Abadeen has released the whole-floor penthouse crowning its recently completed <a href="https://www.apartments.com.au/buildings/park-residences-cremorne-2-sutherland-street-cremorne-nsw-2090">Park Residences</a> development in Cremorne, bringing the near-300 sqm residence to market for the first time.

Occupying the entire top floor of the boutique Lower North Shore development, the penthouse includes 221 sqm of internal living and a 74 sqm wraparound terrace, with a prized north-facing aspect taking in views across Middle Harbour.

The residence has been completed and fully furnished following a collaboration between Abadeen Executive Chairman Justin Brown and internationally recognised interior designer Jack Freeman, Founder and Managing Director of FREEMAN &amp; CO.

<a href="https://www.apartments.com.au/developers/abadeen">Abadeen</a> and Freeman approached the penthouse as a finished home, sourcing furniture, artwork, lighting and objects from Australia and overseas.

[smartcode_project:default project_id=114246 project_image_fid=378718]

Pieces from Parisian design house Pierre Augustin Rose sit alongside contemporary artworks and bespoke lighting, with Freeman drawing on recent visits to PAD Paris and Salone del Mobile Milano for the final collection.

Brown said the aim was to create a penthouse that felt more like a large-scale private home than a traditional apartment.

"The experience begins the moment the lift doors open. You're welcomed into an elegant dining room before the home opens into an extraordinary living space framed by sun-drenched harbour views.

"Every time someone walks through the front door they pause. It's not just the view, it's the incredible sense of space, the warmth created by the northern sunlight that fills the interiors, and the way every room connects so effortlessly.

"It has all the proportions of a luxury home, while delivering the effortless lifestyle and personalised experience of living in a world-class six-star hotel, combined with the simplicity and convenience of apartment living."

[smartcode_project:default project_id=114246 project_image_fid=378713]

A secure lift provides exclusive access to the penthouse level, opening to a dedicated arrival foyer and dining area before the residence expands into its main living and entertaining spaces.

Floor-to-ceiling glazing runs across the northern side of the home, connecting the interiors with the terrace and Middle Harbour outlook.

The penthouse also features a fireplace and substantial chef's kitchen, while the wraparound terrace has been designed to accommodate both everyday outdoor living and larger-scale entertaining.

[smartcode_project:default project_id=114246 project_image_fid=378720]

Freeman said the interiors had been deliberately kept restrained to complement the scale, natural light and outlook already established by the architecture.

"The penthouse is a serene study in quiet luxury," Freeman said.

"The interior pairs soft, sculptural forms with warm timber, pale stone and a restrained neutral palette. Curated artwork and metallic accents add depth, while abundant natural light creates a calm, effortlessly refined atmosphere. In my world, less is always more."

Freeman said the approach was centred around collecting individual pieces rather than simply decorating the apartment.

"Every material, every object and every piece of furniture has been curated with intention. I am a true believer in collecting versus decorating.

"The architecture already provided extraordinary natural light, remarkable volume and an uninterrupted connection to Middle Harbour. Our role was to complement those qualities with unique one-of-a-kind pieces of fine art and collectible design sourced from recent travels around the world."

[smartcode_project:default project_id=114246 project_image_fid=378694]

Among the collection are solid bronze sculptures by Lorenzo Quinn, alongside a curated crystalware collection and pieces sourced from international design fairs.

Park Residences sits opposite Cammeray Golf Club, Cammeray Croquet Club and Grand Slam Tennis Cammeray, around 300 metres from Neutral Bay Village and its established collection of restaurants, cafés and retail.

Brown said the combination of a whole-floor floorplan, northern aspect and proximity to Neutral Bay was becoming increasingly difficult to find on the Lower North Shore.

"Completed whole-floor penthouses with a sun-drenched north-facing aspect and sweeping Middle Harbour views are exceptionally rare," Brown said.

"Add a quiet position opposite golf, croquet and tennis facilities, a level walk to Neutral Bay Village and only minutes to the CBD, and you have a lifestyle that's incredibly difficult to replicate.

"This is a home that offers the privacy and generosity of a luxury residence together with the convenience of one of Sydney's best-connected harbourside locations."

The penthouse will be exclusively marketed by SRM Residential.

[smartcode_project_cta:default project_id=114246]

Joel Robinson

Abadeen unveils penthouse at Park Residences in Cremorne

New Brisbane developer Dalcott has unveiled Marrone, the first of three residential projects it is planning in and around Browning Street in South Brisbane.

<a href="https://www.apartments.com.au/new-apartments/marrone-south-brisbane-39-browning-street-south-brisbane-qld-4101">Marrone</a> will comprise 97 predominantly two- and three-bedroom apartments, with larger residences aimed squarely at the owner-occupier market.

The project will sit in a quiet pocket of South Brisbane between South Bank and West End, close to the restaurants, cultural attractions and riverfront amenity that have driven the suburb's continued transformation.

Dalcott is targeting buyers looking for more space and amenity than has traditionally been offered in the inner-city apartment market, particularly downsizers and professionals wanting to remain close to the city.

[smartcode_project:default project_id=149951 project_image_fid=377072]

Resident facilities will be concentrated around an extensive rooftop amenity offering, including a swimming pool, spa, infrared sauna, warm and cold magnesium plunge pools, private lounge, dining room and outdoor entertaining areas.

Dalcott Managing Director Lachlan Cottee said South Brisbane's combination of lifestyle, connectivity and established character had been central to the approach to Marrone.

“South Brisbane offers a combination of lifestyle, connectivity and character that’s difficult to replicate elsewhere in Brisbane,” Cottee said.

“Our focus has been on creating homes that feel connected to that environment while providing the level of design, functionality and quality that today's owner-occupiers expect.”

The residences will feature an expressive material palette. Italian Calacatta Viola marble, known for its deep burgundy veining, will be paired with aged brass tapware, Chestnut engineered timber flooring and Tuscan Oak joinery.

<img alt="Marrone" data-entity-type="file" data-entity-uuid="b8d833da-3b30-496a-ae30-07bdff371b50" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%2010.52.35%E2%80%AFAM.png?VersionId=P6DAgOfaQzIXljKKK5j3e5NhWtrHIu9G" />

Bathrooms will feature Nara Japanese ceramics and glass bricks, while clay, walnut and brass lighting will be used throughout the apartments.

Dalcott has appointed Realm Projects, led by Managing Director Shane Foley, to handle sales and marketing following previous sold-out collaborations between the groups.

Foley said the Brisbane apartment buyer had become increasingly focused on the quality of the home itself rather than simply securing an inner-city address.

“We expect to see strong demand from buyers who still want all the advantages of inner-city living but aren’t prepared to compromise on the quality of their home,” Foley said.

“Many will be downsizers looking to leave behind the maintenance of a traditional family home without giving up the space they enjoy, while others are likely to be professionals wanting a residence that reflects the way they live today.”

“Marrone responds directly to that demand, with generous floorplans, exceptional resident amenity and a location that places some of Brisbane’s best dining, entertainment and cultural attractions within walking distance.”

