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Construction provider Icon has been announced as the preferred tenderer to construct the $300m mixed-use precinct The Village Alphington in Melbourne's north-east.

The 80,000 sqm project involves the delivery of build-to-rent, affordable housing, commercial and retail shopping precincts. There will be 2,500 new dwellings within the project.

Work on the project, located on the former Amcor Paper Mills site bordering Heidelberg Road and Latrobe Avenue 10 minutes from the CBD, will commence in the second quarter of 2021 following design development.

[smartcode_project:default project_id=9212] 
Evan Byrne, Icon CEO/Managing Director said “This is another significant milestone in the growth of the Icon business since the acquisition by Kajima. 

"Our teams have experience in projects of this scale and complexity, and it's pleasing that our business today has the balance sheet strength to support this capability. We have been working in some capacity on this project since its inception more than five years ago, and it is very satisfying to see the client's vision become a reality. 

"We’re excited to be working alongside client Alpha Partners as construction partner, with potential for further involvement utilising the Icon Group's wider capabilities, including finance and development.” 
 
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Joel Robinson

Icon wins construction contract for The Village Alphington in Melbourne

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National housing values reached a record high over January, as 0.9 per cent gains took values higher than the previous September 2017 peak, according to property data firm CoreLogic.

CoreLogic's monthly home value index found every capital recorded dwelling value growth over the first month of 2021. Housing values are now one per cent above pre-COVID levels and 0.7 per cent higher than September 2017's record high.

Sydney and Melbourne were the weakest of the capital cities over January, posting modest 0.4 per cent gains.

Darwin continued to be the national market leader, up another 2.3 per cent to be 6.6 per cent up over the quarter. Perth and Hobart each saw a 1.6 per cent rise in dwelling values, followed by Canberra who were up 1.2 per cent and Brisbane and Adelaide both up 0.9 per cent.

<img alt="" height="713" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/cl_index_january_2021.jpg" width="1200">

CoreLogic research director Tim Lawless says the largest capital city markets are seeing property in the state's regional areas vastly outperform the capital.

Home values across regional Victoria jumped 1.6 per cent over January compared to the 0.4 per cent in Melbourne, with regional New South Wales posting 1.5 per cent gains compared to 0.4 per cent in Sydney.

“Internal migration data shows more people are leaving Sydney and Melbourne for regional areas, resulting in a transition of activity from the metro regions to the outer fringe and regional markets," Lawless said.

"This demographic trend is further compounded by the demand shock of stalled overseas migration.

"As Melbourne and Sydney historically receive the vast majority of overseas migrants, these metro areas have been the hardest hit by this demand shock.”

Since the onset of COVID-19 in March last year, regional housing values have surged 6.5% higher while capital city housing values are down -0.2% over the same time frame.

“Better housing affordability, an opportunity for a lifestyle upgrade and lower density housing options are other factors that might be contributing to this trend, along with the new found popularity of remote working arrangements," Lawless added.

 
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Housing values are now one per cent above pre-COVID levels and 0.7 per cent higher than September 2017's record high.

Australian housing values reach record high: CoreLogic

The Brisbane-based luxury apartment developer Spyre Group has officially lodged plans&nbsp;for a fourth high end residential beachfront project on the Gold Coast.

They&#39;ll be converting the&nbsp;Komune Resort at Coolangatta in to a 12 level residential development they&#39;ve called Cala Dei Residences.

Designed by&nbsp;bureau^proberts, the development will have a total of 31 apartments.

Spyre Group director Andrew Malouf said the company had taken a considered approach to developing the site.

&ldquo;The site was originally intended for a 27-storey development, but we have significantly reduced this footprint. Instead, we propose to create luxury residences that complement the world class surfing reserve status of the southern Gold Coast beaches,&rdquo; said Mr Malouf.

Mr Malouf says&nbsp;the Komune property was ideal because it is a rare north-facing site.

<img alt="" height="800" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/kommune_coolangatta.jpg" width="1200" />

&ldquo;We have taken a lower density approach than the original proposal to give our newest project a level of sophistication that we know the market appreciates.

