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The recent release of the REIV’s calendar year medians for 2011 allows another review of the long-term performance of the residential market.
It is commonly accepted that prices double every seven to 10 years and the REIV’s research shows that, while this does not occur every time, it is a reasonable rule.
The median price of a house in Melbourne was $540,383 in 2011. Since 2001 the median price has increased by $240,383, or 80%, from $300,000. Interestingly, because 2001 was a year of strong appreciation and 2011 was not, this results in a very different outcome from the 10 years to 2010, when prices rose by 120%.
This shows that the timing of the sale and purchase and have a substantial impact on the result.
In the 20 years since 1991, the median house price has increased by $398,383 or 281%. This shows that prices grew more strongly in the latter part of the ‘90s than they did over the last decade.
In the 30 years since 1981, the increase in the median was $484,783 or 872%.
The comparison with 1971, when the median house price was a mere $12,100, does not need a percentage comparison – the substantial change is obvious.
These comparisons confirm that residential property can deliver very solid investment returns over the long term. While many commentators concentrate on the short-, often very short-term changes, the more sensible approach is to take a long-term view.
Enzo Raimondo is CEO of the <a target="_blank" href="https://www.reiv.com.au/">Real Estate Institute of Victoria</a>.
 
 
 
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The value of Victorian houses roughly doubles every 10 years – so take a long-term view

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In many parts of Victoria there is a shortage of rental homes and the only way the shortage will be fixed is if more individuals invest, i.e. buy housing for the sole purpose of providing it as rental accommodation.
The problem is that those who choose to do that face higher rates of stamp duty.
When the previous state government reduced stamp duty in 2007 it left the old higher rates in place for investors.
As a result, those who buy a house for the purpose of increasing the number of available rental homes pay a higher rate of stamp duty than they would if they were going to live in it.
The higher rate of stamp duty is in addition to the land tax, for which they are liable on an annual basis. It is not equitable to charge an investor land tax on the basis that the property in question is not their principal place of residence then charge extra stamp duty as well.
An investment home purchased for $400,000 is liable for $2,700 more in stamp duty than if it were purchased to live in. That is the equivalent of nearly five years’ worth of land tax.
Charging higher duty for investment properties can have two effects: firstly, it can act as a disincentive to individuals purchasing and providing rental accommodation; secondly, it can increase the cost of the accommodation to renters.
In the coming state budget the government should consider equalising stamp duty for all non-first home buyers.
Enzo Raimondo is CEO of the <a href="https://www.reiv.com.au/" target="_blank">Real Estate Institute of Victoria</a>.
 
 
 
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Victorian government should give investors a fairer go and eliminate higher stamp duty rates for investors

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The REIV has recently released the median prices for 2011. This data set differs from the quarterly data in that it compares all of the residential property sales in 2011 with those in 2010 and 2006 rather than just three months’ worth of sales.
This has the effect of smoothing out some of the peaks and troughs evident on a quarterly basis, thereby providing a clearer medium-term picture of the market.
The data showed that the median house price in Melbourne dropped by 1.8% from $550,000 in 2010 to $540,383. It’s important to understand this result in the context of what happened in 2010, when the median price of a house increased by 18% from $465,000 in 2009. Ongoing increases of that order would not be sustainable and it would appear that prices did drop from the peak in December 2010, partly due to concerns about affordability and a lack of confidence in the economy.
Over the same time, the median price of a unit dropped by 1.3% to $456,000 from $462,000 in 2010. This shows that the performance of the unit and apartment market mirrored that for houses.
This contrasted, however, with the outcome in regional Victoria, where the median price of a house increased by 3.6% from $304,000 to $315,000. While regional Victorian house prices do not exhibit the same variability of those in Melbourne, they also do not match the long-term growth, with a 27% increase since 2006 compared with the 46% increase recorded in Melbourne.
Enzo Raimondo is CEO of the <a target="_blank" href="https://www.reiv.com.au/">Real Estate Institute of Victoria</a>.
 
