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The Secret Agent has updated its price per square metre index for secondary apartments in inner Melbourne.
After adding 406 apartment sales from the last quarter, our index now consists of 1276 apartments sold between 1st January 2016 to 30th September 2016.
The updated average square metre rate for apartments in inner Melbourne is $8,687/sqm.
This figure is beginning to stabilise since our last two reports ($8,679/sqm in Q2 and $8,767/ sqm in Q1).
In this update, we present a more thorough look into the price per square metre rates of apartments by suburb, further categorising sales according to the number of bedrooms.
These results are shown in Table 1.
<a href="/images/2016/10/27/Table%201.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/27/Table%201.jpg" alt="">
Overall, the three most expensive suburbs to purchase an apartment are Albert Park ($13,276/sqm), East Melbourne ($11,914/sqm) and Middle Park ($10,720/sqm).
These areas have consistently topped our index. The least expensive apartments per square metre can be found in Travancore ($6,563/ sqm), Kensington ($6,869/sqm) and Flemington ($7,079/sqm).
A few things can be observed when considering apartments with a larger accommodation.
In some suburbs, the increase in number of bedrooms is directly proportional to the price per square metre, as seen in the CBD region, Carlton, Collingwood, Clifton Hill and South Yarra.
We can see that most of the inner North and inner West suburbs tend to have decreasing price per square metre rates as apartments grow in accommodation size.
However, note that some of the data may be inaccurate due to the small number of sales available for that particular apartment type.
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j.ballantyne1990-6AQqhLzZaK

Albert Park, East Melbourne and Middle Park offer priciest apartments per sqm

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Multiplex has delivered the fourth tower within Walker Corporation’s $2.5 billion landmark Collins Square development located at 727 Collins Street in Melbourne’s CBD.
The 22 level tower comprises just under 40,000 square metres of commercial office space (NLA) over 15 floors, as well as a six level car park providing just over 200 car spaces.
The construction of the tower generated approximately 1000 jobs and used some 13,000 cubic metres of concrete.
It comes with a 50 metre high internal greenwall, 11,000 square metre curtain wall and an internal glazed atrium.
Collins Square is a $2.5 million development spanning a city block and consists of five commercial office buildings providing over 200,000 square metres of net lettable area. The project is expected to be completed by mid-2018.
<img src="/images/2016/11/02/CollinsSq_Aug2016_1.jpg" alt="">
“We are delighted to have delivered the fourth stage of Collins Square. This market leading commercial development responds to the high demand for brand new commercial space in Melbourne CBD and the design complements the surrounding streetscapes,” said Graham Cottam, Regional Managing Director of Multiplex Victoria.
Complexities faced during construction include the time restraint of completing a 14 month construction program with an integrated fitout. There was also the challenge of working with a live site adjacent to two interconnected buildings.
The Collins Square development has a Green Star Design and As Built v3 Rating as well as NABERS Energy 5 Star Rating due to its use of the a Tri-Generation system for producing power; along with the rainwater harvesting system and water efficient fixtures and fittings.
Multiplex has over $800 million worth of residential projects currently under construction in Melbourne including Platinum Tower in Southbank along with Australis, Bella Apartments, Melbourne One and Southbank Grand.
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Fourth tower constructed at Collins Square Melbourne by Multiplex

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Home borrowers may be hit with higher mortgage repayments by the big four banks next year, says one leading financial expert.
ABC News has reported that this is because of the net stable funding ratio – an international regulation to increase financial security of the banks by boosting the amount they hold in deposits.
This will decrease the reliance major banks have on overseas money markets by moving the focus to Australian customer deposits.
Speaking with the ABC, Brett Le Mesurier, banking analyst at Velocity Trade, said that the banks may need to reduce the discount they offer to certain borrowers by close to 2%.
“The banks have a standard variable rate, and then when customers go for a mortgage, they will be offered some level of discount,” he said.
“The discount can be anywhere up to 1.5% or more. It may be manifested by a reduction in the rate of discount that's being offered.”
With banks ultimately maintaining their margins, this will result in higher mortgage repayments for borrowers from as early as next year, Le Mesurier said.
“If they're paying more for their funding, [maintaining] the margin necessarily means that mortgage rates go up.”
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Big four banks could hike mortgage repayments in 2017