&ldquo;Our plan is to create an exclusive, boutique development that will set itself apart from other buildings in the area.&rdquo;

Between levels one and nine there will be 18 two bedroom apartments and nine three bedders. Level 10 will home two near 200 sqm sub penthouses and level 11 will have two penthouses, both with three bedrooms and their own private rooftop crowning the block.

<a href="/buildings/cala-dei-residences-144-marine-parade-coolangatta"><img alt="" height="662" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/144_marine_parade_coolangatta_3_0.jpg" width="1200" /></a>

The two bedroom apartments span around 80 sqm of internal living space, with three bedroom apartments spanning over 220 sqm.

The ground level will feature&nbsp;576 sqm of recreational space, designed by Cusp Landscape Architecture which will include&nbsp;a communal resort area with plunge pools.

<a href="/buildings/cala-dei-residences-144-marine-parade-coolangatta"><img alt="" height="678" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/144_marine_parade_coolangatta_4_0.jpg" width="1200" /></a>

Spyre Group bought the 862 sqm Marine Parade&nbsp;site from a company directed by Komune Resort owner Anthony Cannon and Fitness First founder Tony de Leede.

It&rsquo;s not the first time Spyre Group has chosen to redevelop a site already occupied by an existing multi-level building.

The company recently demolished the eight-storey Aspect apartment building, developed by Mimi McPherson on the Esplanade at Burleigh Heads, to start construction on its huge successful Natura project. Apartments range&nbsp;in price from $1.6 million to $3.5 million.

After spending the better part of a decade focusing on developments in Brisbane, Mr Malouf sees the Gold Coast market shaping up as a long-term proposition for the company.

&ldquo;The challenge always starts with securing the right site, and we&rsquo;ve been fortunate on the Gold Coast over the past few years targeting only the best beachfront sites in each area, especially with our latest acquisition at Coolangatta,&rdquo; he said.

&nbsp;&ldquo;The Gold Coast&rsquo;s natural environment may be what attracts people in the first place but creating luxury residences at this level provides a reason for many to stay.

&ldquo;The market is well supported by locals and increasingly by interstate buyers, and remarkably we see that trend continuing for some time.&rdquo;

Its debut project, the $79 million Elysian Broadbeach, has been completed with just two of the 61 apartments remaining for sale. The follow-up project, Maya at Kirra Beach, has just one apartment left from 16, while Natura also has only two of the 33 apartments offered to the market.

<h2>Other developments for sale on the Gold Coast</h2>

Shoreline, Surfers Paradise

[smartcode_project:default project_id=22057]

Shoreline is the latest Surfers Paradise tower to be created by Marquee Development Partners.

The boutique 27 apartment development across 17 levels offers residents a luxury unseen in the between Surfers Paradise and Broadbeach for a number of years.

Miles Residences, Kirra Beach

[smartcode_project:default project_id=27575]

The Miles Residences Kirra Point will be one of Kirra Point&#39;s most impressive towers when it&#39;s completed in 2023.

The development of 118 apartments is part of the redevelopment of the&nbsp;Kirra Beach&nbsp;Hotel. The brains behind the operation is the family-ran KTQ Group, led by Peggy Flannery, who are behind the award-winning Elements of Byron Bay.

Designed by bureau^proberts, the development will have a total of 31 apartments across 12 levels

Spyre Group plan Komune Resort redevelopment dubbed Cala Dei Residences 

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Owner-occupiers can stand to save up to $73,000 in the Parkhill apartment development in West Melbourne.

The project developer Central Equity are matching the VIC government's $15,000 HomeBuilder grant to save Parkhill buyers $30,000.

That, combined with the potential to save up to $43,000 in stamp duty for owner-occupiers, totals $73,000 of savings. 

[smartcode_project:default project_id=27406]

Investors will benefit from the $24,500 in stamp duty concessions, and Central Equity are offering a rental guarantee for investor purchasers.

One bedroom apartments in the block start from $479,000, or closer to $400,000 for owner-occupiers after the savings boost.

