Property advisory firm Charter Keck Cramer believes the price gap between house and units in Melbourne to narrow once again having blown out over COVID.

In&nbsp;their&nbsp;State of the Market Report H1 2023, Charter Keck Cramer said Melbourne is not experiencing normal housing market conditions.

"This means that there will continue to be extraordinary price and rent changes with more unique levels of risk and opportunity compared to historical patterns," CKC advised.

<a data-entity-type="file" data-entity-uuid="1d44b9fd-6977-4be7-96a0-20d0e4921d78" href="/developments/vic"><img alt="Melbourne" data-entity-type="" data-entity-uuid="" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Melbourne.jpg?VersionId=MR4MEYtfqT5qTtNSJSzODE7R7Q5BnHiX" /></a>

They noted that pre-COVID, the long-term price gap between houses and units was 34 per cent, however the median house price in June 2023 was $919,000 for houses compared to $601,000 for units. That's a gap of 53 per cent, which CKC said was "extremely large."

They believe, given&nbsp;rate rises and diminished purchasing capacity for buyers, that additional buyer demand will be driven into the unit market which stands to support price growth and overall apartment price recalibration in new apartments in many locations in Melbourne.

They also expect rental price growth to be around for some time yet, which will attract investors.

"Given the current supply vs demand imbalance, it is reasonable to expect elevated rental growth in the rental market over the next three to four years," the report noted.

"Vacancy rates are anticipated to remain very low given the shortage of supply of dwellings which are struggling to be mobilised combined with the substantial increase in demand for dwellings. Renters are once again having to make lifestyle choices about the types of dwellings (houses, townhouse or apartments) they occupy. They are also starting to group up (to share the rent) which was a pre-pandemic trend which is anticipated to continue in the absence of the delivery of new rental stock."

Vacancy rates across all housing markets in Melbourne are less than three per cent.

Addressing the well documented supply vs demand imbalance, CKC's analysis showed only 4,400 apartments were launched to the market in FY23, which represented the lowest number of launches recorded over the past decade and -82 per cent below the peak levels in FY16. Constructed start on 4,600 apartments in FY23, which was also the lowest number of apartment commencements in the past decade.

<img alt="Melbourne BTS" data-entity-type="file" data-entity-uuid="1a64c7f3-662e-40e4-ab06-c0ffcd12b1aa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-09-11%20at%202.57.04%20pm.png?VersionId=cgmtdp_ruOFoyKBiKlPQg.Tmkz8GqYDJ" />

Completions in Melbourne Metro were also below trends for a second consecutive year.

"As the market continues to suffer from the lagged impact of COVID, less than 10,000 apartments have been delivered, a decline of -40 per cent compared to the pre-pandemic years."

There are just 10,000 apartments currently under construction and due for completion in FY24 to FY26.&nbsp;CKC believe&nbsp;Melbourne needs&nbsp;to build between 15,000 to 18,000 BTS and BTR apartments every year to accommodate the growing population. They also however believe the government is "substantially underestimating population growth."

"This misalignment between supply and demand is anticipated to remain an ongoing issue, and depending on the responses by Government, could potentially be exacerbated over the balance of the decade."

There's a further 9,200 apartments currently being marketed on top of the 10,000 under construction, but CKC suspect a significant proportion of these projects are likely to be delayed given elevated construction costs and a challenging pre-sale environment.

"We continue to expect Melbourne’s apartment market to remain severely under-supplied as high levels of net overseas migration (NOM) absorb new stock that is able to be mobilised."

<img alt="Melbourne" data-entity-type="file" data-entity-uuid="eb806638-7034-47ad-abaf-94233ce9382f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-09-11%20at%203.04.50%20pm.png?VersionId=uALCo1gcDLN4KOu07PfhNQE7SYTiqrQC" />

CKC believe there are opportunities for developers&nbsp;those developers that are able to proceed with construction at present.

"It is very clear that the buyer and renter markets are seeking new stock but also certainty with respect to both costs and timing. These developers will be delivering completed stock into a market with a shortage of new BTS and BTR apartment supply over the next 2 years and will have the opportunity to be rewarded when providing desirable stock."

CKC are looking ahead to what is anticipated to be some major planning system announcements this month through the State Government’s Housing Statement.

"In summary, it is very reasonable for industry to expect that over the next two years, weekly rents will continue to increase at above average levels of growth and prices of new BTS apartments will recalibrate upwards across most markets. Once the market finds a new equilibrium we anticipate that both rent and price changes will revert to longer-term trends."

In their State of the Market Report H1 2023, Charter Keck Cramer said Melbourne is not experiencing normal housing market conditions

Joel Robinson

"New Melbourne apartments will recalibrate upwards across most markets": Charter Keck Cramer State of the Market Report

Haitchin Group have broken the Hills District apartment record at their Norwest Infinity Park development.&nbsp;

They've sold a four-bedroom, sub-penthouse on level 22 in one of the two towers for $3.7 million. It topped the former record, believed to be $3.4 million.

The north-facing apartment spans 199 sqm of internal living space and a further 124 sqm of balconies. It has four bedrooms, three bathrooms, and three car spaces.

PRD Norwest Director David Inkster said the sale reflected the strong demand for premium, generous-sized apartments as well as the distinct lack of supply for luxury apartments in the area.

“A degree of fear of missing out or FOMO is setting in in the Norwest as local downsizers, looking for lifestyle and sophisticated amenities are eager to secure their next home, as there’s only a small amount of supply coming online in future years,” Inkster says.

[smartcode_project:default project_id=94408 project_image_fid=214927]

A recent market report for July prepared by My Housing Market Chief Economist and property commentator, Dr Andrew Wilson found Norwest was the best performing market in Sydney’s Hills District and one of the best performing markets in the city, seeing a 9.5 per cent uplift in property prices since the start of the year.&nbsp;

“The Sydney housing market has maintained its strong revival through the first half of 2023 with the north west reporting the strongest regional price growth over the past year,” Wilson said.

