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Expert Observer

At its meeting today, the Board decided to maintain the current policy settings, including the targets of 10 basis points for the cash rate and the yield on the 3-year Australian Government bond, as well as the parameters of the Term Funding Facility and the government bond purchase program.

The rollout of vaccines is supporting the recovery of the global economy, although the recovery is uneven. While there are still considerable uncertainties regarding the outlook, the central case has improved. Global trade has picked up and commodity prices are mostly higher than at the start of the year. Inflation remains low and below central bank targets.

Sovereign bond yields have increased over recent months due to the positive news on vaccines and the additional fiscal stimulus in the United States. Inflation expectations have also lifted from near record lows to be now closer to central banks' targets. The 3-year government bond yield in Australia is at the Board's target of 10 basis points and lending rates for most borrowers are at record lows. The Australian dollar remains in the upper end of the range of recent years.

The economic recovery in Australia is well under way and is stronger than had been expected. The unemployment rate fell to 5.8 per cent in February and the number of people with a job has returned to the pre-pandemic level. GDP increased by a strong 3.1 per cent in the December quarter, boosted by a further lift in household consumption as the health situation improved. The recovery is expected to continue, with above-trend growth this year and next. Household and business balance sheets are in good shape and should continue to support spending.

[smartcode_project:default project_id=7275]

Nevertheless, wage and price pressures are subdued and are expected to remain so for some years. The economy is operating with considerable spare capacity and unemployment is still too high. It will take some time to reduce this spare capacity and for the labour market to be tight enough to generate wage increases that are consistent with achieving the inflation target. In the short term, CPI inflation is expected to rise temporarily because of the reversal of some COVID-19-related price reductions. Looking through this, underlying inflation is expected to remain below 2 per cent over the next few years.

Housing markets have strengthened further, with prices rising in most markets. Housing credit growth to owner-occupiers has picked up, with strong demand from first-home buyers. In contrast, investor credit growth remains subdued. Given the environment of rising housing prices and low interest rates, the Bank will be monitoring trends in housing borrowing carefully and it is important that lending standards are maintained.

[smartcode_project:default project_id=27728]

The Board remains committed to the 3-year government bond yield target of 10 basis points. Later in the year it will consider whether to retain the April 2024 bond as the target bond or to shift to the next maturity. The initial $100 billion government bond purchase program is almost complete and the second $100 billion program will commence next week. Beyond this, the Bank is prepared to undertake further bond purchases if doing so would assist with progress towards the goals of full employment and inflation. Authorised deposit-taking institutions have drawn $95 billion under the Term Funding Facility and have access to a further $95 billion. Since the start of 2020, the RBA's balance sheet has increased by around $215 billion.

These various monetary measures are continuing to help the economy by keeping financing costs very low, contributing to a lower exchange rate than otherwise, and supporting the supply of credit and household and business balance sheets. Together, monetary and fiscal policy are contributing to the recovery in aggregate demand and the pick-up in employment.

[smartcode_project:default project_id=22057]

The Board is committed to maintaining highly supportive monetary conditions until its goals are achieved. The Board will not increase the cash rate until actual inflation is sustainably within the 2 to 3 per cent target range. For this to occur, wages growth will have to be materially higher than it is currently. This will require significant gains in employment and a return to a tight labour market. The Board does not expect these conditions to be met until 2024 at the earliest.
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Joel Robinson

Bank will be monitoring trends in housing borrowing carefully: RBA Governor Philip Lowe's April 2021 meeting statement

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The Gold Coast-based developer Lacey Group have been given the green light by the City of Gold Coast for its $32 million Palm Beach development The Monroe.

The project of 33 apartments and a beach house on the exclusive Jefferson Lane has been designed by Plus Architecture and is located adjacent to the Palm Beach Surf Club.

There will be a 250 sqm rooftop terrace with its own infinity pool with views of the Pacific Ocean from Surfers Paradise down to Coolangatta.

