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Evolve Development and Hassell architects have come together to create South Melbourne’s ‘Jewel’, a 65 apartment development at 244 Dorcas Street.
The seven levels of apartments at <a href="https://jewelsouthmelbourne.com.au/" target="_blank">Jewel</a> are expected to attract 60% owner occupiers and 40% investors. New residents are likely to move into the $45 million project by late-2016.
All apartments come with a storage and bicycle space, while all apartments except for all 19 one bedroom apartments and five of 15 ‘premium’ one bedroom apartments have car spaces.
In total, nine one bedroom plus study apartments and 22 two bedroom, two bathroom apartments will include parking.
A retail tenancy, with a car space, will also be featured in the development.
<img src="/images/2014/12/11/south-melbourne-dec-11-one.jpg" alt="">
The one bedroom apartments, spanning 45.1 square metres internally plus a further 4.9 square metre terrace, have price indications of $395,000 to $440,000.
The ‘premium’ one bedroom apartments will be priced from $450,000 to $575,000. They range from 48.5 square metres to 52.3 square metres internally with a 5.4 square metre to 24 square metre terrace.
One bedroom plus study apartments, spanning 56.4 square metres to 58.1 square metres internally, plus a 5.2 square metre to 28 square metre terraces, will be priced from $540,000 to $620,000.
The two bedroom, two bathroom apartments will range from $685,000 to $960,000, with internal sizes of 61.5 square metres to 93.9 square metres. They will feature terraces spanning from 7.0 square metres to 69.2 square metres.
The development is expected to achieve a 4 star/green star sustainability rating. Some of its features include solar power for the common areas’ electricity and a 15,000 litre rainwater tank in the basement.
Evolve director and founder Ashley Williams said that they are a Melbourne-only developer and the Jewel apartments are in a sought after location.
“Given the high quality of architecture and finishes we expect Jewel to appeal mostly to owner occupiers looking for an oasis to call home, with commanding sea and city views, with  the popular South Melbourne lifestyle at the doorstep,” said Williams.
Evolve Development has completed $11.8 million Keilor project The Orchard, $190 million Southbank project The Guilfoyle and $127 million Melbourne CBD Queens Road project Monarc. They are currently working on other projects in Epping, Williamstown and Mickleham. Future projects are expected to be seen in Southbank, Clyde, Hillside and Wollert.
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jduke-EHk3XBmHkn

South Melbourne's 65 apartment Jewel development launched

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Recent housing finance figures from the Australian Bureau of Statistics show positive signs for new home building moving into early 2015.
Comparing October 2013 and October 2014 in Tasmania, the increase is 61.5%. Meanwhile, the Northern Territory and the ACT also scored double figures with 35.1% and 12.3% increases.
Victoria, Western Australia, Queensland and New South Wales all recorded increases of 9.5%, 8.5%, 4.2% and 1.2% respectively.
South Australia, however, declined by 3.3%.
The Housing Industry Association’s economist Diwa Hopkins noted that comparing the results from 12 months ago some big gains have been realised, particularly when looking at the total number of owner occupier loans for new housing.
 “While total lending to owner occupiers, excluding refinancing, eased by 1.4% during the month of October, loans to those constructing a new home expanded by 1.5% to a level that is 14.6% higher than 12 months previously,” said Hopkins.
“On the investor side of the ledger, lending for the construction of rental housing or housing for resale remained strong during the month. The value of lending edged higher by 0.5% to be 24.3% higher than a year previously,” she said.
Hopkins pointed to APRA’s updated guidelines on supervision of lending practices and the flexibility of their approach, and expressed that it is important that residential construction is affected as a result.
“There has been a string of disappointing data updates to the wider economy in recent weeks, but the residential construction sector has remained fairly resilient. Policymakers should be working to ensure that the sector can continue to be a key source of strength in the wider economy as the re-balancing of domestic growth continues to take effect,” she said.
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New home building activity set for a strong 2015: HIA

