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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[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 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.

[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

North Melbourne

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Given that Inner North suburbs of Melbourne tend to comprise older dwellings, at least relative to the outer north, it is within these suburbs – including Coburg, Reservoir and out to Greensborough and Bundoora that most likely to see homes undergoing renovations, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm suggest in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
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Older homes, often held in families for many years and kept in their original state will often undergo impressive modifications and upgrades once sold to owner occupiers looking to make their homes larger, modern, comfortable and better suited to modern life. 
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The report suggests renovators can often expect to see healthy capital growth as a result of these renovations bringing these properties up to meet the expectations of potential purchasers for these areas.
There are a number of areas in the Inner North where ‘pop up’ rear extensions to existing heritage facades are becoming more commonplace as a means of meeting the requirements of heritage protections. 
"We have seen numerous examples of these, where older homes with small and enclosed living areas have been opened up, increasing natural light and utilizing spaces in a more functional way," the valuation firm said. 
"In recent months as a result of the Coronavirus pandemic, we have noted that the occurrence of larger renovations and extensions has reduced, bucking the trend of the past several years where renovations have been commonplace, particularly as a result of gentrification in many areas and a large number of homes constructed in the 1980’s becoming more obvious candidates for modernisation," the valuation firm said. 
Prime examples of this can be seen in Reservoir and Montmorency where homes with renovation potential can be purchased for between $700,000 and $850,000 and $800,000 to$900,000 respectively, the reported noted. 
"Once fully renovated, we are seeing homes in Reservoir achieve $1.1 million to $1.3 million and Montmorency, $1.1 million to $1.4 million," the valuation firm said. 
A three bedroom Clinker Brick Veneer house in Reservoir has recently been sold for $1.07 million.
The <a href="https://www.realestate.com.au/sold/property-house-vic-reservoir-133019962" target="_blank">31 Rubicon Street </a>home (pictured below) has been renovated and extended. 
It comes with open plan living, light-filled family room and decked entertainment area. 
It was last sold in 2007 for $476,000. 
<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/2020/6/15/reservoir%201.jpg" alt="">
A current listing is an updated four bedroom house in Montmorency priced at $1.05 million to $1.15 million.
The<a href="https://www.realestate.com.au/property-house-vic-montmorency-133636602" target="_blank"> 3 Reichelt Avenue</a> home (pictured below) comprises two living zones, two updated bathrooms and study. 
It's situated within walking distance to schools, shops and cafes. 
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Investors in the outer north suburbs, looking to attract tenants or sell are more likely to carry out more modest or cosmetic renovations for ‘easy wins’, partly as a result of homes in these areas being much younger, with layouts not differing too much from new homes being constructed today.
The report notes minor renovations in these areas will tend to be limited to painting, replacing floor coverings, and perhaps a new kitchen, bathroom or deck.
"Moving forward, we expect that the prevalence of major renovations will continue to remain in parity with the economy and if this continues to deteriorate, then it is reasonable to expect that renovators will become less willing to spend big," the valuation firm said. 
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j.ballantyne1990-6AQqhLzZaK

