Dwelling approvals in Western Australia have shown signs of improvement, but this growth in housing supply is unlikely to have a great effect on property prices.

That's the view of Resolve Property Solutions buyers agent, Peter Gavalas.

“There’s been a marked increase in dwelling approvals over the past few months, but this was coming off a low base,”= Gavalas says.

“We still have a significant supply deficit in <a href="/new-apartments/perth-wa">Perth</a> compared to population growth.”

The latest Australian Bureau of Statistics (ABS) data shows a 19.6 per cent improvement in total dwelling units approved between April and May 2024.

[smartcode_project:default project_id=142314 project_image_fid=263304]

Gavalas says population growth remains a key driver.

"Perth has seen significant population increases over the past few years, largely due to its relatively affordable cost of living and economic opportunities compared to other major Australian cities."

Western Australia’s population growth is fueled by interstate migration and a flourishing economy. The state recorded the largest population growth in 2023, up 3.3 per cent, according to the ABS.&nbsp;

“This influx of people continues to outpace the number of new homes being built, maintaining high demand for housing and will continue to do so,” Gavalas added.

Perth has a projected annual growth rate of 1.4 per cent over the next decade, according to the Centre for Population.&nbsp;

Another barrier for new homes is the cost of construction.

"Construction costs have soared, driven by a combination of material price hikes, interest rates and labour shortages," he said.

[smartcode_project:default project_id=142314 project_image_fid=228352]

CoreLogic’s latest residential construction costs analysis shows that, despite a slight improvement in costs, it is still around 30 per cent more expensive to build or renovate now than pre-Covid.

“This is translating into new builds being priced out of reach for a large segment of the market."

Adding to the situation is the fact that the pool of established homes being listed for sale is also smaller. In June 2024, total listings were down 32.2% across Perth, according to SQM Research.&nbsp;

"Homeowners are holding onto their properties, partly due to the uncertainty in the market and the difficulty in finding a new home once they sell. This reduces the overall availability of housing and further intensifies competition among buyers,” he said.

“With fewer homes available for purchase, and little in the way of new builds, it’s no wonder there has been such upward pressure on property prices over the last year.”

[smartcode_project:default project_id=142314 project_image_fid=263312]

Prices in Perth grew 23.6 per cent in the 12 months to June, according to CoreLogic.

But, despite its housing struggles, Gavalas said Perth is still a desirable location for buyers, thanks largely to its affordability. "Compared to the eastern capitals, Perth remains relatively affordable. This continues to attract buyers who are after better value for their money."

This sustained demand from buyers plays off against the slow pace of new supply and the high costs associated with construction.&nbsp;

"Even with more approvals, it would still take time before these properties were built, which means Perth’s supply shortage is unlikely to be solved anytime soon. For this reason, price growth in Perth is unlikely to flatten out in the near future,” he said.

Joel Robinson

Perth’s housing supply might be improving, but it's still lagging population growth

Jeff Xu's Golden Age Group is tapping into the heightened demand for family size living in Glen Waverley, a trend that is only expected to grow given the increase in population forecasts in the booming Melbourne suburb.

By the end of 2041, the population of the suburb of Glen Waverley is expected to reach almost 56,891, up over 10,000 from its current population of 46,653.

Since the 1990s, with the sale of surplus government and utility land, and the ongoing conversion of unused school sites to residential zoning, many new development opportunities have arisen. These opportunities, as they are seized upon, are delivering significant opportunities for developers, local government, local businesses, investors – and the householders themselves who can finally settle in the suburb of their choice because of more affordable choices in family-size, low-maintenance housing options.

<a href="/developments/glen-waverley-vic-3150">Glen Waverley</a> is part of the City of Monash – an area characterised by its diversity in ethnicity and nationalities. A significant percentage of its homes are owned outright, mostly by long-term residents, many of whom continue to reside in those properties.

With the area’s current and ongoing economic success, and its desirability among highly educated professionals, Golden Age Group expects to see continued demand for housing stock at every level.

<a href="/developers/golden-age-group">Golden Age Group</a>&nbsp;saw a continuing shortage of new-build family-size accommodation that was low-maintenance but offered private gardens in a smaller, communal setting. &nbsp;It is this shortage that Golden Age Group is addressing with Floret – 77 three and four-bedroom townhomes, at 583 Ferntree Gully Road, Glen Waverley.

<a href="/buildings/floret-glen-waverley-583-ferntree-gully-road-glen-waverley">Floret</a> will appeal to growing families who need more room, but don't want more maintenance.

[smartcode_project:default project_id=104680 project_image_fid=207730]

Golden Age Chief Investment Officer, Bing Chen, says the reasons for choosing Glen Waverley are not so different from the reasons that drew migrant families to this part of Melbourne in the 1970s.

“Glen Waverley is very commuter-friendly – you can be in the CBD in just over half an hour by train. Floret is also handy to a major Melbourne arterial, the Monash Freeway,” Chen says.

While easy access to work locations is a major driver to wanting a home in Glen Waverley, access to quality education comes a close second.

“There are some 24 childcare and education institutions nearby, from daycare and kindergarten to fantastic local primary and secondary schools, and right through to one of this country’s top universities, Monash University."

[smartcode_project:default project_id=104680 project_image_fid=207713]

Floret is just a short drive from two of Melbourne’s most prestigious private schools – Caulfield Grammar (Wheelers Hill campus), and Wesley College (Glen Waverley campus). Brentwood Secondary College, which is also very well-regarded, is just up the road.