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Frasers Property Australia has released the first stage of its 1,350 lot masterplanned Brookhaven community in Logan City.
The first release at Brookhaven, to be known as Middle Ridge, will comprise 55 lots priced from $156,000 to $220,000 and ranging in size from 250sqm to 510sqm.
Street frontages of 10m to 17m will cater to a variety of home designs, sizes and configurations.
Brookhaven will take shape on a 135ha hinterland-fringed site at Bahrs Scrub, just south of the Beenleigh CBD and 5.4km from the M1 Motorway.
Pitched at growing families, the community will comprise detached housing lots, a 6,000sqm future retail centre, and a variety of parks and green spaces including a junior-sized cricket oval at the sales centre.
Cameron Leggatt at Frasers Property Australia, said the homes will be complemented by extensive green spaces and waterway corridors "that are essentially an extension of residents’ own backyards.” 
Frasers Property plans to start civil construction work onsite at the end of November this year for completion in May, meaning buyers can start building from June 2017.
<img src="/images/2016/10/28/Brookhaven.jpg" alt="">
Brookhaven has received a 5 Star Green Star Communities rating from the Green Building Council of Australia, which demonstrates Australian excellence in master planning in the areas of governance, livability, economic prosperity, environment and innovation.
Brookhaven was the third project in Queensland, and Frasers Property’s first Queensland project, to receive this rating.
For more information on the Brookhaven development, visit <a href="https://brookhavenliving.com.au" target="_blank">brookhavenliving.com.au</a>.
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Frasers Property launches Brookhaven at Bahrs Scrub

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The Independent Pricing and Regulatory Tribunal (IPART) is seeking feedback on the proposed prices that Sydney Water and Hunter Water can charge for wholesale water and sewerage services from 1 March 2017 to 30 June 2021.
These services are purchased by wholesale customers who provide water and/or sewerage services to end-use (or ‘retail’) customers such as households and businesses.
Wholesale customers are typically new, smaller water utilities licensed under the Water Industry Competition Act 2006 (NSW) to service a specific development area.
The emergence of these smaller water utilities has created competition for end-use customers.
The prices that Sydney Water and Hunter Water can charge their retail customers for water and sewerage services for the period 1 July 2016 to 30 June 2020 have already been set by IPART through separate reviews.
IPART Chair, Dr Peter Boxall, said this is the first time that IPART has reviewed and set wholesale water and sewerage prices.
“Competition is important in encouraging greater efficiency in the supply of water and sewerage services. As competition develops over time, this will deliver benefits to customers,” Dr Boxall said.
“The draft decision is to set system-wide prices to reduce the need for potentially costly scheme-specific reviews, while also allowing parties to seek scheme-specific price reviews from IPART or enter unregulated agreements.”
These system-wide prices would apply to new wholesale arrangements, while the opportunity to seek a scheme-specific price review from IPART or agree to an unregulated agreement would be open to all wholesale arrangements – existing and new.
“The draft decisions are designed to encourage efficient entry and competition in the market, given its early stage of development,” Dr Boxall said. “We are interested in hearing industry and stakeholder views about the proposed approach and prices.”
Stakeholder submissions on the draft decisions are due by 7 December 2016. Copies of the report and accompanying determination are available on <a href="https://www.ipart.nsw.gov.au" target="_blank">IPART’s website</a>.
A public hearing will be held on 28 November 2016 at the Wesley Conference Centre in Sydney’s CBD.
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Property 101: Draft Sydney and Hunter wholesale water prices released

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Property NSW, on behalf of Family and Community Services, has listed a further seven properties for sale in Millers Point.
The new listings include two apartment blocks and five terraces:
· 42- 44 High Street – 1 block of four apartments (to be sold as a single property)
· 66 Bettington Street terrace
· 46- 48 High Street – 1 block of four apartments (to be sold as a single property)
· 61 Kent Street terrace
· 15 Lower Fort Street – the last terrace to be sold on Milton Terrace row
· 75 Windmill Street terrace (pictured above)
· 36 Argyle Street terrace
The properties will be sold via auction through McGrath Estate Agents on 30 November.
The new listings follow the sale of 3 and 9 High Street, which sold late last week for $3.28 million and $3.44 million respectively.
105 Millers Point properties have sold so far, delivering circa $287 million for reinvestment in social housing across NSW.
Proceeds from the Millers Point sales program will fund 1,500 new social housing dwellings across the State, with more than 600 new fit-for-purpose social housing dwellings funded to date.
All purchasers of properties in the Millers Point sales program are required to adhere to NSW Heritage Council-endorsed Conservation Management Plans (CMPs), which set out in extensive detail the purchasers’ heritage maintenance obligations and the types of works that are permitted on the properties.
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Seven properties at Millers Point for auction

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Kirrawee is the Sydney suburb with the fastest selling units.
Its 39 days is the least amount of time required to be on the market, according to Investar’s latest market report.
This is followed by Cremorne with 40 days and Bronte with 43 days.
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="106">
Suburb
</td>
<td valign="top" width="106">
Postcode
</td>
<td valign="top" width="106">
Bedrooms
</td>
<td valign="top" width="106">
Days on market
</td>
</tr>
<tr>
<td valign="top" width="106">
Kirrawee
</td>
<td valign="top" width="106">
2232
</td>
<td valign="top" width="106">
2
</td>
<td valign="top" width="106">
39
</td>
</tr>
<tr>
<td valign="top" width="106">
Cremorne
</td>
<td valign="top" width="106">
2090
</td>
<td valign="top" width="106">
Studio and 1
</td>
<td valign="top" width="106">
40
</td>
</tr>
<tr>
<td valign="top" width="106">
Bronte
</td>
<td valign="top" width="106">
2024
</td>
<td valign="top" width="106">
2
</td>
<td valign="top" width="106">
43
</td>
</tr>
<tr>
<td valign="top" width="106">
Queenscliff
</td>
<td valign="top" width="106">
2096
</td>
<td valign="top" width="106">
2
</td>
<td valign="top" width="106">
44
</td>
</tr>
<tr>
<td valign="top" width="106">
Greenwich
</td>
<td valign="top" width="106">
2065
</td>
<td valign="top" width="106">
2
</td>
<td valign="top" width="106">
44
</td>
</tr>
</tbody></table>
For the average median price of $567,500 in Kirrawee prospective buyers can purchase <a href="https://www.realestate.com.au/property-apartment-nsw-kirrawee-123867666" target="_blank">19/602 Princes Highway</a>, a two bedroom unit that's listed for between $575,000 to $625,000.
It last traded for $396,500 in 2010.
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Units in Kirrawee taking snappy 39 days to sell: Investar

