Multi-billion-dollar developer GURNERTM has submitted plans for its 4,651 sqm trophy site at 424-426 St Kilda Road, Melbourne, with a vision to deliver a high-end residential and mixed-use address befitting of the prestigious location.

The developer has submitted plans for around 200 apartments over 19 levels, with a focus on large two, three, four bedroom and two double-storey penthouse offerings, alongside a signature amenity offering.

After a detailed international design competition, GURNERTM appointed the Chicago-based, international architecture firm SOM, in what is the developer’s first collaboration with the architecture firm.

SOM (formerly Skidmore, Ownings, and Merrill LLP) was founded in 1936 with some of its most notable projects including the Burj Khalifa in Dubai and the One World Trade Centre in New York.

The design of 424 St Kilda Road has taken design cues from the rich history of St Kilda Road’s old world mansions through its masonry façade, and will focus on high-end residences with a secret Porte Cochere arrival experience and lobby underground.

Adding value to the regeneration of the St Kilda Road precinct, 424 St Kilda Road will also include a ground floor retail and food and beverage, as well as an extensive wellness offering.

The corner site – which boasts three frontages on the corner of St Kilda Road, Toorak Road and Queens Lane – will offer uninterrupted views over the Royal Botanic Gardens and Domain precinct and Albert Park Lake.

Once complete, the project will boast walkability to Anzac Station, Albert Park Lake, the Royal Botanic Gardens and Fawkner Park, and be in easy proximity to South Yarra’s retail and dining precinct.

Tim Gurner said they&nbsp;are looking forward to shaping such an important corner of Melbourne’s history.

"This site was once the famous Illoura House, which was sadly was demolished many years ago.&nbsp;We will be bringing the corner back to life with an incredible design by SOM that we wanted to be classic, calm and quietly proud to sit in its location, ensuring that it stands the test of time.

“We will be taking the high-end offering to a whole new level after the successful delivery of Saint Moritz which has set tone for our concept at 424 St Kilda Road.”

Gurner's&nbsp;Chief Development Officer Rob Clarke said due to the sites prominent corner position, the building requires a certain elegance in its design and reimagining of its use to unlock not only its value as a significant residential asset, but a design monument in its own right.

“Our vision is to create a series of wellness-led residences that can be amalgamated, customised and completely imagined from the inside out, in line with our clients’ exacting tastes, to create a series of bespoke homes for our discerning clientele."

Joel Robinson

Burj Khalifa, One World Trade Centre architect to design Gurner's latest Melbourne apartment development

Melbourne's unexplainably soft property market continued into the second half of 2023, but the off the plan apartment market in the Victoria capital market will come good in the short to medium term, Charter Keck Cramer forecast.

It was a little over 12 months ago when the property advisory firm suggested prices could spike in the off the plan space as high as 25 per cent. While the expected price movement hasn't materialized just yet, CKC said it will, and it might even be higher than first thought.

They said there are however a few factors which will contribute to the market going this way.

"Our analysis of <a href="/developments/melbourne-vic">Melbourne’s housing market</a> shows that the price gap between detached houses and established units is 55% (the pre-pandemic average was 35%)," CKC said.

Their analysis found that established units (townhouses and apartments) are currently undervalued by between 15% to 20%, and given the supply v demand imbalance, will continue to correct upwards over 2024 as the market finds a new equilibrium.

"Our analysis suggests that the established unit market (townhouses and apartments) will need to continue to reprice upwards (by around 15% to 20%) until the house price hierarchy is once again established. It is at this point that new off the plan apartments will be able to be delivered at price points which again make apartment development feasible."

They said the timing for when this occurs will come down to when rates start to cut and when Government incentives are introduced, but when they are, they say the market needs to prepare for dramatic price increases in new off the plan apartments of +25% to +30% (compared to pre-pandemic prices) over the next 12-18 months across many sub-markets.

<h2>Government Incentives</h2>

Charter Keck Cramer believe there are several essential tools and levers for Government to both avoid and also pull.

"The key tools and levers to avoid include changing negative gearing, changing CGT, introducing rental caps or rental freezes or further increasing any taxes or charges. This will stifle supply, further suffocate investor confidence, and all but ensure the housing targets fail to be achieved."

On the flip side, CKC said there are key tools and levers that are essential that the&nbsp;Government activate so as to stimulate the build to sell apartment markets.

"These include reintroducing off the plan incentives for local and foreign investors, replacing stamp duty with an annual land tax, enticing empty nesters to downsize by removing stamp duty charges and providing rental subsidies to lower income renters.

"Many of these incentives could be introduced for set periods of time until they have the required stimulatory effect on the BTS and BTR apartment markets. Revenue from the supply that is ultimately delivered can then be collected at the back of these projects."

<h2>Downsizers to be incentivized</h2>

Over 2020-2022 the downsizer segment of the BTS apartment market was the best performing segment of the market. This was because the typical downsizer was less impacted by interest rate rises and many increased their asset base via the large increase in the value of their detached house. As a result, they had the option to downsize into an apartment and also have money to fund their retirement. Over the last 6 months, however, a trend has emerged where the downsizer market has started to lock up and stagnate.

This is because the costs of a new apartment in many sub-markets has increased to the point where the price trade-off that made downsizing financially attractive no longer exists. Charter Keck Cramer notes that the costs of a new apartment, when combined with the upfront stamp duty impost for such a dwelling, means downsizers are being asked to downsize into an apartment via a revenue neutral exchange. The response by many downsizers has unsurprisingly been to remain in place and find other ways to support their children and their lifestyles. What is a concern is that our research shows that many downsizer households are under superannuated and will only downsize if they can age in place but also use part of the house sales proceeds to fund their retirement. Government is strongly encouraged to remove stamp duty for downsizers and also bring in further incentives to encourage them to downsize and retire in a financially responsible manner.

