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Here’s how you spot a real estate charlatan, someone who likes to present themselves as a real estate expert but who in reality knows nothing worth hearing …

- They speak of Australia as a single property market; and/or

- They attribute price growth to “record low interest rates”

Mostly these pretenders are economists. I would remind you of a much-quoted definition of an economist: Someone who can tell you tomorrow why their predictions yesterday didn’t come true today.

We have learnt over the years, but particularly in 2020, that the bigger the name and the media profile, the worse they are at analysing residential real estate and forecasting outcomes.

Cast your minds back to the predictions in March/April 2020 from senior economists employed by the major banks, big institutions like AMP and even those working for specialist real estate research entities. And then again later in the year when the so-called September Cliff was proclaimed an impending disaster.

There was a chorus of predictions of a long recession, with double-digit unemployment and real estate values collapsing. How spectacularly wrong they were. Only the specialist property analysts got it right.

But the appalling track record of economists with real estate analysis stretches back years and includes the alarmist predictions about property prices in the wake of the GFC – also proven to be spectacularly wrong. 

It’s remarkable that media continues to give these charlatans airplay. Credibility, it seems, is optional, so long as you have “economist” in your title.

So the nation’s gaggle of chattering economists has been compelled to admit they got it wrong in 2020 and most of them are now forecasting big price growth this year. You will note that what they are predicting is already happening, highlighting another characteristic of this bloated and overblown profession: predicting the recent past.

And how do they explain the gathering boom? Record low interest rates!

God help us. The lack of expertise among the talking heads who clutter up the airways with their simplistic analysis is quite breathtaking.

As we all know, we’ve had ultra-low interest rates for years. Very little has changed in that regard to explain the recent uplift in sales activity. When Sydney and Melbourne were having their real estate boom from 2013 to 2017-ish, economists generally explained the price rises with “record low interest rates”. They had no response to the obvious question at the time: how come prices in Perth and Darwin were falling, while Canberra, Brisbane and Adelaide were stagnating?

The “low interest rates = property boom” theory also fails to explain why the last two genuine nationwide property booms, in the late 1980s and in the early years of this century, both occurred during periods of very high and rising interest rates.

My view, strongly, is that record low interest rates do not explain what’s happening in real estate across most of Australia.

The growth is being fueled by multiple factors, including …

- A stronger-than-expected economy

- Lower-than-predicted unemployment

- State and federal stimulus measures

- The build-up of savings during the pandemic period

- People in lockdown reviewing their life choices

- Ultra-low vacancies, putting upward pressures on rents and prices

- Pent-up demand, leading to rising sales activity

- Low listings levels, relative to rising buyer demand

- The Exodus to Affordable Lifestyle trend, which is hugely influential

- Increased spending on major new infrastructure

- The revival of the resources sector

- The return of ex-pat Australians in large numbers

- The belated entry of investors to compete with owner-occupiers

-Perceptions about the safety and solidity of bricks &amp; mortar in times of uncertainty

-The growing prevalence of e-commerce and its impact on industrial property, which has repercussions for residential demand

- Access to low-cost finance

And you’ll notice that I mention low interest rates as just one of 16 different factors – and I mention it last and definitely least.

Terry Ryder is the founder of hotspotting.com.au

ryder@hotspotting.com.au

twitter.com/hotspotting
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The nation’s gaggle of chattering economists has been compelled to admit they got it wrong in 2020

Joel Robinson

Economists got real estate wrong in 2020: Hotspotting's Terry Ryder

Gold Coast development company Allure Property Corporation has submitted plans for a boutique&nbsp;luxury apartment project at Burleigh Heads called 88 Burleigh.

Allure paid $13 million for the 809 sqm site on The Esplanade and have had DBI design the 27 apartment, 17 level tower wrapped in glass.

It has been designed for the owner-occupier, with a maximum of two apartments per floor, with each apartment having at least three bedrooms and over 200 sqm of living space.

