<a href="https://www.apartments.com.au/new-apartments/smith-by-valli-collingwood-224-228-smith-street-collingwood-vic-3066">Smith Collingwood</a> is a new boutique apartment development bringing a refined, design-led approach to one of Melbourne’s most established inner-city neighbourhoods.

Designed by <a href="https://www.apartments.com.au/architects/pandolfini-architects">Pandolfini Architects</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/lisa-buxton-interiors">Lisa Buxton</a>, Smith by Valli sits on iconic Smith Street and comprises just 22 residences tailored toward owner-occupiers seeking a more considered style of apartment living.

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The design of Smith focuses on a north-facing orientation across all residences, a relatively uncommon feature in dense inner-Melbourne settings. Each apartment has been planned to maximise natural light and outlook, alongside a material palette defined by warm tones, custom joinery, and a full suite of Gaggenau appliances.

The development comprises a mix of one, two, and three-bedroom apartments, with pricing currently ranging from just under $1 million to around $4.85 million for the premium penthouse-level residences, reflecting growing demand for luxury owner-occupier product in Melbourne’s inner urban market.

Residents will also have access to a private rooftop garden designed as an elevated retreat above the city, &nbsp;featuring curated landscaping, veggie boxes, intimate seating areas and spaces for relaxed gatherings. Sustainability has also been integrated into the project through a 7-star energy rating and two secure bicycle facilities for every residence.

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Smith by Valli sits in the heart of one of Melbourne’s most established retail and hospitality strips, within walking distance of venues such as Falco Bakery, Carnation Canteen and Alimentari, alongside parks and everyday services. With a Walk Score of 99, the location reinforces the project’s positioning toward buyers prioritising walkability and access over car dependency.

With only a limited number of residences, Smith reflects growing demand for smaller, highly curated apartment developments that prioritise design quality, liveability, and connection to neighbourhood character.

[smartcode_project_cta:default project_id=140747]

Joel Robinson

Smith by Valli delivers a refined collection of luxury residences to Melbourne’s inner north

<a href="https://www.urban.com.au/developers/far-east-consortium">Far East Consortium</a>’s 640 Bourke Street stands as a testament to&nbsp;<a href="https://www.urban.com.au/developments/melbourne-vic-3000">Melbourne</a>’s ability to bridge its storied past with a bold vision for the future.&nbsp;

Rising above the heritage-listed Eliza Tinsley building, the development reflects a broader shift toward adaptive reuse in the city, where historical assets are retained and reinterpreted as part of new residential development.

Designed by <a href="https://www.urban.com.au/architects/rothelowman">Rothelowman</a>, <a href="https://www.apartments.com.au/new-apartments/640-bourke-street-melbourne-640-bourke-street-melbourne-vic-3000">640 Bourke Street</a> incorporates the Eliza Tinsley building as its foundation, housing a grand gallery and lobby space that serve as both a functional and symbolic centrepiece. The heritage façade informs the tower’s design, creating a connection between Melbourne’s past and its contemporary skyline.

"It's a significant asset and wants to be celebrated and experienced by all residents every single time they go in and out of the building," Rothelowman Principal Stuart Marsland said.

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Above this historic base, the 68-storey tower will deliver just over 600 residences, a notable reduction from earlier schemes, reflecting a deliberate move toward larger-format apartments and a stronger owner-occupier focus.

Unlike traditional CBD developments that prioritised investor stock, 640 Bourke Street has been repositioned to respond to changing buyer expectations.

"The discussion was all around making 640 Bourke Street the best residence to live in, to be much more focused on the people in the building rather than people looking at the building," Marsland explained.&nbsp;

This shift is evident in the development’s interiors, which emphasise practical luxury with spacious layouts, high ceilings, and floor-to-ceiling windows framing sweeping views of Melbourne and Port Phillip Bay.&nbsp;

“What it's meant for 640 Bourke is we've actually reduced the number of apartments. We've increased the overall size of the apartments. We don't have any studios in here, and what that does for a project is it elevates it," Lauren Sheldon, Far East Consortium’s Director of Sales and Marketing, said.&nbsp;

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Rothelowman Associate Jun Chang added, "We were given the opportunity to be more generous. The apartments became bigger and squarer than any other apartments which had been designed in the CBD before that."&nbsp;

Amenities spanning more than 3,000 sqm across multiple levels further reinforce this focus on resident experience. These include a pool, gym, co-working areas, and a range of hospitality-inspired spaces such as a whisky lounge, library, and private dining rooms, many drawing reference from traditional bathhouses and Melbourne’s laneway culture.

"We wanted to make both the pool and the gym area to be absolutely destinational, and when you traverse across to these spaces, there is a gentle familiarity to the beautiful notions of the hammams and the Roman baths, a gentle nod to history," Chang noted.

At street level, the project contributes to the ongoing transformation of the western CBD, with upgrades to Langs Lane and the introduction of retail, hospitality, and gallery spaces designed to activate the precinct and strengthen its connection to the surrounding city fabric.

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The location places residents within walking distance of Southern Cross Station, Flagstaff Gardens, Queen Victoria Market, and the Docklands waterfront, positioning the development within a rapidly evolving inner-city neighbourhood.

"We believe it's the best site left in the city of Melbourne," Craig Williams, Executive Director at Far East Consortium, said.&nbsp;

640 Bourke Street is Far East Consortium’s 14th building in Melbourne’s western CBD.

"A very elegant designed building. It's going to be a Melbourne statement for many, many years to come."

One-bedroom apartments are priced from around $640,000, with 640 Bourke Street targeting completion in 2029.

Renders shown are Artist's Impressions correct as of May 2026.

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Heritage-led design anchors Far East Consortium’s 640 Bourke St, Melbourne

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD Group</a> has set a new residential price record in Queensland with the $30 million sale of the penthouse at its <a href="https://www.apartments.com.au/new-apartments/one-burleigh-88-the-esplanade-burleigh-heads-qld-4220">ONE Burleigh</a> development in Burleigh Heads.

The sale equates to around $37,500 per sqm.

The two-level, 800 sqm penthouse, featuring five bedrooms, five bathrooms, five car spaces, and a private infinity pool overlooking the Pacific Ocean, was acquired by a Gold Coast-based entrepreneur, highlighting continued demand for ultra-premium beachfront product.

Selling agent Freddie Tehle of PRD Burleigh Heads said the result reflects tightening supply of high-quality, large-format apartments in Burleigh.

“There’s very limited opportunity to secure this level of scale and absolute beachfront position in <a href="https://www.apartments.com.au/developments/burleigh-heads-qld-4220">Burleigh Heads</a>,” Tehle said.

“Buyers are increasingly seeking apartments that genuinely replace a standalone home, and this penthouse delivers that with its size, privacy, and direct ocean frontage.”

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The sale comes as construction progresses on ONE Burleigh, a boutique development of 17 full-floor residences at 88 The Esplanade, scheduled for completion in early 2027.

Developed by MAYD Group and designed by <a href="https://www.apartments.com.au/architects/mas-architecture-studio">MAS Architecture</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/sici-design">Sici Design</a>, the project has been positioned as a collection of house-sized beachfront apartments, each occupying an entire floor with around 381 sqm of internal and external living space.

When construction commenced, MAYD director Todd Mould pointed to the long-term resilience of premium coastal real estate as a key driver behind the project.

“Real estate, particularly at the premium end, remains one of the most resilient and proven long-term investment avenues,” Mould said.

“Our ambition is that anyone who buys a MAYD-built product can genuinely feel the care, craftsmanship and commitment we bring to every detail.”

