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Only five apartments remain in the second release of Mirvac’s $350 million luxury residential precinct, Park at Waterfront Newstead.
Park features 102 one-, two- and three-bedroom apartments across 16 levels.
Two two-bedroom apartments remain priced from $765,000 to $775,000 and three three-bedroom apartments remain priced from $1.22 million to $1.26 million.
Mirvac has secured more than $42 million in sales in the Park release since the start of the year.
"We have just come off the best financial year to date for Park with the increased level of urgency and momentum continuing into the first half of financial year 14,” says Mirvac chief executive officer residential John Carfi.
"Purchasing a property is a significant investment, so to know that a large number of our residents are confident to secure more than one apartment at Waterfront Newstead is probably the best endorsement we can be given.
"We also have a number of purchasers who have secured their apartment now, with the plan to move in down the track when they are ready to downsize from their current home.
"They recognise that there are some great buying opportunities in the current market and that a location like this, on the river and so close to the heart of the city, is rare and limited."
Carfi says the apartments have a current weekly appraisal of around $725 for a two-bedroom apartment and more than $1,000 for a three-bedroom apartment.
"There is strong demand for high quality apartments in prime locations in Brisbane and limited supply, particularly for properties that are already completed or that are part of an expanding mixed-use precinct like Newstead Riverpark," says Carfi.
Located two kilometres from the Brisbane CBD in the Newstead Riverpark community, the 10.6-hectare Waterfront Newstead site will feature six residential precincts once complete, accommodating over 1,000 residents.
Construction on the first release, Pier, began in 2009 with construction starting on the second release, Park, in 2010.
Mirvac <a href="https://www.propertyobserver.com.au/queensland/mirvac-secures-three-5-million-plus-penthouse-sales-at-pier/2013102865940" target="_blank">sold the remaining three penthouses in its Pier release</a> last month for over $5 million each.
Mirvac’s <a href="https://www.propertyobserver.com.au/news/mirvac-secures-%24234-million-in-sales-at-waterfront-newstead-including-%2414-million-penthouse-sale/2013091164964" target="_blank">Waterfront Newstead community</a> will take around 15 years to complete.
The residential community will be part of the larger scale Newstead Riverpark, which will feature FKP’s $1.1 billion Gasworks development.
<a href="mailto:ntrotman@propertyobserver.com.au" target="_blank">ntrotman@propertyobserver.com.au</a>
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ntrotman-Et3xWpamVh

Park at Waterfront Newstead sales running well 

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The first release of house and land packages at the Greenway in Sydney’s north west proved to be a success with 80% of packages snapped up over the weekend.
Legacy Property released 50 lots on November 23 with packages priced from $491,800 to $683,990.
Some 20% of buyers were first home purchasers, with lots ranging in size from 330 square metres to 586 square metres.
Chief executive officer of Legacy Property Matthew Hyder says Greenway received more than 1,500 expressions of interest leading up to the weekend’s sale launch.
“People see the benefits of living in a quality designed community with access to transport, roads, and employment opportunities in the future Sydney Business Park.
“We wanted to make it easy for home buyers at Greenway and that’s why we chose to offer blocks with designated home designs and builders. This meant the buyers save time and are able to exchange contracts before Christmas,” says Hyder.
Ten packages remain priced from $579,990 to $645,990 and remaining lots range in size from 330 square metres to 500 square metres.
Greenway is the first community in the Marsden Park precinct, located 40 kilometres from the Sydney CBD.
The precinct will comprise of around 1,800 hectares, with enough land for approximately 10,300 homes.
The Greenway community will include over 600 to 700 homes, a supermarket, specialty shops, playground, barbeque area and a dog park – all linked via bike paths.
Legacy Property will release 50 more house and land packages in early 2014.
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Strong buyer demand for Greenway's first house and land package release