[smartcode_project:default project_id=92609]

The tower will be crowned by a four penthouse spanning the whole of the 17th level, and three four bedrooms full floor sub-penthouses on the levels below spanning over 400 sqm.

Design form DBI Managing Director Raith Anderson says the company has limited the number of residences in the building to create a real sense of exclusivity.

“Market trends at the moment favour high-end ‘sky home’ style offerings in premium locations, and this design has all the hallmarks of a classically luxurious Gold Coast address,” Mr Anderson said.

“We’re aiming to attract local downsizers seeking a superior lifestyle, we also expect to draw significant interest from interstate buyers looking to take advantage of the unrivalled location on one of Australia’s most iconic beaches with everything that Burleigh Heads has to offer.”

“We have designed this building as a living and breathing extension of the beautiful beachfront location,” said Mr Anderson.&nbsp;

“The base of the building showcases cascading subtropical seaside landscaped terraces and a sculpted scalloped planted awning which extends the vertical green spine from Level 17 down the northern and southern elevations.

“The ground level offers meandering landscape pathways that provide a natural entry experience with beach showers for residents and natural stone finishes.&nbsp;

“In the living areas, sliding glass screens and feature curved panels provide uninterrupted beach views for residents while providing comfortable, well protected indoor and outdoor living spaces all year.”

There will be a residents’ club on the ground level with lounge, kitchen and bar facilities where residents and their guests can relax with views across the park to Burleigh Beach.&nbsp;

Syd Walker and Bruce Goddard, of Place Projects, have been appointed as project marketing team for 88 Burleigh.&nbsp;

Allure paid $13 million for the 809 sqm site on The Esplanade and have had DBI design the 27 apartment, 17 level tower wrapped in glass.

Plans lodged for new Burleigh apartment development 88 Burleigh

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EXPERT OBSERVER

The NSW Minister for Planning has released an analysis of housing demand and supply trends which highlights the urgent need for more and faster housing approvals if massive price rises are to be avoided.

Urban Taskforce welcomes the frank assessment which clearly states the need for more housing and more infrastructure to support our growing and ageing population.

DPIE Housing Demand forecasts are based on the Greater Sydney Commission’s (GSC) 2016 numbers – which find the over the next 20 years (2016 – 2036) the number of new homes in Greater Sydney needed will be 725,000 (36,000 per year).

The Draft NSW Housing Strategy Discussion Paper and Fact Book released by Minister Pavey and Minister Stokes in May 2020 was clear that the forecast for Growth in the population of Greater Sydney had grown and so too had the forecast need for new homes.  The May 2020 document is clear in stating that there will need to be 1 million new homes in the 20 years between 2020 and 2040 (that means 50,000 new homes every year).

The big question is: why is DPIE still clinging to the old data?  The 2020 Housing Strategy documents were based on sound analysis by DPIE staff and were informed by Demographic analysis and by the NSW Inter-Generational Report.

The Planning System was slowed by the focus on Strategic Planning documents.  Councils were not supposed to delay rezoning applications while preparing their new Local Environment Plans and their Local Strategic Planning Statements, but they did.

The data released by Minister Stokes today shows the extent of the problem created by the resultant chronic slowdown in approvals prior to COVID-19.

Between 2015-2018 approvals were going well and this, combined with the extension of construction operational hours and the early declaration of construction as an essential service kept this part of the economy working reasonably well.  However, through 2019, before COVID-19, approval numbers were dropping off in NSW.

As shown in the marked-up table, there is a lag between approvals and the completion of new homes.  The impact of the 2019 slowdown (which got worse in 2020 due to COVID-19) is yet to flow through to household completion numbers – but it will – and this will exacerbate the current rising prices in the Greater Sydney market.

<img alt="" height="630" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/urban_taskforce_councils.jpg" width="541">

Minister Stokes has sent a clear signal to Councils which are refusing to adopt the GSC 5-year Housing Targets (which are themselves based on the lower 2016 housing forecasts not the more recent May 2020 analysis).  Ryde Council and Ku-ring-gai are the worst offenders. They have publicly rejected the GSC targets. If this flows through to other Councils, housing supply will crash, pushing prices up and costing thousands of jobs in the sector.