<img alt="Marrone" data-entity-type="file" data-entity-uuid="61f7b22f-899e-4c0f-940a-7d3ab1bfb93a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%2010.52.44%E2%80%AFAM.png?VersionId=PvN1JYxBgUpyCB7efKo52WGdSDs9nmim" />

Marrone will be the first project delivered as part of Dalcott's broader investment in the precinct.

It will be followed by La Terra, a boutique project comprising penthouse-style, single-level apartments on a northeast corner site with extensive resident amenity and city views.

Cottee said Marrone represented the first stage of the group's longer-term plans for the area.

Dalcott was established in 2025 by Lachlan Cottee and Ben Dalgliesh, combining development and construction capability under an integrated model and focusing on architecturally considered residential projects.

Marrone will initially be offered through a pre-release registration campaign ahead of its broader public launch.

Dalcott targets owner-occupiers with South Brisbane debut Marrone

Parnell Developments is the latest to seek significant uplift through the NSW Government's Housing Delivery Authority on a Strathfield site previously approved for a much smaller apartment development.

Parnell has sought approval for a 32-storey mixed use tower across&nbsp;<a href="https://www.apartments.com.au/new-apartments/7-lyons-street-strathfield-nsw-2135">3-7 Lyons Street and 18 Parnell Street</a>, a&nbsp;1,857 sqm site around 400 metres from Strathfield Station. The building would yield 160 apartments, 15 per cent of which will be dedicated affordable as per the government mandate for buildings seeking additional uplift.

Approved previously was a nine-storey building back in 2022 with just over 30 apartments. That approval came prior to the project being&nbsp;progressively reconsidered as planning policy shifted toward greater density around transport hubs.

<img alt="Strathfield" data-entity-type="file" data-entity-uuid="c5af5281-a643-4eb2-b8c4-0081b59c04c7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.16.48%E2%80%AFAM.png?VersionId=37bd3mI7rHNpThOV_75VO8xsGFwWOi1u" />

Turner has designed the latest building that would replace&nbsp;existing detached homes across the four lots.

The apartment mix comprises 22 one-bedroom apartments, 107 two-bedroom and two-bedroom-plus configurations, and 31 apartments with three or more bedrooms. The scheme also includes 203 car spaces across six basement levels and 58 bicycle spaces.

The proposal has been designed around a three-storey podium addressing Lyons Street, with the tower rising above and stepping toward its upper levels.

Turner said the podium was deliberately scaled to respond to the existing street, while the taller element has been designed as part of the emerging skyline anticipated around Strathfield Town Centre and the wider Homebush transport-oriented development precinct.

The Lyons Street frontage would have a more active, pedestrian-focused character, incorporating the commercial tenancy, landscaping and a brick-framed podium with an awning.

<img alt="Strathfield" data-entity-type="file" data-entity-uuid="14b20874-b8c3-4ac7-bc03-92be9a69fb78" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.17.48%E2%80%AFAM.png?VersionId=av.9TxtqIRTC6v3PkSuu1rL9rreWoe2h" />

Parnell Street, which faces the railway corridor, has been given a different architectural treatment, with double-height breeze blocks, landscaping and communal areas used to soften the interface with the rail infrastructure.

The tower itself uses curved and recessed facade elements, with wave-like indentations across the northern elevation breaking the building into three vertical forms.

A palette of grey concrete, brick and breeze blocks is complemented by clay and terracotta accents, while the upper tower adopts a lighter expression through articulated slab edges, vertical fins and recessed glazing.

Residents would have access to 467 sqm of communal open space spread across three levels. The ground floor would accommodate the more active resident areas, including barbecue and group gathering spaces and an internal communal room capable of being used for working from home.

A more passive viewing deck is proposed at level three, overlooking the ground-level landscaping and neighbouring tennis courts, while a rooftop "sunset deck" at level 30 would provide another social and relaxation space.

<img alt="Parnell" data-entity-type="file" data-entity-uuid="c3dce401-a80f-4682-8471-4caa01180880" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.17.34%E2%80%AFAM.png?VersionId=Xyo8JVqbOhSJXNy6Ih.1cHL.O6i0bGR." />

&nbsp;

&nbsp;

&nbsp;

Strathfield has been earmarked for substantial change through the Strathfield Town Centre planning work and the nearby Homebush TOD precinct.

Turner's report says the project has been designed to act as a transition between the existing low and mid-rise development surrounding the site and the taller built form expected to emerge across the town centre.

The proposal is being assessed as State Significant Development under the HDA pathway, alongside the concurrent request to amend the Burwood Local Environmental Plan.

First look: New apartment tower pitched for Strathfield Town Centre precinct

An $18 million penthouse has hit the market in Main Beach as construction tops out on La Mer, the $155 million apartment development rising just metres from the beach.

Spanning around 600 sqm across the top two levels of the 29-storey tower on Main Beach Parade, the four-bedroom penthouse is one of the latest eight-figure residences to test the upper end of the Gold Coast apartment market.

Its launch comes amid continued activity at the very top of the market, following the $30 million off-the-plan sale of a Burleigh Heads penthouse earlier this year, which surpassed the Gold Coast's previous $24 million apartment record set in 2023.

The <a href="https://www.apartments.com.au/new-apartments/la-mer-main-beach-3580-main-beach-parade-main-beach-qld-4217">La Mer penthouse</a> has been designed as a private residence in the sky, with 360-degree views spanning the ocean, Broadwater, hinterland and Gold Coast skyline.

[smartcode_project:default project_id=95606 project_image_fid=378731]

All four bedrooms have ensuites, while the ocean-facing master retreat occupies around half of the upper level and includes its own lounge, private balcony, two walk-in wardrobes and an oversized ensuite with a freestanding stone bath positioned to take in the views.

The residence also features a kitchen designed to accommodate a private chef, a 3.6-metre island bench, expansive butler's pantry, wine cellar and integrated bar.

[smartcode_project:default project_id=95606 project_image_fid=378732]

A rooftop pool and substantial outdoor entertaining area with its own kitchen sit above the residence, while a grand staircase connects the two internal levels. The penthouse also has its own express lift.

OTP Group Director James Elliott, who is marketing La Mer, said the penthouse was expected to appeal to high-net-worth buyers seeking either a permanent Main Beach residence or Gold Coast holiday home.

“The La Mer penthouse represents exceptional value, considering its quality design, size, privacy and location, not to mention the 360-degree views capturing the beach and Gold Coast Broadwater,” Elliott said.

“We’re anticipating interest from high-net-worth individuals and couples seeking a residence or holiday home in the sought-after village enclave of Main Beach, taking advantage of the unprecedented growth underway in the area and neighbouring The Spit.”

[smartcode_project:default project_id=95606 project_image_fid=378736]

La Mer is being developed by developer-builder ODUS and Nazero, in partnership with funder Metrics Credit Partners.

ODUS Director Byron Sakha said topping out the tower had provided the opportunity to release the project's most significant residence.

