<a href="https://www.apartments.com.au/developments/subiaco-wa-6008">Subiaco</a>’s Hay Street corridor serves as a key link between Perth’s CBD and the western suburbs, offering seamless access to city amenities while retaining the intimacy of a residential precinct.&nbsp;

At the junction with <a href="https://www.apartments.com.au/new-apartments/olive-st-263-hay-street-subiaco-wa-6008">Olive St</a>, this connectivity is reinforced by Subiaco Station and high-frequency bus routes, making commuting and weekend outings effortless.

Here, <a href="https://www.apartments.com.au/developers/devwest">Devwest</a>’s new apartment development Olive St is entering its final phase of construction, offering a rare opportunity to secure a home in one of Perth’s most complete lifestyle suburbs.

[smartcode_project:default project_id=106968 project_image_fid=3036]

Positioned in a leafy and character-filled pocket on the less-developed eastern side of Subiaco, Olive St stands out as one of the few apartment developments in this part of the suburb. Its quieter residential setting balances the density west of Rokeby Road, while the corner location on Hay Street places residents within walking distance of local favourites such as Found. Subiaco, Lums Wine Bar, and Hangout on Hay. Together with the celebrated Rokeby Road retail strip, these venues give residents an immediate connection to the cafés, restaurants, and bars that define the Subiaco lifestyle.

Cultural destinations including the Subiaco Arts Centre, Regal Theatre, and Subiaco Library reinforce the area’s reputation as a hub for entertainment and the arts.&nbsp;For outdoor recreation, residents have easy access to the manicured grounds of Market Square and Bob Hawke Oval, while Kings Park and Lake Monger Reserve offer expansive green space just beyond the suburb’s edges.

[smartcode_project:default project_id=106968 project_image_fid=3031]

A diverse educational landscape underpins the suburb’s long-standing appeal for families and professionals, with institutions such as Subiaco Primary School, Perth Modern School, and Bob Hawke College located nearby. Health services including St John of God Subiaco Hospital further support everyday convenience and peace of mind.

With construction nearing completion this September, Olive St will soon deliver 71 new residences to Subiaco. One bedroom apartments are fully sold, with only a limited selection of two and three bedroom residences remaining, priced from $877,000.

Buyers who secure an apartment before the construction period ends may still be eligible for the WA Stamp Duty Concession, offering savings of up to $50,000.

[smartcode_project_cta:default project_id=106968]

Joel Robinson

Devwest’s Olive St connects residents to Subiaco’s best amenities

After several challenging years, Melbourne is once again a city on the rise. For the last three years, when anyone interstate asked about Melbourne’s off the plan apartment market, the answer was always difficult. The short version? Not great. The longer version only raised more questions than it answered.

The roots of the downturn can be traced back to the start of the pandemic. At the end of 2020, Melbourne was the second most expensive capital city in Australia, a position it had held for decades. But while COVID-19 triggered a property boom in nearly every other capital, Melbourne lagged behind. Many blame the local government's handling of lockdowns, which stalled any real market momentum.

Then came the Reserve Bank’s aggressive rate hikes, taking interest rates from historic lows to 10-year highs within just 18 months. Other cities powered through thanks to their resilience during the pandemic, but for Melbo​urne, it was another blow.

The third hit came in the form of increased land tax, including new flat-rate charges and additional levies. Holding property became less viable for investors, especially with higher mortgage repayments. Many sold off their assets, flooding the market with investor-grade stock and pushing prices even lower.

Melbo​urne needed a turning point. That came in early 2025, when the long-awaited RBA easing cycle finally began, later than many economists had predicted, but still significant.

Despite the downturn, Melbou​rne’s fundamentals remained strong. One of the key growth drivers is supply versus demand, and the balance has shifted dramatically. According to Charter Keck Cramer, only 4,800 apartments were completed in Melbo​urne last year—a 36% drop from 2023, and less than half the 10,000 completed in Sydney. Only 6,320 apartments are currently under construction, compared to 21,550 in Sydney.

At the same time, Melbo​urne is expected to be the fastest-growing capital city over the medium to long term, with forecasts of more than 100,000 people moving to the city annually until 2029. With supply far below demand, price growth becomes inevitable.

So why haven’t prices already surged?

It’s not just buyers who’ve been impacted, developers have, too. Build costs have risen sharply, with labour and materials up around 40%. Land prices have also increased, along with holding costs. Higher costs mean higher sale prices. Developers aren’t charities, they’re not going to take the risk and lose money.

