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.

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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."

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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.

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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 signature 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." />

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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.

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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.

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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.”

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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.

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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.

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"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."

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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

Melbourne CBD

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Three prime Melbourne CBD and St Kilda Road car park investments have come to the market, offering a rare chance to purchase assets within the sector.
Fitzroys agents Paul Burns and Chris James are marketing the three assets for the Deague family which are being offered for sale by EOI “in one line or separately”., and a total net income of more than $2.045 million per annum.
The assets include: 
1 Queens Road (pictured in title), comprises six levels of car parks with 523 bays (650 when stacked), plus 61 storage units within the 14-level office and residential building, St Kilda Rd Towers.
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452 St Kilda Road (pictured above, comprises three levels of car parking with 80 bays, plus three storage units, within a 21-level hotel and serviced apartments building.
480 Collins Street (pictured below), offering a generational chance to secure the only car park in the Melbourne CBD that has direct access from Collins Street. The asset comprises two levels of car parking with 74 bays (110 when stacked), within a 20-level office and hotel building located in the new centre of Collins Street.
Each asset is being offered with a long-term lease in place.
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The tenant has operated a profitable car parking business in each premises over many years. “Commercial car park investments are likely to be particularly strong post-COVID. Employees will inevitably prefer driving to work as opposed to using public transport, and employers will secure parking bays to accommodate this preference,” Burns said.
“The tenants in these assets have committed to not seek any rent relief as a consequence of the COVID-19 situation, guaranteeing the purchaser a 100% return on their investment, without interruption. The secure lease agreements offer no vacancy risk for almost six years, and, if or when a lease expires, there are negligible re-leasing costs.”
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Three Melbourne CBD car park investments listed

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High rise apartments in the Melbourne city and fringe areas will suffer the largest price fall as a result of the Coronavirus, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm presented an 'investor playbook' of real estate performance within each service area this month. 
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"The past few months have also impacted the rental market as high rates of unemployment have led to many young people exiting the rental market and moving back in with parents, downsizing or sharing rentals to save money," the valuation firm said. 
 This has greatly reduced housing demand, which has caused a spike in vacancy rates, leaving investors nervous about what’s to come. 
With immigration coming to a halt as well as a sharp decline in international students, investors will be feeling the pain over the next 12 to 24 months, the report noted. 
"We are also seeing quite a number of nomination sales in the CBD market, as many investors are desperate to find a new purchaser to take over their property. 
"Investors are doing this now as they had originally purchased these apartments 12 to 18 months ago and pre-committed to contracts, but with lending environments changing since then, they are unable to settle on their apartments, leaving some with no choice but to forfeit their deposits," the valuation firm said. 
A new two bedroom apartment in Melbourne CBD was sold for $630,000 in July. 
The apartment at <a href="https://www.realestate.com.au/sold/property-apartment-vic-melbourne-131936738" target="_blank">3102/135 A'Beckett Street</a> (pictured below) comprises two bedrooms, two bathrooms and open living area. 
It was last sold in 2014 for $635,000.
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A two bedroom Melbourne CBD apartment with water views has been listed for rent with a price guide of $650 per week.
The <a href="https://www.realestate.com.au/property-apartment-vic-melbourne-427127838" target="_blank">4907/605 Lonsdale Street </a>apartment (pictured below) comes with open plan ring area, modern kitchen, large balcony and European laundry. 
It is located opposite the South Cross Railway Station. 
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Melbourne CBD high rise apartments to suffer largest price falls: HTW residential 

