Melbourne's stalling property market has to be nearing the bottom.

Recent data published in the Australian Financial Review from property data analytics firm CoreLogic showed the&nbsp;Melbourne median dwelling value is currently 33.1 per cent below the median dwelling value in Sydney. Historically, on average, that gap has been 19.7 per cent.

It's the same story with Brisbane, where values in the Queensland capital are 8.8 per cent higher than in Melbourne. Melbourne is usually 13.7 per cent above.

Considering the widened gap that bucks history, as well as the record low new housing approvals in Victoria, rising construction costs, and the expected surge in population due to migration, it's clear that Melbourne is poised for a prolonged period of growth.

The market won't turn around overnight, and the most recent data from CoreLogic shows a decline of -0.2 per cent in the unit market (apartments and townhouses) over July.

Those declines in the established market have likely come because of increased supply levels, CoreLogic's Research Director Tim Lawless notes, where supply is outstripping current demand.

That's not the case in the new apartment market however.&nbsp;The most recent building approvals data from the ABS showed Melbourne's 3,840 unit approvals in June were -14 per cent down from the month prior.

Over two million new dwellings are proposed to be built by 2051 across Metro Melbourne, almost double the number of existing dwellings currently in the metro area.

<h2>What happened in Melbourne’s off the plan apartment market in July</h2>

Referring back to the lack of supply in the new apartment market, there was only one notable project that moved into a registrations of interest phase.

That's the new Elsternwick development by the design-driven developer&nbsp;<a href="/developers/milieu-property" target="">Milieu</a>, who revealed what is arguably one of its most unique developmens it has produced since being founded 15 years ago.

[smartcode_project:default project_id=136535 project_image_fid=288412]

Milieu has spent the last two years working alongside <a href="/architects/woods-bagot">Woods Bagot</a>, <a href="/landscape-architect/oculus">OCULUS</a> Broached Commissions and <a href="/architects/march-studio">March Studio</a> to create a garden-centric community they’re calling <a href="/new-apartments/elsternwick-gardens-by-milieu-8-gordon-street-elsternwick-vic-3185">Elsternwick Gardens by Milieu</a>.

The multi-building development, on the site of the former ABC Studios bordering Elsternwick's landmark Ripponlea Estate and gardens, has been designed to focus on nature and landscaping.

Residents will have direct private access to the heritage-listed gardens of the Ripponlea Estate, while its head gardener will tend to the landscaping of Elsternwick Gardens by Milieu on its completion.

[smartcode_project:default project_id=112375 project_image_fid=250363]

There was increased sentiment in the market in <a href="/developments/glen-iris-vic-3146">Glen Iris</a> where&nbsp;Projects by Buxton Director Heath Thompson sold four apartments in the last few weeks at <a href="/buildings/galerie-glen-iris-1538-1540-high-street-glen-iris-vic-3146">GALERIE</a>&nbsp;which will no doubt encourage the market heading into the spring selling season.

Thompson said three of the four buyers went from enquiry to sale within a week.

"We [Melbourne] haven't had that sort of conversion timeline for what feels like a very long time," Thompson said.

GALERIE has sold predominantly to downsizers, but the recent purchasers presented a different demographic in the building that is expected to welcome buyers toward the end of the year.

[smartcode_project:default project_id=141969 project_image_fid=222388]

Construction got underway at&nbsp;Abadeen's <a href="/new-apartments/malea-94-burke-road-malvern-east">Maléa</a>&nbsp;apartments in&nbsp;<a href="/developments/malvern-east-vic-3145">Malvern East</a>.

Brompton Construction, the multi-award winning Master Builders Victoria construction firm, has officially commenced construction on the seven luxury apartments on Central Park.

“<a href="/developers/abadeen-group">Abadeen</a>&nbsp;chose Maléa because of its incredible location opposite Central Park in the beating heart of&nbsp;<a href="/developments/malvern-east-vic-3145">Malvern East</a>,"&nbsp;<a href="/content/abadeen-officially-announce-expansion-into-victoria-with-two-luxury-projects" target="">Andrew Leoncelli</a>, who runs Abadeen in Victoria, says.

<a href="/builders/brompton-construction">Brompton Construction</a>&nbsp;is expecting to complete the building in late 2025.

One of Melbourne's most notable developers, Piccolo, filed for its next development as it approaches sellout of its Fitzroy apartment development, A Piccolo House - Gore Street.

[smartcode_project:default project_id=141498 project_image_fid=290942]

This one is in <a href="/developments/kew-vic-3101">Kew</a> where <a href="/developers/piccolo">Piccolo</a> has filed plans for five three-level buildings at 18 Barry Street.

The project, currently referenced as&nbsp;<a href="/new-apartments/piccolo-house-barry-st-kew-barry-street-kew-18-barry-street-kew">A Piccolo House, Barry Street</a>, part of the Piccolo House collection that targets the high-end owner-occupier,&nbsp;will comprise 60 two, three and four-bedroom apartments.

Read more: <a href="/news/vic/first-look-exclusive-piccolo-plot-new-kew-apartment-development">First look exclusive: Piccolo plot new Kew apartment development&nbsp;</a>

Boutique developer Callex Group is also heading to Kew for its latest venture.

Callex is plotting a small development of just seven apartments on an already cleared 1,266 sqm site at 9 O’Shaughnessy Street, walking distance to Kew Junction, Glenferrie Road shopping precinct and Victoria Gardens.

<img alt="First look: Callex Group plan boutique Kew apartment development" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_900,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/O%E2%80%99Shaughnessy%20Street%20front.png?VersionId=xSEIYv0SnF7Uyg2M8P5a2yOvond3WHXA" />

The proposed development includes one two-bedroom apartment and six three-bedroom apartments, along with 15 car spaces and six bicycle spaces.

The design by&nbsp;<a href="/architects/carr-design">Carr</a> incorporates elements from the existing built environment, using textures and tones that complement O'Shaughnessy Street and the adjacent Foley Reserve.

Read more:&nbsp;<a href="/news/vic/first-look-callex-group-plan-boutique-kew-apartment-development">First look: Callex Group plan boutique Kew apartment development</a>

CoreLogic's Monthly Hedonic Index showed a -0.2 per cent decline in the value of units (apartments and townhouses) across Melbourne over July, however there was a larger fall in house values (-0.5 per cent).

Joel Robinson

City Beat August 2024: Is Melbourne approaching the bottom of the market?

It might still be eight years out from the 2032 Brisbane Summer Olympics, but there seems to be no end to the boom occurring in both Brisbane's house and unit markets.

Brisbane's unit market is on track to grow over 20 per cent in 2024, based on the performance in the first six months of the year.

June marked another 1.8 per cent value jump in units, taking the value increase up to 10.3 per cent year to date, CoreLogic's latest monthly Home Value Index showed. It's the second best performing unit market in the country this year, only behind Perth (+13.7 per cent).

Brisbane's median unit value is now $622,000. The staggering price growth has seen Brisbane unit values overtake both Melbourne and Canberra to be the second most expensive unit market in the country, only behind Sydney.

<h2>What happened in Brisbane’s off the plan apartment market in June</h2>

The main reason for Brisbane's huge price growth, particularly in the unit market, is the supply issues facing the capital.&nbsp;

There are very few developers actively in market, and those that are are focusing on the high-end, luxury developments that might only comprise a handful of apartments.

That's pushing supply to historic lows, while demand continues to swell due to the relative affordability compared to Sydney, and the prospect of further price growth given the billions of dollars of infrastructure projects underway ahead of the 2032 Brisbane Summer Olympics.

One developer able to move ahead with their project is the Sydney-based <a href="/developers/sarazin">Sarazin</a>. They've appointed Hutchinson's to build their <a href="/developments/woolloongabba-qld-4102">Woolloongabba</a> apartment development, <a href="/new-apartments/murcia-residences-east-brisbane-9-overend-street-east-brisbane">Murcia Residences</a>.

[smartcode_project:default project_id=135094 project_image_fid=214681]

Murcia Residences, named after its design influence of the Spanish city, comprises 186 one, two, three, and four-bedroom apartments with open-plan living spaces that integrate indoor and outdoor areas.&nbsp;

Crowning the development will be an infinity pool, accompanied by private poolside cabanas and sun lounges.

Murcia will sit just 500 metres away from the new Cross River Rail Station, slated for completion in early 2025, with the convenient transportation hub set to connect residents to the rest of the city.

[smartcode_project:default project_id=135094 project_image_fid=214651]

There were two notable development applications submitted in June, both in&nbsp;<a href="/developments/newstead-qld-4006">Newstead</a>.

Luxury developer <a href="/developers/fortis" target="">Fortis</a>&nbsp;has tinkered again with their commercial deveopment on Kyabra Street. When they acquired the site in early 2022 when it came with approval for an 11-level timber officer tower.

In February they sought to change the design of the building to create something more in keeping with local architecture.&nbsp;Now those plans are likely to be moot, given the recently submitted plans for a <a href="/architects/bureauproberts">bureau^proberts</a>-designed building with 65 apartments.

