New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.

It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.

With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.

The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.

Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.

[smartcode_project:default project_id=5743 project_image_fid=372394]

Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.

"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.

"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."

[smartcode_project:default project_id=5743 project_image_fid=953]

Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.

Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.

That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.

[smartcode_project:default project_id=5743 project_image_fid=925]

Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.

Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.

"The Lennox is where aspirational living becomes attainable," Hamblett said.

"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."

Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.

"At The Lennox, lifestyle is not an afterthought, it is the foundation."

[smartcode_project:default project_id=5743 project_image_fid=5374]

The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.

Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.

That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.

"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."

[smartcode_project_cta:default project_id=5743]

Joel Robinson

The apartment price gap drawing Sydney buyers west

A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.

The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.

The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.

The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.

Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.

"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.

"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."

<img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" />

Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.

Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.

Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.

"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.

"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."

Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.

Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.

Rainbow Bay apartment doubles in price since off the plan sale during pandemic

The long-planned transformation of Brisbane's historic Shafston Estate has taken another major step, with Capella Hotel Group announced as the luxury hospitality partner behind what will become Brisbane's first branded residences.

The project, to be known as Capella Residences Brisbane, is being delivered by Verso Projects at the landmark Kangaroo Point riverfront estate, with completion targeted for 2029.

The announcement follows a series of planning changes to the project over recent years. The site was originally approved in 2023 for a 15-level, 37-apartment development designed by Rothelowman for Burgundy Group before Verso Projects took over the 10,070 sqm riverfront holding and lodged revised plans with Kerry Hill Architects to increase the development to a 25-level tower with 51 apartments.

The latest announcement confirms Capella Hotel Group will bring its branded residential offering to the project, marking just the second Capella Residences development globally after Seoul, and the group's first branded residential project in Australia.

The <a href="https://www.apartments.com.au/new-apartments/23-castlebar-street-kangaroo-point-qld-4169">Castlebar Street development</a> will centre around the restoration of the heritage-listed Shafston House, one of Brisbane's oldest residences, originally constructed in 1851 by Reverend Robert Creyke as a single-storey cottage known as Ravenscott.

<img alt="Capella" data-entity-type="file" data-entity-uuid="2b9f4ce5-638f-4d6b-8082-3ca7e4b75fca" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-09%20at%207.20.41%E2%80%AFAM.png?VersionId=f7aeqsW_DzOJI4FymWb3lD8NptSfsP7q" />

Capella said the project aligns with its focus on heritage-led developments, with the Brisbane estate combining the restored historic residence with a new luxury apartment tower and hospitality-inspired resident amenities.

Residents will have access to the Capella Living Room, a concierge-led communal space inspired by the group's luxury hotels, alongside landscaped gardens, six swimming pools, wellness and recreation facilities.

The broader estate will also include two riverfront homes, a six-berth private marina, porte cochère arrival experience, secure basement parking and a new section of public riverwalk along the Brisbane River frontage.

The heritage Postal Depot Building will also be retained and repurposed as a guest house, in line with the revised development plans.

The project represents another evolution for the site, which Kerry Hill Architects previously described as a rare opportunity to restore one of Brisbane's most significant heritage estates while creating a new benchmark for apartment living.

"The Shafston Estate provides a once-in-a-generation opportunity to restore one of Brisbane's finest heritage precincts and to reinstate residential use as a unique site perched on the edge of Kangaroo Point," Kerry Hill Architects said in its Urban Context Report accompanying the planning submission.

"The project will celebrate excellence in sub-tropical residential design, setting a new benchmark for vertical living in Brisbane."

Verso Projects, which now has an $8.5 billion development pipeline spanning more than 6,000 dwellings across apartments, townhouses, retail and commercial projects, said the partnership with Capella would elevate the development beyond a traditional residential project.

"We feel honoured to be restoring Shafston Estate to its former glory, elevating it to new heights of luxury and excellence underpinned by Capella's distinctive service ethos and design philosophy, and making it a standout landmark in Brisbane," Verso Projects CEO Steve Laffey said.

"By partnering with Capella, globally recognised for its refined approach to luxury hospitality and deep respect for cultural and historical context, we will elevate this project beyond a residential offering into a world-class destination."

Capella Hotel Group President Roland Fasel said Brisbane's emergence as a global city made it the right location for the company's Australian residential debut.

"Brisbane is a city on the cusp of something remarkable, and Capella Residences is our commitment to being part of that story," Fasel said.

"The Capella residential experience is more than luxury. It is about a sense of belonging to a place with deep meaning."

Private appointments have now opened for the project, with a display suite expected to open in late 2026 ahead of the planned 2029 completion.

Capella to launch Brisbane's first branded residences at Shafston House, Kangaroo Point

Lewis Land's latest apartment release within its <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan is targeting one of the Gold Coast's fastest-growing buyer groups, with almost a third of apartments at Solis priced below $1 million.

The seven-storey building at Biggera Waters will comprise 91 apartments, including 24 one-bedroom residences starting from $778,000, a price point Lewis Land says is aimed squarely at first home buyers struggling to enter the Gold Coast market.

<img alt="Harbour Shires" data-entity-type="file" data-entity-uuid="e7486e37-22f6-4c92-b212-9b0622070b8f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-08%20at%209.09.34%E2%80%AFAM.png?VersionId=W8MJwJUCf6HkIyl_EVSksnd.QI6MZryY" />

<a href="https://www.apartments.com.au/developers/lewis-land-group">Lewis Land</a> Head of Development Michael Long said the developer deliberately allocated a significant proportion of the project to more affordable apartment types.

"First home buyers have been priced out of many parts of the Gold Coast, and we saw a clear opportunity to address this and play our part in a longer-term housing solution," Long said.

"That's why 24 of the 91 apartments being delivered at Solis have been designed and priced for the city's next generation of homeowners, quality one-bedroom apartments, half of which include an additional multipurpose room to maximise space and flexibility.

"This approach places 30 per cent of apartments in Solis under $1 million, and with close proximity to Harbour Town's future light rail extension connecting residents to the city's major employment and knowledge hubs, it's a win for buyers looking to secure their first property."

