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The Elizabeth Bay site that the integrated property group Top Spring Australia are set to convert in to a residential apartment development, has sold for $35.75 million.

The disused 1,347 sqm site at 11-13 Greenknowe Avenue was sold by the Chinese-backed Australian developer SHMH Group Australia, who were the most recent occupants of the tired building. 

They had sought around $30 million for the site last year through CBRE, but failed to find a buyer. SHMH had paid $20.24 million for the property in 2014 and had intended on developing the site themselves, but struggled to get an eight level building approved.

They then had a 52 room boarding house approved, with conditions, but steps to expedite the deferred commencement with the council were not successful.

They had been using the property, the former HQ of the NSW Country Women's Association, as offices.

Now Top Spring Australia, who have also created The Clermont in Bellevue Hill and a 400-apartment development in St Leonards, will demolish the current building and create a part six, part seven storey residential building made up of 30 one, two and three bedroom apartments.

<img alt="" height="318" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/11-13_greenknowe_avenue_elizabeth_bay_2_0.jpg" width="580">

The Elizabeth Bay complex will be only for owner-occupiers, or those on long-term residential leases, and not for short-term accomodation. Sales are expected to commence in April 2021, with completion slated for 2023.

PBD Architects have designed the building which will recognise the heritage character of the surrounding area, with a brick façade and art deco features.

Top Spring also recently appointed award-winning Melbourne-based designer, Miriam Fanning, of MIM Design.

Taylor Brammer Landscape Architects have also been commissioned for the project.

Sydney Ma, Director and General Manager of Top Spring Australia, says Greenknowe Avenue will also demonstrate the company’s ambition to incorporate the character of the local area into each of their projects.

“Elizabeth Bay is well-known for its stunning architecture, so with our Greenknowe Avenue project, we are committed to delivering an exemplary level of quality and design, while respecting and honouring the distinctive architectural character of the local surroundings,” explained Mr Ma.

“In this context, it will be of utmost importance for us to deliver an outstanding building design that complements Elizabeth Bay, and it’s pleasing to know the City of Sydney approves of our vision.”
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Top Spring Australia will demolish the current building and create a part six, part seven storey residential building made up of 30 two and three bedroom apartments.



Joel Robinson

Elizabeth Bay site set for Top Spring apartment development sells for $35.75 million

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WA’s leading apartment developer, Finbar Group, recorded $34.6 million in sales in January, the highest level they've recorded since 2006.

The company reported $9 million in sales in a single day on January 25 at its Civic Heart project in South Perth where construction is now underway – a sales record for the company which has been operating in WA for 26 years.

The project, which has an estimated end value in excess of $400 million, will comprise two towers of 39 and 22 storeys, providing 305 residential apartments, four penthouses and 25 ground floor commercial tenancies.

[smartcode_project:default project_id=30048]

Finbar experienced record sales levels across October, November and December 2020 following initial market uncertainty in the wake of COVID-19, with more than $88 million in sales secured at Civic Heart to date.

Finbar managing director Darren Pateman said the level of sales recorded during the last quarter and for the first month of 2021 signalled a strong return to the market post the pandemic uncertainty coupled with low borrowing costs, ongoing stimulus measures and low stock levels across the country.

<a href="/new-apartments/civic-heart-99-mill-point-road-south-perth"><img alt="" height="678" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/civic_heart_south_perth_3.jpg" width="1200"></a>

“Our recent strong sales performance and the fact that our team secured $9 million in sales in a single day, gives us cause for optimism in terms of the medium to long term outlook for the local market," Pateman says.

“Certainly, our sales performance in January is an outstanding result and an early indication of what may be to come for the Perth market.

“We’re seeing very strong and competitive buyer demand, not just for Civic Heart, but across our other projects as well as the gradual return of investors as the rental market continues to heat up,” he said.<a href="/new-apartments/civic-heart-99-mill-point-road-south-perth"><img alt="" height="904" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/civic_heart_south_perth_2.jpg" width="1200"></a>

“We’re seeing very strong and competitive buyer demand, not just for Civic Heart, but across our other projects as well as the gradual return of investors as the rental market continues to heat up,” he said.