Apartments will be priced from $619,000.

<a href="/buildings/the-monroe-124-126-jefferson-lane-palm-beach"><img alt="" height="1040" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/the_monroe_lacey_2.jpg" width="1600"></a>

Lacey Group director Adam Lacey says The Monroe has been designed with the owner-occupier in mind, and believes it will be popular with young professionals looking to upgrade to beachside living.

"[The Monroe] is unique in that it caters to the full spectrum of purchasers, with two- and three-bedroom apartments, alongside a penthouse and a townhome on the ground floor,” Mr Lacey said.

<a href="/buildings/the-monroe-124-126-jefferson-lane-palm-beach"><img alt="" height="749" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/the_lacey_group_3.jpg" width="1800"></a>

"We're anticipating the apartments will be popular with young professionals looking to upgrade to beachside living, while the penthouse and townhome will appeal to downsizers and potentially a family looking for a home-style residence with access to a suite of lifestyle amenities.

"Atop the building is a unique recreation terrace, which is really one of a kind in the Palm Beach market, boasting an infinity pool, barbeque facilities, a resident's lounge and a firepit."

Mr Lacey said The Monroe is named for its classic architecture, which reflects the sleek, timeless appeal of quintessential Gold Coast buildings established since the 1950s.

<a href="/buildings/the-monroe-124-126-jefferson-lane-palm-beach"><img alt="" height="813" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/the_monroe_lacey_4.jpg" width="1800"></a>

"We have worked with Plus Architecture to ensure that like namesake Marilyn Monroe, this building is classy, stylish, timeless and above all, iconic," he said.

Each apartment features oversized kitchens with European appliances and floor to ceiling windows which take in panoramic views of the coastline, city skyline and hinterland

"The Monroe draws its design inspiration from the topography of the Gold Coast, echoing the natural progression of slope and form, from the rocky hinterland mountains towards a softer, more fluid beach environment.

Lacey Group know the area well, having had success on the same street where they sold out The Jefferson, the $32 million development of 46 apartments, on completion in 2019.
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Lacey Group know the area well, having had success on the same street where they sold out The Jefferson, the $32 million development of 46 apartments.

Lacey Group secure approval for The Monroe at Palm Beach

The Melbourne-based developer&nbsp;Orchard Piper has secured a rare development site fronting Fitzroy Gardens.

The 1,200 sqm site at 364-370 Albert Street, East Melbourne was an amalgamation of three adjoining park-front sites which had been held by the same family for over four decades.

A grand three storey Victorian townhouse will be restored and offered as a townhouse.&nbsp;There will be&nbsp;a further&nbsp;six residential levels comprising 14 apartments and two levels of private offices.

Each apartment will take in views of Melbourne&#39;s CBD or Fitzroy Gardens.

Orchard Piper&nbsp;have had their go-to architect Jolson Architects, who were behind the famous Pt Leo Estate down on the Mornington Peninsula, draw up the plans. It&#39;s the sixth collaboration&nbsp;between the two.

Orchard Piper director Luke McKie said the strategic site acquisition and planning permit represented a significant step forward for the brand, and the next phase of the Orchard Piper story.

&ldquo;We have been actively acquiring sites through COVID with a view to significantly bolstering our pipeline as we move into more substantial projects in Melbourne&rsquo;s best locations.&rdquo;

<img alt="" height="2401" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/orchard_directors.jpg" width="1600" /> 
Orchard Piper directors Luke McKie, left, and Rick Gronow, right. Image supplied 
 
&ldquo;This East Melbourne project has been designed in direct response to more than 13 years of market feedback from our local owner occupiers. Living spaces will be ample, with home offices and master suites just as you would expect in a detached house&rdquo; adds McKie.

&ldquo;This is our sixth project with our long term design partners, Jolson. The collective knowledge from this partnership places our projects in rare territory where historic feedback from our residents continues to shape our future offerings.&rdquo;

Orchard Piper co-founder and director Rick Gronow said they have&nbsp;continuous demand from their buyers and repeated enquiries for an Orchard Piper offering in East Melbourne.