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At present, the New South Wales government allows two storey houses to be put through a 10 day planning approvals under the current housing code.
However, Urban Taskforce’s CEO Chris Johnson says that this quicker approval code should be extended to more developments to assist with Sydney’s supply problems.
While he acknowledges that taller towers will be crucial in this mix, he says that unsurprisingly they do take longer to be assessed.
For mid-rise apartments, of six to eight storeys, he suggests that a 30 day approval could be brought in.
“With Sydney’s projected population growth requiring a doubling of the number of homes over the next 50 years, we must encourage more mid-rise apartments as a major component of housing such large growth,” he said.
“We cannot rely only on two storey houses so a mid-rise apartment code with 30 day approvals will be needed.”
They have created a two page Complying Code that could be introduced for mid-rise apartments.
The requirements in the code include specific rules for setbacks, heights, landscaping, parking, apartment size and so on, and also requires architects to design the development.
“The planning system does not need vast volumes of complex rules. Our code respects the context and the amenity of neighbours as well as requiring an expert to deliver a quality result,” he said.
“Mid-rise apartments represent a third way to deliver housing between two storey houses and high-rise apartment towers. At a height of six to eight storeys these apartments are family friendly with parents able to keep an eye on children playing in a common garden. They also blend into the landscape well as the Australian gum tree grows to height similar to an eight storey building."
He also suggested that large areas featuring 1960s walk up flats could be renewed under the new code.
“The proposed mid-rise apartment code would be a strong signal from the government that it supports this building type as a preferred way to house the growing future population,” he said.
The full <a href="https://www.urbantaskforce.com.au/urbanideas/december2014/" target="_blank">Complying Code is available online (page 6)</a>.
{mijopolls 70}
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Is 30-day approval for mid-rise apartments the solution for Sydney’s supply?

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With a number of experts now tipping a rate cut next year, 1300HomeLoan’s managing director John Kolenda is adding his voice to the crowd.
In fact, he notes that with significant drops to consumer confidence the evidence for a potential cut is becoming increasingly compelling.
The Westpac-Melbourne Institute survey of consumer sentiment is now at the lowest point in more than three years, he said.
This drop offsets a slightly better than forecast rise in the number of home loans in October – at 0.3%, 0.2% higher than expected.
“There’s growing expectations that the RBA will have to further ease its cash rate in the coming year due to deteriorating economic conditions and all eyes will be on how the retail sector fares over Christmas,” said Kolenda.
“Consumers are worried about the outlook for the economy and job security. Negativity about the federal government’s ability to get its budget measures through the Senate has also weighed on the minds of consumers.”
“Unlike other central banks around the world, the RBA has plenty of room to play with and the question may be when they have to act next on rates, not if,” he said, noting that the falling Aussie dollar may also cause a drop.
Yesterday <a href="/expert-insights/finance/nabs-alan-oster-says-30-chance-of-three-2015-rate-cuts">NAB’s Alan Oster suggested that up to three rate cuts may be seen next year.</a>
In October, <a href="/expert-insights/finance/interest-rates-expected-to-rise-for-three-years-here-s-when-the-first-hike-will-be-finder">every expert surveyed in Finder’s monthly Reserve Bank Survey tipped the next rate movement to be up</a>. Since then, the number of experts expecting a cut has been on the rise. Here are <a href="/expert-insights/finance/the-experts-who-are-now-predicting-a-2015-rate-cut">the other experts expecting a drop</a>.
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1300HomeLoan adds voice to crowd of rate cut forecasters