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The Urban Development Institute of Australia says the recent Australian Bureau of Statistics population forecast has highlighted the critical need to improve the supply of land and new housing, as well as increase investment in new urban infrastructure.
The ABS projected the Australian population to double to 45 million by 2075.
“Our population is going to grow enormously over the coming decades, which will bring fantastic economic benefits for Australia and provide new opportunities for our society,” says UDIA national president Cameron Shephard.
“It is essential however that we manage that growth sustainably, by ensuring we are well prepared to provide the new homes, roads, schools, public transport and other community infrastructure that those additional people will need.
“Failure to do so is likely to worsen existing congestion and housing affordability problems, threatening both the quality of life in our cities, as well as Australia’s economic productivity,” says Shephard.
The UDIA is calling on both state and federal governments to work together to ensure there is better planning, greater land release and more investment in critical urban infrastructure to support the population growth.
“It is vital that the new federal government increases its focus on urban policy and Australia’s cities, and that the recent abolition of bodies such as the National Housing Supply Council does not negatively impact on this vital area of economic and social policy. The ABS figures clearly show that as a nation we need to be putting more resources into planning and managing the growth of our cities, not less.” “Australia already suffers from a chronic housing shortage of several hundred thousand dwellings.  Addressing the existing shortage as well as the additional demand caused by population growth is a major challenge for our policy makers,” says Shephard.
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Better planning critical for projected population growth: UDIA

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Melbourne’s population is forecast to surpass Sydney’s by 2053 and Melbourne could be Australia’s most populated city by as early at 2030, according to the population projections released by the Australia Bureau of Statistics yesterday.
The statistics confirm that Melbourne and Victoria will continue to accommodate strong population growth over the coming 50 years.
Melbourne’s population is forecast to reach 8.6 million by 2061 and Victoria is expected to grow from 5.6 million in 2012 to 10.3 million in 2061, an increase of 83%.
“The ABS has advised that Melbourne’s population will continue to grow strongly, which is why good, long term planning is so essential to maintaining good jobs growth and preserving the way we live,” says Planning Minister Matthew Guy.
“Plan Melbourne provides a clear course of action to protect our suburbs, as well as provide a clear pipeline of development in defined locations and a direction to once and for all create a State of Cities, not just a city-state.
“These policies position Melbourne and Victoria to allow for population growth and demographic change while at the same time protecting the liveability of Melbourne and Victoria's key regional centres.
“The ABS has included a number of alternative assumptions around fertility rates, net overseas migration and life expectancy. However, even if more conservative assumptions are used, Melbourne will still face significant population growth.
“If applied to Melbourne, the Series C projection (low growth) is still expected to realise a city of 7.6 million people by 2061,” says Guy.
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ABS forecasts Victoria's population to grow 83% by 2061

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A bundle of waterfront properties in Woodgate, including five existing beach houses and two adjoining development sites, have sold as a mortgagee sale for $1.915 million.
The five fully furnished beach houses were the remaining stock of stage one of the now completed Woodgate Beach House development, which features 26 beach house.
A mix of local and interstate investors purchased the beach houses and a Sunshine Coast-based developer purchased the development sites.
One of the sites is DA approved for nine villas and a shop café and the other development site has approval for a balance of 45 beach houses under the original DA for a total of 72 units.
Jason O’Meara and Derek Nissen of Savills secured the sales under appointment by Mortgagee.
“This was a significant land holding that provided a rare combination of a balance of completed stock, along with adjoining sites with approvals in place for future stages of development,” says O’Meara
“The appeal of these properties was the location and proximity to the beach and facilities. The existing dwellings provide an excellent platform for further expansion of the development,” Says Nissen.
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Remaining stock of Woodgate Beach House development sells at mortgagee sale