&quot;This site is as good as it gets, and we are excited to be able to soon offer these properties to the market.&rdquo;

Orchard Piper is set to&nbsp;launch the project in the second half of 2021.

Each apartment will take in views of Melbourne's CBD or Fitzroy Gardens

Orchard Piper to build mixed-use development on Fitzroy Gardens

The property development firm Polites Property Group, in a joint venture with construction company Descon Group Australia, have lodged plans for a $95 million tower&nbsp;on the Gold Coast&#39;s Main Beach.

Polites, ran by the Polites brothers Alex and Marcus, have an interest in the luxury Palm Beach development Cabana, while Descon are set to start construction on the luxury Southport development Waverley this year.

The Main Beach project to be known as La Mer, at 3580 Main Beach Parade&nbsp;on the west side of the street not fronting the beach,&nbsp;will home 28&nbsp;single level&nbsp;apartments designed by the local architecture firm Archidiom, as well as a large penthouse.

[smartcode_project:default project_id=95606 project_image_fid=164808]

Archidiom are also&nbsp;behind a tower at 3550 Main Beach just up&nbsp;the road, as well as Aniko&#39;s Grant Avenue, Hope Island development and Sea at Palm Beach.

The 751 sqm site is currently home to the 1980s three-storey apartment building Denver Court.

The development application package from Archidiom suggested the project takes&nbsp;the opportunity for the design of a contemporary, innovative subtropical building to provide a &lsquo;relaxed beachfront&rsquo; living.

[smartcode_project:default project_id=95606 project_image_fid=164806]

&quot;The development will contribute positively to the character of the area by replacing the existing tired low rise building with a project displaying fresh, simple architectural lines to create modern urban living,&quot; the submission read.

&quot;The large liveable apartments which maximise natural light and cross ventilation through the provision of spacious living and balcony areas will be appealing to a large demographic of potential buyers.&quot;

The typical floor plan will be two three bedroom apartments, both orientated towards&nbsp;the north-east and south-east ocean views.

[smartcode_project:default project_id=95606 project_image_fid=164809]

There will be a two level recreational level on level three.

The building will feature a podium which is&nbsp;articulated with grand curvilinear arches and flying canopies and planters to respond in scale to the surrounding streetscape character, with shade provided for through a recessed&nbsp;east facing lobby.

Construction is reported to commence in May next year.

The 751 sqm site is currently home to the 1980s three-storey apartment building Denver Court

Tower reveal: Polites Property Group and Descon lodge plans for Main Beach tower La Mer

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Local owner-occupiers have descended on Regal Residences, stage one of Azzura's $2.3 billion Imperial Square mixed-use development in Southport.

Locals have made up over 50 per cent of the sales so far, with 53 of 145 of the apartments sold.

That's seen Azzura, like many developers in South East Queensland, fast-track construction of the $155 million first stage following a flurry of sales which have totalled $34 million.

Azzura’s sales director Jason Paris said the strong sales were reflective of the demand for new product in the city’s CBD hub.

[smartcode_project:default project_id=29350]

“We’ve got buyers who work in the Health and Knowledge precinct at Griffith University and the Gold Coast Hospital and they see the incredible opportunity to buy well in a central location with work and lifestyle options all so close at hand,” said Mr Paris.

“We’ve seen a mix of first-home buyers and downsizers who see the incredible value in such a central location.

<a href="/new-apartments/regal-residences-imperial-square-59-73-meron-street-southport"><img alt="" height="533" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/regal_living.jpg" width="1200"></a>

“Regal Residences represents incredible value with apartments selling for an average of $6,000 per square metre which is a third of the selling price of some beachfront locations on the Coast.”

Regal Residences is the first stage in a stunning masterplan that will include 200 hotel suites on the Imperial Square site, located on 1.34 hectares at 59-73 Meron Street in Southport. 