<img alt="First look exclusive: Fortis flick offices to apartments in Newstead " data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Kyabra%20St%20east%20pers.png?VersionId=hRC8.BRC23oxayj.iopUAjekM6IBoBtJ" />

The architecture firm suggested in the planning documents that the new proposal better aligns with changing market conditions and the local architectural context.

The new 22-level tower will now house a mix of 54 two-bedroom and 11 three-bedroom apartments.

Jonathan Leishman’s Churchill Development Group is also seeking to add some much needed supply to the Brisbane market, submitted plans for a mixed-use development fronting Breakfast Creek Road.

Dubbed Breakfast Creek Quarter, the proposal aims to transform a 6778-square-metre site into a vibrant residential and commercial precinct.

<img alt="Breakfast Creek Quarter to bring three apartment towers to Newstead" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Breakfast%20Creek%20Quarter.png?VersionId=.q__qZTvUVBhq.eviLHhO_xzuyp21s2W" />

Designed by&nbsp;<a href="/architects/mas-architecture-studio">MAS Architecture Studio</a>, Breakfast Creek Quarter will comprise three towers rising 23, 26, and 28 levels with a total of 752 apartments. Around 80 per cent of the apartments are designated as build-to-rent.&nbsp;

The tallest tower however will feature 164 build-to-sell apartments.

At the ground level, the plan includes an activated laneway and a landscaped civic plaza facing Breakfast Creek Road, envisioned as an extension of Newstead Park, designed to enhance interaction with the streetscape.&nbsp;

The staggering price growth in has seen Brisbane unit values overtake both Melbourne and Canberra to be the second most expensive unit market in the country, only behind Sydney

City Beat July 2024: Brisbane units on course for 20 per cent gains in 2024

Units in Melbourne continued to outperform it's house market counterpart.

Unit values rose 0.2 per cent, according to CoreLogic Monthly Hedonic Index, a modest gain, but considerably higher than the -0.3 per cent decline in the house market.

It was the fourth month in a row that unit values in Melbourne outperformed.

The median value for units in Melbourne is now at $610,000.

<h2>What happened in Melbourne’s off the plan apartment market in June</h2>

One of Melbourne's biggest off the plan apartment developments achieved a major milestone in June.

Nine months after its official launch,&nbsp;<a href="/developers/osk-property" target="">OSK Property</a>&nbsp;and&nbsp;<a href="/builders/multiplex">Multiplex</a>&nbsp;broke ground on BLVD, the latest tower at the $3 billion <a>Southbank</a> precinct, <a href="/buildings/melbourne-square-93-119-kavanagh-street-southbank">Melbourne Square</a>.

<img alt="OSK Property and Multiplex break ground at BLVD, Melbourne Square" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screen%20Shot%202024-06-13%20at%206.08.44%20pm.png?VersionId=B_649xLFaYD1Nw78JdyaL31BROFSTDns" />

<a href="/new-apartments/blvd-at-melbourne-square-19-hoff-boulevard-southbank">BLVD</a> will deliver much-needed residential stock to <a href="/developments/southbank-vic-3006">Southbank</a>, just over 600 apartments across a 74-level that will also home private dining rooms, state-of-the-art gyms, a 25m indoor swimming pool, spa, sauna, golf simulator, entertainment and lounge spaces, and a two-level co-working area on levels 55 and 56.&nbsp;

Multiplex is expecting to complete the building in Q1 2028.

Read more:&nbsp;<a href="/news/vic/osk-property-and-multiplex-break-ground-at-blvd-melbourne-square">OSK Property and Multiplex break ground at BLVD, Melbourne Square</a>

[smartcode_project:default project_id=107714 project_image_fid=214125]

There were two residential developments launched last month, in Hampton and South Kingsville.

Melbourne developer <a href="/new-apartments/noetic-place-hampton-28-34-service-street-hampton">Noetic Place</a>&nbsp;revealed its eponymous Hampton apartment development, <a href="/developers/noetic-places">Noetic Places</a>, offering some of the largest apartments on the market in the burgeoning Bayside suburb.

Noetic Place, led by Stephen Barrow-Yu, worked extensively with the local council and community to bring 33 two, three and four-bedroom apartments designed to appear as three individual homes, mimicking the scale of nearby houses on the tree-lined Service Street, within a stroll of <a href="/developments/hampton-vic-3188">Hampton</a>'s beach, village and station.

Read more:&nbsp;<a href="/news/vic/noetic-place-hampton-a-celebration-of-design-landscaping-and-community">Noetic Place Hampton: A celebration of design, landscaping and community</a>

[smartcode_project:default project_id=134934 project_image_fid=277880]

Over in&nbsp;<a href="/developments/south-kingsville-vic-3015">South Kingsville</a>, developer Blue Run launched&nbsp;<a href="/new-apartments/kings-lane-kingsville-56-new-street-south-kingsville-vic-3015">Kings Lane</a>, its boutique townhouse development comprising just 25 three and four-bedroom townhouses designed by <a href="/architects/rothelowman">Rothelowman</a>.

The two and three-level townhouses will sit on New Street, tucked away conveniently off Blackshaws Road and near Edwards Reserve.

[smartcode_project:default project_id=145042 project_image_fid=279554]

While supply still remains one of the largest constraints in the off the plan apartment market, there were some notable projects mooted for the future.

Developer <a href="/developers/kincrest">Kincrest</a>&nbsp;submitted plans to the Stonnington Council for a mixed-use building on Grattan Gardens in <a href="/developments/prahran-vic-3181">Prahran</a>.

<img alt="Exclusive first look: Kincrest plots new Prahran apartments" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screen%20Shot%202024-06-11%20at%2010.36.50%20am.png?VersionId=CHSl4.FRxEblmX8Chkbm5NRiGvmTYAZE" />

Kincrest, led by Tom Howgate, secured <a href="/new-apartments/the-osment-prahran-3-7-grattan-street-prahran">3-7 Grattan Street</a> market, and then amalgamated the neighbouring single-level warehouse to create 1,613 sqm and a 35-metre frontage to the park.

The plans by <a href="/architects/cheah-saw-architecture">Cheah Saw Architecture</a> are for 22 apartments across a seven-level building. The two three and four-bedroom apartments, offering larger than standard sizes, something which is built into Kincrest's development ethos, will sit above two levels of strata offices and a ground-floor cafe and retail space that will face the park.

Read more:&nbsp;<a href="/news/vic/exclusive-first-look-kincrest-plots-new-prahran-apartments">Exclusive first look: Kincrest plots new Prahran apartments</a>

Camberwell is also set for a new development with the&nbsp;City of Boroondara approving a new 12-level mixed-use development that will become the second tallest building in the area.

The project, at 697-699 Burke Road, Camberwell, has been designed by <a href="/architects/cera-stribley-architects">Cera Stribley</a>&nbsp;for property developer <a href="/developers/above-zero">Above Zero</a> and will have 36 apartments set above five levels of office space and retail on the ground level.

The approval follows an extensive planning process that has been ongoing since 2015 when the City of Boroondara first refused a 15-level, 62-unit development on the 1,950 sqm site.&nbsp;

<img alt="Camberwell set for Cera Stribley-designed mixed-use development after green light" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Cera%20Stribley.jpg?VersionId=GaQwaEBcX2BWEZQzTKwU.SdnNkueblPj" />

The final design, which gained support from both the council and previous objectors, includes office spaces on levels one to five, apartments on levels six to eleven, and a communal rooftop terrace on level 12.

The Camberwell Junction area is expected to need a further 1,500 additional new dwellings by 2051 to keep up with population growth, the planning documentation suggested.

Read more:&nbsp;<a href="/news/vic/camberwell-set-for-cera-stribley-designed-mixed-use-development-after-green-light">Camberwell set for Cera Stribley-designed mixed-use development after green light</a>

Developer <a href="/developers/abadeen-group">Abadeen</a> also has its eyes on its future development pipeline. Keen to focus on Melbourne's premium owner-occupier market since its expansion from Sydney's Lower Norht Shore, Abadeen, led locally by Andrew Leoncelli, grabbed a parkside development site in <a href="/developments/caulfield-north-vic-3161?sort=">Caulfield North</a>.

Abadeen&nbsp;beat out several other developers to secure 1,060 sqm on Caulfield Park.

<img alt="Exclusive: Abadeen grab next Melbourne off the plan apartment development site" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screen%20Shot%202024-06-06%20at%2010.23.39%20am.png?VersionId=8WDEAS_ndB64HRdLt_hIy5tccDe9dBYB" />

The site at 219-229 Balaclava Road is north-facing and offers uninterrupted views to the north and northwest, over the park and out to the city.

It was offered by JLL with permit-approved plans for a new seven-level apartment development designed by <a href="/architects/cht-architects" target="">CHT</a> Architects.

Abadeen will go back to the drawing board and is engaging a leading architect to tweak the plans to make the apartments larger, but they will stay within the same envelope of what's been approved.