“We’ve worked with internationally-recognised studio Sici Design on the penthouse interiors, with a focus on ensuring it isn’t luxury for luxury’s sake. Every element has been thoughtfully designed to enhance quality of life for those who call it home,” Sakha said.

“The views are the hero of virtually every space, but we’ve given equal attention to the fittings and finishes, so every detail exudes elegance and refinement.”

Sici Design Founder and Director Maria Papadopoulos said the extensive views became an integral part of the interior design rather than simply something the residence was designed around.

“The views weren't something we designed around, they became part of the design itself, with the true luxury of La Mer in its feeling of peace, calm and wellbeing,” Papadopoulos said.

“Luxury isn't defined by how something looks, but how it makes you feel, and we believe a luxurious home should be beautiful to live in, not stressful to maintain.”

The interiors combine Austral Dream Dolomite natural stone and travertine with timber flooring and a restrained coastal palette.

[smartcode_project:default project_id=95606 project_image_fid=378734]

Designed by Plus Studio, La Mer is one of the more boutique additions to the rapidly changing Main Beach apartment market.

The tower comprises just 24 full-floor, three-bedroom plus multipurpose room apartments below the two-level penthouse, giving the project a considerably lower density than many of the larger towers being developed across the Gold Coast.

Residents will have access to a pool and spa, gym, sauna, barbecue facilities, private sun lounges, yoga lawn and outdoor beach shower.

The penthouse has been released as part of the final collection of residences at La Mer, with remaining apartments priced from $4.3 million.

Construction is expected to complete later this year, with a fully furnished display apartment now open on level four.

[smartcode_project_cta:default project_id=95606]

ODUS releases $18 million penthouse crowning La Mer Main Beach

<a href="https://www.apartments.com.au/developers/far-east-consortium">Far East Consortium</a> is preparing to commence construction on <a href="https://www.apartments.com.au/new-apartments/640-bourke-street-melbourne-640-bourke-street-melbourne-vic-3000">640 Bourke Street</a> this October, marking the next milestone for the Melbourne CBD development and its higher-end Eliza Collection.

Spanning levels 44 to 68 of the 68-storey <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>-designed tower, the Eliza Collection has been conceived as a lower-density offering within the broader development, with only five apartments on each floor, dedicated lift access and a collection of resident spaces reserved exclusively for Eliza Collection residents.

The Eliza Collection forms part of Far East Consortium's broader move toward larger-format residences at 640 Bourke Street, where the number of apartments was reduced from earlier plans as apartment sizes increased.

[smartcode_project:default project_id=509 project_image_fid=365685]

"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," Far East Consortium Director of Sales and Marketing Lauren Sheldon said.

Rothelowman Associate Jun Chang said the design process provided an opportunity to create more generous floorplans.

"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."

[smartcode_project:default project_id=509 project_image_fid=368869]

That thinking carries through to the Eliza Collection, where the residences have been designed around the space and functionality associated with a larger home, but positioned high above the centre of Melbourne.

Kitchens are equipped with Gaggenau appliances, a butler's pantry, temperature-controlled wine cabinet and sculptural pendant lighting, while engineered timber flooring, stone and porcelain finishes and custom cabinetry feature throughout the broader interiors.

Privacy and security are another point of distinction. Eliza Collection residents have dedicated lift access, while 640 Bourke Street will provide concierge services and secure resident parking. Short-stay accommodation, including Airbnb, will not be permitted within the development.

[smartcode_project:default project_id=509 project_image_fid=365689]

Eliza Collection residents will also have exclusive access to selected amenity spaces across levels one and three of the restored Eliza Tinsley building. These include the Salon with grand piano, an art therapy room, private dining rooms and treatment rooms.

They sit within more than 3,000 sqm of amenity planned across 640 Bourke Street, alongside facilities including a pool, gym, whisky lounge and further social and wellness spaces.

The Eliza Tinsley building itself is central to the wider project's identity. Rather than treating the existing Eliza Tinsley façade as a separate element, Rothelowman used it as a starting point for the architecture of the new tower, with the historic building to accommodate the project's gallery and lobby.

"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.

[smartcode_project:default project_id=509 project_image_fid=368872]

The tower will rise behind the retained heritage building at 640 Bourke Street, placing residents within walking distance of Southern Cross Station, Flagstaff Gardens, Queen Victoria Market and the Docklands waterfront.

With construction scheduled to begin in October, Far East Consortium has established an onsite display gallery at 640 Bourke Street, including fully built apartments that allow the project's layouts, materials and finishes to be inspected at full scale.

A fully built Eliza Collection apartment is also available to view at the display suite by appointment ahead of the planned October construction commencement.

Eligible purchasers who buy before construction commences can secure the full available off-the-plan stamp duty savings, subject to eligibility and applicable conditions.

[smartcode_project_cta:default project_id=509]

Far East Consortium brings Eliza Collection to 640 Bourke Street ahead of October construction start

Apartments

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There's news for Pace Development Group across a variety of fronts.

Firstly, the prolific developer has taken the 2016 Property Development Award at the Australian Property Industry (API) Excellence in Property Awards. St Kilda's 'The Icon' building was granted the citation as part of the event which recognises innovation and outstanding achievement s across the property industry.

Held last Friday evening, the award results from the deliberations of a group of property leaders which critically assessed all entries in their individual fields. The Icon landed the overall Property Development Award on the evening.

<blockquote>
Like any challenging design statement, The Icon created a sense of apprehension initially within the locally community, however with Pace’s expertise in the area, together with architects Jackson Clements Burrows (JCB) and local artist Matthew Johnson – the final result is truly stunning.
One we should all be proud of.
<cite>Michael Holah, Head of Planning and Design, Pace Development Group</cite>
</blockquote>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/img_6177_0_0.jpg" rel="gallery-all" title="St Kilda's 'The Icon'"><img alt="" class="image-article-full-width-580px" height="387" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/img_6177_0_0.jpg?itok=2B2PXPMz" title="St Kilda's 'The Icon'" width="580"></a>

<figcaption>St Kilda's 'The Icon'</figcaption></figure>Now in its 22nd year of operation, Pace Development Group is powering ahead with its development pipeline.

With George Windsor and St Kilda's 181 Fitzroy Street all but complete, construction has commenced on Pace of Northcote. In excess if 60% of the initial stage has sold, allowing Pace of Northcote to progress from sales release to construction in little more than a few weeks.

The developer's Northcote pursuit is joined by Pace of Doncaster East and 808-818 Sydney Road which are both at sales, while Ode St Kilda is also at construction. This quartet is set to deliver approximately 320 new apartments across four separate suburbs.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image73_3.jpg" rel="gallery-all" title="A revised 247-259 Johnston Street. Planning image: SJB Architects"><img alt="" class="image-article-full-width-580px" height="345" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image73_3.jpg?itok=XZ5pksL1" title="A revised 247-259 Johnston Street. Planning image: SJB Architects" width="580"></a>

<figcaption>A revised 247-259 Johnston Street. Planning image: SJB Architects</figcaption></figure>In related news, Pace Development Group's intended residential project at 247-259 Johnston Street, Abbotsford has gone back to Council with a revised scheme.

