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There are 1,187 auctions scheduled this week in Melbourne compared to 1,172 for the same time last year.
The most auctions are expected in <a href="/news">Reservoir</a> with 24 expected followed by 23 in both <a href="/news">Bentleigh East</a> and <a href="/news">Glen Waverley</a>.
The clearance rate over the past few weeks has provided further confirmation that the market is healthy but not booming.
This is also obvious when the home values are both corrected for inflation and then compared to the previous peaks. At the end of September house values in Melbourne were 3% below their peak in real terms and units 5.4% lower. In many parts of Melbourne buyers have better purchasing power than they did in 2010.
Clearance rates may have dropped but the private sale market continues to tighten.
On a citywide basis, the time on market results for houses sold at private sale was stable at a very low 31 days over the last week and vendor discounting dropped to -4.7%.
Key data:
<ul>
<li>Clearance rate week ending 16 November: 68.9%</li>
<li>Melbourne auctions expected week ending 23 November: 1,187</li>
<li>Melbourne private sales time on market week ending 16 November: 31 days (houses)</li>
<li>Melbourne vendor discounting market week ending 16 November: -4.7% (houses)</li>
<li>Listings being prepared for market are 4.3% higher in month ending 16 November (seasonally adjusted)</li>
</ul>
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Market healthy, but not booming: RP Data's weekend auction preview

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A preliminary weighted average clearance rate of 69% was recorded this week across capital cities compared to 63.5% last week and 67.4% this time last year.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2014/11/20141117-Capital-City.jpg" rel="wp-prettyPhoto[g4007]"><img src="https://blog.corelogic.com.au/wp-content/uploads/2014/11/20141117-Capital-City-580x427.jpg" alt="RP Data auction market comment | Capital City" width="580" height="427"></a>
Auction volumes were 14% higher than this time last year due to increased listings in both Sydney and Melbourne. Higher stock levels are providing increased opportunities for buyers in capital cities, especially in Melbourne.
In Sydney the auction market returned to trend after the second highest volume this year. A preliminary clearance rate of 75.2% recorded compared to 68.1% last week and 75.3% last year.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2014/11/20141117-Sydney.jpg" rel="wp-prettyPhoto[g4007]"><img class="aligncenter size-large wp-image-4009" src="https://blog.corelogic.com.au/wp-content/uploads/2014/11/20141117-Sydney-580x388.jpg" alt="RP Data auction market comment | Sydney" width="580" height="388"></a>
In Melbourne a preliminary clearance rate of 66.7% was recorded compared to 65.5% last week and 69% this time last year. Lower clearance rates have certainly been observed over the last three weeks. Analysis shows that they have returned to trend after what was in retrospect a strong early spring.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2014/11/20141117-Melbourne.jpg" rel="wp-prettyPhoto[g4007]"><img class="aligncenter size-large wp-image-4010" src="https://blog.corelogic.com.au/wp-content/uploads/2014/11/20141117-Melbourne-580x382.jpg" alt="RP Data auction market comment | Melbourne" width="580" height="382"></a>
In Brisbane a preliminary clearance rate of 45.3% was recorded compared to 43.1% last week.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2014/11/20141117-Brisbane.jpg" rel="wp-prettyPhoto[g4007]"><img class="aligncenter size-large wp-image-4011" src="https://blog.corelogic.com.au/wp-content/uploads/2014/11/20141117-Brisbane-580x387.jpg" alt="RP Data auction market comment | Brisbane" width="580" height="387"></a>
Adelaide recorded a clearance rate of 60.7% compared to 57.4% last week.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2014/11/20141117-Adelaide.jpg" rel="wp-prettyPhoto[g4007]"><img class="aligncenter size-large wp-image-4012" src="https://blog.corelogic.com.au/wp-content/uploads/2014/11/20141117-Adelaide-580x382.jpg" alt="RP Data auction market comment | Adelaide" width="580" height="382"></a>
In Canberra a clearance rate of 66% was recorded.
In Perth a clearance rate of 66.7% was recorded.
In Tasmania 4 auction sales were recorded and 3 homes were passed in.
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Auction volumes rise 14% on 2013: RP Data's national auction wrap