North Melbourne major renovations in decline: HTW residential 

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Changes in both monetary and fiscal policy tend to have a more direct impact on the property market in suburbs located in the outer north Melbourne as purchasers in these areas are predominantly first home buyers and local investors, according to a recent 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 HTW report notes most of these purchases are strongly influenced by either changes in first home buyer grants or interest rate changes.
"Some of the local drivers for the outer northern property market include the availability of more affordable housing and recent infrastructure expenditure", the valuation firm said. 
The commencement of the northern roads upgrade is a notable example of this and has helped to ease congestion in the area, improving buyer sentiment and proving to be a key local driver for demand.
Recent relaxation of lending since the banking Royal Commission has resulted in young families and first home buyers looking at more affordable dwellings that the outer north offers, the report noted. 
The effect of this appears to have aided in maintaining demand for property in the area as prospective purchasers begin to extend their search further north.
The report suggests new migrants to Melbourne opting to settle in the outer north also make up a significant portion of first home buyers.
"Properties below the $600,000 price point appear to do well in the outer north market as there is high demand from first home buyers and investors. High specification dwellings in predominantly first home buyer suburbs tend to remain on the market longer than average and are less sought after," the valuation firm said. 
A three bedroom house in Lalor has recently been sold for $590,000.
The <a href="https://www.realestate.com.au/sold/property-house-vic-lalor-133406954" target="_blank">26 Vanessa Avenue</a> house (pictured below) comes with modern kitchen, open plan lounge, renovated bathroom and double garage. 
It's located close to train station, buses, schools and shopping. 
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A current listing is a Bundoora two bedroom unit priced at $487,000 to $535,000.
The <a href="https://www.realestate.com.au/property-unit-vic-bundoora-133481222" target="_blank">1/52 Nickson Street unit</a> (pictured below) features large lounge, spacious kitchen, separate laundry, courtyard, and garden shed.
The home is situated within close proximity to  the Square, park, tram, universities and hospital.
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<div>Note regards COVID-19</div>
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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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Northern Melbourne sees high demand from first home buyers and investors: HTW residential 

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The property market has shone in the past seven years showing extraordinary growth in property prices in the northern suburbs of Melbourne, according to the latest Herron Todd White (HTW) residential report. 
The report notes last year’s property market results ended on a high note as we saw the fastest turnaround in history, with improving prices and clearance rates leading into the new year of 2020.
With property values rising, sellers are expected to cautiously return to the market, increasing stock levels.
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"So, what do we know moving forward into 2020? We can be assured that the Reserve Bank’s main focus will be to decrease unemployment rates and to increase wages, which will likely result in interest rates falling further throughout the year, making it even more affordable to enter the market," the valuation firm said. 
This trend could see an upside in developing areas such as Craigieburn, Kalkallo and Mickleham, which may prove to be the only truly affordable option for the inner and outer northern suburbs.
"By offering properties at affordable prices, these areas may still be the choice for migrating families moving to Melbourne or country Victorians wanting to move closer to Melbourne," the valuation firm said. 
A Craigieburn three bedroom house has been sold for $570,000.
The three bedroom, two bathroom home is situated at <a href="https://www.realestate.com.au/sold/property-house-vic-craigieburn-132823606" target="_blank">32 Newlyn Drive </a>(pictured below).
Set on 650sqm, the home comes with well-appointed kitchen, meals area, and pergola overlooking backyard. 
<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/craigeburn.jpg" alt="">
Areas in the desirable suburbs of the inner north such as Abbotsford, Carlton and Richmond should expect to see moderate to low stock on the market.
The report notes blue chip properties that tick all the boxes will continue to perform in 2020.
"Low vacancy rates will also be evident in these areas with vacant dwellings being snapped up either by investors or renters," the valuation firm said. 
A Richmond Victorian house has recently been sold for $1.67 million. 
The three bedroom, one bathroom home is situated at <a href="https://www.realestate.com.au/sold/property-house-vic-richmond-132848686" target="_blank">10 Moorhouse Street</a> (pictured below). 
It comes with open plan living, north facing courtyard and spacious kitchen. 
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Desirable Melbourne inner north suburbs to see low vacancy rates in 2020: HTW residential 