“Perth’s property market is really gaining momentum due to low supply, Western Australians returning home from interstate and overseas and buyers and investors who have been watching from the sidelines and deciding to get into the market before any further uptick occurs.

“We have completely sold out of all other South Perth stock so it is perhaps unsurprising that we have seen such strong demand for Civic Heart for apartments of all sizes,” he said.

Mr Pateman said the rebates on stamp duty had definitely been a contributing factor and he urged the WA Government to reintroduce the stamp duty rebate for developments under construction to ensure the ongoing recovery of the local market.
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Finbar experienced record sales levels across October, November, December and January

Off the plan sales boom in Perth as Finbar records biggest January sales figures since 2006

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Developer Central Equity have completed their award-winning residential Melbourne CBD tower Melbourne Grand.

They had Multiplex deliver the 58 level high-rise apartment building which won the 2020 HIA Victorian Apartment Complex of the Year award.

High-profile architects Guilford Bell + Graham Fisher designed the 646 apartment block at 560 Lonsdale Street, standing some 200 metres above street level.

Apartments are still available in the completed building. One bedroom apartments are priced from $489,000, two beds from $569,000 and three bedroom apartments from $899,000.

[smartcode_project:default project_id=3490]

One of Melbourne Grand's most impressive feature is its exclusive Lonsdale Club located on Level 10. The Lonsdale Club is dedicated to exclusive resident facilities including a lounge, banquet room, coffee bar, theatre, indoor pool, sauna, gym, yoga studio, BBQs and an outdoor area.

Part of the project saw one of Melbourne’s oldest buildings restored. The heritage-listed neighbouring 556 Lonsdale Street was constructed between 1855 and 1878 and was integrated into the Melbourne Grand development.

<a href="/buildings/melbourne-grand-560-lonsdale-street-melbourne"><img alt="" height="812" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/melbourne_grand_3.jpg" width="1200"></a>

“We are thrilled to deliver this landmark high-rise apartment tower for Central Equity whilst simultaneously helping preserve some of Melbourne’s history with the restoration of 556 Lonsdale Street," Graham Cottam, regional managing director of Multiplex Victoria said.

Work on the Melbourne Grand project spanned two years and nine months commencing in January 2018, and according to Multiplex over 2,400 people worked on site throughout construction.

<a href="/buildings/melbourne-grand-560-lonsdale-street-melbourne"><img alt="" height="816" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/melbourne_grand_2.jpg" width="1200"></a>

 

Construction challenges included working within the tight confines of one of Melbourne’s busy pedestrian laneways and legal precinct. At the top of the building, the dynamic curved shape of the floorplate required multiple change overs.

The apartments boast spacious living areas, high ceilings and floor-to-ceiling, double- glazed windows allowing sweeping views of Melbourne’s CBD. Kitchens include composite stone benchtops, feature lighting, German tapware and Miele appliances.

Melbourne Grand represents Multiplex’s 18th project for developer Central Equity, with the contractor having delivered many of Central Equity’s award-winning residential towers in Melbourne including Southbank Place, Southbank Grand and Southbank One.

 

 

 

 

 
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Central Equity complete $470 million Melbourne Grand high-rise tower

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A penthouse in the luxury Melbourne Square development in Southbank, has sold for $3,434,000.

The four bedroom penthouse sits in the part of the 68 level tower called The Coulture Series, which begins from level 55 through to 68 and offers the three to five bedroom apartments.

[smartcode_project:default project_id=2929]

The Coulture Series apartments can be tailor by the buyer before the apartment constructions begins, in collaboration with Cox Architecture, Carr Design and HUB Furniture.

The 64 level penthouse that just sold has four ensuited bedrooms and large living and dining areas with views across Melbourne.

<img alt="" height="794" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/melbourne_square_penthouse_bedroom.jpg" width="1200">

CBRE director Andrew Leoncelli secured the sale. 

Melbourne Square is being developed by OSK Property on Southbank's Kavanagh Street. There will be a 3,700 sqm park and retail precinct, anchored by Woolworths, which also includes a number of restaurants.

<a href="/buildings/melbourne-square-93-119-kavanagh-street-southbank"><img alt="" height="839" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/melbourne_square_urban.jpg" width="1200"></a>

Two bedroom apartments start from $701,000 which qualifies buyers for the 50 per cent stamp duty savings. Three bedrooms start from $1,161,000.