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The most recent update to the list of million dollar suburbs in Melbourne has seen 50 reach or exceed that mark.
This is an increase of one on last month with <a href="/news">Caulfield East</a> joining the list. The median value of a house in that suburb is now $1,002,366. Prior to Caulfield East the other recent additions were <a href="/news">Fairfield </a>and <a href="/news">Aberfeldie</a>. Those additions meant that Melbourne now has million dollar suburbs in the north, east, south and west of the city.
The list is headed by the usual suspects; <a href="/news">Toorak</a>, <a href="/news">Deepdene</a>, <a href="/news">Canterbury</a>, <a href="/news">Kooyong</a> and <a href="/news">East Melbourne</a>.  The median house value in <a href="/news">Toorak</a> is now $2.85 million and unlike the majority of million dollar suburbs this number has fallen over the last year.
The suburbs next in line do not contain many surprises but can also tell us a lot about housing values in Melbourne.
The suburbs that are within $20,000 of the million dollar mark are <a href="/news">Prahran</a>, <a href="/news">Carlton North</a>, <a href="/news">Port Melbourne</a>, <a href="/news">Williamstown </a>and <a href="/news">Bentleigh</a>.
Bentleigh is quite typical of the next group of suburbs that will join the list. It would have been quite surprising a few years ago to think of Bentleigh houses costing this much but with 97 selling for over a million in the last 12 months it now a regular feature of the area.
A cursory glance at the ‘for sale’ advertisements shows a suburb undergoing significant change with an increase in multi unit dwellings replacing the older homes on what are now large blocks. These homes coexist with a mixture of styles that are clearly proving to be very popular with buyers.
There are 1,338 auctions scheduled this week in Melbourne compared to 1,270 for the same time last year. The most auctions will be found in <a href="/news">Bentleigh East </a>with 29.
Auctions are generally more popular in the most expensive segment of the market and some suburbs have been recording multiple sales in the ultra expensive category.
A review of suburbs ranked by the number of sales valued at more than $2 million over the last year shows that three had more than 100; <a href="/news">Brighton</a>, Toorak and <a href="/news">Kew</a>. <a href="/news">Camberwell</a>, Canterbury, <a href="/news">Balwyn</a>, <a href="/news">Hawthorn </a>and <a href="/news">Malvern </a>had between 50 and 100. Outside of the leafy inner east there were some interesting results in <a href="/news">Hampton</a>, <a href="/news">Elwood</a>, <a href="/news">Ivanhoe </a>and <a href="/news">Richmond </a>had between 10 and 20 sales over $2 million.
On a citywide basis, the time on market results for houses sold at private sale was stable at a very low 31 days over the last week and vendor discounting remained stable at -4.8%.
Key data
<ul>
<li>Clearance rate week ending 9 November: 65.5%</li>
<li>Melbourne auctions expected week ending 16 November: 1,338</li>
<li>Melbourne private sales time on market week ending 9 November: 31 days (houses)</li>
<li>Melbourne vendor discounting market week ending 9 November: -4.8% (houses)</li>
<li>Listings being prepared for market are 4.3% higher in month ending 9 November (seasonally adjusted)</li>
</ul>
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Bentleigh soon to become a million dollar suburb: RP Data's Melbourne weekend auction preview

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A preliminary weighted average clearance rate of 63.7% was recorded this week across capital cities compared to 68.7% last week and 68.3% this time last year.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/11/20141110-Capital-City.jpg" rel="wp-prettyPhoto[g3951]"><img class="aligncenter size-large wp-image-3952" src="https://blog.rpdata.com/wp-content/uploads/2014/11/20141110-Capital-City-580x421.jpg" alt="RP Data auction market comments | Capital City" width="580" height="421"></a>
It is interesting to note that due to an increase in the popularity of auctions more homes have been sold in Sydney at auction this year than Melbourne. This is the first time this has occurred. After this week there have been 24,590 auction sales in Sydney and 24,336 in Melbourne.
In Sydney market a preliminary clearance rate of 69% recorded compared to 75.6% last week and 76% last year. After a fortnight of mild improvement the ongoing high volumes are clearly having an impact with a lower clearance rate this week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/11/20141110-Sydney.jpg" rel="wp-prettyPhoto[g3951]"><img class="aligncenter size-large wp-image-3953" src="https://blog.rpdata.com/wp-content/uploads/2014/11/20141110-Sydney-580x385.jpg" alt="RP Data auction market comments | Sydney" width="580" height="385"></a>
In Melbourne there was a preliminary clearance rate of 63.8% recorded compared to 69.6% last week and 68.1% this time last year. The market is shifting in favor of buyers at the right time of the year with a high volume of auctions expected between now and Christmas.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/11/20141110-Melbourne.jpg" rel="wp-prettyPhoto[g3951]"><img class="aligncenter size-large wp-image-3954" src="https://blog.rpdata.com/wp-content/uploads/2014/11/20141110-Melbourne-580x382.jpg" alt="RP Data auction market comments | Melbourne" width="580" height="382"></a>
In Brisbane a preliminary clearance rate of 45% was recorded compared to 45.3% last week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/11/20141110-Brisbane.jpg" rel="wp-prettyPhoto[g3951]"><img class="aligncenter size-large wp-image-3955" src="https://blog.rpdata.com/wp-content/uploads/2014/11/20141110-Brisbane-580x386.jpg" alt="RP Data auction market comments | Brisbane" width="580" height="386"></a>
Adelaide recorded a clearance rate of 61.3% compared to 57.4% last week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/11/20141110-Adelaide.jpg" rel="wp-prettyPhoto[g3951]"><img class="aligncenter size-large wp-image-3956" src="https://blog.rpdata.com/wp-content/uploads/2014/11/20141110-Adelaide-580x388.jpg" alt="RP Data auction market comments | Adelaide" width="580" height="388"></a>
In Canberra a clearance rate of 50.6% was recorded.
In Perth a clearance rate of 56.3% was recorded.
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More homes sold at auction in Sydney than Melbourne this year: RP Data's national auction wrap

