The current rental market crisis is already pushing enquiry numbers through the roof from both first home buyers and investors who are seeking to either get out of the rental market, or take advantage of it.

The latest statistics from property data analytics firm CoreLogic show just how strong the rental market is, particularly in Melbourne.

Their Quarterly Rental Review Q2 2023 found Melbourne is now no longer the most affordable capital city to rent a house, following 3.5 per cent quarterly growth in the rental market.

Dwelling rents in Melbourne (both houses and units), rose 3.9 per cent in the quarter, significantly outpacing growth in Perth (3.4 per cent) and Sydney (3.2 per cent).

The rise is putting pressure on renters who are now starting to look at entry-level apartments, particularly in Melbourne's inner-ring, rather than be beholden to the rent rises, while the growth has investors looking at securing stronger rental yields than they've likely ever seen before.

Where gross rental yields have started to fall across Sydney, Brisbane, Adelaide, Hobart and Canberra, they rose in Melbourne, Perth and Darwin. Another case for investors is the critically low vacancy rate, 0.8 per cent, one of the lowest capital city vacancy rates across the country.

<img alt="CoreLogic" data-entity-type="file" data-entity-uuid="3682f33e-8a57-4dc6-b979-ebca21924406" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-07-06%20at%209.26.50%20am.png?VersionId=WarMQHyNJCfIVu64kZT2ZVuXO1zoxJoe" />

Specifically looking at units, which incorporates both apartments and townhouses, Melbourne rents are up 4.5 per cent on the quarter to June, the second highest quarterly gain behind Perth.

Melbourne's median rent for units is now $532, and houses $567.

Sydney, Melbourne and Perth have also seen total rental supply between -30 per cent and -50 per cent below the previous five-year average for this time of year.

<img alt="CoreLogic" data-entity-type="file" data-entity-uuid="30201ca8-2eec-49c6-af1f-c9c6d798c7d6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-07-06%20at%209.24.32%20am.png?VersionId=xtnDqQMblFefjrXCtvhaAKH2qTfdEfpq" />

Rental listings remain well below the previous five-year average, with a national shortfall of around -32.4 per cent, or 47,500 rental listings recorded over the four weeks to June 3rd.

"Strong demand from overseas migrants, particularly international students, continues to support stronger growth in the medium to high-density sector, with national unit rents increasing by 3.6 per cent in the June quarter compared to a two per cent increase in house rents," CoreLogic&nbsp;Economist and report author Kaytlin Ezzy noted.

The report found Brighton was the most expensive suburb in Melbourne to rent a house. The median rent in the Bayside hotspot is $1,343 a week, and the median house value $3,536,000.&nbsp;

The majority of Melbourne's most expensive suburbs to rent a house are in the inner ring. Black Rock, Middle Park, Malvern and Canterbury made up the top five. The top 24 suburbs have median house rents at over $1,000 a week.

The latest statistics from property data analytics firm CoreLogic show just how strong the rental market is, particularly in Melbourne.

Joel Robinson

Melbourne no longer Australia cheapest rental market: A compelling case for buying off the plan 

Sydney developer Coronation Property has expanded its presence in the heritage-conservation suburb of Ashbury in Inner West Sydney.

They've secured the neighbouring development site to their current project, Ashbury Terraces, spending $45 million on the 1.64 hectare site that was listed by Michael Teplitsky, Felix Milgrom and Boris Markovsky.

The shovel-ready project at&nbsp;149-163 Milton Street has plans for 59 apartments and 68 multi-level townhouses designed by SJB.

Coronation's Managing Director Joe Nahas called the acquisition a "no brainer."

&nbsp;

<img alt="Render of the proposed second Ashbury development" data-entity-type="file" data-entity-uuid="a2651fa7-5014-45e0-9dbe-2d3c62e38703" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Ashbury%20Stage%202%20-%20001.jpg?VersionId=RDPtg5BW.z83wcNnf_PXMe6ZhusmsGGD" />Render of Coronation's new Ashbury development site. Credit: SJB

&nbsp;

“Off the back of the incredible sales success at Ashbury Terraces with more than 50 percent of the terraces and over 50 percent of apartment sales, it was a no brainer for us to acquire the adjacent site to offer additional quality housing stock to our purchasers," Nahas said.

“SJB’s early engagement, coupled with the existing involvement of our in-house design team, dedicated development, construction, and sales and marketing teams working on Ashbury Terraces, it will be a seamless and efficient progression for us to extend our efforts next door."

The original Ashbury development was a shortlisted finalist in the 2022 World Architecture Festival (awards) for Future Projects. That too features a mix of apartments and terraces. They recently announced they've sold out 80 per cent of stage two of the project, with the final release of residences expected hit the market at the beginning of next year.&nbsp;

Ashbury Terraces is on track for completion by the end of 2024.

[smartcode_project:default project_id=112253 project_image_fid=193253]

NSW Premier Chris Minns recently announced plans to help tackle the existing housing crisis by streamlining and accelerating the approval process, given the&nbsp;population of New South Wales estimated to increase by 85,000 residents per year until 2041, meaning there is an urgent need for 314,000 new dwellings over the next five-year period.

To expedite new housing supply, the Premier’s proposal will provide developers access to a fasttrack approval process through a ‘state significant development’ pathway for projects exceeding $75 million and comprising a minimum 15 percent affordable housing.

Nahas welcomed Minns’ announcement, saying it’s encouraging to see the Premier taking significant steps to facilitate an increase in affordable housing availability in the market and an overall boost in the number of new homes for the residents of New South Wales.

"As a company, we value our capacity to offer highly sought-after, quality residences. With this new initiative, we firmly believe that we can efficiently deliver a balanced combination of quality off-the-plan, build-to-rent, and key worker dwellings within a reduced timeframe," Nahas said.&nbsp;

"This will not only provide a broad range of housing options but importantly will make a significant contribution to meeting the escalating demand for new homes across Sydney in particular.”

[smartcode_project_cta:default project_id=112253]

The shovel-ready project at 149-163 Milton Street has plans for 59 apartments and 68 multi-level townhouses designed by SJB

Coronation Property expands its Ashbury Terraces site with $45 million purchase

Designed-focused Melbourne developer&nbsp;Neometro has submitted plans for a collection of 23 apartments in the heart of the vibrant Fitzroy neighbourhood, in collaboration with award-winning Melbourne architectural studio Edition Office.

The project, 450 Gore Street, between Brunswick Street and Smith Street, is located in a leafy residential pocket of Fitzroy. It and has a distinct geometric form elevated by subtle sculptural detailing. Neometro are targeting a gas free project, with a 7.5&nbsp;star NatHERS energy rating. A mix of one, two and three-bedrooms will be on offer.