 
 
 
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Regional Victoria prices play catchup, but the city remains the powerhouse since 2006

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 The REIV has released its state budget submission for 2012–13, highlighting a need to continue\ state-based tax reform, assist first home buyers and reduce taxes to promote investment in Victoria.
With stamp duty revenues reducing due to the slowing economy, it is timely to reform the structure and level of property taxes to improve equity, remove double taxation and promote investment.
The current structure of property taxes in Victoria is inefficient and discourages the necessary investment in housing and commercial property.
Residential home buyers are subject to bracket creep when prices rise, leading to an increasingly high level of taxation. This not only results in a higher level of stamp duty for every dollar spent on a home but also discourages people relocating.
An anomaly of the tax system is that investors are subject to higher stamp duty at the same time as the community relies on them to provide the majority of rental homes.
Another anomaly is that when a buyer spends $550,001 rather than $550,000 on a home, they pay an extra $3,100 in duty. There is no sensible reason for that.
The REIV also applauds the focus on assisting all first-home buyers through cuts to stamp duty and encourages the government to continue the program, even extending it if budget constraints permit.
It is also clear that the policy aim of the bonus – boosting the construction of new homes – has been met, making it unnecessary to provide additional funding for the program at this time.
Equalising assistance for all first-home buyers will provide them the choice about where to live, rather than encouraging them only into new homes.
It is also high time for the levying of stamp duty on GST in non-residential transactions to cease. When an office block, warehouse or factory is purchased, the new owner has to pay GST on the purchase itself and then stamp duty not only on the value of the property but the GST component as well.
This anomaly has been in place since the GST was introduced, and it is time it was corrected.
Enzo Raimondo is CEO of the <a target="_blank" href="https://www.reiv.com.au/">Real Estate Institute of Victoria</a>.
 
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Victorian budget provides opportunity for taxation reform

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The most recent data about the cost of rental accommodation has revealed a substantial decline in the provision of affordable rental accommodation throughout Victoria.
This has occurred at the same time as we are experiencing the most substantial shortage of rental accommodation in the last few decades. The shortage of housing put pressure on rents, with an outcome of far fewer affordable rental homes.
The data, sourced from the Victorian government’s Office of Housing, tells the story.
In the decade between the September quarters of 2001 and 2011 there was a 55% reduction in the number of affordable rental homes in Melbourne and a 19% reduction in regional areas. A decade ago Melbourne had about 14,000 affordable rental homes – now it is about 8,700.
This translates to greater competition for the few affordable rental homes that are available, and tenants having to pay rents that they cannot afford or being forced to live in areas far from employment.
The location of affordable rental homes has also changed. The highest availability for affordable rental homes is in regional Victoria, and what few affordable rental homes were available in Melbourne’s middle suburbs have disappeared.
A decade ago 50% of rental homes in the City of Knox were affordable, and now only 6% are. During the same time there was a drop from 47% to 3.5 per cent in the City of Maroondah and from 28.5% to 1.7% in the City of Moreland.
To address this problem the state government needs to increase direct investment in affordable and low-cost public housing, remove the opportunist taxes on investors and reducing the cost of development by improving the planning process.
Enzo Raimondo is CEO of the <a href="https://www.reiv.com.au/" target="_blank">Real Estate Institute of Victoria</a>.
 
 
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Government should step in as number of affordable rental properties dwindles

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A career in real estate is fulfilling and rewarding. As a professional estate agent, you have the flexibility, freedom and opportunity to control your own career path.
A successful estate agent is goal-focused, committed, self-motivated, ambitious and people-oriented.
Qualified professionals in real estate can specialise in a wide range of areas: residential sales, auctioneering, property management, commercial sales, commercial property management, buyer or vendor advocacy, business broking or a mix of the above.
Real estate professionals work in many different sectors; in addition to working in or running estate agencies, they also work in the development industry, banks, law firms, government and academia.
The first step for most people in becoming a licensed real estate agent is to gain practical experience working as an agent’s representative under the supervision of a licensed estate agent. To work as an agent’s representative you must successfully complete a course of three units of study and meet a range of basic criteria outlined by the Business Licensing Authority.
To take the next step in your career and become a licensed estate agent you must successfully complete an additional 21 units, covering every aspect of the profession. This course can be undertaken in conjunction with the agent’s representative course so that, at the end of your first 12 months, you satisfy both the experience and educational requirements to apply for a licence in Victoria.
The REIV is the number one provider of real estate training in Victoria and will help you achieve the career goals necessary to be successful and to stand out from your competitors.
If you would like to find out more, including current costs and specials please visit <a href="https://www.reiv.com.au/" target="_blank">www.reiv.com.au</a>. Information about the requirements of the Victorian government can be found at <a href="https://www.bla.vic.gov.au/" target="_blank">www.bla.vic.gov.au</a>.
Enzo Raimondo is CEO of the <a href="https://www.reiv.com.au/" target="_blank">Real Estate Institute of Victoria</a>.
 