“With Sydney home values still just below the peak results recorded over March last year, buyers will continue to take advantage of the value opportunities that remain in the local market – particularly in high demand areas to the north west of the city.”&nbsp;

Overlooking the Castle Hill Country Club, Infinity Park will comprise 287 apartments across three residential buildings. The project consists of a 25-storey tower, Marque, along with two five-storey low rise buildings, marketed as Alpha and Omega, comprising the most premium two and three bedroom apartments in the precinct.

[smartcode_project:default project_id=94408 project_image_fid=214929]

A seven-storey commercial tower, Infinity Commercial, is situated opposite the residential buildings and comprises 95 strata commercial suites including a 193 sqm rooftop fine-dining restaurant by acclaimed hatted chef, Joshua Mason.&nbsp;

“Infinity Park is certainly one of the most premium mixed-use communities in Norwest. The project has received strong interest already with local downsizers who want to stay in the area,” Mason said.

The buildings are centred around&nbsp;a resort-inspired, tropical lagoon-style swimming pool, the largest in Norwest.

Haitchin Group’s General Manager, Robert Tasevski, said one of Infinity Park’s greatest selling points is the enviable lifestyle it will offer, positioned within walking distance to the picturesque Castle Hill Country Club, with meticulously designed, generously-sized apartments and balconies, designed with downsizers in mind and those looking for more space than the average apartment in Sydney.

“The larger style two and three bedroom apartments will cater to local downsizers looking for a stunning new home, close to all amenities including the Castle Hill Country Club as well as the Norwest Metro station, Norwest Shopping Centre and local schools,"&nbsp;Tasevski said.

The residential component of Infinity Park is due for completion in mid-2025, with the commercial building completing earlier in April 2024.

[smartcode_project_cta:default project_id=94408]

PRD Norwest Director David Inkster said the sale reflected the strong demand for premium, generous-sized apartments as well as the distinct lack of supply for luxury apartments in the area

Infinity Park secures Hills District apartment record

ASX-listed community developer AVJennings has reached a significant milestone at its <a href="/developments/williamstown-vic-3016">Williamstown</a> community, Waterline Place.

They've topped out Merchant Apartments, their final apartment building in the 2.7-hectare masterplan. The seven-level building will be the last apartment building of its height in the City of Hobsons Bay.

Over 70 stakeholders including AVJennings CEO Phil Kearns and staff, principals from prominent architecture firm Elenberg Fraser who designed Merchant Apartments, town planners, and other key consultants and suppliers gathered atop the building to commemorate the achievement.&nbsp;

<a data-entity-type="file" data-entity-uuid="2b0f91d2-d673-4270-b076-b6392cfa328e" href="/buildings/merchant-apartments-at-waterline-place-williamstown"><img alt="Merchant" data-entity-type="" data-entity-uuid="" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-09-11%20at%208.50.21%20am.png?VersionId=MzsrBsgEl7w9K1hJG8Ihfxeb.tG8nulD" /></a>

"The completion of the building is a significant milestone for the flagship community as it is the last apartment building in the precinct and the last of its height in the City of Hobsons Bay,"&nbsp;AVJennings Chief Executive Officer Phil Kearns said.

"The Merchant apartment topping out is a proud moment for AVJennings and represents an important achievement in the delivery of the Waterline Place community.”

[smartcode_project:default project_id=112774 project_image_fid=197058]

The Elenberg Fraser-designed building was designed to represent the site's industrial past. It has 127 apartments, with prices starting from $550,000.

Earlier this year two adjoining penthouses were sold to the same buyer for a combined&nbsp;$4 million plus, <a href="/news/vic/avjennings-set-williamstown-apartment-record-at-merchant-apartments-waterline-place-community">setting the Williamstown apartment record</a>.

[smartcode_project:default project_id=112774 project_image_fid=197060]

The buyer intends on amalgamating the apartments to create a 309 sqm spread with&nbsp;dual aspect views of both Hobsons Bay and the city.

AVJennings kicked off development at Waterline Place seven years ago.&nbsp;When complete, the Waterline Place community will home over 520 residences with a mix of one, two and three-bedroom apartments and executive style three-bedroom townhomes – all conveniently located close to cafes, local shopping, reserves, the beach and 12km from the Melbourne CBD.&nbsp;

[smartcode_project_cta:default project_id=112774]

The seven-level building will be the last apartment building of its height in the City of Hobsons Bay

AVJennings top out Merchant Apartments, Williamstown apartment development

Property advisory firm Charter Keck Cramer believe the Sydney off the plan apartment market is in the process of recalibrating and “jumping” ahead by a full cycle.

Suggesting there's been challenges in Sydney's apartment market over the last 12 to 18 months given the RBA's tightening cycle, Charter Keck Cramer noted in&nbsp;their&nbsp;State of the Market Report H1 2023 that although headwinds remain, there are now green shoots beginning to emerge.

"We anticipate the BTS apartment market will gradually improve over the balance of 2023 and into 2024," the report read.

"Whilst there have been challenges in various apartment sub-markets and locations throughout Sydney, boutique prestige projects continue to perform strongly. This is highlighted by strong takeup of new release projects and continued excellent demand (and prices) for development sites in premium locations."

They said once there is greater market certainty that we're nearing the top&nbsp;of the rate tightening cycle, which may have already occurred, overall market sentiment is expected to start improving.

"When interest rates enter a tightening phase (which could be as early as 2024), improved sentiment and ongoing supply issues are anticipated to combine and manifest in an extremely elastic response across the market. This is assuming that economic conditions do not notably deteriorate nor is there a significant increase in unemployment.

