Melbourne's unit market continued to see growth over July, however at a slightly slower pace than recorded in the two months prior.

CoreLogic's Monthly Hedonic Home Value Index found that&nbsp;value of <a href="/developments/melbourne-vic">Melbourne units</a> grew by 0.4 per cent in July, following strong gains of one per cent in June and 0.9 per cent in May.

The July gains better the housing market for the second month in a row. House values grew by 0.3 per cent in July.

Unit values are now 2.2 per cent up over the rolling quarter, and 1.4 per cent year to date. The median value for units in <a href="/developments/melbourne-vic">Melbourne</a> is now $602,000.

<h2>What's happening in the Melbourne off the plan apartment market?</h2>

The biggest news in July came from property advisory firm Charter Keck Cramer, who believe <a href="/news/vic/melbourne-off-the-plan-apartment-values-could-spike-25-per-cent-charter-keck-cramer">off the plan apartment prices could rise by as much as 25 per cent</a>.

"There are a number of fundamental reasons that support the thesis that off the plan apartment value rates across the entire apartment market in&nbsp;<a href="/developments/melbourne-vic">Melbourne</a>&nbsp;will simply have to recalibrate upwards over the next 12 months," Charter Keck Cramer's research report noted.

They cited booming immigration forecasts, a tight supply of apartments, and land and construction prices not likely to fall below pre-COVID levels.

<img alt="Melbourne off the plan apartment values could spike 25 per cent: Charter Keck Cramer" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-07-21%20at%2010.58.55%20am.png?VersionId=r6aa0O4FUpEfD_wEqQl078dOfISsfsHN" />

Pace Development Group Sales &amp; Marketing Director Ash Bramich says current sentiment has been largely influenced by buyers and developers too nervous to act, one by rising interest rates, and the other by feasibilities that just don’t stack up.

He adds however, for buyers with little&nbsp;to no borrowing required, the market has been fuelled by a shortage of stock, which has been reflected in many boutique projects in desirable suburbs selling very well, even at todays required square metre rates.

"Our lead generation for the yet to launch Fabricca in the always in demand <a href="/developments/fitzroy-vic-3065">Fitzroy</a> has been overwhelming," Bramich says.

"Targeting downsizers, of whom the majority are locals, and those from the inner east who are selling their family homes between $3 million to $7 million are looking for curated projects by recognised developers."

Bramich says PACE are very bullish about the medium to longer term prospects of the market, so long as employment stays strong and immigration continues to flourish.

"As construction prices stabilise, experienced developers are re-entering the market, recognising that the supply and demand imbalance is too great to sit on the sidelines."

Read more:&nbsp;<a href="/news/vic/pace-take-advantage-of-demand-v-supply-in-2022-and-kick-off-construction-in-flemington-and-coburg">Pace take advantage of demand v supply in 2022 and kick off construction in Flemington and Coburg</a>

PACASA Director Stefano Paciocco says the much publicised lack of supply won't be fixed in the near term, because there's currently a mismatch between what developers can pay for land to make a project viable, and vendor’s expectations of what the land is worth.

"If the mismatch continues, there will be even less supply than there is currently,"&nbsp;Paciocco says.

It's the lack of supply of high-quality apartments, paired with a prime location and striking design, which has driven sales&nbsp;at PACASA's recently launched <a href="/developments/richmond-vic-3121">Richmond project</a>, <a href="/new-apartments/park-house-richmond-hill-268-270-church-street-richmond">Park House</a>.

Read more:&nbsp;<a href="/news/vic/locals-drive-sales-at-pacasas-recently-launched-richmond-apartment-development-park-house">Locals drive sales at PACASA's recently launched Richmond apartment development, Park House</a>

[smartcode_project:default project_id=110363 project_image_fid=213026]

"We’re seeing that those with a lot of equity in their homes, who have waited through the COVID period, are now eager to make their next purchase," Paciocco says.

"There’s a lack of availability of quality owner-occupier and downsizer stock across Melbourne’s inner-ring, which has driven sales at Park House.

"These buyers know there’s not a significant amount of new projects coming in the short-term because of the cost of both land and construction."

[smartcode_project:default project_id=110363 project_image_fid=213016]

Carpe Co-Founder and Director Tim Campbell says the market is running at two different paces.

"While we’re still actively doing sales across our projects, buyers are definitely a lot more discerning," Campbell says.

[smartcode_project:default project_id=135736 project_image_fid=208613]

"They’re asking a lot more questions over builders, finance, and construction timelines."

There doesn't seem to be an issue in prices being sought, Campbell said. The overarching decision factor is the confidence the development is going to go ahead.

Carpe take buyers through their recently completed Brighton townhouse project, which has been designed by the same architect and built by the same construction firm as their Kew project, The Walton, which is 50 per cent sold.

<a href="/news/vic/city-beat-july-2023-melbourne-units-outperform-houses-as-growth-soars">Read more: City Beat July 2023: Melbourne units outperform houses as growth soars</a>

The biggest news in July came from property advisory firm Charter Keck Cramer, who believe off the plan apartment prices could rise by as much as 25 per cent

Joel Robinson

City Beat August 2023: Melbourne units outperform houses again as supply problems persist

Following the sell-out of its VIII Kirra project near Kirra Beach, developer Devlink Group is moving onto its next project.

The new project, UNIQ Bundall, a collection of 22 architecturally-designed townhouses, is located just across the river from the&nbsp;soon-to be redeveloped Gold Coast Turf Club, which is set to undergo a <a href="/news/qld/inside-the-gold-coast-turf-clubs-370-million-redevelopment-plans">$370 million transformation and become the Sunlight Lifestyle Precinct</a>.

The villas, at 2-4 Waterford Court, will each have three bedrooms, three bathrooms, private lifts, rooftop terraces, and a self-contained multi-purpose room. The waterfront villas will have private plunge pools.

The wider development will feature a communal swimming pool and barbecue facilities.

<img alt="UNIQ Bundall" data-entity-type="file" data-entity-uuid="4329e8c6-f39a-4fa7-8340-63cc512fea4c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-08-01%20at%2012.43.17%20pm.png?VersionId=AF2HbVX59dL9tPdKeBkSslbOphl3HFvY" />

Devlink Group Head of Marketing, James Ball, said the project is an opportunity to deliver an incredible addition to the area at a time when the Sunlight Lifestyle Precinct is set to transform Bundall into one of the most in-demand locations on the entire <a href="/developments/gold-coast-qld">Gold Coast</a>.

“Our focus as a business has been developing and delivering boutique townhouse projects in some of the Gold Coast’s most desirable locations just as interest in the area escalates – something we experienced with our Kirra VIII project and now appear to have done again with UNIQ,” Ball said.

“Given the fast-growing population of the <a href="/developments/gold-coast-qld">Gold Coast</a> and the lack of land availability buyers are choosing this type of product as it gives them the opportunity to live in a location that allows for a great lifestyle while providing them the living space, they want with minimal upkeep required. What makes it even more thrilling for us is the fact that our project is situated in a prime area, granting access to two prominent entertainment hubs—the Sunlight Lifestyle Precinct and Home of The Arts (HOTA), while still being only five to 10 minutes’ from the beach.”

