineering construction work done was -8.8 per cent lower than a year ago, and will doubtless resume its downward trajectory in due course, as considered in more detail below.</div>
<br><strong><span style="text-decoration: underline;">Mining rebound in WA</span></strong><br><div> </div>
<div>The driver of the engineering construction rebound was an increase in spend of nearly +$3 billion in Western Australia to $11.3 billion for the second quarter.</div>
<div> </div>
<div><a href="/images/2015/08/27/A3.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/08/27/A3.jpg" alt=""></div>
<div> </div>
<div>
<div>In fact, anyone who was paying very close attention might have anticipated this.</div>
<div> </div>
<div>Recall that the so-termed "record trade deficit" in April 2015r actually included an <a href="https://petewargent.blogspot.com.au/2015/06/trade-deficitwtf" target="_blank">anomalous spike</a>in Western Australian imports from Korea. As I <a href="https://petewargent.blogspot.com.au/2015/06/trade-deficitwtf" target="_blank">noted at the time</a>:</div>
<br><div><span><em>"<span>No further detail is provided by the ABS, but given that there was a kahuna $1.5 billion spike in merchandise imports in Western Australia, and we can assume that this was probably related to a major mining project.</span></em></span></div>
<div><span><em> </em></span></div>
<div><span><em>In all likelihood, one might hazard that this was rail capex for Gina Rinehart's Roy Hill iron ore project (which typically a business would treat as an investment in a fixed asset for the generation of revenue streams, rather than trading expenditure)."</em></span></div>
<br><div>In all probability, therefore, the June quarter rebound was capex driven with a large asset purchase accounting for most of the spike.</div>
<div> </div>
<div>Moreover we can expect that the September quarter will see engineering construction work resuming its inevitable decline.</div>
<br><strong><span style="text-decoration: underline;">Building by state</span></strong><br><br><div>At the state level, Victoria has been the king of residential building across recent years.</div>
<div> </div>
<div>However New South Wales is now the one state which is benefitting from a material public sector and non-residential building contribution, thereby thrusting total building work done in the Premier State to its highest ever level in the June quarter.</div>
<div> </div>
<div><a href="/images/2015/08/27/A8.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/08/27/A8.jpg" alt=""></div>
<div> </div>
<div>
<span>Indeed, the New South Wales economy in generally is in very fine shape at the present time.</span><br><br><strong><span style="text-decoration: underline;">Residential building by state</span></strong><br><br><div>Looking at specifically residential buiding we can see that the +7.4 per cent year-on-year increase has been overwhelmingly a function of "other residential" building - which is to say, the construction of units, townhouses and apartments.</div>
<br><div>As denoted by the green line below, outside Sydney major renovations activity has been very subdued through this cycle.</div>
<div> </div>
<div><a href="/images/2015/08/27/A4.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/08/27/A4.jpg" alt=""></div>
<div> </div>
<div>
<div>Although new house building has responded to low interest rates almost everywhere to a greater or lesser extent, the trend has been looking increasingly peaky over the past four quarters.</div>
<div> </div>
<div>Victoria continues to lead the way on the house building front, a state which appears to suffer less from greenfield land supply constraints than other states and territories do.</div>
<div> </div>
<div><a href="/images/2015/08/27/A6.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/08/27/A6.jpg" alt=""></div>
<div> </div>
<div><span>On the other hand the higher density sector building work continues apace, particularly in Melbourne, Sydney and Brisbane, which is a trend you can see everywhere from West End, South Brisbane, Fortitude Valley and Newstead (Brisbane), to Mascot, Wolli Creek and Zetland (Sydney). </span></div>
<div><span> </span></div>
<div><a href="/images/2015/08/27/a7.jpg" target="_blank"><span>Click to enlarge</span></a></div>
<div><span><img src="/images/2015/08/27/a7.jpg" alt=""></span></div>
<div> </div>
<div> </div>
<div>
<div>The latest building approvals figures suggest that the cycle for unit and apartment approvals may also be set to peak in due course, thoughthe duration of higher density projects from approval to completion may run to several years.</div>
<div> </div>
<div>Consequently the elevated levels of building activity in this sector may have quite some way to run yet.</div>
<br><strong><span style="text-decoration: underline;">The wrap</span></strong><br><br><div>Overal this was a positive result for construction in the June quarter which masks an ongoing decline in resources construction that is locked and loaded for the next few years. </div>
<div>
<br>Residential building remains strong for the time being, but even here Australia can only build new apartment projects for so long.</div>
<div> </div>
<div>Of more significance will be today's capex intentions for the 2015/16 financial year, and specifically whether businesses are becoming more inclined towards investment plans.</div>
<div> </div>
<div>If not, in a nutshell, interest rates will have further to fall.</div>
<div> </div>
<div>
<p><span><em>PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>.</em><br></span></p>
<p><em>His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.</em></p>
</div>
</div>
<div><span> </span></div>
</div>
</div>
</div>
</div>
</div>
</div>
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pwargent-M4siyDbqQY