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Almost a third of apartments in the seven-level Ara on Sydney Park development in Erskineville have already sold, prior to the VIP pre release this weekend and the public launch next month.
The $20 million development with designs by Baker Kavanagh architects will comprise of 36 apartments starting from $540,000.
One-bedroom apartments have an internal area of 55 square metres, two bed-room apartments range in size from 80 square metres to 85 square metres and three-bedroom apartments have an internal area of 102 square metres.
Two-bedroom apartments start from $785,000 and three-bedroom apartments start from $925,000.
Apartments will feature natural stone and timber, European miele appliances and caestarstone benchtops.
“The opportunity to secure an apartment in a vibrant community with the CBD on your doorstep will be a huge drawing card for buyers,” says Peter Coulton of Savills Residential Projects.
Coulton says he expects the development to be a sell out at this weekend’s pre release.
“We expect most buyers to be locals with a good mix of owner occupiers and investors, Erskineville has an average rental return of 6% which is a good return for investors,” says Coulton.
The developers, Newtown Constructions, purchased the site at 241 to 245 Sydney Park Road in late 2011 for $4.25 million.
<a target="_blank" href="mailto:ntrotman@propertyobserver.com.au">ntrotman@propertyobserver.com.au</a>
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Ara on Sydney Park development already selling prior to weekend pre release

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Building contractors Zen Projects Group Pty Ltd, trading under Zen Homes, has gone into liquidation.
The business was placed under external administration on November 25.
Any consumers are asked to contact Fair Trading on 13 32 20 to find out about the impact of the liquidation on their circumstances.
Affected consumers may give their details to Fair Trading so they can be kept up-to-date regarding developments.
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Zen Homes goes into liquidation

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When choosing to buy an investment property in a highrise, there are sometimes hundreds or apartments to choose from, but what you floor you choose may have a stronger effect on your rental return than you think.
Typically, apartments higher up in a development are pricier as they offer more of a view, but it may be hard to have a rent that corresponds to the price you paid.
Research by Brisbane-based property analyst Think Matusik says levels three to eight sell more quickly and are generally held the longest.
Think Matusik says the best value for money in high rises is the level below the sewerage and water pipes – floors seven to eight – as the ceiling height is slightly higher.
Lower ground apartments are usually cheaper as they don’t have a view, but they may offer a courtyard.
It’s important to talk to the local council to see what development permits are on surrounding lots, as your investment property may dwindle in price as another development shoots up next door to overshadow you.
 
{module Which floor would you likely buy on for an investment property?}
<a target="_blank" href="mailto:ntrotman@propertyobserver.omc.au">ntrotman@propertyobserver.omc.au</a>
 
 
 
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Apartment levels giving you more bang for your buck, which floor would you choose?

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Mackay’s latest multi-stage residential development Somerset Park has started to release house and land packages from its second release into the market.
Stage one at the $100 million masterplanned estate by Trinity Property Consultants was a knockout, securing $29.3 million in total sales, with only one house and land package remaining.
“Based on the rapid uptake in stage one and the level of enquiries received, we can expect to see a quick take up of stage two properties,” says Total Property Group managing director and Somerset Park marketing manager Adrian Parsons.
“We have already recorded strong interest from prospective buyers and investors for stage two.
Stage one experienced a fast uptake for its 40 homes and 32 duplexes, which indicates the estate is in major demand and generates buyer interest particularly for its quality, location and value,” says Parsons.
Stage two will comprise of 21 new house and land packages and 12 duplex sites.
<img alt="mackay-nov-27-one" height="264" width="470" src="/images/stories/2013/11/27/mackay-nov-27-one.jpg">
Artist impression of Somerset Park, Mackay
The first release of stage two, known as 2a features 10 new house and land packages starting from $415,000 for three- and four-bedroom configurations.
The first release, 2A, will feature house and land packages with architecturally designed three, four and five bedroom homes.
“As there is only a limited number of home and duplex properties available for purchase in stage two, we anticipate the available blocks will be quickly snapped up by buyers as they are released to the market across several stages.
“Mackay is one of the fastest growing economies in Queensland, and as a result – there is persistent demand for new housing product.
“Over the past decade the regional centre of Mackay has boomed, experiencing consistent population and economic growth as a result of its strong mining, agricultural and tourism industry.
“There is also a limited supply of new residential housing in the area, which is positioning Somerset Park as a hotspot for future buyers.
“Investors are particularly attracted to the estate due to its strong rental yields and solid capital growth potential, while living in a new master planned community close to Mackay’s major amenities and CBD is a significant drawcard for owner occupiers and first home buyers.
“Stage one features an equal mix of home owners and investors, which is an ideal balance for the estate.
“With building of homes well underway in stage one and civil works completed for stage two, prospective buyers can now see the development take shape and as a community begins to form, we anticipate interest will only continue to grow across the next stages,” says Parsons.
Somerset Park is located six kilometres north of the Mackay CBD.
The median house price in <a href="/news">Mackay</a> in $399,000, a 15.7% change in the past five years, according to RP Data.
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$100 million Somerset Park Mackay estate releases second stage following near sellout