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With current market conditions and in light of the recent events of COVID-19, a lazy $700,000 can go a long way in areas of Melbourne’s CBD and city fringe suburbs, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm took a look at how a budget of $700,000 could be invested in property markets across the nation. 
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 Recent figures show that the median unit price for the CBD, Southbank and Docklands were $480,000, $575,000 and $609,000 respectively. It is truly a buyer’s and renter’s market for those looking in these areas, the report noted. 
A north facing corner apartment in Melbourne CBD with bay views has recently been sold for $620,000.
The two bedroom, two bathroom home is situated at <a href="https://www.realestate.com.au/sold/property-apartment-vic-melbourne-133816594" target="_blank">3017/220 Spencer Street</a> (pictured below mel ). 
It features floor-to-ceiling windows, quality carpet throughout and large balcony. 
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A new listing is a two bedroom South Bank apartment priced between $540,000 to $570,000.
The <a href="https://www.realestate.com.au/property-apartment-vic-southbank-133959162" target="_blank">204/173 City Road</a> apartment (pictured below) comes with living and dining area, black granite kitchen, and balcony with water views. 
It is set in a corner position on the 20th floor of the Melbourne Tower complex. 
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"The global pandemic has definitely shaken up the rental market in the CBD and fringe suburbs," the valuation firm said. 
Many tenants are international students unable to fly back into Australia due to travel restrictions, resulting in a spike in vacancy rates. This has left landlords nervous as this may cause a strain on their mortgage repayment ability for the property.
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"We are also seeing quite a number of nomination sales in the CBD market," the valuation firm said. 
 A nomination/nominee sale is when someone who has purchased a property can transfer to another purchaser or nominee prior to settlement. 
When a purchaser cannot settle, the purchasers will be given the opportunity to find a new purchaser to have the contract transferred in their name and finalise the settlement. 
This generally happens due to the buyer not having access to funds to settle (mostly due to banks not approving loans or other government restrictions for capital outflow). 
"With Coronavirus also impacting the rental market, purchasers of these properties have less incentive to settle on these apartments, which will also result in them forfeiting their original deposits," the valuation firm said. 
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What a lazy $700,000 can buy in Melbourne CBD: HTW residential 

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Local drivers for the residential market in the Melbourne CBD include the influence of the educational sector, population growth, local and international migration as well as local employment, according to the latest Herron Todd White (HTW) residential report. 
The current COVID-19 epidemic is going to have a negative impact on key drivers, so it will be interesting to see what impact this may have on the property market in the short to medium term, the valuation firm said. 
"The performance of the property market in the CBD is a result of the demand for rental properties in this area and the attractive yields that come with it," the valuation firm said. 
The report notes this is due to the strong migration and appeal of Melbourne to higher education students coming from other states and countries as well as workers relocating to be closer to the business district. This creates a high demand for apartments in the city, which makes it attractive for long term investors.
Drivers impacting the residential property market are also quickly changing in light of the recent events this year, such as the Australian bushfires and the global pandemic of the Coronavirus.
"We have since seen cuts to the interest rate by the Reserve Bank of Australia to a historic low of 0.5 percent and economic stimulus packages to be announced with the aim of boosting the economy and easing the financial fallout of these events," the valuation firm said. 
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"Notwithstanding the COVID-19 crisis, with the recent announcement of a lowered cash rate, there may be an increased interest for those seeking to buy their first home as applicants will be in a better position to refinance their current mortgage so they are able to make lower repayments each month and less interest over the life of the home loan." 
A two bedroom apartment located in the heart of Melbourne CBD has recently sold for $490,000.
The <a href="https://www.realestate.com.au/sold/property-apartment-vic-melbourne-132944150" target="_blank">2107/11 Rose Lane</a> home (pictured below) comes with designer kitchen, open plan living and secure car park. 
It is located within moments to shops, public transport, restarts and cafes. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/5/4/melbourne%201.jpg" alt="">
A new listing is a one bedroom Melbourne CBD apartment priced at $329,000.
The 25th floor apartment at <a href="https://www.realestate.com.au/property-apartment-vic-melbourne-133530370" target="_blank">2512/181 A'Beckett Street </a>(pictured below) comprises bedroom, bathroom, open plan living and dining and stone-topped kitchen. 
The building features resort-style facilities, including gym, lounge, bike storage and rooftop BBQ terrace. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/5/4/melbourne%202.jpg" alt="">
Note regards COVID-19
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This edition of Month In Review had its topic defined in late February with submissions from our offices collated through to late March. During this period, shifts in the social and economic landscape due to COVID-19 became increasingly dramatic, as demonstrated by the varied information provided by offices over the course of three weeks. 
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<div>This month’s residential theme on baseline property market drivers remains a common thread, and provides an indication of what influences to monitor as the property sector recovers post-crisis.</div>
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High demand for Melbourne CBD apartments attracts long term investors: HTW residential 