The intention of the design of 450 Gore Street is to complement its urban residential surroundings, with it being positioned alongside Victorian terraces, worker's cottages, and an established tree canopy. It will feature&nbsp;raw concrete, coloured tactile bricks, clear fluted glass and deep forest green painted metal detailing.

<img alt="Neometro" data-entity-type="file" data-entity-uuid="f1395129-2731-48fc-8b22-5bf454e0d56f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-07-04%20at%204.22.13%20pm_0.png?VersionId=MZrxiVOv4vYsoYrBe3lsmvNeZ2NN75zl" />

The building features a carefully staggered facade, designed in line with detailed shadow analysis to maximise natural light into each building while protecting residents’ privacy. Giving way to deep private balconies, the unique design also affords each apartment direct access to outdoor space.

Floor to ceiling windows offer impressive views out across the inner-north suburbs and towards Melbourne’s central business district, which will remain protected due to the location’s zoning rules.

The building’s ground floor apartments feature generous interior volumes, which actively engage with the street and are a natural evolution of Neometro’s loft typology in size and scale.

<img alt="Neometro" data-entity-type="file" data-entity-uuid="08fd48c4-3fac-4624-b613-a940aeef6a66" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-07-04%20at%204.00.25%20pm.png?VersionId=xa1ktvKQfmfuz_xxMKaq9pCqQAiVH2r5" />

The project marks a long-lasting connection between Neometro and the City of Yarra, where it has completed 10 projects, including its first ever project 35 years ago, 51 Little Smith Street in Fitzroy.

“Since 1985, we’ve worked to deliver better architectural outcomes for the City of Yarra," Neometro Director Jeff Provan says.

"Our buildings are designed to provide for people over the course of their lives and our long-standing residents in this suburb are testament to the quality of Neometro homes."

<img alt="Neometro" data-entity-type="file" data-entity-uuid="d5a0b7d5-8d2c-4943-9401-c99ed2a22da5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-07-04%20at%204.22.01%20pm.png?VersionId=vpbWFLW8GkaQd5qNLWyzndsy2msyqkN1" />

450 Gore Street will be the first project Neometro and Edition Office have worked on together.

Neometro Director Lochlan Sinclair says the&nbsp;building represents a new partnership founded on shared values and mutual respect.

"We are very pleased to be finally coming together, to create this stunning addition to Fitzroy and continue our long-lasting connection to the suburb," Sinclair said.

Edition Office is ran by Aaron Robert and Kim Bridgland. Bridgland says the&nbsp;architectural language of the existing industrial and post industrial buildings in Fitzroy is strong horizontal banding often supported on large robust columns or piers," Bridgland says.

"This defines the pedestrian experience and retail frontages along many of the streets and we feel is a detail worth celebrating. We have reinterpreted the recurring motif into a new design aesthetic. The banding becomes the mechanism through which to unite the site’s industrial heritage and Gore Streets’ residential fabric.

Neometro will be taking registrations of interest this month, with an official launch expected in early 2024.

The project, 450 Gore Street, between Brunswick Street and Smith Street, is located in a leafy residential pocket of Fitzroy



First look exclusive: Neometro file plans for Gore Street, Fitzroy apartments

A Sydney investor has filed plans for a short-term holiday rental tower on the corner of Cannes Avenue and the Gold Coast Highway in Surfers Paradise.

The tower, designed by Archidiom, will comprise 29 one and two-bedroom apartments, and two villas, on an irregular shaped 955 sqm site across 4 Cannes Avenue and&nbsp;2830 Gold Coast Highway. The site wraps around the back of the Surfers Paradise Motor Inn.

Cannes Avenue, south of Neddy Harper Park, isn't well known for multi-res developments. The most popular was Marquee Development Partners' One Cannes, which is approaching completion. That followed Marquee's first project on the exclusive street,&nbsp;Cannes Waterfront.

<img alt="4 Cannes Avenue" data-entity-type="file" data-entity-uuid="3fbb06f0-ed21-4991-a56c-668a1fad86e8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-07-03%20at%203.14.11%20pm.png?VersionId=MjViN8cHKxRWnSieFE4MHxC0D405WdLN" />

The proposed development will have 21 one-bedroom apartments and eight two-bedroom apartments, as well as two two-bedroom villas.

The main building will be crowned by a&nbsp;rooftop pool, spa, and a barbecue recreational area under an open pergola.&nbsp;Part of the project will be 40 parking spaces and 14 bicycle spaces.

The Landscape Intent Statement, prepared by Sydney-based landscape architecture firm LDG LA, said the landscape design provides a unique, contemporary and sophisticated character.

<img alt="Surfers" data-entity-type="file" data-entity-uuid="701032ad-e577-4dca-ac10-3ec966f51f46" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-07-03%20at%203.14.07%20pm.png?VersionId=7AUaYDZhGpe1Ds.uvRzMUSfH0yVJJlv1" />

"The design complements the proposed architectural style whilst acknowledging the prominent coastal location of the site and context within Surfers Paradise and the Gold Coast region.

"The design intends to cater for its residents’ modern lifestyle requirements and encourage outdoor living and an active engagement with the beach environment.

"The landscape provides a place of sanctuary with relaxed leisure opportunities, comfortable pedestrian access and spatial and visual variety for interest."

The tower, designed by Archidiom, will comprise 29 one and two-bedroom apartments, and two villas, on an irregular shaped 955 sqm site across 4 Cannes Avenue and 2830 Gold Coast Highway.

First look: New Surfers Paradise apartment tower planned for Cannes Avenue

Crossley &amp; Bourke, the newest apartment development to launch in West Footscray, is offering a bit of something for everyone.

The project, which will have 110 apartments across two symmetrical buildings connected by a sky bridge, caters for every demographic, Bricks &amp; Mortar Director Sahil Bhasin, who is selling the project for developer M Property, says.

He expects first home buyers to be keen on the entry-level, one-bedroom apartments, which start from $455,000, and downsizers to be more focused on the larger two and three-bedroom apartments, the latter of which are priced from $859,000.

Some of the three-bedroom penthouses, with fireplaces and integrated Miele appliances, have extensive private terraces with over 100 sqm of outdoor space.

[smartcode_project:default project_id=134538 project_image_fid=215499]

"There's something for everyone in Crossley &amp; Bourke," Bhasin says, adding that he is also expecting to be fielding interest from investors for the one and two-bed apartments.

"There's a lot of appeal to both the project and the area which will attract investors," Bhasin said.

He was speaking to the infrastructure upgrades happening in the area, from the $77 million redevelopment of the neighbouring Victoria University Whitten Oval, home of the Western Bulldogs, to the $11 billion Metro tunnel, $6.7 billion Westgate Tunnel, and the new $1.5 billion Footscray Hospital Precinct.