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There's big difference in prices between the big two capitals.
Sydney's $920,000 to Melbourne's $665,000 for houses.
Sydney's $690,000 to Melbourne's $495,000 for apartments.
Sydney's price growth was strong across both houses and apartments. 
Detached Sydney house prices were up 10.9 percent compared with units at 9.1 percent highlighting the lively supply/demand dynamic that exists across the Sydney region.
In Melbourne however there is a substantial difference in growth rates between houses and units, with house values up 9.6 percent compared with a 5.2 percent increase in unit values over the past year.
Brisbane’s housing market has shown a even larger spread, with house values up 4.7 percent compared with units which have had a 1.4 percent fall in unit values over the year. 
The capital growth for all capital cities have grown by 0.5 percent per month for all dwellings, according to CoreLogic’s latest report.
Quarterly the capital growth has grown by 2.7 percent with a total return year on year of 11.2 percent.
The biggest growth per month is at Brisbane – Gold Coast with a reported growth of 1.1 percent per month.
<a href="/images/2016/11/01/Table%201A.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/01/Table%201A.jpg" alt="">
<a href="/images/2016/11/01/Table%201B.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/01/Table%201B.jpg" alt="">
<a href="/images/2016/11/01/Table%201C.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/01/Table%201C.jpg" alt="">
<a href="/images/2016/11/01/Table%201D.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/01/Table%201D.jpg" alt="">
However both Adelaide and Hobart’s capital growth per month have declined with Adelaide experiencing a 2.4 percent fall in capital growth while Hobart experienced a 2.1 percent decline.
Sydney has experienced the highest capital growth in houses for year on year with a reported growth of 10.9% which is followed by Melbourne with a growth of 9.6 percent. Throughout all the capital cities capital growth for houses has increased by 7.7 percent throughout the year.
However for total return year on year Darwin experienced a decline by 1.6% as well as experiencing a fall of 2.4 percent for the year to date capital growth for houses.
The median price that can be expected for a unit in Canberra is $418,500 as although Canberra experienced a monthly decline of 0.7 percent in unit capital growth overall for the entire year they have seen a growth of 8.6 percent.
The cheapest unit can be found in Hobart where the average median price for a unit is $285,000. According to data Hobart has seen a quarterly decline of unit capital growth by 4.5 percent despite a healthy year on year capital growth increase of 8.3 percent.
Similarly in Hobart an investor can expect to have a rental yield of 5.6 percent if they invest in a unit there while for houses one could expect a rental yield of 5.3 percent.
Sydney has the lowest rental yield results with a house only receiving 2.8 percent of its rental yield while for units it is 3.8 percent.
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Still big difference in prices - Sydney's $920,000 to Melbourne's $665,000 for houses: CoreLogic

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Darwin has the highest median time on market out of all capital cities, according to CoreLogic’s latest weekly report.
On average, a house at Darwin can expect to be on the market for 104 days, while units take 113 days to sell.
The average vendor discount in the city is the highest, with an 8% discount for homes and a 9% discount for units.
<a href="/images/2016/10/31/Capital%20city%20median%20time.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/31/Capital%20city%20median%20time.jpg" alt="">
This is in contrast to Sydney, where the average home will sell after being on the market for 28 days, while units will sell after only 27 days.
Similarly, the average vendor discount in the harbour city is low – 4% for both a home and a unit.
Western Australia has the highest month on month change for mortgage activity with a recorded 4% increase to 101.2 on the index value.
However, this still represents a decline in the month on month trend line by more than 4%, as the city's market attempts to recover form a post mining boom slump.
<a href="/images/2016/10/31/Mortgage%20market%20activity.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/31/Mortgage%20market%20activity.jpg" alt="">
Tasmania had the highest decline for month on month (4%), resulting in an index value of 84.8.
South Australia has seen the highest growth in listing market activity with an increase of 6% month to month with a seasonal change increase of 1%.
<a href="/images/2016/10/31/Listing%20market%20activity.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/31/Listing%20market%20activity.jpg" alt="">
Overall, the listing market activity for all capital cities have declined by 1% despite a seasonal increase of 1% to balance it out.
The biggest decline was in Tasmania, where the month to month change declined by 9%.
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Darwin's median time on market exceeds 100 days for houses and units: CoreLogic