City of Yarra are now displaying the updated plans which carry an estimated development cost of $45 million. Gone is an earlier scheme for an 18 level tower, with a smaller tower installed in order to respond to the official feedback received from Council's independent Urban Designers. Greater setbacks to Johnston Street and Stafford Street have also been included.

At 12 levels, Pace Development Group is pushing to realise 148 apartments across the project, comprising of 66 x 1 bedroom, 7 x 1 bedroom plus study, 69 x 2 bedroom, 1 x 2 bedroom plus study and 5 x 3 bedroom options.

247-259 Johnston Street along with Collingwood's 73-77 Wellington Street form the backbone of Pace Development Group's future projects stock.
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silvermb

Pace scores a gong, and looks to score with City of Yarra

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GUEST OBSERVER
The multi-unit apartment and townhouse construction industry has reached record highs over the past five years. However, volatile conditions have led to mixed results for many construction firms.
Construction features prominently in IBISWorld’s Top 500 Private Companies list for 2016.
The list features 57 construction companies, including three companies in the top 20: BGC, Meriton Apartments and Hutchinson Builders.
Year-on-year revenue growth for the 57 listed construction companies varied widely, from growth of 327.5 percent to a decline of 49.1 percent, reflecting a tumultuous year in construction.
The top five private construction companies for growth in this year’s list include Central Equity, Lipman, Mainbrace Constructions, Pellicano Builders and Burbank Australia, which have displayed revenue growth of between 327.5 percent and 51.8 percent over the past year. 
While construction companies generally performed well in this year’s Top 500 Private Companies list, four appeared in the top 10 private companies with the biggest revenue declines, including Murphy Pipe and Civil Group, S J Higgins Group, Vaughan Constructions and Grocon Group.
Multi-unit residential construction
The multi-unit apartment and townhouse construction industry has grown strongly over the past five years, boosted by foreign investment and Australians becoming increasingly comfortable with inner-city living.
Underlying demand for new housing is underpinned by Australia’s migrant intake, population growth, foreign investment in the property market, historically low mortgage interest rates, and an increasing desire to live in inner-city multi-unit apartments and townhouses.
IBISWorld expects the multi-unit apartment and townhouse construction industry to post annualised growth of 3.8 percent over the five years through 2016-17, to reach $17.4 billion. Revenue is projected to strengthen further over the five years through 2021-22, increasing at an annualised 5.0 percent to reach $22.1 billion.
Sharp correction
Despite the industry’s bright outlook, revenue is expected to slump by 17.3 percent over the current year as investors hold off on new developments to allow recently added stock to be absorbed.
Recent additions of new apartment stock have exceeded immediate housing requirements, and vacancy rates have climbed in several major markets, particularly in Melbourne and Brisbane. The decline in activity also reflects the anticipated completion of several major projects during 2016-17.
Industry revenue is expected to decline sharply over the current year, before stabilising in 2018-19. Industry revenue is forecast to recover strongly following these corrections, reaching new record highs over the next five years as demand for new housing and rental accommodation underpins a return to accelerated growth.
Around the nation
Apartments have captured an increasing share of total residential building commencements over the past five years, particularly for inner-city multistorey apartment complexes. These projects are expected to make up 39.7 percent, or $6.9 billion, of the industry’s total revenue of $17.4 billion in 2016-17.
Over the past five years, much of the industry’s focus has been on well-publicised multistorey apartment towers in capital cities.
South Australia, Tasmania and the Australian Capital Territory have experienced declines in the value of multi-unit and townhouse residential property construction activity over the past five years. Other states, particularly New South Wales and Queensland, have seen strong growth from the same market.
Foreign investment
Multi-unit residential commencements are forecast to surge from 2019-20 onwards as more projects are brought to the start-up phase. Foreign investment in apartment developments, particularly from investors in China, Singapore and Hong Kong, is likely to support this growth. 
The Australian market is expected to remain attractive for foreign investors, especially as the value of the Australian dollar is anticipated to remain low.
Anthony Kelly is senior industry analyst, IBISWorld and can be contacted <a href="https://www.ibisworld.com.au" target="_blank">here</a>.
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jchancellor-FAypfDUnLy

Surging apartment construction driving growth across multiple states: Anthony Kelly

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Doncaster East has never been considered an apartment stronghold, although a raft of current projects are doing their best to dispel that notion. Gradually emerging from the shadow of 'big brother' that is Doncaster, Doncaster East is set to welcome at least 1,000 new apartments over the next handful of years.

A sweep through the Apartments.com.au Project Database shows 13 dedicated apartment projects found within Doncaster East, with Baptcare's 107 Andersons Creek Road also qualifying by way of including retirement living apartments as part of a grander mixed-use development.

The latest developer to enter the flourishing Doncaster East apartment market is CasProperty Corporation, releasing Prominence Apartments to the public last week.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image010.jpg" rel="gallery-all" title="Prominence Apartments Doncaster East. Image: CasUrban Corporatio"><img alt="" class="image-article-full-width-580px" height="335" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image010.jpg?itok=He2zKbw2" title="Prominence Apartments Doncaster East. Image: CasUrban Corporatio" width="580"></a>

<figcaption>Prominence Apartments Doncaster East. Image: CasUrban Corporatio</figcaption></figure>Located on the axis of Reynolds Road and Andersons Creek Road, Prominence Apartments is not alone in seeking to replace vast tracks of vacant land with higher density living. This blank peculiarity on the Doncaster East landscape has been a magnet for apartment development of late.

Primrose Apartments and Apadena Apartments are at construction, with The Alpine also joining Prominence Apartments at sales. First to develop in the immediate area was JD Group by way of Reynolds Gardens, which was completed two years ago.

Having secured the site at 1 Red Hill Terrace, CasProperty Corporation sought to distinguish the apartments to those of its neighbours. With CHT Architects appointed, Prominence Apartments' overall number of dwellings shrunk relative to the originally approved scheme for the site. 66 apartments constitute the development, with a slant toward larger dwellings and owner-occupiers.

Externally CHT Architects have softened the look of the building by employing timber detailing to balconies, perforated metal screens in lieu of non-structural concrete and a new landscaped area.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image66_4.jpg" rel="gallery-all" title="Primrose, Seasons and 1026-1030 Doncaster Road"><img alt="" class="image-article-full-width-580px" height="492" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image66_4.jpg?itok=LbTsD6Et" title="Primrose, Seasons and 1026-1030 Doncaster Road" width="580"></a>

<figcaption>Primrose, Seasons and 1026-1030 Doncaster Road</figcaption></figure>Prominence Apartments aside, other projects at sales within Doncaster East include The Rise, Seasons Apartments, Hank Apartments and Pace of Doncaster East; these four projects alone account for 450 dwellings.

Showing complete faith in the suburb, JD Group have a third apartment project in the wings. Behind Reynolds Gardens and Seasons Apartments, 1026-1030 Doncaster Road holds planning approval for in excess of 100 apartments. Set over a 4,200sqm site the RotheLowman-desigend project looks to be Doncaster East's next major project launch.