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There are 999 auctions scheduled this week in Melbourne compared to 1,123 for the same time last year.
The most auctions will be found in <a href="/news">Mount Waverley</a> with 20, followed by 19 in <a href="/news">St Kilda</a> and 16 in <a href="/news">Glen Waverley</a>.
With just under two months remaining in the year it is worth noting that October was a relatively good month for sellers with the growth in home values increasing more strongly than in August and September.
The release this week of the RP Data CoreLogic Home Value Index showed that Melbourne house values rose by 2.1% over the month and by 1.8% over the last three months. Units saw a small rise of 0.5% in the month and 2.2% in the quarter. Over the more important longer term, the house value index outpaced units with a 9.5% rise over this year compared to 3.1%.
Auction market conditions are similar to those in the private sale market. On a citywide basis, the time on market results for houses sold at private sale tightened again from 33 days to 31 days over the last week whilst vendor discounting remained stable at -4.8%.
Key data
<ul>
<li>Clearance rate week ending 2 November: 69.6% 
</li>
<li>Melbourne auctions expected week ending 9 November: 999 
</li>
<li>Melbourne private sales time on market week ending 2 November: 31 days (houses) 
</li>
<li>Melbourne vendor discounting market week ending 2 November: -4.8% (houses) 
</li>
<li>Listings being prepared for market are 5.2% higher in month ending 2 November (seasonally adjusted)</li>
</ul>
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RP Data's Melbourne weekend auction preview

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A preliminary weighted average clearance rate of 71.1% was recorded this week across capital cities compared to 69.3% last week and 70.3% this time last year.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/11/20141103-Capital-City.jpg" rel="wp-prettyPhoto[g3924]"><img class="aligncenter size-large wp-image-3925" src="https://blog.rpdata.com/wp-content/uploads/2014/11/20141103-Capital-City-580x429.jpg" alt="RP Data Auction Comments | Capital City" width="580" height="429"></a>
With volumes low in Melbourne due to the Melbourne Cup the main activity in the auction market was in Sydney which had its eighth week with over 1,000 auctions for the year and continued to record above trend results.
The Sydney market continues to strengthen with a preliminary clearance rate of 78.5% recorded compared to 74.8% last week and 75% last year. The improving trend is apparent over the medium term as well with a citywide clearance rate the first ten months of the year of 75.1% compared to 72.5% a year ago.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/11/20141103-Sydney.jpg" rel="wp-prettyPhoto[g3924]"><img class="aligncenter size-large wp-image-3926" src="https://blog.rpdata.com/wp-content/uploads/2014/11/20141103-Sydney-580x389.jpg" alt="RP Data Auction Comment | Sydney" width="580" height="389"></a>
In Melbourne there was a preliminary clearance rate of 68.2% recorded compared to 71% last week and 70.8% this time last year. From a clearance rate perspective the Melbourne market is marginally down on a year ago with a year to date clearance rate of 68.9% compared to 69.6%.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/11/20141103-Melbourne.jpg" rel="wp-prettyPhoto[g3924]"><img class="aligncenter size-large wp-image-3927" src="https://blog.rpdata.com/wp-content/uploads/2014/11/20141103-Melbourne-580x378.jpg" alt="RP Data Auction Comments | Melbourne" width="580" height="378"></a>
In Brisbane a preliminary clearance rate of 47.3% was recorded compared to 46.3% last week. The Brisbane auction market is stronger than a year ago with a clearance rate of 46.3% compared to 41.2%.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/11/20141103-Brisbane.jpg" rel="wp-prettyPhoto[g3924]"><img class="aligncenter size-large wp-image-3928" src="https://blog.rpdata.com/wp-content/uploads/2014/11/20141103-Brisbane-580x376.jpg" alt="RP Data Auction Comment | Brisbane" width="580" height="376"></a>
Adelaide recorded a clearance rate of 61.5% compared to 56.5% last week.
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Sydney leads the way: RP Data's weekend auction wrap

