The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.

Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.

The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.

The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.

Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.

The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.

The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.

Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.

Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.

The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.

Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.

Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.

Joel Robinson

Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Bottega House secures landmark riverfront site in St Lucia 

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The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.

[smartcode_project:default project_id=112661 project_image_fid=359603]

<a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.

Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

[smartcode_project:default project_id=112661 project_image_fid=355935]

Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.

The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.

[smartcode_project:default project_id=112661 project_image_fid=361052]

Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.

The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.

[smartcode_project:default project_id=112661 project_image_fid=359607]

More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.
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[smartcode_project_cta:default project_id=112661]

SIERA kicks off construction at Northcliffe tower Exhale

Marshall White Projects

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The boutique townhouse development Boston in Melbourne's Balwyn has seen half of its townhouses snapped up before construction commences in the coming months.

Marshall White's director of projects Leonard Teplin puts the sales success down to the coveted location of Boston, set in the heart of Balwyn on Boston Road.

"Coveted locations like Balwyn lead the market for any property resurgence," Teplin says.

Teplin says buyers are already benefitting from the house price growth Melbourne is currently seeing, which is more prevalent at the top end of the market, according to CoreLogic.

"Buyers who have already gone ahead and considered opportunities such as Boston as a way to own a four bedroom brand new home from $2.15 million, where new homes on a standard quarter acres block are now well ahead of this mark in famous streets like Boston Rd.

"It’s a chance to lock in a new home purchase today, where any capital grown shown from the day of sale till settlement is then for the buyers benefit.

[smartcode_project:default project_id=29046]

Boston, a boutique development of just seven townhouses delivered by JT Property Group, has been designed by Mim Design with the deep-rooted wine history of Balwyn considered.

In 1859, vigneron Andrew Murray bought 103 acres of land to realise his dream of producing world-class wines. He named his estate Balwyn, combining ‘Bal’ (Gaelic for home) and ‘Wyn’ (a Saxon word for vine) to create ‘the home of the vine’.

"We are exceptionally proud of our design for Boston — the period details that give the homes character and the contemporary elements that provide incredible comfort," Mim Design principal Mim Fanning said.

"Every detail within Boston is bespoke and high-end, from the angle of a timber stair to the curved stone of an island bench.”

<a href="/buildings/boston-16-boston-road-balwyn"><img alt="" height="1021" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/boston_3.jpg" width="1600"></a>

The seven townhouse sit in landscaping by John Patrick Landscape.

Teplin advises that all of the buyers so far are owner-occupiers.

"Some currently live within a two kilometre radius of Balwyn , others grew up in the area and having now moved further out are keen to return and provide their children the same family environment and schooling opportunities that they grew up in," Teplin says.

 
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Marshall White's director of projects Leonard Teplin puts the sales success down to the coveted location of Boston

Luxury Balwyn townhouse development Boston over 50 per cent sold as construction looms

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The recent release of the Banking Royal Commission's final report - which will lead to an overhaul of Australia’s financial services industry - is the latest in a series of events that have impacted the property sector over the last few years.  

The slowdown of foreign investors in the residential market, tightened lending conditions and a significant drop in house prices nationally in addition to a loss of consumer confidence have all had a significant impact on the local property market.

All these factors combined have left many uncertain of what lies ahead for the market, particularly in the lead up to the federal election later this year. Urban.com.au asked Leonard Teplin of Marshall White Projects  to share his insights into what buyers can expect in 2019 below;

Urban.com.au: What are your observations on the state of the market prior to the release of the Hayne report, particularly with regard to the uncertainty around what the outcomes and recommendations would be?

Leonard Teplin: Late 2018 certainly saw a great deal of trepidation from buyers about what the report would hold and how it would affect their ability to get credit. Some purchasers, in particular first home buyers, have held off on applying for credit until the report findings were announced. However early signs in 2019 show that, downsizers and local investors have increased their rate of enquiry and want to take advantage of low interest rates and stable house prices while they can.

U: Now that the report has been released and a series of recommendations made, what effect will these have on the market? Do you think confidence will return? Will lending become even tighter with more hoops for purchasers to jump through?

LT: Now that the commission has been finalised and the recommendations made, buyers have clearly started to feel more at ease as they start to see some consistency returning to the finance sector. There may be some precariousness ahead of the federal election, this is always the case pre-election, but we have already seen confidence begin to build back up and it will continue to do so in the coming months.

In terms of lending I don’t think there’s any more hoops purchasers can jump through, and the commissioner was cognisant of this by not making the recommendation for further lending restrictions. If anything I think the recommendation to implement a regulator that oversees APRA will see it loosen its control over banks and we will hopefully see a softening of restrictions later in the year.

U: How much do you think the upcoming Federal election and both parties' policies will focus around the recommendations from the report? 