Construction rebounds...for now: Pete Wargent

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<p>Caps on lending to investors and other recently introduced bank credit restrictions will temper the strength of the Australian residential property market, the head of property and construction giant Lend Lease has predicted. </p>
<p>Lend Lease chief executive Steve McCann said the balance between demand and supply of new dwellings in Australia was coming into balance following a historic shortage of homes in many capital cities and this would also cool the market. </p>
<p>“The Australian market remains strong although it is easy to see that we’re somewhere near the peak of the cycle,” McCann said as he announced the group’s 2015 financial results. </p>
<p>“There have been a combination of factors that have fuelled this cycle including strong population growth, monetary easing driving strong investor demand, [Foreign Investment Review Board] restrictions directing increased foreign demand to apartments sold off the plan and a historic undersupply of new dwellings in many of our capital cities.”</p>
<p>While lending restrictions and greater supply would slow the market, Lend Lease had not yet seen any impact from those factors, McCann added. </p>
<p>The group’s residential business reported a record 4262 settlements, up 24% compared with 2014. </p>
<p>Residential pre-sales revenue was up 109% on the previous year to a record $5.2 billion. Some $4.7 billion of this amount was in pre-sales for apartments, which are the main focus for the group’s residential division. </p>
<p>McCann said the business was looking for indicators, such as a slowing rate of pre-sales for new launches, to help it identify a turn in the market cycle. </p>
<p>It has already introduced higher pre-sales thresholds for new projects, which have been lifted to 70% on some apartment developments, as well as flexible apartment designs and a mix of product pricing. </p>
<p>Lend Lease, which also has significant construction and investment management businesses, reported an after-tax profit of $618.6 million. This was down considerably on the $822.9 million result the previous financial year, which had been boosted by a $485 million contribution from the sale of the Bluewater Shopping Centre in the UK.</p>
<p>The result represented earnings per stapled security of 106.8 cents. It paid a distribution of 27 cents per stapled security, 25% franked. </p>
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zfielding-GvX3Uq9KTa