<h2>Melbourne's Supply Metrics</h2>

Melbourne’s Central City Region has historically delivered the greatest number of new apartments, due to a favourable planning scheme, the availability of sites and the proximity to tertiary educational institutions. Charter Keck Cramer however noted that Melbourne’s Inner Region demonstrates its growing importance to metropolitan Melbourne’s apartment supply in an evolving market.

Melbourne is forecast to be Australia’s fastest growing capital city over the next 3-4 years. Melbourne’s population growth is forecast to measure around +1.9% p.a. over FY2024-FY2027, supporting demand for additional and diverse forms of dwellings.

Only 2,600 apartments were launched to the market in 2023, the lowest number of&nbsp;launches recorded over the past decade and measures almost 40 per cent below the previous low experienced during the pandemic.

CKC found that the most active region in 2023 was the Inner Region (39% of launches) followed by the Central City (33% of launches). Activity decreased significantly across all regions compared to the 12 months prior.

In 2023, construction commenced on 3,700 apartments, the lowest number of apartment commencements recorded over the past decade and a significant decrease on peak levels recorded during 2015 (22,500).

<img alt="Melbourne" data-entity-type="file" data-entity-uuid="e387c076-3666-4e8a-8901-0992f3edada4" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-03-12%20at%202.02.52%20pm.png?VersionId=biRvMfIDMgN1ExxhkUO9wM3G3012E.2e" />

The apartment completions side of the supply metrics were the scariest numbers to read. CKC said that in 2023 completions were at their lowest numbers since 2010.

"As difficult market conditions have dampened launches and commencements, the impact upon completions (and ultimate supply) has well and truly materialised now that any projects that were a legacy of previous cycles have been completed.

"Melbourne is forecast to deliver sub-5000 apartments per annum on average over the coming three years. There are currently 7,700 under construction and due for completion over 2024-2025."

An additional 6,300 are currently being marketed and due to be complete before the end of 2026, however CKC believe a proportion of these projects are likely to be delayed given elevated construction costs and a challenging pre-sale environment.

"Charter Keck Cramer expects Melbourne's apartment market to remain chronically undersupplied for at least the next 2-3 years given current market conditions and the time taken to mobilse and build out high density projects."

<img alt="Melbourne" data-entity-type="file" data-entity-uuid="8b4ffcc2-a632-4c26-8f3a-648c1f27769f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-03-12%20at%202.03.56%20pm.png?VersionId=PDF8HD2YxS1Bvdflf3hH6cKGSew5ziwR" />

<h2>Outlook over 2024</h2>

Charter Keck Cramer concluded by suggesting it will take a lot more than interest rate cuts to stimulate the build to sell apartment market back to life, but also to facilitate them to deliver the unprecedented quantum of apartments required to allow the Federal and State Governments to achieve the aspirational housing targets.

"After considering all the data, our view is that the market will start to turn towards the middle of 2024. Interest rates need to be cut by at least the middle of the year and several incentives need to be introduced immediately to stimulate the BTS apartment markets.

"These are the swing variables as to how quickly the BTS apartment market starts to turn and how quickly the housing and rental crisis is addressed.

"Our research shows that whilst the industry is preoccupied with prices having to increase by +25% to +30% or more for projects to be viable, the biggest risk and one that Government needs to address over the next decade is the shortage of labour required to build out these projects. In this regard, the migration program needs to be changed and tailored to attract key skilled workers into Australia.

"To conclude, the BTS and BTR apartment markets will continue to improve over the course of 2024 and with the market so chronically starved of supply there stands to be a very strong and elastic response as conditions start to improve over 2024 and into 2025."

"After considering all the data, our view is that the market will start to turn towards the middle of 2024," Charter Keck Cramer advised

New apartment projects in Melbourne at lowest levels since 2010, market to turn in mid-2024: Charter Keck Cramer

Prices in the Gold Coast off the plan apartment market will continue to increase over the next 12 months, Charter Keck Cramer forecast.

Charter Keck Cramer said in their <a href="/developments/gold-coast-qld">Gold Coast</a> State of the Market H2 2023 that until conditions stabilise and improve in the building sector, prices have to go up.

"Many recently launched projects are achieving strong sales and pricing results, especially those <a href="/news/qld/city-beat-march-2024-what-is-happening-in-the-gold-coast-off-the-plan-apartment-market">associated with well regarded builders</a>," the report read.

"A notable proportion of purchaser demand has come from interstate (predominantly NSW and VIC) given the lifestyle attraction and lower relative price points of the Gold Coast."

They noted that importantly in this cycle, foreign buyer activity has remained subdued which is very different to previous cycles which were underpinned by significant overseas buyer activity.

They said relative&nbsp;to other Australian cities in 2023, the Gold Coast’s apartment market showed more positive signs through robust sales and continued pricing growth. They added however that it is not without some key risks and challenges primarily in the building and construction space.

&nbsp;

<h2>Gold Coast Build Environment</h2>

Build costs and delivery times are a critical issue and risk for the Gold Coast market, CKC says, adding that some mainstream projects have become financially unviable due to the increase in labour and material costs.

"Many active projects are beachside and targeting premium price points and therefore new dwellings at the more affordable end of the scale are limited," CKC says.

