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Over $10 million was spent on real estate every day in Boroondara during 2013.
It takes a few months after the end of the calendar year for a vast majority of property transactions to settle and be finalised.
With final numbers for 2013 now available, a comparison with previous years can now be undertaken.
In 2013 there were 81,590 residential sales in Melbourne and 107,845 in Victoria. Looking at the Melbourne market over the medium term this is a comparatively low level of sales. Since the year 2000, nine years have seen a higher level of sales with a peak in 2007 with 105,194 sales.
Thankfully, a combination of more confident consumers and record low interest rates has been the catalyst for the level of sales in 2013 rising above the two preceding years of 77,867, and 73,459 respectively.
It is important to note that the volume of transactions has a direct impact on the health of the Victorian government budget as a significant portion of its income is derived from stamp duty as well as the industries that supply and support the housing sector, real estate, building and ancillary services.
On a more local basis, the highest number of sales took place in the city’s growth areas with the highest levels of the spending taking place in the inner east.
<blockquote>
The highest number of sales took place in Melbourne's growth areas with the highest levels of the spending taking place in the inner east.
</blockquote>
Across the state’s municipalities, the highest number of total transactions took place in Casey where 4,130 sales were recorded equating to around 11 sales every day. Similar numbers were recorded in the Mornington Peninsula with inner city locations, Melbourne and Boroondara following.
The largest volume of sales in financial terms was recorded in Boroondara where $3.97 billion was spent on residential real estate, or just over $10 million every day.
At the other end of the scale, Nillumbik recorded the lowest number of sales, at 946 and the lowest in financial terms at $507 million.
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$10 million spent on property every single day in Boroondara

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Auction volumes continue to exceed this time last year with 1,035 expected in Melbourne this week. This weekend last year saw 929 auctions held.
The healthy results recorded last year and again this year is encouraging more vendors into the market as they are confident of a good sale outcome. This trend of increasing listings is confirmed by the most recent data that shows that over the past month listings being prepared for sale are now higher by 9%, the number of active new listings is 2% higher and auction volumes are also at record levels.
Vendors at private sale are now seeing a tightening of market conditions with selling days down to 42, and vendor discounting at -5.6%.
The highest volume of auctions this week is in Reservoir and St Kilda, each of which has 19 listed.
Key data
<ul>
<li>
Clearance rate week ending 9 March: 67.3%
</li>
<li>
Melbourne auctions expected week ending 16 March: 1,035
</li>
<li>
Melbourne private sales time on market week ending 9 March: 42 days (houses)
</li>
<li>
Melbourne vendor discounting market week ending 9 March: -5.6% (houses)
</li>
<li>
Listings being prepared for market are 9% higher in month ending 9 March
</li>
</ul>
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Healthy results pushing more vendors into market: RP Data's Melbourne weekend auction preview

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There will be an appreciable drop in auctions over the weekend due to the Labour Day long weekend. RP Data is expecting 291 auctions this coming week in Melbourne.
Whilst the market is going very well – the last fortnight has been remarkably strong – the missing component at this stage is first home buyers. If this sector became active again, sales volumes would rise to historical averages.
Those intending to buy over the next month will welcome the largely stable nature of dwelling values over February. After the new peak was reached in January, house values dropped by 0.3% in February and units rose by 0.4%. This points to a market in a moderate growth phase and shows that the value rise in January has been locked in.
Key data
<ul>
<li>
Clearance rate week ending March 2: 76.6%
</li>
<li>
Melbourne auctions expected week ending March 9: 291
</li>
<li>
Melbourne private sales time on market week ending March 2: 56 days (houses)
</li>
<li>
Melbourne vendor discounting market week ending March 2: -5.7% (houses)
</li>
<li>
Listings being prepared for market are 7.1% higher in month ending March 2
</li>
</ul>
Robert Larocca is Victorian housing market specialist for <a target="_blank" href="https://rpdata.com/" rel="nofollow">RP Data</a>.
                       