Read more:&nbsp;<a href="/news/vic/exclusive-abadeen-grab-next-melbourne-off-the-plan-apartment-development-site">Exclusive: Abadeen grab next Melbourne off the plan apartment development site</a>

City Beat July 2024: Performance gap widening between units and houses

Unit values in Sydney are continuing to trend higher over 2024.

CoreLogic's Monthly Hedonic Index showed another 0.7 per cent rise in unit values across June, following 0.7 per cent gains in May and 0.6 in April.

It was another month units outstripped houses in the harbour capital. House values rose 0.3 per cent in June to be one per cent up over the rolling quarter. Units are now up 1.4 per cent over the same period.

June marked the end of the financial year. Over the 12 months, units in Sydney are up five per cent, to a new median $855,000.

<h2>What happened in Sydney’s off the plan apartment market in June</h2>

The biggest news from the off the plan market in Sydney came from North Sydney where&nbsp;<a href="/developers/aqualand-australia" target="">Aqualand</a>&nbsp;officially opened their mixed-use precinct,&nbsp;<a href="/buildings/aura-by-aqualand-north-sydney-168-walker-street-north-sydney-nsw-2060">AURA by Aqualand</a>.

Aqualand Managing Director Jin Lin said the project’s completion in time for Aqualand’s tenth anniversary was fortuitous as it perfectly showcases what Aqualand has come to stand for over the last decade.

Aqualand’s Head of Sales and Marketing, Alex Adams, said AURA’s completion is the start of an exciting new phase in the project’s customer journey.

<img alt="Aqualand officially opens landmark North Sydney apartment development, AURA by Aqualand" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/DSC03775.jpg?VersionId=ysntkriVCiHlU.BEG9FHAm0MAk7b4T3m" />

“AURA is no longer an off the plan project," Adams says.

"It’s now complete and move-in ready. This removes any uncertainty in a potential buyer’s mind about purchasing off-the-plan, as they now have no doubt about the build quality. They can now see and feel the construction standards we insist on first-hand."

Towering 28 levels above the streetscape and commanding stunning views of Sydney Harbour, the striking $1 billion <a href="/architects/woods-bagot">Woods Bagot</a>-designed mixed-use residential community features 386 apartments above a richly landscaped community precinct, including a two-level curated food and beverage podium with four world-class venues operated by their hospitality business, Etymon Projects.

Read more:&nbsp;<a href="/news/nsw/aqualand-officially-opens-landmark-north-sydney-apartment-development-aura-by-aqualand">Aqualand officially opens landmark North Sydney apartment development, AURA by Aqualand</a>

[smartcode_project:default project_id=30959 project_image_fid=284317]

One of the next mixed-use precincts to complete across Sydney is <a href="/buildings/mason-main-merrylands-245-merrylands-road-merrylands-nsw-2160">Mason &amp; Main</a> in <a href="/developments/merrylands-nsw-2160">Merrylands</a>&nbsp;by <a href="/news/coronation-property-launches-its-first-release-in-merrylands-development-mason-main" target="">Coronation Property</a>

Mason &amp; Main has been designed to be the leader of gentrification in the area, with not only an influx of well-designed apartments by Woods Bagot, but to create a central precinct that goes beyond the four walls of the home.

The five towers, a mix of build-to-rent and build-to-sell, will sit above a cool 'Eat Street', which is expected to be open later this year, with a string of hospitality venues and retailers set to create an all-round lifestyle hub for both residents of Mason &amp; Main as well as the wider community.

[smartcode_project:default project_id=31751 project_image_fid=161007]

Coronation just revealed a completed two-bedroom apartment so prospective purchasers can see exactly what they're buying.

Coronation is expecting construction to be completed by the end of the year, with buyers moving in shortly after.

Read more:&nbsp;<a href="/news/nsw/inside-mason-main-merrylands-urbans-display-apartment-tour-of-coronations-latest-placemaking-project">Inside Mason &amp; Main Merrylands: Urban's display apartment tour of Coronation's latest placemaking project</a>

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/mW-jADz8zKY?si=MjAHmlYGMbf2ebeB" title="YouTube video player" width="560"></iframe>

There were plenty of development applications across Greater Sydney in June, particularly in Sydney's east. The most interesting plans came from <a href="/new-apartments/rose-bay-nsw-2029">Rose Bay</a> where Eastern Suburbs developer <a href="/developers/orosi">Orosi</a> is taking on its largest project to date, filing plans for a new shoptop development at the gateway to Rose Bay.

The integrated developer, who serves as both the architect and builder of its projects, designed the building to offer 50 apartments spanning across a structure that ranges from four to five levels.

There will be 34 two-bedroom apartments and 16 three-bed apartments.

<img alt="First look exclusive: Orosi plan Rose Bay shoptop on key gateway site" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202024-06-19%20at%2011.09.02%E2%80%AFAM.png?VersionId=t.b8xaySLGRrwkYlGmrxHdsEI41l7Ub1" />

It was last year that Orosi, led by Founder and Managing Director Hamid Samavi, secured the vast 3,000 sqm site, a two year-long amalgamation of several lots over The Avenue,&nbsp;<a href="/buildings/dusk-625-627-old-south-head-road-rose-bay">Old South Head Road</a>&nbsp;and William Street.

Samavi told Urban the vision is to create an iconic landmark that serves as a welcoming gateway to&nbsp;<a href="/new-apartments/rose-bay-nsw-2029">Rose Bay</a>.

"OROSI&nbsp;<a href="/new-apartments/rose-bay-nsw-2029">Rose Bay</a>&nbsp;will set a new benchmark for architecture and sustainability in The Eastern Suburbs, featuring state-of-the-art facilities and curated retail spaces, including a Kosher café, an organic restaurant, and Sydney’s most iconic wellness centre," Samavi said.

Read more:&nbsp;<a href="/news/nsw/first-look-exclusive-orosi-plan-rose-bay-shoptop-on-key-gateway-site">First look exclusive: Orosi plan Rose Bay shoptop on key gateway site</a>

There were equally striking development plans filed in the nearby Woollahra where&nbsp;Rafi Assouline's <a href="/developers/hsn-property-group">HSN Property Group</a> is seeking to build a luxury seven-level building at 370 Edgecliff Road.

<img alt="First look exclusive: HSN submit plans for $22 million Woollahra apartment development" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Plan%20-%20Photomontage%20-%20DA2024%20206%201%20-%20370%20Edgecliff%20Road%20WOOLLAHRA.JPG?VersionId=5.rpeG78s_EMjsOAAE97E7Bp.lJxBDyw" />

HSN, who has its own building arm, has proposed 19 two and three-bedroom apartments on the X sqm site near&nbsp;the Wolper Jewish Hospital and Matt Moran's The Chiswick.

<a href="/architects/pbd-architects">PBD Architects</a>&nbsp;has drawn up the plans for the building that "aims to blend with the existing streetscape of Edgecliff Road, incorporating heritage-style elements with a contemporary approach characterised by a symmetrical design, grounded columns, natural stone and zinc for the façade to create a timeless aesthetic."

Read more:&nbsp;<a href="/news/nsw/first-look-exclusive-hsn-submit-plans-for-23-million-woollahra-apartment-development">First look exclusive: HSN submit plans for $22 million Woollahra apartment development</a>

The highest density development submitted across the east was in Bondi Junction, by one of the suburb's most prolific developers.

No single developer has contributed to the apartment market in <a href="/developments/bondi-junction-nsw-2022">Bondi Junction</a> more than local developer <a href="/developers/stargate-property">Stargate Property Group</a>.

<img alt="First look exclusive: Stargate seek new Oxford St, Bondi Junction apartment development" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screen%20Shot%202024-06-13%20at%2012.22.37%20pm.png?VersionId=rIvhIY1K6KnNI8c07UXlJ01Bd.hzPUTo" />

Currently building Centennial Collection, Stargate is staying on Oxford Street where they've submitted $80 million plans for two towers at 362-384 Oxford Street, an amalgamated site on the corner of Oxford and Newland Street.

The new 15-level project will have 111 apartments, a mix of 48 one-bed, 52 two-bed, and 11 three-bedroom apartments. The building will be split into two sections, connected by an internal bridge.

There will be a communal rooftop with resident amenities, as well as commercial spaces on the first two levels.

Read more:&nbsp;<a href="/news/nsw/first-look-exclusive-stargate-seek-new-oxford-st-bondi-junction-apartment-development">First look exclusive: Stargate seek new Oxford St, Bondi Junction apartment development</a>

North of the bridge,&nbsp;<a href="/developers/twt-property-group" target="">TWT</a>&nbsp;revealed another stage of its&nbsp;$1 billion-plus masterplan in <a href="/developments/st-leonards-nsw-2065">St Leonards</a>.

They submitted plans for what was initially called The Collective, but on recent documents was dubbed TWT Village. The two mixed-use buildings will home 137 apartments above retail, hospitality, and commercial office space.

The buildings will be developed on a&nbsp;4210 sqm site encompassing 55-69&nbsp;<a href="/new-apartments/55-61-chandos-street-st-leonards" target="">Chandos Street</a>&nbsp;and 71-89&nbsp;<a href="/new-apartments/55-61-chandos-street-st-leonards" target="">Chandos Street</a>.

