<a href="https://www.apartments.com.au/developers/sekisui-house-australia">Sekisui House Australia</a>, in partnership with Hankyu Hanshin Properties, has achieved strong sales success with the launch of <a href="https://www.apartments.com.au/new-apartments/aeris-melrose-park-nursery-street-melrose-park-nsw-2114">Aeris</a>, the most elevated and luxurious release to date in the $5 billion Melrose Park masterplanned community in north-west Sydney.

Around $30 million worth of apartments, across 35 sales, was secured within four hours of the release, marking one of the strongest launch results at <a href="https://www.apartments.com.au/developments/melrose-park-nsw-2114">Melrose Park</a>. Priced between $645,000 and $1.5 million, Aeris set a new benchmark for the precinct, with two-bedroom apartments eclipsing the $1 million mark, significantly higher than comparable offerings in previous stages.

[smartcode_project:default project_id=426 project_image_fid=4945]

Veronica Papaianni, Sales Manager, Apartment &amp; Mixed-Use Developments at Sekisui House Australia, said the sales results confirmed both the strength of the market and the growing demand for premium apartments in master planned communities.

“Aeris captured the attention of buyers with its elevated location, luxury finishes and new product types including two-bedroom residences with dedicated multipurpose rooms, a first for Melrose Park,”&nbsp;Papaianni says.

“The response was immediate with over 200 people attending the launch and 35 apartments sold launch day. Owner occupiers made up over half of all purchasers, an exceptional outcome for a high-rise apartment building and a strong indicator of the desirability of Aeris as a place to live, not just invest."

[smartcode_project:default project_id=426 project_image_fid=4946]

Apartments sold were evenly split between one and two-bedroom configurations, with strong demand from young couples, professionals, downsizers and first home buyers. The introduction of adaptable layouts, such as dual key and multi-generational residences, also expanded buyer interest.

“The record result builds on renewed buyer confidence following two interest rate cuts earlier this year, with another cut widely anticipated next week,"&nbsp;Papaianni added.

"The interest rate reductions have definitely contributed to the sales momentum and buyer optimism. We are seeing more people engage with the market, particularly owner occupiers who feel now is the right time to secure a high-quality home in a future focused location.”

[smartcode_project:default project_id=426 project_image_fid=4948]

Positioned at the highest point of the 30-hectare Melrose Park site, Aeris offers panoramic views of the Parramatta River, Sydney Olympic Parklands and the surrounding neighbourhood. Every apartment includes Miele appliances, timber flooring and smart home integration with residents enjoying access to a rooftop pool, gym and outdoor cinema.

“The success of Aeris further elevates Melrose Park’s standing in Sydney’s competitive property landscape. Aeris reaffirms Melrose Park’s position as one of Sydney’s most ambitious urban renewal projects," Papaianni continued.

"Its green spaces, future Town Centre (set to open in 2026), Melrose Park High School and connectivity to the Parramatta Light Rail Stage 2 connection, make it a highly attractive proposition for both owner occupiers and investors.”

There will be 468 apartments across the 21- and 23-level towers. Only the first of Aeris’s two towers has been released to date, with the next release expected in early 2026.

Construction of Aeris is anticipated to commence in late 2025, with the first lower tower due for completion in Q4 2027 and the second tower expected in 2028.

[smartcode_project_cta:default project_id=426]

Apartments sold were evenly split between one and two-bedroom configurations, with strong demand from young couples, professionals, downsizers and first home buyers

Joel Robinson

Strong buyer response to Aeris, Melrose Park’s latest stage

Melbourne is continuing its bounce-back from bottoming out of the property market earlier this year.

The gains are modest, but have been continuous now for the last three months. Dwelling values, which incorporate both houses and units, rose 0.4 per cent in July, according to Cotality's latest Home Value Index.

Unit values lifted 0.4 per cent over the month, following gains of 0.3 per cent in June and 0.4 per cent in May.

On an annual basis, Melbourne unit values are still 0.8 per cent below where they stood a year ago, highlighting the lag in the apartment sector’s post-pandemic recovery.

Median unit values now sit at $621,281, while Melbourne’s house median is $952,339, a gap of over $330,000.

Melbourne’s quarterly growth of 1.2 per cent across all dwellings placed it behind most capitals, though the broader mood is lifting with rate cuts and construction confidence slowly returning to the market. Cotality notes that the supply-demand imbalance remains a key driver of price resilience, with listings well below average and annual sales slightly above trend.