<img alt="Sores" data-entity-type="file" data-entity-uuid="550526d3-73ba-4710-9739-c5f4294a30ef" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-08%20at%209.09.29%E2%80%AFAM.png?VersionId=cQQdXHt9wS0UXwZEm5Py5bH_3kAmzyhu" />

Designed by BDA Architecture, Solis will deliver a mix of one, two and three-bedroom apartments, with residences ranging up to 232 sqm. Apartments feature generous balconies and contemporary finishes, while residents will have access to Harbour Shores' lagoon pool, clubhouse, tennis court, gym, yoga studio and sauna.

The focus on first home buyers resonated with purchaser Holly Humphreys, who said she and her boyfriend spent more than a year searching for their first property before shifting their attention from houses to apartments.

"We fell in love with the first house we bid on and got our hopes up, but after repeated knockbacks we learned not to get too attached," Humphreys said.

"We offered at the high end of price guides, but sales kept going even higher. That's where we really struggled and we needed to re-evaluate our budget and our expectations. Standalone houses were off the table, and we pivoted to apartments and townhouses."

Humphreys said it was encouraging to see developers recognising the growing demand from first home buyers.

"There's a growing number of young buyers looking to enter the market earlier because they understand that getting in now can make a real difference as prices continue to rise," she said.

"It's fantastic to see a developer recognise this and then actively take measures to deliver an apartment with us in mind."

Solis is the first development planned within the second stage of the Harbour Shores masterplan, with early works expected to commence in September 2026.

[smartcode_project_cta:default project_id=113271]

Lewis Land targets first home buyers at latest Harbour Shores release, Solis

Luxury apartment developer Abadeen has recorded $19.25 million in apartment sales across two of its Lower North Shore developments in the lead-up to the end of the financial year, headlined by the sale of a $6.75 million penthouse at <a href="https://www.apartments.com.au/buildings/koyo-crows-nest-5-rodborough-avenue-crows-nest-nsw-2065">KOYO in Crows Nest.</a>

The transactions also included the sale of a newly completed three-bedroom apartment at <a href="https://www.apartments.com.au/buildings/park-residences-cremorne-2-sutherland-street-cremorne-nsw-2090">Park Residences in Cremorne</a> for $6.35 million, with the residence selling shortly after the project's first public inspections following completion.

The sales come as completed, owner-occupier-focused apartments continue to attract strong demand across Sydney's Lower North Shore, particularly from buyers looking for certainty and immediate occupancy.

The penthouse at KOYO spans 491 sqm across a single level and was designed by architect Koichi Takada. The development is one of Abadeen's flagship boutique projects in Crows Nest.

[smartcode_project:default project_id=108800 project_image_fid=370093]

Abadeen Executive Chairman and Founder Justin Brown said buyer activity lifted noticeably in the lead-up to the end of the financial year.

"We saw a clear increase in enquiry levels, inspection numbers and buyer engagement across our completed projects leading into the end of the financial year," Brown said.

"Buyers have become far more decisive over the past six months. The combination of improving confidence, limited supply and the ability to physically inspect completed residences is creating strong competition for premium apartments in the best locations."

Brown says the&nbsp;response to Park Residences following completion has been particularly strong.

"Buyers want certainty and are responding positively to the opportunity to walk through a finished product, inspect the quality firsthand and move in immediately," Brown suggested.

"Projects such as Park Residences and KOYO demonstrate that when the product is exceptional and the location is irreplaceable, buyers are prepared to act quickly."

[smartcode_project:default project_id=114246 project_image_fid=370116]

Abadeen CEO Joe Tack said quality continued to differentiate projects in the current market.

"Today's buyers are incredibly discerning," Tack said.

"They are seeking larger floorplans, premium finishes, walkability, lifestyle amenity and confidence in the developer delivering the project. Well-designed boutique developments continue to outperform because they offer something genuinely difficult to replace.

"The enquiry we are seeing across our completed and recently completed Lower North Shore portfolio is very encouraging, and we expect this momentum to continue into spring."

The sales follow increased enquiry across Abadeen's Lower North Shore portfolio which also includes <a href="https://www.apartments.com.au/buildings/northcote-collective-naremburn-2-northcote-street-naremburn-nsw-2065">Northcote Collective in Naremburn</a> which also completed recently.

KOYO penthouse headlines Abadeen's $19.25 million EOFY sales flurry

Brisbane off the plan apartments

National developer <a href="/developers/fortis">Fortis</a> is set to put its luxury footprint into Brisbane's high-end apartment market after getting the green light for their whole-floor Kangaroo Point apartment development, <a href="/new-apartments/river-house-by-fortis-kangaroo-point-44-oconnell-street-kangaroo-point">River House by Fortis</a>.

They acquired the prime 1,196 sqm riverfront site at&nbsp;<a href="/new-apartments/river-house-by-fortis-kangaroo-point-44-oconnell-street-kangaroo-point">44 O'Connell Street</a>, from&nbsp;architect-turned developer&nbsp;<a href="/architects/joe-adsett-architects" target="">Joe Adsett</a>, earlier this year.

Fortis had Plus Architecture tweak the plans and create a <a href="/new-apartments/river-house-by-fortis-kangaroo-point-44-oconnell-street-kangaroo-point">14-level tower with full-floor apartments</a>.

They will each span 260 sqm of internal space and a further 40 sqm of river-facing balcony which will&nbsp;capture east-to-west views from Bulimba to the Story Bridge and Brisbane City.&nbsp;

The only exception is the penthouse, which has the same floorplan internally as the other apartments, but it has a private rooftop terrace with a swimming pool.

Each apartment will have three bedrooms and a multi-purpose space.

The resident amenity is on the ground floor, which will include a gym with a sauna, a riverfront pool, and a grassed lawn, all oriented toward the river where there will be a pontoon with private mooring.

<a href="/architects/plus-architecture" target="">Plus Architecture</a>&nbsp;broke the design concept down into four sections; the cliff top, the cliff, the riverbank, and the river.

<img alt="Exclusive first look: Fortis propose full floor apartments at first Brisbane apartment development" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Kangaroo%20Point.jpg?VersionId=N7Zt3iLpeRnJGh.Hj3b9EZtDeDpZzGPj" />

They said their design prioritises capturing breathtaking views through thoughtful building orientation.