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Each residence has been configured with four bedrooms, multiple living zones, a private office, and expansive ocean-facing terraces. Interiors draw on a restrained material palette, including travertine stone, timber joinery, and integrated premium appliances.

Interior designer Sici Design said the approach was to reflect the project’s coastal setting through both materiality and spatial planning.

“ONE Burleigh is our vision of luxury living, designed to bring the essence of Burleigh Heads' vibrant coastal beauty into an unparalleled residential experience.”

Residents will have access to a suite of wellness-focused amenities, including pools, sauna facilities, and dedicated relaxation spaces, reflecting a broader shift toward lifestyle-driven apartment design on the Gold Coast.

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The project occupies a southern Esplanade site with uninterrupted beachfront frontage, an increasingly rare offering in Burleigh Heads, free from the Norfolk Pines that line much of the coastline and often limit direct ocean outlook.

Mould said the design intent was to balance that outlook with a sense of retreat.

“Living at ONE Burleigh is about how your day naturally unfolds, morning light across the ocean, coffee on the balcony, and being in Burleigh but elevated above the noise.”

The result further reinforces Burleigh Heads’ emergence as one of the Gold Coast’s most tightly held and supply-constrained beachfront markets, where boutique, owner-occupier-focused developments are increasingly setting new price benchmarks.

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MAYD Group sets Queensland record with $30 million penthouse sale at ONE Burleigh in Burleigh Heads

Apartment developers in the Gold Coast are finding new, creative ways to differentiate themselves from competing projects, as new supply starts to flow through up and down the Coast.

Developer BIG Projects brought in the renowned Sydney-based design studio YSG Studio to craft the interiors for The Frederick, BIG Projects' new Mermaid Beach project and YSG Studio's first move into the multi-residential development space.

[smartcode_project:default project_id=110588 project_image_fid=5346]

It was a strategic move for BIG Projects to bring in a Sydney eye to the development.

“Our role is to give our design partners the space and freedom to explore,” says Matt Barrett, Director of BIG Projects.

“We wanted YSG Studio to capture the essence of Nobby’s, to design a building that embraces life, light and connection, while creating a genuine sense of place.”

There are only 39 apartments in The Frederick, including a striking beach house, just 100 metres from the booming Nobby Beach precinct.&nbsp;

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Yasmine Ghoniem, Director of YSG Studio, says their vision&nbsp;for The Frederick "reinvents coastal living."

“Nobby’s has such an iconic energy, it’s one of those rare pockets of the Gold Coast where the community, the beach, and the streets all feel connected,” Ghoniem says.

"Responding to the neighbouring coastline, soothing curves add a relaxing regional overlay, while unique detailing really sets it apart. It’s a place that feels lived in from the moment you step inside.”

A standout feature of The Frederick is its rooftop terrace, an uncommon inclusion for a boutique, low-rise building, where amenity is typically concentrated at ground level.

[smartcode_project:default project_id=110588 project_image_fid=5360]

Positioned to capture panoramic views from the hinterland to the ocean, the rooftop has been designed as a series of intimate zones. It includes a pool, sauna, sun decks, workspaces and dedicated entertaining areas.

“The rooftop was conceived as a collection of spaces where residents can unwind and connect, an extension of the Nobby’s lifestyle,” Barrett says.

Architecture for the project was led by Plus Studio, with landscape design by LDG Landscape Architecture.

SRQ Projects Director Nick Clydsdale, who is handling sales at The Frederick, says the majority of enquiry is coming from South East QLD and Victorian buyers who have been actively searching between Broadbeach and Mermaid Beach for some time.

"They’ve reviewed a number of projects, however this one has stood out for its unique detailing and compelling design,"&nbsp;Clydsdale says.

Site demolition is slated for this month, with construction commencing soon after. BIG Projects is targeting a late 2027 completion.

[smartcode_project_cta:default project_id=110588]

Sydney’s YSG Studio makes Gold Coast multi-residential debut with BIG Projects at The Frederick

Melbourne-based property developer ALTA Property has this week achieved planning approval for the adaptive re-use of a former commercial tower into a $200 million, 169-apartment project at 10 Queens Road, one of the last developable sites along the Albert Park Lake-fronting boulevard.&nbsp;

Set within one of Melbourne’s most sought-after precincts and designed by <a href="https://www.apartments.com.au/architects/fraser-partners-0">Fraser and Partners</a>, the illustrious building will offer unparalleled views across Albert Park Lake, Port Phillip Bay and Melbourne CBD.&nbsp;

The mix of 1, 2 and 3-bedroom residences will be complemented by a ground-floor amenity featuring private dining, a lounge bar, gym and wellness spaces, co-working, outdoor communal gardens, and retail.&nbsp;

The 17-storey building is a masterclass in adaptive re-use, with the existing commercial building’s façade, shell and internal structure to be retained, before high-end residences are built from the ground up in a newly built Albert Park facing addition to the building.&nbsp;

Sitting atop the building will be two 320+sqm penthouses with private rooftop terraces, which are expected to be priced between $9 - $11 million.&nbsp;

<img alt="ALTA Property achieves permit approval for $200 million Queens Road tower" data-entity-type="file" data-entity-uuid="aa11211b-5581-43f9-940c-fc84d30a0e61" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/C_04.png?VersionId=Yhf5p_1EgGDu_zOIMFgvA8Ug8j3sTFQs" />

Architecturally, the building will feature a curved, geometric façade that celebrates and elevates the existing structure, with warm, muted tones which were selected to extend the materiality of the existing building rather than contrast it.&nbsp;

Interiors will bring together three metre high ceilings with waffle concrete in some spaces, natural timber, granite and Australian materials, culminating in crafted, generous and considered spaces that are defined by authenticity.&nbsp;

The adaptive re-use means that the Queens Road project will be a sustainability led, high-quality finished product, with a 62% saving in carbon emissions by re-using the existing structure rather than knocking it down and rebuilding.&nbsp;

ALTA Property was launched by Nigel Givoni in 2023, bringing over 25 years of experience in multi level residential delivery.&nbsp;

Melbourne’s property market growth is currently led by apartments. According to RPM VIC Apartments &amp; Townhomes Market Report (April 2026), units are outpacing houses, especially in the middle ring suburbs where median prices hit $757,500 – a four-year high that represents 2.9 percent growth quarter-on-quarter.&nbsp;

<img alt="ALTA Property achieves permit approval for $200 million Queens Road tower" data-entity-type="file" data-entity-uuid="647e13d7-b4bc-433a-9bc9-fe3c3dd4f2ec" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/V_06.png?VersionId=ou4NUCWUgA3NAy.6CQJlEdKX50j3dOk6" />

For ALTA Property Founder Nigel Givoni, this performance speaks to the confidence he has in the Melbourne market.&nbsp;

“Queens Road represents a rare opportunity to continue to shape our presence in the Melbourne market.,"&nbsp;Givoni says.

"With a considered project team and a premier site along one of the city’s most sought-after boulevards, we look forward to contributing to the fabric of this established address.

“Other Australian markets are getting a lot of attention, but I believe the depth of value in Melbourne is being overlooked. The fundamentals are strong, population growth is steady and, based on our preliminary conversations with a leading builder, construction costs are beginning to normalise, creating further opportunity."

Givoni says the project is a&nbsp;highly considered example of adaptive re-use, delivering quality, high-end residences, premium hotel-inspired amenities and an architecturally striking façade, all achieved without the need to remove the existing structure.

"We are really looking forward to the market’s response,” he said.&nbsp;

ALTA Property to deliver $200 million Queens Road apartment tower

Sydney’s property market is known for high prices, competitive bidding, and mounting pressure on first home buyers. But change is on the horizon.