<ul></ul>
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A quiet Labour Day long weekend: RP Data's Melbourne weekend auction preview

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A preliminary auction clearance rate of 73.9% was reached from 1,319 auctions this week in Melbourne. This compares to 65.6% for the same time last year from fewer auctions.  
This represents a substantial lift on the results a year ago and is a very strong result for the Melbourne market as it follows the highest volume of auctions for February on record.
Last month there were 2,623 auctions with a clearance rate of 71.5%. This was higher than the 2,571 recorded in 2010 although the clearance rate in February that year was 79%.  
Vendor discounting for units at private sale tightened significantly from 5.3% last week to -4.9% and eased slightly for houses from -5.6 to -5.7%.
Robert Larocca is Victorian housing market specialist for <a rel="nofollow" href="https://rpdata.com/" target="_blank">RP Data</a>.
               
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A substantial lift on 12 months ago: RP Data's Melbourne weekend auction analysis

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Buyers will need to take last weekend’s very strong result into account at the 1,228 auctions scheduled this week. A clearance rate in the mid 70s indicates that they will face more competition when bidding for the homes at auction and this may translate into higher prices being paid.
That result came after a new peak house price was recorded in January, suggesting many buyers still see a lot of value in the Melbourne residential market. The February RP Data–Rismark Home Value index will be released on Monday and it will indicate if the new peak was maintained.
In a continuation of the trend this year the number of homes listed for auction this week is 25% higher than the 984 this time last year. It is also the highest for this weekend on record.
The highest volume of auctions is in <a target="_blank" href="/news">South Yarra</a> with 21. There are 19 scheduled in <a target="_blank" href="/news">Port Melbourne</a>, <a target="_blank" href="/news">Reservoir</a> and <a target="_blank" href="/news">Richmond</a>.
Key data
<ul>
<li>
Clearance rate week ending February 23: 73.5%
</li>
<li>
Melbourne auctions expected week ending March 2: 1228
</li>
<li>
Melbourne private sales time on market week ending February 23: 64 days (houses)
</li>
<li>
Melbourne vendor discounting market week ending February 23: -5.6% (houses)
</li>
<li>
Listings being prepared for market are 4.5% higher in month ending February 23
</li>
</ul>
Robert Larocca is Victorian housing market specialist for <a rel="nofollow" href="https://rpdata.com/" target="_blank">RP Data</a>.
                               
<ul></ul>
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Buyers need to take strong results into account: RP Data's Melbourne weekend auction preview

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Currently, Melbourne’s median house price was $610,000 based on sales in the December quarter. Naturally, this captures a lot of attention, however, it’s worth remembering that there are lot of houses that sell for a lot more affordable prices.
Over the past year, just under 30% of all houses in Melbourne sold for less than $400,000.
The suburbs which recorded the highest of these affordable sales were in the growth areas; <a target="_blank" href="/news">Pakenham</a>, <a target="_blank" href="/news">Frankston</a>, <a target="_blank" href="/news">Craigieburn</a>, <a target="_blank" href="/news">Hoppers Crossing</a>, <a target="_blank" href="/news">Werribee</a>, <a target="_blank" href="/news">Sunbury</a> and <a target="_parent" href="/news">Carrum Downs</a>. Land is less valuable in these areas due to the distance from the CBD and its availability. These factors allow developers to bring houses onto the market at more affordable prices.
It is interesting to note that there are a number of suburbs within 15 kilometre radius of the CBD where more than 50% of sales were below $400,000. These are: <a target="_blank" href="/news">Sunshine West</a>, <a target="_blank" href="/news">Sunshine North</a>, <a target="_blank" href="/news">Broadmeadows</a>, <a target="_blank" href="/news">Ardeer</a> and <a target="_blank" href="/news">Tullamarine</a>.
<a target="_blank" href="/news">Glenroy</a>, <a target="_blank" href="/news">Reservoir</a>, <a target="_blank" href="/news">Fawkner</a> and <a target="_blank" href="/news">Sunshine</a> also has reasonable proportions of sales for under $400,000.
Surprisingly, around one in 10 sales in <a target="_blank" href="/news">Pascoe Vale</a>, <a target="_blank" href="/news">Box Hill</a> and <a target="_blank" href="/news">Footscray</a> are under $400,000.  While that may not be the predominate sales price, this result does show that with some dedicated house hunting it is possible to buy a house at an affordable price within 15 kilometres of the CBD.
It would be rare to find a house under $400,000 and within 10 kilometres radius of the CBD. <a target="_blank" href="/news">Footscray</a> has the highest at 10%. Most other suburbs within 10 kilometres of the CBD have less than 5% such as <a target="_blank" href="/news">Coburg</a> where there were only 12 sales were under $400,000.
Robert Larocca is Victorian housing market specialist for <a rel="nofollow" href="https://rpdata.com/" target="_blank">RP Data</a>.
                    