Given the site setback from the street and the street frontage being blocked by the development to the west, we have focused on treating the river as the main public frontage,"&nbsp;<a href="/architects/plus-architecture" target="">Plus Architecture</a>'s Director Danny Juric said.

"The design incorporates panoramic views of the scenic New Farm area and the serene Brisbane River, fostering a strong connection to nature.

"The living area and master bedroom will be gain glimpses of the the iconic Story Bridge over the river. Views of the vibrant cityscape to the west create a dynamic and engaging backdrop."

Brisbane's subtropical climate was also taken into consideration during the design process, as Plus sought to target solar heat control and cross ventilation.

"The building itself is orientated in response to Brisbane’s climatic conditions," Juric said.

"As the apartments are full-floor, each unit is designed to embrace the elements and reduce reliance on artificial energy sources.

"The simple architectural form comprises of horizontal eaves to provide shading on the north, east and western facades,&nbsp;precast panels&nbsp;are introduced strategically to block unwanted sun, and vertical fins are proposed to provide shading and screening to apartment living areas."

<img alt="Exclusive first look: Fortis propose full floor apartments at first Brisbane apartment development" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-05-31%20at%201.38.05%20pm.png?VersionId=uXLQ2ztoWsrUsK0mohJVOOmYcOxivB1b" />

On securing both the Kangaroo Point site and a commercial site in Newstead,&nbsp;<a href="/developers/fortis" target="">Fortis</a>&nbsp;Director Charles Mellick said launching in Brisbane was natural progression for the company after their success in premium projects in Sydney and Melbourne. 
​ 
“Our project in&nbsp;Kangaroo&nbsp;Point is a rare offering, this being an absolute riverfront site with no public parklands or roads in front of it.

"The timing is right as we see record-breaking activity in the off the plan luxury market in Brisbane, alongside record prices being achieved in square metre rates.

Fortis Associate Director Don Boman said the team are excited to bring&nbsp;the same level of quality and reputation synonymous with their Sydney eastern suburbs projects to the remarkable destination.

Fortis acquired the prime 1,196 sqm riverfront site at 44 O'Connell Street, from architect-turned developer Joe Adsett, earlier this year

Fortis prepare launch of River House, Kangaroo Point apartments, after council sign off

Brisbane has become the first of the eastern capital cities to erase to losses in the property market in 2022, CoreLogic's latest Home Value Index found.

Dwelling values in the Queensland capital have gone so well over 2023 that they've rubbed out the -8.9 per cent decline to reach a new record high.

Both the house and unit market have contributed significantly. Houses are 10.3 per cent up year to date, units 9.8 per cent.

Units, which incorporates both apartments and townhouses, posted another 1.3 per cent gain over October to be the best performing capital city unit market alongside Perth, although bested by their Gold Coast neighbours whose unit market posted 1.6 per cent growth.

Read more:&nbsp;<a href="/news/qld/city-beat-october-2023-southern-boom-continues-in-gold-coast-off-the-plan-apartment-market">City Beat October 2023: Southern boom continues in Gold Coast off the plan apartment market</a>

The rolling quarterly average of Brisbane units is now up 3.5 per cent, taking it to a new median high $545,000. It is now on track to overtake Canberra and become Australia's third priciest capital unit market, behind Sydney and Melbourne. Canberra's median unit value is $589,000.

<h2>What's happening in Brisbane's off the plan apartment market?</h2>

The chronic undersupply in Brisbane was alleviated somewhat by two new projects hitting the market in October.

National developer Kokoda Property, who submitted <a href="/news/qld/kokoda-propose-1-5-billion-triple-tower-riverside-development-in-teneriffe">plans for their $1.5 billion Tenneriffe masterplan</a> last month, has just launched <a href="/new-apartments/ruby-ruby-milton-12-crombie-street-milton">Ruby Ruby</a>, their second apartment development in Milton.

[smartcode_project:default project_id=139032 project_image_fid=231172]

The <a href="/new-apartments/ruby-ruby-milton-12-crombie-street-milton">145-apartment project on Crombie Street</a> has already seen huge success, selling down around 90 apartments in the space of a few months before its public launch.

Spanning 21-levels and designed by Cottee Parker, <a href="/new-apartments/ruby-ruby-milton-12-crombie-street-milton">Ruby Ruby</a> features a suite of wellness amenity, the majority of it on the rooftop. It&nbsp;will feature an wet-edge swimming pool with several cabanas and day beds and a heath and wellness space with a gym, infrared sauna, spa, plunge pool and a yoga studio.&nbsp;

360 Property Group's Jeremy Gilmore is marketing <a href="/new-apartments/ruby-ruby-milton-12-crombie-street-milton">Ruby Ruby</a>.&nbsp;Gilmore says due to the lack of supply, for those that can get to market are getting good prices.

"The good developers are really shining through at the moment," Gilmore says. "They're favourable for the banks, builders and buyers, who all want to see a long track record to invest their money into the project."

&nbsp;

[smartcode_project:default project_id=139032 project_image_fid=232277]

A true test of the appetite for off the plan apartments is when both ends of the market are firing, which is certainly the case in Brisbane.

YPM Group have seen a similar demand and uptake at their recently&nbsp;launched <a href="/new-apartments/sorano-house-kangaroo-point-12-hamilton-street-kangaroo-point">Sorano House</a>, just seven full floor apartments on Kangaroo Point's dress circle Hamilton street.&nbsp;

[smartcode_project:default project_id=6206 project_image_fid=227100]

YPM has already sold over half of the apartments to downsizers from both Brisbane and the Sunshine Coast.

YPM Group Projects Director Phillip Rand says the successful start to the campaign has been underpinned by the decision to start construction before&nbsp;launching to market.

"Buyers at this end of the market want to have full confidence in the delivery of the project&nbsp;before they commit, and the biggest confidence driver&nbsp;in the current climate&nbsp;is construction&nbsp;certainty," Rand says.