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Melbourne property market transaction numbers are marginally higher on what they were this time last year, with the growth largely coming through auction sales.
Comparing the months with the vast majority of settled sales, from January to July, the results show a rise of 3.7% compared to a year ago.
On a month by month basis, the majority of the growth occurred in March and April when in excess of 1,000 auctions were recorded across five consecutive weeks.
This same occurrence also took place between 2012 and 2013. In 2013 there were 9,738 more home sales in Melbourne than in 2012 and there were 10,175 extra sales by auction.
The growth in volumes was completely accounted for through the use of auctions. The same seems to be the case this year.
Based on the first seven months of the year, there have been 1,725 more home sales and at the same time 3,248 more sales by auction.
These numbers highlight one of the key characteristics about auctions and where they work well when there is competition between buyers. Competition such as this can arise through many means; there may be an inadequate number of homes on the market or something unique about the property in question.  This is why auctions are rarely used in the outer suburbs and more frequently used in the inner city.
When making the decision of how to sell, owners would be well advised to keep this factor in mind and listen to the advice of their real estate agent.
There are 175 auctions scheduled this week in Melbourne compared to 196 for the same time last year. The low volumes are a result of the Melbourne Cup on Tuesday and ensure that the week’s auction results will not be a useful auction market indicator.
Last week’s record volume of auctions and sales provides a clear indication that the remaining seven weeks should provide healthy outcomes for sellers.
On a city wide basis, the time on market results for houses sold at private sale tightened again from 36 days to 33 days over the last week whilst vendor discounting remained stable at -4.8%.
Key data
<ul>
<li>Clearance rate week ending 26 October: 71%</li>
<li>Melbourne auctions expected week ending 2 November: 175</li>
<li>Melbourne private sales time on market week ending 26 October: 33 days (houses)</li>
<li>Melbourne vendor discounting market week ending 26 October: -4.8% (houses)</li>
<li>Listings being prepared for market are 4.7% higher in month ending 26 October (seasonally adjusted)</li>
</ul>
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Melbourne auctions providing growth in transactions: RP Data's weekend preview

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A preliminary weighted average clearance rate of 70.5% was recorded this week across capital cities compared to 68.6% last week and 71.8% this time last year.
This was a strong week for auctions nationally and results suggest that the remaining eight weeks should provide good outcomes for sellers and plenty of choice for buyers.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/10/20141027-Capital-City.jpg" rel="wp-prettyPhoto[g3902]"><img class="aligncenter size-large wp-image-3903" src="https://blog.rpdata.com/wp-content/uploads/2014/10/20141027-Capital-City-580x426.jpg" alt="RP Data auction review | Capital City" width="580" height="426"></a>
In Sydney a preliminary clearance rate of 78.1% was recorded compared to 72% last week and 79.7% last year. After two lackluster weeks the Sydney market has returned to trend.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/10/20141027-Sydney.jpg" rel="wp-prettyPhoto[g3902]"><img class="aligncenter size-large wp-image-3904" src="https://blog.rpdata.com/wp-content/uploads/2014/10/20141027-Sydney-580x382.jpg" alt="RP Data auction review | Sydney" width="580" height="382"></a>
In Melbourne there was a preliminary clearance rate of 70.6% recorded compared to 71.7% last week and 71.9% this time last year. Not only were there a record number of auctions, but a record number of homes sold at auction. The previous high of 1,163 from a year ago was surpassed.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/10/20141027-Melbourne.jpg" rel="wp-prettyPhoto[g3902]"><img class="aligncenter size-large wp-image-3905" src="https://blog.rpdata.com/wp-content/uploads/2014/10/20141027-Melbourne-580x379.jpg" alt="RP Data auction review | Melbourne" width="580" height="379"></a>
In Brisbane a preliminary clearance rate of 50.6% was recorded compared to 46% last week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/10/20141027-Brisbane.jpg" rel="wp-prettyPhoto[g3902]"><img class="aligncenter size-large wp-image-3906" src="https://blog.rpdata.com/wp-content/uploads/2014/10/20141027-Brisbane-580x378.jpg" alt="RP Data auction review | Brisbane" width="580" height="378"></a>
Adelaide recorded a clearance rate of 55.6% compared to 53.3% last week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/10/20141027-Adelaide.jpg" rel="wp-prettyPhoto[g3902]"><img class="aligncenter size-large wp-image-3907" src="https://blog.rpdata.com/wp-content/uploads/2014/10/20141027-Adelaide-580x387.jpg" alt="RP Data auction review | Adelaide" width="580" height="387"></a>
In Canberra a clearance rate of 58.3% was recorded.
In Perth a clearance rate of 28.6% was recorded.
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Records broken in auction market: RP Data's weekend auction wrap

<html><body>
There are 1,641 auctions scheduled this week in Melbourne compared to 1,619 for the same time last year. This is an all-time record for the Melbourne auction market.
This highest volume of auctions will be found in <a href="/news">Brighton </a>and <a href="/news">Richmond </a>where 27 are expected followed by 25 in <a href="/news">Hawthorn</a>, 24 in <a href="/news">Reservoir </a>and 23 in both <a href="/news">Brunswick </a>and <a href="/news">St Kilda</a>.
Prior to this week, the previous record number of auctions was the same week last year. Over the past few years this week in October has regularly featured the peak number of auctions for each of the years as sellers avoid the following week due to Derby Day and the Melbourne Cup.
On a city wide basis, the time on market results for houses sold at private sale tightened from 37 days to 36 days over the last week whilst vendor discounting fell from -4.9% to -4.8%.
Key data
<ul>
<li>Clearance rate week ending 19 October: 71.2%</li>
<li>Melbourne auctions expected week ending 26 October: 1641</li>
<li>Melbourne private sales time on market week ending 19 October: 36 days (houses)</li>
<li>Melbourne vendor discounting market week ending 19 October: -4.8% (houses)</li>
<li>Listings being prepared for market are 4.7% higher in month ending 19 October (seasonally adjusted)</li>
</ul>
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All-time record number of auctions: RP Data's Melbourne weekend preview