[smartcode_project:default project_id=134538 project_image_fid=215501]

There's also a vacancy rate of just 1.3 per cent in the area, which has seen compound growth of 8.6 per cent in the last 12 months.

The location will be a big driver for all purchasers, Bhasin says, given the project's proximity to the train station and the popular Barkley Street.

It's a five-minute train to Footscray Markets and Footscray Central's amenity, while just 15 minutes to the Melbourne CBD. There's 10 educational facilities, from childcare through to tertiary and adult education, less than two kilometres from the front door.

Artisan Architects Director John Hair, who designed the project, said the&nbsp;facade speaks to the neighbourhood’s industrial past - exhibiting red brick, concrete and steel.

[smartcode_project:default project_id=134538 project_image_fid=215505]

"While the overall design blends strong clean lines with multiple parts that combine to form one cohesive whole, inspired by the many facets of the community and its unique character."

Hair says the&nbsp;landscape design brings a layer of greenery that is integrated into the recesses of the façade and the central sky garden is inspired by the traditional village green and central square where the community comes together to socialise and celebrate.

The building is targeting a 8.3 NatHERs rating, with each apartment featuring passive solar design and ventilation through its&nbsp;own self-contained ventilation system that flows directly to the outdoor area, rather than through internal ducts or a complex roof ventilation system, delivering clean, fresh air into the apartment.

[smartcode_project:default project_id=134538 project_image_fid=215504]

The project is being delivered by M Property, who have already completed demolition on the Cross Street site. Valeo Constructions is handling the build.

The project will feature a wellness centre,&nbsp;which will be taken over by an independent business when the building is completed, around Q4 2024.

[smartcode_project_cta:default project_id=134538]

The project, which will have 110 apartments across two symmetrical buildings connected by a sky bridge, caters for every demographic, Bricks & Mortar selling agent Sahil Bhasin says.



Crossley & Bourke apartments launch in West Footscray

Albion's landmark Breakfast Creek Hotel is set to get a new neighbour, with a Sydney investor filing plans for a two-tower project across the road.

The plans, submitted by DRJ Investments on a 2,569 sqm block spanning 4 Higgs Street and 11 Sandgate Road, are for two 17-level buildings homing 199-apartments, rooftop recreation, and an activated ground plane.

Architecture firm Jackson Teece said in their Design Report that the neighbouring heritage-listed Breakfast Creek Hotel played into the design.

<img alt="Breakfast Creek Hotel" data-entity-type="file" data-entity-uuid="08d2ffc7-ca91-430f-91e7-395b467f6b73" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-07-03%20at%204.39.17%20pm.png?VersionId=jGEF5LbL7b4Z1UY.b_5mA8TTEUH_xSDT" />

"This proposed development provides an opportunity to renew and further establish a highly activated and people oriented precinct," the report said.

"The existing Breakfast Creek Hotel, a rare and historic cultural icon, is central to our consideration for the revitalisation of the precinct.

"The podium extends one level above the Breakfast Creek Hotel in order to provide a sympathetic and natural backdrop, emphasising the profile and character of the historical hotel and its hero'ing architectural style without competing."

They said hospitality uses will be pursued that are complementary to the existing operations of the hotel. The food and beverage tenancies will run alongside the pedestrian traffic on the Breakfast Creek pathway. The ground level restaurant will provide a semi-outdoor, subtropical dining area.

"This area is intended to be utilised by residents for breakfasts and likely offer a variety of complementary and inclusive refreshments, and act as a meeting area for breakfast, lunch and for occupants to relax," the report added.

<img alt="Breakfast Creek Hotel" data-entity-type="file" data-entity-uuid="864d2ef6-37c1-4d9f-8d62-e7d7d36afee0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-07-03%20at%204.39.50%20pm.png?VersionId=P8SdYMHBUcNHmXDzLd_2A_T1cdO6bpQY" />

There will be 45 one-bedroom apartments, 117 two-bedroom units, and 16 three-bedrooms, as well as 21 two and three-bedroom SOHO apartments (part residential, part commercial).

Each of the podium apartments on the lower levels will benefit from large outdoor areas fringed by landscaping.

70 per cent of the apartments maximise northern and a north east aspect, and another 70 per cent maximise south and south eastern primary views to the City and Brisbane River as well.

The buildings are crowned with a rooftop recreation area with a 20 metre lap pool and spa, poolside cabanas, a gym with a yoga deck, a cinema room, business centre, private dining space, and a communal recreation space.&nbsp;

<img alt="Breakfast Creek Hotel" data-entity-type="file" data-entity-uuid="8baa33c3-6b7a-43ff-99a1-d241f8a4cfde" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-07-03%20at%204.39.45%20pm.png?VersionId=MJ7eWlsr9UH7PVjOExA_pwFJp8Qt8Tez" />

Town Planning Report by Place Design Studio said the proposed development has been expertly designed to embrace the subtropical climate of Brisbane and achieve the vision and design benchmarks of the New World City Design Guide – Building that Breathe.

"Specifically, the proposed development implements principal elements of living greenery, streetscape activation, sunlight, natural air and ventilation, landscaped podium courtyards, and generous outdoor living spaces for each apartment.

"Furthermore, the proposed development includes a large, pedestrian oriented and landscaped plaza, extending from the ground level and out onto the end of Higgs Street between the site and the Breakfast Creek Hotel.

"This plaza represents a significant upgrade to the public realm and a substantial placemaking outcome for the locality. The plaza is a significant community benefit and one which would not have been delivered by the current City Plan outcomes.

Currently on the site is a one-level office building.

Architecture firm Jackson Teece said in their design report that the neighbouring heritage-listed Breakfast Creek Hotel played into the design.

Albion's iconic Breakfast Creek Hotel to get new neighbour

Brisbane unit values continued their consistent value growth pattern across June, according to property data analytics firm CoreLogic's Monthly Hedonic Home Value Index.

Unit values rose a further one per cent last month, following gains of 1.1 per cent in May and 0.9 per cent in April.

Brisbane's median unit value broke through the $500,000 barrier in May. Now it's over $512,000, according to CoreLogic, after year to date gains of three per cent.

Units in Brisbane have proven to be one of the best performing markets over the last 12 months despite the nation-wide downturn fuelled by rising interest rates. Compared to this time last year, Brisbane unit values are 1.5 per cent higher. Only Perth and Adelaide's units have seen growth over the same period.

CoreLogic's Research Director Tim Lawless says a lack of available supply continues to be the main factor keeping upwards pressure on housing values.