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When looking at eye candy property in Melbourne, it’s hard to look past the suburb of Toorak, according to the latest Herron Todd White (HTW) residential report. 
The report notes the typical buyer in this region is not only buying a designer home but purchasing a lifestyle, with the majority of these larger homes including added luxuries such as a movie cinema, wine cellar, indoor gym, tennis court and pool.
"The suburb is also home to one of Australia’s most expensive buildings, located at 39 St George’s Road, which is rumoured to have cost up to $70 million in construction alone," the valuation firm said. 
Looking at recent sales in the suburb, 26 Linlithgow Road (pictured below), a five-bedroom, four-bathroom, four-car space mansion in Toorak sold for $12.15 million.
This luxury home is sprawled over 1,308 square metres of land and is fitted out from top to bottom with high-end features.
It includes a cinema room, wine cellar, home gym, tennis court and outdoor pool.
<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/2019/11/20/toorak%202.jpg" alt=""> 
<a href="https://www.realestate.com.au/sold/property-house-vic-toorak-131083926" target="_blank">2 Chastleton Avenue in Toorak </a>(pictured below) sold for $13.4 million on 18 June 2019.
This property features five bedrooms, six bathrooms and an underground six-car garage.
Sprawled over 657 square metres in the heart of Toorak, the property features high-end finishes and fixtures whilst only a stone’s throw away from the Toorak Village, Como Park and the Yarra River.
Currently listed on the market at a cool $25 million is the sub-penthouse at Capitol Grand on Chapel Street, South Yarra.
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"This home in the sky combines breathtaking views with unparalleled luxury," the valuation firm commented. 
"The three-bedroom, three-bathroom, eight-car garage apartment includes 512 square metres of living pace, floor to ceiling windows, European finishes and several other amenities including a cinema, massage room, indoor gym, sauna, pool, spa and 24/7 concierge.
"Although the property hasn’t sold, it's one of the most extravagant listings on the market," the valuation firm said.
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Lifestyle appeals to typical Toorak designer home buyers: HTW residential 

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The inner and outer northern suburbs of Melbourne offer investors a variety of investment options from units to houses, each offering their own benefits, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm took a look at rental yields across the nation. 
The report suggests the vast variety of property types in the area accommodates all types of investors, including people seeking to maximise potential yield and those looking at minimizing capital requirements.
"Honing in on Richmond, a popular inner eastern suburb due to its location and bustling lifestyle, it becomes apparent the suburb does offer opportunities for investment, however it does come with several barriers to entry," the valuation firm said. 
With a median price of $1.177 million for a house and a weekly median advertised rent of $678, the suburb’s major barrier of entry for investment is the requirement of significant amounts of capital to purchase.
It is noteworthy that this large sum only typically secures investors a two- bedroom, one-bathroom, no car park townhouse.
Multiplying the median rent per week by 52 results in a total rental income of $35,256.
Dividing this figure by the median rental price then results in a rental yield in the suburb of Richmond of 2.99% for dwellings.
"In contrast to the outer north, Mickleham requires significantly less up front capital for a greater return," the valuation firm said. 
The median price in Mickleham is $505,000 for a home, with a weekly median advertised rent of $410.
Using the yield calculation method, an investor would generate an annual rental income of $21,320 resulting in an annual yield of 4.22%.
"This yield is 40% greater than the suburb of Richmond, whilst also offering a significantly larger home (four bedrooms, two bathrooms, two car parking spaces)," the valuation firm added. 
"Higher yields in the outer suburbs such as Mickleham are attracting young investors who have less capital to invest.
"These higher yields are also giving them more security when it comes to mortgage repayments."
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Young investors attracted by high yields in the outer northern Melbourne: HTW residential 