<h2>What happened in Melbourne’s off the plan apartment market in July?</h2>

There were key milestones across several major developments in Melbourne over July, from new releases to construction advancements, in both Bayside and Melbourne's inner ring.

<a href="https://www.apartments.com.au/developers/gamuda-land">Gamuda Land</a> topped out <a href="https://www.apartments.com.au/new-apartments/fareham-st-kilda-95-st-kilda-road-st-kilda-vic-3182">Fareham</a>, its sculptural residential tower on St Kilda Road.

<a href="https://www.apartments.com.au/builders/markscon">Markscon</a> has completed the 16-storey structure and remains on track to deliver the entire building by early 2026.

[smartcode_project:default project_id=137950 project_image_fid=281436]

“Topping out marks more than just structural progress - it represents our long-term vision to create sustainable, well-integrated neighbourhoods that add real value to the communities around them,” said Jess Teng, Chief Operating officer, Gamuda Land.

Fareham, one of the few new developments currently on the market in St Kilda, responds directly to its location along the iconic St Kilda Road. The project is targeting an average 8-star NatHERS rating, well above standard requirements for new apartment buildings.

Read more: <a href="https://www.apartments.com.au/news/vic/gamuda-land-tops-out-fareham-on-st-kilda-rd">Gamuda Land tops out Fareham on St Kilda Rd</a>

In the inner north, <a href="https://www.apartments.com.au/developers/beulah">Beulah</a> revealed a new sustainable townhouse collection at its <a href="https://www.apartments.com.au/new-townhouses/brunswick-established-23-hodgson-st-brunswick-vic-3056">Brunswick Established</a> precinct.

The collection, known as ‘The Courtyard House’, has been created in collaboration with <a href="https://www.apartments.com.au/architects/six-degrees-architects">Six Degrees Architects</a> to meet the evolving needs of modern families.

The release comprises 15 two and three-bedroom homes centred on a communal courtyard.

[smartcode_project:default project_id=136451 project_image_fid=270371]

With a central courtyard at its heart, the design reimagines the possibilities of multi-generational living, blending flexibility, sustainability and personalisation within a heritage setting. Distinct from a traditional garden, the courtyard delivers natural light, fresh air and a generous sense of space, without the upkeep of a backyard.

“The modern home should flow from inside to outside - the courtyard provides a space which joins the different parts of the home together as the central outside space of the home,” explains Six Degrees Director, Peter Malatt.

Brunswick Established is now 70 per cent sold.

Read more: <a href="https://www.apartments.com.au/news/vic/beulah-release-sustainable-courtyard-townhouse-collection-at-brunswick-established">Beulah release sustainable courtyard townhouse collection at Brunswick Established</a>

In Melbourne's west, <a href="https://www.apartments.com.au/developers/spacious-property-development-group-pty-ltd">Spacious Property Development Group</a> confirmed that residents will begin moving into <a href="https://www.apartments.com.au/new-apartments/voyage-altona-102-106-pier-street-altona-vic-3018">Voyage Altona</a> this spring, as builder Ironside pushes through final works.

Positioned within the <a href="https://www.apartments.com.au/developments/altona-vic-3018">Altona</a> waterfront precinct, Voyage offers coastal apartments set within landscaped surrounds. Voyage is the only new apartment offering currently on the market in Altona.

[smartcode_project:default project_id=112195 project_image_fid=2146]

The developer flagged the start of settlements as a key moment for the precinct, which forms part of a broader long-term vision for Altona’s transformation.

Prices start from just over $500,000 for one-bedroom apartments, with three-bedroom configurations topping out just over the $1 million mark.

Read more: <a href="https://www.apartments.com.au/news/vic/buyers-to-move-into-voyage-altona-this-spring">Buyers to move into Voyage Altona this Spring</a>

City Beat July 2025: Melbourne values continue to trend upwards

For the first time in four years, a new apartment development has launched in the growing North Sydney commercial and retail hub.

Several years in the making, national apartment developer <a href="https://www.apartments.com.au/developers/casa">CASA</a> has unveiled <a href="https://www.apartments.com.au/new-apartments/the-mclaren-north-sydney-45-mclaren-street-north-sydney-nsw-2060">The McLaren</a>—a boutique collection of just 71 apartments in a striking, stepped building ideally located on McLaren Street, on the edge of North Sydney’s vibrant lifestyle precinct.