Chen says the&nbsp;third great aspect of living in Glen Waverley is having all the benefits of a suburban lifestyle – tranquillity, lots of space, lots of green spaces – but there are also great cafes and restaurants offering "every cuisine you could wish for.”

The Glen shopping centre,&nbsp;with David Jones, Myer and more than 200 shops and food outlets, is only a few minutes down the road.

“Glen Waverley really has it all," Chen suggests.

Golden Age Group continues to monitor population, economic and social trends right across the eastern suburbs of Melbourne, Victoria, where property development must continue apace if Councils are to meet the ambitious housing targets in draft plans[4] announced recently by the Victorian Government.

These targets acknowledge the important role that Councils play in new residential construction by developing local planning policies and granting permit approvals.

“There are about 78,300 homes currently within the Monash City Council borders,” Chen adds.

“Because there is an expectation of continuing high growth in this part of Melbourne – fuelled by the advantages I’ve just talked about – Monash City Council has been given a target of adding 72,000 new homes to that housing stock by 2051.

“Our own business direction aligns with these local and state government planning strategies – as evidenced by other Golden Age Group projects such as Wembley Hill, which is in Box Hill South.”

[smartcode_project:default project_id=104627 project_image_fid=222321]

Under the current state policy 'Plan Melbourne', Box Hill is a designated Metropolitan Activity Centre and will be the focus of substantial development, growth and investment. Following a recent land purchase, Golden Age Group is now the biggest landholder in this state growth hotspot.&nbsp;

“The Government’s draft strategic plan sets a state-wide goal of delivering an additional 2.5 million homes by 2051 - two million of which are to be located in metropolitan Melbourne.

“We will be watching closely the progress of this plan as it is finalised and presented to the community,”

It is important to note that Golden Age Group’s development strategy doesn’t just align with the State’s in terms of adding to the number of residential dwellings in booming areas.

“With our consideration of green spaces, and the energy-saving and environmental benefits applied to our projects, we also share a commitment to providing housing that is liveable, sustainable, and enriching for residents and their broader communities.

“In these and other ways, Golden Age Group is helping to build a Victoria is which everyone can thrive.”

Golden Age Chief Investment Officer, Bing Chen, says the reasons for choosing Glen Waverley are not so different from the reasons that drew migrant families to this part of Melbourne in the 1970s

Golden Age Group cater for current and future demand for family-size living choices in Glen Waverley

Developer Bastion Group is keeping up with the trend of extensive amenity on Chevron Island with its new apartment development, Nera Residences.

The $160 million development on Parneno Street features a raft of facilities just for residents. The focus is on the rooftop where there will be a wellness centre with a yoga platform, infinity pool, a spa and ice bath, and a fitness centre.

There's also a&nbsp;private dining room and bar, designed in consultation with Michelin-starred chef Shaun Rankin

[smartcode_project:default project_id=108640 project_image_fid=253875]

<a href="/new-apartments/nera-residences-chevron-island-8-10-parneno-street-chevron-island">Nera Residences</a> comprises 81 apartments, six skyhomes, and a full-floor penthouse. Residents will be serviced by the Bastion Experience concierge which can book private or group cooking classes or source and deliver exclusive wine an spirits.

Over $35 million worth of apartments have sold. Construction on Nera is expected to begin soon.

Siera Group kicked off the trend of rooftop amenity on Chevron Island at Tapestry, a 22-level tower that is currently under construction through Siera Group's internal building capability.

On their rooftop they have&nbsp;more than 700 sqm of separate recreation zones for residents to relax, connect and engage in the elevated landscape. It includes a private dining space and kitchen, lounge and fire pit, yoga lawn, pool, spa and sundeck, barbecue and alfresco area, gym, sauna, steam room, and lounge area separated by extensive landscaping.

[smartcode_project:default project_id=108641 project_image_fid=192971]

Siera Group Founder and Managing Director, Brent Thompson, says when they&nbsp;were designing the rooftop, they really wanted to make sure that they created multiple breakout zones so that residents were able to be in their own private little areas when enjoying the facilities.

"Reminiscent&nbsp;of&nbsp;the&nbsp;famous&nbsp;hotel&nbsp;rooftops&nbsp;of&nbsp; the&nbsp;world,&nbsp; The&nbsp;Roof&nbsp;Terrace&nbsp;at&nbsp;Tapestry&nbsp;is&nbsp;a&nbsp;multi-faceted&nbsp;retreat&nbsp;for residents&nbsp;to enjoy their space," Thompson says.

"Whether&nbsp;it’s&nbsp;a&nbsp;swim&nbsp;in&nbsp;the&nbsp;resort&nbsp;pool, relaxing on the day bed deck or sunken lounge area, some quiet time on the lawn terrace or tending to the vegetable garden, there’s a space for&nbsp;everyone&nbsp;to&nbsp;enjoy&nbsp;in&nbsp;total privacy."

[smartcode_project:default project_id=108641 project_image_fid=192964]

Aniko then followed with <a href="/new-apartments/orama-chevron-island-12-16-weemala-street-chevron-island">Orama on Chevron Island</a> that has its facilities located on its 21st level rooftop.

Their pool and spa is accompanied by a&nbsp;gym with a sauna and a yoga space, and a business lounge with private offices, booths, and a boardroom.

[smartcode_project:default project_id=111898 project_image_fid=209594]

George Mastrocostas, Aniko Group’s Founder and Managing Director, believes that the inclusion of amenity in the modern day enhances the desirability of a property and contributes to the pleasure and enjoyment of residents.

infrastructure.

“Aniko derives from the Greek word ‘to belong’,” Mastrocostas said.

“We aim to create a sense of community and belonging in all our projects and this is achieved primarily through engaging people in some form and that’s where amenities play a vital role.