"Infrastructure investment has turbo charged the cost of materials and labour, helping to position these as a key risk to the supply-side response. Paired with the cost of debt, the prospect of projects taking 50% longer to complete than pre-pandemic is eroding the feasibility of many projects in the pipeline and placing them on pause."

CKC says even&nbsp;on smaller projects, the stringent level of due diligence being undertaken by lenders towards builders is impacting the pace of funding.

<h2>Gold Coast Supply Metrics</h2>

In 2023 there were a total of 1,000 apartments launched to market, considerably lower than the 2,100 per annum average over the past decade.

The City Fringe and Central City Regions were the most active, accounting for 34 per cent and 30 per cent of launches.

Commencements in Gold Coast remained strong in 2023, bucking the trend of many cities across Australia.

In 2023, construction commenced on 2,100 apartments, a slight decrease than 2022 but well above the 10-year average of 1,900. Gold Coast’s City Fringe Region was the most active, accounting for more than 50 per cent of commencements.

<img alt="Supply" data-entity-type="file" data-entity-uuid="4f4c1c4c-4f28-468b-bbb6-3a9059e81ce5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-03-12%20at%2010.23.05%20am.png?VersionId=nJvkKGyg1i79Z0_UZD.rUzNNIJVzAFvv" />

In 2023, Gold Coast recorded 1,500 apartment completions, slightly higher than in 2022.

CKC says the coming 12 months will set a new peak for apartment supply in Gold Coast, with 2,700 apartments under construction and due to complete during 2024. That would mark a 46 per cent increase on the previous peak during 2020.

There is a total of 4,100 apartments currently under construction or being marketed and due to be complete between 2025-2026, however, a proportion of marketed projects are likely to be delayed given elevated project costs.

"While the increased completions forecast for the next 12-24 months poses an element of settlement risk (particularly for larger apartment schemes), strong recent price growth and low levels of foreign buyers has offset much of this risk. Furthermore, the low volume of residual stock within projects approaching completion poses little threat to those currently being marketed or soon to launched."

<img alt="GC" data-entity-type="file" data-entity-uuid="e3e7f0fe-35e7-4c15-8541-15f25e99ce46" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-03-12%20at%2010.23.52%20am.png?VersionId=Bf0848SkFZJU7kIBgxzY9lwPCqrSCC3W" />

<h2>2024 Property Outlook</h2>

CKC's analysis&nbsp;suggests that established stock will need to continue to reprice upwards.

"This will be followed by recently completed stock after which new off the plan stock will quickly reprice upwards across the market which offers the most affordable price points."

CKC's analysis of the Gold Coast’s housing market shows that the price gap between detached houses and established units is 44 per cent, a decline from 60 per cent over the past two years as demand has continued to funnel into the more affordable unit market.

"The Gold Coast has one of the most expensive housing markets in Australia and, quite simply, buyers need to make trade-offs should they wish to enter the for sale market with greater demand driven into the BTS apartment market."

&nbsp;

Gold Coast off the plan apartment market prices to continue to grow: Charter Keck Cramer

Sydney's off the plan market could see an increased demand in 2024 as Sydneysiders grapple with the cost of living in the most expensive capital in the country, Charter Keck Cramer forecast.

The property advisory giant's <a href="/developments/sydney-nsw">Metro Sydney</a> State of the Market H2 2023 said there is&nbsp;considered enhanced opportunity for apartment projects to receive increased demand in the Harbour capital, given buy to sell apartments&nbsp;represent the most affordable dwelling typology. They note however there needs to be a expectation recalibration due to budget constraints.

CKC believe 2024&nbsp;will continue a growing trend of “sub-market division” where projects within the same precinct are either successful or not based on adequately meeting demand expectations.

"Projects that are design-led, respond to target market requirements and feature a reputable builder will mitigate risk and show greater success," the report read.

CKC believe the “cascade" effect will continue to play out in 2024

"The “cascade” effect can be described as the trade-off/s made by occupiers in terms of the type of housing, number of bedrooms, location, type of tenure and number of people per household," the report read, adding that the trade-offs are primarily driven by buy or rent price points and availability of stock."

<h2>Sydney's new supply issues</h2>

Supply has been an issue across every capital city for a number of years.&nbsp;The NSW Government has committed to the provision of around 375,000 new dwellings between 2024 to 2029 to assist in meeting the National Housing Accord which is 75,000 dwellings per annum.

Last year there were only 8,300 apartments completed in Metro Sydney, around one-third of annual supply requirements. Only 6,300 apartments were launched, -31% below the previous low experienced during the pandemic.

"Launches are anticipated to increase meaningfully when interest rates are cut and there is greater certainty around the suite of new planning controls," CKC noted.

<img alt="CKC" data-entity-type="file" data-entity-uuid="60290cdd-c460-43e1-a00c-8e17894cac45" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-03-12%20at%209.56.36%20am.png?VersionId=r4jIZFLKbT9jmPGlUAY06hdc_.qUH1d4" />

In 2023, construction commenced on 7,200 apartments, the lowest number of apartment commencements recorded over the past decade and a decrease of -76 per cent on the peak commencements during 2016.

Sydney's middle and outer regions remain prevalent as new supply locations according to CKC.

"Sydney’s more centralised and middle regions have historically delivered the greatest volume of new apartments. Sydney’s Outer Region however demonstrates its growing importance to metropolitan Sydney’s apartment supply in an evolving market.