From late 2025, eligible first home buyers in New South Wales will have access to a new federal government initiative aimed at addressing affordability: the Help to Buy Scheme.&nbsp;

<h2>What is the Help to Buy Scheme?</h2>

The program introduces a shared equity model intended to reduce the upfront cost of entering the property market, particularly in high-demand urban areas such as Sydney.

The scheme operates under a shared ownership structure in which the federal government takes an equity stake of up to 40 per cent for new homes, or 30 per cent for existing dwellings. This arrangement allows eligible buyers to significantly reduce their loan size and avoid the added cost of Lenders Mortgage Insurance (LMI).

Under this model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required. The government’s contribution is not a loan but a co-ownership stake in the property. As such, there is no interest or rent charged on its portion.

Because the government’s equity combined with the buyer’s deposit typically meets or exceeds the 20 per cent threshold, LMI does not apply. The remaining balance, generally between 60 and 70 per cent of the property’s value, is financed through a standard home loan with a participating lender.

The government's equity in the property remains in place until the buyer chooses to repay it voluntarily or until the property is sold. Buyers can buy back the government’s share over time, in increments of at least five per cent, depending on their financial situation.

There is no fixed repayment timeline, but the amount to be repaid will be based on the property's market value at the time of repayment, not the original purchase price.

<h2>How do you qualify for the&nbsp;Help to Buy Scheme?</h2>

To qualify for the Help to Buy Scheme, applicants must meet the following conditions:

<ul>
	<li>Be an Australian citizen at least 18 years of age.</li>
	<li>Be a first-home buyer who does not currently own property.</li>
	<li>Intend to live in the property as their primary residence.</li>
	<li>Earn less than $100,000 per year for individuals, or $160,000 for couples.</li>
	<li>Purchase a property within the regional price caps, currently $950,000 in Sydney, though this is expected to rise to approximately $1.3 million ahead of the program’s launch.</li>
</ul>

While the Help to Buy Scheme does not solve affordability challenges across the board, it does offer a more accessible pathway for a defined segment of the market, particularly younger buyers with moderate incomes who have been priced out of traditional lending routes.

The scheme is expected to commence in NSW in late 2025, as part of a national rollout.

Under the new model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required

Help to Buy Scheme: What first home buyers in NSW need to know

The First Home Owners Grant (FHOG) is a government initiative designed to help eligible first-time home buyers by offering financial assistance towards the purchase or construction of a new home.

While the FHOG is a nationwide program, it is administered separately by each state and territory, meaning the eligibility criteria, grant amounts, and property requirements can vary depending on your location. This means that the amount available and the conditions attached to the grant will differ, so it is important to check the specific guidelines for your state or territory.

It’s important to note that the FHOG is just one of several incentives available to first home buyers. In most states and territories, the grant is not linked to stamp duty exemptions or concessions, with the exception of the Australian Capital Territory (ACT). The FHOG is typically a one-off payment, reducing the overall cost of purchasing or building a new home before any stamp duty concessions are applied.

Below, we provide a breakdown of the First Home Owner Grants available across Australia, outlining the specific details for each state and territory.

<h2>New South Wales First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $600,000. For land purchases and owner-builders, the threshold extends to $750,000.

Stamp Duty Benefits: Provides full stamp duty exemption for homes valued up to $800,000, with concessions available for properties up to $1 million.

<h2>Victoria South Wales First Home Owner Grant</h2>

First Home Owner Grant: Provides a $10,000 grant for first-home buyers purchasing or building new homes valued up to $750,000.

Stamp Duty Benefits: Offers full stamp duty exemption for properties up to $600,000, with concessions available up to $750,000.

<h2>Queensland First Home Owner Grant</h2>

First Home Owner Grant: Offers $30,000 for contracts signed between 20 November 2023 and 30 June 2025. The FHOG applies to new homes valued up to $750,000.

Stamp Duty Concessions: Provides additional concessions for properties valued up to $800,000.

<h2>Western Australia First Home Owner Grant</h2>

&nbsp;

First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $750,000 in the southern regions and up to $1 million in the northern regions.

Stamp Duty Concessions: Available for homes valued up to $600,000 for transactions entered into on or after 9 May 2024.

<h2>Australian Capital Territory First Home Owner Grant</h2>

First Home Owner Grant: Replaced by the Home Buyer Concession Scheme, offering full stamp duty concessions for eligible buyers.

<h2>South Australia First Home Owner Grant</h2>

First Home Owner Grant: Provides up to $15,000 for new homes, including houses, apartments, and townhouses. As of 6 June 2024, there is no property value cap for eligibility.

Stamp Duty Relief: Available for new homes and vacant land purchases.

<h2>Tasmania First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes and off the plan purchases.

Stamp Duty Exemption: Between 18 February 2024 and 30 June 2026, first home buyers of established homes valued up to $750,000 receive a full exemption on property transfer duty.

<h2>Northern Territory First Home Owner Grant</h2>

First Home Owner Grant: The Northern Territory provides a $10,000 grant for new homes only. Additional government grants and concessions are available for first home buyers.

Stamp Duty Exemption: The only stamp duty exemption available to property buyers is the House and Land Package Exemption (HLPE).

Eligibility criteria and application processes differ across states. Prospective buyers should refer to their respective state revenue offices for full details on grant availability, conditions, and additional concessions.

Every First Home Owner Grant for new property by state

In the ever-evolving landscape of sustainable architecture and environmentally conscious design, systems and ratings in place can help determine the energy efficiency of residential buildings in Australia.

Australia has multiple building rating systems that evaluate energy efficiency and sustainability in existing and new building designs.

Some systems assess individual building components, while others provide an overall rating for the entire structure.

A rating system ensures that homes are comfortable and energy-efficient, whether you are buying, renovating, or building.

NatHERS (Nationwide House Energy Rating Scheme) is a common way for new homes to meet energy efficiency requirements.

As new developments continue to shape the urban environment, understanding NatHERS ratings becomes essential for developers and homeowners. This article delves into the concept of NatHERS ratings, their significance, and how they contribute to creating energy-efficient homes.

<h2>What is NatHERS?</h2>

NatHERS is a national initiative implemented by the Australian government to promote energy efficiency in residential buildings. The scheme aims to provide a standardised method for assessing the thermal performance of homes, considering factors such as insulation, orientation, ventilation, and building materials.&nbsp;

NatHERS ratings are the most common way new homes meet the National Construction Code's (NCC's) minimum energy efficiency requirements.&nbsp;

NatHERS assessments provide thermal and whole-home ratings for new homes, townhouses, and apartments.

The rating helps evaluate the energy performance of buildings, guides homeowners and developers to make informed decisions about the energy efficiency of their properties, and encourages the construction of more sustainable, comfortable, and cost-effective homes.

<h2>How NatHERS Ratings Work</h2>

NatHERS ratings are determined through four accredited software tools (AccuRate, BERS Pro, FirstRate5, HERO) using a calculation engine CSIRO developed to predict building temperature based on various factors.

The tools can model complex effects of building mass, insulation, window size, and other elements.

The outcome is a star rating that reflects the building's overall thermal efficiency, indicating how well it can maintain a comfortable indoor temperature without excessive reliance on heating or cooling systems.

The star rating scale ranges from 0 to 10, with a 6-star rating being the minimum requirement for compliance with the National Construction Code (NCC).&nbsp;

Achieving a higher star rating demonstrates a commitment to energy efficiency and sustainability, as the building is better equipped to minimise its environmental impact and reduce long-term energy costs.

Anyone can use NatHERS tools, but accredited assessors can provide certified ratings and professional advice.

<h2>Benefits of Higher NatHERS Ratings</h2>

Energy Efficiency: Buildings with higher NatHERS ratings are more energy-efficient, requiring less heating and cooling energy. This reduces the structure's carbon footprint and lowers occupants' energy bills.