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Where can you still find affordable housing in Melbourne?

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A preliminary auction clearance rate of 79% was reached from 1,147 auctions this week in Melbourne. This compares to 69.5% for the same time last year when there were around 19% fewer auctions.  
If the final result is similar to the preliminary one it will be the highest clearance rate since May 2010, a time when the market was also rising.  The strong demand recorded at auctions is not yet resulting in rising dwelling values over the month but the trend of the last year has not changed.  
The comparison with this time last year is illustrative and provides evidence of ongoing improvement in the market. More vendors have taken the chance to sell and they have largely been rewarded with a lift in the clearance rate.  
It is interesting to note that the rise in auction volumes is not representative of the overall level of activity with new listings at the same level as last year and suggests an increased use of auctions.  
Vendor discounting was higher for houses, at -5.6% compared to units at -5.3%.
Robert Larocca is Victorian housing market specialist for <a target="_blank" href="https://rpdata.com/" rel="nofollow">RP Data</a>.
    
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The highest clearance rate for nearly four years: RP Data's Melbourne weekend auction analysis

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Based on rental advertisements*, the easiest place to find a rental home in Melbourne is in the inner city or inner south-east. 
<a href="/news">Melbourne</a>, <a href="/news">St Kilda</a>, <a href="/news">South Yarra</a>, <a href="/news">Southbank</a> and <a href="/news">Docklands</a> have each seen well over 1,000 units advertised for rent in the past year. The central suburb of Melbourne recorded just over 4,000.
The high prevalence of medium and high-rise units for rent in the inner city is a reflection of the role investors have played in supporting the growth of these markets.
It is quite remarkable to think that only twenty years ago the inner suburbs or Melbourne, Docklands and Southbank either did not exist or had very few houses for rent.
It is also interesting that in those suburbs the median advertised rent is well above the median for Melbourne which was $392 per week. In the suburb of Melbourne the median rent was $450 per week, in Southbank it was $530 and $540 in Docklands.
The suburb with the highest volume of houses advertised for rent was Frankston where the median advertised rent was $310 per week. This is well below the comparable number for the metropolitan area of $438.
Many  other suburbs with high numbers of rental houses are also affordable, excluding Richmond which is ranked 4th by number of houses for rent but has a very high median advertised rent of $580 per week. This market will be driven by the demand for houses close to the CBD.
Top five suburbs ranked by number of houses advertised for rent
<a href="/news">Frankston</a>
<a href="/news">Pakenham</a>
<a href="/news">Reservoir</a>
<a href="/news">Richmond</a>
<a href="/news">Point Cook</a>
Top five suburbs ranked by number of units advertised for rent
<a target="_blank" href="/news">Melbourne</a> 
<a target="_blank" href="/news">St Kilda</a> 
<a target="_blank" href="/news">South Yarra</a> 
<a target="_blank" href="/news">Southbank</a>
<a target="_blank" href="/news"></a><a target="_blank" href="/news">Docklands</a>
* Rental observations are based on rental advertisements. These counts have been de-duplicated and rental advertisements are only counted when they can be physically matched to a property in our database.
Robert Larocca is Victorian housing market specialist for <a target="_blank" href="https://rpdata.com/" rel="nofollow">RP Data</a>.
 
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Where is the easiest place to find a home to rent in Melbourne?

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The first two weeks of auctions for the year suggest that the improvements recorded over the course of 2013 will be lasting.  
With 1,275 auctions in Melbourne this will be the first weekend with more than 1,000 auctions this year. Last year there was a record 11 weekends with in excess of 1,000 auctions. There are 19% more than this weekend last year.

The highest number of auctions is in <a target="_blank" href="/news">South Yarra</a> with 24 followed by <a target="_blank" href="/news">Brighton</a> with 23 and <a target="_blank" href="/news">Brunswick</a> and <a target="_blank" href="/news">Reservoir</a>, both with 20.

The next two weeks are significant, as they will see a return to auction volumes last seen in the fourth quarter of 2013 and the next update of the RP Data Rismark Home Value Index. The index will show if the new peak house value reached in January will be affected by the rise in volumes in February.