"Our Sorano House buyers have been drawn to both the rarity and exceedingly high quality of the project as well as the development around it.&nbsp;The Kangaroo Point Green bridge is less than 100m away, connecting you with Brisbane's City and the new Waterfront Brisbane by foot, plus just 500m from the site Queen's Wharf will bring 50 new restaurants and cafes within walking distance."

[smartcode_project:default project_id=6206 project_image_fid=231550]

Rand says the rarity of projects like <a href="/new-apartments/sorano-house-kangaroo-point-12-hamilton-street-kangaroo-point">Sorano House</a> means demand is always likely to outstrip supply.

"It&nbsp;can take years for&nbsp;developers to source and amalgamate&nbsp;true luxury sites, either fronting the river&nbsp;or with incredible never to be built out views, so buyers&nbsp;in this end of the market recognise&nbsp;how rare an opportunity like this is when an&nbsp;exclusive&nbsp;project like Sorano House comes to market. "

McGrath's Head of Projects QLD, Jo Prince-Gillies, says the landscape of new luxury apartments and terrace homes is undergoing a remarkable transformation, driven by a scarcity of supply.

"This scarcity has shifted buyer preferences, placing a premium on quality, prime locations," Gillies says.

"The higher end projects we take on have resonated with the discerning affluent downsizer and empty nester market, mirroring a growing desire for sophisticated living experiences."

Gillies says their buyers, now more discerning as ever, are seeking certainty before they commit.

"We recognize the importance of providing reassurance, and we're diligently working towards confirming builders and construction timelines to instil confidence in our clients."

On interest rates, Gillies says that while the fluctuations have impacted the broader property market, our niche segment has exhibited resilience, particularly among buyers with budgets exceeding $2.5 million.

"Projects less than $1 million is where we have had to be a little creative to get buyers across the line due to finance and rising interest rates."

Dwelling values in the Queensland capital have gone so well over 2023 that they've rubbed out the -8.9 per cent decline to reach a new record high

City Beat October 2023: Brisbane property market reaches record highs as off the plan demand continues

Seldom will there be another opportunity to live within 300 metres from the heart of the Olympics.

That's what prominent <a href="/developments/woolloongabba-qld-4102">Woollangabba</a> developer <a href="/developers/sarazin">Sarazin</a> are offering with their latest project, <a href="/new-apartments/murcia-residences-east-brisbane-9-overend-street-east-brisbane">Murcia Residences</a>, a literal stones throw from the hallowed turf off The Gabba.&nbsp;

While technically sitting in <a href="/developments/east-brisbane-qld-4169">East Brisbane</a> as the boundaries of the suburbs is Wellington Road, for&nbsp;all intents and purposes, <a href="/new-apartments/murcia-residences-east-brisbane-9-overend-street-east-brisbane">Murcia</a> is a <a href="/developments/woolloongabba-qld-4102">Woolloongabba</a> address.

The <a href="/new-apartments/murcia-residences-east-brisbane-9-overend-street-east-brisbane">Overend Street project</a> and its 187 apartment residents will take advantage of every part of the billions of dollars worth of investment being thrown at the Olympic precinct by both government and private investors. The aim is to create a 24/7 precinct, which will live long after the 2032 Olympic and Paralympic Games has finished.

Earlier this year the Queensland and federal governments reached a $7 billion funding agreement to transform Brisbane's sporting and event venues ahead of the&nbsp;2032 Olympic and Paralympic Games, which included a rebuild of The Gabba. Following the demolition, which started earlier this year, construction will start in 2026 and be complete in 2030. The Gabba will be the central hub of the Games, and will host the opening and closing ceremonies.

For those buying a north-facing apartment on an upper level, they'll be able to take in the Games from their balcony. Sarazin have long known the importance of rooftop amenity, particularly in this location, so they've created a viewing deck which will literally looks down into stadium.

[smartcode_project:default project_id=135094 project_image_fid=214681]

Even before the overhaul of <a href="/developments/woolloongabba-qld-4102">Woolloongabba</a> and <a href="/developments/east-brisbane-qld-4169">East Brisbane</a>, Murcia sat in a fantastic pocket to enjoy the local dining precinct with the Italian&nbsp;1889 Enoteca and the fairy-lit courtyard garden of Canvas Club which servces cocktails and tapas.

<a href="/new-apartments/murcia-residences-east-brisbane-9-overend-street-east-brisbane">Murcia</a> is also just&nbsp;200 metres from the popular Logan Road, which is lined with heritage pubs, cafes and bars like whiskey bars Detour, set in a restored Sergeant Tyre factory, and Mrs J Rabbits.

[smartcode_project:default project_id=135094 project_image_fid=214685]

Away from the convenience of entertaining, nature is also at the forefront of the location. Just the other side of The Gabba are the Kangaroo Point Cliffs, which has a river walk and cycle path which runs alongside the Brisbane River. Coming out of <a href="/new-apartments/murcia-residences-east-brisbane-9-overend-street-east-brisbane">Murcia</a> and heading east, within 500 metres is <a href="/developments/woolloongabba-qld-4102">Woolloongabba</a> Rotary Park and Norman Creek, which is flanked by trees and greenery.

The project is also just&nbsp;two kilometres from the city, making it easily accessible by foot or bike. Well timed for <a href="/new-apartments/murcia-residences-east-brisbane-9-overend-street-east-brisbane">Murcia's</a> forecasted mid-2026 completion will be the new Cross River Rail, which is expected to be complete a year earlier. That will put residents just one stop to the new Queens Wharf precinct and two stops from Roma Street Station.

[smartcode_project:default project_id=135094 project_image_fid=214684]

The current <a href="/developments/woolloongabba-qld-4102">Woolloongabba</a> Station is also a five-minute walk. Commuters only need to be on the train for 90 seconds before making it into the city.

Residents can go on a quick coffee run at Brown Dog Cafe just four minutes from <a href="/new-apartments/murcia-residences-east-brisbane-9-overend-street-east-brisbane">Murcia</a>, or The Baker's Arms bakery.