"The BTS and BTR apartment markets stand to be the primary beneficiaries of the next cycle given substantial affordability issues in Sydney as well as the structural changes in living preferences of which our readers are now well aware."

The supply v demand imbalance is even more pronounced than it was earlier this year, CKC suggested.

They believe&nbsp;Sydney needs to build between 22,000 to 25,000 build to sell and build to rent apartments every year to accommodate the growing population. 
<img alt="BTS Sydney" data-entity-type="file" data-entity-uuid="938fd5d9-42c8-4679-9473-93ace31bad47" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-09-11%20at%2011.22.16%20am.png?VersionId=fGZHRPTxM7eWMBFcz7kZDfA6KThMUa59" />

"Sydney has averaged about 18,500 apartment completions per year over the past decade. During FY2024 – FY2026, apartment completions are forecast to measure around 12,000 per annum."

Apartment completions in Sydney Metro fell to 7,700 during FY2023, the second consecutive year of decade low delivery. The 7,700 was just 50 per cent lower than typical annual completions.

CKC noted that a&nbsp;greater number of apartments will be delivered in the next two years, with 21,500 currently under construction and a further 7,800 marketed for FY2025 completion, as the market tries to ‘catch up’ from the COVID-affected years.

"We continue to expect Sydney’s apartment market to remain undersupplied, despite the projected increase in construction volumes as high levels of net overseas migration (NOM) absorb new stock. Furthermore, a significant proportion of projects currently marketed for FY2025 completion are likely to be delayed given elevated construction costs and a challenging pre-sale environment."

CKC also believe current projects by the Government "substantially underestimate population growth."

"This misalignment between supply and demand is anticipated to remain an ongoing issue, and depending on the responses by Government, could potentially be exacerbated over the balance of the decade."

The lack of supply is likely to place upward pressure on pricing.

<img alt="Sydney BTS" data-entity-type="file" data-entity-uuid="a946e25a-ea21-4809-ae34-8357592f6a53" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-09-11%20at%2011.35.06%20am.png?VersionId=sSQYXYMbq2PXqUU46jGszbuFkhikosRg" />

"From a market perspective, lack of new supply over the last three to four years should result in greater demand for apartment stock, being the most affordable dwelling typology. This will likely place upward pressure on pricing, particularly when market sentiment improves and interest rates start to cycle downwards."

There's already been&nbsp;median apartment price growth in some markets due in part to the Reserve Bank of Australia holding cash rates firm and exorbitant growth in rental pricing.

"This has seen an increase in buyer activity as more purchasers return to the market. For developers to ensure the best opportunity to increase pricing, new projects will need to feature highly marketable characteristics in order to generate strong demand.

"There has been growing interest from purchasers to acquire product within well thought out master planned projects, offering excellent social amenity and practical design options. This is particularly in light of more residents employing a hybrid working model. Such projects in centralised locations offering superior lifestyle factors (close proximity to public transport, retail, schools, employment hubs) have seen a notable increase in project appeal."

"We anticipate the BTS apartment market will gradually improve over the balance of 2023 and into 2024," the report noted

Sydney apartment market "jumping a full cycle": Charter Keck Cramer State of the Market Report

The growth in the Sydney unit market looked like it had started to slow in July, following booming gains earlier in the year.

Growth slowed to a still respectable 0.7 per cent, but that followed gains of 1.2 per cent in June and 1.8 per cent in May.&nbsp;

But the latest update in property data analytics firm CoreLogic's Monthly Hedonic Home Value Index showed solid growth of one per cent over August, taking units to a new median $822,000.

Sydney unit values (which includes apartments and townhouses), are now 5.2 per cent up over 2023 and 1.1 per cent compared to this time last year.

Nationally, August marked the sixth consecutive month of housing value recovery.

CoreLogic Research Director Tim Lawless noted the trend in housing values, although generally positive, is diverse.

“Sydney has led the recovery trend to-date with a gain of 8.8 per cent since values found a floor in January this year. Brisbane has also posted a strong recovery with values up 6.2 per cent since bottoming out in February."

Stock levels across Sydney rose in August, up nearly 10 per cent, but they remain lower than they were a year ago.

Read more:&nbsp;<a href="/news/nsw/city-beat-august-2023-sydney-unit-value-growth-softens-as-listings-rise-but-not-in-the-off-the-plan-apartment-market">City Beat August 2023: Sydney unit value growth softens as listings rise, but not in the off the plan apartment market</a>

<h1>What's happening in the Sydney off the plan market?</h1>

Agents are reporting higher demand as we approach the back end of the year, across various different pockets of Sydney and Newcastle.

It's the premium apartments which are selling well, generally because they tend to be bought by downsizers and empty nesters, who either don't require any finance, or not as much, compared to a first home or next home buyer.

McGrath Projects Associate Director Adam Sparkes, who is marketing Grand Reve in Castle Hill, has seen the most recent enquiry coming from well qualified buyers with an intent to purchase.

[smartcode_project:default project_id=94147 project_image_fid=197731]

"We’re getting good enquiry for the over-sized large premium apartments at Grand Reve in Castle Hill, but we’re running low on supply," Sparkes says.

"Buyers looking at our three bedroom plus studies, four bedrooms and penthouses are typically downsizers, most of whom own their homes outright. This particular group of buyers are not affected by the RBA as closely as first home buyers or up-sizers might be."

Interestingly Sparkes is also fielding interest from Australian expats who are seeing value in the Hills area.

"One of our most recent purchasers, a couple living in Singapore, have bought a large two bedroom plus study apartment which may serve as an investment on completion, and longer term as a new home when they return to Sydney. Buyers are now seeing a completion date roughly 12 months from now, and they’re able to work toward that timeline a little easier than they would when construction completion is forecast years from now."