In the private sale market vendor discounting tightened from -5.6 to -5.2% in the last completed week indicating that the good start to this year is not confined to the more inner and middle city auction market.

Key data

•       Clearance rate week ending February 16: 69.2%

•       Melbourne auctions expected week ending February 23: 1,275

•       Melbourne private sales time on market week ending February 16: 67 days (houses)

•       Melbourne vendor discounting market week ending February 16: -5.2% (houses)

•       Listings being prepared for market are 9.4% lower in month ending February 16
Robert Larocca is Victorian housing market specialist for <a rel="nofollow" href="https://rpdata.com/" target="_blank">RP Data</a>.
  
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The first Super Saturday of the year: RP Data's Melbourne weekend auction preview

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A preliminary auction clearance rate of 70.9% was reached from 650 auctions this week in Melbourne. This compares to 64.4% for the same time last year when there were around 30% fewer auctions. 
   The market is easily absorbing the increased volume of homes being offered for auction. This result suggests the upcoming weekends, each with very high numbers of auction, will see the current performance continued.   There may be a higher number of auctions compared to this time a year ago but there are not a larger number of homes on the market. New listings are only 0.4% higher than a year ago and the overall stock on market is 5.9% lower. Significantly there are just over 11,000 more homes on offer in Melbourne than Sydney right now.   Many parts of the Melbourne dominated by private sales are seeing sales campaigns as short as those for an auction with the citywide time on market for houses at 38 days. Many of the city’s quickest selling suburbs are in the outer east; Kilsyth South, Upper Ferntree Gully, Bayswater North, Tecoma, Croydon Hills, Croydon South and the Basin. 
Robert Larocca is Victorian housing market specialist for <a rel="nofollow" href="https://rpdata.com/" target="_blank">RP Data</a>.
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Market easily absorbing increased volume: RP Data's Melbourne weekend auction analysis

Sherpa Property Group has unveiled the third instalment of its Flourish series, securing full approval for the two-tower, $500 million Flourish Soleira development in Palm Beach.

<a href="https://www.apartments.com.au/new-apartments/flourish-soleira-1150-1154-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> will rise from a prominent site in the commercial heart of Palm Beach, the long-time home of Cash Converters and a range of local retailers.

The project will introduce a new retail and dining precinct at ground level, beneath 286 apartments.

[smartcode_project:default project_id=150017 project_image_fid=370959]

“We’re very committed to not only providing affordable residential offerings that are much needed in Palm Beach, but also delivering a vibrant new commercial heart that complements the extraordinary growth of the southern Gold Coast,” Sherpa Property Group founder Christie Leet said.

The development will sit under Sherpa's Flourish brand, which is aimed at providing a pathway into the beachside suburb for locals, first-home buyers and downsizers. In a move designed to assist first-home buyers entering the market, Sherpa has reserved all one and two-bedroom, one-bathroom apartments exclusively for eligible first-home buyers.

[smartcode_project:default project_id=150017 project_image_fid=370964]

“Our vision through Flourish is to create a vibrant retail and lifestyle focal point within the Palm Beach centre zone, delivering thriving communities underpinned by lifestyle-rich locations,” Leet said.

“So far, Flourish has been an incredible success, and we hope to carry this momentum as we progress the next two Flourish projects in Palm Beach.”

[smartcode_project:default project_id=150017 project_image_fid=371430]

Located across 1150-1164 Gold Coast Highway and 3 Sixth Avenue, the development will comprise two towers. The northern tower will deliver 154 apartments, while the southern tower will add a further 132 residences, helping address ongoing demand for new apartments in the tightly held coastal suburb.

Flourish Soleira will also feature the most extensive rooftop amenity offering ever delivered in Palm Beach.

The two towers will be connected by a skybridge, with residents gaining access to a rooftop recreation deck featuring a full-width swimming pool, hot and cold plunge pools, wellness spaces, a gymnasium, private dining facilities, massage treatment rooms, barbecue areas, a basketball court, golf simulator, indoor and outdoor dining spaces, sun lounges and extensive landscaping.

LPS Group is expected to start construction later this year.

Sherpa is already well advanced on construction of its debut Flourish project, Flourish Amargo, located just around the corner from Soleira. Meanwhile, Flourish Oasis, positioned opposite Amargo, recently commenced construction and has nearly sold out its collection of 47 apartments.