An eight-minute walk southeast of <a href="/new-apartments/murcia-residences-east-brisbane-9-overend-street-east-brisbane">Murcia</a> is the retail, dining and entertainment precinct South/City/Sq. The precinct buzzes day and night, with a gym, yoga studio, art-house cinema complex, barber and beauty studio. Some restaurants and bars to check out around the precinct are Casa Chow, South City Wine, and Purple Palm.

<a href="/new-apartments/murcia-residences-east-brisbane-9-overend-street-east-brisbane">Murcia</a> is close to three major university campuses – UQ, QUT and Griffith South Bank – and within the catchment for Brisbane’s first new inner-south high school in more than 50 years.

[smartcode_project:default project_id=135094 project_image_fid=214684]

Designed by HAL Architects, <a href="/new-apartments/murcia-residences-east-brisbane-9-overend-street-east-brisbane">Murcia</a> spans 18 levels and has a mix of one, two, three and four-bedroom apartments. All of the one-bedroom apartments have been snapped up.

The name and design of the project stems from the Spanish city <a href="/new-apartments/murcia-residences-east-brisbane-9-overend-street-east-brisbane">Murcia</a>. HAL were inspired by the Mediterranean style of the Spanish orchard city, blending the style with the best Antipodean subtropical design and cascading landscape.

Each apartment has been crafted to open to a covered balcony from the open plan living, kitchen and dining area. A number of the apartments include multi-purpose rooms and study nooks for future residents to decide what to do with.

While central to everything, <a href="/developers/sarazin">Sarazin</a> will also be providing even closer amenity, with new cafes on the ground level of the building. The second level will home a resident gym and bike repair workshop, while the rooftop will feature an infinity pool, private poolside cabanas and sun loungers, and a wellness area with cold and warm magnesium plunge pools, a sauna, steam room and outdoor showers, as well as alfresco private dining and barbecue facilities.&nbsp;

[smartcode_project_cta:default project_id=135094]

While technically sitting in East Brisbane as the boundaries of the suburbs is Wellington Road, for all intents and purposes, Murcia is a Woolloongabba address

A front row seat to the 2032 Brisbane Olympics: How Murcia Residences is set to take advantage of Woolloongabba boom

Award-winning developer Kokoda Property has continued its pursuit of creating a wellness-led lifestyle at its newest <a href="/developments/milton-qld-4064">Milton apartment development</a>, <a href="/new-apartments/ruby-ruby-milton-12-crombie-street-milton">Ruby Ruby</a>.

Residents of the 144 one, two and three-bedroom apartments will have private access to a suite of&nbsp;comprehensive recreational facilities designed to provide a mix of relaxation, entertainment, and health and wellbeing activities, enhancing the resident's comfort and lifestyle.

The rooftop will feature an wet-edge swimming pool that spans the full width of the building. It has sweeping city views, as well as several cabanas and day beds, while tropical palms with also be planted to create a holiday environment. There's also a firepit area, barbecues and alfresco spaces, and a private dining and bar area.

[smartcode_project:default project_id=139032 project_image_fid=232307]

Completing the fitness component of the rooftop is a heath and wellness space with a gym, infrared sauna, spa, plunge pool and a yoga studio.&nbsp;

Kokoda is also catering for the working from home trend with a number of meeting rooms on the ground level, while the podium will home a&nbsp;private dining and lounge area, a cinema room, and a billiards room.

[smartcode_project:default project_id=139032 project_image_fid=232299]

The pet-friendly building also caters for furry friends with its own onsite dog washing facility.

"<a href="/new-apartments/ruby-ruby-milton-12-crombie-street-milton">Ruby Ruby</a> is packed with an incredible range of extensive amenities that offer buyers an elevated luxury apartment living experience in Brisbane," Kokoda Property Founder and Managing Director Mark Stevens said.

Read more:&nbsp;<a href="/news/qld/how-a-love-of-architecture-inspired-a-move-into-property-development-five-minutes-with-kokodas-mark-stevens">How a love of architecture inspired a move into property development: Five minutes with Kokoda's Mark Stevens</a>

[smartcode_project:default project_id=139032 project_image_fid=232298]

<a href="/new-apartments/ruby-ruby-milton-12-crombie-street-milton">Ruby Ruby</a> is Kokoda's third&nbsp;apartment development in Brisbane, following the success of the completed Chester &amp; Ella project in Newstead and the recently completed <a href="/buildings/the-ambrose-19-23-mcdougall-street-milton">The Ambrose in Milton</a>.

The project has been designed by Cottee Parker, who also worked on The Ambrose.

[smartcode_project:default project_id=139032 project_image_fid=232301]

<a href="/new-apartments/ruby-ruby-milton-12-crombie-street-milton">Ruby Ruby</a> will rise 21 levels from 12-18 Crombie Street and will comprise 144 apartments, ranging from 65 sqm to 155 sqm. There will also be a spacious 164 sqm penthouse, one of the largest ever developed in Brisbane.

Prices for <a href="/new-apartments/ruby-ruby-milton-12-crombie-street-milton">Ruby Ruby</a> start at $654,000.

The <a href="/new-apartments/ruby-ruby-milton-12-crombie-street-milton">Ruby Ruby</a> Penthouse Collection, a highlight of this project, features eight penthouses, comprising six sub-penthouses and two master penthouses, with sizes ranging from 188 sqm to 392 sqm and prices starting from $3.75 million.

[smartcode_project:default project_id=139032 project_image_fid=232296]

The development will offer a variety of unit configurations, including 54 one-bedroom units, 77 two-bedroom units, 12 three-bedroom units, and two four-bedroom penthouses on the 20th floor.

Kokoda Property collaborated with their long-term partners, Cottee Parker Architects, and Carr Design for the sub and master penthouse interior design.

A builder is expected to be announced in Q4 2023,&nbsp;with construction slated to commence in early 2024 and a target completion date in late 2025.

[smartcode_project_cta:default project_id=139032]

In true Brisbane style, where developers are focusing their amenity outside, Kokoda has located the majority of Ruby Ruby's amenities on the roof

A rooftop wellness retreat and a luxe cinema: Inside the facilities at Kokoda's Ruby Ruby apartments in Milton

Brisbane-based developer Frank Development and joint venture partner Epoca Property Group has achieved a major milestone at their <a href="/developments/teneriffe-qld-4005">Teneriffe apartment development</a>, Ducale.