Cost Savings: Homes with higher NatHERS ratings are generally more energy-efficient, resulting in reduced energy consumption for heating and cooling. This translates to lower energy bills for homeowners, making sustainable living environmentally friendly and economically viable in the long run.

Environmental Impact: Lower energy consumption directly translates to a reduced environmental impact. Buildings with higher NatHERS ratings contribute to the overall goal of mitigating climate change by lowering greenhouse gas emissions associated with heating and cooling systems.

Improved Comfort: Buildings with high NatHERS ratings offer better thermal comfort to occupants. Proper insulation, well-designed ventilation, and optimal orientation maintain a consistent and comfortable indoor temperature, providing occupants with a more enjoyable and healthier space.

Market Value and Desirability: Higher NatHERS ratings can enhance the market value of a property. As energy efficiency becomes a more significant consideration for homebuyers, a well-rated building may attract a premium price and stand out in the real estate market.

Compliance with Building Codes: NatHERS ratings are a vital component of the National Construction Code (NCC), and compliance with these ratings is often a mandatory requirement for new developments. Local councils and planning authorities may set minimum energy efficiency standards that must be met to obtain development approval.

The Nationwide House Energy Rating Scheme (NatHERS) is a crucial initiative shaping the future of energy-efficient, resilient, and cost-effective homes. With its recent upgrades, NatHERS has evolved into a world-leading tool for the building sector, supporting the global commitment to achieving net-zero emissions by 2050.

Staff Writer

What is a NatHERS rating in new off the plan apartment developments?

Mixed-use developments have gained significant popularity across Australia in recent years due to their unique blend of residential, commercial, and recreational spaces.

Unlike traditional single-purpose developments, mixed-use projects offer a harmonious integration of various functions within a single locale.

Residential units seamlessly coexist with commercial establishments, retail outlets, dining venues, entertainment hubs, and recreational facilities, with the combination not only enhances convenience but also fosters a vibrant lifestyle and a sense of community.

<h3>Convenience and accessibility</h3>

Mixed-use developments are designed with convenience in mind. They often integrate residential units with commercial spaces, retail outlets, restaurants, and recreational facilities, creating a self-contained community.

[smartcode_project:default project_id=114215 project_image_fid=204874]

The proximity allows residents to enjoy the convenience of having essential amenities and services within walking distance. Whether it's grabbing a cup of coffee, going grocery shopping, or accessing healthcare services, everything is conveniently located, saving residents time and effort.

<h3>Vibrant lifestyle and community</h3>

One of the major advantages of mixed-use developments is the vibrant lifestyle they offer. With a diverse range of amenities and communal spaces, residents have ample opportunities to interact, socialise, and build a sense of community.

[smartcode_project:default project_id=107714 project_image_fid=214122]

The presence of parks, community centres, and shared spaces fosters a lively atmosphere, encouraging residents to engage in various activities and events. The vibrant lifestyle within these developments creates a unique sense of belonging and camaraderie among the residents.

<h3>Potential for higher rental yields and property value appreciation</h3>

Mixed-use developments tend to attract a broad range of tenants and buyers due to their versatile nature. This high demand can result in higher rental yields for investors and potentially lead to property value appreciation over time.

[smartcode_project:default project_id=139989 project_image_fid=212887]

The integration of commercial and retail spaces attracts businesses, which can provide a stable rental income stream. Additionally, the popularity of mixed-use developments often drives up property values, making them a potentially lucrative investment in the long term.

<h3>Enhanced security and maintenance</h3>

Mixed-use developments typically have comprehensive security measures in place. With controlled access points, CCTV surveillance, and professional security staff, residents can enjoy enhanced safety and peace of mind.

[smartcode_project:default project_id=108019 project_image_fid=212658]

Additionally, these developments often have dedicated maintenance teams responsible for the upkeep of common areas, landscaping, and infrastructure. This ensures that the overall appearance and functionality of the development are well-maintained, creating a pleasant living environment for residents.

<h3>Live-work-play balance</h3>

One of the key attractions of mixed-use developments is the ability to achieve a desirable live-work-play balance. The integration of residential and commercial spaces allows residents to live closer to their workplaces, reducing commuting time and improving work-life balance.

The proximity to various amenities and recreational facilities encourages an active and healthy lifestyle. Residents can easily access fitness centres, parks, restaurants, and entertainment options, all within the same development, leading to a more fulfilling and convenient way of life.

alisonwarters@gmail.com

The top five reasons to buy in a mixed-use development

When buying a property, everyone needs to be aware of the additional costs that come as part of the buying process.

Often the largest outlay, after the deposit which goes to the bank, is stamp duty.

<h2 style="line-height: 1.38;">What is Stamp Duty?</h2>

Stamp duty is an extra tax to pay the government when you buy land, a property, and other certain assets.

It happens when the legal ownership is transferred. It can also be known as property transfer duty or transfer duty.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="415" src="https://www.youtube.com/embed/C32BWkB5--c" title="YouTube video player" width="660"></iframe>

<h2>Who pays Stamp Duty?</h2>

In some circumstances, you may get an exemption. For some states, you won’t have to pay for stamp duty if you are a first home buyer or a pensioner for houses under a particular price. There are also stamp duty concessions, where you may be entitled to a discount.

<h2>How much does Stamp Duty cost?</h2>

Each state has different rules which affect how much you need to pay. These rules can affect the rate you pay, and the timeframe you will need to pay in. Before you buy land or a property, make sure you check the up-to-date information for your state’s stamp duty.

You can use a free stamp duty calculator online to see approximately how much you’ll need to pay. Find out if you’re eligible for an exemption by enquiring on a project via Urban!

Overall, the stamp duty you need to pay will depend on:

<ul>
	<li aria-level="1">How much your land/property is worth</li>
	<li aria-level="1">Where your land/property is located</li>
	<li aria-level="1">What type of land/property it is</li>
</ul>

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Ellen Walker

Off-the-plan property explained: What is stamp duty?

Multi-billion-dollar developer GURNERTM has submitted plans for its 4,651 sqm trophy site at 424-426 St Kilda Road, Melbourne, with a vision to deliver a high-end residential and mixed-use address befitting of the prestigious location.

The developer has submitted plans for around 200 apartments over 19 levels, with a focus on large two, three, four bedroom and two double-storey penthouse offerings, alongside a signature amenity offering.

After a detailed international design competition, GURNERTM appointed the Chicago-based, international architecture firm SOM, in what is the developer’s first collaboration with the architecture firm.

SOM (formerly Skidmore, Ownings, and Merrill LLP) was founded in 1936 with some of its most notable projects including the Burj Khalifa in Dubai and the One World Trade Centre in New York.

The design of 424 St Kilda Road has taken design cues from the rich history of St Kilda Road’s old world mansions through its masonry façade, and will focus on high-end residences with a secret Porte Cochere arrival experience and lobby underground.

Adding value to the regeneration of the St Kilda Road precinct, 424 St Kilda Road will also include a ground floor retail and food and beverage, as well as an extensive wellness offering.

The corner site – which boasts three frontages on the corner of St Kilda Road, Toorak Road and Queens Lane – will offer uninterrupted views over the Royal Botanic Gardens and Domain precinct and Albert Park Lake.

Once complete, the project will boast walkability to Anzac Station, Albert Park Lake, the Royal Botanic Gardens and Fawkner Park, and be in easy proximity to South Yarra’s retail and dining precinct.

Tim Gurner said they&nbsp;are looking forward to shaping such an important corner of Melbourne’s history.