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Clive Palmer has reportedly sold his Gold Coast waterfront mansion to a confidant soon after beginning its marketing.
It was bought by former Deloitte chief executive Domenic Martino, who's also listed as a director of the Palmer Foundation.
He's paying the same $1.75 million price that Palmer paid in 2011.
Set on 790 square metres and only built in 2004, the Paradise Point home has five bedrooms, a theatre room, wine cellar, executive home office and a swimming pool.
Palmer snatched the home for a steal five years ago when he bought it from Fred Taplin, who had paid $2.45 million in 2007.
Talpin, a former Gold Coast Galaxy chief executive, later went up against Palmer's Gold Coast United FC on a rival bid for the region's first A-League franchise, a battle which Palmer won.
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Clive Palmer sells waterfront mansion on Gold Coast

Builder-developer&nbsp;<a href="https://www.apartments.com.au/developers/graya">Graya</a> has secured a prime Newstead site from fellow developer Fraser, subsequently lodging plans for The Silo, a major mixed-use residential project in Newstead designed around a new public laneway linking the James Street precinct with the wider Gasworks and Newstead neighbourhood.

Proposed for the corner of Chester and Morse streets, the <a href="https://www.apartments.com.au/architects/bureauproberts">Bureau^Proberts</a>-designed project places its strongest emphasis at ground level, where retail, landscaping and a new cobblestone pedestrian connection would open the site to the surrounding neighbourhood. The design team describes The Silo as “more than a residential building”, positioning the development as an extension of Newstead’s public realm rather than a standalone apartment tower.

“A new cobblestone laneway and landscaped connection between James Street and Gasworks unlock a missing pedestrian link, improving walkability and stitching together two of Brisbane’s significant urban destinations,” Bureau Proberts said in its Urban Design Report.

<img alt="First look: Graya plans The Silo as new pedestrian link between James Street and Gasworks" data-entity-type="file" data-entity-uuid="0ea1b06a-75f5-40a5-b2c5-33c97bc86052" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/silo%20bldg.png?VersionId=KmjsAtNePu57_B31EM_DJ5T6KPJHtcmo" />

The Silo is planned as a mixed-use development incorporating apartments alongside a bar and centre activities including food and drink outlets, indoor sport and recreation, office and retail uses.

Architecturally, Bureau Proberts has conceived the building as a collection of vertically expressed, stepping forms rather than a single uniform tower. The composition rises from an articulated podium before being broken by a triple-height landscaped recreation level, with the upper section becoming more compact before terminating in a landscaped rooftop garden.

The project's name and architectural language draw directly from Newstead's industrial history. Patterned off-form concrete is proposed as the principal façade material, complemented by slender metal rod balustrades and extensive planting. The cylindrical and vertically ribbed elements give the building its silo-like expression, while curved balconies and planted edges introduce a softer subtropical layer.

“The Silo reinterprets its robust forms, scale and materiality through a contemporary subtropical architectural expression, creating a building that acknowledges its industrial legacy, while responding to the way the precinct is occupied today,” Bureau^Proberts said.

The recreation level is one of the defining breaks in the tower. Plans include a lap pool, mature subtropical planting and shared resident facilities within an elevated communal garden. Landscaping continues through the podium and onto the rooftop, where a further garden forms what the architects describe as a “subtropical crown” to the building.

<img alt="First look: Graya plans The Silo as new pedestrian link between James Street and Gasworks" data-entity-type="file" data-entity-uuid="f8451036-35a4-49a9-8d88-2ef4438eba3d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Silo%20Lane.png?VersionId=h8N31_rYmCEqoNrpt4kbYVQhJGZn60LH" />

At street level, the development has been designed to establish a more permeable block. Retail and hospitality tenancies address the public realm, while landscaped pedestrian spaces lead into the new laneway connection. Renders in the design report show the proposed “Silo Lane” as a substantial opening through the podium, framed by cylindrical concrete forms with cascading planting above.

The Silo continues Graya's move into larger apartment developments after building its reputation across high-end residential projects in Brisbane and the Gold Coast.

Joel Robinson

Graya buys Frasers Newstead site, plans The Silo between James Street and Gasworks precincts

<a href="https://www.apartments.com.au/developers/wickton">Wickton</a>’s completed Linacre Rise development in Hampton is giving Bayside downsizers the opportunity to move into a spacious apartment near the beach, with the developer covering stamp duty for a limited time.

The 27-residence development has been designed for buyers who want to simplify their living arrangements without giving up the space, warmth and quality associated with a long-term family home. Most apartments have already been secured by Bayside locals, leaving a select collection of two and three-bedroom residences and penthouses available.

Two-bedroom apartments are priced from $1.275 million, three-bedroom residences from $2.25 million and penthouses from $3.375 million, with the completed homes available to inspect and move into now.