LT: It would be political suicide for either party to go against the recommendations of the report, and given the current state of the market and all the changes that have occurred over the past few years there’s no doubt it will be a platform of the election for both parties. Affordability, housing supply, liveability and credit supply are the main issues on many people’s minds at the moment, and each party will need to address these concerns.

U: Which cross-section of the market do you think will most benefit from the banking shake up?

LT: Hopefully we will start to see local investors and second home buyers start to secure credit more easily, which will in turn decrease the pressure on the rental market by providing more supply. Until now this sector has been scrutinised by banks and passed up in favour of first home buyers or wealthy downsizers, which has seen a huge gap in the market and a decrease in supply that caters to this integral middle market.

U: Looking ahead what are your predictions over the next 12 months for the market?

LT: We will start to see a return to the norm as confidence from buyers continues to firm, which will be accompanied by more buying activity and a steady (if minimal)  increase in house prices. Savvy developers will continue to focus on lifestyle-driven projects that provide buyers an all-inclusive living experience with retail and hospitality venues either incorporated within the building or close by. There will also be an increase in developers looking outside the residential market with a rise in retirement and independent living.
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Laurence Dragomir

Marshall White's Leonard Teplin on the Banking Royal Commission wash up

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Melbourne's off-the-plan apartment market was put to the test last year with July 1 heralding the end of off-the-plan stamp duty savings for investors, with the concession instead redirected towards first home buyers. Additionally, investors were slugged with a tax on vacant properties, while developers were limited to 50% of sales to foreign buyers.

This, combined with tightened lending conditions, raised significant concerns among industry professionals, with many predicting a severe slow-down in off-the-plan sales and even more competition focused at traditional homes, driving prices even further out of reach.

Six months on, Marshall White Projects has instead seen an increase in sales and some unexpectedly positive consequences of the July 1 changes, which include:

<ul>
<li>Sales in the local market have increased by almost 40% (39.3%)</li>
	<li>Total (local and foreign) sales have increased by a similar amount, 38.7%</li>
	<li>The average sale price has only marginally increased to $885,106 (up 1.9%)</li>
	<li>The number of empty nesters, or those looking to spend in excess of $1.5 M for an off the plan purchase of an apartment or townhouse, has increased by 28%</li>
</ul>
Urban.com.au asked Marshall White Director Leonard Teplin for further insight into specific factors that have had an effect on the apartment market in the last six months.

According to Teplin, 2017 was the year of the downsizer, with a growing acceptance of apartment living in Australia resulting in less reliance on foreign investment. 

Looking ahead to 2018, Teplin notes developers will need to continue to evolve their strategy to accommodate growing demand for off-the-plan.

Urban.com.au: In this new climate, in your opinion what criteria is necessary to ensure a successful project?

Leonard Teplin: In a sea of competition, each developer needs to consider “what’s my point of difference?”

Location is and will always be key – purchasers want to be close to public transport, main roads, shops, parks and within a good school zone.

Beyond that, a successful project today needs to be focused on quality design. Abundant natural light in all rooms, efficient use of space and high-quality fittings and fixtures are essential in this new era. Purchasers will be drawn to projects designed by well-known and trusted architects, that stand apart from every other project on the street.

UM: What have been the most successful projects that Marshall White have been involved in in the past 6 months?

LT: A recent boutique development, Oakdon on Scott Grove in Glen Iris sold 31 penthouse-sized luxury apartments in just six weeks at an average rate of $11,300 per sqm. Designed by Conrad Architects with a prime position on the corner of High Street, it was incredibly popular with local owner-occupiers, especially downsizers.

Another highly successful development was Ashton Park at 338 Burwood Hwy, Burwood which saw 20 townhomes priced from $945,000 to $1,049,5000 sold in two stages of three weeks each.

<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/marshall_white_projects.jpg" rel="gallery-all" title="Oakdon, Glen Iris and Ashton Park, Burwood were recent successes for Marshall White. Images : Marshall White Projects "><img alt="" class="image-article-full-width-580px" height="169" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/marshall_white_projects.jpg?itok=VtwRJGf9" title="Oakdon, Glen Iris and Ashton Park, Burwood were recent successes for Marshall White. Images : Marshall White Projects " width="580"></a>

<figcaption>Oakdon, Glen Iris and Ashton Park, Burwood were recent successes for Marshall White. Images : Marshall White Projects</figcaption></figure>UM: There has been a trend of investor-driven stock particularly in the CBD and Southbank. Do you expect there will be a shift in these areas to more owner-occupier product such as <a href="https://maps.google.com/?q=35+Spring+Street&amp;entry=gmail&amp;source=g">35 Spring Street</a>, 85 Spring Street and Collins Arch for example?

LT: While these aren’t areas Marshall White works within, there does certainly seem to be a trend emerging that indicates that’s the case.

UM: Do you believe this shift to the down-sizer is a correction i.e. balancing the market out or is it cyclical with investment apartments set to make a comeback at some point?