<img alt="UNIQ Bundall" data-entity-type="file" data-entity-uuid="e8a72945-22d0-47d3-8231-4cc9320a1ee2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-08-01%20at%2012.17.02%20pm.png?VersionId=xN1wqHxZS.Omdo7MSWUYgsYnMr4EUqc." />

Construction is expected to start at UNIQ Bundall in Q4 2023.

Eric Chen, Head of Business at Devlink Group, said the company would continue to focus on these high-quality projects and work with the <a href="/developments/gold-coast-qld">City of Gold Coast</a> to deliver them as the population of the city continues to grow.

“Providing the city with high-quality projects that increase density whilst not overloading existing infrastructure is very important for the area, this is something that Devlink Group has accomplished since our very inception,” Chen said.

“This project is perfectly pitched in that the high calibre of the design, location, residential amenities and large property size are all highly appealing to buyers targeting the Gold Coast region. We have a proven track record of delivering these projects from inception to completion even throughout the tough times over the last few years, and we are looking forward to delivering the same high results with UNIQ.”

Read more:&nbsp;<a href="/news/qld/city-beat-august-2023-gold-coast-unit-growth-continues-over-winter">City Beat August 2023: Gold Coast unit growth continues over winter</a>

The new project, UNIQ Bundall, a collection of 22 architecturally-designed townhouses, is located just across the river from the soon-to be redeveloped Gold Coast Turf Club

First look: Devlink to develop high-end townhomes in Bundall

The <a href="/developments/gold-coast-qld">Gold Coast unit market</a> continued to outperform the majority of capital city unit markets in July, CoreLogic's monthly Hedonic Home Value Index found.

There were further one per cent gains in the <a href="/developments/gold-coast-qld">Gold Coast unit market</a> across July, following 1.5 per cent gains over both May and June.

Only Brisbane (+1.7 per cent) and Perth (+1.1 per cent) performed better in the unit market over July than the Gold Coast.

The Gold Coast median unit value is now $686,000, the second highest median value in the whole of South East Queensland behind the Sunshine Coast's Maroochydore.

It was the fifth consecutive month&nbsp;CoreLogic’s national Home Value Index rose, but the 0.7 per cent rise was softer than previous months.

Since finding a floor in February, the national HVI is up 4.1 per cent, following a -9.1 per cent decline from record highs in April 2022.

Nationally, home values remain -5.3 per cent below the April 2022 peak.

<h2>What's happening in the Gold Coast off the plan apartment market?</h2>

Anecdotal feedback from agents and developers is that it's business as usual on the Gold Coast.&nbsp;

They've shrugged off the idea that market demand would deteriorate following the COVID-19 pandemic, and while they're not seeing an exorbitant amount of enquiry from those looking to move to the Gold Coast like there was 18 months ago, there's still more than enough demand to outstrip supply in the majority of suburbs.

<a data-entity-type="file" data-entity-uuid="9dd89ddb-40e3-477f-81f3-6529d25310ae" href="/developments/gold-coast-qld"><img alt="Gold Coast" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Location%20CTA%20template%20.jpg?VersionId=iJpme1Q2AQx4Fz1f0c0qXaOmkTEmQJI9" /></a>

Siera Property Group Founder and Managing Director, Brent Thompson, says despite some moving parts nationally, the Gold Coast market is more than holding up.

"Given the brisk winter months, broader economic conditions and interest rate environment, things on the ground on the Gold Coast are faring better than most outsiders would anticipate," Thompson says.

Siera Property Group's early enquiry on <a href="/new-apartments/pipis-bilinga-303-golden-four-drive-bilinga-qld-4225">Pipis</a>, their new <a href="/developments/bilinga-qld-4225">luxury Bilinga development</a>, has come from owner-occupiers looking to relocate to the southern beaches on the Gold Coast, as well as Brisbane families who are in the market for a weekender/holiday home.

[smartcode_project:default project_id=138311 project_image_fid=216175]

"Our research has shown these are the region's strongest performing markets and we anticipate continued robust interest from our southern interstate neighbours as most projects on the Southern Gold Coast have reached or are fast approaching the sold-out stage," Thompson says.

"In such a tight market with limited new supply, prices continue to strengthen particularly for properties of a bespoke, one-of-a-kind nature like <a href="/new-apartments/pipis-bilinga-303-golden-four-drive-bilinga-qld-4225">Pipis</a>."

Siera Property Group has is entering the construction phase of their debut <a href="/developments/gold-coast-qld">Gold Coast apartment development</a>, <a href="/new-apartments/tapestry-chevron-island-39-darrambal-street-chevron-island">Tapestry on Chevron Island</a>.

[smartcode_project:default project_id=108641 project_image_fid=192961]

Thompson says the research phase of the project, some 18 months spent on&nbsp;completing pre-acquisition work on the residential market on the <a href="/developments/gold-coast-qld">Gold Coast</a>, saw them conceptualised and designed <a href="/new-apartments/tapestry-chevron-island-39-darrambal-street-chevron-island">Tapestry</a> for local owner-occupiers looking to downsize.

"To date, we can confidently confirm that this target demographic has encompassed the majority of our lead enquiries from the day of launch right through till now and is expected to continue to lead interest right through to project completion.&nbsp;

"This portion of the market, while often price-conscious spenders, is predominantly debt free and their purchasing decisions are directly correlated to their confidence in the delivery of the project. Due to this, we anticipate our sales to further strengthen as the market starts to see more activity onsite every day.&nbsp;"

[smartcode_project:default project_id=108641 project_image_fid=216184]

Graya are seeing new precedents being set when it comes to pricing, due to a substantial shift in what buyers are willing to pay because of limited supply in the luxury apartment market.

"Demand is not slowing for quality two and three bedroom product on the Southern end of the Gold Coast with limited new product set for delivery," Graya Associate Director Shaun Mets says.

Their <a href="/developments/gold-coast-qld">Gold Coast projects</a>, Kloud and Ripple, both in <a href="/developments/palm-beach-qld-4221">Palm Beach</a>, have seen strong demand from the affluent downsizer and empty nester.

"This audience segment understands that buildings are incredibly difficult to replicate due to the industry wide construction crisis and land prices making projects not commercially viable.," Mets says.&nbsp;

"Our downsizer market, who are not necessarily highly leveraged with debt and taking advantage of the current cash rate, are not afraid to overcapitalise for the right property.&nbsp;"

Read more:&nbsp;<a href="/news/qld/city-beat-july-2023-gold-coast-unit-market-the-strongest-in-the-country">City Beat July 2023: Gold Coast unit market the strongest in the country</a>

Read more:&nbsp;<a href="/news/qld/city-beat-june-2023-gold-coast-apartments-defy-downturn-rebound-sharply">City Beat June 2023: Gold Coast apartments defy downturn, rebound sharply</a>

Only Brisbane (+1.7 per cent) and Perth (+1.1 per cent) performed better in the unit market over July than the Gold Coast

City Beat August 2023: Gold Coast unit growth continues over winter

There's no signs of a slowdown in the <a href="/developments/brisbane-qld">Brisbane property market</a>.

While CoreLogic's monthly Hedonic Home Value Index showed a softening in growth across most capital city property markets, <a href="/developments/brisbane-qld">Brisbane</a> continued to surge.