<a href="/new-apartments/regal-residences-imperial-square-59-73-meron-street-southport"><img alt="" height="1600" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/regal_hotel.jpg" width="1600"></a> 
Additional stages in the Imperial Square project include The Imperial Tower, a 108-storey building set to become Australasia’s tallest building and Monarch Place, a spiral architectural masterpiece.

Buyers within the first stage will enjoy the amenities on offer across all buildings. 

Stage 1 has been designed to set the standard for the master-planned Imperial Square development that will include a range of commercial and business spaces upon completion, rooftop bars, and luxury amenities such as a rooftop infinity pool, gymnasiums and spas, a cinema and spectacular views to the ocean. 

About the developer

Azzura Investments is headed by company founder Robert Badalotti who has delivered an impressive portfolio of award-winning projects since 1989 stretching from the northern Gold Coast to Byron Bay in northern NSW. These projects comprise more than 2600 residential dwellings, 24 commercial developments and six international resorts. 
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Azzura’s sales director Jason Paris said the strong sales were reflective of the demand for new product in the city’s CBD hub

Locals snap up Azzura's Regal Residences in Southport

Soaring demand in all coastal Queensland markets is seeing developers fast-track their projects in an attempt to meet the continued demand from inter and outer state buyers.

The latest project to be fast tracked is in the $650 million townhouse development Serenity 4212, one of the largest waterfront projects currently underway on the Gold Coast.

The joint Helensvale venture between Keylin and Kinstone Group, adjacent to Hope Island,&nbsp;will see the third stage&nbsp;of Serenity Reserve brought forward after the sell outs of stage one and two, Serenity Waters and Serenity Green.

Serenity Reserve will comprise 83 townhomes each with four bedrooms and two bathrooms. Designed by architectural firm DBI in conjunction with Modulus Architecture, prices for the townhomes&nbsp;will start from $548,000.

Serenity Reserve residences will sit next to&nbsp;a dedicated natural reserve community park, part of 27 hectares being gifted by Keylin to the city council.

<a href="/buildings/serenity-green-8-ben-dalley-drive-helensvale-road"><img alt="" height="720" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/serenity_reserve_1.jpg" width="1200" /></a>

The wider Serenity 4212 development&nbsp;is being created&nbsp;around Lake Serenity along the shores of Saltwater Creek.&nbsp;

&ldquo;The latest release is aimed at buyers looking to capitalise on existing government grants, including the state government first-home owner&rsquo;s grant,&rdquo; said Keylin&nbsp;director Louis Cheung.

<a href="/buildings/serenity-green-8-ben-dalley-drive-helensvale-road"><img alt="" height="800" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/serenity_3.jpg" width="1600" /></a>

&ldquo;Most of our buyers have been owner-occupiers, with many of them locals who are looking for the lifestyle and convenience of one of the best waterfront precincts on the Gold Coast.&rdquo;

Keylin fielded more than 3400 inquiries for the Serenity Waters release alone.

Developments are being fast-tracked all across the Gold Coast with developers inundated with enquiries.

Miles Residences, the luxury redevelopment of the Kirra Beach Hotel by KTQ Group, has been <a href="/news/qld/miles-residences-at-kirra-beach-now-80-sold-as-fast-tracked-construction-begins">fast-tracked after selling over 80 per cent of its stock</a>.

Ditto Cabana at Palm Beach, which saw&nbsp;23 of its 34 apartments <a href="/news/qld/which-gold-coast-apartment-developments-are-being-fast-tracked-due-to-strong-sales">sell within two weeks of its launch</a>.

&nbsp;

Serenity Reserve residences will sit next to a dedicated natural reserve community park, part of 27 hectares being gifted by Keylin to the city council.

Keylin and Kinstone fast-track Gold Coast townhouse project Serenity 4212

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Sydney apartments continued their growth pattern over March, posting 2.1 per cent gains, according to property data firm CoreLogic.