Credit restrictions temper property market: Lend Lease

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<p><span style="line-height: 1.3em;">Infinity By Crown is the latest multi residential complex offering from Crown Group, designed by Japanese pioneer and Sydney based architect, Koichi Takada.</span></p>
<p><span style="line-height: 1.3em;">Ambitious in design, the landmark tower is located at the gateway of the Green Square town centre on the outskirts of the Sydney CBD. </span></p>
<p><span>The design seeks to engage both residents and admirers through architecture, aiming to inspire the idea of spectacle. </span></p>
<p><span style="font-size: small; font-family: tahoma, arial, helvetica, sans-serif;"><img src="https://static1.squarespace.com/static/50e3c8f9e4b0395512a60c4c/t/54815591e4b0dc44e16d5564/1417762193793/KOICHI+TAKADA+ARCHITECTS?format=1000w" width="363" height="469"></span></p>
<p><span>Designed by Koichi Takada Architects, Infinity by Crown Group challenges conventional residential apartment design with a unique looped shape.</span></p>
<p><span>Infinity by Crown will be located close to Green Square train station, one stop from Sydney’s Central train station, at 301-303 Botany Road Zetland.</span></p>
<p><span style="font-size: small; font-family: tahoma, arial, helvetica, sans-serif;"><img src="https://static1.squarespace.com/static/50e3c8f9e4b0395512a60c4c/t/5343cfe3e4b0c7c09a3e4c24/1396953061217/?format=1000w" width="487" height="344"></span></p>
<p><span>The amenities on offer will include a fully-equipped gym, music room complete with baby-grand piano, media theatre and a sky lounge with Sydney CBD views.</span></p>
<p><span>The collection of 401 luxury serviced apartments are already garnering attention from all over the world.</span></p>
<p><span>Apartment sales begin on August 29 priced from $650 000.</span></p>
<p><span style="font-size: small; font-family: tahoma, arial, helvetica, sans-serif;"><strong style="line-height: 1.3em;"> </strong><strong><img src="https://infinitybycrowngroup.com.au/wp-content/uploads/2014/11/apartments01.jpg" width="550" height="172"></strong></span></p>
<p><span>Crown Group Project and Commercial Sales Director Roy Marcellus said the building’s resort-style pool and elegant interiors has attracted particular interest from potential buyers.</span></p>
<p><span>“Future residents will experience the highest level of amenities and everyday luxury; all in this landmark location in Sydney’s new Green Square Town Centre,” Mr. Marcellus said.</span></p>
<p><span>“The interest in Infinity by Crown Group is phenomenal,” he said. </span></p>
<p><span style="font-size: small; font-family: tahoma, arial, helvetica, sans-serif;"> </span></p>
<p><span style="font-size: small; font-family: tahoma, arial, helvetica, sans-serif;"><img src="https://infinitybycrowngroup.com.au/wp-content/uploads/2014/11/precinct04.jpg" width="556" height="174"></span></p>
<p> </p>
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j.ballantyne1990-6AQqhLzZaK

Green Square Infinity nears sales day

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<p><span style="line-height: 1.3em;">GUEST OBSERVATION</span></p>
<p><span style="line-height: 1.3em;">Recently announced changes to Western Australia’s residential planning codes will have a significant impact on the development potential of thousands of properties in the state.</span></p>
<p>The residential planning codes, commonly referred to as R-codes, are overseen by the state’s planning regulator, the Western Australian Planning Commission (WAPC), and determine the number of dwellings that can be developed on a single property.</p>
<p>The changes to the current system are aimed at properties zoned R30 and R35 and will reduce the number of dwellings that can be built on these particular properties.</p>
<p>As part of the new regulations, properties zoned R30 will be allowed to build one dwelling per 300 square metres and those zoned R35 will be allowed to build one dwelling per 260sqm.</p>
<p>The new development guidelines mean the number of dwellings that can be built on these properties is significantly reduced.</p>
<p>For example, under the existing scheme a landowner with a 1000sqm block zoned R30 can build up to eight units, as the development potential is determined by total building area (or plot ratio), not a minimum land size per lot.</p>
<p>However, with the new requirements a landowner with the same size block and zoning can only build three units.</p>
<p>In addition, the WAPC has given local councils the green light to restrict development in many areas zoned R40. </p>
<p>The existing scheme has been in place since 2011 and formed part of the State Government’s initiative to increase residential development infill to 47% of new houses.</p>
<p>However, it has experienced stiff opposition from a handful of local councils who are opposed to higher density living options.<span style="line-height: 1.3em;"> </span></p>
<p>Unfortunately, the backflip by the WAPC will lead to further urban sprawl as housing choice in established suburbs is restricted and residents are forced to live on the urban fringe where land is more affordable.</p>
<p><span style="line-height: 1.3em;">Subsequently, this will place more pressure on Perth’s already strained roads, public transport and utilities.</span></p>
<p><span style="line-height: 1.3em;">The goal of the WA government is to increase the development infill rate to 47% – up from the current level or 28% – however the changes to the R-codes </span><span style="line-height: 1.3em;">system will only further impede this ambition.</span></p>
<p><em style="line-height: 1.3em;">Damian Collins is the founder and managing director of Momentum Wealth and can be contacted <a href="https://www.momentumwealth.com.au/damian-collins/" target="_blank">here</a>.</em></p>
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Planning law changes to hit WA developers: Damian Collins