 
 
 
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How and why to become a real estate agent

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Many specific terms are used when analysing and commenting on the property market. 
Having an understanding of these terms is important for anyone who is looking to enter the property market as a tenant, owner–occupier or investor. 
One frequently used term is "median". 
The median value is the middle price in a series of sales, where half of the sales are of lower value and half are of higher value. For example, if 15 sales are recorded in a suburb and arranged in order from lowest to highest value, the eighth sale price is the median price. 
Median prices are used rather than average prices because median prices are unaffected by a few unusually high or low prices, making them a more accurate indicator of true market activity. 
Along with the Victorian government, the REIV uses medians when discussing and reporting property prices. 
Of course, medians do not describe the value of every home in a suburb; rather, they serve to show how prices may have generally changed. In that way, they are a guide only. The sale price for each home will still depend on the home, the vendor’s preferred price and the level of competition between buyers.
When looking at a median price, be aware of the number of sales on which it is based. The lower the number of sales the more variable the figure will be. This is why the REIV notes with an asterix those suburbs where the median is based on fewer than 30 sales. This provides the public with an additional tool with which to understand the data.
Enzo Raimondo is CEO of the <a target="_blank" href="https://www.reiv.com.au/">Real Estate Institute of Victoria</a>.
 
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How to determine the median house price

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The availability of rental homes has improved slightly in Melbourne, but there are still opportunities for investors, particularly in regional Victoria. Aspiring first-time investors should undertake research before buying their first property, and there are a few terms that they will need to know: equity, capital growth, investment return and gross rental yield.
Equity: This is the difference between the property purchase price and the amount owed on the loan. In other words, what you own, not what you owe.  Generally equity increases over time in line with capital growth and a reduction in the debt.
Capital growth: The term capital growth is often used in real estate to describe the increase in the price or value of a property. Capital growth is the annual compound rate of growth in the value of the property. For instance, if you bought a house in Coburg for $538,500 and 12 months later it was worth $550,000, the capital growth is the difference between the two – $11,500 – divided by the purchase price. This equates to 2.1% over a year. Capital growth is also known as capital appreciation.
Investment return: From a real estate perspective the term “investment” return is very similar to the capital growth figure.  It is the percentage of change in value of the investment over a given period of time.
Gross rental yield: Gross rental yield is a term that is frequently used to compare the investment return on a property investment. To calculate the amount you divide the yearly rental income by the purchase price of the home. For instance, the yearly rental income on a three-bedroom house in Coburg is $20,000 and the median house price is $550,000, resulting in a gross rental yield of 3.6%.
Enzo Raimondo is CEO of the <a href="https://www.reiv.com.au/" target="_blank">Real Estate Institute of Victoria</a>.
For more advice on buying your first investment property, <a target="_blank" href="http://propertyobserver.com.au/ebooks/first-investment-property-a-beginner-s-guide">download our free eBook.</a>
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Terms first-time property investors need to know

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Many people can’t afford to buy a new home until they sell their current one. Selling and buying at the same time has its advantages yet can also be stressful, as you not only need to successfully sell but also locate and successfully purchase. 
From a cashflow perspective it can be difficult, as you need a deposit for the home that you are buying. While some people apply for a deposit bond to bridge the gap, there is also the option of applying for an early release of the deposit from the home you have just sold. 
The law in Victoria, specifically section 27 of the Sale of Land Act, allows the seller to apply for release of the deposit before the settlement date. 
It outlines a number of conditions and a mechanism for the release, including the critical condition: the purchaser must be pleased to release it. 
If you believe that you are able to meet the criteria, you need to issue a notice that contains specific information and asks the buyer of the property to allow the release of the deposit monies. They are held in trust by your estate agent or solicitor. 
While this may sound simple, it can also take some time; in fact, it may be no quicker than waiting on the settlement date of a short settlement period. 
It is important to also note that if early release is agreed to, your agent may deduct his or her fees at this time.
Enzo Raimondo is CEO of the <a target="_blank" href="https://www.reiv.com.au/">Real Estate Institute of Victoria</a>.
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Vendors can sometimes release a deposit early