[smartcode_project:default project_id=94147 project_image_fid=203070]

Colliers Director Residential Peter Kerras has found the same levels of demand at the premium end of the market.

"The strong results we’ve seen at Newlands in St Leonards and Newmarket in Randwick are based off low supply and the significantly high house prices in the Lower North Shore and Eastern Suburbs," Kerras says.

Kerras says it's remarkable how resilient the market has been, despite the recent month-on-month rate rises.

"Buyers are now more concerned about where they are going to live. The huge jump in rents across Sydney has fuelled buyer demand, and the first home buyer scheme and NSW Shared equity scheme have assisted this."

[smartcode_project:default project_id=24509 project_image_fid=203622]

Kerras is expecting spring to be busy, with Colliers handling new releases at Alkira Asquith, the final release in the Woolooware Bay masterplan, and The Glade release at Newlands in St Leonards, all of which are set to fuel demand.

It's the same view from the Colliers Newcastle team, with Peter Macadam saying over 2023 he's typically seen buyers downsize in this market.

"Announcements from developers around planning status and constructions contracts will act as further stimulus for projects in Spring, whilst downsizers will be buoyed by the positive impact of the general residential market throughout that period, Macadam says.

Investor interest has been strong, Macadam says, based on the low 1.5 per cent vacancy rate in Newcastle, which is outperforming Sydney's 1.6 per cent vacancy.

"While enquiry level has reduced from the peak, the qualified buyers are still moving forward despite the higher interest rate environment," Macadam adds.

Colliers is set to launch a new project of 230 apartments during spring, pending final development consent by the local council.

Agents are reporting higher demand as we approach the back end of the year, across various different pockets of Sydney and Newcastle.

City Beat August 2023: Downsizers fuel Sydney's off the plan apartment market

New Eastern Suburb developer Toohey Miller has revealed No.1 Onslow Place, its first apartment development in <a href="/developments/elizabeth-bay-nsw-2011">Sydney's affluent Elizabeth Bay</a>.

The project, No.1 Onslow Avenue, named after its prime location just off Arthur McElhone Reserve and a close neighbour to Elizabeth Bay House, comprises just six full-floor apartments with interiors by renowned interior designer David Hicks, the Melburnian's his first high-end project in Sydney

Tzannes Architects designed the building to bring a contemporary yet timeless design to the character of the coveted neighbourhood. The facade features distinctive curved brickwork, reminiscent of the iconic New York City art deco era.

Each apartment features natural oak, double herringbone parquetry flooring and white-honed marble. boasts views across the harbour, with four of the six having different different site aspects.

[smartcode_project:default project_id=141600 project_image_fid=219758]

The living areas with large windows flow onto private wrap-around terraces with unobstructed views of the harbour. Four of the six apartments have two aspects.

Nick Couloumbis, Founder of Toohey Miller, said No.1 Onslow Place was designed not just as a development, but as six distinct and individual living spaces.

“Toohey Miller has curated its consultant team, bringing David Hicks’ European and International flair, combined with Tzannes’ quintessentially Australian architecture, to create an environment that resonates with the legacy of the location while offering a fresh perspective on luxury living.”

“These residences are incredibly rare given their full-floor offering and views - we liken them to a Monet or Picasso. Rarity in property equals exceptional enduring value to future owners.”

[smartcode_project:default project_id=141600 project_image_fid=219762]

Miller says Elizabeth Bay has some of the most beautiful views of the harbour.

"Perched so high, the elevated position of No.1 Onslow Place showcases views that are nothing short of spectacular. Every residence has an incredible view, four with two aspects, so residents can enjoy the tranquility of this picturesque pocket of Sydney. With Arthur McElhone Reserve across the road, juxtaposed by the energy and amenity of Macleay Street, a cosmopolitan playground housing Sydney’s best restaurants and retail stores, Elizabeth Bay has multifaceted allure.”

The penthouse at No.1 Onslow Place spans two floors and offers&nbsp;270-degree views of the ocean. Its upper level is designed for entertainment, featuring a bar and lounge that overlook the vista. The apartment also features a steam room, and its own identity in its finishes with&nbsp;hand-selected green onyx cladding the kitchen, bar and bathrooms. There's a pool on the rooftop.

Dangar Barin Smith's landscape design for No.1 Onslow Place complements the native context of Elizabeth Bay, with references to Arthur McElhone Reserve, harmonising the natural surroundings with the living spaces.

[smartcode_project_cta:default project_id=141600]

Tzannes Architects designed the building to bring a contemporary yet timeless design to the character of the coveted neighbourhood

Toohey Miller reveal Onslow Place, Elizabeth Bay apartments

Ellipse Property&nbsp;has appointed multi-award-winning, iCIRT-rated construction company Decode Group&nbsp;to build Stage One of its $850 million masterplanned <a href="/developments/castle-hill-nsw-2154">Castle Hill</a> community, Carrington Place.

The <a href="/new-apartments/carrington-place-castle-hill-36-carrington-road-castle-hill">huge five-building project at 36 Carrington Road</a>, opposite the Hills Showgrounds Metro Station and in the heart of <a href="/developments/castle-hill-nsw-2154">Castle Hill</a>, will comprise 771 apartments when complete in 2032.

The first stage,&nbsp;Atrium, will home 151 of those apartments within one eight-level building which will also home rooftop recreational spaces with views of the surrounding landscape.&nbsp;Atrium&nbsp;will be the gateway to the <a href="/new-apartments/carrington-place-castle-hill-36-carrington-road-castle-hill">Carrington Place precinct</a>.