“They give residents an opportunity to meet other people that live there and use the amenities, hence helping form a sense of community and belonging.”

&nbsp;

[smartcode_project_cta:default project_id=108640]

Nera continues trend for rooftop amenity on Chevron Island

Brisbane-based developer ARDO Property Group has submitted a proposal for a new luxury apartment development in Balmoral, a suburb traditionally dominated by single-house dwellings.&nbsp;

<a href="/developments/balmoral-qld-4171">Balmoral</a>, known for its tree-lined streets and park-centric lifestyle, has seen limited apartment development in years gone by, with fewer than 500 units currently in the affluent suburb.

ARDO's project aims to integrate with the existing neighbourhood, contributing positively to the local real estate market while catering to the growing demand for upscale residential options.

<img alt="59 Collings Street Balmoral" data-entity-type="file" data-entity-uuid="7ee67db5-d8b3-4e8f-acf5-888b3da2b5de" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Collings%20St%20Balmoral%20perspective.png?VersionId=papbykVM.N9T.VgMgt1RzG.FiF3U7lKY" />

ARDO Founder and Managing Director, Ben Davis, says the proposal for six luxury apartments at 59 Collings Street reflects a broader trend of residential development in Brisbane’s affluent suburbs, where high-quality, well-designed apartments are becoming increasingly popular among those looking to downsize or invest in premium real estate.&nbsp;

The development is designed by Flourish Architecture and features expansive floor plans with top-tier finishes and state-of-the-art amenities.&nbsp;

<img alt="59 Collings Street" data-entity-type="file" data-entity-uuid="d661a91e-ecf1-482c-ba3c-06f2906b8d97" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Collings%20St%20Balmoral.png?VersionId=rqT0dmthQh_ec1uol2TvL44DJAgNVXI1" />

Five of the six apartments will offer nearly 200 sqm of living space, while the penthouse will span around 214 sqm and include a private pool with views of the Brisbane skyline.

Residents will be near ferries, restaurants, shopping options, and the well-known Hawthorne and Balmoral Cinemas.

The proposed development will also benefit from its proximity to the popular Oxford Street in nearby Bulimba, which is undergoing significant gentrification with <a href="/news/qld/first-look-exclusive-shayher-group-file-for-first-stage-of-bulimba-barracks">Shayher recently announcing the start</a> of their 20-hectare vision for Bulimba Barracks.

First look: ARDO Property plot luxury apartments in Balmoral

Veteran developer&nbsp;Morris Property Group has announced the release of Walter &amp; Whitley, its rare apartment development in Griffith, one of Canberra’s most sought-after areas.

Situated at 52 Leichhardt Street, <a href="/new-apartments/walter-whitley-52-56-leichhardt-street-griffith">Walter &amp; Whitley</a>&nbsp;will have 67 one, two and three-bedroom apartments across two four-level buildings designed by <a href="/architects/guida-moseley-brown-architects">Guida Mosely Brown Architects</a>.

The two buildings are deliberately separated to ensure that each residence benefits from natural light and privacy, while also offering views of the landscaped gardens and heritage trees that line the street.&nbsp;

[smartcode_project:default project_id=136296 project_image_fid=295072]

The apartments have been designed with spacious floorplans, providing a seamless flow between living, dining, and kitchen areas, extending to expansive balconies.

The kitchens are equipped with premium inclusions including a 40mm stone island bench and European Bosch appliances. Larger units also feature additional amenities such as a bar with a Vintec wine fridge and a walk-in pantry.

[smartcode_project:default project_id=136296 project_image_fid=295077]

Residents of Walter &amp; Whitley will be within walking distance of <a href="/developments/griffith-act-2603">Griffith</a>'s several key amenities including Old Kingston Shops, Manuka Terrace, and Fyshwick Fresh Food Markets, all within one kilometre.&nbsp;

The nearby Kingston Foreshore and Manuka Precinct further enhance the location's appeal, offering a variety of dining, leisure, and entertainment options within walking distance.&nbsp;

[smartcode_project:default project_id=136296 project_image_fid=295078]

One-bedroom apartments in Walter &amp; Whitley are priced from $599,900.

<a href="/developers/morris-property-group">Morris Property Group</a>&nbsp;is one of the most active developers in both Canberra and on the Gold Coast.

Recently they launched <a href="/buildings/malo-broadbeach-8-jubilee-avenue-broadbeach-qld-4218">Malo Broadbeach</a>, just 16 half-floor apartments on Jubilee Avenue.

[smartcode_project_cta:default project_id=136296]

Residents of Walter & Whitley will be within walking distance of Griffith's several key amenities including Old Kingston Shops, Manuka Terrace, and Fyshwick Fresh Food Markets, all within one kilometre

Morris Property Group launch Walter & Whitley in Canberra's Griffith

Noetic Place is the latest luxury off the plan apartment development taking shape in the heart of Bayside.&nbsp;

Designed by <a href="/architects/fk-australia">Fender Katsalidis</a>&nbsp;on the fringe of the centre of Hampton, Noetic Place will feature just 33 two, three, and four-bedroom apartments, some of the largest in the area.

The stepped facade and attention to detail create a sophisticated yet welcoming presence on the tree-lined service street.

Inside, the apartments are designed for modern living, with free-flowing spaces that open to generous balconies offering views of the city, national park, or bay.