"This site was once the famous Illoura House, which was sadly was demolished many years ago.&nbsp;We will be bringing the corner back to life with an incredible design by SOM that we wanted to be classic, calm and quietly proud to sit in its location, ensuring that it stands the test of time.

“We will be taking the high-end offering to a whole new level after the successful delivery of Saint Moritz which has set tone for our concept at 424 St Kilda Road.”

Gurner's&nbsp;Chief Development Officer Rob Clarke said due to the sites prominent corner position, the building requires a certain elegance in its design and reimagining of its use to unlock not only its value as a significant residential asset, but a design monument in its own right.

“Our vision is to create a series of wellness-led residences that can be amalgamated, customised and completely imagined from the inside out, in line with our clients’ exacting tastes, to create a series of bespoke homes for our discerning clientele."

Burj Khalifa, One World Trade Centre architect to design Gurner's latest Melbourne apartment development

Cadmium Property Group has revealed its upscaled plans for&nbsp;Urbana Precinct Three in Coomera on the Gold Coast.

They've sought to increase the size and density of the four-tower stage, where they now want to deliver 720 apartments at Lot 502&nbsp;Urbana Boulevard Coomera instead of the 608 that was approved by the Gold Coast City Council.

<img alt="Coomera" data-entity-type="file" data-entity-uuid="d0e7cae5-f40f-4e19-abdc-b47bd0b35fe2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-03-08%20at%208.45.17%20am.png?VersionId=9WaKaE_xXMJ4qH.GAa7Ilks3eP1NaxYb" />

It means the four <a href="/architects/archidiom">Archidiom</a>-designed buildings will drastically rise in height. They will now be between 16 and 25 levels, the latter 17 levels higher than before. Two of the buildings will be build to rent.

At 100 per cent occupancy of all four towers, the stage will home 1800 residents across 400 two-beds and 320 three-beds.

The stage will include a retail precinct with restaurants, commercial space, a gym, and a medical centre.

<img alt="Coomera" data-entity-type="file" data-entity-uuid="db505b0e-f7a1-425c-854e-a78099457cc3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-03-08%20at%208.50.08%20am.png?VersionId=UscjFkOcdiv3HwNae76B0XaDHJmlI.qk" />

The apartments will sit above four basement levels with around 1,300 parking spaces, around 80 per cent reserved for residents.

There will be 4,350 sqm of total communal recreation space which will incoporate a&nbsp;pool and terrace, play area with table tennis tables, flexible rec space, communal media lounge, communal lounge and dining space, and a co-working office.

The application is the third stage of Cadmium's Urbana development, planned for about 15,200 sqm on the southern part of the total xx masterplan which has street frontages to&nbsp;Foxwell Road&nbsp;and Urbana Boulevard.

&nbsp;

Next stage of Coomera Urban Village upsized

Glen Iris is one of the most family friendly suburbs in Melbourne.

The small seven square kilometre pocket 10km south east of the Melbourne CBD, is an attractive proposition for those with children due to the convenient access to the city, some of the best schools in the state, and a leafy, suburban feel which isn't often found in suburbs this close to the city.

ABS census data shows over 60 per cent of households have children.

Despite being just seven square kilometres, there's a massive 26 parks scattered across Glen Iris, the best for kids being Ferndale Park with an upgraded kids playground built into a hill.

There's three schools which are rated in the top 15 schools in Victoria according to My Choice Schools. Private girls secondary schools Korowa Anglican Girls' School is ranked as the seventh best private school in the state, while St Cecilia's Primary School and Glen Iris Primary School are ranked 11th and 24th respectively.

There is a large disparity between the median house and median unit price, about 60 per cent, with the house price median about $2,475,000, according to CoreLogic.

The gap is pushing some families who want to either stay in or move to the area into the townhouse and apartment market, a market which has served up some impressive new options in recently.

We've wrapped up the top townhouse and apartment developments in Glen Iris in 2024.

<h2>Project: Lori</h2>

<h3>Location: 1610 Malvern Road, Glen Iris VIC 3146</h3>

<h3>Developer: LK Property Group</h3>

<a href="/new-townhouses/glen-iris-vic-3146">Glen Iris</a>' latest townhouse project, <a href="/new-apartments/lori-glen-iris-1610-malvern-road-glen-iris">Lori</a> by <a href="/developers/lk-property-group">LK Property Group</a>, has only three of the eight three-bedroom townhouses left, as locals seek this rare opportunity in the southeast suburb.

Designed by the award-winning <a href="/architects/megowan-architectural">Megowan</a>, each two-level townhouse features three bedrooms and is situated on a sloping block near the Glen Iris Station, offering a well-connected location and scenic views through large picture windows overlooking the surrounding treescape.

[smartcode_project:default project_id=114100 project_image_fid=246519]

Built to endure across decades and generations, Lori incorporates future-proof technology and infrastructure.&nbsp;

Each home is designed for rooftop solar and electric car charging, reflecting LK Property Group's commitment to sustainability.&nbsp;

[smartcode_project:default project_id=114100 project_image_fid=246530]

The development is also 100 per cent electric, aligning with a more renewable path and minimising residents' environmental footprint.

Immerse Constructions is currently building Lori, which is slated for completion in Q2 2024.

<h2>Project: GALERIE</h2>

<h3>Location: 1538-1540 High Street, Glen Iris VIC 3146</h3>

<h3>Developer: LDS Property</h3>

Glen Iris' newest apartment development, <a href="/buildings/galerie-glen-iris-1538-1540-high-street-glen-iris-vic-3146">GALERIE</a>, has surpassed the 70 per cent sold mark for its 29 two and three-bedroom units, as construction advances towards a late 2024 completion by high-end, award-winning construction company Iurada.

GALERIE was developed by <a href="/developers/lds-property">LDS Property</a>, which is currently offering a five per cent deposit on the apartments for a limited time.

[smartcode_project:default project_id=112375 project_image_fid=256710]

The two, and three-bedroom apartments boast expansive landscape courtyards or elevated balconies, offering views of the metropolitan area.

The open-planned living spaces have been designed to seamlessly integrate with the surrounding landscape through large windows and sliding doors, providing residents with a direct connection to nature.

[smartcode_project:default project_id=112375 project_image_fid=250358]

GALERIE has been designed by <a href="/architects/ewert-leaf">Ewert Leaf</a> and sits in landscaping by <a href="/landscape-architect/john-patrick-landscape-architects">John Patrick Landscape Architects</a>.

The development drew early interest from local downsizers and empty nesters seeking to remain within the Glen Iris area.&nbsp;

<h2>Project: 225 Burke Rd</h2>

<h3>Location: 225 Burke Road, Glen Iris VIC 3146</h3>

<h3>Developer: Werden Property Group</h3>

Glen Iris has also seen the completion of a boutique development by <a href="/developers/werden-property-group">Werden Property Group</a>, <a href="/buildings/225-burke-road-225-burke-road-glen-iris">225 Burke Road</a>.

Only a few of the 16 contemporary apartments remain for sale. The two-bedroom apartments were snapped up pre-completion, leaving just a few three-bedroom apartments for sale.

Melbourne-based <a href="/architects/ckairouz-architects">C. Kairouz Architects</a> designed 225 Burke Road with a robust façade, which gives way to warm, inviting, and minimalist apartments.

[smartcode_project:default project_id=5016 project_image_fid=225961]

The kitchens feature striking natural stone benchtops, and top-of-the-line integrated Miele appliances, while the bathrooms feature rainwater showers and double vanities in the master ensuites.

The oak floorboards in the home lead out to balconies via the floor-to-ceiling double-glazed windows, flooding the home with abundant natural light.