Brisbane unit values rose 1.7 per cent over July, the largest increase across both house and unit markets in any capital city. It's the best performing unit market over the quarter, with 3.8 per cent gains well ahead of Perth's 3.3 per cent gains and Sydney's three per cent growth.

Houses in <a href="/developments/brisbane-qld">Brisbane</a> also jumped 1.4 per cent in July, the joint-best performing housing market along with Adelaide.

The <a href="/developments/brisbane-qld">Brisbane</a> unit median is now $520,000, having been $489,000 at the start of 2023.

<h2>What's happening in the Brisbane off the plan apartment market?</h2>

There are very few new projects in market in <a href="/developments/brisbane-qld">Brisbane</a> still, which is seeing sales continue across pretty much every project.

While listings of house and units in the established space have been rising, they're still trending well below where they were last year and the previous five-year average.

Lloyd Dunn, project director at&nbsp;<a href="/new-apartments/the-allere-collection-west-village-mollison-street-west-end">Sekisui House Australia's West Village</a>, says there are a number of reasons why Brisbane's upswing will continue.

"As developers, we anticipate sustained price growth in the medium to long term due to increasing demand from local purchasers and migrating purchasers, further construction price increase and limited supply of off the plan apartments," Dunn says.

"Long term, we feel that creating a thriving community at the heart of a development will always be essential to selling off the plan apartments. If there is no sense of place or neighbourhood, it can be a harder sell."

Sales have been moving at a fast pace at their<a href="/new-apartments/the-allere-collection-west-village-mollison-street-west-end"> West End development</a> for some time. They've transacted $186 million in the last year, with their latest release, <a href="/new-apartments/the-allere-collection-west-village-mollison-street-west-end">The Allere Collection</a>, now 85 per cent sold.

[smartcode_project:default project_id=114215 project_image_fid=207148]

Dunn says they see a continued shift toward larger apartments, incorporating more flexible spaces to accomodate remote work and changing lifestyle needs.

Purchasers are currently seeking out more environmentally friendly developments that provide plenty of green space, sustainability initiatives, and connections to nature that create a biophilic response. Sekisui House Australia integrates the Japanese philosophy of ‘Satoyama’ into their developments and offers spaces to connect people with ‘ribbons of green’.

[smartcode_project:default project_id=114215 project_image_fid=204874]

On the RBA rate hikes impacting buyer sentiment and lending capacity, Dunn says that whilst&nbsp;not all buyers are directly impacted by rate rises, the fact that they need to sell to people who are impacted impacts the value of their original asset.

Luxury home builder turned apartment developer Graya has seen the short supply of luxury apartments help drive sales at their <a href="/developments/brisbane-qld">inner-ring Brisbane projects</a>.

Associate Director Shaun Mets says there's been a substantial&nbsp;shift in what buyers are willing to pay, and new precedents are being set.

"Demand is not slowing for quality product in blue chip locations with limited new product set for delivery," Mets says.

[smartcode_project:default project_id=112020 project_image_fid=198800]

Graya has seen strong demand from the affluent downsizer and empty nester market.

"Our downsizer market, who are not necessarily highly leveraged with debt and taking advantage of the current cash rate, are not afraid to overcapitalise for the right property," Mets says.

"This audience segment understands that buildings like our most recent multi-residential projects, Canvas, Chalk and York are incredibly difficult to replicate due to the industry wide construction crisis and land prices making projects not commercially viable.

[smartcode_project:default project_id=112020 project_image_fid=198799]

"Our buyers want certainty around construction timeframes and an opportunity to make customisations to their residence through the sales process."

Mets says the absolute necessities for buyers are privacy, adequate security, an absolute minimum of 150 sqm internally, progressive technology features, and secure car accommodation.

Read more:&nbsp;<a href="/news/qld/city-beat-july-2023-brisbane-has-come-of-age-as-apartment-demand-booms">City Beat July 2023: Brisbane "has come of age" as apartment demand booms</a>

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>

The Brisbane unit median is now $520,000, having been $489,000 at the start of 2023

City Beat August 2023: Brisbane units the best performing market in the country

Prominent Sydney developer Podia has submitted plans for its next apartment project.

In a joint venture with CASA, Podia is seeking to developer 71 dwellings, a mix of apartments and townhouses, at <a href="/new-apartments/the-mclaren-45-mclaren-street-north-sydney">45 McLaren Street, North Sydney</a>.

“Timeless, Luxury, Sanctuary. ... providing residents with a comfortable, timeless sanctuary they can call home, away from the bustling city outside.” --- Podia &amp; CASA

The $68.7 million project, opposite the recently topped out AURA by Aqualand, has been cleverly designed by Bates Smart and features a striking stepped form which has the building stagger up to it's 14th level, allowing for a number of large terraces on the upper floors. 
<img alt="Podia Bates Smart North Sydney" data-entity-type="file" data-entity-uuid="c968c9e5-d811-4f7d-adf2-f57388d4ee88" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Podia%20larger.png?VersionId=4iKHOf1NOhLQ6sXc7y9o0N2e3pP889QB" />

Bates Smart said the vision is&nbsp;for a sustainable, mixed-use building that provides exceptional dwellings which capitalise on the site’s location between North Sydney’s dense and thriving CBD and North Sydney’s Civic Precinct.

"Consistent with Council’s vision for the precinct, the design proposes a mixed-use building comprising boutique residential dwellings and a variety of non-residential uses to contribute to the commercial and public life of North Sydney," their submission read.

"The building form responds carefully to existing context, including significant level changes, adjacent heritage buildings, and the future Ward Street Precinct Plaza."

<img alt="Podia North Sydney" data-entity-type="file" data-entity-uuid="dc453649-a7e8-4f84-854d-4b26e87ce843" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-07-31%20at%2012.37.32%20pm.png?VersionId=GvXyLSzu6lDJowvBpYVitcHlPA2gIwGc" />

They suggested the podium design complements the site’s lower-scale density, fine-grain heritage and leafy character along Walker Street, as well as the mixed-use character along McLaren Street.

"Importantly, the lower levels of the building will provide positive place making initiatives to activate McLaren, Walker and Harnett streets as well as the expanded and improved through-site link."

<img alt="Podia North Sydney" data-entity-type="file" data-entity-uuid="32bde44d-2d37-4c94-9619-fdbb89842648" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-07-31%20at%2012.36.44%20pm.png?VersionId=6zN42EMkfwshxmxis92VU7MqS1xKnMz0" />

Nearly half of the building is three-bedroom apartments, which start from over 100 sqm and go as large as 184 sqm.

There's 20 one-beds, ranging in size from 52 sqm to 65 sqm, and 15 two-bedroom apartments between 74 sqm and 110 sqm.

The sole four-bedroom apartment, the penthouse, spans two levels and has 387 sqm of living space, with extensive terraces.

Communal amenity will be in the form of a roof terrace on level eight.

There's a handful of terrace homes which Bates Smart say&nbsp;reference the scale, proportions, detail, and materiality observed in Victorian homes found in the locality, specifically the adjacent heritage homes at 150 Walker Steet.

Part of the development will be a new public through site link connecting Walker Street and Harnett Street, with the latter being the access to the three-level commercial space.