[smartcode_project:default project_id=95289 project_image_fid=366760]

<a href="https://www.apartments.com.au/buildings/linacre-rise-hampton-8-10-linacre-road-hampton-vic-3188">Linacre Rise</a> occupies an elevated position on one of <a href="https://www.apartments.com.au/developments/hampton-vic-3188">Hampton</a>’s quiet, tree-lined streets, around 250 metres from the bay and 500 metres from Hampton’s village centre. Its setting gives residents access to the beach, local cafés, shops and Hampton Train Station while retaining the feel of an established residential neighbourhood.

Architecture and interiors by <a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a> draw on the warmth and permanence of traditional brickwork, with the building integrated into terraced landscaping by <a href="https://www.apartments.com.au/landscape-architect/john-patrick-landscape-architects">John Patrick</a>. Ground-floor apartments are elevated above the street and include private garden courtyards, while several upper-level residences have generous balconies and outlooks toward the bay.

Inside, the residences favour natural materials and generous proportions. Herringbone-pattern European oak flooring, natural stone benchtops, premium joinery and Swiss V-ZUG appliances are among the key inclusions, while integrated storage has been incorporated across kitchens, bathrooms, studies and living areas.

The kitchens have been planned as practical spaces for both everyday use and entertaining, with substantial island benches, detailed cabinetry and adjoining dining and living zones. Full-height wardrobes, plush bedroom carpeting and carefully considered lighting reinforce the residential character Wickton sought to retain for buyers moving from larger homes.

[smartcode_project:default project_id=95289 project_image_fid=366769]

A Linacre Rise purchaser said the completed apartment had delivered the space, outlook and construction quality they had been seeking.

“The unit is very light, has views to die for over the bay, all construction materials and fittings are premium quality, we have secure parking for three cars, EV charging at very competitive rates, the neighbours are friendly and there is just a lovely ambiance about the place,” the purchaser said.

Environmental features include solar panels, shared electric vehicle charging stations, rainwater harvesting for toilet flushing and landscape irrigation, double-glazed windows and water-efficient fixtures and appliances.

[smartcode_project:default project_id=95289 project_image_fid=366762]

The development was built by Balmain &amp; Co, with Wickton managing the broader development process through its in-house team.

For downsizers, the project’s completed status removes much of the uncertainty associated with buying off the plan. Purchasers can inspect the finished apartments, understand their outlook and proportions, and move in without waiting for construction to conclude.

The remaining selection includes north-oriented balconies, corner configurations and penthouses with elevated bay views. The developer-paid stamp duty initiative is available for a limited time, with potential savings of up to $200,000 depending on the residence purchased.

[smartcode_project_cta:default project_id=95289]

Limited-time stamp duty offer at completed Linacre Rise apartments in Hampton

Luxury apartment buyers have long prioritised design, space and finishes, but increasingly they're placing equal importance on something less tangible: how easily they can live without relying on a car.

At <a>Richmond Square</a>, <a href="https://www.apartments.com.au/developers/fortis">Fortis</a> believes that convenience begins beyond the apartment itself, with the mixed-use precinct earning a near-perfect Walk Score of 99.

The development has been planned around the idea that some of the most valuable amenities aren't contained within a building, they're the restaurants, cafés, parks, transport connections and daily conveniences that can all be reached on foot.

Located just behind Swan Street and Church Street, <a href="https://www.apartments.com.au/new-apartments/richmond-square-1-wiltshire-street-richmond-vic-3121">Richmond Square</a> places residents within one of Melbo​u​rne's most established lifestyle precincts while offering a quieter residential setting removed from the busiest thoroughfares. East Richmond Station is moments away, trams run along both Swan and Church Streets, and the MCG, Melb​​ourne Park, Yarra River trails and the CBD are all within walking distance. At the same time, the precinct itself will introduce a curated mix of dining, retail, hospitality and wellness offerings, creating a destination that extends well beyond its residential buildings.

[smartcode_project:default project_id=13181 project_image_fid=348530]

For Fortis, that combination of location and scale was what made the site unique.

"<a href="https://www.apartments.com.au/developments/richmond-vic-3121">Richmond</a> is one of Melb​o​urne's most established and distinctive inner-city neighbourhoods, with a rare combination of dining, culture, recreation, public transport and proximity to the CBD," the developer said.

"The opportunity at Wiltshire Street was particularly compelling because the site sits slightly removed from the activity of Swan and Church Streets while remaining only moments from everything that makes the area desirable."

Rather than developing a standalone apartment building, Fortis consolidated 15 individual properties to create one of the larger development parcels assembled on Mel​b​ourne's city fringe in recent years. That allowed the team to deliver a genuine mixed-use precinct comprising 107 residences across Wiltshire House and Carmine House, premium office space, hospitality venues, retail, wellness offerings and a future 57-room hotel.

"The scale of the site allowed Fortis to think beyond a standalone apartment building," the developer said.

"Richmond Square could be planned as a complete lifestyle precinct, bringing homes, workplaces, dining, retail, hospitality and wellness together around a series of activated public spaces. The aim was to create a destination that feels connected to Richmond rather than separate from it."