225 Burke Road boasts an enviable location within walking distance of High Street trams, shops, cafes, esteemed schools, Glen Iris station, and the M1 Freeway, which offers easy access to the rest of Melbourne.

There is a large disparity between the median house and median unit price, about 60 per cent, with the house price median about $2,475,000, according to CoreLogic

Why Glen Iris offers the best lifestyle for families, and what they can buy

Developer Auriton has secured planning approval for a $100 million mixed-use development project in Melbourne's southeast.

Auriton expect working professionals, investors, retirees, students, and those in the medical field to be the most likely demographics for purchasers of the 144 one, two and three-bedroom apartments in the&nbsp;<a href="/architects/cera-stribley-architects">Cera Stribley</a>-designed building at&nbsp;<a href="/new-apartments/409-clayton-road-clayton">409 Clayton Road</a>.

The Monash City Council granted planning permission for the 11,000 sqm Clayton site, marking a significant milestone for the developer after previously proposed plans faced hurdles.

The initial 17-level proposal was refused by both the council and the Victorian Civil and Administrative Tribunal (VCAT) based on community objections, with the council imposing 47 conditions upon approval, aimed at balancing community needs with urban progress.

The development will replace an existing building and petrol station on the site.

The&nbsp;project will encompass a 12-level, part 17-level tower comprising 144 apartments divided into 87 two-bedroom units, 49 one-bedroom units, and eight three-bedroom units.&nbsp;

<img alt="Clayton" data-entity-type="file" data-entity-uuid="1d925c34-9c5d-46f4-87e3-9c254cab493f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-03-14%20at%2011.11.01%20am.png?VersionId=BL1Df8yfqUbjZV8khTtf790IQxBRPaPq" />

Cera Stribley said in its planning documentation submitted to the City of Monash that the design begins with the missed opportunities of the previous scheme.

"Where context was previously ignored, history and geography are thoroughly interogated and embedded into the form.

"Curves are brought in and edges are softened and modularity is introduced to provide depth and articulation. Drawing from the geographical context of Melbourne's 20 million year-old Sandbelt, a building that was previously devoid of context is now formed directly from its natural surroundings.

"Overtime, this sandy substrate has been moulded into the bunkers, fairways and rolling hills of the wider region's golf courses, and now it forms a new offering to the Clayton community. Its soft, delicate forms contrast with the cool, smooth surfaces of the glazing behind, while the integration of soft landscaping into the modular terrace design introduces another layer of texture across the facade."

The development will also house office and retail tenancies, communal spaces, a pool, and various amenities, as well as&nbsp;two social housing apartments.

The 16,055 sqm of floor space will be supported by 147 car parking spaces and 121 bicycle storage spaces.

Construction is set to commence soon, with completion slated for 2027.

[smartcode_project_cta:default project_id=100405]

Auriton win approval for Cera Stribley-designed apartment development in Clayton

The number of off the plan apartments in Brisbane is heading toward five-year lows, data from Urbis found.

The&nbsp;Urbis Apartment Essentials Report showed there were 112 sales in Q4 2023 in <a href="/developments/brisbane-qld">Brisbane</a>, with the lowly stock levels resulting in just 512 apartments available to buy.&nbsp;

Supply has been dwindling since Q1 2023 when there were nearly 1,400 apartments on the market with around 500 of those being sold.

<img alt="Brisbane Apartment Market Insights Q4 2023" data-entity-type="file" data-entity-uuid="57b2ae14-dd5b-4e5a-a256-d44f13518f6c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Total%20sales%20v%20available%20stock%20Brisbane.jpg?VersionId=0G5ibSO._0BkgWusjAZSZIyc1Wk.nj7r" />

Developers who are able to get their projects in market are reaping the benefits.&nbsp;

<a href="/developers/kokoda-property">Kokoda Property</a>'s apartment development <a href="/new-apartments/ruby-ruby-milton-12-crombie-street-milton">Ruby Ruby</a> in <a href="/developments/milton-qld-4064">Milton</a> saw took 87 of the 112 sales over the quarter, with a weighted average sale price of $827,011.

The likes of&nbsp;<a href="/new-apartments/monarch-residences-toowong-600-coronation-drive-toowong">Monarch Residences</a>&nbsp;in <a href="/developments/toowong-qld-4066">Toowong</a>, <a href="/new-apartments/skye-residences-kangaroo-point-8-river-terrace-kangaroo-point">Skye Residences</a> in <a href="/developments/kangaroo-point-qld-4169">Kangaroo Point</a>, <a href="/new-apartments/nouveau-albion-8-16-anstey-street-albion">Nouveau</a> in <a href="/developments/albion-qld-4010">Albion</a>, and Queens Wharf Tower in <a href="/developments/brisbane-city-qld-4000">Brisbane City</a>, all secured a handful of sales, but did so at stellar prices, with the weighted average sale price between $1,645,000 and $3.67 million, a sign there's a strong market demand for premium apartments in Brisbane's inner ring.

<img alt="Brisbane Apartment Market Insights Q4 2023" data-entity-type="file" data-entity-uuid="549b2148-3fd1-47d1-a889-a59b79c962a7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Brisbane%20Top%20Projects.jpg?VersionId=YA.3AVsIIskBXNkE36veUJiwd4UmI5Ak" />

Outside of inner Brisbane, the inner west region was the most active in terms of sales over Q4 2023 with 94 apartments sold.

Only nine apartments are available to purchase in the CBD, which makes <a href="/news/qld/first-look-meritons-full-plans-for-first-brisbane-apartment-development-revealed">Meriton's 800-apartment development</a> a game-changer for the city. Morris Property Group is also expecting to have around 180 apartments up for grabs on Eagle Terrace after they <a href="/news/qld/first-look-exclusive-2032-brisbane-olympics-has-morris-property-group-swap-eagle-terrace-office-tower-for-apartments">filed an application to change the use</a> of their commercial office tower plans to residential.

Developers who are able to get their projects in market are reaping the benefits. 

Stock levels shrink toward five-year lows in Brisbane's off the plan apartment market: Urbis Brisbane Apartment Market Insights Q4 2023

Established Melbourne developer Pace&nbsp;has unveiled its latest residential development, Fabbrica Fitzroy.

<a href="/new-apartments/fabbrica-fitzroy-369-gore-street-fitzroy">Fabbrica Fitzroy</a> offers 78 one, two, and three-bedroom apartments, including townhouses with street frontage, tailored to the preferences of owner-occupiers and downsizers.&nbsp;

<a href="/developers/pace-development-group">Pace</a> purchased the Gore Street site five years ago, a site which holds historical significance having been home to the Argyle Shirt Factory and Life Savers Confectionery Company.&nbsp;

[smartcode_project:default project_id=139552 project_image_fid=254895]

Award-winning architectural practice <a href="/architects/sjb-architects">SJB</a> has integrated the industrial past of the site into Fabbrica's dynamic future, creating exterior and interior spaces that connect with the contextual fabric and character of <a href="/new-apartments/fitzroy-vic-3065">Fitzroy</a>.

Pace took an adaptive approach to the project, responding to shifts in the market. The focus on owner-occupiers became paramount, leading to a redesign that increased apartment sizes and catered to downsizers.&nbsp;

The development provides a deliberate emphasis on larger apartments and offers personalisation options for residents. Two distinct interior design schemes by <a href="/interior-designers/winwood-mckenzie-architecture">Winwood Mckenzie</a> or <a href="/interior-designers/bergman-co">Bergman &amp; Co.</a> allow residents to choose between the integrated details of Model A or the opulence of Model B.

[smartcode_project:default project_id=139552 project_image_fid=240744]

Model A by Winwood Mckenzie features built-in sofas and fold-down beds with stainless steel and marble accents, while Model B by Bergman &amp; Co. boasts bursts of granite and textural timber on dressing tables and clever cocktail cabinets.