"The robust expression and warm coloration presents as a little gem to be found down this side street," Bates Smart said of new site link.

<img alt="Podia North Sydney" data-entity-type="file" data-entity-uuid="905fc245-1b94-4a40-ab27-1d1b6223ef04" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-07-31%20at%2012.35.39%20pm.png?VersionId=bPXZbRorDR0qaKvs2.0dACLj88IA1De9" />

The 1,792 sqm site is less than 200 metres from the Victoria Cross Metro north entry, and less than 400 metres from the south entry.

Urbis prepared a Heritage Impact Statement, citing over 10 different heritage-listed buildings within the immediate vicinity. The site also sits close to, not in, the&nbsp;and Walker and Ridge Streets Heritage Conservation Area.

They believe however the&nbsp;proposed building has been assessed and found to provide a "well-mannered response to the streetscape in its siting, setbacks, footprint, and scale."

They stated the retention of mature tree plantings and provision of soft landscaping is sympathetic to the context, and the stepped roof&nbsp; assists to reduce overall bulk and scale of the building and references the form of the heritage items adjacent to the west.

Podia, led by founder and director Stephen Dwight, currently has two apartment projects under construction, <a href="/new-apartments/the-bonobo-by-raes-byron-bay">The Bonobo by Raes</a> in <a href="/developments/byron-bay-nsw-2481">Byron Bay</a> and The Address in <a href="/new-apartments/east-melbourne-vic-3002">East Melbourne</a> in conjunction with <a href="/developers/luxcon-group">Luxcon</a>.

As well as McLaren Street, Podia is working on an apartment project on <a href="/news/nsw/podia-lodge-plans-for-six-storey-neutral-bay-apartment-project">Neutral Bay's Ben Boyd Road</a>.

In a joint venture with CASA, Podia is seeking to developer 71 dwellings, a mix of apartments and townhouses, at 45 McLaren Street, North Sydney

First look: Podia and CASA lodge Bates Smart plans for Walker St, North Sydney mixed-use tower

Mirvac has officially commenced construction at their $2 billion revitalization of Sydney's Harbourside mixed-use precinct on Darling Harbour.

The precinct, which is replacing the tired Harbourside Shopping Centre, will&nbsp;deliver a critical piece of Sydney’s $15 billion Western Harbour rejuvenation that has been underway since the completion of the International Convention Centre.

Due for completion from 2026, the new Harbourside precinct will reimagine the Darling Harbour waterfront for the 21st century, reconnect with the people and places of <a href="/developments/pyrmont-nsw-2009">Pyrmont</a>, and create a network of new public spaces that seamlessly bring together community, visitors, residents, and workers.

The redevelopment proposal is also expected to deliver around 265 apartments, offering housing choice and diversity on the fringe of the <a href="/developments/sydney-nsw">Sydney CBD</a>, and make <a href="/developments/sydney-nsw-2000">Darling Harbour</a> a more attractive and vibrant place to live, work, and visit.

<img alt="Harbourside by Mirvac" data-entity-type="file" data-entity-uuid="512bee19-ad19-4f20-887b-6084c64f56b6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-07-31%20at%203.08.29%20pm.png?VersionId=d2kEgrG6mQzIU2868d1tO9Rs5w7hpufB" /> 
The soaring residential tower. Image supplied

Mirvac’s CEO Development Stuart Penklis said the team had been working with the NSW Government since 2016.

“We have been on a journey to truly understand this site, starting with international group Snohetta partnering with Hassell and Djinjama winning the international design competition inspired by the natural landforms of Sydney Harbour," Penklis said.

"Our cultural commitment continues as we work with the community, and partner with Bila Heritage to continue to bring Harbourside to life in a way that is truly connected to Country.

“Sites like this are incredibly rare when you consider the proximity to the CBD, the existing and future pedestrian linkages, access to public transport and other critical infrastructure. We are proud to be starting the development at Harbourside that will elevate this precinct as a legacy Sydney destination and a place to live, work, shop and enjoy.”

Subject to final approvals, the new Harbourside project deliver 10,000 sqm of public open space, including a new waterfront with restaurants, bars, national and international retailers, a new 3,500 square metre park and connections from Pyrmont to the waterfront, including $50 million in public domain funding and $7 million in public art and activation.

Around 2,000 construction jobs will be created as part of the development, and 4,500 jobs on completion.

"This redevelopment demonstrates Mirvac’s integrated design, development and construction capabilities and our ability to partner with Government to unlock large scale complex mixed-use projects," Penklis added.

Mirvac’s CEO Development Stuart Penklis was joined at the official commencement event by Mirvac Group CEO &amp;&nbsp; Managing Director Campbell Hanan, NSW Minister for Planning and Public Spaces, the Honourable Paul Scully MP, Acting CEO Placemaking NSW Susan Lee, and other guests, who marked the occasion by turning the first sod onsite.

Scully said the development is a "great example of the Minns Government working with the private sector to deliver world-class amenities to the people of NSW."

The redevelopment proposal is also expected to deliver around 265 apartments, offering housing choice and diversity on the fringe of the Sydney CBD

Mirvac breaks ground at $2 billion Darling Harbour mixed-use precinct

House prices cooled following the surprise rate rise by the RBA in June, but apartment growth continued, according to the latest research from Ray White.

They found the strongest apartment price increases were in <a href="/developments/brisbane-qld">Brisbane</a>, <a href="/developments/adelaide-sa">Adelaide</a> and <a href="/developments/perth-wa">Perth</a>, all increasing by in excess of 0.3 per cent over the month.

There was no capital city that recorded a decline in apartment prices over the month. All cities are now seeing big increases over the past 12 months.

Ray White Senior Economist Nerida Conisbee said there are a lot of push and pull factors in house prices at the moment.

"Interest rate rises may not be over and we are seeing more stock coming to market," Conisbee said.

<img alt="" data-bit="iit" data-entity-type="" data-entity-uuid="" height="auto" role="presentation" src="https://ci6.googleusercontent.com/proxy/KmOoOOLwIj8fYCwAXNwC0Ar6xU1fRGlJfXpATcmHyDoqqNo-aF8GFSXLKAWiTbOJjW3WNaUUMLfT8wmi6TnS73mkrQNNsrgZNwEvvjMrKosSxbsYFOy4Q5O5vdZVw8EI-DytlDnbVp9BlMHIbHLtB7C0-8QpONEB6-jcX0I1DybLiJ38jn6YQSfV=s0-d-e1-ft#https://dim.mcusercontent.com/cs/2b5f862f82ad554d08ed3d501/images/671f0f73-9ada-187f-f271-042eaca72c41.png?w=1128&amp;dpr=2" style="vertical-align: top; max-width: 100%;" tabindex="0" width="660" />

"Anecdotally, more investors are selling, driven out of the market by higher interest rates and a more difficult ownership environment in many states.

"Rental growth is also starting to slow for houses across Australia, but remains strong for apartments.

Conisbee says one positive about the growth, particularly in apartments, is that it is likely making more new projects viable.

"This will ensure greater housing supply over the next two years."