Two bedroom apartments start from $619,000, up to $819,000 when including an extra bathroom and a parking space.

<a href="/buildings/parkhill-apartments-west-melbourne-408-spencer-street-west-melbourne"><img alt="" height="800" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/parkhill_melbourne_render_2.jpg" width="1202"></a>

The apartments, many spanning more than 70 sqm, have been designed by Central Equity's inhouse design team. They all have up to 2.7 metre high ceilings, a gourmet kitchen with stone benchtops and Miele appliances and bathrooms with German tapware.

The development has a 6.5 star energy rating, with apartments fitted with double glazed windows.

Residents in the building will have access to a seven day concierge, a rooftop gym and a rooftop garden, complete with barbecues and outdoor seating.
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Owner-occupiers can stand to save up to $73,000 in the Parkhill apartment development in West Melbourne.

Buyers could save up to $73,000* on a brand new home at West Melbourne's Parkhill thanks to developer Central Equity matching the government grants

There&rsquo;s set to be a new apartment block in Coolangatta on the Gold Coast which has affordability on its mind.

The Kirra Apartments project has been lodged by Kirra One Pty Ltd, a company associated with Rawspace Developments directors David Walton, Anthony Rigby and Dan Roger.

They&rsquo;ve had Red Architecture draw up plans for a 13 storey apartment block at 10 Coyne Street which will be made up of 50 apartments.

There will be 25 two bedroom units, 12 two bedders with a multi-purpose room and 13 three bedroom apartments.

<img alt="" height="973" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/kirra_apartments_coyne_street_coolangatta_2.jpg" width="1200" />

&ldquo;The building has been designed to reflect the transition of the elements of the Kirra esplanade from the ocean through to the high-rise spine which is captured in the colours and materials incorporated into the tower form,&rdquo; the Town Planning report read.

The 1,012 sqm block was bought for $3.2 million last July as a block of five units with an income of over $120,000 per year.

It sold with development approved plans for another four one bedroom plus study apartments.

There will be 25 two bedroom units, 12 two bedders with a multi-purpose room and 13 three bedroom apartments.

Plans lodged for new Coolangatta apartment development ISLA Kirra Beach

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The Melbourne-based property developer GURNERTM has secured St Kilda's well known Cushion Lounge and has lodged $35 million plans to create what will be the first in a series of new concept hotels under the Club Maison brand.

Club Maison will provide ultra-luxury boutique short and long-stay accomodation.

Gurner, who paid $2.25 million for the 99 Fitzroy Street building, has had the Sydney HQ'd Warren and Mahoney Architects draw up plans for the first concept hotel, with 25 rooms across six levels. There will be hotel facilities such as a swimming pool and outdoor dining space.

<img alt="" height="1200" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/club_maison_gurner_2.jpg" width="1200">

From Fitzroy Street, where there will be a commercial space facing the street, it will look like the building has just three levels.

The design takes its cues from the Palazzo della Civilta Italiana in Rome and Mondadori building in Milan, with huge arched windows lining the façade, while exposed concrete, brick and steel in repeating curvilinear forms pay homage to Fitzroy Street’s iconic buildings including The George, Brooklawn Mansion and the neighbouring St Kilda terrace homes.

<img alt="" height="1600" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/club_maison_facade_3.jpg" width="1200">

GURNERTM founder and director, Tim Gurner said the Club Maison concept would become an exciting way forward for our brand, carving out a niche in an asset class that is not strictly residential.

“When you look at the successful business model of Soho House in London and New York, we want to take a similar approach and apply it at a local scale.

“Our Club Maison buildings will offer discerning Australians a private club experience with long and short term stays, private and public amenity and a very big focus on world-class hospitality offerings.

“These projects will become long-term investments for us as we look to strategically hold more assets across our portfolio into the future,” he said.

The developer confirmed it had adopted an aggressive acquisition mindset throughout 2020 and plans to acquire 12 to 15 sites of varying scale across the country within the coming 12 to 18 months.

“We are aggressively looking for further sites as the business continues to diversify and grow,” said Gurner.