The fact that prices are rising despite the drop off in overseas migration reflects the fundamental economic reality: demand is greater than supply, so prices are rising.

The numbers quoted in the Minister’s media release will not meet the May 2020 Draft NSW Housing Strategy forecasts for growth. 

154,550 new home over the next 5 years equates to only 31,000 new homes each year (well below the GSC 2016 forecast requirement of 36,000 per year and a mile away from the 2020 NSW Housing Strategy target of 50,000 new homes per year.

Tom Forrest is the CEO of the Urban Taskforce.

Subsequent to publication Tom Forrest advised The Hills Shires Council had been exemplars in the area of Urban Planning and Housing Supply. 

He sincerely apologised for confusing The Hills Shire Council with Ku-ring-gai in the media statement.

The Council which has been the most opposed to the GSC Housing targets has, of course, been Ku-ring-gai Council.  

GSC set a reasonable 5-year target of 5,000 – 5,500 for Ku-ring-gai Council.  They passed a resolution to change that to 250 (over 5 years).

 
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The data released by Minister Stokes shows the extent of the problem created by the resultant chronic slowdown in approvals prior to COVID-19.



Minister Stokes lights a fire under NSW council planners to drive housing supply

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Having sold his city home to Hamish and Zoe Blake, Peter O’Connell the co-founder of telecomms giant Amaysim Australia, has spent big in the Southern Highlands.

He’s emerged as the $4.25 million buyer of the Bowral cottage transformed by the serial renovator Jenny Rose-Innes.

Rose-Innes, who wrote Australian Designers at Home, and the more recent bestseller, British Designers at Home, had paid $1,275,000 in 2015, having found the neg­lected cottage on an evening walk with dogs, Miss Penny the schitzu and Fergus the schnauzer.

Marketed as a Connecticut-style home, the weatherboard-style residence has three bedrooms and three bathrooms. 

Late last year O’Connell sold his longtime Vaucluse home to the comedian Hamish Blake and his business owner wife, and ironically the Bowral-born Zoe Foster-Blake, for $8,925,000. The couple have moved back to Sydney from Melbourne due to Foster-Blake’s booming skincare business Go-To. 
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Marketed as a Connecticut-style home, the weatherboard-style residence has three bedrooms and three bathrooms. 

Amaysim co-founder Peter O'Connell spends $4.25 million in Bowral

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The Laser Clinics co-founder Alistair Champion and wife Kate have quickly found a $6.5 million buyer for their Southern Highlands retreat Bellevue.

The Berrima estate is the biggest sale so far in the heated Southern Highlands market in 2021, having sold at the top of its $6 million to $6.5 million guide which was offered only two weeks ago.

The Woollahra-based couple, who have been at the trophy home Ilicus since paying $13.5 million in 2017, bought the 7.5 hectare Berrima property for $4.8 million in 2018.

[smartcode_project:default project_id=94622]

There’s a main five bedroom homestead with a climate controlled wing that homes a 12 metre indoor pool, a stables complex currently set up as a gym, a separate stone guest cottage and a private lake in the grounds.

The couple are demolishing the 1910s Federation Arts &amp; Crafts Rose Bay absolute beachfront they bought for $18 million in 2019 and are <a href="/news/nsw/rose-bay-to-get-new-beachfront-apartment-development">building a boutique apartment development with just three apartments</a>.

There will be two apartments on the ground level, one with a swimming pool, and a penthouse upstairs.
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The Berrima estate is the biggest sale so far in the heated Southern Highlands market in 2021

Laser Clinics co-founder Alistair Champion sells Southern Highlands retreat Bellevue

One Coburg Quarter is set to be the newest sought-after address in the north Melbourne suburb when it is completed in a few months.