[smartcode_project:default project_id=89496 project_image_fid=216770]

Founder of Ellipse Property, Sam El Rihani, said their&nbsp;decision to partner with Decode for the construction of stage one at <a href="/new-apartments/carrington-place-castle-hill-36-carrington-road-castle-hill">Carrington Place</a> underscores a shared mission in delivering excellent built solutions.

“With a proven track record of excellence and reliability, Decode has a history of delivering award-winning residential and mixed-use projects that they are proud to stand behind long after construction completes.

“The attention to detail, commitment to excellence and dedication to quality aligns seamlessly with our vision for <a href="/new-apartments/carrington-place-castle-hill-36-carrington-road-castle-hill">Carrington Place</a> as the future heart of the <a href="/developments/castle-hill-nsw-2154">Castle Hill</a> Showground."

Ellipse and Decode have worked together on projects in Homebush and Miranda previously.

[smartcode_project:default project_id=89496 project_image_fid=216769]

Decode was one of the first 20 businesses to receive a Gold Star iCIRT Rating in NSW. The company was in the very first group to be rated when the rating system was unveiled by the Office of the NSW Building Commissioner in May 2022.

Providing an unbiased and independent review of an organisation, an iCIRT rating is obtained through a thorough assessment of all aspects of a business, aimed at building transparency in the industry and trust with the Australian families and individuals looking to buy-off-plan.

Decode Director Divya Mehta said the appointment for <a href="/new-apartments/carrington-place-castle-hill-36-carrington-road-castle-hill">Carrington Place</a> was a big step forward for Decode

“Decode is delighted to be appointed as the builder on stage one of the landmark <a href="/new-apartments/carrington-place-castle-hill-36-carrington-road-castle-hill">Carrington Place</a> master-planned, multi-staged project.

"As one of the largest new residential projects in the Hills District it is a significant step forward for Decode and we’re ready to set the benchmark for modern living in Castle Hill. We are committed to delivering excellence in construction and look forward to working closely with Ellipse to realise their vision of a community focused and sustainable lifestyle with stage one, Atrium."

[smartcode_project:default project_id=89496 project_image_fid=216764]

Decode recently won the 2023 Urban Taskforce Development Excellence Award in the Mixed-Use Development category for the construction of its Burwood Grand residential project in Sydney’s inner west.

Architectural firms&nbsp;Tony Owen Partners and Stanisic Architects worked in collaboration to design <a href="/new-apartments/carrington-place-castle-hill-36-carrington-road-castle-hill">Carrington Place</a>, with the main inspiration coming from the Cattai Creek which runs along the western border of the development.

A key feature of the project will be 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.

The project will be home to over 20,000 sqm of&nbsp;outdoor recreational space and gardens, conceived by landscape architect Site Image Landscape Architects, making it one of the greenest master-planned communities in the Hills District.

Carrington Place Project Director Joseph Chiha&nbsp;emphasized that <a href="/new-apartments/carrington-place-castle-hill-36-carrington-road-castle-hill">Carrington Place</a> is envisioned as a multi-staged urban village with a strong connection to nature, prioritizing lifestyle, sustainability, and community.

"The project seamlessly blends with the surrounding nature and aims to become one of Sydney's most sustainable urban communities," Chiha said.

Construction on Atrium is expected to commence in Q3 2023, with completed in Q3 2025. The entire five-stage precinct is due for completion in 2032.

[smartcode_project_cta:default project_id=89496]

Decode recently won the 2023 Urban Taskforce Development Excellence Award in the Mixed-Use Development category for the construction of its Burwood Grand residential project in Sydney’s inner west

Decode to construct first stage of $850 million Carrington Place, Castle Hill apartment development

The Albertine, one of Mirvac's latest residential developments, is set to take centre stage above not one, but two of Melbourne's best parklands.

The 15-level Queens Lane building, which launched to the market last month, will take in views of Albert Park to the west, while Fawkner Park is just 100 metres from The Albertine front door.

The Albertine will take up a prime position on the fringe of Melbourne, offering the tranquility of the neighbouring parklands while also being in the vibrant St Kilda Road precinct which offers both convenient amenity and connectivity to the heart of the city.

Mirvac snapped up the prime 2,323 sqm site in mid-2022, with the driving force behind the purchase being the unbeatable location.&nbsp;

[smartcode_project:default project_id=138659 project_image_fid=215880]

There are just 98 one, two, three and four-bedroom apartments on offer in the all electric building, as well as extensive amenity in the form of The Circadian Club, which features&nbsp;an&nbsp;indoor pool and spa, state-of-the-art gym, yoga and pilates studio and sauna, and the&nbsp;Elysian Room, which will home a residents exclusive dining space with sweeping views across Melbourne.

Future residents won't have to look far for activities outside The Albertine. On the doorstep is the 225-hectare Albert Park, home to the Australian Grand Prix. The park is littered with picnic areas, playgrounds, communal barbecues, and walking and bicycle trails, the main route circling the lake.

[smartcode_project:default project_id=138659 project_image_fid=215878]

Adjoining the park there's the internationally recognised Melbourne Sports &amp; Aquatic Centre, Lakeside Stadium, home of Athletics Australia, the historic Junction Oval, and the Albert Park Public Golf Course and driving range, all located on the opposite site of the lake to The Albertine. There's various bowls clubs, tennis clubs, cricket ovals and soccer and rugby fields scattered across the vast expanse of parklands.

Some of Melbourne's most iconic venues are within easy reach of The Albertine. Think the MCG and Rod Laver Arena, Melbourne Museum, and the National Gallery Victoria.

Shopping options surrounding The Albertine are too abundant. There's the local shopping villages of Bridport Street in Albert Park, Clarendon and Coventry Street in South Melbourne and High Street Armadale. Popular with foodies, the South Melbourne &amp; Prahran Markets are within easy reach. And for high fashion, easily venture into Chapel Street South Yarra, the CBD for Collins Street Boutiques, Emporium Melbourne and more.