The monthly growth was only bettered by Hobart (+4.9 pr cent) and Darwin (+3.4 per cent).

Sydney's March gains put units in Harbour capital up 3.2 per cent over the first quarter of 2021, already off-setting the losses occurred over 2020 to be 0.2 per cent up over the last 12 months.

The March gains follow a 1.2 per cent growth in February and -0.1 per cent declines over January.

Sydney's median apartment value is now $755,360, up from the $738,254 last month and $734,198 at the start of the year.

[smartcode_project:default project_id=7758]

Last month CoreLogic's head of research Tim Lawless says there were tentative signs the trend of the housing market performing considerably stronger than the unit market could become less obvious.

Now Lawless says the unit market has turned a corner.

“Despite the underperformance, unit markets have turned a corner, with Sydney recording two consecutive months of rising values, while the Melbourne unit market has seen values consistently rising since October last year, with the trend accelerating over recent months.”

[smartcode_project:default project_id=6798]

And there's good news for investors, with Lawless suggesting the unit rental markets in Melbourne and Sydney appear to be stabilising.

“Sydney unit rents have posted a subtle rise over the past three months, while unit rents in Melbourne have held firm over the same period.

"The improvement comes after a long running decline, however a material improvement in rental conditions is likely to be dependent on foreign students and visitors returning to shore up inner city unit rental demand.“

[smartcode_project:default project_id=7317]
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Sydney's March gains put units in Harbour capital up 3.2 per cent over the first quarter of 2021


April 2021: How did Sydney apartment values perform over March?

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Apartments across Melbourne continued to see solid price growth over March, with values jumping 2.1 per cent over the month.

That's the latest figures from property data firm CoreLogic, who have seen units values rising in Melbourne since October.

February the Victorian capital saw a growth of 1.2 per cent, which had been the largest gain since late 2019 before the March figures were revealed.

It's put Melbourne apartments 3.2 per cent up over the first quarter of 2021 after more modest 0.1 per cent gains in January. The quarterly unit performance is only behind Hobart (+8.6 per cent) and Sydney (+3.2 per cent).

Melbourne's median apartment values is now $593,121, up from $582,833 in February and $577,206 at the start of the year.

[smartcode_project:default project_id=27728]

Last month CoreLogic's head of research Tim Lawless says there were tentative signs the trend of the housing market performing considerably stronger than the unit market could become less obvious.

Now Lawless says the unit market has turned a corner.

“Despite the underperformance, unit markets have turned a corner, with Sydney recording two consecutive months of rising values, while the Melbourne unit market has seen values consistently rising since October last year, with the trend accelerating over recent months.”

[smartcode_project:default project_id=3303]

And there's good news for investors, with Lawless suggesting the unit rental markets in Melbourne and Sydney appear to be stabilising.

“Sydney unit rents have posted a subtle rise over the past three months, while unit rents in Melbourne have held firm over the same period.

"The improvement comes after a long running decline, however a material improvement in rental conditions is likely to be dependent on foreign students and visitors returning to shore up inner city unit rental demand.“

[smartcode_project:default project_id=29048]
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There's good news for investors, with Lawless suggesting the unit rental markets in Melbourne and Sydney appear to be stabilising



April 2021: How did Melbourne apartments perform over March?

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There's no slowing down property prices all across the nation, with data house CoreLogic reporting prices nationally jumped 2.8 per cent over March, the highest increase since October 1988.

It was also the first time in 12 months that capital city values outpaced the regional markets, music to the ears of the departed investor market who will be monitoring price levels.

CoreLogic's head of research Tim Lawless says they expect housing values to continue to rise throughout 2021 and well in to next year, but it is reasonable to expect the pace of growth will slow.

Sydney led the way over March, with dwelling values jumping 3.7 per cent to be 6.7 per cent up over the quarter. The last time Sydney posted such strong quarterly gains was in June/July 2015, before a rapid slow in growth when limits on investors kicked in to slow the market, which isn't a stumbling block in the current property climate.