The project, developed by Future Estate and designed by architecture firm Rothelowman, only has a limited number of its one and two bedroom apartments left, with residents moving in in May after a three and a half year build.

[smartcode_project:default project_id=3783]

One of the most unique elements of One Coburg Quarter is that it incorporates the bluestone walls which were once part of the Pentridge Prison which once sat on the site.

Her Majesty's Prison Pentridge&nbsp;was an&nbsp;Australian&nbsp;prison that was first established in 1851 and was closed in&nbsp;1997. One Coburg Quarter developer Future Estate bought&nbsp;site for $4 million in 2014 and sold it for $12.8 million in 2017. Future Estate retain a further 4.2 hectares which is part of their masterplan mixed-use community hub.

There are 148 one and two bedroom apartments across the eight-level tower, starting from $351,000 for a 50 sqm one bedder with a storage cage.

The bigger one bedroom apartments, closer to 60 sqm, start from $469,000 with their own parking spots.

<a href="/buildings/one-coburg-quarter-11-urquhart-street-coburg"><img alt="" data-entity-type="" data-entity-uuid="" height="558" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/one_coburg_living_room.jpg" width="1200" /></a>

The two bedroom apartments, with 65 sqm of internal space, are priced from $541,000 with one bathroom, parking and a storage cage.

There are only five of the biggest two bedroom apartments left, with prices starting from $629,999.

Each apartment features a gas kitchen&nbsp;with stone benches, European stainless steel appliances and Matt black tapware.

Residents of One Coburg Quarter&nbsp;will have access to&nbsp;a residents’ bar and lounge with a stone wall built-in fireplace, a kitchen and a library, as well as&nbsp;a sky garden with a barbecue, seating and city views on the top level.

&nbsp;

&nbsp;

&nbsp;

One Coburg Quarter is located on the site of the former Pentridge Prison, with the development incorporating the bluestone walls.

Find out the reason buyers are snapping up the final apartments in the nearly completed One Coburg Quarter

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Rothelowman, one of Australia’s leading architecture practices, has collaborated with developer Dahua Group and landscape architect Jack Merlo for Dahua's $300m Hawthorn Park development in Hawthorn East.

We recently spoke to Frances Hall, senior associate at Rothelowman, about the design principles of Hawthorn Park, where their inspiration came from and what were the biggest challenges of the project.

JR: What was Dahua Group’s design brief for Hawthorn Park?

FH: Dahua Group wanted a sense of community and tranquillity in a common garden setting as a transition from the hustle/bustle of Camberwell road. They also wanted a “jewel in the crown” as a gateway signifying element. This was realised with the transparent lap pool suspended between two buildings 18m in the air, the first of its kind in Australia.

[smartcode_project:default project_id=3730]

JR: Where did you draw inspiration from for the design?

FH: The buildings were sited to respond to the local context and create a public park linking Camberwell Rd and Burwood Rd.  The building forms were influenced by cascading tea terraces stepping into a sunken garden.  This was contrasted with solid podiums addressing the street interfaces which were inspired by boulders in the landscape.  All of the colours inside and outside were influenced by tones found in nature.  Hence the name Hawthorn Park.

JR: What part of the design are you most proud of/excited to see upon completion?

FH: We are most excited about delivering the pool bridge as it is testament to our collaboration with the contractor Hickory Group and the consultant team, to realise a design which resolves many complex requirements.  This includes structural stability and weight, services reticulation, pool maintenance, allowance for movement, acoustics, waterproofing, building code compliance – all whilst maximising transparency and reflectivity in the appearance of the bridge.

<a href="/buildings/hawthorn-park-33-camberwell-road-hawthorn-east"><img alt="" height="829" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/hawthorn_park_sky_pool_gardens.jpg" width="580"></a>

JR: Was there anything you tested in the design principles that were different to any other projects?

FH: We had not done a bridge linking two buildings with a pool, so this was a first in terms of the design and how it would be resolved.  (More on that below).