[smartcode_project:default project_id=141323 project_image_fid=3191]

The McLaren is just a stone’s throw from the new Victoria Cross Metro Station, part of the expanded Sydney Metro network that’s attracting buyers from North Sydney through to Castle Hill.

CASA engaged renowned architects Bates Smart to design the project. Boutique by city centre standards, where developments often reach soaring heights and feature hundreds of apartments, The McLaren stands out for its intentional, considered design.

What’s immediately evident is the care taken to maximise apartment outlooks. The building rises to just 14 storeys - also relatively modest for the area - but cascades downwards to create expansive terraces and a sculpted rooftop garden offering panoramic views across Sydney Harbour and the CBD skyline.

The McLaren’s podium pays homage to the site’s fine-grain, leafy character. It sits adjacent to heritage-listed properties and near the Walker and Ridge Streets Heritage Conservation Area.

[smartcode_project:default project_id=141323 project_image_fid=3193]

The development offers a diverse mix of apartments, ranging from one to four bedrooms. More than half are generously sized three-bedroom residences, catering to the local downsizer market. Selected apartments feature natural stone benchtops, Gaggenau appliances, and a refined interior palette inspired by the local landscape.

The McLaren also includes a rare collection of terrace homes that echo the scale, materiality, and character of North Sydney’s Victorian-era dwellings—particularly those along nearby Walker Street.

[smartcode_project:default project_id=141323 project_image_fid=3194]

All McLaren residents, whether in a terrace home or apartment, will enjoy exclusive access to resident-only amenities, including a rooftop garden terrace, private dining and wine cellar facilities, and a lounge area designed for entertaining and relaxation. A ground-floor retail space and a new public through-site link connecting Walker and Harnett Streets will further enhance local vibrancy and walkability.

[smartcode_project:default project_id=141323 project_image_fid=3196]

Colliers is receiving strong interest from local downsizers and working professionals who are drawn to the connectivity of North Sydney, and the convenience of being just one metro stop from the Sydney CBD for both work and leisure.

CASA, established in 2010 as a private real estate fund backed by global institutional investor GFM, has recently expanded its residential development pipeline nationally, with two additional projects in Melbourne and another in Byron Bay.

[smartcode_project_cta:default project_id=141323]

CASA reveals The McLaren, North Sydney's newest apartment development

The Victorian Government has passed legislation creating a developer-paid Strata Building Bond establishing much needed first level consumer protections for purchasers of new apartments in the state.&nbsp;

Aligned to that legislation the government is progressing new regulation to allow developers to insure those new apartment projects with a 10-year Latent Defects Insurance (LDI) policy, <a href="https://www.apartments.com.au/news/resilience-latent-defects-insurance">Resilience LDI</a>, instead of the traditional Strata Building Bond.

The move is part of a broader strategy to stimulate both supply and demand in the new apartment market. Recent government initiatives include removing stamp duty on new apartments until October 2026 and encouraging increased housing density around 50 key train and tram corridors.

This latest insurance reform is expected to boost buyer confidence in a market that has seen sluggish demand in recent years.

Read more: <a href="https://www.apartments.com.au/news/what-is-latent-defects-insurance-and-is-it-bringing-confidence-to-the-off-the-plan-apartment-market">What is Latent Defects Insurance and is it bringing confidence to the off the plan apartment market?</a>

Resilience Insurance was the first provider to offer Latent Defects Insurance in Australia, with Sydney developers such as Deicorp, Urban Property Group, and <a href="https://www.urban.com.au/developers/northland-group">Northland Group</a> already taking up the policy.

Corey Nugent, CEO of Resilience Insurance, says the new legislation is a significant step toward rebuilding trust in Victoria’s off the plan property market.

“We work in an industry where buyers are cautious about purchasing off the plan,” Nugent says. “As a country, we need people to feel confident in that buying process. Having a Resilience LDI on a building gives those buyers absolute peace of mind when transacting.”

Nugent says as construction standards and buyer expectations continue to rise, Resilience LDI is becoming a crucial part of the insurance landscape.&nbsp;

“Builders, developers, and property owners need to recognise its unique role in safeguarding against long-term risks. It is not a replacement for other insurances, but a necessary addition that fills critical gaps in coverage.”