<img alt="First look exclusive: TWT expand $1 billion St Leonards precinct" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Chandos%20Street%20ST%20LEONARDS.png?VersionId=wxYaIEyhbjAT3IfnhKueA9QYvlGQbHkE" />

<a href="/architects/smart-design-studio">Smart Design Studio</a> has put together plans for the two 11 and 12-level buildings, suggesting in their design statement that the large mixed-use sits within the evolving town centre of St Leonards and is a wonderful opportunity to create a distinctive and appealing architectural and urban response.

Read more:&nbsp;<a href="/news/nsw/first-look-exclusive-twt-expand-1-billion-st-leonards-precinct">First look exclusive: TWT expand $1 billion St Leonards precinct</a>

Double Bay developer SJD is heading north, to Northbridge, where they're proposing a&nbsp;new $45 million development comprising 24 apartments above street-level retail at 57-69 Strathallen Avenue, just off Sailors Bay Road and not far from Northbridge Plaza.

&nbsp;

<img alt="First look: Northbridge Hotel to make way for new mixed-use development" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screen%20Shot%202024-06-11%20at%2012.30.45%20pm.png?VersionId=DVUYXIVF5tvi367ZUelKG9xjVxZbTkMv" />

<a href="/architects/bates-smart" target="">Bates Smart</a> has designed the five-level building which has a mix of just three and four-bedroom apartments. Two EV charging bays will feature in the two-level basement that will cater for 51 cars for both residential and retail use.

Read more:&nbsp;<a href="/news/nsw/first-look-northbridge-hotel-to-make-way-for-new-mixed-use-development">First look: Northbridge Hotel to make way for new mixed-use development</a>

City Beat July 2024: Sydney units continue to outperform houses

Sydney's unit market is showing continued growth in 2024.

It was the third consecutive month that growth in the value of units, which incorporates both apartments and townhouses, outstripped growth in houses,&nbsp;CoreLogic’s Home Value Index found.

Units posted gains of 0.7 per cent, higher than the 0.5 per cent growth in houses.

Sydney's median unit value is now $848,000, having started 2024 at $834,000.

Sydney's overall housing market is now approaching record levels again, now matching the previous record high set in January 2022. After reaching this peak, dwelling values in Sydney dropped by 12.4 per cent, finding their lowest point a year later.&nbsp;

Since then, the market has experienced a 14.1 per cent rise through the current cycle. This places Sydney at the forefront of recovery among Australian capital cities.&nbsp;

Read more:&nbsp;<a href="/news/nsw/city-beat-may-2024-sydney-unit-growth-doubles-houses-in-april">City Beat May 2024: Sydney unit growth doubles houses in April</a>

<h2>What happened in Sydney’s off the plan apartment market in May</h2>

While new projects launching to the market were scant, planning took centre stage in May, with a series of major development applications and approvals across some of Sydney's best postcodes.

The biggest news came from Circular Quay where&nbsp;<a href="/developers/jdh-capital">JDH Capital</a>, the developer who is redeveloping the iconic Sirius building in The Rocks, laid plans for their latest luxury project.

They've finalised their $183 million plans to demolish the Sir Stamford Hotel on Macquarie Street and replace it with a striking 15-level glass tower with commercial, retail, and luxury apartments.

<img alt="First look exclusive: JDH Capital plot $183 million Sir Stamford Hotel redevelopment on Sydney's Macquarie Street" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screen%20Shot%202024-05-15%20at%208.55.38%20am.png?VersionId=30oCBOCFNOm5rc04DnZgD8mPpilN._Zo" />

<a href="/architects/bvn-architecture">BVN</a> was given the architectural reigns after the jury at the City of Sydney Design Excellence Competition voted unanimously for their design in early 2023.

69 apartments will be spread across 10 residential levels in the new structure at&nbsp;<a href="/new-apartments/93-97-macquarie-street-sydney">93-97 Macquarie Street</a>.

Part of the development of the 1,612 sqm site, which sits in the Macquarie Special Character area defined in the Sydney LEP 2012, will include the restoration of the heritage-listed Health Department Building that dates back to 1896. That was designed by Government architect Walter Liberty Vernon.

Read more:&nbsp;<a href="/news/nsw/first-look-exclusive-jdh-capital-plot-183-million-sir-stamford-hotel-redevelopment-on-sydneys-macquarie-street">First look exclusive: JDH Capital plot $183 million Sir Stamford Hotel redevelopment on Sydney's Macquarie Street</a>

Three kilometres south of Sydney's CBD in <a href="/developments/redfern-nsw-2016">Redfern</a>, the billionaire Neilson family is planning to revitalise an old commercial strip.

The plans submitted by Paris Neilson,&nbsp;the daughter of billionaire arts patron Judith Neilson and investment banker Kerr Neilson, and her developer husband Todd Buncombe will transform a row of industrial-style commercial spaces across&nbsp;<a href="/new-apartments/2-30-vine-street-redfern">2-30 Vine Street and 32-34 Eveleigh Street</a>.

<img alt="First look exclusive: Billionaire Neilson family to develop new Redfern mixed-use building" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screen%20Shot%202024-05-06%20at%2012.20.49%20pm.png?VersionId=1vxaIvju3nqHUxzHIF7YKCoNCqqP5AaJ" />

They're proposing a new mixed-use building designed by Koichi Takada Architects that will home 23 apartments and 20 commercial spaces and two retail tenancies.

Read more:&nbsp;<a href="/news/nsw/first-look-exclusive-billionaire-neilson-family-to-develop-new-redfern-mixed-use-building">First look exclusive: Billionaire Neilson family to develop new Redfern mixed-use building</a>

Heading to the east and, after four years of back and forth, Sydney’s landmark&nbsp;<a href="/developments/coogee-nsw-2034">Coogee</a> Bay Hotel is set to be redeveloped.

The iconic watering hole on the corner of Arden Street and Coogee Bay Road, fronting the beach, has been approved to have the current building refurbished, while an extension will see a shop-top housing development with 58 apartments, 11 retail premises, and an internal laneway from Coogee Bay Road.

The Sydney Eastern City Planning Panel granted a Deferred Commencement Consent, consent that will become operational once there has been a resolution of a noise management plan with Randwick City Council.&nbsp;

<img alt="Coogee Bay Hotel redevelopment gets the green light after five years of planning" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Coogee%20Bay%20Hotel%20Redevelopment%20from%20Coogee%20Bay%20Road.jpg?VersionId=leR9KJyvvcs.Ce3o7bl9Ybp0iHd_WqUI" />

In the inner-west, prominent developer&nbsp;<a href="/developers/deicorp">Deicorp</a>&nbsp;has secured planning approval for its first-ever&nbsp;<a href="/new-apartments/rhodes-nsw-2138">Rhodes apartment</a>&nbsp;development,&nbsp;<a href="/new-apartments/marquet-mary-rhodes-1-9-marquet-street-rhodes-nsw-2138">Marquet &amp; Mary</a>.

They've been given the go-ahead to develop the&nbsp;$435 million, 32-level mixed-use tower in the heart of Rhodes designed by Fender Katsilidis.

<a href="/developers/deicorp" target="">Deicorp</a>’s Chairman, Fouad Deiri OAM, said the landmark&nbsp;building will bring much-needed new homes to the heart of Rhodes.

“Designed by one of Australia’s leading design practices,&nbsp;<a href="/architects/fk-australia">FK</a>, Marquet &amp; Mary delivers on&nbsp;<a href="/developers/deicorp" target="">Deicorp</a>’s business values of strong design and high-quality amenities,” Deiri said.&nbsp;

<img alt="Deicorp greenlit for Marquet &amp; Mary tower in Rhodes" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/FKMED_22228_M%26M.jpg?VersionId=Zynkp2wTWWeBiNIgi7zIWnWMxDalWD7f" />

&nbsp;Builder developer <a href="/builders/aland">ALAND</a> will also bring much-needed housing to Western Sydney, including potential affordable apartments for key workers.

Cumberland City Council has given ALAND approval to begin work on Amber, the second stage of <a href="/buildings/amber-the-gladstone-village-stage-2-228-pitt-st-merrylands">The Gladstone Village</a>, a major component of its $800 million mixed-use development in <a href="/developments/merrylands-nsw-2160">Merrylands</a>.

Negotiations are ongoing to designate the entire 21-storey tower, consisting of 236 apartments, for affordable housing under the federal government's Housing Australia Future Fund (HAFF). If successful, these units will be offered at lower rental rates for essential workers, easing the housing crisis and supporting the local economy.

<img alt="ALAND to launch Amber; stage two of $800 million Merrylands precinct The Gladstone Village" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screen%20Shot%202024-05-13%20at%209.23.11%20am_0.png?VersionId=Sr4r0uCD.NdCqCvhUhthPhYfHwfTlHvX" />

While new project launches have been few and far between, there has been some activity outside of the city.

South in Wollongong,&nbsp;<a href="/developers/level-33">Level 33</a>&nbsp;launched one of its most boutique apartment developments to date.