We developed our knowledge with the sunken garden which was not dissimilar to other projects but came with its own challenges on this site.  We tested the idea of immersion in the landscape as you descend the stairs into the public sunken garden, flanked by high rusted walls as if carved out of rock, to direct views to the garden.

JR: How do you collaborate with the landscape architect, in this case Jack Merlo, to make sure the landscaping designs are in keeping with the building designs?

FH: We met with Jack Merlo and the landscape team throughout the process from concept design through to construction documentation, to resolve details and ensure consistency between the architecture and the landscape design.  Jack was both creative and practical working towards the common vision.

JR: What was the most difficult part of the planning process?

FH: We always work collaboratively with all stakeholders including Council Officers. Contour Town Planning consultants were critical in managing the complex requirements of neighbours, council officers, Councilors and client expectations. Thankfully all parties contributed positively to the developed design keeping the approval process out of VCAT. A credit to all those who contributed to the process. We commend the Boroondara council and their team for their contribution and belief in the design and for their positive and proactive approach to this project.

<a href="/buildings/hawthorn-park-33-camberwell-road-hawthorn-east"><img alt="" height="707" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/hawthorn_park_urban_1200.jpg" width="1200"></a>

JR: Talk us through the thinking of the special swimming pool deck!

FH: The Pool Bridge serves as both a link between buildings and a recreational space that creates the entry signature to Hawthorn Park.

The intention was to create a counterpoint to the curvaceous building form that complemented the composition but was also a visual challenge that presents the unexpected.

The pool level itself consists not only the 25m lap pool and deck but a separate family pool and sun lounging areas with cabanas for a resort feel.  There is also an internal function space for the residents use that opens to an outdoor bbq space and a communal kitchen garden.

The windows in the bridge floor and the sides are acrylic, which is structurally stable to hold the water whilst allowing views through to the 18m drop to ground.  The stainless steel cladding has a mirror effect (light on the street side and black on the garden side) which enhances the reflections of the water and the sense of a floating object in the sky.

Technically it was a challenge that was met by Rincovitch Structural Engineers, ADP Services Engineers and Commercial Pool Consulting / Aloha Pools including structural products designed and built in Italy.

As with all projects of note, design outcomes need the backing of clients with vision. Dahua embraced the opportunity and created an architecture that talked to context, created a spectacular internal environment and was brave with its innovation.
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We recently spoke to Frances Hall, senior associate at Rothelowman, about the design principles of Hawthorn Park.



Rothelowman discuss the design principles of Dahua Group's Hawthorn Park apartment project

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For a limited time, Melbourne developer Hallmarc are offering a $10,000 furniture voucher to new buyers in their recently completed Highett apartment development Vista Apartments in Melbourne’s south.

The offer is in its final weeks, only lasting until February 28, and allows new buyers in the 154-apartment bayside project to furnish their new homes.

[smartcode_project:default project_id=3303]

Hallmarc’s Chief Executive Officer, Michael Loccisano, says at Vista they have focused the design specifically to the owner occupier market, which he says has been very well received.

"Apartment living requires more thought as to how it's configured and we’ve incorporated just that - larger layouts, dedicated home office areas and open plan living, creating bright and welcoming spaces," Loccisano says.

<a href="/buildings/vista-apartments-9-remington-drive-highett"><img alt="" height="788" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/vista_highett_2.jpg" width="1200"></a>

He also says that beyond Vista is the suburb of Highett, where everything is on Vista's doorsteps.

"It is a bustling area with a strong sense of community and so much to offer."

The development has never to be built out views of Sir William Fry Reserve and is a short walk to Southland Shopping Centre and Sandringham Beach.

<a href="/buildings/vista-apartments-9-remington-drive-highett"><img alt="" height="718" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/sir_william_fry_reserve.jpg" width="1200"></a>

Nearly all of Vista'a remaining apartments also qualify for the 50 per cent stamp duty concessions. Prices for two bed apartments start from $699,500 to $1,120,000 and range from 89 sqm to 118 sqm.