[smartcode_project:default project_id=138659 project_image_fid=215945]

Transport links are always the key when it comes to buying into an off the plan development. There's extensive connectivity by either car or tram from St Kilda Road, while the future ANZAC Station is set to be developed not far from the Queens Lane address. There's further bus links on Commercial Road, around one kilometre away.

Families will also find The Albertine an attractive choice due in part to the project's close proximity to a range of esteemed schools, including Christ Church Grammar, Melbourne Girls Grammar, Melbourne Grammar School, Port Melbourne Secondary College. The RMIT University, The University of Melbourne, and Wesley Colleges are also within proximity.&nbsp;

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The Albertine will take up a prime position on the fringe of Melbourne, offering the tranquility of the neighbouring parklands while also being in the vibrant St Kilda Road precinct which offers both convenient amenity and connectivity to the heart of the city

A parkside haven: How Mirvac's The Albertine takes advantage of Melbourne's best parks

ASX-listed supermarket gaint Coles is seeking to create a new home for itself in Sydney's affluent Neutral Bay, in turn turfing out their fiercest competitor in the process.

They've filed concept plans with the North Sydney Council for a $170 million mixed-use village at 41-53 Grosvenor Street, currently the home of a full-line Woolworths, BWS, and a council car park.

The plans, submitted by Coles Group Property Development Ltd which is directed by Coles CFO Sharbel Elias and Chief Legal Officer David Brewster, include what is described as a new "state-of-the-art Coles supermarket" and a Vintage Cellars, as well as two additional small shopfronts. They will create a landscaped public plaza which will create a landscaped public plaza which will replace the current council carpark.

Above the street will be seven levels of apartments, which will home 72 new apartments. The one-bedroom apartments from 73 sqm, two-bedrooms from 98 sqm, and three-beds from 153 sqm.

There will be two levels of Coles customer basement parking, and a level dedicated to resident parking.

<img alt="Coles" data-entity-type="file" data-entity-uuid="d57df8de-d690-4d03-af7d-b3eb0399a51f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-09-04%20at%206.42.28%20pm.png?VersionId=gsBJsuv7NbkeQKDoEHzqx64RGBYHQk.w" />

SJB Architects handled the design, suggesting in the plans that&nbsp;Neutral Bay Town Centre will be re-imagined as a vibrant village neighbourhood with a green, porous, flexible and accessible heart.

"Situated right at the heart of Neutral Bay, the site has potential to be a place truly ingrained in the community. A combination of providing much needed public open space, pedestrian connectivity and activation linking to surrounding businesses means Neutral Bay Town Square can be the heart of community geographically and culturally."

They said landscaping plays a vital role in the success of a mixed-use precinct.

"Whether situated on the ground level, roof gardens, or balconies, gardens are essential in enhancing the overall appeal of apartments.

"By serving as an inviting space for residents and acting as a buffer between different users of the site, expansive gardens on the podium roof contribute to the flourishing retail precinct. Additionally, they provide a sanctuary for local birds and insects in the urban environment. These gardens will become a defining feature of the site, offering a unique experience to the public and creating a desirable natural backdrop for the plaza, both at street level and atop buildings."

<img alt="Coles Neutral Bay" data-entity-type="file" data-entity-uuid="1a8c0a8a-15b5-4286-b3e4-bfede3bbdcce" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-09-04%20at%204.58.43%20pm.png?VersionId=lsv1hYonO7rRm4YA8uXUs2vm_b8TPRlM" />

They suggested the&nbsp;residential component to the new development will sit as a quiet backdrop to public life below.

"Residences located in a mixed-use precinct such as this provide self-serving activation as well passive surveillance and safety of the public domain that it sits within.

"The residential component is critical in establishing an 18hr precinct that is destination throughout varying times of day and night. The residential buildings will also be quiet in their material palette with the opportunity to also incorporate masonry at the upper levels for its high level of quality, craft and familiarity in establishing new homes. In any case the residential components of the building should be light in colour and link themselves to the sky and views beyond the site."

The North Sydney Council is currently preparing a&nbsp;Neutral Bay Town Centre Planning Study, having earlier this year sought feedback from the local community. It will be prepared with input from expert economic, transport and design specialists.

They said the study will guide&nbsp;future development proposals within the centre which may include targeted modest increases in height and density while retaining the village atmosphere.

Above the street will be seven levels of apartments, which will home 72 new apartments

First look exclusive: Coles to turf out Woollies in $170 million Neutral Bay development

Frasers Property Australia and Mitsui Fudosan have established a new joint venture to deliver a further three developments in Frasers Midtown MacPark masterplan.

The duo are already in partnership to&nbsp;deliver MAC Residences, Midtown MacPark’s first development, which is currently under construction.&nbsp;

The three new apartment developments will have an estimated end value of $797 million and will bring their partnership delivery to 1,149 apartments and four terraces across all four buildings.

Mark Gleeson, Frasers Executive General Manager Investments, says the deepening of the partnership with Mitsui Fudosan aligns with Frasers Property’s strategy to leverage capital partnerships to achieve its growth objectives.

“Working together to deliver MAC Residences at Midtown MacPark has demonstrated the strong alignment in values and priorities between Frasers Property and Mitsui Fudosan," Gleeson says.

"This includes our shared commitment to create high-quality, sustainable assets as part of a wonderful community for our customers.

“Our growth strategy is to draw on our core capabilities and leverage the experience of our partners to create premium assets, and to recycle capital to pursue new opportunities aligned with our specialist expertise, particularly in large-scale, mixed-use community development and placemaking."

The partnership with Frasers Property in MAC Residences was Mitsui Fudosan’s first foray into the Australian market. This expanded joint venture at Midtown MacPark is their second.