[smartcode_project:default project_id=13181 project_image_fid=348533]

The emphasis on walkability has also resonated with buyers.

Interest has been strongest from established owner-occupiers, particularly downsizers from Richmond and Melb​ourne's inner east who want to remain close to familiar restaurants, workplaces, family and social networks while moving into a more secure, lower-maintenance home. The project is also attracting Mornington Peninsula and interstate buyers seeking a Melb​ourne residence they can lock up and leave between visits.

Many are looking for generous living spaces, room to entertain, quality finishes and confidence in the project team, but location remains one of the biggest deciding factors.

"For many buyers, Richmond Square provides a way to simplify the practical side of home ownership without reducing the quality of their lifestyle," the sales team said.

"Location is also a major driver of interest. Buyers can remain connected to the CBD, major sporting events, the arts centres, local restaurants, cafes and bars and their family while living in a private and secure residence that is easy to lock up and leave for weekends or longer periods away."

[smartcode_project:default project_id=13181 project_image_fid=348549]

The residences themselves have been designed with that buyer in mind. Award-winning architecture practice SJB and interior designers Hecker Guthrie have created spacious two and three-bedroom apartments and penthouses that prioritise generous living areas, natural light, bespoke joinery and private terraces. Above, a rooftop sanctuary by Acre includes landscaped lawns, bookable dining rooms, barbecue facilities, wellness spaces and panoramic views across the CBD, the MCG and Port Phillip Bay.

Fortis believes Richmond Square reflects a broader evolution in apartment living, where the surrounding neighbourhood becomes just as important as the residence itself.

"Richmond Square introduces a different proposition: generously proportioned residences within a genuinely mixed-use, hospitality-led destination," the developer said.

"The project's location and Walk Score of 99 further support a lifestyle where residents can complete many everyday journeys without relying on a car."

Fortis has assembled an experienced team that includes <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, <a href="https://www.apartments.com.au/interior-designers/hecker-guthrie">Hecker Guthrie</a>, <a href="https://www.apartments.com.au/landscape-architect/acre">Acre</a> and builder <a href="https://www.apartments.com.au/builders/hacer-group">Hacer Group</a>, reflecting the developer's commitment to creating projects with enduring design quality and meaningful connections to the communities in which they sit.&nbsp;

Richmond Square is an expression of that philosophy, bringing together homes, workplaces, hospitality and wellness within one of Me​lb​ourne's most walkable neighbourhoods.&nbsp;

Construction is now almost complete, providing purchasers with growing confidence ahead of its expected September 2026 completion.

[smartcode_project_cta:default project_id=13181]

Walk Score of 99 places Richmond Square at the heart of Melbourne's most connected lifestyle

<h3 data-end="19" data-section-id="1dvgwoe" data-start="0">Summary</h3>

<ul data-end="634" data-start="21">
	<li data-end="170" data-section-id="1o77v31" data-start="21">Walker Corporation has lodged plans for a second major residential development in the Maroochydore City Centre, a 29-storey tower known as Celeste.</li>
	<li data-end="327" data-section-id="1lb0y6t" data-start="171">The Plus Studio-designed proposal at Lot 30 Sunshine Coast Parade would deliver 208 apartments, including four four-bedroom sub-penthouses and penthouses.</li>
	<li data-end="487" data-section-id="za720" data-start="328">The application comes as Walker doubles down on Maroochydore following the strong sales campaign at SOL by Walker, where the first tower is nearing sell-out.</li>
	<li data-end="634" data-section-id="5sovec" data-start="488">Walker is a key partner in the transformation of the Maroochydore City Centre, which is expected to ultimately deliver at least 4,000 new homes.</li>
</ul>

Walker Corporation is doubling down on Maroochydore following the successful sales campaign at its first residential project in the emerging CBD.

The national developer has filed plans for <a href="https://www.apartments.com.au/new-apartments/celeste-30-sunshine-coast-parade-maroochydore-qld-4558">Celeste</a>, a new 29-storey apartment tower at Lot 30 Sunshine Coast Parade, just metres from its under-construction SOL by Walker development.

The plans, prepared by Plus Studio, would see 208 apartments delivered across a 100-metre tower on the 2,376 sqm site, which fronts Sunshine Coast Parade, First Avenue and Future Way within the Maroochydore Priority Development Area.

<img alt="Walker" data-entity-type="file" data-entity-uuid="17038209-6fea-4ed2-855d-fd4df65b3d02" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-10%20at%2010.24.16%E2%80%AFAM.png?VersionId=iZD.oVXcQn.aLpUytDAW.CWjxP4puWMy" />

The proposed apartment mix comprises 36 one-bedroom apartments, 48 two-bedroom apartments, 72 two-bedroom apartments with an additional multipurpose space, and 48 three-bedroom apartments.

The upper levels would be capped by two four-bedroom sub-penthouses and two four-bedroom penthouses, taking the total apartment count to 208. The preliminary yield study also provides 262 car spaces, 114 resident bicycle spaces and storage for each apartment.