The cities with the biggest house price falls were <a href="/developments/sydney-nsw">Sydney</a>, <a href="/developments/hobart-tas-7000">Hobart</a> and <a href="/developments/adelaide-sa">Adelaide</a>, with a decline of 0.2 per cent. Brisbane fell slightly by 0.1 per cent.

Ray White’s total sales in June, $6.4 billion nationally, were on par with what they recorded in June last year.

Buyer activity has continued to increase also across the Ray White network.&nbsp;The number of people bidding at auction is now back to where we were in April 2022.

"The number of active bidders remained stable in June, rather than increasing, perhaps due to the surprise interest rate increase at the start of that month," the Ray White Now Report noted.

Ray White Senior Economist Nerida Conisbee said there are a lot of push and pull factors in house prices at the moment

​Apartment price growth continues as house prices pull back slightly: Ray White House Price Report

The iCIRT-rated luxury builder developer Made Property has been given the green light to proceed with <a href="/new-apartments/corsa-mortlake-140-tennyson-road-mortlake">Corsa Mortlake</a>, their absolute waterfront residential community on Sydney Harbour's Majors Bay.

<a href="/new-apartments/corsa-mortlake-140-tennyson-road-mortlake">Corsa Mortlake</a>, on one of <a href="/new-apartments/mortlake-nsw-2137">Mortlake</a> Point's last remaining foreshore development sites and the last significant parcel of land at the end of Tennyson Road, will comprise just 20 three-bedroom residences and a private marina berth.

Drawing inspiration from the Italian Riviera, <a href="/new-apartments/corsa-mortlake-140-tennyson-road-mortlake">Corsa Mortlake</a> offers the ultimate in waterfront luxury, privacy and exclusivity with only one or two home-sized apartments sharing the lobby.

<img alt="Corsa Mortlake" data-entity-type="file" data-entity-uuid="b1a67f2c-d17d-47a0-9050-863be66d2ceb" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-07-31%20at%2010.58.04%20am.png?VersionId=cYHlSI25N2GJWl9V15IQoBiTVXrnHjbM" />

Designed by award-winning architects SJB, the sprawling residences capture uninterrupted panoramic water views. There's also a 23-berth marina which accommodates boats from 12 to 20 metres in length.

A prime north-east-facing development, <a href="/new-apartments/corsa-mortlake-140-tennyson-road-mortlake">Corsa Mortlake</a> will capture&nbsp;180-degree harbour views with every apartment featuring expansive balconies. Designed for the right-sizer, all home-sized apartments have three bedrooms, all with generous private open space and access to high level of amenity. A selection come with three-car garages.

With interiors also designed by <a href="/architects/sjb-architects">SJB</a>, the resplendent waterfront residences will feature exquisite interior designs, leveraging the project’s harbourside location and deep connection to the harbour, including elevated finishes and premium fixtures.

SJB’s Design Director Adam Haddow, said the project feels as though it has grown from the ground up.

"Engulfed in generous landscaping, each space has a view toward the natural," Haddow said.

"It was paramount to ensure that each space had a stunning outlook, so much so that each apartment has a unique layout to maximise views and space.&nbsp;Achieving 100% cross ventilation, the spaces feel light and airy, with connection to the waterfront informing every design decision. Light masonry tones reference the foreshore, with subtle textures and details replicating the natural landscape.”

<img alt="Corsa Mortlake" data-entity-type="file" data-entity-uuid="5e59f485-15a0-4723-84cb-2eeb00138265" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-07-31%20at%2010.58.09%20am.png?VersionId=nzQKPAUdFwBBsRQ9soeYrFtM.VvfrFvD" />

As part of the development, the boardwalk which fronts the project will be extended as part of the <a href="/new-apartments/canada-bay-nsw-2046">Canada Bay</a> Council Foreshore Access Strategy, which aims to improve and increase access to the beautiful foreshore areas around <a href="/new-apartments/canada-bay-nsw-2046">Canada Bay</a>.

Made Property Development Manager Todd Moody said <a href="/new-apartments/corsa-mortlake-140-tennyson-road-mortlake">Corsa Mortlake</a> will offer a truly exceptional boutique waterfront development ideal for local downsizers looking for the ultimate lifestyle investment potentially with the added convenience of mooring their boat at their residential address.

Communal open space is provided and includes access to the foreshore. The project includes a marina with 23 berths that will initially exclusively be offered to purchasers. The marina will also include a small kiosk for takeaway coffee and food.

CBRE Residential Projects is expecting to purchases to come from local downsizers and empty nesters.

Corsa Mortlake will comprise just 20 three-bedroom residences and a private marina berth.

Corsa Mortlake luxury apartments approved

The Brisbane-based&nbsp;<a href="/developers/di-carlo-property-group" target="">Di Carlo</a>&nbsp;Property Group has secured sign off for its Broadbeach apartment tower, Lusso.

It's a move back into the <a href="/developments/gold-coast-qld">Gold Coast apartment market</a>&nbsp;for the family-run company, who&nbsp;in recent years have been developing boutique projects in Brisbane's inner ring.

Lusso, Italian for luxury, will comprise just 15 full-floor apartments&nbsp;at 11 Anne Avenue.

Designed by&nbsp;<a href="/architects/hal-architects">Hayes Anderson Lynch</a>&nbsp;Architects, the four-bedroom apartments span over 200 sqm internally, with a further 40 plus sqm of balcony space.

The kitchen, complete with butler's pantry, meets the&nbsp;living and dining space, which opens to the balcony&nbsp;oriented to front Anne Avenue and capture south east ocean views. The master suite, complete with walk in wardrobe and ensuite, is also cleverly located at the front of the apartment to capture the views.

<img alt="Di Carlo" data-entity-type="file" data-entity-uuid="e01dafc6-462b-4a1d-b1b8-a735e79b361e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-07-31%20at%2010.32.13%20am.png?VersionId=TcWoW4vinIj11es_qx_gZkcHF322NdoZ" />

There are a further two bedrooms and a multi-purpose room, which has been designed o act as either a second living area, a home office, or a fourth bedroom.

Crowning Lusso will be the resident amenity rooftop terrace, featuring&nbsp;a&nbsp;pool, gym, sauna and barbecue facilities.

Alfie&nbsp;<a href="/developers/di-carlo-property-group" target="">Di Carlo</a>, one of the family directors at the company, says the design offering should hit the mark for the luxury buyer.

"We produce boutique, owner-occupier developments in Brisbane so we definitely wanted to stay in our lane and produce something that would service that type of buyer on the Gold Coast,"&nbsp;<a href="/developers/di-carlo-property-group" target="">Di Carlo</a>&nbsp;told Urban.

"Its a really nice pocket of the Gold Coast and it's always been on the agenda,"&nbsp;<a href="/developers/di-carlo-property-group" target="">Di Carlo</a>&nbsp;added.

<img alt="Di Carlo" data-entity-type="file" data-entity-uuid="2250c1d0-7479-49d3-a7cc-9971c604974d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-07-31%20at%2010.33.15%20am.png?VersionId=XjAEME3PKcQiaXR.TTi1g47OBBwyIuhK" />

"This site ticked all the boxes given its centrally located between the beach, the Broadbeach entertainment and dining precinct, the Star Casino and Pacific Fair Shopping Centre."