[smartcode_project:default project_id=7317]

The Harbour City was only bettered by Hobart's strong 7.6 per cent quarterly gains after dwelling growth of 3.3 per cent over March.

Canberra saw the third best dwelling value growth across the capitals, up 2.8 per cent, followed by Melbourne and Brisbane who both saw 2.4 per cent gains. Darwin posted 2.3 per cent growth.

Adelaide (+1.5 per cent) and Perth (+1.8 per cent), trailed the pack.

 

<img alt="" height="705" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/april_dwelling_cl.jpg" width="1200">

"As the housing market hits record high values, speculation is mounting as to what will trigger the next downswing phase of the cycle", Lawless says.

"The upswing in buyer demand has not been met with the same level of increase in inventory," Lawless says.

[smartcode_project:default project_id=6798]

"This has resulted in strong selling conditions, amidst a palpable sense of urgency amongst buyers, putting upwards pressure on housing prices."

Lawless suggested the substantially less fiscal support will likely contribute to a tapering of demand, as will the prospect of tighter credit policies, however APRA says lending standards remain healthy enough to keep any credit intervention at bay for now.

Houses v Units

Houses continued to outstrip units for price growth in most capitals, however units are now steadily back on the upswing.

“Despite the underperformance, unit markets have turned a corner, with Sydney recording two consecutive months of rising values, while the Melbourne unit market has seen values consistently rising since October last year, with the trend accelerating over recent months," Lawless says.

[smartcode_project:default project_id=32227]

Sydney houses jumped 4.3 per cent over March to be 8.2 per cent higher over the first quarter of the year. Units still saw strong growth, up 2.1 per cent over March to be 3.2 per cent up over the quarter.

Melbourne units were close behind, posting 1.7 per cent gains over March and three per cent over the quarter. Houses were up 2.6 per cent in March and 5.6 per cent over the quarter.

The only areas where units outperformed houses was in Hobart and Darwin. Hobart units were up 4.9 per cent, the best performance of any market across March, while houses rose three per cent.
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Sydney led the way over March, with dwelling values jumping 3.7 per cent to be 6.7 per cent up over the quarter

When will the property boom slow down? Property prices see highest monthly gains in 32 years

The Gold Coast developer Aniko Group have lodged plans for a $48 million luxury townhouse development in Hope Island.

They&#39;re hoping that, depending on sign off from the Gold Coast City Council, they will be able to start building the 58 luxury townhouses this year and have them completed by the middle of 2022.

The townhouse project at&nbsp;31-35 Grant Avenue sits next to Aniko&#39;s hugely successful $140 million apartment development 1 Grant Avenue (below), which&nbsp;they have nearly sold out. It&#39;s also near their $130 million residential precinct at 6-8 Sickle Avenue on the Hope Island waterfront which is soon to begin construction.

<a href="/buildings/no-1-grant-avenue-1-grant-avenue-hope-island"><img alt="" height="675" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/grant_2_0.jpg" width="1200" /></a>

Aniko have also a foot in the Queensland capital and have been given the green light by the Brisbane City Council for their $52 million land estate in the high growth corridor of Ripley Valley in Brisbane&#39;s west.

The approval&nbsp;paves&nbsp;the way for a 219-lot residential community on the 24.6 hectare site within the Ripley Valley Priority Developer Area. There will also be a service station and convenience&nbsp;precinct as part of the development.

The proposed development will be delivered over five stages, comprising diverse housing lots averaging 400 sqm. Construction is scheduled to later this year with completion due in mid 2023.

&ldquo;This is one of south-east Queensland&rsquo;s fastest-growing urban areas, and it&rsquo;s also proving to be equally strong in terms of job growth, so we see a great future ahead for the project,&quot; George Mastrocostas said,

&ldquo;While the appeal of this region began with affordability, increasingly we are seeing more buyers choosing the western growth corridor for lifestyle. South Ripley will be a big part of this growth story and we are pleased to be part of it.&rdquo;

About a third of the site, which is bounded by Barrams Road and Cumner Road at White Rock, is dedicated to open space as Aniko Group takes a master-planned approach to its latest project.