It represents Walker's next major residential move in the new Maroochydore CBD after the success of SOL by Walker, its $220 million two-tower project nearby.

SOL launched to market in early 2025 and has since seen strong demand, particularly from local owner-occupiers. By February this year, Walker said the first SOL tower was nearing sell-out, with a strong waitlist also emerging for its recently released penthouse collection.

Construction is already underway on SOL, with the first tower expected to be completed in late 2027 and the second to follow in early 2028.

[smartcode_project:default project_id=147777 project_image_fid=319846]

<h2 data-end="2518" data-section-id="1b2dyo5" data-start="2459">Celeste to rise 100 metres over Maroochydore City Centre</h2>

Celeste would take a different form to the twin 19-storey buildings at SOL.

Plus Studio has designed a single 100-metre tower above an activated podium, with the architecture responding to the site's prominent position and three street frontages.

The podium would incorporate commercial tenancies and public art, with sweeping façade elements wrapping the street edges. The scalloped concrete podium has been inspired by the patterns created in sand at low tide, while extensive landscaping would continue vertically through the tower.

The ground level plans show three commercial tenancies addressing Sunshine Coast Parade alongside the residential lobby and landscaped public realm. The podium would then accommodate several levels of car parking before the residential tower rises above.

<img alt="Celeste" data-entity-type="file" data-entity-uuid="121f77b1-71c5-46d7-9b36-0a7d474211ca" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-10%20at%2010.24.47%E2%80%AFAM.png?VersionId=MGrg9Hb7HgzLN0Lelq_xrXNAruVl77ia" />

Plus Studio said the tower had been designed to maximise views from each apartment, taking in the Maroochy River, Sunshine Coast hinterland, Cotton Tree and Maroochydore Beach and ocean.

Those views have also shaped one of the project's key features, with Walker proposing to put the primary resident amenity on Level 29 rather than lower within the building.

The rooftop would feature a 284.9 sqm pool area with an infinity edge, along with a cold pool, spa, sauna, 93.2 sqm gym, sunset lounge, BBQ and dining areas, pool deck and private dining space. Cabanas and day beds are also shown across the recreation level.

The two penthouses would extend across the upper levels and each feature private terraces and plunge pools.

<h2 data-end="4202" data-section-id="v5f4ix" data-start="4160">Walker's growing Maroochydore footprint</h2>

Celeste further reinforces Walker's commitment to the transformation of Maroochydore City Centre.

Walker is one of the key partners delivering the new CBD alongside Sunshine Coast Council and SunCentral Maroochydore, with the broader 62-hectare Priority Development Area occupying the former Horton Park Golf Course and surrounding land.

The precinct is ultimately expected to accommodate at least 4,000 new homes as Maroochydore evolves into the Sunshine Coast's principal commercial and residential centre.

When SOL secured approval in February 2025, Walker Managing Director and CEO David Gallant described it as the "first of many residential projects" the company planned for the Maroochydore City Centre.

Celeste now provides the clearest indication yet of what comes next.

The site sits immediately within the new CBD, with the design report identifying Sunshine Plaza and surrounding parkland within walking distance and Maroochydore Beach around a five-minute drive away.

For Walker, the timing of the application comes as its first residential bet on the new CBD appears to have been vindicated.

SOL has progressed from planning approval to construction while its first release has approached sell-out, giving Walker confidence to push ahead with another 208 apartments and take its residential pipeline in the Maroochydore City Centre to around 450 dwellings across the two projects.

Celeste remains subject to planning approval, with the architectural material describing the scheme as a preliminary yield study that may change through the assessment process.

Walker doubles down on Maroochydore with 29-storey Celeste apartment tower

For most Australians, buying an apartment is one of the biggest financial decisions they'll ever make

The location, floorplan and price are often the first considerations, but in recent years another question has become increasingly important: who is actually delivering the project?

A series of high-profile builder collapses, construction delays and defect concerns have fundamentally changed how many Victorians approach buying off the plan. The collapse of Porter Davis in 2023, which reportedly left around 1,700 homes unfinished, became one of the most visible examples of the risks that can emerge when a construction company fails. <a href="https://www.equifax.com.au/sites/default/files/lpassets/pdf/Final-Business-Market-Pulse-June-Sector-Deep-Dive-Report-2.pdf">Similar challenges across the broader construction sector</a> have left buyers asking more questions before signing a contract.

As Victoria continues encouraging higher-density housing to address supply shortages, transparency is becoming just as important as location or price.

One tool increasingly entering the conversation is the <a href="https://icirt.com/">Independent Construction Industry Rating Tool (iCIRT)</a>, an independent assessment framework designed to help buyers better understand the developer or builder behind a project. Originally developed by Equifax in consultation with government and industry as part of NSW's Construct NSW reforms, the system has since expanded nationally.

<h2 data-end="1519" data-section-id="7nmx3" data-start="1492">What is an iCIRT rating?</h2>

Most Australians are familiar with independent ratings in everyday life.