<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/pUNfJPHjPGg?si=52Zl2rhWICmxCbqO" title="YouTube video player" width="560"></iframe>

The communal amenities at <a href="/new-apartments/noetic-place-hampton-28-34-service-street-hampton">Noetic Place</a> are centred around lush landscaping by <a href="/landscape-architect/eckersley-garden-architecture">Eckersley Garden Architecture</a>. A pavilion with a kitchenette, dining space, and library will be nestled in the garden, offering a private retreat for residents.&nbsp;

We visited Noetic Place's display suite at 354 Hampton Street to offer a glimpse into what Noetic Place will bring to the vibrant <a href="/developments/hampton-vic-3188">Hampton</a> community.

[smartcode_project_cta:default project_id=134934]

We visited Noetic Place's display suite at 354 Hampton Street to offer a glimpse into what Noetic Place will bring to the vibrant Hampton community.

Inside Hampton's newest apartment development, Noetic Place: Urban video display suite tour

The findings of the UDIA National Housing Pipeline ® (NHP) - NSW Report show that only 171,400 homes are forecast to be completed during the five-year Housing Accord period.

This represents a shortfall of 150,600 homes across the Sydney Megaregion.

“A shortfall of 150,600 homes should not be accepted and requires immediate interventions from the NSW Government to enhance housing supply,” said Stuart Ayres, UDIA NSW Chief Executive Officer.

The NHP forecast is a combination of UDIA’s developer intentions survey, CoreLogic’s Cordell database, and the Department of Planning, Housing and Infrastructure’s Sydney Housing Supply Forecast.

The timing of the report, being released early in the Housing Accord period, provides Government time to implement additional interventions to remove constraints and increase the amount of homes the industry can deliver across the Accord period.

"Waiting any longer before taking corrective action on housing supply, will only ensure more people are denied an opportunity for a place to call home” Ayres added.

<img alt="Sydney's Megaregion's Housing Target vs UDIAs housing forecast" data-entity-type="file" data-entity-uuid="f3452c0c-3b98-417a-863c-c4032fe8ce24" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Sydney%27s%20Megaregion%27s%20Housing%20Target%20vs%20UDIAs%20housing%20forecast.png?VersionId=M.TEf0HtjdBZ8PnTH5PWQUEWrMiqNJ0h" /> 
&nbsp;

Findings show that 97 per cent of potential homes are currently not development ready. The NHP reveals the reasons why we are expected to fall short, and where opportunities exist to unlock housing. The three main factors impacting housing supply over the next five years are:

<ul>
	<li>A slow planning system. 42 per cent&nbsp;of potential homes are awaiting at least one approval determination before development can commence.</li>
	<li>A lack of enabling infrastructure.&nbsp;30 per cent&nbsp;of potential homes are held up by a lack of committed, funded, or completed enabling infrastructure (water, power, sewer, and roads).</li>
	<li>Environmental constraints. Only 10 per cent&nbsp;of the Sydney Megaregion’s residentially zoned land is vacant and environmentally unconstrained (e.g., not flood impacted, bush fire prone etc.).</li>
</ul>

Previous UDIA research has highlighted feasibility challenges, which means that the Low and Mid Rise Reforms and TODs are unlikely to fill the shortfall. This demonstrates that further Government interventions will be required to increase housing supply.

UDIA acknowledges the housing supply programs underway by the NSW Government and intends for this report and its recommendations, to be a ready-made action plan for Government to collaborate with industry to improve housing delivery.

“Meeting our housing objectives will not be resolved by one lever alone," Ayres said.

"We need to see a diversity of typologies, increased investment in enabling infrastructure, and the Government genuinely prioritising housing supply."

"We need to see a diversity of typologies, increased investment in enabling infrastructure, and the Government genuinely prioritising housing supply," Stuart Ayres said.

Sydney to miss building targets by 150,000 homes: UDIA's UDIA National Housing Pipeline

The Star Entertainment Group and its consortium partners Chow Tai Fook Enterprises and <a href="/developers/far-east-consortium">Far East Consortium</a>, have topped out the second tower of its Broadbeach casino development.

The new $400 million tower, home to a new suite of apartments managed by <a href="/buildings/the-star-residences-gold-coast-1-casino-drive-broadbeach">The Star Residences</a> apartments, is expected to open in early 2025, following the completion of the vertical construction by Multiplex.

It follows the top-out of the first 53-level tower, comprising the first Dorsett hotel in Australia, in September 2021. &nbsp;

The joint venture partners are also developing the $3.6 billion Queen’s Wharf Brisbane featuring The Star Brisbane, which opened at the end of August.

The new soaring 200m Broadbeach tower on Casino Drive will stand alongside its sister tower as well as the existing five-star The Star Grand hotel and the luxury all-suite hotel The Darling, creating a further 639 accommodation options for visitors to the entertainment and leisure destination.&nbsp;

The Star Gold Coast General Manager of Hotels, Steve McPharlin, said the development is "another 65-levels of proof of our commitment and contribution to the Gold Coast visitor and jobs economy."

“It’s a significant moment to have reached the tower pinnacle after watching it rise steadily over the past three years,” McPharlin said.&nbsp;

“We are proud to have been able to create the platform for a multitude of jobs during construction and will now look toward ramping up the hundreds of direct employment and supply chain opportunities.”&nbsp;

“We are committed to investing in new accommodation inventory, more tourism amenities and a new offering of events &nbsp;spaces to keep the beautiful Gold Coast top of mind as a domestic and world-class tourism and events destination and place The Star in a strong position to capture future growth.”&nbsp;

Just months from completion, the second new tower features 437 one and two and three-bedroom apartments, all of which are sold and unconditional, rising from the 23rd level above the residential amenities and the 202-room 5-star hotel.&nbsp;

Destination Gold Coast Consortium Project Director Silas Croucher said it’s been a rewarding project to lead on behalf of the joint venture partners.&nbsp;

“It’s clear there is high demand to invest in one of the world’s most recognised and beautiful tourism destinations,”&nbsp; Croucher said.&nbsp;

“Standing together as a beacon for the Broadbeach area, the new sister towers with their golden glass façades have &nbsp;significantly transformed the Gold Coast coastal skyline and we look forward to opening in 2025.”

