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The latest census data confirmed the shift to medium-density living in Sydney’s inner city. While the debate about under- or oversupply of residential dwellings remains, it is clear that demand for inner-city units is high, as evident by the number of transactions in the 12 months to April 2012, with the unit-to-house sales ratio closing the year at 2.5 to 1 (8,099 units vs. 3,163 houses).
Would you invest in off-the-plan apartments in this market? Yes, but with reservations.
As a first-home buyer I would certainly consider buying after October 1, when the NSW state government’s generous incentives kick in. The chance to move into a newly built property and being able to select the location, aspect and inclusions is a strong drawing card to buyers of a first home. However, given the hurdles often put by financiers for purchases of off-the-plan units, it is prudent to start the journey into the housing market with a healthy deposit that will shield against the risk of a lower valuation upon completion.
As a downsizer I would do the sums. As many downsizers are in the stage in life when retirement is contemplated, it is imperative to take into consideration not only the cost to finance the property, but also ongoing costs such as water and council rates and strata fees. A recent research we conducted found that strata fees in city buildings represented a larger percentage of the price of a unit than in buildings located further away from the city.
The reason was often the type of common facilities included in the building. It is imperative to consider the suitability of each facility to the purchaser’s lifestyle. While an elevator is commonplace in most developments, swimming pools, gyms and function rooms are used in marketing campaigns to attract buyers. They have a significant impact on strata fees and are often underutilised by residents. In recent times, developers have shied away from “resort”-style developments of the last decade, understanding that buyers today are conscious of the costs involved, and often outsource their recreational needs to one of the many sporting facilities located around town.
Units will continue to be the dwelling of choice into the future, as both younger and older generations see value in the lifestyle options offered by this type of dwelling. However, it will be the style of the building and the bottom line, not only the location, that will determine the attraction of each unit into the future.
Oded Reuveni Etzioni is a research analyst at <a href="https://www.prdnationwide.com.au/site/page.cfm" target="_blank">PRDnationwide</a>.
For more on Sydney's current market and where it is headed, download our free eBook <a target="_blank" href="http://propertyobserver.com.au/ebooks/free-ebook-sydney-embracing-the-world-of-tomorrow">Sydney: Embracing the world of tomorrow. </a>
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oetzioni-5WiKTPzvNv

Buying an off-the-plan apartment comes with reservations

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New residential apartments are currently selling better than detached houses, according to most estimates. However, other than for a few of the off-the-plan developments, data is not readily available, imposing a reliance on people in the field to ascertain the true performance of the market.
Nonetheless PRDnationwide continues to witness the shift in demand from detached houses to units.
New South Wales already has the largest number of strata-titled properties in the country, with approximately one quarter of Sydney’s population living in strata titled homes, according to the University of New South Wales.
The following trends contribute to the demand for units:
<ol>
<li>Gen Y’s preference for well-located property, close to amenities and if possible to city centres departs from their parents’ choice of detached homes in the suburbs.</li>
<li>Local and overseas investors are trying to predict the demand from Gen Ys and look for modern apartments with close proximity to entertainment precincts. They draw confidence from the strong increases in Sydney’s rents over the past 12 months and the advantages in not tying large amounts of capital until the development is complete.</li>
<li>Some owner-occupiers use the extended period until the settlement of their new apartments to prepare their current residence for sale, possibly receiving higher offers for their house or unit in a rising market over the next 12 to 24 months.</li>
<li>From an investment point of view units show higher liquidity, with lower time on the market and lower discounting than houses.</li>
</ol>
Over the past three years we have seen a fall in first-home buyer activity as government incentives decline. First-home buyers’ activity was likely to drop again when the stamp duty exemption for purchases of apartments below $600,000 was withdrawn at the end of June, however the exemptions will now continue.
At the same time second-home buyers or upgraders are active in the market, as well as downsizers. It is interesting to note that some downsizers who live in apartments in three-storey walk-up buildings and are nearing their 50s and 60s find modern building that include an elevator and easy access attractive as they start to plan their retirement.
Further, some areas such as south Sydney are experiencing strong sales activity due to changes in zoning, as suburbs such as Botany and Mascot turn from industrial to residential hubs. This leads to an increase in the values of existing houses and apartments, allowing their owners to borrow against the rising levels of equity to purchase new properties in the same area.
The sale of new residential apartments is Sydney is buoyed by an extensive buyer base and an increasingly attractive product. However, in order to ensure the performance of the dwelling, it is vital for investors and owner-occupiers to look for well-located properties that will appeal to a wide range of buyers.
Oded Reuveni Etzioni is a research analyst at <a target="_blank" href="https://www.prdnationwide.com.au/site/page.cfm">PRDnationwide</a>.
Photograph of scaffolding by Victoria Pickering, courtesy of <a href="https://www.flickr.com/" target="_blank">Flickr</a>.
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New apartment sales the shining beacon in Sydney's residential market: PRDnationwide's Oded Reuveni-Etzioni