This created a stalemate: buyers couldn't afford the new prices, and developers couldn’t lower them. But 2025 has brought renewed optimism. Property values are now climbing in both the unit and house markets. Clearance rates have lifted into the mid-60s to low-70s—up from the low-to-mid 50s just last year.

With falling interest rates, buyers can now borrow more, while developers are feeling more confident thanks to stronger sentiment and stabilising build costs—though prices are unlikely to drop.

The future remains uncertain, but there’s a lot to like about Melbo​urne’s current position. The market has clearly bottomed out. We’ll inevitably be proved right or wrong, however it feels like this is arguably the best opportunity to buy in Melbourne—a city with significant business, large infrastructure projects all over the city, and a nightlife culture unrivalled anywhere in Australia.

Is Melbourne the city of opportunity in the property market?

There’s a version of Brunswick you’ll recognise even if you’ve never set foot there. Trams rattling down Sy​dney Road. Musicians and art students on the corners. It’s shorthand for a certain kind of Melbourne - progressive, creative, a little bit chaotic.

But dig deeper and <a href="https://www.apartments.com.au/developments/brunswick-vic-3056">Brunswick</a> reveals more than the clichés. It’s a suburb where 19th-century terraces share blocks with carbon-neutral apartment buildings. Where Victorian shopfronts house Syrian bakeries, social enterprises, and high-end espresso machines. And where property values have steadily climbed, not because the suburb has tried to reinvent itself, but because it’s stayed interesting.

Just six kilometres north of the CBD and well-connected by tram, train and bike path, Brunswick is built on a simple truth: you can get almost anywhere from here. Three Upfield line stations, Jewell, Brunswick, and Anstey, provide frequent train services. The 19 tram runs straight into the city. Bike commuters use the Upfield shared path like a second arterial.

Add to that Syd​ney Road and Lygon Street cutting vertically through the suburb, both lined with shops, eateries, services and medium-density housing, and it’s easy to see why Brunswick consistently ranks high for walkability and public transport access.

Brunswick’s population has shifted significantly over the past few decades. Post-war European migrants, many of whom still call the suburb home, laid the foundations. Students and artists came later, drawn by low rents and open minds. More recently, the area has welcomed professionals, young families, and downshifters seeking an urban lifestyle that doesn’t feel corporate.

As Brunswick’s demographic has evolved, so too has its housing profile. Post-war brick homes, double-fronted Edwardians, and classic workers’ cottages still line many of the suburb’s quieter streets, but now they sit alongside architect-designed townhomes, low-rise apartment buildings, and adaptive reuse projects that reflect the suburb’s dual identity: heritage-conscious and future-facing.

For Michael McCormack, Founder and Managing Director of property developer <a href="https://www.apartments.com.au/developers/milieu-property">Milieu</a>, and a local Brunswick resident—this is what makes Brunswick special. “It’s a suburb ingrained in continual reinvention,” he says.

“Brunswick has always been shaped by migration,” McCormack explains. “Post-WWII, it was Greek and Italian. Then came Asian and Middle Eastern communities, and more recently African. Now, the most visible wave is internal, young, creative, working professionals moving in. It’s eclectic and layered, a real melting pot.”

This multicultural identity is most evident, he says, on Sydney Road, the longest shopping strip in the Southern Hemisphere. 
 
“Walk up and down and you’ll see it in the hospitality scene, Vietnamese, Ethiopian, Lebanese, overlaid with wine bars and coffee spots. There’s something for everyone.”

Milieu began developing in Brunswick in 2019. Such is the developer’s love for the suburb, and the strong response from the local market, they’ve just launched their sixth project in as many years.

[smartcode_project:default project_id=136434 project_image_fid=348840]

Designed by Jackson Clements Burrows Architects in collaboration with DesignOffice and OCULUS, Saxon Street by Milieu is shaped by its civic context and cultural surroundings. The nine-level building with 80 apartments will replace the former Brosnan Centre, next door to the iconic Brunswick Baths, in the heart of the growing Merri-bek Arts and Culture Precinct.

Just months after launching, over a quarter of the apartments have already sold. McCormack attributes this strong demand to Milieu’s reputation in the area. “Our brand presence is so strong that we don’t just get repeat buyers—we get people connected to those who already live in a Milieu home,” he says.

“We get mothers, cousins, siblings of previous buyers—people who’ve not only heard great things from someone close to them, but have physically been in one of our homes. That’s the closest thing to a true testament we have for delivering a quality product.”