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Prices have declined for both the inner and outer north of Melbourne, according to the latest Herron Todd White (HTW) residential report. 
"In our February edition of the Month in Review, we stated that inner northern suburbs would be the hardest hit with declining property prices whereas the outer north would plateau," the valuation firm said. 
Economists agreed, stating that property prices for the north- east and north-west were set to decline (as shown below).
<a href="https://www.propertyobserver.com.au/images/2019/6/27/s%20wright%202019.jpg" target="_blank">Click here</a> to enlarge: 
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The report notes that the outer northern suburbs of Craigieburn, Mickleham and Kalkallo reached their peak property prices in early to mid-2018 and have slowly been declining ever since.
Craigieburn’s urban sprawl previously known as providing a good return on investment for off the plan purchase of land is now being reversed.
A 448 square metre block of land back in early 2018 would be sold for $400,000 however now in mid- 2019 the same product would sell for $340,000 to $350,000.
"Purchasing this land off the plan in 2016 and selling in 2018 would provide a solid $70,000 to $100,000 capital gain, whereas purchasing more recently in late 2017 to early 2018, the land would be lucky to break even and is expected to sell at a loss," the report said. 
"The oversupply of land releases alongside the lack of land purchases due to tightened lending criteria has been the main charge behind the drop in land value."
Melbourne’s inner northern suburbs, for example Carlton, Collingwood, Brunswick and Northcote, have also been hit hard by declining property prices.
An example was a three bedroom house located in the heart of Brunswick which has recently been sold for $920,000.
Situated<a href="https://www.realestate.com.au/sold/property-house-vic-brunswick-129727078" target="_blank"> 5 Hanover Street</a> (pictured below), it comprises three bedrooms, kitchen, separate lounge area, and large pergola area. 
It was sold at $985,000 in 2016. 
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Median prices have fallen $30,000 to $50,000 for these suburbs since the start of 2019 and are projected to decline further according to REIV. 
Properties holding their prices are A grade, sizeable family oriented homes that have a prime position, superior floor plans and are in prime or renovated condition.
Secondary properties that do not have these qualities are struggling to sell and are seeing extended time on the market compared to 2018.
"There is an evident stock decrease for these suburbs which is contributing to the price decline," the valuation firm said. 
In the week of 23 March 2019, there were 674 auctions listed compared to 1,783 for the same week in 2018, according to Digital Finance Analytics data.
With stock levels being low and bank lending criteria tightened, home owners are choosing to stay in their current dwellings and choosing to renovate rather than risk attempting to upgrade to a superior property for which they may not get their finance approved by the bank.
According to the HTW report, Pascoe Vale has had the most surprising turn since the start of 2019.
"For a market that has been developer driven for the past two years, it now has completely reversed," it said. 
"Multiple permits granted for three-to-six townhouse developments are unable to proceed as developers struggle for finance."
A prime example is<a href="https://www.realestate.com.au/property-house-vic-pascoe+vale-129695610" target="_blank"> 40 Austin Crescent, Pascoe Vale</a> (pictured below). 
Comprising a four-townhouse development with approved permits, it has been on the market for 203 days with little interest due to the inherent risk of finance availability.
<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/2019/6/26/pascoe%20vale.jpg" alt="">
"Pascoe Vale has been development shy this year and if lenders do not reduce their strict criteria, townhouse developments in Pascoe Vale may be very limited going forward."
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Northern Melbourne property prices remain in decline: HTW residential 

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The Mernda Junction Shopping Centre in Melbourne's Northern growth corridor has been launched.
The Coles anchored shopping centre has its latest full line 4,000 sqm supermarket, which also features Liquorland and about 20 specialty retail stores.
The centre is serviced by more than 300 car parks.  
Colliers International’s Mike Crittenden and Stephanie Siadis have secured 17 tenants for the 7,000 sqm centre, with only three tenancies remaining for food &amp; beverage and service operators.  
Coles and Liquorland are joined by a wide range of retailers including Australia’s largest pharmacy retailer, Chemist Warehouse, along with Fruitful Veg Market, Billy’s Junction, Degani, Scotch &amp; Fillet, Rainbow Nails, Peoples Choice Home Loans, Mernda Kebab House, Mernda Smiles, Medical, 7 Star Pizza Pasta &amp; Grill, Kings Landing Barber, Cups n Cones and Tattslotto.  
“Located approximately 30km north of Melbourne's CBD in the City of Whittlesea, Mernda Junction Shopping Centre provides convenient shopping to the surrounding catchment of over 40,000 people,”  Mr Crittenden said.  
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A spokesman for Mernda Junction Shopping Centre said, “we are excited to launch a fantastic new neighbourhood shopping centre in the heart of Mernda at the junction of Bridge Inn and Plenty Roads. ”  
Planning for Stage 2 of Mernda Junction Shopping Centre are now underway, which will further add to the mix of uses and the vitality of the community.
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Mernda Junction Shopping Centre launched in North Melbourne

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Mason Developments and Red Earth Developments have teamed up with Chamberlain Architects to deliver Leveson Place, a series of industrial-inspired townhomes, now under construction in the heart of North Melbourne. 