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<div class="column">Over the past few years, Melbourne CBD has witnessed an influx in supply of new apartments, according to the latest Herron Todd White (HTW) residential report. </div>
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<div class="column">The report suggests 2020 should see demand for Melbourne apartments remain steady as approvals for new residential developments hit a peak in 2017 and have since slowed down.</div>
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<div class="column">Most of these developments have been high density and located in the northern grid of the CBD.</div>
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<div class="column">"A slowdown in the residential development sector could slow the apartment supply, resulting in a boost in demand for rental properties due to strong migration and appeal of Melbourne to international and interstate higher education students and workers relocating closer to the business district, which has continually encouraged strong rental growth and helped maintain current rental returns for these CBD and inner city apartments," the valuation firm said. </div>
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<div class="column">A two bedroom apartment in Melbourne CBD has been listed for rent with a price guide of $700 per week.</div>
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<div class="column">The two bedroom, two bathroom apartment is situated at <a href="https://www.realestate.com.au/property-apartment-vic-melbourne-424612982" target="_blank">502/9-23 MacKenzie Street </a>(pictured below). </div>
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<div class="column">It comes with open plan living, design kitchen and terrace balcony. </div>
<div class="column"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/2/24/melbourne%20cbd.jpg" alt=""></div>
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The report notes that one of the biggest struggles in the market is settlement for off-the-plan apartments. 
It is proving a significant challenge for developers with many of the major lenders tightening or altering their lending policies to foreign investors or contracts subject to the Foreign Investment Review Board resulting in longer than normal settlement periods and further exacerbating settlement risk.
"New developments within city fringe suburbs such as South Yarra, Richmond, St Kilda, Abbotsford and Collingwood are contributing to this concern of oversupply. 
"Demand will need to remain strong if supply is to be matched over the medium term." 
A St Kilda one bedroom apartment has recently been sold for $406,000.
The 4th floor apartment is situated at <a href="https://www.realestate.com.au/sold/property-apartment-vic-st+kilda-132835810" target="_blank">408A/33 Inkerman Street</a> (pictured below).
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/2/24/st%20kilda%20.jpg" alt="">
It features open plan living and dining, designer kitchen, alfresco balcony and bedroom with fitted BIRs. 
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Demand for Melbourne CBD apartments to remain steady in 2020: HTW residential 

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Whilst the Melbourne city centre has experienced an increase in the number of high-rise apartments over the past few years, developers are always looking for new ways to improve city living for residents, according to the latest Herron Todd White (HTW) residential report. 
The report notes there are many apartments available on the market today, including off the plan developments.
"The median Melbourne apartment price ranges between $340,000 for a one-bedroom apartment and $840,000 for a three-bedroom apartment with the potential to generate rent of $450 per week to $910 per week respectively," the report said. 
Highlighted below are the city centre’s highest priced sale to date and highest current rental listing.
 <img src="https://www.urban.com.au/images/2019/11/18/190135%20Spring%20Street%20Melbourne.jpeg" alt="">
The highest priced sale was 1901/35 Spring Street, Melbourne (pictured above).
It was sold for $14.75 million in May.
The apartment consists five bedroom, four bathroom, and six car space. 
Located at the Paris end of the city, 35 Spring Street is known as one of Melbourne’s high-calibre buildings.
"With a modern luxury design, residents can enjoy the many features and amenities this property has to offer yet still be in the hustle and bustle of the core of the city with its renowned retail, restaurant and entertainment culture," the valuation firm said. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/11/18/10151%20spring%20st.jpg" alt="">
The highest rental listing in the Melbourne CBD is<a href="https://www.realestate.com.au/property-apartment-vic-melbourne-427154306" target="_blank"> </a><a href="https://www.realestate.com.au/property-apartment-vic-melbourne-427154306" target="_blank">101/51 Spring Street, Melbourne</a> (pictured above).
The apartment with three bedroom, two bathroom, and two car space has been listed for $3,300 per week.
 Overlooking the treelines of the Treasury Gardens, this mansion-like apartment is one of the Melbourne CBD’s most prized apartments.
"Taking up an entire level, this luxury dwelling features a family library, wine cellar and voluminous living spaces which can be used for formal and informal entertainment areas. This is the ultimate family home as there is something for everyone," the valuation firm said. 
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Melbourne CBD sees increasing number of sky-high apartments listings: HTW residential 