For a limited time, buyers of two or three bedroom apartments can secure a Life &amp; Style Edition package worth over $30,000, which includes Coco Republic furniture, integrated DARWIN by Delos wellness technology, Samsung white goods and a voucher for The Plant Society.

 
 
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The 64 level penthouse has four ensuited bedrooms and large living and dining areas with views across Melbourne.



Melbourne Square penthouse sells for over $3.4 million

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At its meeting today, the Board decided to maintain 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. It also decided to purchase an additional $100 billion of bonds issued by the Australian Government and states and territories when the current bond purchase program is completed in mid April. These additional purchases will be at the current rate of $5 billion a week.

The outlook for the global economy has improved over recent months due to the development of vaccines. While the path ahead is likely to remain bumpy and uneven, there are better prospects for a sustained recovery than there were a few months ago. That recovery, however, remains dependent on the health situation and on significant fiscal and monetary support. Inflation remains low and below central bank targets.

In Australia, the economic recovery is well under way and has been stronger than was earlier expected. There has been strong growth in employment and a welcome decline in the unemployment rate to 6.6 per cent. Retail spending has been strong and many of the households and businesses that had deferred loan repayments have now recommenced repayments. These outcomes have been underpinned by Australia's success on the health front and the very significant fiscal and monetary support.

The recovery is expected to continue, with the central scenario being for GDP to grow by 3½ per cent over both 2021 and 2022. GDP is now expected to return to its end-2019 level by the middle of this year. Even so, the economy is expected to operate with considerable spare capacity for some time to come. The unemployment rate remains higher than it has been for the past 2 decades and while it is expected to decline, the central scenario is for unemployment to be around 6 per cent at the end of this year and 5½ per cent at the end of 2022.

Wage and price pressures remain subdued. The CPI increased by just 0.9 over the year to the December quarter and wages (as measured by the Wage Price Index) are increasing at the slowest rate on record. Both inflation and wages growth are expected to pick up, but to do so only gradually, with both remaining below 2 per cent over the next couple of years. In underlying terms, inflation is expected to be 1¼ per cent over 2021 and 1½ per cent over 2022.

In addition to the central scenario, the Board considered upside and downside scenarios related to the virus and the rollout of vaccines. Disappointing news on the health front would delay the recovery and the expected progress on reducing unemployment. On the other hand, it is possible that further positive health outcomes would boost consumer spending and investment, leading to stronger growth than is currently expected. An important near-term issue is how households and businesses adjust to the tapering of some of the COVID support measures and to what extent they will use their stronger balance sheets to support spending.

Financial conditions remain highly accommodative, with lending rates for most borrowers at record lows and asset prices, including housing prices, mostly increasing. Housing credit growth to owner-occupiers has picked up recently, but investor and business credit growth remain weak. The exchange rate has appreciated and is in the upper end of the range of recent years.

The Board remains committed to maintaining highly supportive monetary conditions until its goals are achieved. Given the current outlook for inflation and jobs, this is still some way off. The current monetary policy settings are continuing to help the economy by lowering financing costs for borrowers, contributing to a lower exchange rate than otherwise, supporting the supply of credit needed for the recovery and supporting household and business balance sheets. The decision to extend the bond purchase program will ensure a continuation of this monetary support.

To date, authorised deposit-taking institutions have drawn $86 billion under the Term Funding Facility and have access to a further $99 billion. The Bank has bought a cumulative $52 billion of government bonds issued by the Australian Government and the states and territories under the bond purchase program. It has not purchased bonds in support of the 3-year yield target since early December. Since the start of 2020, the RBA's balance sheet has increased by around $160 billion.

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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No interest rate hike until at least 2024? RBA Governor Philip Lowe's February 2021 meeting statement

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At its first meeting in 2021, the RBA have kept the interest rates at record 0.10 per cent.

They also announced an extra $100 billion of bonds. Westpac had said it was possible the RBA would extend, but expected them to wait until March.

CreditorWatch chief economist Harley Dale says the RBA used up its ammunition late in 2020 and the focus this year will be firmly on federal and state fiscal policy to complement super-low borrowing rates and keep the Australian economic recovery on track.