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Developer and construction giant Laing O’Rourke’s first major mix-used development in Australia - M&amp;A - welcomed its first guests last week.
Bordered by McLachlan, Ann and Connor Street in Fortitude Valley, the $250 million development comprises of a 21-level residential tower, 12-level commercial tower and a retail precinct.
The residential tower comprises of 234 apartments, with 181 already sold.
Remaining two-bedroom apartments are priced from $595,000 to $695,000.
A selection of apartments have been put aside to offer a mix of long and short stay accommodation, with the choice to stay from one to 60 nights.
Designed to appeal to both corporate and leisure travelers, a one-bedroom apartment starts from $200 a night and a two-bedroom apartments is priced from $240 a night.
The commercial tower, known as 825, has fully leased out the 17,000-square-metre space with architects PtD leasing the top two floors of boutique office space.
“With an end value in excess of $250 million, what sets M&amp;A apart from other mixed-use projects is its quality of design coupled with its prime location,” says M&amp;A development manager Mark Grant.
“Features also include a private recreational deck and pool for residents, extensive public artwork and an onsite concierge, and employees and residents have direct access to public transport networks, together with ready access to Brisbane Airport, the CBD and new toll road infrastructure projects,” says Grant.
The private rooftop recreation deck features a pool, gardens and barbeque areas.
M&amp;A will also boast a retail precinct with 13 tenancies, to be known as M&amp;A lane.
Only two tenancy leases remain, with 11 already snapped up.
On completion, the development will have nearly 2,000 residents, workers and visitors to the precinct.
<a href="mailto:ntrotman@propertyobserver.com.au" target="_blank">ntrotman@propertyobserver.com.au</a>
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Fortitude Valley's M&A development welcomes first guests

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

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

Joel Robinson

Developers, buyers on watch in South East Queensland ahead of construction crunch: Colliers

It's taken less than nine months for developer Sherpa Property Group to sell out all 51 apartments in its <a href="https://www.apartments.com.au/new-apartments/flourish-oasis-palm-beach-7-9-sixth-avenue-palm-beach-qld-4221">Flourish Oasis</a> development in <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a>, over a year before its anticipated completion.

&nbsp;

Located at 7-9 Sixth Avenue, the $67 million development has resonated strongly with both local owner-occupiers and downsizers seeking high-quality apartments within walking distance of the beach, dining precincts and everyday amenities.

[smartcode_project:default project_id=151449 project_image_fid=357458]

Christie Leet, Founder of <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Group</a>, said the sell-out reflected both the strength of the Palm Beach market and the success of Sherpa's community-first approach to development.

"The sell-out of Oasis is a fantastic outcome and reinforces the strong demand we're seeing for thoughtfully designed apartments in lifestyle locations," Leet said.

"From the outset, our vision was to create a development that genuinely enhanced the Palm Beach community while providing residents with exceptional homes and wellness-focused amenities.

"We've been incredibly encouraged by the level of local support throughout the campaign, 72.5 per cent of buyers are locals, with a significant proportion of purchasers choosing Oasis as their future home rather than an investment."

[smartcode_project:default project_id=151449 project_image_fid=357463]

Construction is now progressing following development approval, with trusted builder LPS Group delivering the project and completion anticipated in Q3 2027.

Oasis forms part of Sherpa Group's successful Flourish collection, which has become recognised for its focus on wellness, community and elevated coastal living.