This will include a 5000 sqm neighbourhood recreation park which will link up with two large-scale linear parks that will offer an extra layer of extended green space totalling more than 8.2ha across the new community.

&ldquo;We&rsquo;ve incorporated a fairly dominant green space network within this community, in keeping with the surrounding area,&rdquo; George Mastrocostas added.

&ldquo;The linear parks will tie in with the recreation park which has been designed to become a central focus for residents as the community grows.&nbsp;

&ldquo;We plan to develop the recreation park in the very early stages for the immediate benefit of residents.&rdquo;

<h2>Other developments for sale on the Gold Coast</h2>

Shoreline, Surfers Paradise

[smartcode_project:default project_id=22057]

Shoreline is the latest Surfers Paradise tower to be created by Marquee Development Partners.

The boutique 27 apartment development across 17 levels offers residents a luxury unseen in the between Surfers Paradise and Broadbeach for a number of years.

Miles Residences, Kirra Beach

[smartcode_project:default project_id=27575]

The Miles Residences Kirra Point will be one of Kirra Point&#39;s most impressive towers when it&#39;s completed in 2023.

The development of 118 apartments is part of the redevelopment of the&nbsp;Kirra Beach&nbsp;Hotel. The brains behind the operation is the family-ran KTQ Group, led by Peggy Flannery, who are behind the award-winning Elements of Byron Bay.

&nbsp;

Aniko are pushing on with projects in Hope Island and Brisbane as the Queensland market continues to boom

Aniko Group push on with $400 million portfolio in Brisbane and Gold Coast

<a href="https://www.apartments.com.au/new-apartments/smith-by-valli-collingwood-224-228-smith-street-collingwood-vic-3066">Smith Collingwood</a> is a new boutique apartment development bringing a refined, design-led approach to one of Melbourne’s most established inner-city neighbourhoods.

Designed by <a href="https://www.apartments.com.au/architects/pandolfini-architects">Pandolfini Architects</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/lisa-buxton-interiors">Lisa Buxton</a>, Smith by Valli sits on iconic Smith Street and comprises just 22 residences tailored toward owner-occupiers seeking a more considered style of apartment living.

[smartcode_project:default project_id=140747 project_image_fid=367540]

The design of Smith focuses on a north-facing orientation across all residences, a relatively uncommon feature in dense inner-Melbourne settings. Each apartment has been planned to maximise natural light and outlook, alongside a material palette defined by warm tones, custom joinery, and a full suite of Gaggenau appliances.

The development comprises a mix of one, two, and three-bedroom apartments, with pricing currently ranging from just under $1 million to around $4.85 million for the premium penthouse-level residences, reflecting growing demand for luxury owner-occupier product in Melbourne’s inner urban market.

Residents will also have access to a private rooftop garden designed as an elevated retreat above the city, &nbsp;featuring curated landscaping, veggie boxes, intimate seating areas and spaces for relaxed gatherings. Sustainability has also been integrated into the project through a 7-star energy rating and two secure bicycle facilities for every residence.

[smartcode_project:default project_id=140747 project_image_fid=367529]

Smith by Valli sits in the heart of one of Melbourne’s most established retail and hospitality strips, within walking distance of venues such as Falco Bakery, Carnation Canteen and Alimentari, alongside parks and everyday services. With a Walk Score of 99, the location reinforces the project’s positioning toward buyers prioritising walkability and access over car dependency.

With only a limited number of residences, Smith reflects growing demand for smaller, highly curated apartment developments that prioritise design quality, liveability, and connection to neighbourhood character.

[smartcode_project_cta:default project_id=140747]

Smith by Valli delivers a refined collection of luxury residences to Melbourne’s inner north

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

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

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

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

Joel Robinson

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