The go-to developer in&nbsp;<a href="/developments/wollongong-nsw-2500">Wollongong</a>&nbsp;has revealed Easterly, directly opposite WIN Stadium at 13 Crown Street, a short walk from the beach.

Easterly comprises 21 luxury two and three-bedroom apartments and three penthouses, all designed in collaboration with&nbsp;<a href="/architects/turner-studio">Turner Architects</a>.

Read more:&nbsp;<a href="/news/nsw/launch-alert-level-33-launch-wollongong-apartment-development-easterly">Launch Alert: Level 33 launch Wollongong apartment development, Easterly</a>

[smartcode_project:default project_id=139092 project_image_fid=282388]

Up north in Sydneysiders favourite beachside holiday hotspot <a href="/new-apartments/byron-bay-nsw-2481">Byron Bay</a>, local developer&nbsp;<a href="/developers/jd-property-group">JD Property Group</a>, launched <a href="/new-apartments/secret-garden-119-123-jonson-street-byron-bay">Secret Garden</a>, their $100 million luxury shoptop development at 119-123 Jonson Street, just 750 metres from Main Beach and on the corner of Jonson and Kingsley Street.

The development will feature 22 apartments, including luxury penthouse suites, alongside 10 upscale retail and hospitality tenancies on the ground floor. The premium-grade retail space will showcase local talent, including top chefs, designers, and artisans while bringing some of Australia’s leading brands to the Byron Bay township.

<img alt="Byron Bay set for Secret Garden after luxury shoptop development gets approval" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screen%20Shot%202024-05-13%20at%209.05.01%20am.png?VersionId=03MVZS.3oyVl41AqHTxhzacPEbGsxbpR" />

JD Property Group Managing Director and third-generation local, Jason Dunn, said the precinct aims to spotlight what makes Byron Bay uniquely special.

It was Sydney's most iconic beach however that grabbed the biggest headlines in the off the plan apartment space in May.

The price per square metre rate was smashed in Bondi Beach where&nbsp;a penthouse atop Hall &amp; Campbell on the dress circle Campbell Parade beachfront sold for over $100,000 per sqm.

<img alt="Hall &amp; Campbell sets new apartment record in Bondi Beach" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Hall%20%26%20Campbell.jpg?VersionId=N7i.jvBaqQtJA6aZEg.95Ii_cjbVEOfj" />

Developed by Allen Linz's Rebel Property and Eduard Litver's Capitel Group and under construction by Trescon, the penthouse sold for $23 million, representing a price per sqm of $105,000.

The penthouse, designed by architect <a href="/interior-designers/scott-carver">Scott Carver</a>, features five bedrooms, five bathrooms, and multiple living areas and balconies with views of <a href="/new-townhouses/bondi-beach-nsw-2026">Bondi Beach</a>.&nbsp;

We have news this month from Circular Quay, Coogee, Bondi Beach, and even Byron Bay

City Beat June 2024: Sydney off the plan apartment development plans pile up as unit growth continues

The <a href="/developments/brisbane-qld">Brisbane</a> property market continued to experience significant growth over May, growth that took it past Canberra to become Australia's second most expensive capital city property market.

"With Brisbane housing values consistently posting solid capital gains while ACT values remain relatively stable, we saw a changing of the guard in May," CoreLogic Research Director Tim Lawless said.

"Brisbane overtook Canberra as having the second-highest median dwelling value across the capitals in May, a position Brisbane hasn’t recorded since 1997."

Brisbane's median dwelling value (which incorporates both units and houses), is now $843,000, above Canberra's $840,000.

It was another big month for the unit market (just townhouses and apartments). The 1.9 per cent growth took the median unit value above Melbourne to $615,000, above Melbourne's $614,000.

Brisbane's rolling quarterly growth is now 5.3 per cent, the strongest eastern seaboard capital. Brisbane's housing market was up 3.7 per cent over the same period.

&nbsp;

CoreLogic's Home Value Index rose by 0.8 per cent during the month, marking the 16th consecutive month of growth and the largest monthly gain since October of the previous year.

Lawless attributed the strong market performance to extremely low levels of available supply in Brisbane and other strong markets. Brisbane's property listings are 34 per cent below the five-year average for this time of year. Despite an increase in vendor activity compared to last year, fresh listings are quickly absorbed by market demand, maintaining low stock levels and exerting upward pressure on prices.

<h2>What happened in Brisbane’s off-the-plan apartment market in May</h2>

There was only one new project for buyers to look at in May. It came from veteran Brisbane apartment developer <a href="/developers/gardner-vaughan-group">Gardner Vaughan Group</a>, who launched their <a href="/developments/nundah-qld-4012">Nundah</a> village mixed-use development, <a href="/new-apartments/danby-lane-nundah-village-5-danby-lane-nundah">DANBY LN</a>.

The 12-level development comprises 84 apartments ranging from one to four bedrooms, priced between $599,000 and $3,199,000.&nbsp;

[smartcode_project:default project_id=112531 project_image_fid=280772]

The project integrates residential units with ground-floor retail, commercial spaces, and extensive recreational facilities including&nbsp;a rooftop with BBQ facilities, a herb and vegetable garden and outdoor dining areas.

There were more developments submitted to the Brisbane City Council in May, a positive sign for future apartment supply.

One of the most anticipated was the first stage of&nbsp;<a href="/new-apartments/bulimba-barracks-stage-1-167-apollo-road-bulimba">Bulimba Barracks</a>, the inner-city masterplan by&nbsp;<a href="/developers/shayher-group">Shayher Group</a>.

The site, acquired from the Department of Defence in 2020, has undergone extensive demolition, retaining only a fabrication workshop from World War II.&nbsp;

<img alt="First look exclusive: Shayher Group file for first stage of Bulimba Barracks" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screen%20Shot%202024-05-13%20at%209.44.35%20am.png?VersionId=0QiWfBCEHwkZsoTqcEEwe9wBoEnqpqJY" />

The initial phase focuses on a 6,382 sqm block on Apollo Road, featuring two low-rise buildings with 69 apartments.&nbsp; Designed by the <a href="/architects/the-buchan-group">Buchan Group</a>, these three-level buildings will be separated by a laneway from the restored workshop.

<a href="/developers/mirvac">Mirvac</a> too submitted major plans, however they're at the tail end of the inner-city precinct, the $1 billion Newstead waterfront precinct,&nbsp;<a href="/new-apartments/sky-waterfront-newstead-13-cunningham-street-newstead-qld-4006">Sky Waterfront</a>.&nbsp;

The 27-level tower, the tallest in the precinct, will house 138 apartments.

With a focus on owner-occupiers, it includes a variety of unit sizes, and extensive amenities and public spaces to enhance connectivity and community engagement.&nbsp;

<img alt="Mirvac files plans for final stage of Sky Waterfront, Newstead precinct" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screen%20Shot%202024-05-13%20at%2012.43.59%20pm.png?VersionId=IwKr5QwWpLW9yKCFIr2jaBJXC8BlUUiO" />

&nbsp;

Developer <a href="/developers/skyhold">Skyhold</a> settled on its <a href="/developments/balmoral-qld-4171">Balmoral</a> site, where they're planning a $150 million apartment development.&nbsp;

The project includes four medium-density buildings, offering a mix of two and three-bedroom apartments, penthouses, and 14 townhouses. Approved by Brisbane City Council, the development is set to launch soon.

<a href="/developers/huon-property-group">Huon Property Group</a> received approval for a 15-level, 114-apartment tower at 22 Cleveland Street, <a href="/developments/stones-corner-qld-4120">Stones Corner</a>, while there was another 226-apartment project on Cleveland Street approved for the family-run Idec Group.

&nbsp;

&nbsp;

&nbsp;

&nbsp;

&nbsp;

Tim Forrester's Aria Property Group looks to have finalized its plans for its South Brisbane tower at 164-190 Melbourne Street.&nbsp;

They secured approval for a 14-level tower with 84 apartments designed in collaboration with <a href="/architects/bates-smart">Bates Smart</a> and <a href="/architects/richards-and-spence">Richards &amp; Spence</a>.

Read more:&nbsp;<a href="/news/qld/aria-set-for-new-south-brisbane-apartment-tower-after-council-nod">Aria set for new South Brisbane apartment tower after council nod</a>

&nbsp;

&nbsp;

&nbsp;Outside of the city in <a href="/developments/rochedale-qld-4123">Rochedale</a>, 17km south of Brisbane, <a href="/developers/kinstone-group">Kinstone Group</a> has sought to create a $380 million mixed-use community, Rochedale Terrace.

The first stage will introduce retail and dining options, a tavern, and a 75-room boutique hotel.&nbsp;Later stages will add around 280 apartments and more commercial spaces, aiming to provide diverse housing and community-focused amenities.

&nbsp;

Read more:&nbsp;<a href="/news/qld/kinstone-plot-380-million-rochedale-precinct-rochedale-terrace">Kinstone plot $380 million Rochedale precinct, Rochedale Terrace</a>

City Beat June 2024: Brisbane overtakes Canberra as Australia's second most expensive capital

It was yet another month of solid gains in the Gold Coast unit market.