The Star Gold Coast’s new second and taller hotel and apartments tower as part of a visionary $2 billion masterplan has reached a construction milestone, topping out at 65 storeys.  

The Star second Broadbeach tower tops out ahead of 2025 completion

Adelaide’s most expensive-ever single-home parcel is part of a $50 million-plus sale of a North Adelaide mega-site that will become a new multi-residential development.&nbsp;

The 1.9-hectare site, which comprises 12 separate allotments across multiple titles with frontages to Ward, Jeffcott and Archer Streets and Wellington Square, was bought by a syndicate of four buyers, the most notable being Genworth Group, well known for&nbsp;custom-built homes in North Adelaide.

The buyers plan a mix of single-home developments, low-rise apartment towers, and potentially some townhouses and build-to-rent apartments.

The site was offered with vacant possession. It comprises the Lutheran Church in Australia’s national headquarters and includes a residential college, apartments, hostel rooms and townhouses, an office building, refectory, library, vacant development sites, and the State Heritage-listed Hebart Hall on Jeffcott Street, punctuated by its striking clock tower.&nbsp;

“This was a once-in-a-century opportunity for the Adelaide market,” James Juers of McGees Property, who sold the site,&nbsp;said.&nbsp;

Genworth Group acquired multiple parcels.&nbsp;

“We're working on plans and working through our feasibilities now,” Genworth Group's Chris Diamantis said.

<img alt="Ward, Jeffcott and Archer Streets, and Wellington Square, North Adelaide" data-entity-type="file" data-entity-uuid="0d01ddc7-444d-4206-9615-4eac132f0c74" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/North%20Adelaide%20-%20Marked%20Up%20Aerial%202.png?VersionId=dbt1gIwNSD4GFuxL9y9FqvA7PsRMiVGf" />

Diamantis said they're&nbsp;probably looking at four different projects in a way that they cater for a variety of demographics.

"We’ll be doing a very large private super high-end residence, as well as build-to-rent - probably two smaller towers with 25 to 30 apartments - we also might do some townhouses for downsizers, and possibly retirement living.”&nbsp;

“I've done lots of business in North Adelaide, and I know it intimately. I also know quite a lot of the residents of North Adelaide who dealt with over the last 36 years. &nbsp;I've got a very good idea of what North Adelaide needs, and that's what we're trying to cater for.&nbsp;

“We're really looking forward to developing the land and coming up with something &nbsp;that I think North Adelaide is screaming for, really.”&nbsp;

&nbsp;

The site has been associated with education uses since 1854 and the early days of &nbsp;South Australia. The United Evangelical Lutheran Church in Australia purchased the site in 1922 and established it as Immanuel College. The college moved to Novar &nbsp;Gardens in 1957, and the North Adelaide site over time became the church’s main tertiary education institution, providing education and accommodation to pastors, &nbsp;teachers, church workers and volunteers through the Australian Lutheran College.&nbsp;

Diamantis said they're probably looking at four different projects in a way that they cater for a variety of demographics

Adelaide’s priciest home site sale to pave way for new development

Prolific developer Billbergia is teaming up with&nbsp;Legacy Property&nbsp;for a two-tower development in Macquarie Park.

The $181 million plans at&nbsp;88 Waterloo Road, in the heart of <a href="/developments/macquarie-park-nsw-2113">Macquarie Park</a> next to the town centre, are for two towers, at 21 and 19 levels, dubbed Cottonwood and Waterloo.

Cottonwood and Waterloo will home 255 one, two and three-bedroom apartments above a shared mixed-use podium with car parking and retail.

Over 2,400 sqm, almost half of the total site area, will be dedicated to communal open space, while a further 30 per cent of the site will be covered by tree canopies.

The project prioritizes reconnecting landscaped areas to the surrounding Sydney Turpentine Ironbark Forest ecosystem, particularly contributing to the Waterloo Road Linear Park, a green spine running through the city centre. &nbsp;&nbsp;

<img alt="Legacy Property Billbergia Macquarie Park proposal" data-entity-type="file" data-entity-uuid="98225a57-ad51-47b9-ac89-fdaa59b6bded" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Cottonwood%20ground.png?VersionId=9OM_VQHUgu3U4Q1JAa8jWNTPxgdJc.f5" />

Billbergia Development Director of Planning and Development,&nbsp;Saul Moran, said Macquarie Park is a rapidly evolving suburb that is well-positioned to benefit from increased density.

"88 Waterloo Road will deliver 255 critically-needed new homes, serviced by essential retail and the new Metro station, while offering close access to key employment and study hubs."

Cottonwood Tower will deliver 124 apartments, while Waterloo Tower will feature 131 apartments. There will be a mix of configurations, with 60 one-bedroom, 98 two-bedroom, 85 three-bedroom, and 12 three-bedroom penthouses proposed.

Legacy Property CEO, Matthey Hyder, said the&nbsp;development is in one of the best locations in Sydney, opposite Macquarie Centre, overlooking a new park, within 200 metres of the new Macquarie Uni Metro station and Macquarie University.

Jim Koopman, Studio Director at architecture firm AJC, said&nbsp;88 Waterloo redefines urban living in Macquarie Park by blending high-quality residences with natural beauty.