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A preliminary weighted average clearance rate of 68.5% was recorded this week across capital cities compared to 67.8% last week and 70.4% this time last year.
This result is consistent with the year's trend. The year to date clearance rate for capital cities was 68.3% before this week.
In Sydney a preliminary clearance rate of 75.5%  was recorded compared to 71.9% last week and 79.5% last year. Despite the clearance rate not being higher than a year ago the auction market has improved with more homes being sold.
In Melbourne there was a preliminary clearance rate of 68% recorded compared to 70% last week and 68.6% this time last year. Concerns the auction market was beginning to weaken have not been added to this week.
Next week will prove an interesting test, with a record of around 1800 auctions scheduled.
In Brisbane a preliminary clearance rate of 50.5% was recorded compared to 48.8% last week.
Adelaide recorded a clearance rate of 50%  compared to 55.8% last week.
In Canberra a clearance rate of 50% was recorded.
In Perth a clearance rate of 60% was recorded.
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Capital cities land on trend: RP Data's national auction wrap

International developer&nbsp;<a href="https://www.apartments.com.au/developers/spg-land">SPG Land</a> is preparing to re-launch its long-awaited $1.5 billion <a href="https://www.apartments.com.au/new-apartments/paradiso-place-surfers-paradise-103-ferny-avenue-surfers-paradise-qld-4217">Paradiso Place</a> development at Budds Beach, bringing a new price point to the Surfers Paradise apartment market.

The developer will release one-bedroom apartments from $825,000 and two-bedroom apartments from $1.24 million in the three-tower development.

According to Urbis, the starting price for the two-bedroom apartments is more than $400,000 below the weighted average sale price for comparable two-bedroom apartments in Surfers Paradise during 2025, which was pinned at $1.7 million.

&nbsp;

Urbis reported quarterly average sale prices for new two-bedroom, two-bathroom apartments ranged from around $1.2 million to $1.7 million throughout 2025, peaking in the December quarter.

[smartcode_project:default project_id=106566 project_image_fid=185853]

Paradiso Place is now moving into its formal sales campaign, with a limited early-release opportunity available ahead of the public launch.

The development will comprise 845 apartments across three towers rising 40, 41 and 44 storeys from a 1.15-hectare site spanning an entire city block. The towers will sit above a new retail precinct.

"Paradiso Place represents a rare opportunity in today's market, offering premium apartments at a price point that is significantly more competitive than anything else currently available," SPG Land Sales Director Brad McMahon said.

"When you look at comparable new developments across Surfers Paradise, Main Beach and the Southern Beaches precinct, buyers are typically paying hundreds of thousands more for a similar product.

"The scale of this project and the developer-builder construction model allows us to unlock efficiencies that smaller developments simply cannot achieve. We are passing those benefits directly to buyers, while still delivering a five-star residential experience with an unmatched lifestyle."

[smartcode_project:default project_id=106566 project_image_fid=374280]

Each of the three towers designed by Rothelowman will have its own podium, connected by an elevated skybridge network to create a beachside village for residents. The resident amenity has been designed to rival a five-star hotel, with private dining rooms, resident lounges and entertainment spaces.

McMahon said the pricing strategy was a deliberate response to the current market.

"What Paradiso Place offers is a unique balance, genuine value within a premium market. Buyers are not compromising on quality, design or amenity, they are gaining access to it at a more competitive price point at a time when prices across the Gold Coast continue to reach new highs."

[smartcode_project:default project_id=106566 project_image_fid=362498]

Located around 100 metres from the beach and within walking distance of the Surfers Paradise North light rail station, Paradiso Place occupies one of the Gold Coast's most tightly held beachfront precincts.

Construction is continuing to progress, with eight of the project's 112 foundation piles now complete. Excavation has also commenced on the first diaphragm wall panel, with the first concrete poured on 15 June, marking a key milestone in the project's early works program.

[smartcode_project_cta:default project_id=106566]

Joel Robinson

SPG Land launches $1.5 billion Paradiso Place at attractive price point

Luxury developer-builder <a href="https://www.apartments.com.au/developers/lowe-living">Lowe Living</a> has achieved a new Victorian benchmark for an off-the-plan apartment, with the sale of two penthouses at its ultra-exclusive Maison Savoy development in Brighton.

The two penthouses achieved a combined sale rate of $49,926 per sqm. Both transactions eclipsed the previous identified Victorian off-the-plan price-per-square-metre benchmark, set by the 449 sqm apartment at Como Toorak, which sold at $46,659 per sqm.