“Through June, the flow of new capital city listings was nearly -10 per cent below the previous five-year average and total inventory levels are more than a quarter below average.

Read more:&nbsp;<a href="/news/nsw/city-beat-june-2023-sydney-secures-off-the-plan-sales-success-at-affordable-and-luxury-ends-of-the-market">City Beat June 2023: Brisbane's tight supply drives off the plan apartment sales</a>

"Simultaneously, our June quarter estimate of capital city sales has increased to be 2.1% above the previous five-year average.”

Although housing values continue to record a broad-based upswing, the pace of growth across most capitals eased in June.

“A slowdown in the pace of capital gains could be a reflection of a change in sentiment as interest rate expectations revise higher,”&nbsp;Lawless added.

“Higher interest rates and lower sentiment will likely weigh on the number of active home buyers, helping to rebalance the disconnect between demand and supply.”

<h2>Brisbane's off the plan update July 2023</h2>

Those developers who have had their projects in market over the last few months, and have either shown buyers they've delivered quality product previously or they have agreements in place with builders, are securing strong sales.

Colliers Director Residential Lily O'Connell says buyer activity throughout the first half of 2023 has been incredibly positive across their Brisbane projects.

"We’ve consistently experienced higher than average enquiry numbers and inspections as demand continues to outstrip supply," O'Connell says.

"There’s been immense media hype around the high-end apartment market, however buyer demand isn’t isolated to the top end. We’ve experienced strong sales activity across all product types and price points."

[smartcode_project:default project_id=108736 project_image_fid=209941]

O'Connell says that while&nbsp;local owner occupiers have predominantly driven buyer activity, they have witnessed a surge in renewed interest from interstate and overseas buyers, both owner-occupiers and investors.

Three key trends have emerged so far in 2023, O'Connell says, the first, unsurprisingly, being the substantial number of downsizers.&nbsp;

"The key difference to previous observations is their inclination to deviate from traditional retirement living and instead opt to remain in their apartment for the foreseeable future. As a result, factors such as accessibility, apartment liveability and lifestyle amenity hold utmost importance to them."

[smartcode_project:default project_id=108736 project_image_fid=209692]

The second trend is the all-time high demand for two-bedroom, two-bathroom apartments with two car spaces and a multi-purpose room.

"Historically, this particular group of buyers would typically opt for three-bedroom apartments," O'Connell says, adding however that, due to subsequent price changes in off the plan properties, this configuration has become an affordable and appealing lifestyle alternative.&nbsp;

The third has been significant demand for larger three-bedroom apartments which are at the more affordable end of the three-bed market.

"In our projects across Brisbane, we have amalgamated a total of eighteen individual apartments to create nine larger apartments. These apartments are typically situated on the lower levels of a building which have created more affordable price point options."

[smartcode_project:default project_id=113455 project_image_fid=211471]

Place Kangaroo Point Director Simon Caulfield has been secure record-breaking sales on Brisbane's riverfront over the last few months.

He says Brisbane has "come of age."

"The price data indicates a shift in perception and a growing recognition of the city's potential among buyers," Caulfield said.

"The limited listings in Brisbane's premium suburbs and the notable sales in New Farm and Kangaroo Point have created a sense of urgency surrounding this price point.

"Place Advisory says penthouse sales have risen by 350 per cent since 2017, as luxury and security become front of mind for cashed-up interstate and local buyers."

Earlier this year Caulfield sold Spyre Group's Moray House penthouse for a new record $15.75 million, as well as the smallest whole floor apartment in the six-level New Farm building, for $9 million. That apartment, with 259 sqm of internal living area, represented a price of over $34,000 per sqm, a price more commonly achieved in Sydney or Melbourne.

[smartcode_project:default project_id=105057 project_image_fid=209769]

"It is not just the views that are creating this sense of urgency; it is the limited opportunities available in this market," Caulfield added.

"The demand for premium properties with exceptional features and locations has surpassed the available supply. Buyers are recognizing the potential for future growth and are eager to secure their place in this burgeoning market.

"Brisbane has indeed come of age, and buyers are taking note.

"The recent sales at the higher end of the market, coupled with limited opportunities and the allure of exceptional views, have created a sense of urgency and heightened interest among buyers. The city's potential for growth and the prospect of securing a premium property have positioned Brisbane as a compelling destination for real estate investment."

[smartcode_project:default project_id=105057 project_image_fid=209770]

Position Property Director Richard Lawrence says demand is outstripping supply, and that will continue well into next year.

"The Brisbane residential property market is at a critical crossroad, with new listings across the city reported as being 17.8 per cent lower than the previous five-year average, and almost 20 per cent lower than this time last year," Lawrence said.

"With more than 700,000 migrants forecast to make the move to Australia by 2024, combined with interstate migration, this unprecedented demand will continue to outstrip supply."

Lawrence says, with inflation and construction costs continuing to rise each quarter and momentum building towards the Brisbane 2032 Olympics, he can’t see the trend in supply or property prices changing in the coming months or years.

Brisbane's median unit value broke through the $500,000 barrier in May. Now it's over $512,000, according to CoreLogic, after year to date gains of three per cent

City Beat July 2023: Brisbane "has come of age" as apartment demand booms

Expressions of interest are starting to be taken at Carrington Place, the $850 million Castle Hill masterplan by local developer Ellipse Property Group.

Carrington Place will deliver 771 apartments spread across seven architecturally distinctive buildings designed by Scott Carver. There will be a range of one, two and three-bedroom apartments.

The first stage to be released, Atrium, will comprise 151 apartments within one eight-storey building with rooftop recreational spaces that provide views of the surrounding landscape.

[smartcode_project:default project_id=89496 project_image_fid=216766]

Atrium will be the gateway to the Carrington Place precinct, embodying the essence of the community’s vision for a sustainable and healthy lifestyle.

PRD Norwest Managing Director, David Inkster, in collaboration with Ellipse Salesteam, said Atrium will be the most premium apartments in Castle Hill.

“With a deep connection to nature immersed in the peaceful bushland of Cattai Creek, Atrium will provide residents with spacious homes featuring two design schemes," Inkster said.

"These will be the most premium apartments in Castle Hill, primely located directly opposite the Hills Showground Metro Station."

[smartcode_project:default project_id=89496 project_image_fid=216770]

&nbsp;

Scott Carver’s Senior Interior Designer, Helen Morrow, says there are two colour palettes at Atrium for buyers to choose from.

"The Tranquil palette is a very calm, neutral environment," Morrow said.

"The Luminous on the other hand is a warmer, more expressive palette and that’s more for energy and rejuvenation so it’s modern, fuss-free, it will allow people to really live their best lives."