[smartcode_project:default project_id=136434 project_image_fid=348841]

This deep respect for what makes Brunswick Brunswick also attracted developer Beulah, who recently made their debut in the area. Late last year, they launched Brunswick Established—a collection of 23 sustainable townhouses.

Beulah co-founder Adelene Teh says it wasn’t just the prime Hodgson Street site near Barkly Street that drew them in, but the opportunity to create a brand-new townhome community in one of Melbourne’s most established and character-rich suburbs. 
 
“Brunswick has long been a suburb with soul, layered with history, creativity, and a strong sense of community,” Teh says.

“We were inspired by Brunswick’s rich heritage, its walkable lifestyle, and its proximity to some of Melbourne’s most vibrant pockets - from its thriving food and arts scene to its cultural and community offerings. It’s ideal for people who value a connected, inner-urban lifestyle but also want the calm of a serene pocket just minutes from parks, public transport, and local amenities.”

More than anything, Teh says, they saw the potential to create something that truly responds to how people want to live, now and into the future, within a like-minded community that appreciates great architecture, heritage, wellness, and sustainability.

[smartcode_project:default project_id=136451 project_image_fid=333959] 
 
“Brunswick Established is a reflection of that thinking. It embraces adaptability, multigenerational living, and considered design. We’ve worked closely with consultants and experts to ensure what we’re building feels like a natural extension of the suburb’s existing fabric, something that respects the past, supports the present, and adds value for generations to come.”

Beulah has seen strong interest, with 70 per cent of the townhouses already sold. Several interstate buyers have also made purchases, a sign of Brunswick’s national footprint.

[smartcode_project:default project_id=136451 project_image_fid=270371]

One of the biggest indicators of demand in a suburb is when big money arrives. Mirvac recently sold an apartment at <a href="https://www.apartments.com.au/new-apartments/prince-parade-by-mirvac-brunswick-701-park-street-brunswick-vic-3056">Prince &amp; Parade</a>, the former Princes Park Motor Inn site on Park Street, for $4.55 million, setting a new suburb record. It eclipsed the previous benchmark, a restored five-bedroom Victorian mansion from the 1880s, which sold for $4.15 million in late 2024.

[smartcode_project:default project_id=4802 project_image_fid=3627]

Mirvac’s General Manager of Residential Development VIC, Elysa Anderson, said the record-breaking price reflects the work of the Mirvac Design team in collaboration with Bates Smart, particularly their floorplan configurations and finishes, as well as Mirvac’s national reputation for delivering high-quality residential communities.

[smartcode_project:default project_id=4802 project_image_fid=217137]

Prince &amp; Parade is Mirvac’s third collaboration with Bates Smart on a parkside Melbourne development, following The Melburnian on Queen Victoria Gardens and The Eastbourne on Fitzroy Gardens.

The all-electric project comprises 169 one- to four-bedroom apartments across two buildings, rising five levels on Park Street and up to nine levels on Brunswick Road.

There's something about Brunswick

&nbsp;

Design-driven developer <a href="https://www.apartments.com.au/developers/milieu-property">Milieu</a> has completed its first project in Melbourne’s inner southeast, welcoming buyers to Plant Street by Milieu in Malvern.

The boutique development, a joint venture with partners&nbsp;Penfold&nbsp;&amp; MaxCap, comprises just 21 apartments just off Glenferrie and Malvern Roads.

The low-rise building has been designed by&nbsp;<a href="https://www.apartments.com.au/architects/ritz-ghougassian">RITZ&amp;GHOUGASSIAN</a>, distinguished by a robust, textured concrete façade, with horizontal planes designed to frame views of the neighbourhood and gardens by landscaper Acre.&nbsp;

&nbsp;

[smartcode_project:default project_id=139856 project_image_fid=278299]

The interiors have been curated by&nbsp;<a href="https://www.apartments.com.au/interior-designers/georgina-jeffries">Georgina Jeffries</a>, who has brought a&nbsp;refined and neutral material palette to the homes, complemented by generous ceiling heights and layouts that prioritise both functionality and comfort.&nbsp;

Acre’s landscaping introduces layered, seasonal plantings that soften the built form and extend greenery throughout the communal and private spaces.&nbsp;

&nbsp;

[smartcode_project:default project_id=139856 project_image_fid=1098]

Alongside its design focus, Plant Street incorporates contemporary amenities including number plate recognition for secure parking, EV charging facilities, and smart parcel lockers. Communal areas and resident-led gardening initiatives are intended to foster neighbour connections within the building.