While Doncaster East notches 1,000 plus apartments across all projects listed within the Apartments.com.au Project Database, Doncaster for comparisons sake currently maintains a healthy 2,306 apartments.
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Doncaster East's apartment market rises to Prominence

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One of Fishermans Bend's very first planning applications continues its excruciatingly slow journey through the approvals process, with over three years having passed since its submission.

Lodged during June 2013 on behalf of Belsize Nominees, 351-387 Ingles Street was at the time a hulking five-tower development encompassing near on 2,000 apartments, 1,509 car parking bays, 14,038sqm of office space, retail and public urban spaces. After a variety of alterations, project lead Artisan Architects have now released revised imagery for the project.

Initially valued at in excess of $1 billion, the updated 351-387 Ingles Street has been tempered in both its aspirations and size; according to Artisan Architects this is the result of "a series of design workshops/ discussions with the responsible authorities to arrive at this point."

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image51_4.jpg" rel="gallery-all" title="Ingles Street has taken on a new complexion. Images: Artisan Architects"><img alt="" class="image-article-full-width-580px" height="224" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image51_4.jpg?itok=PnIvfWEk" title="Ingles Street has taken on a new complexion. Images: Artisan Architects" width="580"></a>

<figcaption>Ingles Street has taken on a new complexion. Images: Artisan Architects</figcaption></figure>723 apartments have been shed from the original submission, although a still healthy 1,192 apartments are included within the current plans. These dwellings are supported by 725 intended car parking spaces.

The resultant drop in dwellings has seen heights across the site tumble, in line with the sterner stance taken by the current Government regarding Fishermans Bend's perceived laissez-faire planning early in its history. Ranging between 5-34 levels and set atop a six storey podium, the comparative image above speaks to the cutbacks incurred across 351-387 Ingles Street.

Oddly enough the <a href="https://vpa.vic.gov.au/wp-content/uploads/2014/07/FBURA-Recast-Fact-Sheet-April-2015.pdf">interim height controls</a> for this section of Fishermans Bend which falls within the Lorimer Precinct are set at 40 levels. The impartial observer may ask why this application has been cut back so severely?

Nonetheless, the project's GFA of 141,050sqm still places it among Melbourne's largest developments.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/download_1.jpg" rel="gallery-all" title="A green area at the foot of the project. Image: Artisan Architects"><img alt="" class="image-article-full-width-580px" height="371" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/download_1.jpg?itok=-RZH6OQk" title="A green area at the foot of the project. Image: Artisan Architects" width="580"></a>

<figcaption>A green area at the foot of the project. Image: Artisan Architects</figcaption></figure>All but a slither of commercial space has been dropped relative to the original design, with SOHO options across 1,782sqm the closest semblance.

From a public perspective, far more open space looks to have been added across the site with some of this in the form of a public piazza. This open space will be supplemented by a combined community hub/library which spans 2,832sqm, and 3,515sqm of retail space which is an increase above the original expectation.

With 351-387 Ingles Street's expanded retail intentions and the nearby <a href="/new-apartments/261-281-ingles-street-port-melbourne">261-281 Ingles Street </a>expected to offer in excess of 2,800sqm or retail as part of its scheme, the prospects of a new mini retail strip along Ingles Street encompassing a total of 6,377sqm is on the cards.
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Three years on, the new 351 Ingles Street is revealed

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With little fanfare, six notable planning applications have been given the OK via City of Melbourne over recent weeks.

From mid July through to last week, one after the other are now free to proceed at the whim of the developer. And for three of the six a start to construction is precisely what is at the forefront of the developer's thinking.

The most recent approval is that of 269-271 Spring Street, otherwise known as the new home of Australian Unity. Approved last week, the brisk planning process which barely latest three months saw a mildly compromised design outcome for the tower, which is located above sensitive heritage buildings.

Early expectations had the tower operational by some point during 2018.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/1474011971626.jpg" rel="gallery-all" title="Spring Street will gain a new addition"><img alt="" class="image-article-full-width-580px" height="804" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/1474011971626.jpg?itok=dykwJbFH" title="Spring Street will gain a new addition" width="580"></a>

<figcaption>Spring Street will gain a new addition</figcaption></figure>Also hitting the ground running is 205-223 Pelham Street, with demolition on the Carlton site almost complete. GSA Group will now push the student accommodation project through to immediate construction, after its approval during July.

The DKO Architecture designed building will carry 244 beds over 13 levels, with 152sqm of retail at street level. An early development cost for the project was a nominal $32.5 million.

Also subject to a recent construction tender, 5-17 Flemington Road was given the nod by City of Melbourne last month. Purchased by Singapore-based Centurion Corporation for $60 million during 2013, the current RMIT Village which provides student accommodation will be greatly expanded under the freshly agreed to permit.

Created by Hobart-based firms Architects Designhaus and Jones Moore Architecture, 147 additional beds will soon be added to the Flemington Road frontage.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image2_5_0.jpg" rel="gallery-all" title="The first of Besgate Group's Melbourne projects to receive the green light"><img alt="" class="image-article-full-width-580px" height="335" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image2_5_0.jpg?itok=68TrmiDQ" title="The first of Besgate Group's Melbourne projects to receive the green light" width="580"></a>

<figcaption>The first of Besgate Group's Melbourne projects on Swanston Street</figcaption></figure>September has provided Besgate Group will good news; the first of the developer's three current Melbourne apartment projects is clear to proceed. Designed by Jackson Clements Borrows, 558-566 Swanston Street initially sought 179 apartments over 17 levels when it first entered planning during late 2015.

Besgate Group's remaining projects are with the State Government owing to their size; the duo are either side of 200 metres in height and yet to be approved.

Another residential project to find favour is 684-688 Elizabeth Street, with a planning permit granted during August. The SJB Architects-designed tower is now capable of adding 120 apartments to the growing stock along a stretch of Elizabeth Street directly north of the CBD.

Rounding out the six is Epworth HealthCare's freshly stamped plans for an overhaul and expansion of the Freemasons Hospital. With a nominal development cost of $55 million, the project first entered planning during December of last year.

A joint design between Silver Thomas Hanley and John Wardle Architects, the expansion revolves around a new facility dubbed the Grey Street Centre which will accommodate spaces for education/training, day procedure and theatre rooms and medical consulting suites. 

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image9_15.jpg" rel="gallery-all" title="Epworth East Melbourne's newly approved wing"><img alt="" class="image-article-full-width-580px" height="370" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image9_15.jpg?itok=coVFoa0M" title="Epworth East Melbourne's newly approved wing" width="580"></a>

<figcaption>Epworth East Melbourne's newly approved wing</figcaption></figure>
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City of Melbourne approves six major projects

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Singaporean outfit Fragrance Group has managed to gain approval for a substantial residential tower at 555 Collins Street.

Long after notions of a 400 metre commercial tower and in the wake of Fragrance Group's early ambitions for a 300 metre mixed use monolith onsite, a residential tower holding in excess off 600 apartments has been given the green light by Planning Minister Richard Wynne. This process of approval has taken place in conjunction with the site being offered for sale.