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Some people were uncertain as to the differences between the ‘First Home Plus’ Scheme and the new ‘First Home – New Home’ Scheme that is due to start in the new year. Let me explain:
The ‘First Home Plus’ Scheme currently in place provides a tax duty exemption for first-home buyers in NSW, with full exemption on homes valued up to $500,000 and partial exemption for homes valued between $500,000 and $600,000. Purchasers of vacant residential land currently enjoy a full exemption for lots valued $300,000 or less, with a concession on duty for lots valued between $300,000 and $450,000.
The new scheme will be implemented for property exchanged as of January 1, 2012 and will apply to newly built homes, homes bought off the plan and vacant lots, with existing dwellings receiving no exemption under this scheme. In implementing the new scheme, the government is attempting to stimulate the construction of new dwellings by making them more attractive to first-home buyers. Exemption will also be given to vacant residential lots transacting for $300,000 or less, with a partial exemption given to lots valued between $300,000 and $450,000. Dwellings and land selling above the specified amounts will receive no exemption.
Savings of $ $17,990 for a newly built home worth $500,000 or $8,990 for a vacant block of land worth $300,000 equates to 3.5% of the total value (including the stamp duty) for the former and 2.9% for the latter. This may appear like a substantial amount of money but in reality represents only a negligible amount of the total cost involved in the purchase a house or unit, which can be erased almost instantly should the market turn south.
Although there is a clear advantage for first-home buyers aiming to purchase an existing dwelling before the end of the year, the figures above demonstrate that understanding the market and where it is heading is much more important.
We see the purchase of real estate as a long-term investment and therefore suggest that first home buyers conduct a thorough research of the market and make sure they buy at the right price. This will help to ensure that the longer term movement of the market will not erase the short term impact of stamp duty savings.
According to the NSW Office of State Revenue the Normal Place of Residence rule will continue to apply, requiring first-home buyers to “occupy the home as their principal place of residence for a continuous period of six months commencing within 12 months from completion of the agreement.” It is also worth noting that eligibility for the Federal Government’s First Home Owner’s Grant is independent of the ‘First Home – New Home’ Scheme and can be applied for regardless of the property’s value or its age (a cap of $835,000 applies).
Oded Reuveni Etzioni is a research analyst at <a href="https://www.prdnationwide.com.au/site/page.cfm" target="_blank">PRDnationwide</a>. 
 
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How NSW laws will change for first-home buyers in January

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As we look to what's ahead for 2012, Property Observer is republishing some of our most noteworthy stories of 2011.
 