Award-winning architecture firms Tony Owen Partners and Stanisic Architects have designed the buildings to immerse with its surrounding natural landscapes while complementing the curve of the tranquil Cattai Creek which runs along the western border of the development.

[smartcode_project:default project_id=89496 project_image_fid=216764]

&nbsp;

Uniquely, the precinct will be home to over 20,000 sqm of outdoor recreational space and lush gardens, conceived by landscape architect, Ross Shepherd, Director of Site Image Landscape Architects, making it one of the greenest masterplanned communities in the Hills district.

“The lifestyle of this precinct is quite a cosmopolitan meets environmental lifestyle. I think it’s a lovely balanced environment for people to enjoy,” Shepherd said.

A key feature of the project will include a one-kilometre boardwalk running the length of the Cattai Creek connecting to Fred Caterson Reserve, a 58-hectare local reserve featuring picnic tables, children’s playgrounds, along with multiple sports facilities.

[smartcode_project:default project_id=89496 project_image_fid=216768]

Ellipse Property has committed to dedicate over 6500 sqm of the Cattai Creek back to the community in this masterplan.

&nbsp;

Ellipse Property has also collaborated closely with Council on the revegetation management and landscaping of the Cattai Creek Masterplan spanning the Carrington Place site, known locally as ‘The Green Belt’. The area is home to an array of wildlife, flora and fauna, in particular The Powerful Owl, the largest owl on the Australian continent.

Located directly opposite the Hills Showground Metro Station, the development will provide future residents with connectivity to Sydney’s CBD, Chatswood, North Sydney, Macquarie Park and Norwest Business Park. With trains operating every four minutes in peak hour in each direction, residents are offered the highest convenience on Australia’s first driverless railway.

Construction is planned to commence in Q3 2023 with Stage 1 Atrium due for completion in Q3 2025. The entire five-stage precinct is due for completion in 2032.

[smartcode_project_cta:default project_id=89496]

The first stage to be released, Atrium, will comprise 151 apartments within one eight-storey building with rooftop recreational spaces that provide views of the surrounding landscape



$850 million Castle Hill masterplan Carrington Place starts selling

Sydney unit values are continuing to bounce back from their 2022 losses.

Property data analytics firm CoreLogic's Monthly Hedonic Home Value Index found the value of Sydney units grew by 1.2 per cent in June, showing a consistent pattern following gains of 1.1 per cent in May and 1.2 per cent in April.

Sydney unit values are now 3.5 per cent year up year to date and just&nbsp;-3.4 per cent down compared to this time last year.

CoreLogic's Research Director Tim Lawless says a lack of available supply continues to be the main factor keeping upwards pressure on housing values.

“Through June, the flow of new capital city listings was nearly -10% below the previous five-year average and total inventory levels are more than a quarter below average.

Read more:&nbsp;<a href="/news/nsw/city-beat-june-2023-sydney-secures-off-the-plan-sales-success-at-affordable-and-luxury-ends-of-the-market">City Beat June 2023: Sydney secures off the plan sales success at affordable and luxury ends of the market</a>

"Simultaneously, our June quarter estimate of capital city sales has increased to be 2.1% above the previous five-year average.”

Although housing values continue to record a broad-based upswing, the pace of growth across most capitals eased in June.

“A slowdown in the pace of capital gains could be a reflection of a change in sentiment as interest rate expectations revise higher,”&nbsp;Lawless added.

“Higher interest rates and lower sentiment will likely weigh on the number of active home buyers, helping to rebalance the disconnect between demand and supply.”

<h1>Sydney's off the plan update July 2023</h1>

A number of agents across Sydney are suggesting sentiment is continuing to grow in the off the plan apartment market.

Colliers National Director Blake Schulze says, while sales are happening in both the top and bottom ends of the market, a significant trend has been the time taken to convert a lead.

“One notable observation is that the time it takes for buyers to move from an initial enquiry to a sale has reduced by 50 per cent, which is a significant trend," Schulze says.

There's been more enquiry come through from investors, Schulze says, however the purchasers are still primarily owner-occupiers. Schulze has also seen enquiry rise from first home buyers, who have been waiting for the NSW stamp duty saving changes that came into force July 1.

Read more:&nbsp;<a href="/news/nsw/nsw-stamp-duty-the-july-1-2023-change-that-will-affect-first-home-buyers">NSW Stamp Duty: The July 1 2023 change that will affect first home buyers</a>

James Lampropoulos, Director and Partner at Laver Residential Projects, says the company have had their best selling month in around six months.

"The market sentiment across the board is still quite strong, in particular we are seeing the high end of the market (over $3 million) in Sydney performing very well as well as good quality stock up to $1 million," Lampropoulos said.

"These buyers are very active and still believe that property is the best asset class to secure their financial future."

Lampropoulos says they've already seen a surge in demand following the new stamp duty rules across their projects in&nbsp;Bexley, North Strathfield and Wentworth Point.

[smartcode_project:default project_id=5751 project_image_fid=209834]

Laver has had success at the top end in&nbsp;The Rathbone in Surry Hills and Munro House in Elizabeth Bay in the last few weeks, which represent the middle to higher end of the market.

"Both projects are under construction, which tends to draw more buyers at this stage of the marketing,"&nbsp;Lampropoulos said.

"Those in the $2 million to $5 million range are looking for something nearing completion. They’re not jumping in at the absolute off the plan, pre sales stage, because they tend to need to sell their current home to buy.&nbsp;They need peace of mind they’re buying and selling in a similar market.

[smartcode_project:default project_id=100691 project_image_fid=186114]

"In contrast, those buying in the very top end of the market with budgets over $7 million or so aren’t so reliant on selling their current home, so they’re the more likely the early buyers."

Trio Property Agency's Thomas Panson has too seen first home buyers jump, in part due to the stamp duty concessions under $800,000, but also from renters who are now looking to buy due to increased rental prices across the city.

Panson says this has particularly affected the buyers in the $800,000 to $1 million range.

[smartcode_project:default project_id=7054 project_image_fid=47637]

There's been success in both Newcastle and Orange for Urban Activation, who are marketing Iris Capital's East End development in Newcastle and 103 Prince in the popular wine region of Orange.

Urban Activation's Sales and Marketing Director Matt George says local&nbsp;first home buyers, downsizers and investors from the Hunter region and Sydney make up a large portion of the purchasers in Newcastle. 

"Large scale two and three bedroom apartments are in demand with a continuing growing trend towards the limited supply of three bedrooms," George says.

[smartcode_project:default project_id=107744 project_image_fid=211155]

George cites Newcastle infrastructure pipeline as an attractive proposition for both investors and owner-occupiers.