The site is located just metres from the developer’s first landmark St Kilda project, Saint Moritz, which secured a record penthouse sale last year.

“Saint Moritz really re-invigorated my love for St Kilda – we are excited about the opportunities here and I believe St Kilda is really just at the beginning of a once-in-a- generation transformation."
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Gurner has had the Sydney HQ'd Warren and Mahoney Architects draw up plans for the first concept hotel, with 25 rooms across six levels.



Gurner buys St Kilda's Cushion Lounge, lodges plans for first Club Maison project

One of the biggest draw cards about being sky-high in an apartment block is the views on offer, whether it be in the heart of the city, looking out over the ocean or even the hinterland.

Even developers of boutique apartment blocks are incorporating the importance of views to buyers, with full floor apartments offering 360 degree views of the surrounding area.

Urban has wrapped up six of the best apartment views in Queensland.

<a href="/new-apartments/chevron-one-36-46-stanhill-drive-chevron-island">Chevron One, Surfers Paradise, QLD</a>

<a href="/new-apartments/chevron-one-36-46-stanhill-drive-chevron-island"><img alt="" data-entity-type="" data-entity-uuid="" height="679" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/chevron_one_view.jpg" width="1200" /></a>

When completed in mid 2023, Chevron One will offer some of the best views over Surfers Paradise. Set on Stanhill Drive on Chevron Island, the 41 level tower has been designed by Marchese Partners to take advantage of the views of the famous waterways and the beach.

Bensons Property Group are developing the building which has its one bedroom apartments starting from $480,000. The larger apartments are enhanced through the oversized balconies. Each apartment kitchen has been designed by the celebrity chef Shannon Bennett.

<a href="/new-apartments/cabana-1-nineteenth-avenue-palm-beach">Cabana, Palm Beach, QLD</a>

<a href="/new-apartments/cabana-1-nineteenth-avenue-palm-beach"><img alt="" data-entity-type="" data-entity-uuid="" height="672" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/cabana_palm_beach.jpg" width="1200" /></a>

One of the newest planned beachfront complexes&nbsp;on Palm Beach is the high-end apartment project Cabana, developed by Ignite Projects&nbsp;and designed by Plus Architecture. The best views in the boutique block of 34 come from the east facing apartments, with gun-barrel views over the Palm Beach sand,&nbsp;north to Burleigh Heads and south to Currumbin.&nbsp;

Prices start from $2,325,000 for the three bedroom apartments that span over 200 sqm. Completion is slated for early 2023.

<a href="/buildings/miles-kirra-beach-hotel-101-musgrave-street-coolangatta">Miles Residences, Kirra Point, QLD</a>

<a href="/buildings/miles-kirra-beach-hotel-101-musgrave-street-coolangatta"><img alt="" data-entity-type="" data-entity-uuid="" height="896" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/miles_kirra_views.jpg" width="1200" /></a>

Much like Cabana, Miles Residences at Kirra Point, part of the luxury redevelopment by KTQ Group of the Kirra Point Hotel, the best apartment views look over the ocean and north up Kirra Beach.

Although the apartments facing inward aren't bad either, looking high over the surrounding neighbourhood and to Kirra Park. One bed apartments, designed by Woods Bagot, start from just $545,000.

<a href="/buildings/miles-kirra-beach-hotel-101-musgrave-street-coolangatta"><img alt="" data-entity-type="" data-entity-uuid="" height="899" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/kirra_apartment_views.jpg" width="1200" /></a>

<a href="/new-apartments/the-coterie-365-st-pauls-terrace-fortitude-valley">The Coterie, Fortitude Valley, Brisbane, QLD</a>

<a href="/new-apartments/the-coterie-365-st-pauls-terrace-fortitude-valley"><img alt="" data-entity-type="" data-entity-uuid="" height="598" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/coterie_brisbane.jpg" width="1200" /></a>

The completed Fortitude Valley development The Coterie by Vicland Property Group&nbsp;and Bruce Henderson Architects has views across Brisbane from its St Pauls Terrace location, just 1.5 kilometres from the CBD.