[smartcode_project_cta:default project_id=150017]

Joel Robinson

Sherpa unveils $500m mixed-use Palm Beach precinct, Flourish Soleira

Are mortgage holders set to get a reprieve from the RBA in 2026?

Big Four bank NAB believes so. They are now expecting the next move from the RBA to be a cut, rather than a hike, which they had pencilled in for August. They are unsure of the timing of the cut however, they note in their latest&nbsp;NAB Economics RBA Watch.

NAB Chief Economist, Dr Sally Auld, said recent data suggests the economy has lost momentum and the outlook for rates has shifted, noting that the broader economic backdrop has changed since earlier in the year.

“The next move in the cash rate is likely to be down, but the timing is uncertain," Dr Auld said.

"In February, growth was above trend, the economy was operating above capacity and there was uncertainty over the restrictiveness of rates. None of these conditions exist today,” she outlined.

Dr Auld said recent data pointed to softer momentum across the economy while acknowledging that at the same time, uncertainty remains a key feature of the outlook.

“Both Q1 GDP data and the NAB business survey suggest momentum in the economy has slowed, meaning that growth has likely peaked for the cycle. That said, we are cognisant there is still considerable uncertainty around the outlook, both with respect to activity and inflation.”

Dr Auld said inflation risks and labour market outcomes would be important to watch.

“On the prices side, we are still forecasting above target core inflation through to mid-2027. Margins will compress and weaker labour market outcomes are a risk.”

She said tighter financial conditions are expected to weigh on housing and activity.

“Tighter financial conditions will be reflected in a slowing in house price growth and housing credit growth. In summary, we have greater conviction that the next move in rates is down, but less conviction on the timing.”

Mortgage relief? NAB forecasts RBA rate cut, not hike, after softer economic conditions

A local downsizer has splashed $6.5 million on a penthouse in Perifa's Alex &amp; Willow development in Crows Nest. 
&nbsp; 
The purchaser sold their long-held family home in the area before embarking on a six-month search for the right apartment. After inspecting a range of options across the Lower North Shore, the buyer returned to <a href="https://www.apartments.com.au/new-apartments/alex-willow-crows-nest-82-90-alexander-street-crows-nest-nsw-2065">Alex &amp; Willow</a>. 
&nbsp; 
The buyer profile reflects the project’s broader purchaser mix. <a>Alex &amp; Willow</a> has attracted predominantly local downsizers looking to transition from larger homes without compromising on space or quality, alongside a smaller cohort of upsizers and investors drawn to the project’s location and design credentials. 
&nbsp; 
The milestone sale comes as the project, developed by&nbsp;<a href="https://www.apartments.com.au/developers/perifa">Perifa</a>&nbsp;and delivered by <a href="https://www.apartments.com.au/builders/versatile-made-construction">Versatile Construction</a>, both part of Versatile Group, reaches 60 per cent sold.

[smartcode_project:default project_id=6680 project_image_fid=371325] 
&nbsp; 
Eddie Mansour, Managing Partner of <a href="https://www.apartments.com.au/project-marketer/ray-white-projects">Ray White Projects</a>, said the result demonstrates not only a headline price but also depth of demand. 
&nbsp; 
“This is an exceptional outcome and a clear reflection of sustained buyer demand for premium, well-located downsizer product,” Mansour said.

“We’re seeing a consistent pattern of local homeowners selling family residences and reinvesting into high-quality apartments that allow them to remain within their community. Alex &amp; Willow has resonated strongly with this group because it offers genuine scale, thoughtful design and immediate proximity to the village.” 
&nbsp; 
The sale reflects a broader and consistent trend of local downsizers actively seeking high-quality, low-maintenance residences close to established village centres. Agents report that demand for this product type has remained resilient, particularly where developments offer a rare combination of scale, design quality and walkable amenity. 
&nbsp;&nbsp; 
Fabrizio Perilli, Managing Director of Perifa and Versatile Group, said the sale marks a defining moment for the project. 
&nbsp; 
“The penthouse sale is a strong endorsement of the quality we have delivered, alongside our partners, and the clear demand from local downsizers for premium, boutique residences in this location,” Perilli said.&nbsp; 
&nbsp; 
“Most importantly, we’re proud to see the Alex &amp; Willow community beginning to take shape. As we move closer to completion, we’re looking forward to welcoming residents and seeing the project come to life.”&nbsp;

[smartcode_project:default project_id=6680 project_image_fid=338516] 
&nbsp; 
Designed by <a href="https://www.apartments.com.au/architects/nettletontribe">Nettleton Tribe</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/richards-stanisich">Richards Stanisich</a>, Alex &amp; Willow is a boutique collection of generously sized two- and three-bedroom residences in the heart of Crows Nest village.&nbsp;

Completion is slated for early 2027.