[smartcode_project:default project_id=140818 project_image_fid=366473]

<a href="https://www.apartments.com.au/new-apartments/maison-savoy-brighton-150-esplanade-brighton-vic-3186">Maison Savoy</a>, Lowe Living's redevelopment of the former Brighton Savoy Hotel on absolute beachfront land at 150 The Esplanade, Brighton, has gained significant momentum since launching just eight weeks ago. Around 30 per cent of the project's 19 residences have already been secured, generating approximately $45 million in sales.

"Securing two of the three penthouse sales at this stage, within eight weeks of launching to market speaks to the confidence our clients place in Lowe Living," Lowe Living co-founder Emma Lowe said.

"They know we'll be with them through every stage of the journey, and that assurance is something we've worked hard to earn and never take for granted."

[smartcode_project:default project_id=140818 project_image_fid=366474]

Lowe said Maison Savoy was conceived as a genuine alternative to a prestige Brighton home, combining house-scale proportions with the convenience, security and lock-up-and-leave appeal of apartment living.

Lowe Living co-founder Tim Lowe said the early sales success demonstrated the resilience of Melbourne's prestige market and highlighted the growing demand for house-sized apartments among ultra-high-net-worth buyers.

"The Melbourne market has definitely been tested in recent years, with interest rates and global economic factors all creating a period of uncertainty across the real estate sector. The sales success at Maison Savoy however demonstrates that confidence remains exceptionally strong at the top end of the market.

"The prestige market is being driven by long-term lifestyle decisions rather than short-term market sentiment, which continues to create a level of certainty that befits an absolute beachfront property in a blue-chip location like Brighton.

"Brighton's fundamentals remain among the strongest in Melbourne, with limited new supply, enduring demand from an overwhelmingly local owner-occupier market, and a rare combination of beachfront amenity and proximity to the CBD."

[smartcode_project:default project_id=140818 project_image_fid=374378]

According to Cotality, Brighton remains one of Melbourne's most tightly held prestige suburbs, with an average ownership tenure of 15.3 years for houses and 12.3 years for units, while more than 73 per cent of homes are owner-occupied.

Tim Lowe said selling two of the project's three penthouses so early in the campaign was an uncommon result.

"This sales result is a reflection of quality and understanding the local market. It's incredibly rare to transact the penthouses so early in a sales campaign in any project so to have sold two of the three penthouses at Maison Savoy so soon after launch, all in-house without any external sales agency appointed, is reflective of our careful consideration of our buyers' needs and lifestyle.

"This is knowledge that is accumulated not just from data and demographic analysis, but via a deeply embedded understanding of how this type of buyer wants to live and feel in their home. We pride ourselves on getting to know our clients personally, and over the last 10 years we have been able to refine our product offering by talking one-on-one with our clients about their design and floorplan preferences.

"Being a fully integrated developer-builder with an in-house design and sales team allows us to lead every part of the process and ensure the highest quality of product and service at every touchpoint. It's a really important part of our DNA and the recent sales success at Maison Savoy indicates that our clients and purchasers are resonating with this point of difference.

"It reinforces that demand remains strong for thoughtfully designed residences that offer rarity, lifestyle and long-term value in tightly held locations, which ultimately validates Maison Savoy's positioning as creating a new benchmark for house-scale, wellness-led apartment living on Brighton's beachfront."

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The residences at Maison Savoy start from 295 sqm, with most enjoying uninterrupted views across Port Phillip Bay. The project sits moments from the Brighton Bathing Boxes, Royal Brighton Yacht Club, Middle Brighton Baths and Church Street's retail and dining precinct.

A key feature of the development is its private residents-only bathhouse, curated by the founder of Aurora Spa &amp; Bathhouse and modelled on traditional European bathing rituals and the award-winning Sorrento bathhouse.

The wellness offering includes a hydrotherapy pool, salt room, sauna, steam room, cold plunge pool, foot activation zone and a Vichy rainfall bed, one of only a handful in Australia. Residents will also have access to a Technogym studio, lounge spaces and a dedicated concierge service offering everything from morning coffee delivery and restaurant bookings to dry cleaning and home coordination.

"Wellness-led design has become a defining factor for luxury buyers," Emma Lowe said.

"Purchasers increasingly value homes that enhance wellbeing through thoughtful design, private amenity, privacy and liveability."

The penthouse purchasers are now undertaking a bespoke customisation process curated personally by architect Pete Kennon and the Lowe Living team, one of the developer's signature service offerings.

Construction on the $160 million transformation of the former Brighton Savoy Hotel site commenced last month, with completion expected in early 2028. The project has secured funding from NAB alongside development partner Monark.

Just one penthouse remains available, along with a limited number of two and three-bedroom residences starting from $3.75 million.

Lowe Living currently has eight projects on the market across Melbourne and recently celebrated its 10th anniversary, having grown a $1 billion development pipeline alongside a $350 million construction pipeline.