"The Middle and Outer Regions of Sydney are playing a key role in housing Sydneysiders and this trend is forecast to continue. The introduction of the Transit Oriented Development State Environmental Planning Policy will also provide a renewed focus on intensified infill development throughout a range of metropolitan locations."

<h2>Sydney off the plan apartment pricing</h2>

The report noted that the&nbsp;Sydney residential property market reflects a 68 per cent differential in median prices between detached houses and units.

"This median price gap is significant by historic standards and expected to funnel demand into the more affordable unit market, particularly as future price increases are anticipated to outstrip income growth," the report noted.

"The percentage of household income required to service a mortgage is close to the highest ever recorded and buyers now need to make tradeoffs should they wish to make a purchase decision."

<img alt="CKC prices" data-entity-type="file" data-entity-uuid="6e88ecee-c219-4483-b45e-f6206a50947c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-03-12%20at%2010.01.50%20am.png?VersionId=INT0eGYIf94Rf0rhyNCIMyHfeWxbrU93" />

CKC said price has become a more critical factor for apartments, with the differential between new off the plan and established apartments of greater consideration.

"This differential can often exceed 20% although the benefits of a new apartment have become less attractive than a more affordable established alternative product in the same location.

Recent median price growth in numerous established apartment locations has been driven by greater demand for more affordable secondary product. Until the price gap between “new” and “established” apartments narrows, there is considered less opportunity in the current market to increase off the plan pricing.

<h2>Sydney's 2024 Property Outlook</h2>

CKC believe that with expected rate cuts, or at least rate retention, coupled with the introduction of Federal Government Stage 3 tax cuts, the outlook for the residential property market is expected to be more favourable by mid-2024.

"Median apartment prices have shown incremental growth since the cash rate has (mostly) been on hold since mid-2023 and we anticipate that rate cuts will be a key impetus to stimulate confidence and accelerate price growth."

They said interest rate cuts and increased development capacity through planning policies will collectively not be enough to facilitate delivery of the unprecedented quantum of build to sell and build to rent apartment supply required to achieve the Federal and State Government aspirational housing targets.

"To conclude, the BTS and BTR apartment markets will continue to improve over the course of 2024 and with the market so chronically short of new supply there stands to be a very strong and elastic response as conditions start to improve over 2024 and into 2025."

Demand to come in Sydney's off the plan apartment market: Charter Keck Cramer H2 2023 Report

Luxury apartment developer Central Element has revealed what it intends to do with its prime Bondi Beach site they acquired last year.

The developer, led by Nathan Chivas, has filed plans for seven luxury residences on the amalgamated 2,050 sqm site fronting Sandridge and Wilga streets.

CE paid around $50 million for 20-22 Sandridge Street and 21 Wilga, Street a sloping block which runs down to the Bondi to Coogee walk.

<img alt="CE" data-entity-type="file" data-entity-uuid="0a2d2512-f984-41e5-a840-96e4c834adad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screen%20Shot%202024-03-25%20at%2012.07.17%20pm.png?VersionId=tXTg4cYrsCTnLGbB3s47EinqOjlJgzuF" />

At the top of the site fronting Sandridge Street there will be two duplex-style homes above a turntable parking system which will offer each residence two parking spaces.

Flipping the traditional home on its head to maximise the ocean views from the living spaces, CE had Brian Meyerson's MHNDUnion position the three bedrooms on the ground level. The master suite, at the rear of the building, will feature a walk through wardrobe, ensuite, and a 35 sqm terrace with a plunge pool and a built-in barbecue and bar space.

Above is the main kitchen living and dining area with&nbsp;over 90 sqm of internal living space and a terrace at either end of the home.

<img alt="Bondi Beach" data-entity-type="file" data-entity-uuid="e3169dda-5ad9-41a5-9709-f0f4745bf0bd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-03-11%20at%202.12.53%20pm.png?VersionId=i91HQZodpWQ6YfCMheoOZ7xOFFsSqlCL" />The project from Sandridge Street. Image credit: MHNDUnion

The other five residence will be located at the other end of the site, divided from the homes by extensive landscaping by Dangar Barin Smith.

The lower ground level of the boutique apartment building will home two 150 sqm, side-by-side apartments with three bedrooms and a 65 sqm terrace with a pool.

The ground level is a 190 sqm unit with three bedrooms, a study space, and a living space which opens to a full width 95 sqm terrace with a spa.

Above will be arguably the most impressive residence of all, a 217 sqm apartment with three bedrooms, a home office that could double up as a second living room, and the same size terrace as below with the best views over the ocean.

MHNDUnion noted in their Design Statement submitted to the Waverley City Council that the sloping terrain offers excellent vantage points showcasing Ben Buckler, Bondi Beach, and Squid Bay to the north and northeast.

"Benefiting from proximity to the vibrant Bondi life, the site is conveniently close to the commercial strip along Bondi Road, and a number of shops, restaurants, and bars including Bondi Iceberg. Additionally, it establishes a more secluded connection with the surroundings, providing access to views in the north/ northeast and the coastal walk on the east."

<img alt="Bondi CE" data-entity-type="file" data-entity-uuid="97898b89-dc43-4fbd-b35d-1613c0d37982" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screen%20Shot%202024-03-25%20at%2011.51.46%20am.png?VersionId=C1WhTZ1u0QIopGRTOfstoi.6p9N_Hf1F" />

&nbsp;

They said the architectural design of the residential flat building at the rear adapts to the sloping site by incorporating stepped structures.

"The residential flat building incorporates sculptural blade walls and textured panels on its facade, strategically opening towards the scenic views. In contrast, the houses exhibit a simpler built form with brick details and undercover entries along the building’s sides."