We compare ANCAP safety ratings before buying a car. We look at Health Star Ratings in supermarkets. Banks rely on credit assessments when lending money.

Until recently, however, there has been very little independent information available to help apartment buyers assess the business responsible for delivering a residential project.

That gap is what iCIRT was designed to address.

Builders, developers and other construction professionals with an iCIRT rating have demonstrated high-trust characteristics through an independent, evidence-based assessment across six criteria: Character, Capability, Conduct, Capacity, Capital and Counterparties. This involves a rigorous review of financial health, past project track record, and ethical conduct. Crucially, an iCIRT rating could help provide property buyers with confidence that they are working with a professional who has demonstrated the capability, capacity, and willingness to return and rectify issues.

Importantly, iCIRT is not a recommendation to purchase a particular property, nor is it a traditional credit rating. It is an independent assessment framework designed to provide objective information about a construction business using a <a href="https://icirt.com/sites/default/files/2025-08/iCIRT-Methodology-Issue1-May-2021.pdf">published methodology</a>.

The system has been widely adopted in New South Wales, where more than one-third of medium and large residential builders and developers now hold an iCIRT rating, representing over two-thirds of the state's residential building market by value as of 2025/26.

<h2 data-end="3126" data-section-id="h6ohtj" data-start="3084">Why buyers are doing more due diligence</h2>

For many buyers, particularly those purchasing off the plan, the biggest risk isn't whether they'll like the kitchen finishes.

It's whether the project will be delivered on time, to the expected quality, and by a company capable of completing the development.

<a href="https://icirt.com/sites/default/files/2026-07/iCIRT%202025%20Consumer%20Survey%20Report%20v05.pdf">Consumer research commissioned by iCIRT</a> found more than half of respondents believed current protections do not adequately safeguard buyers from builder insolvencies or defective projects. Other research found 88 per cent of prospective buyers would seek independent ratings or due diligence before purchasing, while 90 per cent said trust in construction professionals is essential.

That doesn't mean buyers should rely on a single rating alone.

Independent legal advice, understanding the contract, and seeking financial advice all remain important parts of the due diligence process.

However, an independent assessment can provide another source of information alongside those traditional checks.

<h2 data-end="4138" data-section-id="pquzxc" data-start="4094">Trust is becoming a competitive advantage</h2>

The conversation isn't only changing for buyers.

Developers are also recognising that trust has become an increasingly important part of the sales process.

Five years ago, purchasers typically asked about floorplans, finishes and settlement dates.

Today, sales teams are increasingly being asked about the developer's experience, financial stability, previous projects and construction partners.

For companies with strong governance and established delivery records, an independent iCIRT rating provides another way to demonstrate those credentials before buyers even visit a display suite.

According to Equifax, the assessment can also help businesses drive sales and <a href="https://icirt.com/resources-for-business/icirt-rating-helps-scion-secure-high-value-projects">secure high-value projects</a>, as well as identify operational improvements and <a href="https://icirt.com/resources-for-business/mirvac-reinforces-brand-trust-and-quality-independent-icirt-rating">attract top talent</a>.

<h2 data-end="4962" data-section-id="1j54ng5" data-start="4912">Beyond buyers: lenders are paying attention too</h2>

The influence of independent construction ratings is also extending beyond consumers.

According to Stamford Capital's Real Estate Debt Capital Markets Survey, an increasing number of lenders now incorporate iCIRT ratings into their due diligence processes when assessing residential development finance applications.

The survey found lender adoption has continued to rise, with many respondents saying independent assessments provide additional insight into governance, counterparties and delivery capability beyond traditional financial analysis. Some lenders also reported declining funding applications where businesses had poor or no ratings.

As construction costs remain elevated and access to development finance becomes more selective, demonstrating credibility is becoming increasingly valuable.

<h2 data-end="5801" data-section-id="1qazuxs" data-start="5772">What it means for Victoria</h2>

Victoria's apartment market is entering a new phase.

The state is seeking to accelerate higher-density housing while simultaneously introducing reforms aimed at improving confidence in residential construction.

For buyers, that means there are more tools available than ever before to research the businesses behind a project.

For developers, it signals that transparency is becoming another point of differentiation in an increasingly competitive market.

Buyers are asking more questions than ever before and increasingly expecting independent information, not just marketing material, before making one of the biggest financial commitments of their lives.

Find out how to get iCIRT rated <a href="https://www.icirt.com/sites/default/files/2025-08/iCIRT-Infographic-Assessment-Process-Final.pdf">here</a>.

<hr data-end="6469" data-start="6466" />
The information contained in this article is general in nature and does not constitute personal, financial, legal or tax advice. It does not take into account your personal objectives, financial situation or needs. Therefore, you should consider whether the information is appropriate to your circumstances before acting on it and, where appropriate, seek independent professional advice.

This article contains links to third-party websites. These links are provided for convenience only. Equifax Australia does not control and is not responsible for the content, accuracy or privacy practices of external sites.

Copyright © 2026 Equifax Australia Information Services and Solutions Pty Ltd. All rights reserved.

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