LT: The shift to down-sizers is due to a variety of factors, not just limited to the recent drop in investor activity. While 2017 did see an unprecedented increase in down-sizer buyers, these changes have been many years in the making as apartments lose their reputation as ‘dog-boxes’ and start to become synonymous with luxury living. This kind of shift isn’t cyclical, but rather evidence of a long-term change in the way people are perceiving off-the-plan apartments in general.

Given the demand for high-quality apartments, not just from down-sizers but well-off young professionals and families – even the investors who are still in the market are keen to secure a quality apartment that will appeal to families and rent well into the future - it seems unlikely developers will make another pivot and return to building smaller investor-style stock anytime soon.

UM: Part of the decrease in the demand for investment apartment sales has been the stricter foreign lending criteria and changes in stamp duty. Do you believe developers need to reconsider how this type of apartment is designed and marketed? And do you think the new Better Apartment Standards have a role in making them a more attractive proposition to potential buyers?

LT: The Better Apartment Standards indicate a bare minimum requirement for apartments, any developer wanting to succeed in Melbourne’s competitive landscape will need to be creating well above the bare minimum.

The demand for the investor-style stock is too small and too subject to market conditions to be a focus for developers in 2018 and beyond. It was our experience that many if not all of the top tier and quality boutique developers were already developing projects that exceeded these standards well before they took effect.
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Leonard Teplin discusses what's next for Melbourne's property market in 2018

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Fueled by an investor-driven market, the CBD and Southbank ruled the apartment sales market over recent years. That was then, but now the mantle rests with Melbourne's inner eastern suburbs, where developers have jumped upon a recurring project format which gives their project the greatest chance of success.

Low-rise developments with spacious apartments designed for the owner-occupier. Simple really?

Simple or otherwise, the proliferation of low-rise three to five level apartment buildings in suburbs such as Hawthorn, Malvern and Glen Iris demonstrates the strong consumer uptake of projects which shy away from smaller, investor-driven apartment formats. 21 Riversdale Road is the most recent example of the strength of the inner east apartment market.

Agent Marshall White Projects has just revealed they signed off on $12 million in sales during a single day for the luxury residential project in Hawthorn which features 22 oversized apartments. This high mark was achieved one month prior to the project’s public launch and before any sales or marketing material was made available.

The $32 million project is being developed by Moda, whilst Ewert Leaf undertook the design; the practice has made a habit of creating highly successful low-rise apartment schemes in Melbourne's southern and eastern suburbs for some time now.

Director of Marshall White Projects, Leonard Teplin denotes 21 Riversdale Road's features which are apparent across many of the current batch of apartment projects in Melbourne's east - oversized, light-filled apartments with high-quality finishes, designed to attract the owner occupiers and the ability customise floor plans to create larger apartments.

95% of the early purchasers were local downsizers from either Stonnington and Boroondara.

<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/image5mwh21_0.jpg" rel="gallery-all" title="21 Riversdale Road's open plan living space. Image: Marshall White Projects"><img alt="" class="image-article-full-width-580px" height="390" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image5mwh21_0.jpg?itok=VdclnC0a" title="21 Riversdale Road's open plan living space. Image: Marshall White Projects" width="580"></a>

<figcaption>21 Riversdale Road's open plan living space. Image: Marshall White Projects</figcaption></figure><h2>Commentary by Leonard Teplin</h2>

<blockquote>
The success of a project is dependent on its ability to understand the needs of the market and deliver a product that not only meets, but exceeds those needs.

21 Riversdale Road is a prime example of what happens when developers get it right – when you create a quality project and invest the time and resources early on, the development speaks for itself and you end up spending less on sales and marketing down the track.

Projects located within Melbourne’s wealth belt affords the benefits of connectivity and proximity to lifestyle amenities, while also offering the quiet leafy streets that are favoured by the downsizer market.
</blockquote>

<h2>The format for success</h2>

Assessment of the Apartments.com.au Project Database shows the strength on the low-rise luxury apartment market through the inner eastern suburbs.

Adding locales such as Camberwell, Hawthorn East, Kew, Malvern East and Toorak to the aforementioned suburbs Hawthorn, Malvern and Glen Iris reveals a clear cut penchant for low-rise apartment projects. Across these 8 suburbs, 136 apartment projects are in various stages of development, and of those only 27% have six or more levels.

Restrictive planning controls coupled with the target market's appetite of low-rise luxury living across Stonnington and Boroondara in particular is plain to see.

<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/image34_11.jpg" rel="gallery-all" title="A sample of current apartment project in Melbourne's inner east"><img alt="" class="image-article-full-width-580px" height="467" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image34_11.jpg?itok=6OutAFXr" title="A sample of current apartment project in Melbourne's inner east" width="580"></a>

<figcaption>A sample of current apartment project in Melbourne's inner east</figcaption></figure>
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