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The affordability of housing for Victorian owner-occupiers has barely changed in the past year, according to the most recent REIA Deposit Power Housing Affordability Report.
The report shows that, in Victoria, the proportion of family income needed to meet average loan repayments in the September quarter last year was 35.7% compared with 35.6% in the September quarter this year.
There is no doubt that housing has become less affordable over the last few years; Victorians have generally required more than a third of an average income to pay the average loan for the last seven years (with the exception of the year of the GFC).
Between 1999 and 2004, Victorians generally required a quarter of an average income to pay the average loan.
The significant reduction in affordability was a direct result of the state’s rate of population growth doubling between 2005 and 2010 not being matched by an increase in housing construction. This suggests that the solution to affordability concerns is primarily through ensuring adequate housing supply.
When compared with the other states, Victoria is the second least affordable; only in NSW is a greater proportion of income needed at 37.1%.
Renters, however, are in a better position when compared with other states. In Victoria they required 22.7% (same as a year ago) of an average family income to meet the average rent. This was more affordable than in New South Wales, Queensland, South Australia, Tasmania and the Northern Territory.
Enzo Raimondo is the CEO of the<a href="https://www.reiv.com.au/" title="REIV" target="_blank"> Real Estate Institute of Victori</a><a target="_blank" title="REIV" href="https://www.reiv.com.au">a.</a>
 
 
 
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Owning Victorian housing has become less affordable over past few years

Repeat buyers are one of the strongest measures of confidence in any apartment development.

At <a href="https://www.apartments.com.au/new-apartments/era-newcastle-west-124-126-bull-street-newcastle-west-nsw-2302">ERA</a> in Newcastle West, some purchasers are returning to <a href="https://www.apartments.com.au/developers/gwh">GWH</a> after living at the developer's One Apartments. Their decision to purchase again was driven by the quality of life they found after moving into their first GWH home.

Keith Wilton had spent years living in a house in East Maitland before deciding it was time for a change. Apartment living had always been on his radar, but he was selective about what he wanted.

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"I had some boxes I wanted to tick," he says.

Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.

“One of those things was a nice indoor open plan area, but also I wanted a nice outdoor open area that I could entertain on in summer or Christmases or birthdays,” he says.

He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.

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After comparing several developments, he chose One Apartments because of GWH's longstanding local reputation and his own experience working with the developer on a commercial project more than a decade earlier.

"I knew that they were local, that the quality of the build was going to be up there. I'd looked at other apartment complexes around and close by, and I just knew that here was a better decision location wise."

Today, Keith says the move has completely changed how he experiences Newcastle.

"I enjoy living in this location because it's more of a lifestyle change. That Newcastle city living where you can walk to restaurants and bars and even beaches and parks and even shopping across the road."

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Beyond the location, he says it's the sense of community that has surprised him most.

"Everyone loves living here because they chose to live here, but everyone looks out for each other. It's a real great community feel here."

For Aimee and Lyle Goodman, the journey started almost by chance.

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The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.

"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."

As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.

"We actually catch up more as a family now," Aimee says.

"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."

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Lyle says their confidence came from GWH's reputation within Newcastle's building industry.

"I know people who've worked across different apartment projects, and whenever GWH came up the feedback was always the same. They're rock solid. They're quality."

That confidence only grew throughout the buying process.

"One of the things that really impressed us with GWH was the whole process, was the communication," Lyle says. "It was consistent, it was regular, there was no problem if we had some weird questions, there was no problems in getting answers."

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Aimee says one moment stood out.

"The project actually finished on time. We realised we needed to hurry up and sell our house because everything was happening exactly when they said it would."

The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.

Their confidence reflects what many buyers are seeking in today's apartment market. Location remains important, but so too does certainty around delivery, quality and long-term liveability.

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ERA builds on those foundations with 280 one, two and three-bedroom apartments across two landmark towers in <a href="https://www.apartments.com.au/developments/newcastle-west-nsw-2302">Newcastle West</a>.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/fk-australia">Fender Katsalidis</a>, the project will include more than 2,000 square metres of resident amenities, including a resort-style pool, gym, sauna, private cinema and rooftop entertaining spaces overlooking the harbour and coastline.&nbsp;

The development is also within walking distance of the Newcastle Interchange, Honeysuckle, Darby Street, the harbour foreshore, restaurants, retail and the city’s beaches, continuing the walkable lifestyle that existing GWH buyers say has transformed how they live.

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For Keith, the appeal remains straightforward.

"You feel at home even before you've moved into your home."

For Aimee, the change is measured in time.

“I just felt like I had more time,” she says.