After failing to win approval for their initial scheme, Fragrance Group appointed Knight Frank in the early stages of 2016 as handling agent for what still remains a vacant office tower with prime Collins Street frontage.

Permitted this month, Fragrance Group <a href="http://infopub.sgx.com/FileOpen/Approval%20for%20Planning%20Permit%20for%20555%20Collins%20Street%20Melbourne.ashx?App=Announcement&amp;FileID=421991">released the following statement to the Singapore Stock Exchange</a>, dated September 21st:

<blockquote>
The Board of Directors of Fragrance Group Limited is pleased to announce that the Company’s Australian subsidiary, Fragrance VIC-MEL (Collins) Pty Ltd has obtained a planning permit for the property located at 555 Collins Street, Melbourne, Victoria. The planning permit allows for the Property to be developed into a mixed-use multi-storey building for dwellings and retail premises.

The Property, which is fully owned by Fragrance Collins, has a freehold tenure with a total land area of approximately 2,300 square metres. The Property is currently zoned “Capital City Zone 1”. Strategically located at the intersection of Kings Street and Collins Street, 555 Collins Street is a unique corner site in the bustling Melbourne CBD. The area is a central hub for business and well connected by public transport.

The development which was approved based on a floor area ratio of 1:24, will comprise of retail and restaurant outlets on the ground floor, 625 residential units consisting of 1, 2, 3 bedroom apartments and penthouses with car parks located in the 4 basements. Other than a whole floor dedicated to well-appointed residential amenities like lounges, gymnasium, swimming pool etc., residents will also be able to get to enjoy a variety of food and beverage and retail provisions on the ground floor amidst large recessed plazas and walkway connecting the development to the adjoining buildings.
<cite>Periakaruppan Aravindan, Executive Director, Fragrance Group</cite>
</blockquote>

In comparison the <a href="/news/softly-does-it-555-collins-street-in-detail">initial Bates Smart-designed tower</a> for the site sought approval for 1,020 apartments, 11,280sqm office space and 300 hotel rooms over 91 levels. With a site area of 2,292sqm and a new approved floor area ratio/plot ratio of 1:24, the tower could conceivably reach a height of approximately 160-170 metres while incorporating setbacks of 5m, as was noted within Knight Frank's marketing material for the site.

Considering the aforementioned parameters, a tower of approximately 55,000sqm should be in the offing. For comparison's sake the existing 555 Collins Street office building has approximately 25,000sqm of vacant office space within its dated exterior.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image29_6.jpg" rel="gallery-all" title="An early Bates Smart design for 555 Collins Street"><img alt="" class="image-article-full-width-580px" height="705" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image29_6.jpg?itok=ewne-Y_v" title="An early Bates Smart design for 555 Collins Street" width="580"></a>

<figcaption>An early Bates Smart design for 555 Collins Street</figcaption></figure>Both the final design and Fragrance Group's intentions for the vacant 555 Collins Street have yet to be made public. With approval in place and the site's sales campaign yet to make any headway, it could be that Fragrance Group will choose to retain the asset in order to push through the freshly approved apartment scheme.

Not far away Fragrance Group are preparing to oversee the construction of Premier Tower on the Savoy site at 134 Spencer Street. Word has it the venue will close on November 25th in order to facilitate construction of the 249 metre tower, with Brookfield reportedly appointed as builder.

Lead image: Knight Frank
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Fragrance Group secures approval for the seemingly defunct 555 Collins Street

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The wheels are turning on a variety of projects at MAB Corporation's NewQuay precinct, with their latest release racking up some impressive numbers..

Urban.com.au recently took the opportunity to interview MAB Corporation's General Manager of Residential, David Allt-Graham regarding their twin-towered Elm &amp; Stone project, in addition to the company's plans for the balance of the site. Located at 395 Docklands Drive, Elm &amp; Stone is the work of DKO Architecture. 

With a slant toward young professionals, Elm &amp; Stone offers a selection of loft apartments in the heart of Docklands and has been designed to appeal/cater toward the needs of a younger generation. MAB Corporation will also develop 221 suites within the golden tinged towers for Ascott Limited and the Qatari Investment Authority, which will be operated under the Quest Apartment Hotels banner.

Quest NewQuay is due to commence construction early next year and open during 2019. It will be the largest hotel in the Quest network, offering studio, one and two bedroom apartments, as well as facilities such as conference rooms, a business lounge, gymnasium and an outdoor terrace.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/elm_and_stone_brooklyn_loft.jpg" rel="gallery-all" title="Elm &amp; Stone's 'Brooklyn' loft apartment. Image courtesy MAB"><img alt="" class="image-article-full-width-580px" height="397" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/elm_and_stone_brooklyn_loft.jpg?itok=QY8EUQJ1" title="Elm &amp; Stone's 'Brooklyn' loft apartment. Image courtesy MAB" width="580"></a>

<figcaption>Elm &amp; Stone's 'Brooklyn' loft apartment. Image courtesy MAB</figcaption></figure>The conversation transpired as follows:

Urban.com.au: What features aside from the loft format define youthful preferences, and how are they applied to Elm &amp; Stone?

David Allt-Graham: Flexibility is the key to creating apartments that adjust to our evolving lifestyle. Young professionals want flexible spaces to suit a range of furniture sizes and configurations. Flexible interior colour palettes allow residents to use their imagination and create their own distinctive style. 

The interiors are contemporary yet timeless. They feature concrete ceilings, strip and track lighting creating ambience throughout, clever storage solutions and integrated appliances which enhance the minimalist and clean design.  Planter boxes have been included on some balconies creating the ideal environment to grow herbs or add colour with floral arrangements.

Bedrooms have additional Juliet balconies with sliding doors that can be opened to the morning sun and fresh harbour breeze.

The amenities at Elm &amp; Stone foster a sense of community for young residents, including a zen-garden, outdoor pool with barbeque and dining facilities, gymnasium as well as a ground floor lobby and library. Health and wellbeing is a major priority for younger buyers so it was a significant priority for MAB too.

UM: Will hotelier Quest be occupying the southern or northern building, and will private residences and Quest guests use common facilities? What communal facilities are on offer?

DA-G: Quest will be occupying the southern building, the serviced apartments will be completely separate from the private residences, including the entrances and communal facilities.

Elm &amp; Stone’s communal facilities include:

<ul>
<li>A garden on level 4 with a water feature and plenty of plants such as Chinese Elm trees. This has been designed to be a passive space for residents to unwind, read a book or relax.</li>
	<li>On level 6 there is an outdoor pool deck and dining facilities (BBQ, tables etc), which is a more active space for residents where they can enjoy the uninterrupted northern sun. However, if residents wish to swim laps indoors, Elm &amp; Stone will offer reciprocal rights to the development next door which will have an indoor pool (it is yet to be built).</li>
	<li>The ground floor lobby has a gymnasium, open staircase and a library. These visually-connected spaces aim to create a sense of activity and energy as soon as residents walk into the building.</li>
</ul>
<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/mabc8986_elm_stone_ea01_pool.jpg" rel="gallery-all" title="Elm &amp; Stone rooftop podium pool. Image courtesy MAB Corporation"><img alt="" class="image-article-full-width-580px" height="340" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/mabc8986_elm_stone_ea01_pool.jpg?itok=Q9oaTYLr" title="Elm &amp; Stone rooftop podium pool. Image courtesy MAB Corporation" width="580"></a>

<figcaption>Elm &amp; Stone rooftop podium pool. Image courtesy MAB Corporation</figcaption></figure>UM: What percentage of dwellings are dedicated to lofts and are they found over the building's lower levels?