Beyond the apartments, Fabbrica Fitzroy boasts a number of amenities designed to enhance the resident experience. An expansive 800 sqm rooftop, offering panoramic views of the CBD, features BBQs and casual dining areas surrounded by botanical landscapes by landscape architecture practice Acre.&nbsp;

[smartcode_project:default project_id=139552 project_image_fid=240743]

Residents can also book a private dining room with a communal kitchen, while there's also a lounge designed by Winwood Mckenzie and dedicated work-from-home zones.&nbsp;

The development further boasts a building concierge accessible via a residents' app for added convenience.

Strategically located on the corner of Johnston and Gore Streets, Fabbrica Fitzroy offers a coveted location only four minutes from the <a href="/new-apartments/melbourne-vic">Melbourne</a> CBD.

[smartcode_project_cta:default project_id=139552]

PACE took an adaptive approach, responding to shifts in the market. The focus on owner-occupiers became paramount, leading to a redesign that increased apartment sizes and catered to downsizers. 

Pace launch Fabbrica Fitzroy

Sekisui House Australia has unveiled the final release of apartments in their penultimate stage of their multi-award winning West End masterplan.

They've just taken to market the Opulent Release, a collection of four and five-bedroom luxury apartments in the <a href="/new-apartments/the-allere-collection-west-village-mollison-street-west-end">Allere</a> Collection, which comprises two towers, Uno and Duo. Uno and Duo, which are 95 per cent sold, will be the second to last buildings in the $1.2 billion, 2.6-hectare West Village precinct which <a href="/developers/sekisui-house-australia">Sekisui</a> started developing in 2016.

Designed by the renowned architecture firm <a href="/architects/rothelowman">Rothelowman</a>, Uno and Duo towers rise 20 levels above West Village in the heart of&nbsp;<a href="/developments/west-end-qld-4101">West End</a>.

[smartcode_project:default project_id=114215 project_image_fid=257536]

The residences feature distinctive marble interiors, echoing classic Italian sensibilities. The Opulent apartments in Uno showcases a blush palette of pink, beige, cream, and grey marble, while those in Duo feature Verde Atlantis Marble, blending shades of blues, greens, and greys.

The four-bedroom apartments come equipped with high-end Miele appliances, including an integrated fridge and freezer, a five-burner gas cooktop, a steam oven with microwave, a pyrolytic (self-cleaning) oven, and an integrated dishwasher.&nbsp;

The five-bedroom penthouses take luxury a step further with additional features such as a Vintec underbench wine fridge and V-Zug combination steam and pyrolytic ovens.

[smartcode_project:default project_id=114215 project_image_fid=257538]

Both configurations feature herringbone lay floorboards and motorised block-out roller blinds in bedrooms, along with motorised sheer curtains in living areas.

Amenities at The Allere Collection include pet-friendly facilities and access to two shared rooftop pools exclusively for residents. Uno offers a dedicated dog off-leash area named 'Paw Pavilion,' while Duo features a doggy day spa for DIY washing.

Situated just 800 metres from <a href="/new-apartments/brisbane-qld">Brisbane</a> CBD, the development offers proximity to the city's cultural hub, Southbank, and QPAC, with Metro Arts conveniently located downstairs.&nbsp;

The appeal of The Allere Collection spans a diverse demographic, attracting first home buyers, pet owners, and both young and established families.&nbsp;

[smartcode_project:default project_id=114215 project_image_fid=207148]

The prime location on Mollison Street, close to seven schools, further enhances its allure among families seeking convenient access to education hubs.

The broader West Village precinct, encompassing 2.6 hectares, also showcases the heritage-listed former Peters Ice Cream Factories, a nod to the area's industrial heritage.&nbsp;

Upon completion, West Village will comprise 1,200 residences, accompanied by 20,000 sqm of commercial space, an 18,000 sqm retail precinct, and a one-hectare expanse of open parklands and heritage laneways.&nbsp;

[smartcode_project_cta:default project_id=114215]

The residences feature distinctive marble interiors, echoing classic Italian sensibilities

Sekisui release final apartments in West Village's Allere Collection

Melbourne's unexplainably soft property market continued into the second half of 2023, but the off the plan apartment market in the Victoria capital market will come good in the short to medium term, Charter Keck Cramer forecast.

It was a little over 12 months ago when the property advisory firm suggested prices could spike in the off the plan space as high as 25 per cent. While the expected price movement hasn't materialized just yet, CKC said it will, and it might even be higher than first thought.

They said there are however a few factors which will contribute to the market going this way.

"Our analysis of <a href="/developments/melbourne-vic">Melbourne’s housing market</a> shows that the price gap between detached houses and established units is 55% (the pre-pandemic average was 35%)," CKC said.

Their analysis found that established units (townhouses and apartments) are currently undervalued by between 15% to 20%, and given the supply v demand imbalance, will continue to correct upwards over 2024 as the market finds a new equilibrium.

"Our analysis suggests that the established unit market (townhouses and apartments) will need to continue to reprice upwards (by around 15% to 20%) until the house price hierarchy is once again established. It is at this point that new off the plan apartments will be able to be delivered at price points which again make apartment development feasible."

They said the timing for when this occurs will come down to when rates start to cut and when Government incentives are introduced, but when they are, they say the market needs to prepare for dramatic price increases in new off the plan apartments of +25% to +30% (compared to pre-pandemic prices) over the next 12-18 months across many sub-markets.

<h2>Government Incentives</h2>

Charter Keck Cramer believe there are several essential tools and levers for Government to both avoid and also pull.

"The key tools and levers to avoid include changing negative gearing, changing CGT, introducing rental caps or rental freezes or further increasing any taxes or charges. This will stifle supply, further suffocate investor confidence, and all but ensure the housing targets fail to be achieved."

On the flip side, CKC said there are key tools and levers that are essential that the&nbsp;Government activate so as to stimulate the build to sell apartment markets.

"These include reintroducing off the plan incentives for local and foreign investors, replacing stamp duty with an annual land tax, enticing empty nesters to downsize by removing stamp duty charges and providing rental subsidies to lower income renters.

"Many of these incentives could be introduced for set periods of time until they have the required stimulatory effect on the BTS and BTR apartment markets. Revenue from the supply that is ultimately delivered can then be collected at the back of these projects."

<h2>Downsizers to be incentivized</h2>

Over 2020-2022 the downsizer segment of the BTS apartment market was the best performing segment of the market. This was because the typical downsizer was less impacted by interest rate rises and many increased their asset base via the large increase in the value of their detached house. As a result, they had the option to downsize into an apartment and also have money to fund their retirement. Over the last 6 months, however, a trend has emerged where the downsizer market has started to lock up and stagnate.

This is because the costs of a new apartment in many sub-markets has increased to the point where the price trade-off that made downsizing financially attractive no longer exists. Charter Keck Cramer notes that the costs of a new apartment, when combined with the upfront stamp duty impost for such a dwelling, means downsizers are being asked to downsize into an apartment via a revenue neutral exchange. The response by many downsizers has unsurprisingly been to remain in place and find other ways to support their children and their lifestyles. What is a concern is that our research shows that many downsizer households are under superannuated and will only downsize if they can age in place but also use part of the house sales proceeds to fund their retirement. Government is strongly encouraged to remove stamp duty for downsizers and also bring in further incentives to encourage them to downsize and retire in a financially responsible manner.