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Living close to tertiary education institutions is one of the largest forces that drive rental demand in the Melbourne CBD and CBD fringe areas, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm took a look at rental yields across the nation to dissect where to find the best returns in residential markets. 
With a population of 170,000 people and growing, the CBD is home to people coming from all ages and backgrounds.
Residents range from international students, young professionals and older couples. Melbourne has something to offer everyone 
"With two of the most prominent universities located in and near the heart of Melbourne, University of Melbourne and RMIT, international students make up the largest portion of enrolments each year, resulting in a high demand for apartments in the CBD and neighbouring suburbs, ultimately changing the rental market within the area," the valuation firm said. 
These latest statistics show that apartments in the CBD are priced at an average of $435,000 and generate $530 per week in rent, earning a 5% to 6% rental yield for investors.
 <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/10/16/mel%20cbd%201.jpg" alt="">
Latest statistics show that apartments in Carlton are priced at an average of $347,000, generating an average of $470 per week in rent, providing investors a rental yield of 7%.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/10/16/mel%20cbd%202.jpg" alt=""> 
"Previously known as the world’s most liveable city for seven years running, Melbourne is an attractive city for tourists and investors," the valuation firm added.
"Whether it be a short or long-term arrangement, investors are thinking outside the box and finding ways to increase their rental property returns by taking advantage of accommodation hosting platforms such as Airbnb, where most property listings are heavily concentrated in the inner suburbs of Melbourne, particularly within the CBD areas."
The HTW report suggests secondary hot spots for Airbnb listings include areas in St Kilda, South Yarra, Port Melbourne and Brunswick.
The average cost to rent an apartment via the Airbnb platform within the CBD and fringe areas can range from $120 to $190 a night.
"If we can assume that the weekly gross rent that can be collected via Airbnb is applied to the CBD’s medium price for apartments ($435,000), this would generate an upward yield of an incredible 10%.
"With the correct marketing, property and location, there are many different ways an investor can strategically maximise their property in the CBD and fringe suburbs as Melbourne is the destination for tourists, young professionals and international students." 
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International students changing the rental market in Melbourne CBD: HTW residential 

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The Melbourne city centre has seen a continued substantial increase in the supply of high rise apartments, according to a recent Herron Todd White (HTW) residential report. 
The report suggests that lifestyle changes have led to people seeking a better work and life balance; as such properties located within half an hour of the CBD and close to public transport links continue to be highly desired by first home buyers.
Developers are encouraging buyers by including amenities such as rooftop gardens, creative common facilities such as virtual golf, private dining areas with industrial kitchen facilities allowing residents to bring in a private chef and meeting rooms for the home office operator.
"For an entry level price of $580,000, you will find a one-bedroom, one-bathroom apartment in the Prima Pearl located at 35 Queens Bridge Street, Southbank (pictured above) and access to the mentioned amenities," the valuation firm said. 
"Young professional couples or small families looking to upgrade their one-bedroom apartment for a bit more room do not have to go far.
"Suburbs on the city fringe such as Collingwood, Richmond, Prahran and South Melbourne still have access to public transport to the CBD, schools and close proximity to local restaurants and cafes." 
Property types vary from townhouses and single-fronted dwellings that can accommodate two-to-three bedrooms, two car spaces and a small courtyard.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/9/11/richmond%20.jpg" alt="">
A three bedroom townhouse at<a href="https://www.realestate.com.au/sold/property-townhouse-vic-richmond-130425362" target="_blank"> 7 Palmer Street, Richmond </a>(pictured above) has been sold for $1.55 million.
Set on 150 square metre block, the home comprises three bedrooms, open plan living and dining area, kitchen with Miele appliances and second living area opening to balcony. 
It's situated moments from Bridge Road entertainment, amenities and public transport.
At the prestige end of the market, buyers are looking for properties with a period character or dwellings that can be easily renovated, extended or rebuilt and designed to suit their needs.
The report notes staple items within this category include basement car parking, en suite to each bedroom, a games room, swimming pool, tennis court and gym.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/9/11/toorak.jpg" alt="">
A five bedroom house at 26 Linlithgow Road, Toorak (pictured above) was sold for $12.15 million in March.
Set on a 1,308 square metre block, the home comprises five bedrooms, four bathrooms, and four car spaces.
It features tennis court, home theatre, gym, swimming pool and covered outdoor entertaining areas. 
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Melbourne CBD sees increasing supply of high rise apartments: HTW residential 