"In terms of all the policies that the RBA has in place, the Central Bank will be closely keeping an eye on early 2021 economic updates for key sectors such as retail," Dale said, adding that unemployment numbers, a key metric for the RBA, had been stronger than forecasted.

Every expert and economist surveyed in Finder's RBA Cash Rate Survey predicted the cash rate would hold, but a record number expressed positive sentiment about employment.

Positive sentiment around employment dropped to zero in April when the lockdowns first began, but the recent unemployment figures and recovery has seen 73 per cent suggest employment is positive, a record number since Finder started collecting the data in March 2018.

Graham Cooke, head of consumer research at Finder, said the swing in positivity around employment is significant. 

“There was a lot of fear during the first three quarters of 2020 that certain sectors within the jobs market would not survive without government support. 

“It now looks like experts are fairly confident that the market is robust enough to ride out COVID-19.

“Affordable housing, however, may be quickly evaporating, with house prices on-track to increase this year in every capital city,” he said.

Record house prices have led to a 12-month low in sentiment about housing affordability. 

Only 10% of experts are optimistic, down from a high of 62% in September 2020.

“A combination of record low interest rates, reduced supply, government stimulus and bolstered savings has pushed sale prices north and climbing. 

“Potential buyers who have been sitting on the fence should act sooner rather than later based on these results,” Cooke said.

 
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At its first meeting in 2021, the RBA have kept the interest rates at record 0.10 per cent

RBA holds interest rate at record low 0.1 per cent, purchases extra $100 billion of bonds

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Chevron One is the $230 million Surfers Paradise apartment block set to rise 40 levels on the Chevron Island's Stanhill Drive.

Developed by Bensons Property Group, Chevron One will comprise 236 one, two and three bedroom apartments. Bensons collaborated with Marchese Partners in the sculptural design of the tower.

Urban sat down with Bensons Property Group senior development manager Alberto Palombaro to discuss Chevron One's design and the 2021 apartment market. Q: Have you seen an increased demand for high-end properties on the Gold Coast in recent months? If so, which aspects of Chevron One set the development apart from other properties on the market right now? 
Since the start of the pandemic, our level of enquiry for high-end properties in the $2m+ range at Chevron One has really spiked, resulting in a handful of very large, high-end residences at Chevron One selling to local owner-occupiers. Buyers at this level expect quality fixtures, fittings and appliances plus the ability to customize the design where requested. 
In terms of what sets Chevron One apart, I would say our level of quality and finish compared to the competition, our ‘never to be built out’ views, and of course the 2000sqm of amenity in the building – one of the largest amenity offerings of any new development on the Gold Coast.

[smartcode_project:default project_id=6515]

Q. What do you perceive the top design trends to be for apartments in 2021 and how does Chevron One utilise these trends to elevate its design? 
There’s no doubt that 2020 has been a year like no other. And if there’s one thing we’ve learned it’s this – there’s no place like home. Australians are spending more time there than ever before. It has become our happy place, a sanctuary to style our way, all to ourselves. This year also gave most of us a taste of what it’s like to really work from home – and it turns out we love it. We can expect to see a demand for new ways to integrate clever working areas into home designs that inspire creativity and opens the ability to work in sync with cooking and the kids. Less clutter, less to clean. We can see this change particularly in the kitchen, I think fewer materials, using the countertop as the backsplash for a more seamless design, and hidden or no hardware altogether. Anything that makes cleaning easier is a win-win.

As well as being aesthetically on-trend; functionality and liveability has been a key focus in the design of Chevron One. Indoor-outdoor living was always a key focus for our floor plans, meaning larger balconies that become an extension of your living and entertaining spaces. Paired with floor to ceiling windows and open plan design this has been a key drawcard for the project.