They've sold half of the 26 apartments in the <a href="/new-apartments/ducale-teneriffe-33-wyandra-street-teneriffe">Wyandra Street building</a>, having reduced the density from 37 units due to the growing demand for family-sized apartments in Brisbane.

&nbsp;

The BYculprit-designed development offers one and two-level apartments with two and three-bedroom configurations starting from $1.1 million.

The three ground-floor apartments each comprise two bedrooms and a private plunge pool.

<a data-entity-type="file" data-entity-uuid="90cd2948-a795-4fc8-8481-2b6daeece2f9" href="/new-apartments/ducale-teneriffe-33-wyandra-street-teneriffe"><img alt="Ducale" data-entity-type="" data-entity-uuid="" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-11-05%20at%201.28.52%20pm.png?VersionId=vWBk016txNXHh3Pog5QzVG2CFfFrzrw." /></a>

The penthouse and sub-penthouse units have four bedrooms, three bathrooms and spacious living and dining areas with panoramic views of the CBD, Teneriffe Hill and the Brisbane River.

Frank Developments has placed a strong emphasis on a future-focused design that revolves around sustainability, technology, and lifestyle considerations in the years to come.

<a data-entity-type="file" data-entity-uuid="95244b24-4ce5-4bea-96cd-f55ab4d1f0d9" href="/new-apartments/ducale-teneriffe-33-wyandra-street-teneriffe"><img alt="Ducale" data-entity-type="" data-entity-uuid="" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-11-05%20at%201.29.00%20pm.png?VersionId=WrxduiGsZowxBZ0f.8qCqSpFu73ymftW" /></a>

The building includes provisions for EV bicycle charging and a future rooftop landing pad for drone deliveries atop the eight-level structure.

BYculprit drew inspiration from the colour and textures of Brisbane's vernacular and the Brisbane River, blending Italian heritage with the elegance of nature to evoke a sense of retreat and home.

“Ducale’s slender vertical form rests lightly on the urban streetscape deviating from the typical podium style architecture and establishing a more graceful architectural outcome,” BYculprit co-founder, Luke Henderson said.

<a data-entity-type="file" data-entity-uuid="cf662f40-7b12-4d0f-97fa-d39d1150fdde" href="/new-apartments/ducale-teneriffe-33-wyandra-street-teneriffe"><img alt="Ducale" data-entity-type="" data-entity-uuid="" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-11-05%20at%201.27.56%20pm_0.png?VersionId=bKEYjM_MtcGfxcwL4sEE.c2CRK93.ELo" /></a>

The comfort of the apartments extends to Ducale’s rooftop pool, state-of-the-art gym, and beautifully curated dining and entertaining areas.&nbsp;

The pet-friendly building also offers the option of serviced, interchangeable Dog Porch potties—transportable boxes of fresh grass for balconies.

Ducale follows closely on the heels of Maison on Moray Street at New Farm, a prior collaboration between Frank Developments and Graya.

The BYculprit-designed development offers one and two-level apartments with two and three-bedroom configurations starting from $1.1 million

Staff Writer

Teneriffe apartment development Ducale hits 50% sold

Nestled along the shores of Moreton Bay, Contrast Constructions has taken to a prime Redcliffe site for their latest residential development.

Dubbed the Essence on Sutton due to its location at&nbsp;4-8 Sutton Street, the project will comprise a limited collection of just 26 apartments, with a mix of two, three and four-bedroom floorplans.&nbsp;

Designed by Hayes Anderson Lynch (HAL) Architects, Essence on Sutton embodies the essence of modern coastal living. The architects have crafted a complex that seamlessly integrates into the natural surroundings while delivering an unparalleled sense of luxury.

Delivering panoramic views of Moreton Bay, Essence on Sutton is&nbsp;a testament to contemporary elegance. A sophisticated colour palette sets the tone for the interiors, creating spaces that are both welcoming and stylish.

Generous, open floor plans allow natural light to flood the living and entertaining spaces, with the design choice not only making the apartments feel more spacious but also brings the outdoors in, connecting residents with the surrounding landscape.

Every detail at Essence on Sutton has been considered to provide comfort and convenience. Modern features and top-quality appliances make daily life a breeze, allowing residents to focus on what matters - enjoying their coastal paradise.

[smartcode_project:default project_id=6697 project_image_fid=24915]

Residents will enjoy the convenience of lift access in a secure complex, ensuring peace of mind and ease of living.

Positioned in one of Redcliffe Peninsula's most sought-after locations, Essence on Sutton offers the best of both worlds. It's a mere stroll away from the sandy stretches of Suttons and Margate Beaches, allowing residents to embrace the beachside lifestyle effortlessly.

The development is strategically situated, providing easy access to cafes, restaurants, retail shops, and boutique shopping. Whether you're a food enthusiast or a shopaholic, you'll find your haven here.

For those who need to commute to the city or catch a flight, Essence on Sutton is in close proximity to the motorway, offering quick access to both Brisbane City and the airport. It's just a 25-minute drive to the Domestic and International airports, while the heart of inner-city Brisbane can be reached in just 40-minutes.&nbsp;

Boating enthusiasts will also find their paradise here, with nearby marinas in Scarborough catering to their needs. And if you're a fan of local produce and artisan goods, the Redcliffe Farmers &amp; Artisans Market, held every Sunday, is just around the corner.&nbsp;

Designed by Hayes Anderson Lynch (HAL) Architects, Essence on Sutton embodies the essence of modern coastal living

Redcliffe beachside living meets modern luxury at Essence on Sutton

<a href="/developers/fabcot" target="">Fabcot</a>, the development arm of Woolworths Supermarkets, is seeking to flip their development approved mixed-use site in Brisbane Kangaroo Point

The project was <a href="/news/qld/woolworths-green-lit-for-expanded-mixed-use-kangaroo-point-development">given the green light in August</a>&nbsp;after Fabcot amended plans following their acquisition of the site next door.

Their initial plans were for a 10-storey residential tower with 53 apartments, above a full-line Woolworths supermarket and three levels of parking. That was granted approval in December 2021.