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Construction at ERA is now underway, with more than half of the residences already sold and limited two and three-bedroom apartments remaining in the East Tower release. Priced from $980,000 for two-bedroom residences and $1.46 million for three-bedroom residences, buyers can secure an apartment with a 10 per cent deposit, with premium homes offering ocean views from Level 8 and harbour views from Level 10.

ERA is also backed by Resilience Insurance's 10-year Latent Defects Insurance policy, providing protection against structural or waterproofing defects for 10 years after completion. The project is anticipated to be completed in early 2028.

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Joel Robinson

From ONE to ERA: Why buyers are choosing GWH again in Newcastle West

Virgate Property Group is preparing to commence construction of Verdé, its new apartment development in Melbourne's Arts Precinct at Southbank, following a strong run of sales that has seen more than half of the project's 173 apartments secured.

Verdé has attracted a broad mix of first home buyers, owner-occupiers upgrading from nearby inner-city suburbs and investors, with younger owner-occupier couples aged between 28 and 45 accounting for the strongest enquiry. Many are already living in Southbank, South Melbourne, Albert Park, Port Melbourne, South Yarra and the CBD.

"Verdé is located in one of the most desirable pockets of southern Melbourne," Blair Property Group Director Darren Blair, who is managing sales at Verdé, said.

"It's within walking distance of the Arts Centre, Royal Botanic Gardens, Albert Park Lake, and Southbank's restaurants and retail. It's a great lifestyle location with strong amenity and liveability, which made it a very attractive choice for the project."

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Virgate was already familiar with the precinct, having previously delivered the successful Domain House development in neighbouring South Melbourne. That experience gave the developer confidence to acquire the Coventry Street site and continue expanding its presence in Melbourne's inner south.

"We had been keeping an eye on the site and the broader precinct for a few months before deciding to move forward with the acquisition," Virgate said.

The project was ultimately secured in 2020 following feasibility studies, planning assessments and due diligence, with the brief centred on delivering "a high-quality, considered design that feels both refined and fit for purpose."

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Designed by <a href="https://www.apartments.com.au/architects/bruce-henderson-architects">Bruce Henderson Architects</a>, Verdé comprises 173 one, two and three-bedroom apartments priced from $599,000. The architecture is distinguished by a faceted glass façade that responds to both the site's outlook and Melbourne's changing light conditions.

According to Bruce Henderson Architects, the coloured glazing gives the building a distinctive identity while also providing privacy and solar shading, with residences oriented to capture views across the bay, city skyline and surrounding parklands.

Inside, <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> has created interiors focused on natural light, efficient planning and enduring materials. Apartments feature engineered oak flooring, natural stone benchtops, floor-to-ceiling glazing and SMEG appliances, while a restrained material palette aims to complement the expansive outlooks rather than compete with them.

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Resident amenity has also been designed around everyday functionality rather than occasional use. Facilities include a concierge-serviced lobby, residents' lounge with fireplace, library and co-working space, gym, terrace garden with barbecue facilities, ground-floor café, and package delivery management.

The project's location continues to be one of its strongest drawcards. Positioned on Coventry Street, Verdé sits within walking distance of the National Gallery of Victoria, Arts Centre Melbourne, Royal Botanic Gardens and Albert Park Lake, while Southbank's dining precinct, Sturt Street trams and the new ANZAC Station are all nearby. The surrounding education catchment also includes Melbourne Grammar, Melbourne Girls Grammar, Mac.Robertson Girls' High School and several major university campuses.

The sales team says buyers have responded particularly well to the combination of location, design quality and long-term liveability.

"They're responding really positively to the quality of the design, premium resident amenities and the uninterrupted views. Many also appreciate the location and how connected it is to everything they need."

The ability to secure stamp duty savings before completion has also been a key factor for purchasers, alongside the opportunity to personalise finishes ahead of settlement.

With construction set to commence soon and more than half the apartments already sold, Verdé enters its next phase as one of the Arts Precinct's more established apartment developments, offering remaining buyers an opportunity to secure a residence before construction advances further. Expected completion is scheduled for late 2027.

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Virgate's Verdé Southbank moves toward construction as sales fly past halfway stage

Downsizer-focused apartment development Kooyongkoot in Hawthorn has been recognised at the 2026 Better Future Melbourne Design Awards, taking home Gold and Silver awards in two categories.

<a href="https://www.apartments.com.au/new-apartments/kooyongkoot-hawthorn-1-kooyongkoot-road-hawthorn-vic-3122">Kooyongkoot</a>, currently being delivered by developer PQD and designed by Cera Stribley, received Gold in the Interior Design – Proposed category and Silver in the Architecture – Proposed category.