[smartcode_project_cta:default project_id=6680]

Alex & Willow, Crows Nest penthouse sells off the plan for $6.5 million

Fresh from launching the first stage of its Wollongong precinct, <a href="https://www.apartments.com.au/new-apartments/keira-place-wollongong-120-122-smith-street-wollongong-nsw-2500">Keira Place</a>, builder-developer Urban Property Group has unveiled plans for the next phase of the masterplanned community.

Now on public exhibition through the NSW Government's Housing Delivery Authority pathway is a State Significant Development Application for a further 657 homes on the prominent gateway site opposite Beaton Park.

The proposal comprises three buildings, including two build-to-sell towers rising 25 and 30 storeys, delivering 391 apartments, alongside a 12-storey co-living building with 266 residences, making it one of the largest co-living proposals currently planned in regional New South Wales.

Of the apartments proposed in the build-to-sell towers, the majority, 310, are two-bedroom dwellings. The balance comprises 44 one-bedroom apartments and 37 three-bedroom residences. Apartment sizes range from around 50 sqm for one-bedroom homes to approximately 90 sqm for three-bedroom apartments.

<img alt="Smith St" data-entity-type="file" data-entity-uuid="19347059-1612-41a0-9c74-b86a657237f8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-10%20at%2010.02.18%E2%80%AFAM.png?VersionId=sWXnaCcA.cIC6N8YT1dg5pJ2e1V3Z6z7" />

The submission says the proposal has evolved significantly from its original Housing Delivery Authority application following extensive consultation with the State Design Review Panel and Wollongong City Council.

The final scheme has been designed to align with the emerging vision for the Flinders Street Precinct, an area identified by Council as a future high-density mixed-use neighbourhood capable of accommodating substantial housing growth close to transport, employment and community infrastructure.

According to the design report prepared by COX Architecture, the development aims to "deliver a built outcome consistent with the future character of the Wollongong CBD while responding to the site's unique constraints and opportunities."

"Our vision for the next phase of the site evolution in Wollongong is grounded in three design pillars that guide the design response: place, natural environment and celebration," COX said.

"Inspired by its surroundings and grounded in the stories of place on Wodi Wodi Country, the design proposal acknowledges the established character of its setting while creating a unique and timeless identity that sits harmoniously within it.

"The design proposal responds to its specific site conditions, acknowledging the vegetation, climate, wind conditions and solar access of the site."

The architecture responds directly to the site's position between Wollongong's urban core and its natural landscape setting.

COX identified views towards Mount Keira and the Illawarra Escarpment as defining features of the site, while the upper levels of the towers will also capture expansive views across the city and out to the Pacific Ocean.

The design team has positioned the tallest buildings closer to the rail corridor, where overshadowing impacts can be better managed while establishing a landmark built form on the northern approach into the city.

<img alt="Smith St" data-entity-type="file" data-entity-uuid="79580d5b-500c-4ebf-9629-797146a4a694" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-10%20at%209.51.59%E2%80%AFAM.png?VersionId=WbTB1EKSG.KDfsfz0F3wp1QVa2oCMGR5" />

Urban Property Group secured the 11,000 sqm Smith Street site in 2022 and has since progressed plans for the broader Keira Place precinct.

Construction recently commenced on the first stage of Keira Place, which will deliver 150 apartments across two residential buildings, including 27 affordable housing apartments and 18 specialist disability accommodation dwellings, alongside activated ground-floor retail and commercial space.

Urban Co-CEO Patrick Elias said the commencement of construction marked a significant milestone for Wollongong and reflected the developer's long-term commitment to regional cities.

"Today's groundbreaking is about turning approvals into homes and moving quickly to deliver much-needed housing in Wollongong's city centre," Elias said.

"Keira Place will provide a diverse mix of homes close to jobs, transport and services, while setting a high benchmark for quality, durability and consumer protection."