Then they acquired&nbsp;an additional 149 sqm lot at 14 Prospect Street in January 2021,&nbsp;<a href="/developers/fabcot" target="">Fabcot</a>&nbsp;sought to modify the existing approval to accommodate the new purchase and create a larger and more extensive development.

<h4>Read more:&nbsp;<a href="/news/qld/first-look-woolworths-plot-larger-kangaroo-point-mixed-use-apartment-and-retail-development">First look: Woolworths plot larger Kangaroo Point mixed-use apartment and retail development</a></h4>

<a href="/developers/fabcot" target="">Fabcot</a>'s land package now spans a total of 3,197 sqm with frontages along Ferry, Prospect, and Deakin Streets, with part of the land reserved for potential future road widening.

<img alt="Woolowrths" data-entity-type="file" data-entity-uuid="25940ad6-6ea3-4234-8d12-641c6715ef93" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-10-30%20at%208.04.58%20am.png?VersionId=YGK1mNxdCz3_xrakvvz8g.3sWYI3Ta6r" />

Plans are now approved for a&nbsp;17-storey building with 130 apartments. There will be seven one-bedroom apartments, 75 two-bedrooms, 44 three-bedrooms, and four four-bedroom apartments.

Amenities for the development will comprise a rooftop pool, gym, and outdoor barbecue space with seating. Around 2,600 sqm of space has been allocated for commercial use, allowing for a larger supermarket than initially proposed. The supermarket will now resemble a full-line store, catering to the needs of the Kangaroo Point community while adhering to a similar building footprint.

It was advised to the Brisbane City Council that the development would take place in two stages.

The first stage encompasses four basement levels (one more than originally approved), ground-level retail and commercial space, and rooftop services such as plant rooms and the condenser deck. The second stage will involve floors one to 15, along with the rooftop area, which will feature a garden, pool, barbecue area, and indoor gym.

Colliers has the listing. Woolworths already has in place the entire retail strata lease with an initial lease of 10 years and&nbsp;10 x 5 year options.

The project was given the green light in August after Fabcot amended plans following their acquisition of the site next door.

Woolworths development arm Fabcot list approved Kangaroo Point apartment development site

Chester &amp; Ella, one of Newstead's newest apartment developments, offers its residents the best of both worlds - exclusive amenities within its walls and endless entertainment just beyond its doorstep.&nbsp;

The completed two-tower complex by national apartment developer Kokoda Property, which is all sold out but the Penthouse Collection, is ideally located at 7 Chester Street, a stone's throw from the likes of James Street Market, Gasworks Plaza and the popular Calile Hotel.

[smartcode_project:default project_id=141571 project_image_fid=218472]

There are just a handful of penthouses remaining at Chester &amp; Ella. Each have four bedrooms, four bathrooms and four parking spaces, and start from around 260 sqm.

The penthouses have a big focus on outdoor living. Sliding doors from the open plan kitchen, living and dining area open the apartments to a large entertaining terrace, extending the living space. The terraces have built-in outdoor kitchens set in sub-tropical landscaping.

[smartcode_project_cta:default project_id=141571]

Beyond the penthouse, residents are within walking distance from designer boutiques to numerous dining options. Whether indulging in Nodo's guilt-free pleasures or exploring the cultural treasures at QAGOMA, Newstead promises many lifestyle, commercial, education and entertainment hubs.

James Street Market, a fresh produce, dining, and homewares retail pavilion, is 400 metres from Chester &amp; Ella, offering residents a variety of fruits and vegetables, pastries, meat, and seafood options all in one place.

[smartcode_project:default project_id=141571 project_image_fid=218473]

The nearby shopping and dining precinct Gasworks Plaza offers even more stylish choices of restaurants and cafes, combining boutique retailers with a fresh produce market and gourmet restaurants.

Newstead seamlessly merges culture, entertainment, and lifestyle with tranquil parklands and tree-lined streets. Chester &amp; Ella residents are just one stop from the Brisbane Riverwalk and a walk from Teneriffe Park.

Connectivity is also key at Chester &amp; Ella. There are a number of bus stops on Ann and Chester Street, while the&nbsp;Fortitude Valley train station is around 1.3 kilometres away, providing easy access to the city's rail network. The Teneriffe Ferry Terminal, 1.1 kilometres away, also offers alternative transportation to and from the area.&nbsp;

[smartcode_project:default project_id=141571 project_image_fid=218476]

As the largest non-CBD white-collar office market in Australia, the rapid growth rate of Newstead Commercial Precinct has attracted several national and international companies to establish offices and headquarters in this extension of the CBD.&nbsp;

Professionals, singles and more young families come to Newstead for these work opportunities and proximity to lifestyle amenities. With excellent schools such as New Farm State School, All Hallows' School, Torrens University Australia, and the University of Queensland within 500 metres of Chester &amp; Ella, families have access to quality education right at their doorstep.

Beyond the urban buzz, the area hosts numerous festivals and cultural events, adding yet another charm to Newstead's tapestry. The Gasworks Lorna Jane Festival, Brisbane Comedy Festival, Laneway Music Festival, New Farm Moonlight Cinemas, and James Street Resort Festival are just a few of the vibrant events hosted in the area.

[smartcode_project_cta:default project_id=141571]

There are just a handful of penthouses remaining at Chester & Ella. Each have four bedrooms, four bathrooms and four parking spaces, and start from around 260 sqm

Unparalleled amenities and endless entertainment at Kokoda's Chester & Ella, Newstead apartment development

South East Queensland’s housing market is set to buckle under the pressure of a 52 per cent increase in annual dwellings needed to accommodate an estimated population boom of two million new residents by 2046.

That's the stark reality facing the growing region of Queensland, according to the latest RPM SEQ Market Update.

The report, which zeroes in on the South East Queensland Regional Plan’s estimates that 863,600 new dwellings are needed by 2046 – or approximately 34,500 homes a year – to meet the estimated population growth, concludes that the recently released Draft SEQ Regional Plan by the state government does not provide the framework to meet this target.