The dual recognition reflects the design approach behind the boutique development on prestigious Kooyongkoot Road, where the focus has been on creating homes for downsizers seeking the space, quality and functionality of a detached house within a low-rise apartment building.

Rather than maximising apartment numbers, <a href="https://www.apartments.com.au/developers/pqd">PQD</a> and <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a> limited the development to just 18 residences, allowing for larger floorplans, greater privacy, generous landscaping and expansive communal spaces.&nbsp;The majority of the apartments also benefit from corner aspects, allowing for dual sources of natural light.

Now around 70 per cent complete and on track for completion in November 2026, Kooyongkoot will comprise a mix of garden residences, ter​race apartments, sub-penthouses, and is crowned by two half-floor penthouses with direct lift access and private rooftop terraces.

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The Silver Award for Architecture recognised the way the building responds to its prominent corner position at the ent​rance to Hawthorn's Scotch Hill precinct, one of Melbourne's most established residential neighbourhoods.

Rather than competing with the grand homes that line Kooyongkoot Road, the architectural approach focused on restraint and longevity, using curved brickwork, generous landscaping and carefully considered proportions to integrate with the existing streetscape.

"The form feels fluid and timeless, as though shaped by the landscape itself – architecture that belongs, rather than competes," said Chris Stribley, Co-Founder and Managing Principal of Cera Stribley.

The judging submission also highlighted practical innovations throughout the building, including lift cores servicing only nine homes each, a central landscaped lightcourt designed to bring daylight and ventilation into the building, and fully enclosed private storage rooms with lighting, power and shelving to better accommodate residents transitioning from larger family homes.

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The Gold Award for Interior Design recognised the project's focus on long-term liveability rather than display-home aesthetics.

According to the awards submission, the interiors were designed from the inside out, prioritising how homes would function over decades of daily use through generous proportions, practical storage, durable natural materials and flexible layouts.

The specification includes natural stone throughout, upgraded acoustic glazing, V-ZUG appliances and fully enclosed storage rooms, alongside an amenity offering focused on wellness, entertainment and everyday convenience.&nbsp;

Residents will have access to a gym and yoga studio, a wellness centre featuring traditional and infrared saunas, a cold therapy shower and treatment room, as well as a residents' lounge and golf simulator/cinema room for entertainment.&nbsp;Kooyongkoot has also considered the everyday convenience of its residents by offering a private carwash and pet wash facilities on site as well as dedicated parcel lockers and oversized fully enclosed storage rooms.&nbsp;

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The project's attention to detail has already resonated with buyers. Earlier this year, Kooyongkoot recorded one of Boroondara's highest apartment sales when an $8 million penthouse was purchased by a Melbourne CEO downsizing from a nearby family home.

"Every detail feels deliberate, from the overall design down to the smallest touches," the purchaser said.

"The level of quality and refinement is exceptional, but what really sold it was how liveable it felt... It felt like a place where everything had been considered, not just a luxury building."

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Sustainability also formed a key part of both award submissions. Kooyongkoot is targeting a minimum 7.5-star NatHERS rating across all residences, supported by passive design principles, high-performance glazing, EV charging infrastructure, water reuse systems and a wellness model focused on lower-energy dry facilities rather than pools and large wet areas.

Located within walking distance of Scotch College, Methodist Ladies' College, Koo​yong Lawn Tennis Club, Aubur​n Village and Camberwell Junction, Kooyongkoot continues to target owner-occupiers looking to remain in Melbourne's inner east without compromising on space or quality. A limited selection of two, three and four-bedroom residences remains available, with prices starting from $1.9 million.

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Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.

It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.

With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.

The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.

Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.

[smartcode_project:default project_id=5743 project_image_fid=372394]

Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.

"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.

"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."

[smartcode_project:default project_id=5743 project_image_fid=953]

Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.

Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.

That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.

[smartcode_project:default project_id=5743 project_image_fid=925]

Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.

Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.

"The Lennox is where aspirational living becomes attainable," Hamblett said.

"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."

Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.

"At The Lennox, lifestyle is not an afterthought, it is the foundation."

[smartcode_project:default project_id=5743 project_image_fid=5374]

The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.

Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.

That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.

"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."

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The apartment price gap drawing Sydney buyers west

A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.

The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.

The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.

The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.

Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.

"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.

"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."

<img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" />

Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.

Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.

Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.

"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.

"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."

Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.

Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.

Enzo Raimondo

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