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<p><span>Around 90% of the 165 apartments on offer sold in the off the plan weekend launch of The Bindery at Liverpool.</span></p>
<p><span>Set within the riverfront The Paper Mill development, prices in the Woods Bagot-designed project ranged from $400,000 up to $685,000 for a three-bedroom terrace.</span></p>
<p><span><span>Some 80% will be owner occupiers with around 20% investors. </span></span></p>
<p><span><span>Around 90% of the purchasers were local. </span></span></p>
<p><span>Coronation Property Co's Paper Mill’s initial release also garnered strong local interest.</span></p>
<p><span>Jason Soulos, sales director for Coronation Property Co, the developers of The Paper Mill says Liverpool is a city undergoing significant transformation. </span></p>
<p><span>Designed by architect Domenic Alvaro and his team at Woods Bagot, The Bindery is part of the reactivation of the Georges River and surrounding urban areas.</span></p>
<p><span>With top-tier finishes that include recycled timber and brick, granite cobblestones and steel inlay to reflect the site’s industrial past, The Bindery features three sky bridges that link each of the buildings, reminiscent of the communal spaces found within New York apartment buildings.</span></p>
<p>The purpose built display suite is on Shepherd Street. For more information on the development, <a href="https://www.liveatthepapermill.com.au" target="_blank">click here</a>.</p>
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The Bindery, Liverpool secures 90% weekend off the plan sales

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<p><span>Developers from Asia and Melbourne have splashed out more than $25 million in a frenzied residential development site buying spree over the last 12 months as local planning laws open up new multi-unit development opportunities in the Melbourne bayside suburb of Bentleigh.</span></p>
<p class="Normal"><span class="Normal__Char">The demand for the sites has sparked a corresponding flurry of negotiations between neighboring home owners in Bentleigh to present larger development sites for sale at a premium to individual site values.  </span></p>
<p class="Normal"><span class="Normal__Char">In the latest off-market deal a Chinese developer is believed to have paid more than $4 million for a 1692 square metre site at 11-13 Bent Street, Bentleigh, after just two weeks on the market.</span></p>
<p class="Normal"><span class="Normal__Char">According to selling agents, Savills’ Julian Heatherich and Jesse Radisich, the site was a consolidation of four neighboring properties, whose owners came together seeking to maximize their returns.   </span></p>
<p class="Normal"><span class="Normal__Char">"This is another example of the extraordinary market that has emerged over the last 12 months driven by a change in planning laws which has coincided with a booming housing market," Mr Heatherich said.</span></p>
<p class="Normal"><span class="Normal__Char">"Developers are purchasing sites that are well located with favorable zoning while home owners are walking away with sale results well in excess of what individual sales would have realized. It‘s a real win-win situation.</span></p>
<p class="Normal"><span style="line-height: 1.3em;">Previous sales in Bentleigh in last 12 months have included</span></p>
<ul>
<li>
<span style="line-height: 1.3em;">     </span><span class="List_0020Paragraph__Char" style="line-height: 1.3em;">261 Centre Road – sold for $2.735 million to a local developer with a permit to develop 28 apartments;</span>
</li>
<li>
<span style="line-height: 1.3em;">     </span><span class="List_0020Paragraph__Char" style="line-height: 1.3em;">23 Bent Street - sold to a Chinese developer for $3.4 million with a permit for 27 apartments;</span>
</li>
<li>
<span style="line-height: 1.3em;">     </span><span class="List_0020Paragraph__Char" style="line-height: 1.3em;">14,16, and 18 Bent Street - sold to a Chinese developer for $5.76 million; </span>
</li>
<li>
<span style="line-height: 1.3em;">     </span><span class="List_0020Paragraph__Char" style="line-height: 1.3em;">674 Centre Road - sold to a local developer for $1.32 million with a permit for eight apartments;</span>
</li>
<li>
<span style="line-height: 1.3em;">     </span><span class="List_0020Paragraph__Char" style="line-height: 1.3em;">15 Bent Street – sold to a local developer for $2.2 million with a permit for 17 apartments; </span>
</li>
<li>
<span style="line-height: 1.3em;">     </span><span class="List_0020Paragraph__Char" style="line-height: 1.3em;">24-26 Vickery St – sold to local developer for $3.6 million.</span>
</li>
</ul>
<p class="Normal"><span style="line-height: 1.3em;">Mr Heatherich said the sales had generated hundreds of enquiries with a significant number from local and off-shore Asian buyers as well as local developers.</span></p>
<p class="Normal"><span style="line-height: 1.3em;">He said following State Government zoning changes, the local municipality, the City of Glen Eira, implemented the changes with the new `Urban Village Policy’ allowing for multi-storey development of up to four levels,</span><span style="line-height: 1.3em;"> </span></p>
<p class="Normal"><span class="Normal__Char">"Glen Eira was the <span class="Normal__Char">first</span> municipality to implement the zoning changes and with Bentleigh one of the main high density areas in Glen Eira, it was subsequently re-classified as Bentleigh Urban Village," Mr Heatherich said.</span></p>
<p class="Normal"><span style="line-height: 1.3em;">Mr Radisich said Savills’ exceptional ties with off-shore based developers in Asia through its Asian office network had been the key to identifying potential purchasers. Savills has 21,000 staff in Asian cities including Beijing, Hong Kong, and Singapore.</span></p>
<p class="Normal"><span style="line-height: 1.3em;">"One of our advantages is Savills’ high profile in Asia. We have offices in China and several other Asian capitals established over more than 30 years. Asians know Savills.’’</span></p>
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Bentleigh development sites Savills