"Our design integrates bioclimatic principles and eco-friendly features to create a sustainable and comfortable living environment.\

<img alt="Billbergia and Legacy Property Macquarie Park streetfront" data-entity-type="file" data-entity-uuid="b04bfa68-3cf1-444b-a51e-24e4065d9f4d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/02_StreetFront%20%28Credit%20AJC%20Architects%29.jpg?VersionId=Y0ynrG5f5EVvsp2hrk6hYaR5mrZQ2hch" />Credit:&nbsp;AJC Architects, 255-apartment complex in Macquarie Park

Macquarie Park is the largest non-CBD office market in Australia and home to the Macquarie Park Innovation Precinct, a group of organisations centred around Macquarie University.

The suburb was identified as an accelerated precinct under the NSW Government’s Transport Oriented Development (TOD) program in 2020. Macquarie Park Innovation Precinct Stage Two, a recent rezoning proposal by the Minns government, could see over 4,500 new homes delivered in the years to come - thanks to new residential zoning and developer concessions on build-to-rent (BTR) projects.

The proposal represents&nbsp;Billbergia’s second development on Sydney’s North Shore, on the backof its proposed $700 million mixed-use project at 8 Wilson Street in Chatswood.

Billbergia Development Director of Planning and Development, Saul Moran, said Macquarie Park is a rapidly evolving suburb that is well-positioned to benefit from increased density

Billbergia and Legacy Property plan $182m twin towers in Macquarie Park

For most new apartment buildings, the Owners Corporation starts life with little more than a bank account and the first quarterly strata levies.

At <a href="https://www.apartments.com.au/buildings/9-gay-street-castle-hill-9-gay-street-castle-hill-nsw-2154">9 Gay Street</a> in <a href="https://www.apartments.com.au/developments/castle-hill-nsw-2154">Castle Hill</a>, it starts with around $7 million in reserve.

It's an unusual legacy of what was once one of Sydney's highest-profile apartment remediation projects. When the development, originally known as Skyview and built by disgraced developer Top Place, came under scrutiny by then NSW Building Commissioner David Chandler, an $11 million remediation bond was negotiated to ensure any building defects could be fully rectified.

The building underwent an 18-month remediation program, during which around $4 million of that bond was spent bringing the building up to the standard it should have been in from the outset.

After extensive inspections, all active rectification orders have been lifted. What's more, around $7.2 million remains secured for the Owners Corporation for the next 15 years.

In a twist few would have predicted, what began as a significant concern for purchasers has left the building with something almost unheard of in the apartment market: a multi-million-dollar financial reserve from day one.

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<a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a> Executive Chairman Greg Huxley said the structure offers buyers a level of certainty that is difficult to replicate.

"The $11 million bond established for the Skyview Castle Hill development represents exceptional value, providing genuine financial security for purchasers," Huxley said.

"Unlike a standard insurance policy, this bond consists of real funds held in trust for the Owners Corporation, offering a tangible layer of protection and added peace of mind."

The apartments themselves have been designed with a focus on practical, contemporary living. Interiors feature Smeg appliances, stone benchtops, tiled living areas, carpeted bedrooms, 2.7-metre ceilings, floor-to-ceiling glazing, and ducted heating and cooling throughout.

Residents also have access to a range of shared amenities, including two rooftop barbecue areas, a swimming pool, children's playgrounds, secure building access, storage cages, and visitor parking.

The location continues to be one of the project's strongest drawcards. Castle Hill Metro Station sits virtually on the doorstep, providing direct connections across Sydney's expanding Metro network, while Castle Towers offers extensive retail, dining, entertainment, and service amenities within walking distance.

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The building, now named after its location at 9 Gay Street, comprises a diverse mix of one-, two-, and three-bedroom apartments starting from just under $600,000.

Equitifund National Sales Director Ben Hamblett said demand in the Hills District continues to be driven by buyers seeking convenience and connectivity.

"Interest from both owner-occupiers and investors in Castle Hill remains exceptionally strong, with buyers consistently prioritising developments in close proximity to the Metro station and Castle Towers Shopping Centre," Hamblett said.

"There is a clear trend in the market, with purchasers seeking convenient access to transport and lifestyle amenities that support a seamless, low-maintenance way of living."

On top of the long-term protection afforded by the remaining $7.2 million bond, Equitifund is offering a limited-time stamp duty rebate on selected apartments.

Eligible purchasers can also secure finance options, including a 3.99 per cent two-year variable rate, loan-to-value ratios of up to 90 per cent, and interest-only lending options through EquitiCredit.

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Why this Castle Hill apartment building starts with a $7 million advantage

For much of the past few years, conversations about Australia's property market have centred on the rapid growth seen in Sydney, Brisbane, Gold Coast, and Perth. <a href="https://www.apartments.com.au/developments/melbourne-vic-3004">Melbourne</a> has followed a different trajectory.

That relative underperformance is now encouraging some buyers to reassess the city, particularly those willing to look beyond short-term market movements and focus on quality property in established locations, along with the long-term growth prospects of a city expected to overtake Sydney as Australia’s most populous.

John Bekiaris, Research &amp; Market Insights at <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Projects by Equitifund</a>, said Melbourne's current position is attracting increasingly sophisticated purchasers.

"Melbourne continues to present one of Australia's strongest long-term investment stories," Bekiaris says.

"While other capital cities have experienced stronger recent growth, that relative underperformance is exactly what's attracting sophisticated counter-cyclical investors."

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Equitifund isn't just commenting on Melbourne's property market, it's investing in it.