"The proposal will provide a high quality and sympathetic addition to the neighbourhood, whilst offering a variety of housing options for different demographics and living needs."

When speaking to Nathan Chivas late last year, he said when developing in the best locations, you have to create an A-grade product.

“If you find a location and create A-grade product that matches that location, then you know you’ll have strong demand no matter where the property cycle is at,” Chivas says.

He spoke about having to bring a story to life at the top end of the market, whether it's through bringing in heritage or other luxury design element.

"Ultimately these types of developments need to be a cut above the rest. They need to be more than an apartment in a great location. The money demanded by these projects, and the buyers of the projects, demand nothing less."

Read more:&nbsp;<a href="/news/nsw/the-story-behind-central-elements-push-for-ultra-luxury-in-sydneys-best-suburbs-five-minutes-with-managing-director-nathan-chivas">The story behind Central Element's push for ultra-luxury in Sydney's best suburbs: Five minutes with Managing Director Nathan Chivas</a>

First look exclusive: Central Element's ultra-luxe Bondi Beach plans revealed

As a developer, there's no greater sign of confidence when a fellow developer buys in your project.

That was the case for boutique <a href="/developments/gold-coast-qld">Gold Coast</a> townhouse developer <a href="/developers/highlife-homes">Highlife Homes</a> at their recently completed four-pack townhouse project in <a href="/developments/miami-qld-4220">Miami</a>, Harmoni on Hythe.

When it was approaching completion, veteran developer Coral Knowles, who has built and developed thousands of dwellings over the years and has been involved in both residential and commercial investment, secured her Harmoni on Hythe villa.

When asked why <a href="/buildings/harmoni-on-hythe">Harmoni on Hythe</a>, for a buyer who really could have picked anywhere up and down the Gold Coast, Knowles said there weren't many boxes it didn't tick.

"I thought it was so unique," Knowles recalled.

"It's right near Miami Beach, one of very few beaches which has retained the relaxed beachside lifestyle the Gold Coast is known for. There's coffee shops within a few steps, the surf life-saving club, and transport options. It has everything you'd need."

[smartcode_project:default project_id=140364 project_image_fid=214022]

Knowles was wearing two hats when talking to the development team, as both a buyer and a longtime developer.

"My husband is a builder and he spoke to the construction team onsite, as well as Highlife Director James George" Knowles said.

"After a 10-minute conversation he walked away and said 'these guys know what they're doing.'"

The four-bedroom townhouse with views to Miami Beach was initially spotted by Knowles' granddaughter who attends Bond University. Knowles was buying a Gold Coast beach home for the predominantly Melbourne-based family, which her granddaughter could reside in during her studies

"My granddaughter had been tasked with going and finding something near the beach which will suit a number of uses," Knowles said.

"I flew up to the Gold Coast and she showed me the townhouse. After inspecting the development and speaking to the team, there was nothing more to see, we knew that it was the one."

[smartcode_project:default project_id=140364 project_image_fid=218337]

The sales process was also something that Knowles said was a pleasant experience, rather than it being stressful like most property purchases.

"The Highlife team were so accommodating with every request and we're well engaged during the process. The whole transaction was a pleasant experience," Knowles said.

"To deal with a small, internal team, it doesn't feel like you're being sold to. James Macqueen was the first face we saw at the display and he was our point of contact throughout the whole buying journey. It was a refreshing change of pace to get an end-to-end service from one person.

"From our first conversation to handing over the keys and now to after-purchase care, James and the Highlife team really know how to make things run smoothly and make any prospective purchaser feel comfortable and at ease during the buying process."

[smartcode_project:default project_id=140364 project_image_fid=218328]

Having now stayed in the home, Knowles says it evokes a very classy feel.

"The fixtures and fittings are everything you would choose for your own home. There's gold tinted taps and even an internal lift. Every part of the project, from the interactions with the builders, sales team, and now the quality of the townhouse, has exceed expectations."

[smartcode_project:default project_id=140364 project_image_fid=214024]

There is now just one townhouse remaining at Harmoni on Hythe.

The striking side-by-side townhouses have been cleverly designed to cater for everyone from a downsizing family with kids and grandkids, to a weekender for a Brisbane city dweller, given its location just 160 metres from the beach.

They each have four bedrooms, but the fourth bedroom, on the top level of the townhouse, is also designed to be a perfect multi-purpose space or second living room, given it opens onto the outdoor roof terrace which features a full barbecue kitchen.

[smartcode_project_cta:default project_id=140364]

Why veteran developer Coral Knowles bought a Harmoni on Hythe townhouse in Miami

The Melbourne unit market bounced back in February as values in Australia's two largest capitals look to be trending up again.

The unit market in Melbourne outperformed houses, with units up 0.2 per cent over February compared to the house market up just 0.1 per cent.

CoreLogic Research Director Tim Lawless said that although&nbsp;growth rates in <a href="/new-apartments/sydney-nsw">Sydney</a> and Melbourne home values have levelled out, the monthly trend has accelerated, with Melbourne emerging from a three month slump of negative monthly movements to record a subtle 0.1 per cent (dwelling) rise in February."

Sydney dwelling values also moved back into positive territory over the past two months after recording a subtle decline in November and December.

“Potentially we are seeing some early signs of a boost to housing confidence as inflation eases and expectations for a rate cut, or cuts, later this year firm up,” Lawless said, adding that an&nbsp;improvement in consumer spirits has historically played out positively for housing activity, with higher sentiment generally accompanied by a lift in home sales and vice versa.