DA-G: Lofts occupy 22 percent of the building, and are located on the bottom six levels of the building, with 17 levels in total.

UM: How has buyer interest/sales progressed to date and what colour scheme/options have proven most popular? 

DA-G: It has become a bit of a trademark of MAB to offer a selection of different schemes instead of the traditional ‘light’ and ‘dark’ options. Buyers appreciate having choice when it comes to style and interior design.

At Elm &amp; Stone, the Upper East Side theme has overwhelmingly been the most popular (80% of buyers). Upper East Side is fresh and breezy with a focus on natural light. It includes clean lines of white metal, timber joinery and gold metallic highlights. This palette is versatile, created to adapt to various current and future design trends.

Buyers have also lent towards the Soho design, which is more sophisticated with darker tones, or Brooklyn, which is a bit more eclectic with stainless steel benchtops. 

Almost 40 percent of stock is sold. To date, we’ve sold 16 of the 31 lofts, all three townhouses and 36 of the 123 apartments.

UM: What does MAB have planned for The Quarter? Will it remain commercial or are MAB exploring other uses?

DA-G: The Quarter is still in planning, however MAB is currently working towards the site being a mixed commercial and retail site. MAB’s vision for NewQuay is to be a truly mixed-use precinct, one that people can live, work, shop and play; The Quarter will be an important addition in helping MAB to achieve this.

UM: Banksia appears to be making good progress - when does MAB anticipate completion?

DA-G: Banksia is tracking well and is on schedule for completion by the end of 2017 along with NewQuay Central Park.

UM: Is there a general timeline for NewQuay West to begin and can any further info on the precinct be divulged? 

DA-G: We have submitted a Development Plan application for NewQuay West and will proceed with a planning application after the Development Plan is approved.

The development of the Western Precinct has commenced with construction of the Ron Barassi Senior Reserve, and will be progressively developed until 2025. More details will be available once the Development Precinct is approved.
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Laurence Dragomir

Elm & Stone plus what lies ahead for MAB at NewQuay

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18 months after securing a prime development site atop Doncaster Hill, <a href="/developers/samma-property-group">SPEC Property</a> is on the verge of receiving approval for their latest residential project within Manningham.

While they have diversified to become a citywide development presence, SPEC Property has been particularly strong within Doncaster in years gone by; Acacia Apartments, Viridian, Canvas Apartments and Madison are among the developer's work in the area to date. 9-11 Williamsons Road also represents a change in tact with <a href="/architects/bruce-henderson-architects">Bruce Henderson Architects</a> coming aboard for the project which is poised to add 137 additional apartments to <a href="/buildings/the-point-doncaster-hill-600-doncaster-road-doncaster">Doncaster Hill</a>.

Touted by agent Savills as the area's best development site at the time of sale, SPEC Property took a development concept to Council soon after, with the design process playing out to the point where a notice of decision to grant a permit was recently issued.

While also marking the developer's return to its early stomping ground, 9-11 Williamsons Road further adds to the expanding array of developers across <a href="/new-apartments/doncaster-vic-3108">Doncaster</a> and the secondary yet growing apartment market within <a href="/new-apartments/doncaster-east-vic-3109">Doncaster East</a>.

<h2>9-11 Williamsons Road application summary</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image4_9.jpg" rel="gallery-all" title="Artist's impression of the proposed development. Planning image: Bruce Henderson Architects"><img alt="" class="image-article-full-width-580px" height="386" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image4_9.jpg?itok=wzcWeHyQ" title="Artist's impression of the proposed development. Planning image: Bruce Henderson Architects" width="580"></a>

<figcaption>Artist's impression of the proposed development. Planning image: Bruce Henderson Architects</figcaption></figure><ul>
<li>Site offered for sale during early 2015</li>
	<li>Current lowrise commercial complex over a 2,662sqm site</li>
	<li>Proposed 12 level building with an overall maximum height of 34.7m</li>
	<li>137 apartments: 15 x 1 bedroom, 106 x 2 bedroom, 16 x 3 bedroom</li>
	<li>7 townhouses to secondary street frontage</li>
	<li>1 retail space: 130sqm to Williamsons Road</li>
	<li>4 basement levels holding 171 vehicles</li>
	<li>Estimated project cost: $38 million</li>
</ul>
With unimpeded CBD views to the west, 9-11 Williamsons Road is configured in a U-shape to allow a maximum number of apartments a <a href="/new-apartments/melbourne-vic">CBD</a> view. A Carnarvon Street ground level communal garden links with internal amenities and will account for the void between either wing of the building.

Internally the project sees apartments vary in size from 48sqm to 105sqm, although four larger 3 bedroom penthouses will sit within the 120-132sqm zone. These penthouses are within a visually different design element atop the building and also hold expansive courtyards of up to 94sqm.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image9_8.jpg" rel="gallery-all" title="686 Doncaster Road and 5-7 Williamsons Road"><img alt="" class="image-article-full-width-580px" height="242" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image9_8.jpg?itok=W5G4mSsi" title="686 Doncaster Road and 5-7 Williamsons Road" width="580"></a>

<figcaption>686 Doncaster Road and 5-7 Williamsons Road may grace Doncaster Hill soon enough</figcaption></figure>A wider view of apartment projects across Doncaster and Doncaster East sees a healthy sector that for lack of a better term, continues to do what it's been doing for some years now.

13 apartment projects of note are under construction according to the Apartments.com.au Project Database, with <a href="/new-apartments/the-courtyard-832-doncaster-road-doncaster">832 Doncaster Road</a> the next in line; <a href="/builders/may-constructions">May Constructions</a> are the anointed builder. All in all, 900 plus apartments and 224 aged care apartments/beds are at construction across the two suburbs.

If SPEC Property choose to launch 9-11 Williamsons Road in the near term, they will join the like of <a href="/developers/pace-development-group">Pace Development Group</a> and <a href="/developers/jinshan-investment-group-pty-ltd">Jinshan</a> who have released their latest projects for public purchase.