The 1.8 per cent growth in May, following 1.1 per cent growth in both March and April, made it the top-performing regional unit market in Queensland, according to CoreLogic's latest Monthly Hedonic Index

It outstripped the growth in <a href="/developments/sydney-nsw">Sydney</a> and <a href="/developments/melbourne-vic">Melbourne</a>.

The median value of units in the <a href="/developments/gold-coast-qld">Gold Coast</a> has reached $784,000, which would put the median value only second to Sydney. The median started 2024 at $727,000.

Read more: <a href="/news/qld/city-beat-may-2024-gold-coast-unit-market-continues-to-surge">City Beat May 2024: Gold Coast unit market continues to surge</a>

<h2>What happened in the Gold Coast off the plan apartment market in May</h2>

The average price for new apartments sold on the Gold Coast has risen more than $500,000 in the past six months, according to Urbis, as sustained demand and dwindling supply combined with a sharp rise in interstate investor activity and construction costs continue to impact property values.

The&nbsp;<a href="/architects/urbis">Urbis</a>&nbsp;Apartment Market Essentials report for the March quarter has revealed that new apartment sales achieved a weighted average sale price of $1.73 million, the highest since Urbis began monitoring the new apartment market in 2014.&nbsp;

This is up from $1.67 million in the December quarter, and $1.13 million in September quarter.

There was success up and down the Gold Coast, as well as a much-needed 1000 apartments added to the apartment supply. That was from Harry Triguboff's&nbsp;<a href="/developers/meriton" target="">Meriton</a>&nbsp;who launched their two-tower&nbsp;<a href="/new-apartments/cypress-palms-surfers-paradise-3346-surfers-paradise-boulevarde-surfers-paradise">Cypress Palms</a>&nbsp;development&nbsp;in <a href="/developments/surfers-paradise-qld-4217">Surfers Paradise</a>.

The towers will home just shy of 1000 apartments across two 76 and 90-level towers on a vast 8,083 sqm site at 3346 Surfers Paradise Boulevarde, on top of the Cypress Ave G-Link light rail.

&nbsp;

[smartcode_project:default project_id=139696 project_image_fid=277713]

Cypress Palms will be Harry Triguboff's 21st high-rise development on the Gold Coast, having first visited the now thriving tourist mecca six decades ago.

There was success in Palm Beach where&nbsp;<a href="/developers/marquee">Marquee Development Partners</a>&nbsp;recently launched&nbsp;<a href="/new-apartments/la-belle-palm-beach-332-the-esplanade-palm-beach">La Belle Palm Beach</a>&nbsp;to much fanfare. Its $100 million in sales within the first month of it being on the market made it&nbsp;the city’s fastest-selling project of 2024.

Sales ranged from $2.5 million to $7 million.

[smartcode_project:default project_id=102340 project_image_fid=273596]

<a href="/developers/aniko-group" target="">Aniko</a>&nbsp;also announced they were over 80 per cent sold at their under-construction <a href="/developments/chevron-island-qld-4217">Chevron Island</a>&nbsp;apartment development, <a href="/new-apartments/orama-chevron-island-12-16-weemala-street-chevron-island">Orama</a>.

Only 21 apartments remain in the 21-level building. Priced from $1.25 million, there is a mix of two-bedroom, two-bathroom plus study configurations, and three-bedroom sky homes on the upper levels that are topped off by two luxury penthouses.&nbsp;

[smartcode_project:default project_id=111898 project_image_fid=209596]

Melbourne developer&nbsp;<a href="/developers/hirsch-faigen">Hirsch &amp; Faigen</a>&nbsp;revealed the crown jewel of their recently completed, sold out&nbsp;<a href="/developments/coolangatta-qld-4225">Coolangatta</a>&nbsp;project,&nbsp;<a href="/buildings/emerson-kirra-100-musgrave-street-coolangatta">Emerson Kirra</a>.

The $10 million penthouse has nearly 20 metres of north-facing glass frontage and spans over 500 sqm. It has four-bedroom residence offers open-plan living and dining areas designed to take advantage of the panoramic 270-degree views over the&nbsp;Gold Coast,&nbsp;

&nbsp;

[smartcode_project:default project_id=106646 project_image_fid=278789]

Some developers continue to expand their residential property pipeline to the rest of the Gold Coast, with <a href="/developers/sherpa-property-group">Sherpa Property Group</a> settling on another site in <a href="/new-apartments/labrador-qld-4215">Labrador</a> after kicking off construction at their luxury Palm Beach apartment development <a href="/new-apartments/perspective-nexus">Perspective Nexus</a> and revealing their latest project <a href="/new-apartments/perspective-helm">Perspective Helm</a> on Chevron Island.

They've secured 45 Labrador Street, a 915 sqm block they bought for $1.5 million where they're planning a small lot subdivision.<img alt="Sherpa settle on prime Labrador site" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/45%20Labrador%20Street.jpg?VersionId=moQQy2wiN9kN6F2Ifc_CJdqk1Vg5klN4" />

The site, located within Labrador's highly sought-after Golden Triangle, will home Sherpa's collection of brand-new beach homes on the Gold Coast, dubbed Freedom Vantage.

Builder-developer <a href="/builders/5point-projects">5Point Projects</a> has also locked in its next project in the southern Gold Coast.

They're not straying far from their luxury Palm Beach apartment development <a href="/new-apartments/ophira-105-107-jefferson-lane-palm-beach">Ophira</a>, where they've paid $15.6 million for a double-block of 824 sqm at 171-173 Jefferson Lane, a block that offers 20 metres of absolute beach frontage.

<img alt="5Point doubledown in Palm Beach with $15.6 million beachfront acquisition" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/IMG_1639.jpg?VersionId=da8gVgM8u..V3LNBrjZXzJPpzKFjvLx7" />

Damian Dove, Managing Director of 5Points Projects, said the company&nbsp;was currently working up plans for the site but confirmed a boutique luxury apartment project in line with their brand was in the mix.

The next project is expected to launch later this year.

City Beat June 2024: Gold Coast unit market enjoys best month in 2024

The value of units in Melbourne continued to outstrip the growth of the house market in the Victoria capital in May.

CoreLogic's Monthly Hedonic Index found unit values (which incorporates apartments and townhouses), rose 0.3 per cent, compared to flat house market.

Melbourne's median unit value is now pegged at $614,000 after rolling quarterly growth of 0.3 per cent, while the house market has dipped -0.5 per cent over the same period

<h2>What happened in Melbourne’s off the plan apartment market in May</h2>

There was significant progress at several major developments across Melbourne in May.

Privately-owned developer <a href="/developers/sunkin-property-group">Sunkin Property Group</a> formally appointed <a href="/builders/sk-construction">SK Construction</a> to deliver its $600 million Highett Common project in Melbourne’s bayside.

[smartcode_project:default project_id=108019 project_image_fid=212658]

The 9.3ha&nbsp;<a href="/new-apartments/highett-common-37-graham-road-highett-vic-3190">Highett Common</a>&nbsp;will be delivered over multiple stages during the next five years. The $70 million stage one construction program, which began this month, aims to complete 167 new apartments by late 2025.&nbsp;

By 2029, Sunkin anticipates the delivery of over 1000 new apartments and townhouses across the entire project.

[smartcode_project:default project_id=136451 project_image_fid=277194]

One of Melbourne's most recently launched developments, Beulah's Brunswick townhouse development <a href="/new-townhouses/brunswick-established-23-hodgson-st-brunswick-vic-3056">Brunswick Established</a>, secured $32.5 million worth of sales at its May launch.

Brunswick Established comprises 23 two-storey townhouses and has become one of the fastest-selling projects in <a href="/developments/brunswick-vic-3056">Brunswick</a>. Its design focuses on sustainability and customizability, featuring Beulah’s ‘Tailored Living’ initiative.&nbsp;

The development is now 65 per cent sold, with two, three, and four-bedroom heritage townhomes priced from $1.444 million.

[smartcode_project:default project_id=4802 project_image_fid=217137]

Mirvac has seen interest at their nearby Brunswick apartment development, Prince &amp; Parade, particularly from the&nbsp;local owner-occupier market who work in the medical industry and academia.

Located near Princes Park, the development's proximity to local hospitals and prestigious universities like Melbourne University and RMIT has driven interest.&nbsp;

Mirvac’s reputation as an ASX-listed developer with a history of quality developments further boosted confidence in the project.

[smartcode_project:default project_id=4802 project_image_fid=267345]

Melbourne also saw several developments secure approval in May, the biggest being the 42-level tower at <a href="/new-apartments/623-collins-street-melbourne">623 Collins Street</a>&nbsp;by&nbsp;<a href="/developers/sterling-global">Sterling Global</a>.