"Newcastle has had a huge amount of infrastructure, particularly with light and heavy rail over recent years, and has a wide range of growth plans into the future with Iris Captial’s East End Development and Honeysuckle HQ continually improving the retail and hospitality offerings substantially."

Urban Activation is also working on 103 Prince, the first multi-residential apartments and townhouse project in the Central West area. The project filled such a niche it sold out around half of the residences before it even launched.

[smartcode_project:default project_id=114129 project_image_fid=214387]

The development approved project has been popular with local downsizers, particularly farm owners, who have never had an opportunity to downsize to something new. There's also been steady and regular interest from Sydney and New South Wales investors.

City Beat July 2023: Sydney growth continues as first home buyers get new stamp duty concessions

Sydney developer and builder ALAND has unveiled its collection of penthouse atop their new Gosford apartment development, Archibald by ALAND.

The 12 penthouse apartments, across the top two levels of the Donnison Street tower, have been dubbed the Signature Collection, featuring extensive views across both the surrounding water and mountains.

The three and four-bedroom penthouses range in size from 176 sqm to 280 sqm, and are priced from $2,320,000.&nbsp;

The Signature Collection is expected to attract discerning buyers from Gosford, Newcastle and Sydney who are either looking to downsize, buy a high-end weekender, or make plans for future retirement on the Central Coast.&nbsp;

ALAND Founder and Director Andrew Hrsto says The Signature Collection is a masterclass in contemporary apartment design and also demonstrates his own passion for high-quality finishes.&nbsp;

&nbsp;

[smartcode_project:default project_id=134670 project_image_fid=215488]

“Our design brief was to create something glamourous and yet understated and timeless – and I believe we’ve achieved that brilliantly,” Hrsto said.

“At the same time I wanted the Collection to incorporate a rich blend of prestige materials, such as Tundra Grey marble benchtops, Carrara marble tiles and Australian oak floorboards.”

Apart from their generous floorplans, the penthouses feature elevated ceilings to ensure that residents make the most of their sweeping ocean and mountain views.

“Everything in these apartments and penthouses is about creating a sense of space and light,” Hrsto added.

&nbsp;

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“That is why we’ve introduced higher ceiling heights and fluted cabinetry throughout.”

The Signature Collection penthouses feature premium fittings such brushed-nickel Grohe tapware and Series 9 Fisher &amp; Paykel appliances. Penthouses also include fireplaces, cocktail-style bar areas, wine fridges, stacked double ovens and a butler’s pantry.

ALAND Head of Development Ryan Lane&nbsp;says The Signature Collection captures a sense of coastal elegance, combining timeless interior design with a sophisticated use of materials and colours.

“The finishes, such as the fluted joinery are very tactile and textured, while the curvilinear shapes embody the dynamic nature of water. This is appropriate since most of the living spaces look out over Brisbane Water,” Lane said.

&nbsp;

[smartcode_project:default project_id=134670 project_image_fid=215489]

“Residents of these penthouses will enjoy an enviable lifestyle. The seamless flow between inside and outside spaces will make entertaining family and friends at home a pleasure. Residents and their guests can also enjoy a cocktail at the Skybar &amp; Lounge on level 28 or meet at the podium level swim-up bar or the ground floor Union Hotel."

Lane says that Archibald by ALAND, which is scheduled to be completed at the end of 2024, will be a one-of-a-kind offering on the Central Coast, providing easy access to the region’s beautiful beaches and national parks, transport links and many local services.&nbsp;

“The town of Gosford offers a wealth of natural beauty, but still offers great connectivity to Sydney and regional NSW. At the same time residents will find much of what they need, such as dining, shopping and entertainment options, literally on their doorstep.”

The mixed-use project comprises 323 apartments, 130 hotel rooms, and a cosmopolitan dining precinct at the foot of the building.

[smartcode_project_cta:default project_id=134670]

ALAND Founder and Director Andrew Hrsto says The Signature Collection is a masterclass in contemporary apartment design and also demonstrates his own passion for high-quality finishes

ALAND unveil penthouse collection at Archibald by ALAND in Gosford

<a href="https://www.urban.com.au/developers/far-east-consortium">Far East Consortium</a>’s 640 Bourke Street stands as a testament to&nbsp;<a href="https://www.urban.com.au/developments/melbourne-vic-3000">Melbourne</a>’s ability to bridge its storied past with a bold vision for the future.&nbsp;

Rising above the heritage-listed Eliza Tinsley building, the development reflects a broader shift toward adaptive reuse in the city, where historical assets are retained and reinterpreted as part of new residential development.

Designed by <a href="https://www.urban.com.au/architects/rothelowman">Rothelowman</a>, <a href="https://www.apartments.com.au/new-apartments/640-bourke-street-melbourne-640-bourke-street-melbourne-vic-3000">640 Bourke Street</a> incorporates the Eliza Tinsley building as its foundation, housing a grand gallery and lobby space that serve as both a functional and symbolic centrepiece. The heritage façade informs the tower’s design, creating a connection between Melbourne’s past and its contemporary skyline.

"It's a significant asset and wants to be celebrated and experienced by all residents every single time they go in and out of the building," Rothelowman Principal Stuart Marsland said.

[smartcode_project:default project_id=509 project_image_fid=365684]

Above this historic base, the 68-storey tower will deliver just over 600 residences, a notable reduction from earlier schemes, reflecting a deliberate move toward larger-format apartments and a stronger owner-occupier focus.

Unlike traditional CBD developments that prioritised investor stock, 640 Bourke Street has been repositioned to respond to changing buyer expectations.

"The discussion was all around making 640 Bourke Street the best residence to live in, to be much more focused on the people in the building rather than people looking at the building," Marsland explained.&nbsp;

This shift is evident in the development’s interiors, which emphasise practical luxury with spacious layouts, high ceilings, and floor-to-ceiling windows framing sweeping views of Melbourne and Port Phillip Bay.&nbsp;

“What it's meant for 640 Bourke is we've actually reduced the number of apartments. We've increased the overall size of the apartments. We don't have any studios in here, and what that does for a project is it elevates it," Lauren Sheldon, Far East Consortium’s Director of Sales and Marketing, said.&nbsp;

[smartcode_project:default project_id=509 project_image_fid=365687]

Rothelowman Associate Jun Chang added, "We were given the opportunity to be more generous. The apartments became bigger and squarer than any other apartments which had been designed in the CBD before that."&nbsp;

Amenities spanning more than 3,000 sqm across multiple levels further reinforce this focus on resident experience. These include a pool, gym, co-working areas, and a range of hospitality-inspired spaces such as a whisky lounge, library, and private dining rooms, many drawing reference from traditional bathhouses and Melbourne’s laneway culture.