<a href="/new-apartments/chevron-one-36-46-stanhill-drive-chevron-island"><img alt="" height="425" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/chevron_1.jpg" width="700"></a>

 

Q: As we know, the project’s kitchens are designed by Shannon Bennet, do you anticipate other residences to follow suit with kitchen designs by renowned chefs? 
Yes, that has now been a trend for a few years and it’s only growing. Chefs have a passion for cooking, and they spend most of their time either in commercial kitchens (at work) or in residential kitchens (at home). They have very strong practical skills and the vision for step-by-step meal preparations. They have extended knowledge of state of the art appliances and what’s the best on the market.   Q: Could you please tell us a bit about the three design schemes? Where did you draw inspiration from? 
All four schemes have been created to place value on instilling balance and calm in the living spaces. We have used soft, warm and comforting tones and textures using as much natural materials as possible. Attention to detail, the use of textures, beiges and browns, and inspirations from the beautiful island of Chevron is where we draw our inspiration from. 

 

<a href="/new-apartments/chevron-one-36-46-stanhill-drive-chevron-island"><img alt="" height="679" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/chevron_one_view_0.jpg" width="1200"></a>

Q: What is your favourite feature of Chevron One’s design? 
The wrap-around, curved balconies with glass balustrading allowing residents unobstructed views from their kitchen, all the way out to the Pacific Ocean, Nerang River, Broadwater and Gold Coast Hinterlands – a truly unique design element that not only looks stunning but maximises the views.

Q: What are some of your favourite amenities within walking distance from the development? 
The recently completed HOTA is a great new addition to the local area and is only a 5-minute walk from Chevron One. Sunday’s at HOTA feature Farmers Markets, live music and kids’ activities, as well as monthly concerts and performances. The Thomas Drive retail strip has also come alive in recent years with great coffee, restaurants, and bars with more on the way.
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Urban discusses Surfers Paradise apartment block Chevron One with Bensons senior development manager Alberto Palombaro 

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Victorian home builder Sherridon Homes is set to create a customer hub in Bendigo having bought a historic building in the heart of the town.

The hub, which will support growing demand for their homes, will service the wider area, including the Greater Bendigo and Shepparton regions.

Sherridon, who also have offices in Ballarat, Gippsland and central Melbourne, are preparing plans to submit to the local council to refurbish the commercial building at 2-4 Pall Mall.

They're seeking to remove to upper level hoarding to reveal and restore the original façade and windows, as well as turn the untenanted element of the 545 sqm space in to a colour selection showroom and office.

The building has a long history of commerce and trade dating back to the 19th century, and is currently partially tenanted, with a vacant portion most recently home to Dymocks book store.

Sherridon Homes, part of AHB Group, is on track to build around 1,500 homes this year across regional Victoria and Melbourne.

Its regional operations are headed up by seasoned industry professional Natalie King, the former managing director of JG King Homes.

“We are committed to being a regional builder creating jobs and opportunities for local businesses to support the growth of the region”, says Ms King. “Underpinning our success will be the strength and support of a large building group embracing the passion and knowledge of a local team.”
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Victorian home builder Sherridon Homes is set to create a customer hub in Bendigo having bought a historic building in the heart of the town.

Sherridon Homes to service Bendigo and Shepparton regions with new customer hub

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Apartment values in Sydney continued to decline over January, posting -0.1 per cent losses, according to data analytics firm CoreLogic.

It follows a -0.1 per cent loss over December and -0.7 per cent in November.

The decline sees the unit market in the harbour city the worst quarterly performer across the country, with values down one per cent, the only apartment market to have seen declines.

Sydney's median apartment value now sits at $734,198. There was some good news for apartment investors who were given a boost over the month. Unit rents rose 0.8 per cent, the first month on month rise since March last year.

Unit rents had declined 5.6 per cent over the past year.

Urban has taken a look at three apartments blocks to secure under the median apartment value.

<h2>Beyond, Hurstville</h2>

Price: One bedroom apartments starting from $585,000.

[smartcode_project:default project_id=6798]

The Hurstville apartment complex Beyond, developed by Fridcorp, has both of its one bedroom apartments less than Sydney's median apartment price. One beds start from $585,000, while a one bed with study and a parking spot starts from $685,000. Two bedroom apartments are priced from $845,000.

Due for completion this year, Beyond has been designed by DKO Architecture and features Wellness by Fridcorp, Australia's first first precinct designed as a holistic environment that nurtures social, emotional and physical wellness. There's also a 4,500 sqm Beyond retail precinct anchored by Woolworths.