Read more:&nbsp;<a href="https://www.apartments.com.au/expert-insights/strata-insurance-vs-latent-defects-insurance-closing-the-coverage-gaps-for-property-stakeholders">Strata Insurance vs Latent Defects Insurance: Closing the coverage gaps for property stakeholders</a>

Resilience has been working closely with the Victorian Government over the past 12 months to help establish a workable framework for the policy’s adoption.

Victoria’s Strata Building Bond scheme, which operates similarly to the same program in NSW, introduced in 2017, requires developers of apartment buildings with four or more storeys to provide a bond equal to two per cent of the total contract price. This bond, held by the Building and Plumbing Commission, is intended to cover the cost of fixing defects found in common areas within a set timeframe after completion.

However, one of the key criticisms of the bond scheme is that it only covers common property—not private areas or structural defects. It also doesn’t address issues related to faulty materials, design, or workmanship.

Latent Defects Insurance, typically costing between 1 and 1.5 per cent of a development’s total build cost, offers far broader protection. As a “first right” policy, it serves as the primary source of financial coverage in the event of structural issues. LDI covers the cost of repairing or replacing components damaged due to defects in design, materials, or workmanship, with a 10-year coverage period beginning from the date of the Occupancy Certificate.

The New South Wales Government has also thrown its support behind Latent Defects Insurance and is expected to announce it will become mandatory in 2028.

Resilience has been working closely with the Victorian Government over the past 12 months to help establish a workable framework for the policy’s adoption.

VIC Government introduces Latent Defects Insurance as alternative to Strata Building Bond

Property developer Alta is planning to redevelop an office tower just off St Kilda Road, converting it into residential apartments.

Alta, which is being led by former Fridcorp co-owner Nigel Givoni, has paid around $27 million for the B-grade office asset on a 2,323 sqm site at 10 Queens Road, opposite Albert Park. They are planning a conversion to build to sell apartments.

During the campaign, there became a divergence between bids based on those looking to purchase for office use and those proposing residential redevelopment through adaptive reuse. That gap was over 30 per cent, Cushman &amp; Wakfield advised.&nbsp;

&nbsp;

Jozef Dickinson of Colliers Residential said “10 Queens Road is a prime example of a well-located but underutilised asset that can be repositioned to meet the evolving needs of the city.

"The St Kilda Road precinct, with its proximity to the CBD, Albert Park, and the new Anzac Metro Station underpins its higher and better use. Couple this with premium park and bay views, the site is well placed to support high-quality residential development.”

The site was bought from receivers for Taiwan-backed Everland Global. They had spent $59 million on the 19-level building in 2019 when they bought it from billionaire NBL owner and property developer Larry Kestelman.&nbsp;

Queens Road is where Mirvac is currently building <a href="https://www.apartments.com.au/new-apartments/the-albertine-by-mirvac-melbourne-31-queens-lane-melbourne-vic-3004">The Albertine,</a> just under 100 apartments that will complete in mid-2026.

The site was bought from receivers for Taiwan-backed Everland Global

Alta plots office to apartment conversion in St Kilda Road precinct

Household Data

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Households recorded almost record high financial comfort levels in June, but residential property owners expect to bear the brunt of the COVID-19 downturn until at least 2021, according to the latest report from ME Bank.
"Australian household financial comfort increased 3% to 5.76 (out of 10) in the past six months to June 2020 − just shy of its historical high of 5.78 recorded in December 2014," the July 2020 ME Bank household financial comfort report found.
"Contrary to expectations, financial comfort has jumped the most among typically struggling cohorts such as casual workers, the unemployed, low income households and single parent households (though their comfort levels remain a great deal lower than the average household and higher-income Australians)."
<img src="https://www.urban.com.au/images/2020/7/29/ME%20bank%20graph%201.png" alt="">
Despite this, the report found that more owner occupiers (25%) expect the value of their property to fall during 2020/21 than rise (22%).
This represents a significant change from just six months ago, when only 6% expected property prices to fall and 47% expected them to rise.
Furthermore, the report found that expectations vary significantly across major capital cities, with occupiers in Sydney less pessimistic than Adelaide, Brisbane and Melbourne.
Perth owner-occupiers are highly pessimistic, with 40% expecting lower prices in comparison to Sydney, Melbourne and Brisbane expecting a fall of 22%, 29% and 27%.
<img src="https://www.urban.com.au/images/2020/7/29/ME%20bank%20graph%202.png" alt="">
Investors are more optimist about dwelling prices than six months ago, 26% now expect the value of their investment property to rise in the next twelve months.
Across households, those most worried about debt include 51% of those paying off a mortgage compared to 21% of households that own their home.
"Financial comfort levels are up for now, but many households are on the cliff's edge," the report said. 
"Many eyes will be on what governments do in the final months of 2020 and into next year."
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j.ballantyne1990-6AQqhLzZaK