The Sydney-headquartered capital partner has taken over the remaining apartments at <a href="https://www.apartments.com.au/buildings/victoriana-melbourne-20-queens-road-melbourne-vic-3004">Victoriana</a>, the recently completed glass-encased development opposite Albert Park Lake in Melbourne's tightly held St Kilda Road precinct.

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> and built by <a href="https://www.apartments.com.au/builders/hickory">Hickory</a>, Victoriana places residents between one of Melbourne's most recognised parklands and the CBD, offering oversized two and three-bedroom apartments aimed at owner-occupiers seeking a genuine alternative to a traditional family home.

The development comprises 232 completed residences alongside a suite of resident amenities, including a 25-metre indoor swimming pool, gymnasium, landscaped entertaining areas, resident lounges, EV charging, secure basement parking and a concierge-style arrival experience.

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The apartments have been designed with owner-occupiers firmly in mind.&nbsp;Open-plan living and dining areas flow onto generous balconies framing views across Albert Park Lake, Fawkner Park, the Royal Botanic Gardens and the Melbourne skyline.

Kitchens feature Gaggenau appliances, stone benchtops and generous preparation space. Bedrooms include built-in robes, while bathrooms feature full-height textured tiling. Hardwood flooring and ducted air conditioning complete residences designed for long-term living.

Rothelowman's architecture takes its cues from the landscape opposite the site. Sweeping horizontal glazing references the movement of Albert Park Lake, while generous balconies and expansive glazing strengthen the connection between the apartments and the surrounding parklands. The result is a building designed to deliver the scale and amenity expected of luxury apartment living, while offering the larger floorplans increasingly sought by owner-occupiers.

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The location is one of Victoriana's defining characteristics. Positioned on Queens Road, residents are directly opposite Albert Park Lake and within easy reach of Fawkner Park, the Royal Botanic Gardens, South Melbourne, St Kilda Road and the CBD. With few comparable development opportunities remaining in the precinct, buyers are increasingly placing value on outlooks that are unlikely to be interrupted by future construction.

Greg Huxley, Founder of Equitifund, believes those qualities become even more valuable over time.

"Premium real estate has always rewarded buyers who take a long-term view," Huxley said.

"Victoriana represents the kind of asset that's increasingly difficult to recreate today, particularly in an established location like Queens Road."

He said rising construction costs are also changing the way buyers assess completed developments.

"When you combine an irreplaceable location with thoughtful architecture and premium finishes, you create something that becomes increasingly difficult to reproduce as construction costs continue to rise."

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According to National Sales Director Ben Hamblett, enquiry has been driven largely by Melbourne downsizers and buyers upgrading from smaller apartments.

"Interest in Victoriana continues to build, with strong buyer focus on the larger owner-occupier residences within the development," Hamblett says.

"Enquiry is increasingly driven by local buyers who recognise the rarity of what's on offer: park-facing apartments in an established neighbourhood where new development opportunities are becoming increasingly scarce. At Victoriana, the view is not just a feature; it's an appreciating asset in its own right."

He said interstate enquiry has also strengthened as buyers reassess Melbourne's position within the national property cycle.

"Melbourne currently stands as the most compelling entry point of any major Australian capital, and discerning buyers are beginning to recognise what those who move early always understand: the best opportunities are taken before the price rise confirms them."

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Why now is the time to buy in Melbourne's premium apartment market

Developers and apartment buyers have a narrowing window of opportunity before Brisbane's Olympic infrastructure pipeline begins competing directly with residential construction, pushing up costs, tightening labour supply and making new projects increasingly difficult to deliver.

While Brisbane's apartment market continues to benefit from strong population growth and limited housing supply, industry research suggests the years leading up to 2027 could prove to be the most important period for developers looking to secure builders and buyers hoping to purchase before the next wave of price increases.

A new Colliers report, Brisbane 2032 Olympic and Paralympic Games: Creating Solutions, highlights the scale of the challenge. While thousands of new homes are planned across South East Queensland, the Brisbane Olympic Athletes Village alone will deliver more than 10,500 beds during the Games before being converted into around 1,750 to 2,000 apartments. Equivalent to almost two years of typical inner-city apartment supply, the project will also absorb a significant share of the construction workforce and building materials.

The broader construction pipeline paints an even clearer picture.

Construction Skills Queensland's Horizon 2032 report forecasts Queensland's annual construction pipeline will average $69 billion over the coming years before peaking at $75 billion in 2027-28. Demand for construction workers is expected to increase by 17 per cent to almost 150,000 people, with the industry facing an annual shortfall of around 19,000 workers that could blow out to as many as 35,000 during the peak construction period.

The Olympic venues, athletes village and supporting infrastructure will account for billions of dollars worth of work across South East Queensland through to 2032, creating intense competition for labour at a time when Australia's residential construction sector is already under pressure.

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Colliers Queensland Residential Director Andrew Scriven said the convergence of these projects is creating a clear window of opportunity for both developers and buyers.

"From 2027 onwards, the market will shift dramatically," Scriven said.

"Labour will increasingly be locked into government-led infrastructure and Olympic projects, which means private residential developments will face higher costs and tighter margins. The developers who move now are the ones most likely to get projects off the ground."

Scriven said the same dynamic would also affect buyers, with fewer apartment projects expected to launch once construction capacity tightens.

"If you're looking to change your lifestyle over the next five years, now is your window of opportunity to buy."

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Developers are already positioning themselves ahead of that window.

