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

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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