The $520 million residential and lifestyle hotel development at <a href="/new-apartments/623-collins-street-melbourne">623 Collins Street</a>&nbsp;designed by <a href="/architects/carr-design">Carr Architects</a>&nbsp;will include 175 apartments above a 229-room hotel, occupying the heritage podium levels.&nbsp;

<img alt="Sterling Global’s $520 million Collins Street hotel and apartment development approved" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Collins%20Street%20Development%20front.jpg?VersionId=FM5q8t7ib4vFqfONMv17w6g82BKj5Zcf" />

The project will also offer 2,717 sqm of commercial space and a fine dining restaurant, enhancing lifestyle options for local workers, residents, and travellers.

National apartment developer <a href="/developers/sun-property-group">Sun Property Group</a>&nbsp;led the boutique market for approvals. They were signed off the deliver its second Melbourne project&nbsp;in the affluent <a href="/developments/toorak-vic-3142">Toorak</a> area.&nbsp;

&nbsp;<img alt="Sun Property Group secure approval for second Toorak apartment development" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screen%20Shot%202024-03-26%20at%209.23.31%20am.png?VersionId=krHggdOiqZCTwsaD1MWoD3LkfnFZ6iN6" />

The new development at <a href="/new-apartments/226-228-williams-road-toorak">226-228 Williams Road</a> will feature 18 high-end apartments, 10 two-bedroom apartments, four three-bedroom apartments, and four penthouses.&nbsp;

The project, designed by <a href="/architects/cera-stribley-architects">Cera Stribley</a>, is situated near Hawksburn Train Station and the 59 Tram, and will include landscaping by <a href="/architects/jack-merlo">Jack Merlo</a>, retaining a prominent Smooth Bark Apple Tree on site.

Busy developer&nbsp;<a href="/developers/wickton">Wickton</a>&nbsp;were also approved for a small development, this one&nbsp;mixed-use and in the Hawksburn Village precinct, near South Yarra and Prahran.&nbsp;

The project at 387-403 Malvern Road will feature luxury apartments, strata offices, and ground-level retail, including premium hospitality spaces.&nbsp;Seven two and three-bedroom apartments will occupy the top two levels of the building.

City Beat June 2024: Melbourne units outperform houses for third straight month

For a second month in a row, Melbourne's unit market outperformed houses, a trend now being noticed across the majority of capital cities throughout Australia.

Values of units in Melbourne (which incorporates both apartments and townhouses), grew by 0.1 per cent,&nbsp;according to data from property data analytics firm CoreLogic's Monthly Hedonic Index.

While only modest growth, houses in <a href="/new-apartments/melbourne-vic">Melbourne</a> went backward -0.2 per cent. Melbourne units are outperforming houses over the rolling quarter, up 0.4 per cent in the last three months compared to a -0.3 per cent decline in the house market.

The median value of units in Melbourne currently stands at $613,000.

<h2>What happened in Melbourne's off the plan apartment market in April?</h2>

While Melbourne is continuing to suffer from chronic undersupply of new property, there was a bit of activity over April with new stock coming to market.

<a href="/developers/beulah">Beulah</a> shifted their attention to Brunswick having now sold over 80 per cent of their landmark STH BNK by Beulah tower. They unveiled a new boutique townhouse development,&nbsp;<a href="/new-townhouses/brunswick-established-23-hodgson-st-brunswick-vic-3056">Brunswick Established</a>,&nbsp;which they're pitching as "future-proofed and multi-generational."

[smartcode_project:default project_id=136451 project_image_fid=274274]

Comprised of 23 two-storey townhouses, Brunswick Established offers multiple typologies of townhomes to suit different living requirements, allowing residents to grow in place - the majority include ground-floor bedrooms for accessibility while others provide a detached room separated by a courtyard.&nbsp;

Spanning a large 3,705 sqm site and designed by leaders in social and sustainable architecture Six Degrees Architects, Brunswick Established will also feature verdant common spaces inspired by traditional London Mews design, including a private laneway, landscaped courtyards and rooftop terraces.

[smartcode_project:default project_id=136451 project_image_fid=270371]

There was a rare launch of new apartments in&nbsp;<a href="/new-apartments/hawthorn-vic-3122">Hawthorn</a>&nbsp;in April. The new Riversdale Road project, <a href="/new-apartments/sculpt-hawthorn-43-riversdale-road-hawthorn-vic-3122">Sculpt</a>, is&nbsp;the suburb's only off the plan apartment development currently in the market.&nbsp;

Crafted in collaboration with acclaimed design teams <a href="/interior-designers/mim-design">Mim Design</a>, <a href="/architects/parallel-workshop-architecture">Parallel Workshop</a>, and <a href="/architects/jack-merlo">Jack Merlo</a>, Sculpt comprises just 18 two, three, and four-bedroom apartments in a low-rise building near Fairview Park.

[smartcode_project:default project_id=144271 project_image_fid=270343]

<a href="/new-apartments/caulfield-north-vic-3161">Caulfield North</a> saw the launch of <a href="/new-apartments/reverie-caulfield-79-89-hawthorn-road-caulfield-north">Reverie</a> which sold 30 per cent of its 34 two and three-bedroom apartments quickly.

Award-winning <a href="/architects/bg-architecture">BG Architecture</a> have teamed with acclaimed interior design firm, <a href="/interior-designers/hecker-guthrie">Hecker Guthrie</a>, to design Reverie, divided into three levels; The Penthouse Level, The Sanctuary Levels, and The Podium — offering panoramic bay and city views in the Penthouse Level to spacious balconies overlooking Caulfield Park and the city skyline in the Sanctuary Levels.

[smartcode_project:default project_id=144513 project_image_fid=269496]

<a href="/developers/bensons-property-group">Bensons Property</a> also has a new project in the market. <a href="/new-apartments/drummond-house-482-492-drummond-street-carlton">Drummond House</a> in <a href="/new-apartments/carlton-vic-3053">Carlton</a>, comprising a mix of two, three and four-bedroom apartments across 13 levels, will be Carlton's first fully electric building.

Drummond House will target an 8.7-star energy rating, aligning itself with modern sustainability standards.

<img alt="Launch Alert: Bensons reveal new Carlton apartment development, Drummond House" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Drummond%20House%20Cinema.png?VersionId=EC80lxoXwR6WByYDuwtLNIwhQ6RkemrV" />

<a href="/builders/lendlease-building">Lendlease</a> revealed their latest stage of Collins Wharf off the back of the success of its most recent apartment tower, <a href="/new-apartments/regatta-at-collins-wharf-docklands-951-collins-street-docklands">Regatta</a>, which is now 80 per cent sold.

<a href="/architects/warren-and-mahoney">Warren and Mahoney</a> have been engaged again to design their new tower, <a href="/new-apartments/ancora-at-collins-wharf-docklands-971-collins-street-docklands-vic-3008">Ancora</a>, a 28-level tower with 276 one, two and three-bedroom apartments that offer uninterrupted views of either Victoria Harbour towards the city or the Yarra River across to Port Phillip Bay.

The Premier Collection comprises 27 residences across a range of townhouses, penthouses, and larger-scale apartments that will soon become available.

Ancora residents will enjoy a hotel-style lobby with concierge service, a private dining room to entertain guests, and the lush, landscaped surrounds of two rooftop terraces located at a level for and level 16 with panoramic views, plus a winter garden.

[smartcode_project:default project_id=9779 project_image_fid=263997]

While the supply of new apartments is still nowhere near enough to meet the demand, several new projects on the horizon will bring some more supply, none larger than a four-tower development in the Fishermans Bend precinct.

<img alt="First look exclusive: Citinova plot multi-tower development in Fishermans Bend" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screen%20Shot%202024-04-19%20at%204.18.10%20pm.png?VersionId=eogu21v9z8UCqB3bNm08l5GSzxKbbgXs" />

The project, which is being managed by <a href="/developers/citinova">Citinova</a>, features a four-tower development that will bring over 1000 apartments to the chronically undersupplied Melbourne market.

The five-stage project will also include an unencumbered 3,075 sqm public open space.

Read more:&nbsp;<a href="/news/vic/first-look-exclusive-citinova-plot-multi-tower-development-in-fishermans-bend">First look exclusive: Citinova plot multi-tower development in Fishermans Bend</a>

<a href="/new-apartments/southbank-vic-3006">Southbank</a> is also set for a new tower with plans filed for a new 25-level tower.

<a href="/architects/fk-australia">Fender Katsalidis</a> has put together plans for the 188-apartment tower at 38 Clarke Street, on the corner of City Road and Clarke Street just behind Crown Melbourne.

In the medium-density space, prominent developers <a href="/developers/abadeen-group">Abadeen</a> and <a href="/developers/carpe-group">Carpe Group</a> were both active.

Abadeen lodged plans for their second apartment development in Melbourne having expanded from Sydney's Lower North Shore late last year.