As well as direct access to impressive parkland and walking paths, residents can also take advantage of resort-style swimming pool and fully-equipped gymnasium.

<h2>What the buyers say:</h2>

<h2> </h2>

<blockquote>
"My friends that have come to visit are so impressed with my apartment and the quality, they can’t get over how gorgeous it is and how comfortable it feels. The ample storage and excellent planning that has gone into the layout and floor plan has been excellent, and I’m very fussy!"

Owner Occupier: Jan
</blockquote>

 

<blockquote>
“Suits [our] lifestyle perfectly – [we] have everything on [our] doorstep, no need to leave the area which has been a blessing.”

“Design elements of the apartment are superb – particularly open plan living and separate laundry. Private gym and pool was a major tick”

Owner Occupiers: Brad and Crystal
</blockquote>
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The offer only lasts until February 28 and allows new buyers in the 154-apartment bayside project to work to spend a $10,000 voucher furnishing their homes.

Developer Hallmarc offer $10,000 furniture vouchers for buyers in Melbourne apartment development Vista Apartments

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After a stronger than expected housing turnaround, NAB are now forecasting dwelling values to rise by an average of eight per cent nationally across 2021, with a view that 2022 will also see strong gains.

The revision comes after the turnaround in the housing markets, pared with low interest rates, the government's HomeBuilder grants and stamp duty concessions on newly built properties.

"The housing market has fared significantly better than expected over the past year, despite significant headwinds from slower population growth and a weaker labour market," the NAB report read.

"Lower interest rates and household income support from the Federal Government have been a key support amidst the challenges of the pandemic.

"While the impact of lower rates is broad-based, there are some key dynamics underlying our forecast."

[smartcode_project:default project_id=90553]

NAB expect the smaller capitals to continue to outpace Sydney and Melbourne, but the two biggest capital city markets have closed the gap from NAB's previous forecasts.

In the Q2 update in mid-2019, NAB were forecasting a -4.3 per cent average decline across the country, with Melbourne (-7.3 per cent) and Sydney (-4.7 per cent), driving the losses.

In Q3, following a positive response to COVID-19, NAB flipped their forecast, predicting five per cent gains nationally over 2021 and Melbourne (+3.6 per cent) and Sydney (+4.4 per cent), going full circle.

Now NAB expect nearly eight per cent gains average, with Sydney and Melbourne not far behind other capital city markets.

<img alt="" height="791" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/nab_q4_forecast.jpg" width="1200">

They expect the best performer to be Brisbane, where there are 10.1 per cent gains forecast for 2021 and 6.3 per cent for 2022.

Adelaide and Hobart are predicted to see the strongest gains over 2022, up 7.4 per cent after 8.9 per cent and 9.7 per cent gains over 2021.

Sentiment has been on the turn for a number of months and the NAB Residential Property Index ended 2020 at a survey high +45 points. Confidence levels returned to levels last seen before COVID in late-2019 as expectations lifted sharply for house price growth across the country.

<img alt="" height="905" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/nab_sentiment_q4.jpg" width="1200">

NAB economist Alan Astor says first home buyer demand remains very strong in new and established housing markets and is likely being supported by historically low interest rates and government support such as the First Home Loan Deposit Scheme and HomeBuilder.

"The brief pullback in house prices earlier in the year may have also helped sentiment among these buyers."
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The revision comes after a stronger than expected housing market, pared with the low interest rates, the government's HomeBuilder grants and stamp duty concessions on new properties.



NAB raises dwelling price forecast for 2021 and 2022

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A two-tower mixed-use development in Melbourne's emerging Northbank precinct by developer Mirvac has received approval from the local council.

The two towers at 7 Spencer Street, which Mirvac bought for $200 million just over a year ago, will comprise a 32-storey build-to-rent tower with 472 apartments and a 20-storey commercial tower.

Craig Baudin, director at Fender Katsalidis, says that the approval of the project will be significant in bringing life to this part of the city.

“Our design is a vibrant new mixed-use precinct, consisting of two distinctive towers that will revitalise and reconnect this overlooked corner of the city,” he says.