[smartcode_project:default project_id=29969 project_image_fid=213810]

Kenji Oka, Managing Director of Mitsui Fudosan Australia, said the new relationship makes&nbsp;sense to take their growth in the Australian market to the next level.

Designed by Bates Smart, MAC Residences is the first building at Midtown MacPark and of its 269 apartments, only seven remain unsold. The development has proven popular with first home buyers, young families, singles and couples, downsizers, investors, and more. Completion is scheduled in 2023.

One of the next buildings, Treehouse, is part of the expanded joint venture. That will have 162 apartments and several unique green breakout spaces which give the building its name, as well as around 1,000 sqm of ground floor retail space. Construction is expected to commence in late 2023, with around 43 per cent of apartments sold since launch.

The other two developments in the expanded joint venture are as yet unnamed. One will comprise 268 market apartments, 216 community housing dwellings and four terrace homes, with a targeted sales launch in March 2024. The final building in the joint venture will feature 234 market apartments and is anticipated to be launched in the last quarter of 2024.

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All four developments in the joint venture will feature rooftop solar installation and smart meters, and Real Utilities, the wholly owned licensed energy retailing business of Frasers Property Australia, will provide 100% Climate Active-certified carbon neutral energy to the buildings.

Similar carbon neutral innovations are planned for future developments in the community. Frasers Property is targeting a 6 Star Green Star Communities rating for Midtown MacPark and the vision is for the community to be carbon neutral in operation.

To be developed in stages over the next 10 to 12 years, Frasers Property is working with the NSW Government to deliver the $2.2 billion Midtown MacPark masterplanned mixed-tenure community, which will integrate approximately 3,300 apartments with a range of community facilities.

An all-electric mixed-tenure community designed for 100% walkability, Midtown MacPark is a vibrant and inclusive community bringing more open space, new amenity and infrastructure including a central Village Green, pocket parks and playgrounds, cycling and walking trails, a commercial pay-as-you go pool and gym, community centre, as well as shops, cafes and beauty offerings, and so much more. The Village Green, pool, gym and community centre will be delivered in line with the Treehouse development.

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The three new apartment developments will bring their partnership delivery to 1,149 apartments and four terraces across all four buildings



Frasers and Mitsui Fudosan team up for three more apartment developments at $2.2 billion Midtown MacPark masterplan

For most new apartment buildings, the Owners Corporation starts life with little more than a bank account and the first quarterly strata levies.

At <a href="https://www.apartments.com.au/buildings/9-gay-street-castle-hill-9-gay-street-castle-hill-nsw-2154">9 Gay Street</a> in <a href="https://www.apartments.com.au/developments/castle-hill-nsw-2154">Castle Hill</a>, it starts with around $7 million in reserve.

It's an unusual legacy of what was once one of Sydney's highest-profile apartment remediation projects. When the development, originally known as Skyview and built by disgraced developer Top Place, came under scrutiny by then NSW Building Commissioner David Chandler, an $11 million remediation bond was negotiated to ensure any building defects could be fully rectified.

The building underwent an 18-month remediation program, during which around $4 million of that bond was spent bringing the building up to the standard it should have been in from the outset.

After extensive inspections, all active rectification orders have been lifted. What's more, around $7.2 million remains secured for the Owners Corporation for the next 15 years.

In a twist few would have predicted, what began as a significant concern for purchasers has left the building with something almost unheard of in the apartment market: a multi-million-dollar financial reserve from day one.

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<a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a> Executive Chairman Greg Huxley said the structure offers buyers a level of certainty that is difficult to replicate.

"The $11 million bond established for the Skyview Castle Hill development represents exceptional value, providing genuine financial security for purchasers," Huxley said.

"Unlike a standard insurance policy, this bond consists of real funds held in trust for the Owners Corporation, offering a tangible layer of protection and added peace of mind."

The apartments themselves have been designed with a focus on practical, contemporary living. Interiors feature Smeg appliances, stone benchtops, tiled living areas, carpeted bedrooms, 2.7-metre ceilings, floor-to-ceiling glazing, and ducted heating and cooling throughout.

Residents also have access to a range of shared amenities, including two rooftop barbecue areas, a swimming pool, children's playgrounds, secure building access, storage cages, and visitor parking.

The location continues to be one of the project's strongest drawcards. Castle Hill Metro Station sits virtually on the doorstep, providing direct connections across Sydney's expanding Metro network, while Castle Towers offers extensive retail, dining, entertainment, and service amenities within walking distance.

[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.

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Why this Castle Hill apartment building starts with a $7 million advantage

For much of the past few years, conversations about Australia's property market have centred on the rapid growth seen in Sydney, Brisbane, Gold Coast, and Perth. <a href="https://www.apartments.com.au/developments/melbourne-vic-3004">Melbourne</a> has followed a different trajectory.

That relative underperformance is now encouraging some buyers to reassess the city, particularly those willing to look beyond short-term market movements and focus on quality property in established locations, along with the long-term growth prospects of a city expected to overtake Sydney as Australia’s most populous.

John Bekiaris, Research &amp; Market Insights at <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Projects by Equitifund</a>, said Melbourne's current position is attracting increasingly sophisticated purchasers.

"Melbourne continues to present one of Australia's strongest long-term investment stories," Bekiaris says.

"While other capital cities have experienced stronger recent growth, that relative underperformance is exactly what's attracting sophisticated counter-cyclical investors."

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Equitifund isn't just commenting on Melbourne's property market, it's investing in it.

The Sydney-headquartered capital partner has taken over the remaining apartments at <a href="https://www.apartments.com.au/buildings/victoriana-melbourne-20-queens-road-melbourne-vic-3004">Victoriana</a>, the recently completed glass-encased development opposite Albert Park Lake in Melbourne's tightly held St Kilda Road precinct.