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While the economy’s not booming, it is improving, according to CBRE’s Market Outlook Australia report.
The report notes that average yields are expected to decrease next year in retail and industrial property.
Offices are expected to see stabilising average yields.
<img src="/images/2014/12/10/cbre%20dec%2010%20one.png" alt="">
Source: CBRE
However, while 2014 has seen a downward shift in yields in all three sectors and varying conditions in tenant markets, 2015’s limited rent growth expectations should be seen as a slight positive coming off of a softening yield year.
“Our broad view is that prime yields will stabilise through the year as the rent cycle is weak and IRRs remains steady. Further softening in Perth/Brisbane offsets modest compression in Sydney/Melbourne in 1H 2015,” the CBRE report noted.
Looking towards industrial, however, they noted that prime warehouse continues to perform well in comparison to secondary stock. Those with prime warehouse assets may see some rental growth.
Larger format retail and sub-regional/neighbourhood centres are also expected to outperform in the retail category, while those with prime retail may not have such a good 2015.
For the majority of commercial assets it seems CBRE is predicting a slow growth environment.
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Commercial rent expectations for 2015: CBRE

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A number of property industry members have told us about this data scraping website house.ksou.cn, yet it seems very few know where it has come from.
<img src="/images/2014/12/10/house-dec-10-breakout.jpg" alt="">
Offering sold prices for free in an easily accessible Google-style way, <a href="https://house.ksou.cn/" target="_blank">house.ksou</a> also offers a ‘School’ function that allows you to search schools and gives you information as to the type of school, how it performs and other details.
The portal has been the source of discussion on property forums for some time, particularly in regards to whether the data is accurate.
This unusual property portal has seen much speculation as to its ownership in recent days and as to where the data comes from, so use it as a starting point and not as your only research hub. It hosts some Google Adsense advertisements.
It also doesn’t cover every area in Australia, with best coverage in Victoria and New South Wales.
Auction results, profiles of suburbs and new home information are also listed and it provides the option to subscribe to sold results through an email sendout.
The URL is registered to a Beijing address, unsurprising given the .cn extension, and appears to have been registered on 6 June, 2005.
The profiles of suburbs clearly explain that the site is geared towards Chinese buyers. When you click into ‘suburb profile’ and look at who is born overseas, ‘Chinese suburb’ is at the top of the list. This shows you popular suburbs for Chinese buyers.
Millers Point, Chatswood, Burwood, Ultimo, Artarmon, Hurstville, Chatswood West, East Wood, Hurstville Grove, Homebush, Campsie, Homebush West, Ashfield, Carlingford, Carlton, Kingsgrove, Penshurst, Beverly Hills, Harris Park, Parramatta, Narwee, Marsfield and Allawah are the New South Wales areas <a href="https://house.ksou.cn/suburbtop.php?sta=nsw&amp;cat=Born+Overseas&amp;name=Viet+Nam" target="_blank">noted as having double figure percentages of Chinese people in the area</a>.
The ‘About Us’ page is just as elusive as the rest of the site.
“House sales data is quite open and transparent in Australia, weekly auction results, recent sold prices on famous realestate (sic) websites and agent websites etc. (sic)," it says.
“However, the data is scattered on many corners of the internet, and the detailed historic sales data must be paid for,” it explains.
It notes that their idea was to build a free “home sold price website” that automatically collects data from many sources for home buyers.
Their FAQ notes that the data is updated daily, with the oldest home auction record in 2008 and that the data comes from “weekly auction results, realestate (sic) agents and famous realestate (sic) websites”.
Property reports on the site are not completely up to date. We double checked some recent settlements (in the past three months) that we have been aware of and found that the records still retain their older details.
On FlatMates.com at least one user has linked to this site instead of a mainstream listings portal to advertise a room available for rent in St Kilda.
Property Observer has requested comment through the available Feedback form on the website.
If you have a tip on where this site comes from and the source of the data, email: <a href="mailto:jduke@propertyobserver.com.au" target="_blank">jduke@propertyobserver.com.au</a>
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What do you know about property portal house.ksou?