"We wanted to make both the pool and the gym area to be absolutely destinational, and when you traverse across to these spaces, there is a gentle familiarity to the beautiful notions of the hammams and the Roman baths, a gentle nod to history," Chang noted.

At street level, the project contributes to the ongoing transformation of the western CBD, with upgrades to Langs Lane and the introduction of retail, hospitality, and gallery spaces designed to activate the precinct and strengthen its connection to the surrounding city fabric.

[smartcode_project:default project_id=509 project_image_fid=365689]

The location places residents within walking distance of Southern Cross Station, Flagstaff Gardens, Queen Victoria Market, and the Docklands waterfront, positioning the development within a rapidly evolving inner-city neighbourhood.

"We believe it's the best site left in the city of Melbourne," Craig Williams, Executive Director at Far East Consortium, said.&nbsp;

640 Bourke Street is Far East Consortium’s 14th building in Melbourne’s western CBD.

"A very elegant designed building. It's going to be a Melbourne statement for many, many years to come."

One-bedroom apartments are priced from around $640,000, with 640 Bourke Street targeting completion in 2029.

Renders shown are Artist's Impressions correct as of May 2026.

[smartcode_project_cta:default project_id=509]

Heritage-led design anchors Far East Consortium’s 640 Bourke St, Melbourne

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD Group</a> has set a new residential price record in Queensland with the $30 million sale of the penthouse at its <a href="https://www.apartments.com.au/new-apartments/one-burleigh-88-the-esplanade-burleigh-heads-qld-4220">ONE Burleigh</a> development in Burleigh Heads.

The sale equates to around $37,500 per sqm.

The two-level, 800 sqm penthouse, featuring five bedrooms, five bathrooms, five car spaces, and a private infinity pool overlooking the Pacific Ocean, was acquired by a Gold Coast-based entrepreneur, highlighting continued demand for ultra-premium beachfront product.

Selling agent Freddie Tehle of PRD Burleigh Heads said the result reflects tightening supply of high-quality, large-format apartments in Burleigh.

“There’s very limited opportunity to secure this level of scale and absolute beachfront position in <a href="https://www.apartments.com.au/developments/burleigh-heads-qld-4220">Burleigh Heads</a>,” Tehle said.

“Buyers are increasingly seeking apartments that genuinely replace a standalone home, and this penthouse delivers that with its size, privacy, and direct ocean frontage.”

[smartcode_project:default project_id=146358 project_image_fid=323057]

The sale comes as construction progresses on ONE Burleigh, a boutique development of 17 full-floor residences at 88 The Esplanade, scheduled for completion in early 2027.

Developed by MAYD Group and designed by <a href="https://www.apartments.com.au/architects/mas-architecture-studio">MAS Architecture</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/sici-design">Sici Design</a>, the project has been positioned as a collection of house-sized beachfront apartments, each occupying an entire floor with around 381 sqm of internal and external living space.

When construction commenced, MAYD director Todd Mould pointed to the long-term resilience of premium coastal real estate as a key driver behind the project.

“Real estate, particularly at the premium end, remains one of the most resilient and proven long-term investment avenues,” Mould said.

“Our ambition is that anyone who buys a MAYD-built product can genuinely feel the care, craftsmanship and commitment we bring to every detail.”

[smartcode_project:default project_id=146358 project_image_fid=323055]

Each residence has been configured with four bedrooms, multiple living zones, a private office, and expansive ocean-facing terraces. Interiors draw on a restrained material palette, including travertine stone, timber joinery, and integrated premium appliances.

Interior designer Sici Design said the approach was to reflect the project’s coastal setting through both materiality and spatial planning.

“ONE Burleigh is our vision of luxury living, designed to bring the essence of Burleigh Heads' vibrant coastal beauty into an unparalleled residential experience.”

Residents will have access to a suite of wellness-focused amenities, including pools, sauna facilities, and dedicated relaxation spaces, reflecting a broader shift toward lifestyle-driven apartment design on the Gold Coast.

[smartcode_project:default project_id=146358 project_image_fid=323052]

The project occupies a southern Esplanade site with uninterrupted beachfront frontage, an increasingly rare offering in Burleigh Heads, free from the Norfolk Pines that line much of the coastline and often limit direct ocean outlook.

Mould said the design intent was to balance that outlook with a sense of retreat.

“Living at ONE Burleigh is about how your day naturally unfolds, morning light across the ocean, coffee on the balcony, and being in Burleigh but elevated above the noise.”

The result further reinforces Burleigh Heads’ emergence as one of the Gold Coast’s most tightly held and supply-constrained beachfront markets, where boutique, owner-occupier-focused developments are increasingly setting new price benchmarks.

[smartcode_project_cta:default project_id=146358]

MAYD Group sets Queensland record with $30 million penthouse sale at ONE Burleigh in Burleigh Heads

Apartment developers in the Gold Coast are finding new, creative ways to differentiate themselves from competing projects, as new supply starts to flow through up and down the Coast.

Developer BIG Projects brought in the renowned Sydney-based design studio YSG Studio to craft the interiors for The Frederick, BIG Projects' new Mermaid Beach project and YSG Studio's first move into the multi-residential development space.

[smartcode_project:default project_id=110588 project_image_fid=5346]

It was a strategic move for BIG Projects to bring in a Sydney eye to the development.

“Our role is to give our design partners the space and freedom to explore,” says Matt Barrett, Director of BIG Projects.

“We wanted YSG Studio to capture the essence of Nobby’s, to design a building that embraces life, light and connection, while creating a genuine sense of place.”

There are only 39 apartments in The Frederick, including a striking beach house, just 100 metres from the booming Nobby Beach precinct.&nbsp;

[smartcode_project:default project_id=110588 project_image_fid=5347]

Yasmine Ghoniem, Director of YSG Studio, says their vision&nbsp;for The Frederick "reinvents coastal living."

“Nobby’s has such an iconic energy, it’s one of those rare pockets of the Gold Coast where the community, the beach, and the streets all feel connected,” Ghoniem says.

"Responding to the neighbouring coastline, soothing curves add a relaxing regional overlay, while unique detailing really sets it apart. It’s a place that feels lived in from the moment you step inside.”

A standout feature of The Frederick is its rooftop terrace, an uncommon inclusion for a boutique, low-rise building, where amenity is typically concentrated at ground level.

[smartcode_project:default project_id=110588 project_image_fid=5360]

Positioned to capture panoramic views from the hinterland to the ocean, the rooftop has been designed as a series of intimate zones. It includes a pool, sauna, sun decks, workspaces and dedicated entertaining areas.

“The rooftop was conceived as a collection of spaces where residents can unwind and connect, an extension of the Nobby’s lifestyle,” Barrett says.