Some apartments have views between buildings to Brisbane's famous Story Bridge. Prices start at $383,880 for the one bedroom apartments in the block of 249 residences.

Queen's Wharf Residences, Brisbane, QLD

<img alt="" data-entity-type="" data-entity-uuid="" height="841" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/queens_wharf.jpg" width="1200" />

Brisbane's Queen's Wharf Residences are set to offer the best views in the city when it is completed toward the end of 2023. The Margaret Street development by Far East Consortium towers 64 storeys in to the air. The building has been designed by Cottee Parker Architects and there's only one and three bedroom apartments remaining.

The cheapest 59 sqm one bedroom apartments are priced from $565,000, but can reach as high as $734,000 for the 75 sqm one beds with a study. The three bedroom apartments start at $1.85 million and span 139 sqm and include two parking spaces.

<a href="/buildings/ocean">Ocean, Surfers Paradise, QLD</a>

<a href="/buildings/ocean"><img alt="" data-entity-type="" data-entity-uuid="" height="590" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/ocean_surfers_paradise.jpg" width="1200" /></a>

The Meriton-developed Ocean at Surfers Paradise will soon be the tallest high-rise in the area, standing at 252 metres and 76 levels, therefore there will be a number of the higher apartments which look down on every building in the popular Gold Coast tourist hotspot.

Each of the SJB-designed apartments are&nbsp;complete with floor-to-ceiling windows, made to take full advantage of its iconic beachfront views. Properties are available in a selection of one, two or three-bedroom apartment configurations, with one beds starting from $425,000. Prices over the last six months have ranged from $450,000 to $1.4 million.

One of the biggest draw cards about being sky-high in an apartment block is the views on offer, whether it be in the heart of the city, looking out over the ocean or even the hinterland.



6 apartments with the best views in Queensland

The under construction Upper House in the heart of South Brisbane will offer residents some of the best communal amenities in the country.

Not only set to be the tallest tower in South Brisbane when completed at the end of 2022, <a href="/buildings/upper-house-66-hope-street-south-brisbane">Upper House</a> from ARIA Property Group will also home amenities to rival any luxury hotel.&nbsp;

They have had the internationally acclaimed architect Koichi Takada Architects design the 30 storey tower of 188 apartments which will be crowned with Australia&rsquo;s first double-storey residents&rsquo; rooftop club.

[smartcode_project:default project_id=27918]

Part of the rooftop club will be an infinity pool with sun lounging and day beds and views across the Brisbane skyline.

<a href="/buildings/upper-house-66-hope-street-south-brisbane"><img alt="" height="900" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/upper_house_aria_2.jpg" width="1200" /></a>

There will be a residents&rsquo; wine bar, lounge room with fireplace and a private dining room, wine cellar and even a theatre room.

<a href="/buildings/upper-house-66-hope-street-south-brisbane"><img alt="" height="871" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/aria_upper_house_4.jpg" width="1200" /></a>

A fitness studio and yoga room will be accompanied by a day spa featuring a steam room, two infrared sauna&rsquo;s and a treatment room.

<a href="/buildings/upper-house-66-hope-street-south-brisbane"><img alt="" height="916" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/upper_house_aria_3.jpg" width="1200" /></a>

There will also be home offices and an executive boardroom.

Residents will also have access to Aria Living&rsquo;s concierge service.

The development on Hope Street is set within Aria&rsquo;s Fish Lane Arts Precinct and newly completed Fish Lane Town Square.

<a href="/buildings/upper-house-66-hope-street-south-brisbane"><img alt="" height="865" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/aria_upper_house_5.jpg" width="495" /></a>

Takada has designed each apartment with three metre high ceilings and a kitchen fitted with Miele appliances and stone bench tops with waterfall edges.

The two bedroom, two bathroom apartments with a car space start from $699,000. A three bedroom, two bathroom apartment with two parking spaces starts from $999,000 and the three bedroom, three bathroom apartments start from $1.2 million.

The internationally acclaimed architect Koichi Takada Architects design the 30 storey tower of 188 apartments which will be crowned with Australia’s first double-storey residents’ rooftop club.