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/groundbreaking-marks-start-of-construction-at-keira-place-in-wollongong-cbd">Groundbreaking marks start of construction at Keira Place in Wollongong CBD</a>

&nbsp;

&nbsp;

&nbsp;

Urban Property Group unveils trio of towers for next stage of new Wollongong precinct, Keira Place

Central Element is seeking approval for a significant residential redevelopment in Lavender Bay, lodging plans for a dual-tower apartment project that would deliver 163 new homes on a prominent site at the northern gateway to Milsons Point.

The Sydney-based builder-developer has lodged a concurrent rezoning proposal and State Significant Development Application for <a href="https://www.apartments.com.au/new-apartments/64-66-lavender-street-lavender-bay-nsw-2060">64-66 Lavender Street and 3-7 Middlemiss Street</a>, a 2,305 sqm amalgamated site currently occupied by a collection of ageing residential flat buildings.

Designed by SJB, the proposal would replace the existing 32 apartments with two residential towers rising 23 and 32 storeys, comprising 163 apartments including affordable housing managed by a community housing provider. The project forms part of the NSW Government's Housing Delivery Authority program and has been progressing through a fast-tracked state planning pathway since being endorsed for further assessment in 2025.

The proposal is one of the most significant redevelopment opportunities currently under consideration on Sydney's lower north shore, sitting between the high-density towers of Milsons Point and the lower-scale heritage fabric of Lavender Bay.

<img alt="Lavender Bay" data-entity-type="file" data-entity-uuid="93ecf0ee-487d-4292-afc4-0bc9579475d6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-10%20at%209.30.48%E2%80%AFAM.png?VersionId=PunU2ipMaTxiJcJ8NdMyUlWA7d98eNUb" />

The planning proposal seeks a substantial uplift from the current 12 metre height limit, which would only allow for a four-storey building, however the submission argues a scheme within these limits would not be&nbsp;economically feasible given the complexity of site amalgamation and would fail to maximise housing delivery on land located within walking distance of major transport infrastructure.

SJB said the design evolved significantly following discussions with the Department of Planning, Housing and Infrastructure and independent design review processes.&nbsp;Rather than pursuing a single larger tower, the architects adopted a two-tower approach aimed at reducing perceived bulk, preserving view corridors and creating greater permeability at ground level.

The northern tower would rise 23 storeys and contain 81 apartments, while the southern tower would reach 32 storeys and accommodate 82 apartments. Five basement levels would provide 174 car spaces, 181 bicycle spaces and 10 motorcycle spaces.

"The proposal for 3–7 Middlemiss Street and 64–66 Lavender Street is driven by a clear ambition to complete the Middlemiss Peninsula, delivering the final piece of a carefully evolving urban precinct," SJB noted in its design report.

"Positioned at the threshold between Lavender Bay and the North Sydney CBD, the development is envisioned as a unifying element—one that completes the skyline composition while providing a considered and harmonious transition between the peninsula’s established character and the intensity of the CBD beyond.

"Collectively, the development aspires to create a landmark that is generous, inclusive, and deeply connected to its setting, one that enhances the skyline, strengthens the public realm, and contributes to a more equitable and sustainable urban future."

Communal spaces would be distributed across multiple levels, including landscaped podium gardens, swimming pool facilities, barbecue areas and rooftop-style retreat spaces designed for residents. The proposal delivers more than 1,500 sqm of communal open space and nearly 400 sqm of indoor communal facilities.

<img alt="Central Element" data-entity-type="file" data-entity-uuid="0671c276-6dd8-4cfc-97b0-134a45d2c8cf" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-10%20at%209.30.17%E2%80%AFAM.png?VersionId=90D7lRaCTMTsFx92tIBrHlZcuaV_a4cw" />

A major focus of the planning assessment has been the project's relationship with surrounding public open spaces.

Clark Park, Bradfield Park and Wendy Whiteley's Secret Garden are among the lower north shore's most valued public landscapes, and overshadowing impacts have been closely examined through the design process. Central Element is proposing to also create a new public plaza and pocket park as part of the development.

Central Element has been developing across Sydney since 2010.

They have recently completed their Chatswood tower, Ethos Chatswood, as well as their luxury redevelopment of Coogee's landmark Ballamac House. They are currently selling Pearl Bondi, just seven high-end homes, while future plans include a tower on Hyde Park, and a boutique project in Neutral Bay.

Robert Larocca

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