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Global construction company Multiplex has topped out South Tower, the new 41-level office building in Melbourne’s CBD.
South Tower at 80 Collins Street is QIC’s $800 million mixed-use project. 
The 80 Collins precinct is owned by Dexus and Dexus Wholesale Property Fund following QIC’s divestment of the asset in May 2019.
The development project is being delivered by QIC GRE until completion.
The development is located at the 'Paris end', of Collins Street and is one of the largest in Melbourne.
The precinct comprises the new South Tower which will provide office space across circa 43,000 square metres, as well as major refurbishments to the North Tower, an existing 47 level A-grade office building, and construction of a 255-room boutique hotel.
The base building design has been undertaken by local architects Woods Bagot, with collaboration from Dutch firm UN Studio on the South Tower and hotel façades.
A 5,000 square metre retail precinct over a ground and podium level will link the hotel to the North and South Towers.
It will also connect three surrounding streets through a series of laneways to become a new prestigious Collins Street shopping destination.
The new South Tower features a faceted glass exterior cantilevering towards Collins Street, and the interior will feature flexible floor plates with the ability to create inter-floor links to allow occupants to engineer their space for collaboration and enhanced connectivity.
At 216 metres tall, 80 Collins boasts panoramic views across Melbourne.
“80 Collins is also one of the most complex builds we are currently delivering in Melbourne, with the new South Tower constructed to cantilever 12 metres over existing buildings on Collins Street,” said Graham Cottam, Regional Managing Director at Multiplex.
Around 550 workers are on-site every day and around 6,000 tonnes of structural steel and 50,000 cubic metres of concrete have been used to date.
Innovative construction methods include the introduction of a double-deck lifting system with a destination control system.
This system allows the development to achieve a Premium building rating and minimises the size of the core to maximise the net lettable area.
The new South Tower has a 6-star Green Star design rating and is targeting a 5 star NABERS Energy rating.
The building is also WELL ready to allow tenants to pursue further fitout certification.
ESD features include a chilled beam mechanical system to allow for passive temperature control as well as the inclusion of intuitive lighting control.
80 Collins is on track for completion in 2020.
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Multiplex tops out QIC's Collins Street tower

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Real estate investor and manager Cromwell Property Group (Cromwell) has lodged a development application (DA) for 700 Collins Street in Melbourne CBD’s Docklands Precinct.
The DA is for a $350 million, 55-storey mixed-use development comprising office, hotel and apartment living, as well as a four-storey podium car park with 199 spaces.
The office aspect consists of about 13,000 square metres of additional A-grade office space across 13 floors.
The DA also proposes up to 265 studio, one, two and three-bedroom apartments for which Cromwell is considering a build-to-rent model.
A suite of additional amenities including concierge services, swimming pool and café will also be available.
The DA also includes a 4.5-star, 182-room full-service hotel.
Cromwell’s Head of Property, Bobby Binning, said: “This is another exciting value-add development opportunity for Cromwell and follows hot on the heels of the $75 million development approval received at Chatswood on Sydney’s North Shore.
“The success of our asset recycling initiatives is evidenced by the recent sale of Northpoint Tower, following a $130 million redevelopment which boasts extensive culinary options as well as a rooftop bar, an eight-storey, 187-room Vibe Hotel complete with conference facilities, as well as a rooftop pool and gym.”
Cromwell has recently completed a $375 million institutional placement, executed a new three-year €225 million syndicated facility and announced the $300 million sale of its 50% interest in Northpoint Tower.
The Collins Street site is adjacent to the Southern Cross Railway Station.
The proposed development will provide 360-degree views across Port Phillip Bay, Docklands and the Melbourne CBD.
Considered the gateway to the Docklands Precinct at the western end of Melbourne’s CBD, Cromwell acquired 700 Collins Street in October 2004.
The building is a 17-level, A-grade tower, comprised of both office and retail space, as well as a newly refurbished end-of-trip facility.
it provides tenants with a refurbished lobby, large floor plates, excellent natural light, panoramic views, access to public transport and a high car park ratio.
The site is located a short walk from Marvel Stadium and benefits from easy access to retail and other amenity along Collins Street and the wider Docklands Precinct.
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