Following the success of Monarch at Toowong, Consolidated Properties is preparing to launch two new Brisbane apartment projects in the second half of 2026. They include <a href="https://www.apartments.com.au/new-apartments/gloriette-30-bedivere-street-yeerongpilly-qld-4105">Gloriette</a> at Yeerongpilly Green, a 25-storey tower within one of Brisbane's key Olympic precincts, and <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a recently approved 25-storey riverfront development at 47 Skyring Terrace in Newstead.

Hutchinson Builders will deliver both projects, with early works already underway at Yeerongpilly and Newstead expected to commence later this year.

The timing comes as Brisbane's fundamentals continue to strengthen, with strong interstate migration, population growth and vacancy rates remaining below 1.5 per cent.

Colliers Queensland researcher Pragya Sharma said Greater Brisbane is forecast to require around 40,000 new apartments between 2021 and 2031.

"There's a real mismatch emerging between when housing is needed and when it will be feasible to build," Sharma said.

"As a result, the period leading up to 2027 presents a key window of opportunity for developers to secure approvals, funding and construction capacity, while buyers will have greater choice before supply constraints intensify."

Colliers research outlines a critical pre-2027 window to start residential projects before labour squeeze: now is the time to buy

Developers, buyers on watch in South East Queensland ahead of construction crunch: Colliers

It's taken less than nine months for developer Sherpa Property Group to sell out all 51 apartments in its <a href="https://www.apartments.com.au/new-apartments/flourish-oasis-palm-beach-7-9-sixth-avenue-palm-beach-qld-4221">Flourish Oasis</a> development in <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a>, over a year before its anticipated completion.

&nbsp;

Located at 7-9 Sixth Avenue, the $67 million development has resonated strongly with both local owner-occupiers and downsizers seeking high-quality apartments within walking distance of the beach, dining precincts and everyday amenities.

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Christie Leet, Founder of <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Group</a>, said the sell-out reflected both the strength of the Palm Beach market and the success of Sherpa's community-first approach to development.

"The sell-out of Oasis is a fantastic outcome and reinforces the strong demand we're seeing for thoughtfully designed apartments in lifestyle locations," Leet said.

"From the outset, our vision was to create a development that genuinely enhanced the Palm Beach community while providing residents with exceptional homes and wellness-focused amenities.

"We've been incredibly encouraged by the level of local support throughout the campaign, 72.5 per cent of buyers are locals, with a significant proportion of purchasers choosing Oasis as their future home rather than an investment."

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Construction is now progressing following development approval, with trusted builder LPS Group delivering the project and completion anticipated in Q3 2027.

Oasis forms part of Sherpa Group's successful Flourish collection, which has become recognised for its focus on wellness, community and elevated coastal living.

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Residents will have private access to a rooftop amenity space featuring a pool, gym, sauna, steam room, hot and cold plunge pools, spa and barbecue facilities.

"The success of Oasis demonstrates that buyers continue to prioritise quality, location and lifestyle," Leet said.

"We are proud to have delivered a project that has resonated so strongly with the market and look forward to bringing Oasis to life for our future residents."

Sherpa recently launched <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>, its third instalment of the Flourish brand in Palm Beach following Flourish Oasis and <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>.

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Sherpa sells out Flourish Oasis in booming Palm Beach

Urban Property Group's <a href="https://www.apartments.com.au/new-apartments/la-vera-macquarie-park-94-talavera-road-macquarie-park-nsw-2113">La Vera</a> is leading the next phase of Macquarie Park's residential evolution, with the new apartment development set to become the first of several new apartment projects in the precinct to complete.

The 169-apartment building has now topped out ahead of its scheduled completion in the third quarter of 2026, as new residential investment continues to reshape one of Sydney's largest employment hubs into a true mixed-use precinct.

[smartcode_project:default project_id=134951 project_image_fid=368645]

Cox Architecture has designed La Vera to capture the best of its unique positioning on Talavera Road, orienting the building towards Lane Cove National Park.&nbsp;The building features a sculpted northern façade with flowing curves inspired by the surrounding landscape, while its city-facing elevation adopts a more structured architectural expression to maximise skyline views.

"The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park," <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> Director Felipe Miranda said.

"The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies."

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La Vera offers a diverse mix of one, two, three, and four-bedroom configurations, with prices currently starting from $740,000. Buyers so far have been a mix of Sydney-based investors,&nbsp;metro commuters, owner-occupiers and downsizers from surrounding North Shore suburbs.

Both investors and owner-occupiers have been drawn to La Vera's proximity to Macquarie University, Macquarie University Hospital, Macquarie Centre and the Sydney Metro, infrastructure that supports both strong rental demand and a convenient lifestyle for residents.

The apartments feature full-height glazing, timber flooring throughout living areas, stone kitchen benchtops, SMEG appliances, floor-to-ceiling bathroom tiling and ducted air conditioning.

Residents will have access to a rooftop recreation level featuring a swimming pool, sauna, barbecue facilities and landscaped relaxation areas, complemented by additional communal space at ground level. Many apartments enjoy uninterrupted views across Lane Cove National Park, reinforcing the project's connection to its natural setting.

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<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>, a family-owned developer and builder with nearly four decades of experience, holds a 4.5-star iCIRT rating and was Australia's first developer to introduce 10-Year Latent Defects Insurance (LDI). La Vera is the first apartment development in <a href="https://www.apartments.com.au/developments/macquarie-park-nsw-2113">Macquarie Park</a> approved to offer the additional insurance protection, alongside a five-year warranty on SMEG appliances.

Urban Property Group CEO Patrick Elias said the additional protection reflects changing buyer expectations in the off the plan market.

"Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share," Elias said.

Following completion of the building later this year, buyers will move into their apartments well before Christmas.

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Joel Robinson

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