Read more:&nbsp;<a href="/news/vic/first-look-abadeen-lodge-plans-for-second-melbourne-apartment-development">First look: Abadeen lodge plans for second Melbourne apartment development</a>

<img alt="First look: Abadeen lodge plans for second Melbourne apartment development" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screen%20Shot%202024-04-17%20at%2011.05.29%20am.png?VersionId=79fVjZ.l2snAFEPFAw3RuGyQuZFmK7pW" />

Currently selling their debut project <a href="/new-apartments/malea-94-burke-road-malvern-east">Maléa</a> in <a href="/developments/malvern-vic-3144">Malvern</a> where they've recently appointed <a href="/builders/brompton-construction">Brompton Construction</a> to build the boutique project of just seven parkside apartments, Abadeen, led locally by Andrew Leoncelli, has filed for a four-level apartment development housing 26 apartments.

They had <a href="/architects/carr-design">Carr Design</a> design the four-level building to curve around a Smooth Bark Apple tree, immovable as it's listed as a national trust significant tree.

Fellow boutique developer Carpe Group secured the green light for two projects in Bayside. They're soon to launch The Coterie, 25 apartments in <a href="/developments/sandringham-vic-3191">Sandringham</a>, and 18 apartments in Hampton.

<a href="/new-apartments/the-coterie-sandringham-49-51-abbott-street-sandringham">The Coterie</a> will go first. That will home two and three-bedroom apartments in a Warren &amp; Mahoney-designed building at 49-51 Abbott Street, near Sandringham Station

<img alt="Carpe Group secure green light for two Melbourne apartment developments" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screen%20Shot%202024-04-16%20at%208.38.06%20am.png?VersionId=lmqKqJjGajM8L4pPzeIzQ_bjThK3RGx0" />

Carpe's other Bayside project, in <a href="/developments/hampton-vic-3188">Hampton</a>, is another that's all about the location.

Strategically located one street back from the vibrant Hampton Street with all the retail, hospitality and Hampton Station. Carpe will launch 18 apartments at 8-10 Ocean Street, designed by <a href="/architects/martin-freidrich-architects">Martin Friedrich Architects</a> who will also handle the interiors.

Read more:&nbsp;<a href="/news/vic/carpe-group-secure-green-light-for-two-melbourne-apartment-developments">Carpe Group secure green light for two Melbourne apartment developments</a>

City Beat May 2024: Melbourne unit growth outstrips houses for second straight month

Affordability has continued to pinch budgets in Sydney, with unit value growth outstripping houses for the second month in a row.

CoreLogic's Home Value Index showed unit values in the harbour city jumped rose 0.6 per cent, compared to the 0.3 per cent growth in houses.

The median unit value in Sydney is now $844,000, having started the year at $828,000.

CoreLogic's research showed that across the country there's been robust growth in the lower-value segment of the property market remains evident.

Sydney in particular showcased resilience in its lower quartile and middle market, both witnessing a 1.7 per cent quarterly change in dwelling values (units and houses) compared to a more subdued 0.5 per cent increase in the upper quartile of dwelling values.&nbsp;

<h2>What happened in Sydney's off the plan apartment market in April?</h2>

First home buyers have been steadily returning to the off the plan apartment market following a period of mass exodus triggered by the Reserve Bank of Australia's (RBA) rapid interest rate hikes.

The surge in interest can be attributed in part to growing confidence that interest rates have likely peaked, coupled with an increase in the availability of more affordable housing options.

Over the past three months, the RBA has maintained a steady interest rate, and the expectation is, despite higher-than-expected inflation figures in Q1, that rates will start to come down a few times in 2025, if not earlier.

Dave Milton, CBRE Managing Director of Residential Projects, says they've seen first home buyer numbers increase by 11 per cent in the first four months of 2024 compared to 2023.

Most first home buyers are couples who are buying the more expensive two-beds, CBRE's data shows, happier to pay more for what they want rather than drop their requirements to fall under the government's stamp duty benefits.

Read more:&nbsp;<a href="/news/nsw/first-home-buyer-activity-lifts-across-sydneys-off-the-plan-apartment-market-as-interest-rates-steady">First home buyer activity lifts across Sydney's off-the-plan apartment market as interest rates steady</a>

There's also been strength at the top end of the market.&nbsp;<a href="/developers/first-quadrant-properties">First Quadrant Properties</a> and <a href="/developers/qualitas">Qualitas</a>&nbsp;have all but sold out the first stage of their new Willoughby apartment development,&nbsp;<a href="/new-apartments/willoughby-grounds-5-walter-street-willoughby">Willoughby Grounds</a>.

All of the one and two-bedroom apartments have been snapped up in the first building, Fleming, which was designed to pay homage to the tanneries from the 1800s.

A big trend in the project has been the appetite from the four-bedroom stock. The team had to amalgamate apartments to keep up with the demand. Those were selling from around $3.5 million.

[smartcode_project:default project_id=135512 project_image_fid=251214]

Luxury developer&nbsp;<a href="/developers/central-element">Central Element</a>&nbsp;smashed all the records in&nbsp;<a href="/developments/coogee-nsw-2034">Coogee</a> in April. They sold a three-bedroom penthouse in their heritage restoration project, <a href="/new-apartments/ballamac-house-39-arcadia-street-coogee">Ballamac House</a>.&nbsp;

The 241 sqm penthouse sold for just under $83,000 per sqm internally, and close to $90,000 per sqm when incorporating the 77 sqm of external space.

<img alt="Central Element smash Coogee apartment record with $20 million Ballamac House penthouse sale" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Ballamac%20House%20CGI_0.jpg?VersionId=y9oJVk2kQN42xUzbkw3AuB7gcU1LDqTP" />

<a href="/developers/top-spring-australia">Top Spring Australia</a> also broke price records in April at their <a href="/developments/st-leonards-nsw-2065">St Leonards</a> South masterplan, <a href="/new-apartments/the-newlands-st-leonards-21-41-canberra-avenue-st-leonards">The Newlands</a>.

They amassed over $50 million in sales in April following the launch of the second stage of the parkside project. So far The Newlands has been a hit with owner-occupiers due to its positioning as offering a 'wellness utopia.'

A one-bedroom apartment was sold in the latest release for $1.25 million, while a two-bedder exchanged for $1.93 million and a three-bedroom with city skyline views for $4.09 million.&nbsp;

Top Spring Australia Managing Director, Sydney Ma, said the embedded sustainability and wellness elements in The Newlands were proving just as important to buyers as its proximity to the harbour and the new Metro station opening later this year.&nbsp;

[smartcode_project:default project_id=24509 project_image_fid=257585]

The final apartments in&nbsp;<a href="/buildings/the-grand-residences-eastlakes-16-evans-avenue-eastlakes">The Grand Residences</a> in <a href="/developments/eastlakes-nsw-2018">Eastlakes</a>&nbsp;by &nbsp;<a href="/developers/crown-group">Crown Group</a> were released in April, offering a rare opportunity for prospective purchasers to buy into the prized Eastern Suburbs market at an affordable pricepoint.

Known for spacious apartments and top-tier amenities like a 25-metre heated pool, gym, and landscaped gardens, Crown Group continues its tradition of delivering premium living experiences.

[smartcode_project:default project_id=7652 project_image_fid=262600]

April also saw Fig &amp; Wattle, the new Pyrmont project by&nbsp;national developer <a href="/developers/landream">Landream</a>&nbsp;take a big step, with stage two development approval from the City of Sydney Council for the $330 million Wattle Street project.

Landream secured the 12,381 sqm site at 14-26 Wattle Street in 2021, previously known as Saunders Quarry and later as the City of Sydney Council depot.

The Pyrmont project is ready to take advantage of the $750 million of the Sydney Fish Markets at Blackwattle Bay, which following the redevelopment will create a major food and dining precinct for the area, just a stone's throw away from Wattle Street.

Read more:&nbsp;<a href="/news/nsw/landream-secure-stage-two-approval-for-their-330-million-pyrmont-apartment-project">Landream secures stage two approval for their $330 million Pyrmont apartment project</a>

<img alt="First look exclusive: Third.i plot luxe Rushcutters Bay apartments" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screen%20Shot%202024-04-15%20at%207.50.24%20am.png?VersionId=NowrZKkiQQq3QA0TyqpDKdtdWqBapT6e" />

More plans were submitted near the Harbour in April as Luke Berry and Ron Dadd's&nbsp;<a href="/developers/thirdi-group">Third.i</a>&nbsp;has sought to create a luxury apartment development in <a href="/developments/rushcutters-bay-nsw-2011">Rushcutters Bay</a>.

The $21.6 million development at <a href="/new-apartments/51-57-bayswater-road-rushcutters-bay">51-57 Bayswater Road</a>&nbsp;will comprise 12 apartments above two retail tenancies on the ground level.

<a href="/architects/woods-bagot">Woods Bagot</a> said the location presents an "outstanding opportunity to merge the development's rich Art Deco heritage with its natural surroundings, creating a harmonious blend of historical charm and modern amenities."

Billionaire James Packer is reportedly one of the financiers of the project.

Read more:&nbsp;<a href="/news/nsw/first-look-exclusive-third-i-plot-luxe-rushcutters-bay-apartments">First look exclusive: Third.i plot luxe Rushcutters Bay apartments</a>

There's been movement in the off the plan apartment market in April from Third.i, Landream, Top Spring and Central Element

City Beat

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News