"Westpac and the <a href="/new-apartments/melbourne-vic">Melbourne</a> Institute reported a 6.2% lift in the consumer sentiment index for February, taking the reading to the highest level since June 2022."

<h2>What's happening in the Melbourne off the plan apartment market?</h2>

There were three major apartment launches over February, scattered throughout Greater Melbourne and even a rare development down on the Mornington Peninsula.

That was a boutique development in <a href="/new-apartments/rye-vic-3941">Rye</a>, on its way to the popular Portsea and Sorrento hotspots. <a href="/project-marketer/jellis-craig-projects">Jellis Craig Projects</a> Director Stephen Bowtell says the project was received by the market on the launch late last month, particularly by inner-city dwellers who were looking for a lock up and leave weekender on the Peninsula.

[smartcode_project:default project_id=138483 project_image_fid=253203]

"You're in the heart of the Peninsula, 50-metres to the sand and across from the Rye Sailing Club. A house down on the Mornington Peninsula doesn't get you that," Bowtell said.

Each of the one, two and three-bedroom apartments come with their own beach box-style storage spaces. Given the proximity to the sand, they are in essence a beach box.

[smartcode_project:default project_id=138483 project_image_fid=253215]

Developer Curtis York, founded by Nick Peters and James Way, is behind&nbsp;2135 Point Nepean Drive&nbsp;which has been designed by&nbsp;Cera Stribley Architects.

Prominent inner-city builder developer, <a href="/developers/pace-development-group">PACE</a>, launched their highly anticipated <a href="/new-apartments/fitzroy-vic-3065">Fitzroy</a> apartment development, <a href="/new-apartments/fabbrica-fitzroy-369-gore-street-fitzroy">Fabbrica</a>, toward the end of February.

They had <a href="/architects/sjb-architects">SJB</a> design a development of 78 one, two, and three-bedroom apartments and townhouses&nbsp;which integrates the industrial past of the site, once home to the Argyle Shirt Factory and Life Savers Confectionery Company, and connects to the&nbsp;contextual fabric and character of <a href="/new-apartments/fitzroy-vic-3065">Fitzroy</a>.

[smartcode_project:default project_id=139552 project_image_fid=254895]

PACE Sales Director Ash Bramich had a number of groups through, with a number of buyers wanting to customize their floorplans toward the upper end of the market.

"Some are wanting to move some walls around, taking a few metres from a living room to make a bedroom bigger," Bramich says.

"There's a small window that buyers can do that. Those who are downsizing in particular are very detailed-oriented with how they want the floorplan configured."

[smartcode_project:default project_id=139552 project_image_fid=254902]

The development provides a deliberate emphasis on larger apartments and offers personalisation options for buyers with two distinct colour schemes by <a href="/interior-designers/winwood-mckenzie-architecture">Winwood Mckenzie</a> or <a href="/interior-designers/bergman-co">Bergman &amp; Co</a>.

Fabbrica Fitzroy also features a number of amenities including an 800 sqm rooftop with&nbsp;views of the CBD, a bookable private dining room, communal kitchen, and lounge designed by Winwood Mckenzie, as well as dedicated work-from-home zones.&nbsp;

[smartcode_project:default project_id=139552 project_image_fid=240743]

<a href="/developers/gamuda-land">Gamuda Land</a> launched their <a href="/developments/st-kilda-vic-3182">St Kilda</a> project&nbsp;<a href="/new-apartments/fareham-st-kilda-95-st-kilda-road-st-kilda">Fareham</a>&nbsp;at 95&nbsp;St Kilda&nbsp;Road in February, which will bring another 78 apartments to the undersupplied Melbourne market.

The 18-level, development approved building was designed by BayleyWard and features a&nbsp;state-of-the-art fitness centre and a rooftop garden.

They're expecting completion in late 2026.

There were three major apartment launches over February, scattered throughout Greater Melbourne and even a rare development down on the Mornington Peninsula

City Beat March 2024: What's happening in the Melbourne off the plan apartment market?

Some three decades ago, what we know now as the thriving Sydney Olympic Park precinct, was merely an industrial zone in an idyllic spot on Sydney Harbour.

The tender for the 2000 Summer Olympics Games was won by the NSW Government back in 1993, and around $5 billion worth of stadiums and infrastructure created a world-class sporting precinct.

Naturally, following The Games, apartment developers started to gravitate toward the Homebush precinct. The likes of Mirvac and Meriton have and/or are developing buildings in the area, which is now not only a place for visitors to come and see&nbsp;some of the country's largest sporting and music events, but a place for people to call home.

It was the continued and potential further growth in <a href="/new-apartments/lidcombe-nsw-2141">Sydney Olympic Park</a> (SOP) which attracted developer <a href="/developers/australia-ymci-pty-ltd">Australia YMCI</a> (AYMCI) to the area back in 2016, when they acquired a large 18-hectare site.

Now it is home to the precinct’s most recently completed Ovation Quarter apartment development, with the first stage, Emerald, completely sold out and apartments still remaining in Sapphire and Ruby.

The two mid-rise buildings have each designed by renowned architecture firm KANNFINCH.

[smartcode_project:default project_id=138443 project_image_fid=242745]

AYMCI Director Jason Tan says the area has come a long way from inception. As more and more residents get settled in their new homes there is that energy in the area that was not there previously

“Residents enjoy using the facilities and the more they explore and invite new friends and family members the more you can feel that buzz of excitement in the area,” Tan says.