[smartcode_project:default project_id=151449 project_image_fid=357469]

Residents will have private access to a rooftop amenity space featuring a pool, gym, sauna, steam room, hot and cold plunge pools, spa and barbecue facilities.

"The success of Oasis demonstrates that buyers continue to prioritise quality, location and lifestyle," Leet said.

"We are proud to have delivered a project that has resonated so strongly with the market and look forward to bringing Oasis to life for our future residents."

Sherpa recently launched <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>, its third instalment of the Flourish brand in Palm Beach following Flourish Oasis and <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>.

[smartcode_project_cta:default project_id=151449]

Sherpa sells out Flourish Oasis in booming Palm Beach

Urban Property Group's <a href="https://www.apartments.com.au/new-apartments/la-vera-macquarie-park-94-talavera-road-macquarie-park-nsw-2113">La Vera</a> is leading the next phase of Macquarie Park's residential evolution, with the new apartment development set to become the first of several new apartment projects in the precinct to complete.

The 169-apartment building has now topped out ahead of its scheduled completion in the third quarter of 2026, as new residential investment continues to reshape one of Sydney's largest employment hubs into a true mixed-use precinct.

[smartcode_project:default project_id=134951 project_image_fid=368645]

Cox Architecture has designed La Vera to capture the best of its unique positioning on Talavera Road, orienting the building towards Lane Cove National Park.&nbsp;The building features a sculpted northern façade with flowing curves inspired by the surrounding landscape, while its city-facing elevation adopts a more structured architectural expression to maximise skyline views.

"The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park," <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> Director Felipe Miranda said.

"The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies."

[smartcode_project:default project_id=134951 project_image_fid=358802]

La Vera offers a diverse mix of one, two, three, and four-bedroom configurations, with prices currently starting from $740,000. Buyers so far have been a mix of Sydney-based investors,&nbsp;metro commuters, owner-occupiers and downsizers from surrounding North Shore suburbs.

Both investors and owner-occupiers have been drawn to La Vera's proximity to Macquarie University, Macquarie University Hospital, Macquarie Centre and the Sydney Metro, infrastructure that supports both strong rental demand and a convenient lifestyle for residents.

The apartments feature full-height glazing, timber flooring throughout living areas, stone kitchen benchtops, SMEG appliances, floor-to-ceiling bathroom tiling and ducted air conditioning.

Residents will have access to a rooftop recreation level featuring a swimming pool, sauna, barbecue facilities and landscaped relaxation areas, complemented by additional communal space at ground level. Many apartments enjoy uninterrupted views across Lane Cove National Park, reinforcing the project's connection to its natural setting.

[smartcode_project:default project_id=134951 project_image_fid=364551]

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>, a family-owned developer and builder with nearly four decades of experience, holds a 4.5-star iCIRT rating and was Australia's first developer to introduce 10-Year Latent Defects Insurance (LDI). La Vera is the first apartment development in <a href="https://www.apartments.com.au/developments/macquarie-park-nsw-2113">Macquarie Park</a> approved to offer the additional insurance protection, alongside a five-year warranty on SMEG appliances.

Urban Property Group CEO Patrick Elias said the additional protection reflects changing buyer expectations in the off the plan market.

"Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share," Elias said.

Following completion of the building later this year, buyers will move into their apartments well before Christmas.

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La Vera closes in on completion as Macquarie Park continues residential transformation

Brisbane developer Red &amp; Co's decision to include dual key apartments in its debut Gold Coast apartment development, <a href="https://www.apartments.com.au/new-apartments/como-varsity-lakes-22-lake-street-varsity-lakes-qld-4227">COMO Varsity Lakes</a>, is proving to be one of the project's biggest drawcards, with buyers quickly snapping up the flexible residences.

More than half of the project's 36 dual key apartments have already sold, helping drive COMO beyond the 50 per cent sold mark within the first month of launch.

The strong response highlights growing demand for apartment designs that can adapt to changing lifestyles, with buyers increasingly looking for homes that accommodate multi-generational living, provide rental income opportunities or simply offer greater flexibility over time.