Architecture for the project was led by Plus Studio, with landscape design by LDG Landscape Architecture.

SRQ Projects Director Nick Clydsdale, who is handling sales at The Frederick, says the majority of enquiry is coming from South East QLD and Victorian buyers who have been actively searching between Broadbeach and Mermaid Beach for some time.

"They’ve reviewed a number of projects, however this one has stood out for its unique detailing and compelling design,"&nbsp;Clydsdale says.

Site demolition is slated for this month, with construction commencing soon after. BIG Projects is targeting a late 2027 completion.

[smartcode_project_cta:default project_id=110588]

Sydney’s YSG Studio makes Gold Coast multi-residential debut with BIG Projects at The Frederick

Melbourne-based property developer ALTA Property has this week achieved planning approval for the adaptive re-use of a former commercial tower into a $200 million, 169-apartment project at 10 Queens Road, one of the last developable sites along the Albert Park Lake-fronting boulevard.&nbsp;

Set within one of Melbourne’s most sought-after precincts and designed by <a href="https://www.apartments.com.au/architects/fraser-partners-0">Fraser and Partners</a>, the illustrious building will offer unparalleled views across Albert Park Lake, Port Phillip Bay and Melbourne CBD.&nbsp;

The mix of 1, 2 and 3-bedroom residences will be complemented by a ground-floor amenity featuring private dining, a lounge bar, gym and wellness spaces, co-working, outdoor communal gardens, and retail.&nbsp;

The 17-storey building is a masterclass in adaptive re-use, with the existing commercial building’s façade, shell and internal structure to be retained, before high-end residences are built from the ground up in a newly built Albert Park facing addition to the building.&nbsp;

Sitting atop the building will be two 320+sqm penthouses with private rooftop terraces, which are expected to be priced between $9 - $11 million.&nbsp;

<img alt="ALTA Property achieves permit approval for $200 million Queens Road tower" data-entity-type="file" data-entity-uuid="aa11211b-5581-43f9-940c-fc84d30a0e61" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/C_04.png?VersionId=Yhf5p_1EgGDu_zOIMFgvA8Ug8j3sTFQs" />

Architecturally, the building will feature a curved, geometric façade that celebrates and elevates the existing structure, with warm, muted tones which were selected to extend the materiality of the existing building rather than contrast it.&nbsp;

Interiors will bring together three metre high ceilings with waffle concrete in some spaces, natural timber, granite and Australian materials, culminating in crafted, generous and considered spaces that are defined by authenticity.&nbsp;

The adaptive re-use means that the Queens Road project will be a sustainability led, high-quality finished product, with a 62% saving in carbon emissions by re-using the existing structure rather than knocking it down and rebuilding.&nbsp;

ALTA Property was launched by Nigel Givoni in 2023, bringing over 25 years of experience in multi level residential delivery.&nbsp;

Melbourne’s property market growth is currently led by apartments. According to RPM VIC Apartments &amp; Townhomes Market Report (April 2026), units are outpacing houses, especially in the middle ring suburbs where median prices hit $757,500 – a four-year high that represents 2.9 percent growth quarter-on-quarter.&nbsp;

<img alt="ALTA Property achieves permit approval for $200 million Queens Road tower" data-entity-type="file" data-entity-uuid="647e13d7-b4bc-433a-9bc9-fe3c3dd4f2ec" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/V_06.png?VersionId=ou4NUCWUgA3NAy.6CQJlEdKX50j3dOk6" />

For ALTA Property Founder Nigel Givoni, this performance speaks to the confidence he has in the Melbourne market.&nbsp;

“Queens Road represents a rare opportunity to continue to shape our presence in the Melbourne market.,"&nbsp;Givoni says.

"With a considered project team and a premier site along one of the city’s most sought-after boulevards, we look forward to contributing to the fabric of this established address.

“Other Australian markets are getting a lot of attention, but I believe the depth of value in Melbourne is being overlooked. The fundamentals are strong, population growth is steady and, based on our preliminary conversations with a leading builder, construction costs are beginning to normalise, creating further opportunity."

Givoni says the project is a&nbsp;highly considered example of adaptive re-use, delivering quality, high-end residences, premium hotel-inspired amenities and an architecturally striking façade, all achieved without the need to remove the existing structure.

"We are really looking forward to the market’s response,” he said.&nbsp;

ALTA Property to deliver $200 million Queens Road apartment tower

Construction is set to begin at <a href="https://www.apartments.com.au/new-townhouses/orchard-mews-glen-iris-18-scott-grove-glen-iris-vic-3146">Orchard Mews</a> in Glen Iris, with&nbsp;PC Whitehall &amp; Sons&nbsp;now appointed as the townhome development moves into its next phase.

The development by&nbsp;<a href="https://www.apartments.com.au/developers/montcoeur">MontCoeur</a>,&nbsp;located at 18 Scott Grove, is now around 30 per cent sold, with completion targeted for late-2027.

Orchard Mews comprises a curated collection of three- and four-bedroom customisable townhomes, positioned within one of <a href="https://www.apartments.com.au/developments/glen-iris-vic-3146">Glen Iris</a>’ more tightly held residential streets. The low-density project has been designed by <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a>, with landscape architecture by <a href="https://www.apartments.com.au/landscape-architect/jack-merlo">Jack Merlo</a>, bringing together a team known for high-end residential projects across Melbourne.

[smartcode_project:default project_id=150128 project_image_fid=366285]

The development is defined by its focus on flexible living and long-term usability. Each residence includes multiple living zones and a customisable multipurpose room, allowing buyers to tailor spaces to suit changing needs, whether as a home office, additional bedroom, wellness area or entertainment space.

Architecturally, the townhomes emphasise natural light and spatial volume, with dual-aspect layouts and double-height living areas incorporated into the design. Interiors feature natural stone benchtops, premium appliances, and a neutral material palette intended to support everyday functionality rather than statement-driven finishes.

All residences are all-electric and include private lifts and secure double garages, reflecting a broader shift toward sustainability and future-focused housing in Melbourne’s established suburbs.

[smartcode_project:default project_id=150128 project_image_fid=366277]

Outdoor connections are also central to the offering, with a mix of private courtyards and terraces extending internal living spaces and integrating with the landscaped surrounds.

The Scott Grove address places Orchard Mews within close proximity to some of Melbourne’s key lifestyle and education amenities, including Scotch College, Sacré Cœur, Cabrini Hospital and the retail hub of Chadstone. Public transport access is also nearby, with trams and Gardiner Station providing connectivity to the CBD and surrounding suburbs.

[smartcode_project_cta:default project_id=150128]

Joel Robinson

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