The Fender Katsalidis design gives each of the towers its own identity in accordance with their uses while being connected at the podium level through a retail offering and commonality in materiality and colour palette.

The podium forms have been expressed as highly textured and landscaped components, above which sit the simpler and cleaner lines of the two tower forms.

The uses of the towers will give the area activity during and outside of business hours to activate this precinct while creating new laneway connections to the city and Southern Cross Station.

“Comprising a build-to-rent apartment building combined with a landmark office tower, this will be a lively new place to live and work and will leave its mark on Melbourne in a generous and meaningful way," Baudin says.

“With build-to-rent still a new typology in Melbourne, the project is unique by showing how it can engage and integrate with an adjacent office building within a single precinct.

"It signifies the direction of residential living in the city while also catering to agile workplaces with large, flexible floorplates,” Baudin added.
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The two towers at 7 Spencer Street, which Mirvac bought for $200 million just over a year ago, will comprise a 32-storey build-to-rent tower with 472 apartments and a 20-storey commercial tower.

Mirvac secure approval for 472 build-to-rent Melbourne apartment development

<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.

[smartcode_project:default project_id=509 project_image_fid=365684]

Above this historic base, the 68-storey tower will deliver just over 600 residences, a notable reduction from earlier schemes, reflecting a deliberate move toward larger-format apartments and a stronger owner-occupier focus.

Unlike traditional CBD developments that prioritised investor stock, 640 Bourke Street has been repositioned to respond to changing buyer expectations.

"The discussion was all around making 640 Bourke Street the best residence to live in, to be much more focused on the people in the building rather than people looking at the building," Marsland explained.&nbsp;

This shift is evident in the development’s interiors, which emphasise practical luxury with spacious layouts, high ceilings, and floor-to-ceiling windows framing sweeping views of Melbourne and Port Phillip Bay.&nbsp;

“What it's meant for 640 Bourke is we've actually reduced the number of apartments. We've increased the overall size of the apartments. We don't have any studios in here, and what that does for a project is it elevates it," Lauren Sheldon, Far East Consortium’s Director of Sales and Marketing, said.&nbsp;

[smartcode_project:default project_id=509 project_image_fid=365687]

Rothelowman Associate Jun Chang added, "We were given the opportunity to be more generous. The apartments became bigger and squarer than any other apartments which had been designed in the CBD before that."&nbsp;

Amenities spanning more than 3,000 sqm across multiple levels further reinforce this focus on resident experience. These include a pool, gym, co-working areas, and a range of hospitality-inspired spaces such as a whisky lounge, library, and private dining rooms, many drawing reference from traditional bathhouses and Melbourne’s laneway culture.

"We wanted to make both the pool and the gym area to be absolutely destinational, and when you traverse across to these spaces, there is a gentle familiarity to the beautiful notions of the hammams and the Roman baths, a gentle nod to history," Chang noted.

At street level, the project contributes to the ongoing transformation of the western CBD, with upgrades to Langs Lane and the introduction of retail, hospitality, and gallery spaces designed to activate the precinct and strengthen its connection to the surrounding city fabric.

[smartcode_project:default project_id=509 project_image_fid=365689]

The location places residents within walking distance of Southern Cross Station, Flagstaff Gardens, Queen Victoria Market, and the Docklands waterfront, positioning the development within a rapidly evolving inner-city neighbourhood.

"We believe it's the best site left in the city of Melbourne," Craig Williams, Executive Director at Far East Consortium, said.&nbsp;

640 Bourke Street is Far East Consortium’s 14th building in Melbourne’s western CBD.

"A very elegant designed building. It's going to be a Melbourne statement for many, many years to come."

One-bedroom apartments are priced from around $640,000, with 640 Bourke Street targeting completion in 2029.

Renders shown are Artist's Impressions correct as of May 2026.

[smartcode_project_cta:default project_id=509]

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

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

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

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

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

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

Joel Robinson

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