Financial comfort rises but property owners remain pessimistic: ME Bank July household financial comfort report

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GUEST OBSERVER
Australia’s economy increased 0.8% in the June quarter, according to seasonally adjusted, chain volume measures released Wednesday. 
This brings annual GDP growth to 1.8% at the end of June. 
The results reinforce Australia as ‘the lucky country’, as we enter the 104th consecutive quarter without recession.
But aggregate growth figures mask one of the longest declines in private sector, gross capital formation in Australia’s history. Gross capital formation refers to spending on fixed assets and inventories such as land improvements, buildings, machines and equipment.  
In 2012, a demand shock from China drastically reduced the value of Australian commodity exports. The decline of the mining sector bled into secondary and tertiary sectors of the economy, and by 2014, annual growth in private sector capital formation was negative. It has remained negative since. 
Graph 1 shows the rolling annual growth rate of different economic components. This is not the first time private sector capital formation has fallen in value against household and government expenditure – 2001 saw one of the largest private sector contractions at -11%. However, we are currently in the longest period of private capital formation decline on record, with the rolling annual growth rate declining 13 quarters in a row.
<a href="https://www.propertyobserver.com.au/images/2017/09/27/Screen%20Shot%202017-09-27%20at%208.45.03%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/09/27/Screen%20Shot%202017-09-27%20at%208.45.03%20AM.png" alt="">
Some of the largest declines in the latest GDP figures were seen in non-residential construction. In the June quarter, privately funded investment in the construction of engineering projects, commercial buildings and other non-residential builds contracted -7.7% in the quarter, contributing -0.4% to total GDP growth. 
Graph 2 shows that nationally, even as private residential building has soared, this has not offset overall losses in private sector capital formation. As the dwelling construction boom eases, recovery in private capital formation may be even slower. 
<a href="https://www.propertyobserver.com.au/images/2017/09/27/Screen%20Shot%202017-09-27%20at%208.45.03%20AM.png" target="_blank"> Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/09/27/Screen%20Shot%202017-09-27%20at%208.46.06%20AM.png" alt="">
The good news is that is that Graph 1 also shows that private investment appears to have reached a trough of -5% annual growth in December 2016. The upturn has been driven by competitive agricultural products, investment in intellectual property products and machinery and equipment investment. 
So how has Australia remained the lucky country in a climate of low private investment? The main growth driver is household expenditure, which rose 0.7% in the quarter. The trouble with aggregate indicators in household expenditure is that it does not always reveal the squeeze on household funds. The household savings ratio has sunk to its lowest level since 2008 at 4.6%. This suggests that households are using their savings to keep up with rising costs of living, which is one of the only explanations for increased consumption in a period of low wage growth. 
Government expenditure is also working to offset economic decline. In particular, the state governments of New South Wales and Victoria – enabled through high property tax revenue and asset sales - are rapidly increasing expenditure. The latest GDP figures suggest that state and local government expenditure increased 25.5% in the June quarter. 
The main projects being funded are large scale transport infrastructure and school and hospital upgrades. These have the benefit of offsetting job losses in the private sector, while improving commute times and learning facilities to increase economic capacity in the long term. According to Cordell construction data, government funded projects accounted for 44% of the value of construction work commencing across Australia last year. 
Much like the mining boom, the enormous east-coast housing boom and asset sales are likely once-in-a-life-time events. Another economic shock, such as accelerated house price declines, could see limited government funding for continued infrastructure investment. For Australia’s luck to continue, private sector investment needs to make a recovery before the public sector runs short on revenue.
Eliza Owen is Commerical Property Research Analyst with ‎CoreLogic and can be contacted <a href="https://www.corelogic.com.au/" target="_blank">here</a>.
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