<a href="/developers/di-carlo-property-group" target="">Di Carlo</a>&nbsp;expects a healthy enquiry mix from local downsizers cashing in on their houses but not wanting to compromise on space, and interstate and Brisbane holiday makers who are looking for a high-end holiday home or weekender.

The development acts as another diversification for the&nbsp;<a href="/developers/di-carlo-property-group" target="">Di Carlo</a>&nbsp;Group, who have recently started developing&nbsp;in&nbsp;the retail and commercial space.

The team have over 40 years experience building and managing in excess of $500 million&nbsp;of property development and construction projects across South East Queensland.

Lusso, Italian for luxury, will comprise just 15 full-floor apartments at 11 Anne Avenue

Di Carlo secure sign off for luxury Broadbeach apartment development, Lusso

A two-tower apartment development in <a href="/developments/windsor-qld-4030">Brisbane's Windsor</a> has been filed by local developer Ronnie Tarabay.

He's submitted plans for two 13-level buildings designed by Ellivo Architects at <a href="/new-apartments/193-lutwyche-road-windsor">193 Lutwyche Road</a> which will home 212 apartments, 281 resident parking spaces, and 45 visitor spaces.

Tarabay, who runs developer Bekaa Group, is set to keep some of the origins of the site. A two-storey luxury car showroom along the Lutwyche Road frontage will remain.

The 4,213 corner sqm site, next to the Brisbane Opal Museum and opposite Rosemount Hospital, was previously a Denmac car yard. It's currently operating as a car showroom Dutton One.

The site was bought late last year, with approval for two aged care and retirement towers with 177 units.

Tarabay, has submitted a new application for&nbsp;118 one-bed units, more than half the building, 85 two-bedroom apartments, and nine three-bedders.

<a data-entity-type="file" data-entity-uuid="879188d3-5e95-4fe9-a20c-44482f15e1a8" href="/new-apartments/193-lutwyche-road-windsor"><img alt="Windsor" data-entity-type="" data-entity-uuid="" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-07-31%20at%208.56.58%20am.png?VersionId=MOtVmNgv1P4CrK1FN9Lxf3_lg1G._CpA" /></a>

Crowning one of the building's is a lap pool with day beds, a spa and sauna set privately in landscaping, a barbecue terrace, and an indoor dining room.

Ellivo noted in their Urban Design Report that the scale and form&nbsp;of the site provides the opportunity for two towers.

"The podium and tower are articulated as the buildings respond to their context," the report noted.

"City views are enhanced, privacy is allowed for and solar orientation is considered. The identity of the project is created."

&nbsp;

<a data-entity-type="file" data-entity-uuid="bb724be8-5f6c-4698-ae98-86ee03658131" href="/new-apartments/193-lutwyche-road-windsor"><img alt="Windsor" data-entity-type="" data-entity-uuid="" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-07-31%20at%208.57.06%20am.png?VersionId=pPskpIsZWaFYfRdJduDB4ndCHnV_HZXw" /></a>

They suggest residents will have access to a large amount of outdoor public amenity and numerous sporting precincts.

One of the towers faces Lutwyche Road, the other facing Lyons Terrace. Both have been designed to have a naturally ventilated corridor, ventilated through a break in the facade.

The Town Planning Report by Place Design Group said the site provides a great opportunity for <a href="/developments/brisbane-qld">Brisbane</a>, as a growing World City, to advocate housing quality in medium and high-density apartment living in Brisbane’s inner northern ring.

"Furthermore, due to the much-needed housing supply, the proposal will deliver an alternate housing product (of an appropriate scale) <a href="/developments/windsor-qld-4030">in a location</a> with great access to jobs, services, amenities, public transport, critical care infrastructure, community infrastructure and key transport corridors providing a suitable housing product for key workers in the vicinity," the Report read.

Bekka Group was founded in 2001 and has created a number of residential buildings all across <a href="/developments/brisbane-qld">Brisbane</a>.

A two-tower apartment development in Brisbane's Windsor has been filed by local developer Ronnie Tarabay

Two apartment towers filed for Windsor's Lutwyche Road

The first partnership between national developer <a href="https://www.apartments.com.au/developers/fortis">Fortis</a> and Adelaide-based developer <a href="https://www.apartments.com.au/developers/otello">Otello</a> has made a strong start, with the pair securing $21 million in unconditional sales at <a href="https://www.apartments.com.au/new-apartments/one-four-four-hutt-adelaide-144-hutt-street-adelaide-sa-5000">One Four Four Hutt</a>&nbsp;on the edge of the Adelaide CBD.

Over a third of apartments have been snapped up in the boutique 44-apartment project on the corner of Hutt Stret and Wakefield Road. Local downsizers and owner-occupiers wanting to remain in Adelaide's tightly-held southeast quarter have been the most prominent purchasers.

The DKO-designed, mixed-use development is one of the few new apartment projects in the precinct, an area where new housing supply has remained limited despite continued demand from buyers wanting to stay close to the CBD, Victoria Park and Adelaide's established east-end amenities.

[smartcode_project:default project_id=151233 project_image_fid=375378]

Fortis Head of Development SA Arthur Dendrinos said the early sales reflected both the strength of the local owner-occupier market and confidence in the Hutt Street location.

"The level of early commitment reflects the confidence local buyers have in the Hutt Street precinct," Dendrinos said.

"Many purchasers are long-term east-end residents who love the area and want to stay connected to the neighbourhood. They recognise the value of a well-designed, well-located development.

"Our partnership with Otello has been central to this success, and the number of unconditional sales at this stage only strengthens our confidence in the South Australian market."

&nbsp;

[smartcode_project:default project_id=151233 project_image_fid=375379]

Otello Director Daniel Harris said the sales result also highlighted the lack of new apartment opportunities within the Hutt Street precinct.

"One Four Four Hutt has clearly resonated with buyers, with strong early sales reflecting both the appeal of the Hutt Street corridor and the lifestyle on offer," Harris said.

"The activated ground-floor retail has also been a key drawcard, with purchasers responding to the vision of a more vibrant and connected streetscape, not just the residences themselves."

One Four Four Hutt will deliver 44 one, two and three-bedroom apartments, alongside a collection of penthouses, above a ground-floor retail offering designed to further activate the Hutt Street precinct.

Construction is scheduled to commence in the third quarter of this year, with completion anticipated in 2028.

[smartcode_project_cta:default project_id=151233]

Fortis Head of Development SA Arthur Dendrinos said the early sales reflected both the strength of the local owner-occupier market and confidence in the Hutt Street location.

Fortis makes Adelaide debut with Otello as One Four Four Hutt records strong early sales

For all its prestige, Roseville hasn't seen many new apartment developments that genuinely cater to the suburb's owner-occupier market.

Most new projects on Sydney's North Shore have focused on increasing supply, but Aqualand Prestige's <a href="https://www.apartments.com.au/new-apartments/boronia-by-aqualand-roseville-2-4-larkin-street-roseville-nsw-2069">Boronia</a> is taking a different approach.

The 111-apartment project on Larkin Street has been designed around a buyer who already knows the area, whether they're downsizing from a nearby family home, upgrading from an older apartment, or moving into the suburb to be closer to schools and transport.