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<p>I was lucky to recently spend an amazing weekend riding horses in the NSW Snowy Mountains National Park.</p>
<p>It was one of those bucket list trips and I went with an old school friend. We'd gone to pony club together and grown up as horse crazy girls. We'd spend most of our teenage years riding and looking after our horses (which kept us out of trouble!).</p>
<p>Whilst sitting around the camp fire at night with a group of other women and staff we'd just met, I was discussing property investing with one of the ladies – can't help myself!</p>
<p>She was a pretty amazing single lady with her sights set on the future. She'd been clever enough to buy a few investment properties in-between serving our country in the army.  We were discussing her recent purchase of an off the plan apartment.</p>
<p>She shared with me the numbers on her deal and I was a bit surprised. I have good experience with buying off the plan but it was over ten years ago now that I used this strategy. Back then, the property developer offered a good discount to purchasers and this helped create some equity. If the market was also moving upwards, then a nice chunk of money could be made by settlement time. I would settle an apartment then draw out the equity to use as a deposit to settle the next one.</p>
<p>But things have changed. There seems to be more risk as there isn't the same discounts being applied. So you buy in at today's market price. If, of course, it's a hot market, as Sydney is at the moment, that price could end up more than what the apartment may be worth in a year or two once completed.</p>
<p>I explained what I did to the lady. Property Bloom manages small developments for our clients. A dual occupancy development can create a big chunk of money within twelve months and you end up with two properties.  I explained that the big difference between buying off the plan and developing yourself, is that you are creating the equity through the development process, not hoping for capital growth whilst your apartment is being constructed.</p>
<p>Would you rather control of the equity creation by cutting some keen deals on the land and construction or rely on a stranger to build your investment and hope for the market to rise?</p>
<p>I did the latter six times and was lucky four out of the six times. The other two deals were borderline. If I had my time again, I would not have completed on the two ordinary investments.  But as they say, time heals all wounds and because I held onto these investments (in lieu of selling at a loss) they've turned out well.</p>
<p>My big lesson from buying off the plan?  It is far more lucrative to be the developer than the investor.</p>
<p><a href="https://www.propertybloom.com.au">www.propertybloom.com.au</a></p>
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