The recently published Foreign Ownership of Primary Production Land in NSW by PRDnationwide is a unique study that identifies major foreign companies and individuals who own large tracts of land in NSW. Overall, 464,957 hectares of land were identified as having some form of foreign ownership, which raised questions about the true extent of foreign owned primary production land in NSW and indeed Australia. The report provides an overview of countries that invest in NSW, and identifies Korea as one of the dominant investors in both agriculture and mining.
It also highlights the Chinese ownership of prime agricultural land in the Gunnedah Region that has received media attention in recent months. Much of the criticism from the public, the media and several politicians is that national interests, i.e. control over food and mining resources, are being eroded, and foreigners without loyalty to Australia could use this control to expatriate our natural resources.  This highlights the fear that we as humans have of the unknown. The absence of a foreign ownership registry allows commentators to take advantage of this void to portray the situation as a total takeover of the country by foreigners.
According to the latest data by the ABS, as at December 31, 2010, total agricultural land in Australia totalled 398 million hectares. Of this total, 353 million hectares, or 89% of agricultural land were entirely Australian owned, while 45 million hectares had some level of foreign ownership. In NSW, the total estimated foreign ownership of land equalled 1,535,366 hectares, representing 2.73% of the total agricultural land in the state.
Under current legislation much of the control over the produce from the land is at the discretion of the producer, who is able to ship it out of the country. Furthermore, ABS figures show that the size of land used for farming in Australia has been diminishing over the years, further strengthening the assertion that agricultural land is a scarce resource that must be guarded.   Additionally, recent actions by mining companies prove that there are few barriers to prevent primary production land being turned into a mining operation.
The positive side of foreign ownership is its contribution to the Australian agricultural sector. In addition to agents’ commissions and the creation of jobs, the investment also allows for the injection of capital into unviable or borderline farming operations. Moreover, there are a number of transactional contributions to the state coffers. Our investigation into the dynamics of foreign ownership revealed that in many cases, the foreign company is not interested in the long term ownership of the land, and will subsequently offload their agricultural portfolio if favour of other assets in Australia or overseas. One example is John Swire and Sons, who have been selling off their Australian mixed farming portfolio over the past 12 months, with the purchasers often being Australian farmers. Another illustration is the purchase of AWB by the Canadian company Agrium Inc., which later on sold it (albeit to the American company Cargill Inc.).
In our view, control over the foreign ownership of land can only be attained by a clear identification of the extent of ownership and use of the land. One way to do this is through the establishment of a foreign owners’ registry. Once this has been done, legislators will be able to identify trends in the use of land, and establish a set of criteria to limit any actions that could be adversarial to the long term interests of Australia.
The ownership of land is likely to remain in the news for the near term, with mining and agricultural companies intensifying their operations around the country. However, the ability of government to track these transactions and have better understanding of the extent of foreign-owned land will depend on the effectiveness of systems set up to track the ownership, and the subsequent legislation to control the expatriation of minerals and food products.
Oded Reuveni Etzioni is a research analyst at <a href="https://www.prdnationwide.com.au/site/page.cfm" target="_blank">PRDnationwide</a>. 
Photograph by Mick Stanic
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A land registry is the way forward in the foreign ownership debate

<a href="https://www.apartments.com.au/developers/capital-corporation">Capital Corporation</a> has announced that its <a href="https://www.apartments.com.au/new-townhouses/lovedale-farm-1054-1184-wine-country-drive-lovedale-nsw-2325">Lovedale Farm</a> residential, resort and golf project has secured $24.6 million in sales in just three weeks since the opening of its display home, underscoring the appetite for premium lifestyle property in the Hunter Valley countryside.

The sales milestone has been driven by a diverse mix of buyers, including owner-occupiers and investors from Sydney, Newcastle and the local Hunter region, purchasing both land-only lots and house and land packages across the development.

<img alt="Lovedale" data-entity-type="file" data-entity-uuid="e173edc9-e60e-4f19-a060-9dc4421a3233" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/LovedaleFarm_20250215-1.jpg?VersionId=1LY6CvOaD.Dzrt8tWpWxXtPyfchixNIo" />

&nbsp;

The result builds on the momentum generated at the display home opening on 22 March, which attracted more than 460 attendees.

With house and land pricing from $1.14 million, Lovedale Farm continues to attract strong interest from buyers seeking a premium lifestyle offering at a compelling price point. The development’s vision, a championship golf course, future epicurean village and access to the Hunter Valley’s celebrated wine country, has resonated with a broad buyer profile, from first-time investors to those looking to make the move and call the Hunter Valley home.