“It is certainly obvious when celebrities like Taylor Swift are in the area."

“This is why my development has added to the success of the precinct and why purchasers have flocked to buy even in times of rising interest rates. More than one hundred (100) sales were achieved last year.”

“We were blown away by their foresight of how the area will continue to evolve with the surrounding infrastructure around the developments.”

“It already has world-class sporting and entertainment facilities as a starting point from the Sydney Olympic Games. Purchasers know it can only continue to become that safe, family friendly community where everything is at your door.”

“People want it, so we are all working towards the same masterplan where myself and other developers, local council, Government with their readily available schemes and business owners are building the best Sydney’s west has yet to experience.”

[smartcode_project:default project_id=143641 project_image_fid=247476]

One of the biggest attractions to Sydney Olympic Park is how connected it is to the city. The infrastructure put in place for the Olympics is still the main connection point to the city, with the Sydney Olympic Park Station connecting residents to Central Station in just 33-minutes.

SOP is set to become even more connected to Greater Sydney. The second stage of the Parramatta Light Rail will connect stage one and Parramatta's CBD to Sydney&nbsp;Olympic Park via Camellia, Rydalmere, Ermington, Melrose Park and Wentworth Point. &nbsp;

It will deliver high frequency ‘turn up and go’ services’ every 7.5 minutes on weekdays between 7am to 7pm, and around every 10-15 minutes outside those times, and on weekends and public holidays.&nbsp;

Stage two will also connect to Sydney Metro West (under construction) and heavy rail in Parramatta and Sydney Olympic Park; as well as ferry services at Rydalmere and Sydney Olympic Park.&nbsp;

[smartcode_project:default project_id=138443 project_image_fid=247180]

While density is natural around these kinds of precincts, there is still 430-hectares of green open space surrounding SOP, one of the largest urban parks in Australia.&nbsp;Its parklands feature ideal spots for picnics, playgrounds, wetlands and waterways including a network of paths and cycleways.

Sydney Olympic Park, also a 6-Star Green Star Community, is set for further expansion as part of the Sydney Olympic Park Masterplan to create a more dynamic and thriving precinct by 2030.

Sapphire and Ruby are both just across the road from Accor Stadium and Qudos Bank Arena and a short walk to the hospitality strip near the Olympic Station which is also set for a $585 million investment injection which will see three new buildings built adjacent to the new Metro station.

There will be one commercial and retail tower and two residential towers, set above four-level podiums and an activated ground plane which will serve the wider community.

More retail is on offer at Sydney's leading international fashion outlet DFO in neighbouring suburb Homebush is also just a short trip from Sapphire and Ruby.

Both families and mum and dad investors have shown interest at Sapphire and Ruby apartments given the proximity to several top private and public schools including MLC, <a href="/developments/newington-nsw-2127">Newington</a> Public School, Lidcombe Public School, SEDA College, and Charles Sturt University.

There are just two-bedroom apartments left in Ruby, priced from $799,000, and two and three-bedrooms in Sapphire, all under $1 million.

AYMCI Director Jason Tan says the area has come a long way from inception. As more and more residents get settled in their new homes there is that energy in the area that was not there previously

How Sydney Olympic Park became a thriving lifestyle precinct

Ature Group, the development company of the popular SABO and Zaco fashion family, has unveiled their first Gold Coast high-rise tower.

The project, <a href="/new-apartments/sola-158-surf-parade-broadbeach">Sola</a>, at 158 Surf Parade, <a href="/developments/broadbeach-qld-4218">Broadbeach</a>, will comprise just 20 full-floor apartments starting from $2.75 million.

<a href="/developers/ature-group">Ature Group</a>, founded by Thessy Batsinilas, Yiota and George Kouzoukas, drew creative inspiration from their womenswear businesses as they sought to expand their property development pipeline.&nbsp;

They wanted to create a beach house in the sky, infused with bespoke finishes and design reflective of Broadbeach’s bold identity as the heart and soul of the Gold Coast.&nbsp;

&nbsp;

[smartcode_project:default project_id=138199 project_image_fid=257204]

Each 219 sqm apartment, which has private direct lift access, have three bedrooms, with the option to customise the space with the ability to add a fourth bedroom, office retreat or even a wine room.&nbsp;

&nbsp;

Sola's design by&nbsp;<a href="/architects/prospect-architecture">Prospect Apartment Architecture</a> and Esat Design features a&nbsp;palette reminiscent of beach shallows with sandy hues, stone pavers, fluted concrete and subtropical landscaping.

Deliberately oriented to the east to maximize views of parkland and the ocean, the tower exhibits a conscientious approach to privacy by mitigating any potential overlooking into neighbouring buildings. The precisely arranged 'patchwork' of screens on the northern side optimises privacy and daylighting.

Archie Bolden Interior Design has handled the interiors of Sola, with a focus on Mediterranean design with&nbsp;organic curves, light timber tones and stone finishes.

[smartcode_project:default project_id=138199 project_image_fid=257205]

The facilities feature a swimming&nbsp;pool, a gym, a mineral spa, cold plunge pools, steam and sauna rooms, as well as sunbeds and lounges. The ground floor includes a wash-off area and surfboard storage.&nbsp;

&nbsp;

Ature Group Director George Kouzoukas said the founders are passionate about bringing to market a project that is uniquely inspired by fashion and global design, delivered with the trio’s trademark luxurious resort aesthetic.

“Sola is the architectural manifestation of our years travelling around the globe, visiting incredible destinations like Paris, New &nbsp;York and the Greek Islands, bringing together our favourite fashion, architecture, and design influences into a residential setting,"&nbsp;Kouzoukas said.