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Lowe Living set new Melbourne off the plan apartment record

For more than three decades, Hyecorp has been delivering residential projects across Sydney's Lower North Shore, building a portfolio centred on design-led apartment living in some of the city's most established neighbourhoods.

Hyecorp recently launched the latest in its long line of apartment developments, Celine, a 29-storey tower on Archer Street in Chatswood. Like the majority of the developer's projects, Celine caters to a broad buyer demographic, offering a mix of one, two, three and four-bedroom apartments, all designed with owner-occupiers in mind.

Functionality and flexibility are often buzzwords in the new apartment market, but they sit at the core of Hyecorp's design philosophy.

Hyecorp Joint Managing Director Stephen Abolakian says the developer understands it isn't designing apartments for today's needs alone, but for how buyers will live several years into the future.

"When we launch our projects we need to be aware that these developments aren't finished for several years," Abolakian says.

"That home office in the here and now might be a nursery by the time the project completes for a prospective buyer, so we need to think about how the apartment spaces function for future uses so there's longevity in the ownership."

Celine's architects, Fuse, followed the same philosophy, saying the design extends well beyond aesthetics.

"Celine focuses on timeless architectural form and functionality, with a strong emphasis on light, proportion and materiality. The design responds to the urban context of Chatswood while delivering calm, highly liveable interiors that feel both contemporary and enduring. The floorplans have been carefully resolved to maximise usability and outperform typical market offerings in terms of efficiency and liveability."

Most apartments incorporate multipurpose rooms designed for flexibility. Each includes an integrated desk and a standard Murphy pull-down single bed, allowing the space to transition from a home office or study to guest accommodation as needs change. The layouts have also been designed to maximise natural light, storage and overall functionality.

One and two-bedroom apartments feature Miele appliances, while three and four-bedroom residences are appointed with integrated Gaggenau appliances and Taj Mahal stone benchtops.

Buyers who purchase early in the construction process can also take advantage of Hyecorp's "Live Your Way" interior design service, allowing them to personalise finishes and tailor elements of their home to suit their own lifestyle. It's a feature designed to appeal to owner-occupiers who want their apartment to feel uniquely theirs from the day they move in.

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While flexible floorplans have become a hallmark of Hyecorp's apartment design, the developer has also continued to place significant emphasis on resident amenity.

As buyers increasingly expect more from apartment living, shared spaces have evolved beyond a gym and barbecue area. They are now an extension of the home, providing spaces to relax, exercise, entertain and connect with neighbours.

At Celine, the resident amenity has been designed with a focus on wellness, centred on the level six podium. An infinity-edge swimming pool, spa, sauna and fully equipped gym are complemented by barbecue facilities and a residents' lounge, creating a range of spaces for relaxation, recreation and social connection above the streets of Chatswood.

Practical conveniences have also been integrated throughout the building, including EV charging provisions, smart parcel lockers, bicycle storage, a pet wash station and dedicated car wash bays, reflecting the project's focus on making everyday living as seamless as possible.

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"Celine has been designed to deliver a refined residential experience that reflects the evolution of Chatswood into a premium urban centre,"&nbsp;Abolakian says.

"With over 30 years of experience delivering projects across Sydney's Lower North Shore, Hyecorp brings a deep understanding of what local buyers value. Every detail has been considered to balance luxury, functionality and long-term liveability. This is not just about apartments, but about creating a lasting residential address for discerning buyers."

Hyecorp, vertically-integrated builder-developer, is anticipating construction commencement later this year.

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Hyecorp brings 30 years of Lower North Shore experience to Celine in Chatswood

Burgeoning South East Queensland developer <a href="https://www.apartments.com.au/developers/frank-developments">Frank Developments</a> is continuing to pad out its capital city development pipeline.

The developer, led by Frank Licastro, has its sights set on Kingsford Smith Drive in Hamilton, where it is planning <a href="https://www.apartments.com.au/new-apartments/avela-60-kingsford-smith-drive-albion-qld-4010">AVELA</a>, a 166-apartment development across three towers that tier down from 28 storeys to 19 and 17.

The towers will rise above the iconic Breakfast Creek Hotel.

Frank has brought on Melbourne architecture practice <a href="https://www.apartments.com.au/architects/rob-kennon-architects">Kennon</a> to design the building, conceived as a “defining architectural marker where the airport corridor meets the inner city.”

<img alt="First look: Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway" data-entity-type="file" data-entity-uuid="e787c64e-f0a4-4725-891e-e86b40ee5c5c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/AVELA.png?VersionId=1ulwuZ9w2vQ2td7v.J2zUI7Ih_DT4Kwz" />

Kennon describes the project as a once-in-a-generation opportunity.

"Positioned at the northern gateway of Brisbane's primary CBD corridor, this project represents a singular moment in the city's urban evolution, one that will not come again," the architecture practice said in the documents submitted to the Brisbane City Council.

"Where the airport and world beyond meets the city, the building will rise as a sculptural landmark, a defining piece of architecture that signals arrival into Brisbane and anchors the connection between the city and the communities to its north."