<img alt="Lovedale Farm records $21.4 million in sales in three weeks" data-entity-type="file" data-entity-uuid="b358e789-e1eb-40ed-8105-ed5c8297136f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/20260321LovedaleFarmDisplayHomeOpening--6.jpg?VersionId=6GUO8TNnxuELONrsM6n9imDB6oc82Bor" />

Jim Hunter, Managing Director of Capital Corporation said the response since opening the display home has been encouraging.

"To reach $24.6 million in sales in just three weeks speaks to the genuine demand for a lifestyle community of this calibre in the Hunter Valley," Hunter says.

"We’re seeing buyers from across the region and beyond, including investors who recognise the long-term value, and owner-occupiers who simply want to live somewhere truly special.

“Lovedale Farm is two decades in the making, and the market’s response is everything we hoped for. We’re excited to see these first buyers become part of the Lovedale Farm story from the very beginning."

<img alt="Lovedale" data-entity-type="file" data-entity-uuid="54d985cf-2ac2-400b-ac02-4401f3421ac7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/20260321LovedaleFarmDisplayHomeOpening--5.jpg?VersionId=3866bPoqpLZsm.3ACg9EafAr1W3miC_f" />

&nbsp;

Spanning 240 hectares on Wine Country Drive in <a href="https://www.apartments.com.au/developments/lovedale-nsw-2325">Lovedale</a>, the $1 billion development is expected to deliver around 1,250 jobs during construction and inject more than $300 million into the local economy. The first 200 homes and championship 18-hole golf course are anticipated for completion in late 2027.

Capital Corporation has also lodged development plans for the Lovedale Farm clubhouse, set to become a vibrant hub for residents and the wider Hunter Valley community. Further releases are planned for later this year.

[smartcode_project_cta:default project_id=14476]

Joel Robinson

Lovedale Farm display home opening triggers $24.6 million in sales in three weeks

Prominent Malaysian developer <a href="https://www.apartments.com.au/developers/osk-property">OSK Property</a> has unveiled <a href="https://www.apartments.com.au/new-apartments/aura-at-melbourne-square-7-hoff-boulevard-southbank-vic-3006">Aura</a>, the next stage of its $3.5 billion Melbourne Square precinct in Southbank, continuing its push into wellness-led, amenity-rich apartment living.

The $800 million tower, planned for 7 Hoff Boulevard, will rise 67 storeys and deliver 673 apartments, with COX Architecture drawing on both Japanese design principles and Australia’s natural landscape to shape the building’s identity. A rectangular grid aesthetic defines the building’s exterior, with COX drawing design cues from New York high-rises and Tokyo’s skyline.

Aura builds on a growing trend in high-density living, where wellness is no longer an add-on but central to the product. The development is structured around four key pillars, combining calm, minimalist residences with layered communal spaces, landscaped gardens, and a suite of wellness amenities designed to support both physical and mental wellbeing.

[smartcode_project:default project_id=151921 project_image_fid=367465]

At the core of the project is what OSK describes as a vertical wellness ecosystem, a multi-level approach to amenity that integrates health, lifestyle, and social spaces throughout the building rather than confining them to a single level.

The main resident hub, the Aura Club on level seven, will include a pool, cold plunge, spa, gym, Pilates and yoga studios, alongside more lifestyle-driven inclusions like a golf simulator, music rooms, library, and work-from-home spaces. Above, a series of higher-level amenity zones, including the Meridian Club and Cumulus Club, introduce more refined, social and retreat-style environments, with private dining, lounges, and premium wellness spaces positioned to take advantage of city views.

[smartcode_project:default project_id=151921 project_image_fid=367467]

The residences themselves will largely include balconies, a key design move in a market increasingly focused on natural light, airflow, and connection to the outdoors. Views will extend across the CBD, the Arts Precinct, Royal Botanic Gardens, and beyond.

Aura also introduces approximately 1,600 sqm of retail across the lower levels, further activating the Melbourne Square precinct, which already includes Kennedy Park, a Woolworths, childcare, and a growing mix of hospitality operators.