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Finder.com.au’s co-founder Fred Schebesta has urged Australia’s banks to become more accountable and independent.
Speaking about the Financial System Inquiry report released over the weekend, he said that we welcomes the inquiry, which makes clear that Australian banks are not even close to being globally competitive.
“Australian banks are not even close to being globally competitive in so many ways. This is insular thinking from an insular country that needs to think about actually being globally competitive for any future chance of expanding,” Fred Schebesta said.
He went on to say that Australia needs to “stop being a little island”.
“Start earning profits not just from Australia but from all around the world. Australia could become the new global Switzerland of finance with global banks around the world,” he said.
“Comparatively, the Australian financial system is a joke – we’re isolated and currently pretty terrible at integration. There’s some huge risks, for example the big four banks are so similar in business structure that it’s crucial they take on more capital – if something comes along and cripples our economy, we’re going to see all four crumble in the exact same way.”
He said that the Inquiry is a wake up call for Australia with one of the main issues being a lack of transparency.
“It’s great to see that a key message from the Inquiry was the need for more transparency. It’s about time it was seriously recognised that guidance and disclosure needs to be improved, especially in general insurance,” he said.
“It’s not fair that some institutions purposefully hide who they are owned by because they don’t want people to know that they favour or conflict with the provider. Institutions need to understand that hiding their identity makes them untrustworthy to the public.”
He said that all financial and any advice from comparison sites, brokers, financial institutions and others in Australia should disclose their ownership structure. He also said that more disclosure around pricing is necessary.
“This will give consumers a much clearer perspective on the incentives that are driving the decisions of that entity,” explained Schebesta.
“I think consumers will start getting more independent advice which will mean better financial outcomes for Australians.”
You can read <a href="/expert-insights/finance/how-mortgage-comparison-websites-make-money">Property Observer’s analysis of how comparison websites make money here</a>.
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Australian financial system is “a joke”: Finder.com.au

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North Ryde development Ryde Garden features a number of apartments, some with views to the city, and architecture and interiors by Bates Smart Architects.
CBRE is now advertising the “last chance” to get up to $12,000 off when purchasing a one, two or three bedroom apartment in <a href="https://www.rydegarden.com.au">Ryde Garden</a> priced from $530,000.
The three apartment buildings that make up Ryde Garden come with rooftop gardens. It notes that the current advertised prices are "discounted" by $12,000.
Developed by Hong Kong listed development company Country Garden, who also <a href="/expert-insights/buying/ryde-garden-debut-for-country-garden-australia">previously expressed interest in buying Harry Triguboff’s Meriton</a>, it is their Australian debut and features around 830 dwellings.
In<a href="/expert-insights/buying/strong-off-the-plan-sales-at-country-gardens-ryde-garden-project"> June, it was reported that they’d had strong off the plan sales</a>, achieving $186 million in a six hour launch spree. Prices for one bedroom apartments started at $488,000, with two bedroom apartments from $688,000 and three bedroom apartments from $888,000.
Country Garden purchased the site in late-2013 and the project is slated for completion in 2017.
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Apartments at Ryde Garden 'discounted' by up to $12,000