Located on the shores of Lake Orr, COMO will deliver 156 apartments across 16 levels, with the dual-key residences forming a limited release within the broader development.

Each combines a primary two-bedroom apartment with a fully self-contained studio on a single title, connected by a shared foyer and lockable internal door. The design allows owners to house ageing parents, adult children or guests while maintaining privacy, or lease the secondary residence to generate additional income.

Just 17 of the original 36 dual key apartments remain available.

[smartcode_project:default project_id=135546 project_image_fid=367096]

The innovative configuration combines two fully self-contained residences on a single title, typically comprising a primary two-bedroom apartment alongside a separate studio residence, connected via a shared foyer and lockable internal door.&nbsp;

The model is proving particularly attractive to owner occupiers navigating changing family dynamics and the realities of the current housing crisis.&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363511]

<a href="https://www.apartments.com.au/project-marketer/npa">NPA</a>&nbsp;CEO Andrew Erwin said dual key living was resonating strongly with modern buyers because it delivered both financial flexibility and practical lifestyle benefits.&nbsp;

“The housing crisis and rising cost of living are fundamentally changing how Australians think about home ownership,” Erwin said.&nbsp;

“Dual key apartments provide a genuine solution for families who want to stay connected while maintaining independence. Parents can help adult children save for a future home, ageing parents can remain nearby without moving into aged care, and owners still retain privacy and flexibility.

“Importantly, buyers are also recognising the financial advantages. It creates the opportunity to generate additional income from part of the home without the holding costs associated with owning a separate investment property.”&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363509]

Unlike traditional dual occupancy arrangements, the residences operate under a single title, meaning owners only incur one set of body corporate fees, council rates and holding costs.&nbsp;

The secondary residence can also evolve over time - functioning as guest accommodation, a home office, creative studio or private retreat before later becoming an income-producing asset.

<a href="https://www.apartments.com.au/developers/red-co">Red &amp; Co</a>&nbsp;Director and Co-Founder David Laverty said the strong early sales reflected growing buyer urgency and changing priorities within the market.&nbsp;

“Securing more than half of COMO’s residences within such a short timeframe is an outstanding result and a clear endorsement of both the design and location,” Laverty said.&nbsp;

“Buyers are responding to the combination of location, connectivity and amenity, but ultimately it’s value relative to other East Coast markets that is driving enquiry.”&nbsp;

“We’re also seeing strong interest from owner occupiers looking for homes that can adapt with them over time. Flexibility has become one of the most important considerations for buyers in today’s market.”&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363515]

Designed by <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, COMO features a mix of one-, two- and three-bedroom residences with 2.7-metre ceilings and larger-format floorplans aimed at owner occupiers, downsizers and lifestyle-focused buyers.&nbsp;

The development will feature an extensive rooftop recreation and wellness offering including a 25-metre lap pool, sundeck, barbecue and dining areas, gym, sauna, plunge baths, landscaped gardens, wellness spaces and rooftop pickleball and paddleball courts.

The remaining dual key apartments range from 137 sqm to 167 sqm and include generous three-bedroom layouts with separate self-contained studio accommodation and dual parking.&nbsp;

Erwin said the dual key concept represented a broader shift in how Australians would live in the future.

“People want homes that can evolve with their lives,” he said.&nbsp;

“A dual key apartment can suit a family today, support an ageing parent tomorrow, and potentially generate income later on. That adaptability is becoming incredibly valuable in the current environment.”

Prices currently range from $2,115,750 to $2,583,000.&nbsp;

[smartcode_project_cta:default project_id=135546]

Inter-generational living drives demand for COMO’s dual key apartments as housing pressures reshape buyer priorities 

Builder-developer&nbsp;<a href="https://www.apartments.com.au/developers/ceerose">Ceerose</a> has doubled down on its Leichhardt ambitions, lodging its second State Significant Development Application (SSDA) in the suburb in the last six months.

Their newest proposal seeks to transform a former industrial precinct into a new residential community centred around the adaptive reuse of one of the site's heritage warehouse buildings.