[smartcode_project:default project_id=151921 project_image_fid=367474]

“Aura stands tall as an exemplar of holistic wellness – its focus on social, physical and mental health culminate in a building that is calming, restorative and relaxing, where residents will have their own sanctuary within the well-connected and sought-after <a href="https://www.apartments.com.au/developments/southbank-vic-3006">Southbank</a>," says&nbsp;OSK Property CEO Chong Boon Woon.

“We have been very encouraged by the market’s response to the BLVD offering, and we know there is a strong demand for the level of amenity, service and design that the Melbourne Square precinct is known for.

“Complemented by work-from-home lounges for professionals, family friendly outdoor garden spaces, and state-of-the-art fitness and wellness facilities, Aura will continue our focus on maximising physical, emotional, and mental wellbeing,” he said.&nbsp;

[smartcode_project:default project_id=151921 project_image_fid=367475]

The project follows the strong performance of BLVD, which is now around 80 per cent sold, and reinforces OSK Property’s long-term commitment to Melbourne Square as a fully integrated, mixed-use precinct.

Construction is expected to commence in late 2026.

[smartcode_project_cta:default project_id=151921]

OSK unveils AURA, the latest stage in Southbank's $3.5 billion Melbourne Square precinct

National developer Time &amp; Place appears to have settled on a design for its long-anticipated Potts Point project.

After several years of back and forth with local council and the NSW Government, the developer, which has spent seven years targeting the former The Chimes site on Macleay Street, has now progressed its plans.

Following a concept design submission last year by SJB, Time &amp; Place has lodged a full State Significant Development Application with the NSW Government, this time for a scheme designed by Kerry Hill Architects.

<img alt="Time &amp; Place" data-entity-type="file" data-entity-uuid="504d2a27-d65f-4227-8189-1e35e3376e62" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-20%20at%209.38.24%E2%80%AFAM.png?VersionId=_XqFKATYHF30KnVByPxhaI9UBzmkmfn7" />

The 16-storey proposal includes 44 apartments, 21 of which will be build-to-sell. These will comprise 19 three-bedroom apartments and two four-bedroom units.

More than 50 per cent of the development will be dedicated to affordable housing, with 23 studio apartments to be delivered in line with the NSW Government’s Housing SEPP.

Kerry Hill Architects said the proposal is driven by a strong response to place.

“Our proposal for a new residential building for Potts Point in Sydney is driven by a deep consideration of place,” the practice said in its submission.

“This operates on multiple levels, including a landscape approach that reinstates endemic flora of the Sydney peninsula and provides a ground-floor garden for residents, reconnecting the site to its pre-European history. A brick podium further strengthens this relationship to context, integrating planting and fine bronze detailing that references the predominant material language of Macleay Street.”

The three-level podium will be topped by a communal resident space, featuring a covered pool designed to receive direct afternoon sun in winter, a neighbouring reflection pool, dining and event areas oriented to maximise sunset views, and an outdoor exercise zone.

<img alt="Time &amp; Place" data-entity-type="file" data-entity-uuid="8d3eedc1-babb-44a3-bd96-d8a42f3adf1f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-20%20at%209.37.48%E2%80%AFAM.png?VersionId=Ii7.4dvqNatu5GQi6bhqNjAswrMB998." />

The design also incorporates highly crafted shopfronts and a clearly defined residential entry to activate the street. Juliette balconies to the podium residences will provide passive surveillance and a strong sense of habitation.

Above, the larger apartments are housed within a light-coloured masonry and bronze tower.

“The tower steps back in a series of gently curved volumes that reference the rich Art Deco context of Macleay Street,” the architects said. “Carefully calibrated vertical fins frame the views while providing privacy and a sense of refuge.”

<img alt="Time &amp; Place" data-entity-type="file" data-entity-uuid="6fab60f4-3140-4469-b47a-48c781e0a30b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-20%20at%209.28.44%E2%80%AFAM.png?VersionId=e5XxrM3kzdASdKlcIACHAHbOSZhSKC9O" />

Time &amp; Place has been one of the most active developers nationally in the last 12 to 24 months. Late last year they completed&nbsp;The Queensbridge in&nbsp;<a href="https://www.apartments.com.au/developments/southbank-vic-3006">Southbank</a>, a mixed-use tower with 353 apartments and a hotel. They are currently selling Park Modern, 246 apartments near the famous Botanic Gardens in South Melbourne.