Some hefty projects are also waiting in the wings, with approval for four separate schemes atop Doncaster Hill capable of yielding an additional 893 apartments.
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SPEC Property return to their roots atop Doncaster Hill

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The multi-unit apartment and townhouse construction industry has reached record highs over the past five years, however, volatile conditions have led to mixed results for many construction firms according to IBISWorld's Top 500 Private Companies list for 2016.
Anthony Kelly, IBISWorld senior industry analyst said construction features prominently in IBISWorld’s Top 500 Private Companies list for 2016, with the list featuring 57 construction companies, including three companies in the top 20: BGC, Meriton Apartments and Hutchinson Builders.
He said year-on-year revenue growth for the 57 listed construction companies varied widely, from growth of 327.5 percent to a decline of 49.1 percent, reflecting a tumultuous year in construction.
“Despite the industry’s bright outlook, revenue is expected to slump by 17.3% over the current year as investors hold off on new developments to allow recently added stock to be absorbed,” he said. 
“Recent additions of new apartment stock have exceeded immediate housing requirements, and vacancy rates have climbed in several major markets, particularly in Melbourne and Brisbane. The decline in activity also reflects the anticipated completion of several major projects during 2016-17.
"Multi-unit residential commencements are forecast to surge from 2019-20 onwards as more projects are brought to the start-up phase. Foreign investment in apartment developments, particularly from investors in China, Singapore and Hong Kong, is likely to support this growth.
 “The Australian market is expected to remain attractive for foreign investors, especially as the value of the Australian dollar is anticipated to remain low.
The top five private construction companies for growth in this year’s list include Central Equity, Lipman, Mainbrace Constructions, Pellicano Builders and Burbank Australia, which have displayed revenue growth of between 327.5 percent and 51.8 percent over the past year.
According to the report, apartments have captured an increasing share of total residential building commencements over the past five years, particularly for inner-city multistorey apartment complexes. These projects are expected to make up 39.7 percent, or $6.9 billion, of the industry’s total revenue of $17.4 billion in 2016-17.
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jonathanchancellor-7SQnKwU6yx

Property 101: Surging apartment construction is driving growth across multiple states 

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As many predicted some time ago, the newly created investment market, where we have seen approvals for high-rise apartments hit levels never seen before, will now see a massive correction.
In December 2008, the rules for off-the-plan apartments had a significant change when the ratio for foreign investors was moved from 50 per cent to 100 per cent. Developers could not believe their luck, as this decision created new rivers of gold, albeit an eight year run.
The governments then got involved by increasing stamp duty for foreign buyers, the Chinese government shut down the facilities permitting vast amounts of monies to be withdrawn from China and the major Australian banks stopped lending to foreign buyers. When combined, this has created the perfect property storm although the gamble of relying on foreign buyers acquiring the majority of these new apartments was always fraught with danger.
What we will see in 2017 is thousands and thousands of apartments off-the-plan coming back onto the market and the big question that remains unanswered is; what will be the percentage drop from the original contract prices? It has already been mentioned that analysis of every new development in Australia that settlement defaults will be between $1 billion and $1.5 billion every month over the next twelve month window.
 
A saving grace will be that the existing housing market will continue to go on-wards and upwards simply because fewer and fewer households are selling due to the exorbitant selling costs – namely stamp duty. If you look at the approximate 700 hundred suburbs that make up Sydney – it would be fair to suggest that at least 70 per cent of these suburbs are not creating any new houses for consumption.
The NSW government has gone down the track of high density with next to no new infrastructure to absorb this construction so in many areas our roads will become gridlocked.
At some stage an independent body will commission a report to look at all the bushland within Sydney to then ascertain how many tens of thousands of residential building blocks can be created to ease the demand of all those wanting to live in Sydney.
We need to bear in mind that the population within Sydney will hit 5 million in a matter of months and our population growth is years ahead of initial projections. Building tens of thousands of apartments does not in any way, shape or form ease the demand for established houses.
Of course, there is always a few who throw in that recession word and don’t forget that a few some years ago suggested that 2016 would see Australia fall into a long overdue recession. They would have been somewhat aggrieved when last quarter Australia posted 25 years of economic growth.
Many property forecasters were quick to say, at or about this time last year, that the Sydney property market was easing (which it did) and that this was the start of a price correction. As a few of us pointed out this was more the case of buyer fatigue (which it was) with 2016 posting greater price growth than 2015. Whichever way you want to look at this the heart of the problem is that demand for established housing far exceeds supply.
A significant correction in the new apartment market will have next to no effect on the established housing markets because they are two different buyers. Secondly, the vast majority of the new apartment investor markets are foreign buyers so if they default there is absolutely no knock on effect into the established housing markets.
If anything, we will see the Australian buyers cherry-pick this market, given the cash rate will go lower and then, in turn, will chase returns. The family home is at record highs so via negative gearing households will be mopping up the newly created apartment markets at much lower entry levels with so many apartments expected to default.
Some will be saying what could possibly go wrong following Australia’s unprecedented 25 years of economic growth? Wages have fallen from 3.5 per cent growth in 2012 to 2 per cent in 2016. A positive sign is that population growth in 2012 was 1.8 per cent and in 2016 it dropped to 1.3 per cent. Household income growth and consumer spending are in decline so those economy drivers will be closely monitored in the September quarter of 2016.
Whilst some are saying retirees are doing it tough, we need to keep in mind that their homes are at presently at the highest value ever so many are taking advantage of that by taking out reverse mortgages – otherwise known as spending the kid’s inheritance (SKI).
The major problem with Sydney house prices is that planning by state governments, at best, has been appalling. Even today there is no plan – rather, approve thousands and thousands of new apartments, sell them offshore and bank the stamp duty and land taxes.
So next time you are caught in traffic, just think, how is Sydney going to cope with all these thousands of new apartments under construction?
<h4>MOSMAN – 2088</h4>
<ul><ul>
<li>Number of houses on the market this time last year – 52</li>
<li>Number of houses on the market last week – 52</li>
<li>Number of houses on the market this week – 47</li>
<li>Number of apartments on the market this time last year – 51</li>
<li>Number of apartments on the market last week – 34</li>
<li>Number of apartments on the market this week – 32</li>
</ul></ul>
<h4>CREMORNE – 2090</h4>
<ul><ul>
<li>Number of houses on the market this time last year – 7</li>
<li>Number of houses on the market last week – 9</li>
<li>Number of houses on the market this week – 9</li>
<li>Number of apartments on the market this time last year – 22</li>
<li>Number of apartments on the market last week – 12</li>
<li>Number of apartments on the market this week – 14</li>
</ul></ul>
<h4>NEUTRAL BAY – 2089</h4>
<ul><ul>
<li>Number of houses on the market this time last year – 3</li>
<li>Number of houses on the market last week – 11</li>
<li>Number of houses on the market this week – 4</li>
<li>Number of apartments on the market this time last year – 29</li>
<li>Number of apartments on the market last week – 21</li>
<li>Number of apartments on the market this week – 19</li>
</ul></ul>
ROBERT SIMEON is a director of <a href="https://www.rwm.com.au/" target="_blank" title="RWM" rel="nofollow">Richardson Wrench Mosman and Neutral Bay</a> and has been selling residential real estate in Sydney since 1985. 
He has also been writing real estate blog <a href="https://www.rwm.com.au/news/" target="_blank" title="Virtual Realty News" rel="nofollow">Virtual Realty News</a> since 2000.
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