<img alt="First look: Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway" data-entity-type="file" data-entity-uuid="d572bf62-a98d-4847-95d0-889e3d3283e1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/AVELA%20podium.png?VersionId=6.Ax4jBzTbY5ahm55iaMWNR03ODhDQSm" />

The development is centred around owner-occupier apartments, with a mix of two, three and four-bedroom residences designed to capitalise on city and river views.

Four basement levels accommodate resident parking, allowing the podium to prioritise pedestrian activity and public-facing uses like ground-floor retail, a cafe, a&nbsp;neighbourhood grocer, and a public accessible indoor pickleball court and event space.&nbsp;

There will be nearly 2,000 sqm of communal wellness and recreation facilities across three levels.

<img alt="First look: Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway" data-entity-type="file" data-entity-uuid="c5ac3cbf-3c11-4219-89f3-e12d9e0f9ffd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/AVELA%20podium%20A.png?VersionId=_.4zd1HLCKa1s6I_oxkY4NNqX6o3Yevn" />

&nbsp;

Frank Developments has increasingly focused on design-led residential projects across South East Queensland.

AVELA is Licastro's second on Kingsford Smith Drive following <a href="https://www.apartments.com.au/new-apartments/alba-92-kingsford-smith-drive-hamilton-qld-4007">Alba</a>, 85 apartments just down the road. The developer has <a href="https://www.apartments.com.au/new-apartments/mira-61-garfield-terrace-surfers-paradise-qld-4217">MIRA</a> and <a href="https://www.apartments.com.au/new-apartments/myst-burleigh-heads-270-the-esplanade-miami-qld-4220">MYST</a> on the Gold Coast, as well as <a href="https://www.apartments.com.au/new-apartments/murano-teneriffe-37-wyandra-street-new-farm-qld-4005">Murano</a> coming up in Teneriffe and <a href="https://www.apartments.com.au/new-apartments/bel-air-33-oxlade-drive-new-farm-qld-4005">Bel Air in New Farm</a>.

Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway

ASX-listed developer <a href="https://www.apartments.com.au/developers/stockland">Stockland</a>&nbsp;is continuing its push back into the new apartment market, filing plans for a prominent gateway site between Collingwood and East Melbourne.

The development giant, which moved back into the new apartment space when it announced Stanton Place in Sydney's Rosebery and have since filed plans for a 50-storey tower, are jumping into the off the plan Melbourne market.

They are hoping to create a mixed-use neighbourhood precinct for <a href="https://www.apartments.com.au/new-apartments/79-81-victoria-parade-collingwood-vic-3066">79-81 Victoria Parade</a>, replacing an existing commercial building with a scheme by <a href="https://www.apartments.com.au/architects/john-wardle-architects">Wardle</a>&nbsp;for 478 apartments,&nbsp;ground-floor retail, new public open spaces and a publicly accessible pedestrian laneway.

<img alt="First look: Stockland plans new mixed-use neighbourhood precinct for Collingwood gateway site" data-entity-type="file" data-entity-uuid="72dbbca9-3918-4073-afad-a0c0c35be8e7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/stockland%20pers.png?VersionId=bzMVUKKxvwuNK1m0v_td126Rgct32uk_" />

The design report identifies the public realm as a central driver of the proposal.

"Collingwood has limited access to high-quality parks and public open space, and the proposal delivers valuable new areas for respite, social interaction and fine-grain retail activity."

The development would deliver a diverse mix of housing, including studio, one, two and three-bedroom apartments alongside townhouse-style residences. Two basement levels are proposed beneath the development, providing resident and retail parking as well as extensive bicycle facilities.

Wardle's design draws heavily on Collingwood's industrial character, using articulated building forms, brickwork and robust materials inspired by the suburb's warehouse and manufacturing heritage. The built form has been broken into a series of smaller volumes to better respond to the surrounding streetscape while extensive communal gardens, rooftop amenities and shared resident spaces are integrated throughout the project.

<img alt="First look: Stockland plans new mixed-use neighbourhood precinct for Collingwood gateway site" data-entity-type="file" data-entity-uuid="7b2135ed-65df-4253-ad53-f216f06bd467" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/stockland%20podium.png?VersionId=l1B6Hqn8zs772VxH6L1fDPg0KHshan9v" />

The planning documents describe the existing office building as offering little engagement with the public realm, with the redevelopment intended to create a more permeable and active neighbourhood destination.

"The proposed scheme presents a significant opportunity to deliver a vibrant retail plaza and a local neighbourhood hub serving both existing and future Collingwood residents."

The 79–81 Victoria Parade site occupies a strategic location about 1.5 kilometres east of Melbourne's CBD, at the threshold between Collingwood and East Melbourne. It is well served by tram services along Victoria Parade and sits within walking distance of St Vincent's Hospital, Fitzroy Gardens, the Fitzroy activity centre and a broad range of employment, retail and hospitality destinations.

Robert Larocca

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