[smartcode_project:default project_id=152095 project_image_fid=372391]

Boronia is the first project from Aqualand Prestige, the boutique residential division of Aqualand, the developer behind projects including AURA in North Sydney and Blue at Lavender Bay. The project is being delivered in partnership with Phoenix Property Investors.

Rather than trying to maximise density, the focus has been on creating apartments that feel much closer to a house. There's a strong weighting towards larger three-bedroom residences, alongside a limited collection of four-bedroom duplex-style sky homes, a product that's rarely delivered in apartment projects on the Upper North Shore.

[smartcode_project:default project_id=152095 project_image_fid=373694]

Architecture firm Woods Bagot has designed the building to sit within Roseville's established tree canopy rather than dominate it. The building steps down the site with deep balconies, generous setbacks and a material palette of masonry and natural stone that reflects the suburb's established character.

"The forms float among the canopies along the Larkin Street ridge to maximise the outlook across the green sea of the treetops," Woods Bagot Principal Jason Fraser said.

"The architecture is deliberately simple and understated, so that the detail, the craftsmanship and, above all, the landscape can be the hero."

[smartcode_project:default project_id=152095 project_image_fid=373685]

The same approach continues inside.

Interiors by COX take inspiration from the surrounding bushland of Lane Cove National Park, using natural stone, timber and handcrafted finishes throughout the residences. Kitchens feature Gaggenau and Bosch appliances, while the penthouse collection includes upgraded stone finishes and bespoke detailing.

"We wanted the homes to feel like an urban retreat, where the boundary between inside and out simply dissolves," COX Director Brooke Lloyd said.

Landscape architecture by Ground iNK extends that connection outdoors, with mature tree planting, deep soil landscaping and retained established street trees helping the development blend into one of Sydney's leafiest suburbs.

Residents will also have access to landscaped communal gardens, a wellness centre and outdoor spaces designed more as an extension of their own homes than traditional apartment amenities.

[smartcode_project:default project_id=152095 project_image_fid=373687]

The location is another reason Aqualand Prestige believes Boronia will resonate with buyers.

Roseville Station is around a five-minute walk away, placing Chatswood just one stop down the line, while the Sydney CBD remains within easy commuting distance. The suburb also sits within the NSW Government's Transport Oriented Development precinct, where planning changes are encouraging more housing around existing rail infrastructure.

Despite those planning reforms, opportunities to secure a new apartment in Roseville remain relatively limited, particularly developments aimed at owner-occupiers rather than investors.

Aqualand Prestige Executive Director Wayne Xiong said Boronia was designed for buyers intending to stay for the long term.

"These are homes built for decades of living rather than for the moment," Xiong said.

"Whether buyers are downsizing, raising a family or simply seeking more space, they're choosing the scale and craftsmanship of a fine house in a suburb they love, with the ease and connectivity modern life calls for."

Boronia's two-bedroom apartments are priced from $1.79 million, three-bedrooms from $2.49 million, penthouses from $2.85 million, and four-bedroom duplex-style Sky Homes from $4.5 million.

[smartcode_project_cta:default project_id=152095]

Aqualand Prestige launches Boronia to undersupplied Roseville apartment market

For most new apartment buildings, the Owners Corporation starts life with little more than a bank account and the first quarterly strata levies.

At <a href="https://www.apartments.com.au/buildings/9-gay-street-castle-hill-9-gay-street-castle-hill-nsw-2154">9 Gay Street</a> in <a href="https://www.apartments.com.au/developments/castle-hill-nsw-2154">Castle Hill</a>, it starts with around $7 million in reserve.

It's an unusual legacy of what was once one of Sydney's highest-profile apartment remediation projects. When the development, originally known as Skyview and built by disgraced developer Top Place, came under scrutiny by then NSW Building Commissioner David Chandler, an $11 million remediation bond was negotiated to ensure any building defects could be fully rectified.

The building underwent an 18-month remediation program, during which around $4 million of that bond was spent bringing the building up to the standard it should have been in from the outset.

After extensive inspections, all active rectification orders have been lifted. What's more, around $7.2 million remains secured for the Owners Corporation for the next 15 years.

In a twist few would have predicted, what began as a significant concern for purchasers has left the building with something almost unheard of in the apartment market: a multi-million-dollar financial reserve from day one.

[smartcode_project:default project_id=147685 project_image_fid=359136]

<a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a> Executive Chairman Greg Huxley said the structure offers buyers a level of certainty that is difficult to replicate.

"The $11 million bond established for the Skyview Castle Hill development represents exceptional value, providing genuine financial security for purchasers," Huxley said.

"Unlike a standard insurance policy, this bond consists of real funds held in trust for the Owners Corporation, offering a tangible layer of protection and added peace of mind."

The apartments themselves have been designed with a focus on practical, contemporary living. Interiors feature Smeg appliances, stone benchtops, tiled living areas, carpeted bedrooms, 2.7-metre ceilings, floor-to-ceiling glazing, and ducted heating and cooling throughout.

Residents also have access to a range of shared amenities, including two rooftop barbecue areas, a swimming pool, children's playgrounds, secure building access, storage cages, and visitor parking.

The location continues to be one of the project's strongest drawcards. Castle Hill Metro Station sits virtually on the doorstep, providing direct connections across Sydney's expanding Metro network, while Castle Towers offers extensive retail, dining, entertainment, and service amenities within walking distance.

[smartcode_project:default project_id=147685 project_image_fid=359127]

The building, now named after its location at 9 Gay Street, comprises a diverse mix of one-, two-, and three-bedroom apartments starting from just under $600,000.

Equitifund National Sales Director Ben Hamblett said demand in the Hills District continues to be driven by buyers seeking convenience and connectivity.

"Interest from both owner-occupiers and investors in Castle Hill remains exceptionally strong, with buyers consistently prioritising developments in close proximity to the Metro station and Castle Towers Shopping Centre," Hamblett said.

"There is a clear trend in the market, with purchasers seeking convenient access to transport and lifestyle amenities that support a seamless, low-maintenance way of living."

On top of the long-term protection afforded by the remaining $7.2 million bond, Equitifund is offering a limited-time stamp duty rebate on selected apartments.

Eligible purchasers can also secure finance options, including a 3.99 per cent two-year variable rate, loan-to-value ratios of up to 90 per cent, and interest-only lending options through EquitiCredit.

[smartcode_project_cta:default project_id=147685]

Why this Castle Hill apartment building starts with a $7 million advantage

For much of the past few years, conversations about Australia's property market have centred on the rapid growth seen in Sydney, Brisbane, Gold Coast, and Perth. <a href="https://www.apartments.com.au/developments/melbourne-vic-3004">Melbourne</a> has followed a different trajectory.

That relative underperformance is now encouraging some buyers to reassess the city, particularly those willing to look beyond short-term market movements and focus on quality property in established locations, along with the long-term growth prospects of a city expected to overtake Sydney as Australia’s most populous.

John Bekiaris, Research &amp; Market Insights at <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Projects by Equitifund</a>, said Melbourne's current position is attracting increasingly sophisticated purchasers.

"Melbourne continues to present one of Australia's strongest long-term investment stories," Bekiaris says.

"While other capital cities have experienced stronger recent growth, that relative underperformance is exactly what's attracting sophisticated counter-cyclical investors."