<h2>Melbourne's Supply Metrics</h2>

Melbourne’s Central City Region has historically delivered the greatest number of new apartments, due to a favourable planning scheme, the availability of sites and the proximity to tertiary educational institutions. Charter Keck Cramer however noted that Melbourne’s Inner Region demonstrates its growing importance to metropolitan Melbourne’s apartment supply in an evolving market.

Melbourne is forecast to be Australia’s fastest growing capital city over the next 3-4 years. Melbourne’s population growth is forecast to measure around +1.9% p.a. over FY2024-FY2027, supporting demand for additional and diverse forms of dwellings.

Only 2,600 apartments were launched to the market in 2023, the lowest number of&nbsp;launches recorded over the past decade and measures almost 40 per cent below the previous low experienced during the pandemic.

CKC found that the most active region in 2023 was the Inner Region (39% of launches) followed by the Central City (33% of launches). Activity decreased significantly across all regions compared to the 12 months prior.

In 2023, construction commenced on 3,700 apartments, the lowest number of apartment commencements recorded over the past decade and a significant decrease on peak levels recorded during 2015 (22,500).

<img alt="Melbourne" data-entity-type="file" data-entity-uuid="e387c076-3666-4e8a-8901-0992f3edada4" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-03-12%20at%202.02.52%20pm.png?VersionId=biRvMfIDMgN1ExxhkUO9wM3G3012E.2e" />

The apartment completions side of the supply metrics were the scariest numbers to read. CKC said that in 2023 completions were at their lowest numbers since 2010.

"As difficult market conditions have dampened launches and commencements, the impact upon completions (and ultimate supply) has well and truly materialised now that any projects that were a legacy of previous cycles have been completed.

"Melbourne is forecast to deliver sub-5000 apartments per annum on average over the coming three years. There are currently 7,700 under construction and due for completion over 2024-2025."

An additional 6,300 are currently being marketed and due to be complete before the end of 2026, however CKC believe a proportion of these projects are likely to be delayed given elevated construction costs and a challenging pre-sale environment.

"Charter Keck Cramer expects Melbourne's apartment market to remain chronically undersupplied for at least the next 2-3 years given current market conditions and the time taken to mobilse and build out high density projects."

<img alt="Melbourne" data-entity-type="file" data-entity-uuid="8b4ffcc2-a632-4c26-8f3a-648c1f27769f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-03-12%20at%202.03.56%20pm.png?VersionId=PDF8HD2YxS1Bvdflf3hH6cKGSew5ziwR" />

<h2>Outlook over 2024</h2>

Charter Keck Cramer concluded by suggesting it will take a lot more than interest rate cuts to stimulate the build to sell apartment market back to life, but also to facilitate them to deliver the unprecedented quantum of apartments required to allow the Federal and State Governments to achieve the aspirational housing targets.

"After considering all the data, our view is that the market will start to turn towards the middle of 2024. Interest rates need to be cut by at least the middle of the year and several incentives need to be introduced immediately to stimulate the BTS apartment markets.

"These are the swing variables as to how quickly the BTS apartment market starts to turn and how quickly the housing and rental crisis is addressed.

"Our research shows that whilst the industry is preoccupied with prices having to increase by +25% to +30% or more for projects to be viable, the biggest risk and one that Government needs to address over the next decade is the shortage of labour required to build out these projects. In this regard, the migration program needs to be changed and tailored to attract key skilled workers into Australia.

"To conclude, the BTS and BTR apartment markets will continue to improve over the course of 2024 and with the market so chronically starved of supply there stands to be a very strong and elastic response as conditions start to improve over 2024 and into 2025."

"After considering all the data, our view is that the market will start to turn towards the middle of 2024," Charter Keck Cramer advised

New apartment projects in Melbourne at lowest levels since 2010, market to turn in mid-2024: Charter Keck Cramer

The recent release of the ABS housing data shows that, on an annualised basis, approvals remain&nbsp;at record lows since the GFC, recording yet again the worst performance in the last decade by a long way.

Only 44,675 new dwellings were approved in NSW in the 12 months to January 2024, a far cry from the 90,000 approvals needed in NSW each year.

There needs to be 7,500 approval each month, and January 2024 saw just 2,875 approvals.

&nbsp;<img alt="ABS Building Approvals Month by Month" data-entity-type="file" data-entity-uuid="31df1aa6-ee0a-40de-b2e4-2c4214289aa6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ABS%20Building%20Approvals%2C%20MbM.jpg?VersionId=BFLnv8ll2s5.hpN1nmqVyC4t_tMBUwzu" />

Total dwelling approvals in NSW fell by nearly 15 per cent in January, the worst decline of any state. Victoria fell by nearly 10 per cent, and South Australia over seven per cent. Queensland record a rise of over 31 per cent in dwelling approvals.

Urban Taskforce CEO Tom Forrest said in the forthcoming Federal Budget, it is critical that Prime Minister Albanese and Treasurer Chalmers assist the states with building the new homes we so desperately need by supporting housing supply with infrastructure funding.&nbsp;

"The importance of infrastructure funding and delivery is becoming increasingly evident as the cause for the slow rate of approvals."

Forrest said it is the Commonwealth&nbsp;which has opened the doors to a massive wave of post-COVID&nbsp;migration and has benefitted from the taxation revenue generated by the influx of skilled migrants.

"It is the Commonwealth that called the State Premiers together and proposed the National Housing Accord," Forrest said.

"The Federal Budget has been boosted by this immigration as well as the strong performance of minerals prices and the mining export sector. It is the Commonwealth that has the fiscal resources to support infrastructure to drive housing supply so it’s time that the Commonwealth helped out the states with significant funding for infrastructure."

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ABS data for January 2024: We must focus on getting approvals up or the housing crisis will continue

NSW housing approvals remain at record lows

Palm Beach is set for another luxury apartment development as Sherpa Property Group kicks off construction at its now approved project, Perspective Nexus.

After last month announcing the appointment of <a href="/builders/lps-group">LPS Group</a> as project builder, Sherpa has today officially started construction of the Gold Coast Highway project.

Located on a prime 1,583 sqm site at 949-953 <a href="/new-apartments/gold-coast-qld">Gold Coast</a> Highway, the nine-storey project will deliver a collection of 32 apartments, including two half-floor penthouses and three sky homes with their own private rooftops.

[smartcode_project:default project_id=108324 project_image_fid=231829]

The construction start comes on the heels of Perspective Nexus achieving sales of over 50 per cent of apartments worth a total of $65 million. Gold Coast locals have driven the sales.

Read more:&nbsp;<a href="/news/qld/why-i-bought-a-perspective-nexus-palm-beach-apartment">Why I bought a Perspective Nexus, Palm Beach apartment</a>

“Our mission now is to deliver this amazing new project for our buyers and have them ready to move in by the end of next year," Sherpa Founder Christie Leet said.

Perspective Nexus residents will share in a wide range of communal amenities, including a dedicated wellness space with a cold plunge pool, sauna, magnesium pool and steam room with internal stairs down to the residents’ recreational space which includes a spa, pool, private dining and wellness garden.&nbsp;

[smartcode_project:default project_id=108324 project_image_fid=231830]

The project will also have 79 car parks for both residents and visitors, electric car charging stations, individual apartment storage, car wash bay and parcel delivery storage including a cold store.&nbsp;

Perspective Nexus is the latest in a host of impressive projects undertaken by Sherpa Property Group on the Gold Coast since 2018 and comes on the heels of the success of the recently completed <a href="/buildings/perspective-on-albatross">Perspective on Albatross</a>.

Sherpa marked the construction commencement with a $2,500 donation to the local community group Fight 4 Youth.

[smartcode_project_cta:default project_id=108324]

The construction start comes on the heels of Perspective Nexus achieving sales of over 50 per cent of apartments worth a total of $65 million

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