The developer has approval for The Burke, a mixed-use project in&nbsp;<a href="https://www.apartments.com.au/new-apartments/glen-iris-vic-3146">Glen Iris</a>&nbsp;being delivered in partnership with Woolworths. The 60 apartments, positioned above a new Woolworths supermarket, are expected to launch in the coming months. Time &amp; Place is also progressing plans for the redevelopment of&nbsp;<a href="https://www.apartments.com.au/developments/northcote-vic-3070">Northcote</a>&nbsp;Plaza, and have recently submitted plans for a <a href="https://www.apartments.com.au/news/vic/time-place-unveils-plans-22-storey-south-melbourne-tower">22-storey tower</a>, another in South Melbourne.

In&nbsp;<a href="https://www.apartments.com.au/developments/sydney-nsw">Sydney</a>, the developer has two projects in Manly: Two Tides, which is currently under construction, and an ultra high-end building on&nbsp;<a href="https://www.apartments.com.au/buildings/shoreline-manly-beach-89-90-north-steyne-manly">North Steyne</a>, fronting the beach. It is also continuing to work through the redevelopment of The Chimes building on Macleay Street in&nbsp;<a href="https://www.apartments.com.au/developments/potts-point-nsw-2011">Potts Point</a>, as well as Marlborough House, the redevelopment of the original David Jones warehouse building in&nbsp;<a href="https://www.apartments.com.au/developments/surry-hills-nsw-2010">Surry Hills</a>.

First look: Time & Place settles on design for The Chimes, Potts Point redevelopment

<a href="https://www.apartments.com.au/developers/develotek">Develotek</a> is joining the likes of TOGA, Deicorp, and One Global Capital, betting on a boom in Five Dock ahead of the 2032 mooted opening of the Five Dock Metro Station.

Develotek, which is currently developing Bianca on the Drummoyne waterfront and has plans approved for a tower in Chatswood, has filed a State Significant Development Application for a <a href="https://www.apartments.com.au/new-apartments/79-81-queens-road-five-dock-nsw-2046">two-building project in the evolving Kings Bay precinct</a>.

The buildings, one more boutique just five storeys and the other 26 storeys, will rise from an 3,158 sqm site across&nbsp;79–81 Queens Road and 2–8 Spencer Street, will home 134 one-, two-, and three-bedroom apartments, above ground-floor retail and five basement levels of parking.

A key component of the proposal is the inclusion of 15 per cent of residential floor space as in-fill affordable housing, unlocking additional height and density under the Housing SEPP.

<img alt="First Look: Develotek lodges State Significant shop top housing project in Five Dock precinct" data-entity-type="file" data-entity-uuid="3ee31bf7-75ba-4bc5-b190-49885193219f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium_2.png?VersionId=730UbrduuwK3C1sO28RHjiLPUPqXqjkh" />

Designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a>, the scheme adopts a podium-and-tower configuration, with a five-storey street wall along Queens Road transitioning to a 26-storey tower set deeper into the site. The ground plane prioritises activation and permeability, with retail frontages and a new through-site link connecting Queens Road to Spencer Street.

At the upper levels, the tower façade has been conceived using a modular system to support prefabrication and reduce construction waste, while improving build efficiency. The splayed form draws on the geometry of surrounding industrial rooftops, reinterpreting the area’s heritage in a contemporary expression while also helping to reduce solar heat gain to east and west-facing apartments.

“This project aspires to transform a former industrial site into a connected, resilient and people-focused urban community, grounded in Country, shaped by history, and designed to enrich everyday life within the evolving Kings Bay Precinct,” said John Walsh, Principal at Plus Studio.

The proposal reflects the broader transformation of the Kings Bay Precinct under the Parramatta Road Corridor Urban Transformation Strategy, marking a shift from its industrial past to a higher-density, mixed-use urban neighbourhood.