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Yesterday, APRA stated that they had sent letters to all authorised deposit taking institutions (ADIs) outlining the steps they intend to take to enforce residential lending practices.
APRA noted that they would be increasing supervisory oversight onto lending.
Here are five comments to note:
<ol>
<li>“Interest rates remain at historically low levels, household leverage remains high, and housing loans represent a large and increasing concentration on many ADI balance sheets. Strong competition in the housing market is also evident, which is accentuating pressure on lending standards. Against this backdrop, housing credit growth has accelerated, with lending to property investors particularly strong; the Reserve Bank of Australia (RBA) has noted that this could be funding additional speculative activity in the market.” </li>
<li>“There are a number of additional regulatory and supervisory tools that APRA can apply to address emerging risks, building on the enhanced monitoring and review of recent years. These include additional supervisory monitoring and oversight, supervisory actions involving Pillar 2 capital requirements for individual ADIs, and higher regulatory capital requirements at a system-wide level. Beyond this, there are also more direct controls such as regulatory limits on lending activities, as introduced in other jurisdictions to manage risks emerging in the housing market.” They do note that they do not propose increases in system-wide capital or to introduce new regulatory limits, but does say they will keep them “under active review”. </li>
<li>Higher risk lending includes, for example, a high proportion of lending at high loan to income ratios (LTI), lending at high loan to valuation ratios (LVRs), lending on an interest-only basis to owner-occupiers for lengthy periods and lending at very long terms. In the current environment, where an ADI is undertaking large volumes of lending in these categories, or increasing this higher risk lending as a proportion of new lending, this will be a trigger for the consideration of supervisory action.” </li>
<li>“Given the currently very strong growth in investor lending, supervisors will be particularly alert to plans for rapid growth in this part of the portfolio. For example, annual investor credit growth materially above a benchmark of 10 per cent will be an important risk indicator that supervisors will take into account when reviewing ADIs’ residential mortgage risk profile and considering supervisory actions. The benchmark is not intended as a hard limit, but ADIs should be mindful that investor loan growth materially above this rate will likely result in a supervisory response.” </li>
<li>“The serviceability buffer assumed by ADIs as part of this assessment accommodates not only future changes in interest rates but also unexpected changes in borrower income and expenses. Practice in setting the serviceability buffer varies across the industry, with some assessments allowing borrowers to take on debt at very high multiples of their income.”</li>
</ol>
APRA notes that a prudent serviceability buffer is at least 2% above the loan product rate, with a minimum floor assessment rate of 7%.
They do suggest that “good practice” is the maintain a buffer and floor rate above these levels rather than operating at the minimum expectation, and that those who do keep to the minimum will more likely face further supervision.
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Five comments from APRA about lending standards

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The odds of your self managed super fund getting an Auditor Contravention Report (ACR) are just 53 to one, according to information provided by Chris Hocking Strategies.
An ACR is a notice that super law has been contravened in your self managed superannuation fund (SMSF) and that they have been detected and reported to the Australian Tax Office (ATO).
With 11,000 ACRs issued in 2013/2014, Chris Hocking Strategies explains that the ATO has made it obvious that those trustees who identify and actively address the contraventions will be viewed more favourably, with each ACR assessed by the ATO as either low, medium or high risk.
Your accountant or financial adviser should be speaking to the ATO for you in these situations. If you need to speak to the ATO then do so when you have prepared yourself, they suggest.
Low risk: Will be dealt with by a letter or phone call to trustee within eight weeks of the ATO receiving the ACR from the auditor.
Medium risk: A phone call to the trustee is likely to discuss the contraventions.
High risk: The SMSF will likely receive a comprehensive or full audit to look for additional problems.
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Odds of SMSFs getting a contravention report are 53 to one

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.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/FH_1EzB-1vs?si=XScVlP1ERsTDJoME" title="YouTube video player" width="560"></iframe>

"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.

[smartcode_project:default project_id=135096 project_image_fid=356818]

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."

[smartcode_project:default project_id=135096 project_image_fid=356828]

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.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/tsioMLcnjas?si=zq-ys3JuWpfa5hFv" title="YouTube video player" width="560"></iframe>

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."

[smartcode_project:default project_id=135096 project_image_fid=356829]

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."

[smartcode_project:default project_id=135096 project_image_fid=351104]

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.

[smartcode_project:default project_id=135096 project_image_fid=356822]

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.

[smartcode_project:default project_id=135096 project_image_fid=356826]

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.

[smartcode_project:default project_id=135096 project_image_fid=351102]

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.

[smartcode_project_cta:default project_id=135096]

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."

[smartcode_project:default project_id=4661 project_image_fid=372549]

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."

[smartcode_project:default project_id=4661 project_image_fid=314259]

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.

[smartcode_project:default project_id=4661 project_image_fid=372550]

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.

[smartcode_project_cta:default project_id=4661]

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.

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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."

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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.

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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."

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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>.

Jennifer Duke

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