<h2>Bloom Arncliffe</h2>

Price: Two bedroom apartments from $710,000

[smartcode_project:default project_id=6201]

Buyers can secure a two bedroom apartment in the completed Bloom Arncliffe apartments by developer Wingate in Sydney's south for less than Sydney's median apartment price. One bedrooms start from $595,000 and three bedrooms are priced from $950,000.

The 318 apartments across seven buildings designed by EJE Architecture and built by Richard Crookes Construction are part of the $136 development which also features 36 commercial spaces and a youth centre with basketball courts, a gym and support facilities.

<h2>Kew Schofields Stage 2- Georgette</h2>

Price: Two bedrooms apartments from $570,000.

[smartcode_project:default project_id=32227]

In Georgette, stage two of Kew Schofields on the edge of Sydney's urban sprawl buyers can secure the most expensive apartment for nearly $170,000 under Sydney's median apartment price. The priciest two bedroom apartment, which comes with a study, two bathrooms and a parking spot, is priced from $570,000.

And apartments in Georgette, developed by Positive Investment Enterprise and designed by PBD Architects, are eligible for the $15,000 HomeBuilder grant. Georgette is set for completion later this year.

 
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The decline sees the unit market in the harbour city the worst quarterly performer across the country, with values down one per cent, the only apartment market to have seen declines.



Sydney apartment median value down -0.1% in January: What you can buy for the new median

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The Melbourne apartment market has continued to see price growth at the start of 2021 following a strong run toward the back end of 2020.

The median apartment value was up 0.1 per cent, according to data analytics firm CoreLogic, following from 0.6 per cent gains in December and 0.7 per cent gains in November.

The gain sees the median apartment value hit $577,206. Apartment investors were given a boost over January, with unit rents holding firm having declined 7.8 per cent over the past year.

Urban has taken a look at five apartments blocks to secure under or around the median apartment value.

<h2>1. Collins &amp; Bates, Chadstone</h2>

Price: Two bedroom apartments starting from $520,000.

[smartcode_project:default project_id=3950]

In the 98 residence Collins &amp; Bates, you can secure a two bedroom apartment for well below Melbourne's median apartment value. Prices for two beds start from $520,000, with one bed apartments from $420,000. All three bedroom residences, which started from $1 million, are sold out.

Aultun Property Group are the developers behind Collins &amp; Bates. They had Point Architects design the residences and had C&amp;C Interiors handle the interiors which feature Caesar stone bench tops, porcelain splashbacks, Bosch appliances, wool carpets and engineered oak timber flooring.

<h2>2. Hurstmon, Malvern East</h2>

Price: One bedroom apartments starting from $449,000.

[smartcode_project:default project_id=4807]

Landream's Hurstmon development, set for completion in early 2022, has one bedroom apartments available from as low as $449,000. Their two bedroom apartments are a step up, starting from $795,000.

Designed by Telha Clarke, the 39 residence development is surrounded by stately trees and lush, established gardens.

<h2>3. Verre, Preston</h2>

[smartcode_project:default project_id=7275]

Wolf&amp;Lamb's Verre development, set for completion in early 2022, has one, two and three bedroom residences on offer with prices ranging from $385,000 to $815,000.

The 57 residence complex has been designed by Chamberlain Architects.

<h2>4. Melbourne Grand, Melbourne</h2>

Price: Two bedroom apartments starting from $569,000.

[smartcode_project:default project_id=3490]

Winner of the HIA Victorian apartment complex of the year for 2020, the Melbourne Grand has its two bedroom apartments starting from $569,000, just below Melbourne's median apartment price.

The 652 unit project, developed by Central Equity, offers a range of one, two and three bedroom apartments priced from $489,000.

<h2>5. Volaire, West Melbourne</h2>

Price: Two bedroom apartments starting from $599,000.

[smartcode_project:default project_id=2407]

Just above Melbourne's median price are two bedroom apartments in the 159 apartment development Volaire. The CBUS Property-developed project spanning 10 levels has been designed by Hayball to pay homage to the site's industrial heritage with its architectural façade.

The triangular building features cantilevered balconies and occupies its own island site with a ground floor restaurant.

 
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Apartment investors were given a boost over January, with unit rents holding firm having declined 7.8 per cent over the past year.

Melbourne apartment median value up 0.1% in January: What you can buy for the new median 

<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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