<img alt="First Look: Develotek lodges State Significant shop top housing project in Five Dock precinct" data-entity-type="file" data-entity-uuid="abde734c-1e31-4a97-a1d2-fa9bcf31c380" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/building%20podium.png?VersionId=fNUupP6u146yEytQT31kKVRxwtACgPpP" />

Develotek is emerging as an active participant in the state’s affordable housing-led uplift pathway. The developer recently secured approval for a 34-storey mixed-use tower in Chatswood, where it similarly leveraged the in-fill affordable housing provisions to increase scale and deliver a 101-unit scheme with dedicated affordable apartments.

Their entry into Five Dock places them alongside a growing list of developers targeting the suburb ahead of its anticipated transport uplift, with Sydney Metro set to extend into the area. Major players including TOGA, Deicorp, and One Global Capital are all progressing large-scale precinct-style developments nearby, collectively reshaping the low-rise industrial fabric into a higher-density mixed-use corridor.

The Five Dock site sits within the Kings Bay Precinct, a key renewal area under the Parramatta Road Corridor Urban Transformation Strategy, where planning controls support significant uplift tied to affordable housing delivery. The consolidated 3,158 sqm site is currently occupied by low-rise industrial uses, including warehouses and vehicle workshops, earmarked for transition.

First Look: Develotek joins in Five Dock apartment boom

Ascot’s Racecourse Road continues to be a hive of activity for Brisbane developers.

Following Fortis and GRAYA, which are both preparing new projects along the key strip connecting Kingsford Smith Drive and Eagle Farm Racecourse, local developer <a href="https://www.apartments.com.au/developers/skyhold">Skyhold</a> is the latest to lodge plans for its own development.

The group is proposing One One Two Residences, a boutique project comprising just seven apartments, named after its address at 112 Racecourse Road.

The proposal outlines a five-storey building on an 810 sqm site. The built form slightly exceeds the four-storey expectation under the neighbourhood plan, aligning instead with the emerging character of the strip. As the planning report notes, “the locality is characterised by a transition toward medium-rise residential development, with a number of recent developments… above the stipulated height limits.”

<img alt="First Look: Skyhold lodges plans for boutique Ascot apartments as Racecourse Road revival gathers pace" data-entity-type="file" data-entity-uuid="ec577631-8c51-4163-960e-e7b3a77d655b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Ascot.png?VersionId=iAzQ46D4Uu1UqiS0mVnlcy9jeFKBpJIj" />

Designed by 111 with landscape architecture by <a href="https://www.apartments.com.au/landscape-architect/paul-bangay-garden-design">Paul Bangay Studio</a>, the scheme adopts a layered architectural approach with strong articulation and a subtropical response. Deep balconies, integrated planters, and a mix of masonry and textured finishes define the façade, while upper-level setbacks reduce perceived bulk. The architectural statement describes “a series of horizontally expressed layers, defined by deep balconies and a consistent robust material palette,” aimed at delivering a refined streetscape presence.

Apartments are configured as large-format residences, including multiple three-bedroom layouts and a full-floor penthouse, supported by ground-level parking. A rooftop terrace will provide communal amenities including a pool and landscaped recreation areas. The design prioritises privacy, natural ventilation, and greenery, with planting integrated across all levels to soften the building form and contribute to the public realm.

<img alt="First Look: Skyhold lodges plans for boutique Ascot apartments as Racecourse Road revival gathers pace" data-entity-type="file" data-entity-uuid="1e1219bd-b45a-4d7f-bbc7-7207d7b2fc94" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Ascot%20entry.png?VersionId=JIoUOLMgQ5xWpEF0etEI3ffIoIVjD7gO" />

The proposal sits within the Racecourse Road precinct, a key mixed-use spine in Ascot that continues to attract renewed development interest.

Later this year national developer Fortis will launch its own boutique development, which, pending council approvals, will be 16 apartments designed by Koichi Takada Architects, just down the street.

“Racecourse Road is going through a massive revitalisation and we’re proud to be a part of that transformation,” said Fortis's QLD General Manager, Dan Boman.

Nearby, GRAYA is advancing its larger-scale The Gallery, a mixed-use shop-top housing project designed to act as a “catalytic project for Racecourse Road.”

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