Comprising 10 three-storey residences, these two, three &amp; four bedroom townhouses provide a contemporary take on North Melbourne’s industrial vernacular through the use of red brick, timber panelling and black steel.

<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/levesonplace2_render_2.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="305" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/levesonplace2_render_2.jpg?itok=3_4UZIdF" width="580"></a></figure>Leveson Place represents the third collaboration between Mason Developments and Red Earth Developments in North Melbourne, developed through a unified vision and capitalising on 30 years of combined development experience. 

Chamberlain Architects were engaged due to a strong focus on design and interest in meaningful collaboration with clients and builders. The practice brings a passion for materiality and the craft of architecture to Leveson Place, building on its reputation for detailing and the fine resolution of its designs.

Chamberlain Architects have conceived Leveson Place as a highly functional and visually appealing development, drawing inspiration from the industrial character of brick warehouses and saw-toothed roofs which are prevalent.

Featuring a robust palette of plywood, terrazzo tile and rustic Australian native timber, the townhomes have been designed to be bright and spacious with living areas flowing seamlessly from kitchen to balcony. 

<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/levesonplace2_carousel_2.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="527" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/levesonplace2_carousel_2.jpg?itok=vd8pzUBo" width="580"></a></figure>According to the project team, this level of design consideration and attention to detail will set a new standard for urban village living in North Melbourne, placing Leveson Place at the forefront of the revival of the double-fronted terrace home.

Set in Leveson Street Village and within an area that has seen strong development activity in recent years, Leveson Place is conveniently located just a short stroll away from Errol Street and its abundance of cafes, restaurants and other amenities.

When it comes to public transport Leveson Place is well served by trams which provide quick and direct access to Queen Victoria Market and the Melbourne CBD, while the new North Melbourne Station, currently under construction as part of the Melbourne Metro Tunnel project will be located just minutes away.

<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/northmelbourne_laurenstreet_1024x576_0.jpg" rel="gallery-all" title="Concept image of North Melbourne Station. Image: Metro Tunnel"><img alt="" class="image-article-full-width-580px" height="326" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/northmelbourne_laurenstreet_1024x576_0.jpg?itok=M9f3y04t" title="Concept image of North Melbourne Station. Image: Metro Tunnel" width="580"></a>

<figcaption>Concept image of North Melbourne Station. Image: Metro Tunnel</figcaption></figure>
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urban.com.au

Leveson Place draws on North Melbourne's industrial character

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One of the Haymarket precinct’s last freestanding buildings is coming to market in North Melbourne.
Located at 87-89 Flemington Road, North Melbourne the two-level building sits on 510 sqm of land and is squeezed between 4 12-storey apartment buildings.
The building, opposite the University of Melbourne and the Royal Melbourne Hospital is being offered for sale with an approved permit for a 12-level residential development. 
Colliers International’s David Sia, Oliver Hay, Hamish Burgess and Dave Walker have been appointed to handle the transaction.   
The vendor of the property, Topsun Development, originally purchased the property as a premium residential development opportunity.
Situated metres from the upcoming $11 billion Metro Rail Project and the subsequent Parkville Train Station the property is set to benefit. 
Expressions of interest for 87-89 Flemington Road, North Melbourne close December 5.
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Topsun seek to offload one of Haymarket precinct’s last freestanding buildings 

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A 7-Eleven service station in North Melbourne has been listed for sale.
The freestanding station at <a href="https://www.realcommercial.com.au/property-retail-vic-north+melbourne-503011626" target="_blank">163-173 Boundary Road</a> is the last stop before the CityLink and sees 50,000 cars pass per day.
Recently rezoned to a commercial 1 zoned land holding, the property on 1,155 sqm has a rare 15 year lease through to 2027.
<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/2018/11/12/serv1.jpg" alt="">
It has options to 2042 and has a net income of $183,049 per annum, with fixed four percent annual rental increases.
The marketing through CBRE advises there is potential for further income through a signage billboard, subject to approval.
It has a November 29 auction.  
 
 
 
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