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> and built by <a href="https://www.apartments.com.au/builders/hickory">Hickory</a>, Victoriana places residents between one of Melbourne's most recognised parklands and the CBD, offering oversized two and three-bedroom apartments aimed at owner-occupiers seeking a genuine alternative to a traditional family home.

The development comprises 232 completed residences alongside a suite of resident amenities, including a 25-metre indoor swimming pool, gymnasium, landscaped entertaining areas, resident lounges, EV charging, secure basement parking and a concierge-style arrival experience.

[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."

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According to National Sales Director Ben Hamblett, enquiry has been driven largely by Melbourne downsizers and buyers upgrading from smaller apartments.

"Interest in Victoriana continues to build, with strong buyer focus on the larger owner-occupier residences within the development," Hamblett says.

"Enquiry is increasingly driven by local buyers who recognise the rarity of what's on offer: park-facing apartments in an established neighbourhood where new development opportunities are becoming increasingly scarce. At Victoriana, the view is not just a feature; it's an appreciating asset in its own right."

He said interstate enquiry has also strengthened as buyers reassess Melbourne's position within the national property cycle.

"Melbourne currently stands as the most compelling entry point of any major Australian capital, and discerning buyers are beginning to recognise what those who move early always understand: the best opportunities are taken before the price rise confirms them."

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Why now is the time to buy in Melbourne's premium apartment market

Developers and apartment buyers have a narrowing window of opportunity before Brisbane's Olympic infrastructure pipeline begins competing directly with residential construction, pushing up costs, tightening labour supply and making new projects increasingly difficult to deliver.

While Brisbane's apartment market continues to benefit from strong population growth and limited housing supply, industry research suggests the years leading up to 2027 could prove to be the most important period for developers looking to secure builders and buyers hoping to purchase before the next wave of price increases.

A new Colliers report, Brisbane 2032 Olympic and Paralympic Games: Creating Solutions, highlights the scale of the challenge. While thousands of new homes are planned across South East Queensland, the Brisbane Olympic Athletes Village alone will deliver more than 10,500 beds during the Games before being converted into around 1,750 to 2,000 apartments. Equivalent to almost two years of typical inner-city apartment supply, the project will also absorb a significant share of the construction workforce and building materials.

The broader construction pipeline paints an even clearer picture.

Construction Skills Queensland's Horizon 2032 report forecasts Queensland's annual construction pipeline will average $69 billion over the coming years before peaking at $75 billion in 2027-28. Demand for construction workers is expected to increase by 17 per cent to almost 150,000 people, with the industry facing an annual shortfall of around 19,000 workers that could blow out to as many as 35,000 during the peak construction period.

The Olympic venues, athletes village and supporting infrastructure will account for billions of dollars worth of work across South East Queensland through to 2032, creating intense competition for labour at a time when Australia's residential construction sector is already under pressure.

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Colliers Queensland Residential Director Andrew Scriven said the convergence of these projects is creating a clear window of opportunity for both developers and buyers.

"From 2027 onwards, the market will shift dramatically," Scriven said.

"Labour will increasingly be locked into government-led infrastructure and Olympic projects, which means private residential developments will face higher costs and tighter margins. The developers who move now are the ones most likely to get projects off the ground."

Scriven said the same dynamic would also affect buyers, with fewer apartment projects expected to launch once construction capacity tightens.

"If you're looking to change your lifestyle over the next five years, now is your window of opportunity to buy."

[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.

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Christie Leet, Founder of <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Group</a>, said the sell-out reflected both the strength of the Palm Beach market and the success of Sherpa's community-first approach to development.

"The sell-out of Oasis is a fantastic outcome and reinforces the strong demand we're seeing for thoughtfully designed apartments in lifestyle locations," Leet said.

"From the outset, our vision was to create a development that genuinely enhanced the Palm Beach community while providing residents with exceptional homes and wellness-focused amenities.

"We've been incredibly encouraged by the level of local support throughout the campaign, 72.5 per cent of buyers are locals, with a significant proportion of purchasers choosing Oasis as their future home rather than an investment."

[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.

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Residents will have private access to a rooftop amenity space featuring a pool, gym, sauna, steam room, hot and cold plunge pools, spa and barbecue facilities.

"The success of Oasis demonstrates that buyers continue to prioritise quality, location and lifestyle," Leet said.

"We are proud to have delivered a project that has resonated so strongly with the market and look forward to bringing Oasis to life for our future residents."

Sherpa recently launched <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>, its third instalment of the Flourish brand in Palm Beach following Flourish Oasis and <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>.

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Sherpa sells out Flourish Oasis in booming Palm Beach

Urban Property Group's <a href="https://www.apartments.com.au/new-apartments/la-vera-macquarie-park-94-talavera-road-macquarie-park-nsw-2113">La Vera</a> is leading the next phase of Macquarie Park's residential evolution, with the new apartment development set to become the first of several new apartment projects in the precinct to complete.

The 169-apartment building has now topped out ahead of its scheduled completion in the third quarter of 2026, as new residential investment continues to reshape one of Sydney's largest employment hubs into a true mixed-use precinct.

[smartcode_project:default project_id=134951 project_image_fid=368645]

Cox Architecture has designed La Vera to capture the best of its unique positioning on Talavera Road, orienting the building towards Lane Cove National Park.&nbsp;The building features a sculpted northern façade with flowing curves inspired by the surrounding landscape, while its city-facing elevation adopts a more structured architectural expression to maximise skyline views.

"The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park," <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> Director Felipe Miranda said.

"The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies."

[smartcode_project:default project_id=134951 project_image_fid=358802]

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.

[smartcode_project:default project_id=134951 project_image_fid=364551]

<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.

[smartcode_project_cta:default project_id=134951]

Joel Robinson

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