The project marks Milieu’s expansion from its established base in Melbourne’s northern suburbs into Malvern, responding to continued demand for design-led, low-density apartment living in well-established neighbourhoods.&nbsp;

Located near Glenferrie Road and High Street Armadale, residents benefit from easy access to retail, dining, and transport, along with the green character of the area’s surrounding parks and gardens.

Jellis Craig Projects Director Stephen Bowtell is selling the remaining apartments.

[smartcode_project:default project_id=139856 project_image_fid=1113]

<a href="https://www.apartments.com.au/buildings/plant-street-by-milieu-malvern-1-plant-street-malvern-vic-3144">Plant St by Milieu</a> is the developer's first completed project south of their usual patch in Melbourne's north.

They are currently developing <a href="https://www.urban.com.au/new-apartments/elsternwick-gardens-by-milieu-8-gordon-street-elsternwick?source_news_article_id=62652&amp;ref=news_body_link">Elsternwick Gardens</a>, a new nature-focused neighbourhood in Elsternwick, and <a href="https://www.apartments.com.au/new-apartments/saxon-street-by-milieu-brunswick-31-saxon-street-brunswick-vic-3056">Saxon St by Milieu</a>, their sixth project in Brunswick.&nbsp;

[smartcode_project_cta:default project_id=139856]

Urban Editorial

Milieu welcomes buyers to Plant Street in Malvern as construction completes

Strategic government planning will be crucial in addressing the ongoing supply/demand imbalance in Brisbane’s residential market, as new supply continues to lag.

That’s one of the conclusions from a new CBRE market analysis, which highlights positive fundamentals but ongoing challenges for both the Brisbane and broader South East Queensland residential market.

[smartcode_project:default project_id=136432 project_image_fid=5479]

While 5,600 apartments and townhouses are projected to be completed in Brisbane this year – up from an average of 3,500 in the five years to 2024 – CBRE Research Director Craig Godber said this figure had been somewhat inflated by project delays, which had shifted some anticipated 2024 completions into 2025.

Godber noted that recent completion levels were also well below the peak period in 2016 and 2017 when annual additions averaged around 12,500 units and townhouses.

“Brisbane's residential market is experiencing unprecedented growth, with demand outstripping supply," Godber said.

"Strategic planning by the State Government is crucial in addressing this imbalance and ensuring sustainable development."

Godber noted that low supply levels had translated into an extended period of low vacancy rates, with Brisbane’s metropolitan vacancy being at or below 1.5% since early 2021 and hitting 0.9% as at March this year.

These tight market conditions are evident across all city precincts.

[smartcode_project:default project_id=149098 project_image_fid=330588]

Looking ahead, adjusted additions between 2025 and 2029 are forecast at 23,200 dwellings, or 4,600 per annum, with 60% of these expected to be concentrated in Brisbane’s inner city.

“Brisbane’s low vacancy rate highlights the urgent need for additional residential supply and the forecasted growth in dwelling completions is a positive step towards meeting this demand,” Godber said.

[smartcode_project:default project_id=7574 project_image_fid=3770]

CBRE Metropolitan Investments Director Will Carman said Brisbane’s population expansion and strong demand fundamentals were driving interest in city development sites, but he noted that developer attitudes were shifting.

“As construction pricing continues to climb, developers are becoming more discerning. The focus has shifted toward delivering high-quality, well-located residential communities that can withstand market pressures and meet long-term demand,” Carman said.

He also noted the issue of affordability, with Brisbane’s median house price having crossed the $1 million mark.

“This reflects not only the city’s strong fundamentals and sustained demand, but also the growing challenge of affordability - particularly for first-home buyers. This price growth underscores the importance of strategic planning and quality development to meet evolving market expectations,” Carman said.

Developer focus shifts to high-quality, well-located residential communities that can withstand market pressures and meet long-term demand, new CBRE analysis shows

Postcode	Suburb	Median weekly asking rent
3078	FAIRFIELD	$295
3185	RIPPONLEA	$340
3182	ST KILDA WEST	$360
3183	BALACLAVA	$360
3206	ALBERT PARK	$377.50
3031	KENSINGTON	$380
3182	ST KILDA	$380
3143	ARMADALE	$380
3068	CLIFTON HILL	$382.50
3181	PRAHRAN	$385

Top 10 cheapest inner-Melbourne suburbs for unit rentals: RP Data

Cassidy Knowlton

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