South Brisbane apartment development Upper House to offer the highest level of amenities

Sales have begun at The Parade West Ryde, the new development by the developer&nbsp;Billbergia Group.

Designed by PTW Architects, The Parade will be made up of 63 apartments across 11 levels, set in landscaped gardens with established trees and green spaces.

[smartcode_project:default project_id=90223]

Sales manager Lulu&nbsp;Chen says they&nbsp;have already received large amount of enquiries since the project information was released.

&quot;The price ranges are very affordable for both first home buyers and home occupy buyers, backed up by the outstanding architectural design and the reliable reputation of the developer, we are sure that the project will be a great contribution to West Ryde local community,&quot; Chen says.

The Parade is positioned in the&nbsp;heart of West Ryde,&nbsp;16 km north-west of the Sydney CBD and a 270 metre walk to West Ryde train station.

Apartments in The Parade:

One bedroom apartment with parking&nbsp;start from $600,000.

Two bedroom apartments with parking start from $750,000.

Three bedroom apartments with parking start from $950,000.

Three bedroom apartments with a study and two parking spaces start from $1.07 million.

&nbsp;

Designed by PTW Architects, The Parade will be made up of 63 apartments across 11 levels, set in landscaped gardens with established trees and green spaces

Sales launch at West Ryde apartment development The Parade

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EXPERT OBSERVER

The ABS reported a 0.9% lift in the December quarter CPI which was greater than Westpac’s (and the market median) forecast of 0.7%. At two decimal places the CPI lifted 0.86% with the annual pace lifting a touch from 0.7%yr to 0.9%yr.

The core measures were around expectations with the trimmed mean lifting 0.4%qtr (WBC forecast 0.3%/market median 0.4%) while the weighted median gained 0.5%. Excluding the imputed series had little impact on the core measures.

The CPI is still being influenced by government taxes and subsidies which have been pushing and pulling on the data. However, outside of dwelling prices we found little to suggests more broad based inflationary pressures.

The main surprise compared to our forecast was how the surge in housing demand lifting dwelling prices to swamp the benefit of the Home Builders Grants. In many capital cities developers were able to lift prices in excess of the value of the grants, even in Perth and Hobart were the Federal Grant ($25,000) was supplemented by state government grants ($20,000).  

In our preview we had expected that the know rise in childcare would be offset by falling housing costs but rising underlying dwelling prices swamped the discounts. Prices fell in Sydney (-0.3%), Adelaide (-0.5%), Darwin (-2.3%) and Canberra (-0.5%) but lifted in Melbourne (0.9%), Brisbane (2.0%), Perth (2.2%) and Hobart (1.1%). The large rise in Perth and Hobart is somewhat very surprising given the lower level of house prices in those capital cities and the almost doubling of the size of the grants in those cities.

It is also worth noting that rents rose 0.1%, while modest it was stronger than the expected fall -0.3%. Electricity prices fell -7.5% due to a $600 in WA which saw electricity prices fall -66.7% in Perth.  

There was the expected rise in two key components; the 33.7% lift in childcare and the 10.9% rise in tobacco prices.

The ABS informed us earlier of the magnitude of the rise in child care due to the ending of free child care in Victoria. Overall, household equipment and services rose 3.4% (WBC forecast 3.5%). Excluding child care this group would have fallen -0.7%.

Tobacco prices rise every December quarter due to the re-indexing of the excise to the CPI.

Unlike the NZ CPI it was harder to find any broader inflationary pressures from the COVID induced changes in demand. Holiday travel cost did rise bit more than expected but household contents were close to expectations while clothing fell more than expected.

However, dwelling prices are running well ahead of our expectations and even rents have turned positive. These factors can have a meaningful impact on estimates of core inflation, something we will be looking more deeply at for our monthly update.

Justin Smirk is an economist at Westpac.
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The main surprise compared to our forecast was how the surge in housing demand lifting dwelling prices to swamp the benefit of the Home Builders Grants

Q4 CPI above expectations as dwelling prices surge: Westpac

<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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