The new project, on a 6,930 sqm block at&nbsp;<a href="https://www.apartments.com.au/new-apartments/40-76-william-street-leichhardt-nsw-2040">40–76 William Street</a>, will bring more than 200 apartments to a suburb that has seen little to no new supply in recent years. It follows Ceerose's late 2025 SSDA for a mixed-use apartment project on nearby Parramatta Road, signalling the developer's growing investment in Sydney's Inner West.

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>, the redevelopment would involve the demolition of four existing industrial buildings while retaining and adaptively reusing the site's most significant warehouse. The retained structure would anchor a new residential precinct comprising five interconnected buildings arranged around a large central landscaped courtyard, with heights stepping from five storeys along the surrounding residential streets to 11 storeys at the William Street corner.

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="7258c54c-8167-479e-8361-2d5fca9915b4" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010B%20-%20CGI%20-%20View%202.jpg?VersionId=S9DQfxu_jpcB5LrAEYFUbyMzg5odW6i5" />

According to the Architecture Design Report by Woods Bagot, the proposal "seeks to create a residential village centred around a generous green heart while celebrating the site's industrial heritage through the adaptive reuse of the existing warehouse building."

The development would comprise 203 apartments, with 188 proposed as build-to-sell residences, alongside 15 affordable housing apartments.

Rather than treating the retained warehouse as a standalone heritage object, Woods Bagot has sought to weave the site's industrial history throughout the masterplan. The proposal retains the north and west facades of the landmark corner warehouse, while new buildings reinterpret the site's brick-and-steel industrial language through their material palette and architectural expression.

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="9e8c64c2-881b-49e1-8c90-6b6acaaa45b6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010C%20-%20CGI%20-%20View%203.jpg?VersionId=Qm8_8H_Xrg_sc4Mdjc59vlAcKF_5wRTb" />

The design is organised around what Woods Bagot describes as a "green heart", a landscaped communal open space that reinstates the leafy character removed when the site became an industrial storage facility. A new pedestrian laneway running through the site would improve permeability between William, North and Francis streets, linking residents through landscaped public spaces while activating the ground plane.

Residents would have access to communal gardens, rooftop open space and shared recreation areas distributed throughout the development. Sustainability has also been prioritised, with the project targeting an average 7.9-star NatHERS rating. Proposed initiatives include rooftop solar generation, rainwater harvesting, passive solar design, naturally ventilated lobbies, extensive cross-ventilation and the reuse of existing building fabric to reduce embodied carbon.

The adaptive reuse strategy became a defining feature of the application after heritage investigations found only one of the site's industrial buildings could feasibly be retained. The Heritage Impact Statement concludes that preserving the key warehouse façades while referencing the site's industrial character throughout the new development provides an appropriate balance between renewal and conservation.

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="efffafdb-594f-4e2b-a067-921fd51c05e1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010D%20-%20CGI%20-%20View%204.jpg?VersionId=DPmE4.k16YRt0i27hEZVtJAffarpvUfx" />

"Retention and adaptation of the site buildings has been explored but found not to be feasible except for the tallest building, whose street facades will be retained," the heritage report states.

"The proposed building will interpret the brick and steel character of the subject site, including reuse of some components and construction of a large 'sawtooth' structure in the proposed open space."

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="3bfef2b5-83f5-40cd-9cab-767092f34266" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010E%20-%20CGI%20-%20View%205.jpg?VersionId=7asb3i_ql4ybbuJOUb5UHBEIy0Q9t.DF" />

The William Street site is located around 300 metres from Leichhardt North Light Rail station and a short walk to Norton Street's retail, dining and hospitality precinct. The surrounding area has increasingly become a focus for urban renewal given its proximity to public transport and the Parramatta Road corridor.

Ceerose, founded by Edward Doueihi in 1998, has become one of Sydney's more active apartment developers, with completed projects including The Alex Collective in Alexandria, Abbie's Lane in Annandale, and the award-winning Munro House in Elizabeth Bay. They are currently delivering Belgravia, 17 luxury apartments in Potts Point.

Nicola Trotman

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