[smartcode_project:default project_id=1979 project_image_fid=363268]

Equitifund isn't just commenting on Melbourne's property market, it's investing in it.

The Sydney-headquartered capital partner has taken over the remaining apartments at <a href="https://www.apartments.com.au/buildings/victoriana-melbourne-20-queens-road-melbourne-vic-3004">Victoriana</a>, the recently completed glass-encased development opposite Albert Park Lake in Melbourne's tightly held St Kilda Road precinct.

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> and built by <a href="https://www.apartments.com.au/builders/hickory">Hickory</a>, Victoriana places residents between one of Melbourne's most recognised parklands and the CBD, offering oversized two and three-bedroom apartments aimed at owner-occupiers seeking a genuine alternative to a traditional family home.

The development comprises 232 completed residences alongside a suite of resident amenities, including a 25-metre indoor swimming pool, gymnasium, landscaped entertaining areas, resident lounges, EV charging, secure basement parking and a concierge-style arrival experience.

[smartcode_project:default project_id=1979 project_image_fid=363229]

The apartments have been designed with owner-occupiers firmly in mind.&nbsp;Open-plan living and dining areas flow onto generous balconies framing views across Albert Park Lake, Fawkner Park, the Royal Botanic Gardens and the Melbourne skyline.

Kitchens feature Gaggenau appliances, stone benchtops and generous preparation space. Bedrooms include built-in robes, while bathrooms feature full-height textured tiling. Hardwood flooring and ducted air conditioning complete residences designed for long-term living.

Rothelowman's architecture takes its cues from the landscape opposite the site. Sweeping horizontal glazing references the movement of Albert Park Lake, while generous balconies and expansive glazing strengthen the connection between the apartments and the surrounding parklands. The result is a building designed to deliver the scale and amenity expected of luxury apartment living, while offering the larger floorplans increasingly sought by owner-occupiers.

[smartcode_project:default project_id=1979 project_image_fid=363284]

The location is one of Victoriana's defining characteristics. Positioned on Queens Road, residents are directly opposite Albert Park Lake and within easy reach of Fawkner Park, the Royal Botanic Gardens, South Melbourne, St Kilda Road and the CBD. With few comparable development opportunities remaining in the precinct, buyers are increasingly placing value on outlooks that are unlikely to be interrupted by future construction.

Greg Huxley, Founder of Equitifund, believes those qualities become even more valuable over time.

"Premium real estate has always rewarded buyers who take a long-term view," Huxley said.

"Victoriana represents the kind of asset that's increasingly difficult to recreate today, particularly in an established location like Queens Road."

He said rising construction costs are also changing the way buyers assess completed developments.

"When you combine an irreplaceable location with thoughtful architecture and premium finishes, you create something that becomes increasingly difficult to reproduce as construction costs continue to rise."

[smartcode_project:default project_id=1979 project_image_fid=363228]

According to National Sales Director Ben Hamblett, enquiry has been driven largely by Melbourne downsizers and buyers upgrading from smaller apartments.

"Interest in Victoriana continues to build, with strong buyer focus on the larger owner-occupier residences within the development," Hamblett says.

"Enquiry is increasingly driven by local buyers who recognise the rarity of what's on offer: park-facing apartments in an established neighbourhood where new development opportunities are becoming increasingly scarce. At Victoriana, the view is not just a feature; it's an appreciating asset in its own right."

He said interstate enquiry has also strengthened as buyers reassess Melbourne's position within the national property cycle.

"Melbourne currently stands as the most compelling entry point of any major Australian capital, and discerning buyers are beginning to recognise what those who move early always understand: the best opportunities are taken before the price rise confirms them."

[smartcode_project_cta:default project_id=1979]

Why now is the time to buy in Melbourne's premium apartment market

Developers and apartment buyers have a narrowing window of opportunity before Brisbane's Olympic infrastructure pipeline begins competing directly with residential construction, pushing up costs, tightening labour supply and making new projects increasingly difficult to deliver.

While Brisbane's apartment market continues to benefit from strong population growth and limited housing supply, industry research suggests the years leading up to 2027 could prove to be the most important period for developers looking to secure builders and buyers hoping to purchase before the next wave of price increases.

A new Colliers report, Brisbane 2032 Olympic and Paralympic Games: Creating Solutions, highlights the scale of the challenge. While thousands of new homes are planned across South East Queensland, the Brisbane Olympic Athletes Village alone will deliver more than 10,500 beds during the Games before being converted into around 1,750 to 2,000 apartments. Equivalent to almost two years of typical inner-city apartment supply, the project will also absorb a significant share of the construction workforce and building materials.

The broader construction pipeline paints an even clearer picture.

Construction Skills Queensland's Horizon 2032 report forecasts Queensland's annual construction pipeline will average $69 billion over the coming years before peaking at $75 billion in 2027-28. Demand for construction workers is expected to increase by 17 per cent to almost 150,000 people, with the industry facing an annual shortfall of around 19,000 workers that could blow out to as many as 35,000 during the peak construction period.

The Olympic venues, athletes village and supporting infrastructure will account for billions of dollars worth of work across South East Queensland through to 2032, creating intense competition for labour at a time when Australia's residential construction sector is already under pressure.

[smartcode_project:default project_id=150489 project_image_fid=373834]

Colliers Queensland Residential Director Andrew Scriven said the convergence of these projects is creating a clear window of opportunity for both developers and buyers.

"From 2027 onwards, the market will shift dramatically," Scriven said.

"Labour will increasingly be locked into government-led infrastructure and Olympic projects, which means private residential developments will face higher costs and tighter margins. The developers who move now are the ones most likely to get projects off the ground."

Scriven said the same dynamic would also affect buyers, with fewer apartment projects expected to launch once construction capacity tightens.

"If you're looking to change your lifestyle over the next five years, now is your window of opportunity to buy."

[smartcode_project:default project_id=150713 project_image_fid=373827]

Developers are already positioning themselves ahead of that window.

Following the success of Monarch at Toowong, Consolidated Properties is preparing to launch two new Brisbane apartment projects in the second half of 2026. They include <a href="https://www.apartments.com.au/new-apartments/gloriette-30-bedivere-street-yeerongpilly-qld-4105">Gloriette</a> at Yeerongpilly Green, a 25-storey tower within one of Brisbane's key Olympic precincts, and <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a recently approved 25-storey riverfront development at 47 Skyring Terrace in Newstead.

Hutchinson Builders will deliver both projects, with early works already underway at Yeerongpilly and Newstead expected to commence later this year.

The timing comes as Brisbane's fundamentals continue to strengthen, with strong interstate migration, population growth and vacancy rates remaining below 1.5 per cent.

Colliers Queensland researcher Pragya Sharma said Greater Brisbane is forecast to require around 40,000 new apartments between 2021 and 2031.

"There's a real mismatch emerging between when housing is needed and when it will be feasible to build," Sharma said.

"As a result, the period leading up to 2027 presents a key window of opportunity for developers to secure approvals, funding and construction capacity, while buyers will have greater choice before supply constraints intensify."

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

Joel Robinson

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News

Joel Robinson

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

Developments

New apartments

New townhouses

News