[smartcode_project:default project_id=138199 project_image_fid=257208]

“Sola has been designed with our favourite global beach destinations at the fore, with a relaxed yet luxurious palette that is very much a representation of our own personal style. &nbsp;

“The interiors and amenities of the project have been meticulously designed without compromise. A testament to the project is exemplified by each of us retaining a residence within the building for personal use."

Carly Cottam, Founder and CEO of <a href="/project-marketer/motiv">Motiv Group</a> who is selling the project, says: “The Gold Coast market has felt a surge of post-COVID real estate activity, with a particular uptick in the Broadbeach property market.

"A growing number of buyers are seeking residences that offer extensive vistas while being based in proximity to the vibrant heart of Broadbeach," Cottam says.

"This trend highlights a preference for spacious, full-floor living experiences in this dynamic real estate landscape."

[smartcode_project:default project_id=138199 project_image_fid=257209]

Cottam says&nbsp;Sola breaks away from the cookie-cutter tower mould.

"As a uniquely developed project rooted in Queensland's creative industries, it presents an incredibly resolved and elegant product, showcasing its distinctiveness in the market.”

Residences start from $2.75million and range up to $4.65 million.

[smartcode_project_cta:default project_id=138199]

Ature Group Director George Kouzoukas said the founders are passionate about bringing to market a project that is uniquely inspired by fashion and global design

SABO founders reveal luxury Broadbeach apartment development, SOLA

A two-level penthouse apartment at Chapter Two Group's Holm Rainbow Bay development has sold for $4.5 &nbsp;million, setting what is believed to be a new record for a non-beachfront development.&nbsp;

The penthouse at <a href="/new-apartments/holm-rainbow-bay-44-50-eden-avenue-coolangatta">Holm</a> on Eden Avenue was bought by a <a href="/new-apartments/sydney-nsw">Sydney</a> buyer amid strong interest in the project, which has recently topped enquiry and sales for the southern Gold Coast region.&nbsp;

The penthouse will feature three bedrooms, two decks, and a rooftop&nbsp;terrace with outdoor dining and spa.&nbsp;

&nbsp;

<a href="/developers/chapter-two">Chapter Two</a>&nbsp;Director Jon Quayle said the sale was believed to be the highest square metre rate achieved for a non-waterfront or front row apartment in the sought-after enclave. The 246 sqm apartment represented an internal price per sqm of $24,590.&nbsp;

“Taking opulent living to new heights, Holm has already beaten sale records and is attracting great interest from both local and interstate buyers,” Quayle said.&nbsp;

“The southern <a href="/new-apartments/gold-coast-qld">Gold Coast</a> is a highly sought-after location, and our Sydney buyer recognised the outstanding opportunity to purchase a new, luxury penthouse off the plan in a superb location at Rainbow Bay."

Holm has recently been ranked by Urbis as the number one selling project south of Burleigh.

[smartcode_project:default project_id=109905 project_image_fid=209089]

Chapter Two Director Oliver Bagheri said the record-breaking penthouse deal showed the strong demand for blue-chip real estate on the Gold Coast.&nbsp;

“Holm marks an exceptionally rare opportunity on Rainbow Bay's peninsula, allowing buyers to make the iconic address either their permanent residence or a deluxe holiday destination," Bagheri said.&nbsp;

“Geographically restricted with scarce future supply, acquiring the Holm site today and delivering this project at its current pricing would not be feasible, making it an irreplaceable opportunity.&nbsp;

"In recent years, the notion of apartment living has transformed. However, we've observed &nbsp;that many new Gold Coast buildings fall short of meeting residents' needs for a balanced &nbsp;lifestyle, incorporating health, well-being, and lifestyle amenities all in one place.”

[smartcode_project:default project_id=109905 project_image_fid=209094]

Collaborating with award-winning <a href="/architects/plus-architecture">Plus Architecture</a>, Holm prioritises resident well-being, ensuring the apartments blend seamlessly with the coastal lifestyle, while actively seeking ways to create a more sustainable and environmentally conscious building for residents' &nbsp;advantage.&nbsp;

The 12-level project will feature 86 exclusive residences of two, three or four bedrooms.

Holm offers rooftop facilities including a 25-metre ocean-view pool, spa, sauna, steam room and gym, as well as office suites, library, and conference rooms.&nbsp;

[smartcode_project_cta:default project_id=109905]

The 12-level project will feature 86 exclusive residences of two, three or four bedrooms

Rainbow Bay penthouse sold for record price per sqm

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.

[smartcode_project:default project_id=147685 project_image_fid=359136]

<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.

[smartcode_project:default project_id=147685 project_image_fid=359127]

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.

[smartcode_project_cta:default project_id=147685]

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."

[smartcode_project:default project_id=1979 project_image_fid=363268]

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.

[smartcode_project:default project_id=1979 project_image_fid=363229]

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.

[smartcode_project:default project_id=1979 project_image_fid=363284]

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."

[smartcode_project:default project_id=1979 project_image_fid=363228]

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."

[smartcode_project_cta:default project_id=1979]

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.

[smartcode_project:default project_id=150489 project_image_fid=373834]

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."

[smartcode_project:default project_id=150713 project_image_fid=373827]

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.

[smartcode_project:default project_id=151449 project_image_fid=357458]

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."

[smartcode_project:default project_id=151449 project_image_fid=357463]

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.

[smartcode_project:default project_id=151449 project_image_fid=357469]

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.

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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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