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The RPM report notes that South East Queensland historically averages around 22,778 residential lot registrations per year and, of that number, units made up 40 per cent, adding that if the region is to meet the housing demand target, a substantial 52 per cent increase in the production of new dwellings is needed.

While the SEQ Regional Plan has intensified its focus on building up rather than out, RPM’s Queensland Managing Director Clinton Trezise says high-density infill projects within the urban footprint are struggling to stack up as an affordable option due to a blowout in construction costs.

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“Historically, Queensland has not been able to achieve the level of construction needed to meet the future demand for housing,” Trezise said,

“The closest we have ever come is 33,821 new dwellings built in the 2017 financial year when Brisbane was experiencing an apartment boom. With the cost pressures on high-rise apartments not going away any time soon, going up rather than out is not going to provide the needed supply and certainly not affordable supply of new dwellings.”

“This massive shortage of supply has fed into significantly higher prices for vacant land over the past financial year, with the median settled land price across the region surging 12 per cent to $340,000,” said Mr Trezise.

Logan emerged as the dominant land provider in the market, accounting for one-third of all settled sales last financial year with the 1,323 sales recorded surpassing all other local government areas.&nbsp;

Ipswich accounted for 15 per cent of sales, followed by Brisbane (12 per cent), Sunshine Coast and Moreton Bay (at 11 per cent each).&nbsp;

The Gold Coast, with limited land supply, represented only 3 per cent of the total land sales for the year.

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The RPM report has found land prices have grown rapidly in regional areas due to supply constraints, defying the market headwinds from higher interest rates.

Trezise said supply issues were proving to be counter-productive in enhancing affordability in regional areas of South East Queensland.

“The government and councils need to facilitate more land for greenfield developments if the affordability issue is to be addressed,” he said.

“Unfortunately, this is at odds with the latest SEQ Regional Plan which has increased the emphasis on high-density infill developments throughout the region.”

The Draft 2023 SEQ Regional Plan has shifted its dwelling growth ratio from 60/40 in 2017 (60 per cent in infill areas and 40 per cent in greenfield areas) to 70/30 in 2023.&nbsp;

“While there is merit in this strategy to leverage off existing urban infrastructure, especially in Brisbane with the level of public infrastructure being provided for the Olympic Games, this should not be a one-size-fits-all approach,” said Mr Trezise.

The 70/30 ratio mirrors the urban development policies of Sydney and Melbourne, but according to the RPM Report this approach will fail to address the short-term and medium-term supply issues faced by the South East Queensland region.

“Land is not getting developed fast enough by the current SEQ Regional Plan with complex approval processes, land constraints and lack of needed infrastructure meaning seemingly developable land cannot be unlocked to facilitate supply or simply supply cannot be developed fast enough,” said Mr Trezise.

“The reality is that adequate affordable supply is not going to come from apartments because of the cost constraints to build and affordability to buy are impacting the sector.

“While the ‘build up rather than out’ approach aims to maximise existing infrastructure for new housing, historically, the heavy lifting for new housing supply in South East Queensland traditionally has been done by greenfield land developments.

“South East Queensland currently needs to increase the output of dwellings by 52 per cent to meet demand. The only way to meet this demand quickly, and to address affordability, is to release more land.”&nbsp;

Trezise said more greenfield developments with smaller lot sizes can deliver a diversity of product, such as townhouse and terrace homes on smaller land sizes in the low to mid-$500,000 range.

“The clear message from the data in this report is that affordable housing is becoming less affordable because of restrictions on supply,” he said.

“The current lack of infrastructure in place to keep up with demand means we currently lack the horsepower required to increase land production to the extent that is needed. The state government needs to step in and open up more land for housing while looking at the infrastructure requirements to ensure it can be developed.”

Dwelling supply needs to double to accommodate two million people by 2046

A shortfall in housing in South East Queensland good news for off the plan buyers

National apartment developer Kokoda Property has received development approval for its multi-residential project, Ruby Ruby, in the heart of Brisbane's Milton.

The 21-storey apartment development at 12-18 Crombie Street comprises 144 two and three-bedroom&nbsp;apartments, including a number of luxury penthouses.

The apartments start from 65 sqm and range in size to 155 sqm. They start from $654,000 and run to $2,495,000.

[smartcode_project:default project_id=139032 project_image_fid=231172]

The Ruby Ruby Penthouse Collection offers six sub-penthouses and two master-penthouses ranging from 188 sqm to 392 sqm. They start from $3.75 million.

To bring this vision to life, Kokoda Property collaborated with their longtime partner&nbsp;Cottee Parker Architects, as well as Carr&nbsp;for the sub and master penthouse interior design.

The project’s architecture blends modern aesthetics with a nod to Brisbane’s subtropical climate and Milton’s cotton production history, with elements reminiscent of woven textures, lightweight and flowing forms, and the use of natural materials.

[smartcode_project:default project_id=139032 project_image_fid=231170]

Kokoda Property Founder and Managing Director, Mark Stevens, said that he is excited for Ruby Ruby to play a leading role in such a robust 
Brisbane property market.

“Brisbane is rapidly transforming into a new world city; its culture, business centre, technology, and lifestyle is evolving with over $40 billion of infrastructure investment planned, so naturally there is a shift occurring with demand now skewed towards sophistication and luxury residential design," Stevens said.

“Ruby Ruby is packed with an incredible range of extensive amenities that offer buyers an elevated luxury apartment living experience in Brisbane."

[smartcode_project:default project_id=139032 project_image_fid=231170]

Ruby Ruby amenities include a large rooftop infinity pool with thoughtfully landscaped BBQ space and deck, floating daybeds and cabanas, fire pit, elegant private dining and bar, a state-of-the-art private cinema lounge, billiards room, versatile meeting rooms, dog wash as well as a rejuvenating health and wellness space with sauna, spa, plunge pool, yoga studio and a fully equipped gym.

Ruby Ruby’s appointed builder announcement is anticipated for Q4, 2023 with construction commencing Q1 2024, and tracking for completion in Q4 2025.

[smartcode_project_cta:default project_id=139032]

The 21-storey apartment development at 12-18 Crombie Street comprises 144 two and three-bedroom apartments, including a number of luxury penthouses.


Brisbane off the plan apartments

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