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>.

Joel Robinson

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

The City of Sydney has approved plans for <a href="https://www.apartments.com.au/developers/billbergia">Billbergia Group</a> and Metrics Credit Partners’ $3.5 billion Castlereagh Place project in the heart of the Sydney CBD

The towers will be among the tallest in <a href="https://www.apartments.com.au/developments/sydney-nsw-2000">Sydney</a>'s CBD, with more floors than any other residential tower in the city.&nbsp;

The 6,000 sqm site was acquired by the joint venture partners in 2024. It is the largest amalgamated land parcel in the Sydney CBD and comprises eight individual sites fronting Castlereagh, Pitt and Liverpool Streets.&nbsp;

<a href="https://www.apartments.com.au/new-apartments/castlereagh-place-sydney-324-348-pitt-street-sydney-nsw-2000">Castlereagh Place</a> will transform an underutilised city block into a landmark mixed-use destination, anchored by two 82-storey towers comprising 607 luxury residences above an 8-level podium housing a 209-room luxury hotel. A 1,000 square metre civic park on ground level features a curated mix of food, beverage and retail.

The plans have been refined over the past year to rebalance the residential and hotel offering, and reconfigure the retail footprint to create a stronger, more dynamic dining experience.

A three-level flagship building on the prominent corner of Pitt and Liverpool Streets will be the gateway to the Castlereagh Place lifestyle precinct. Set to become a Sydney icon, the building is capable of housing multiple hospitality venues.

“Castlereagh Place is designed to be the City's next great urban oasis - an energetic mixed-use precinct that pulses with life, day and night,"&nbsp;said Joseph Kinsella, Group Director of Billbergia.

"It will bring the vibrancy of places like Barangaroo and Darling Quarter into a more accessible, central destination at the very heart of Sydney."

Kinsella said the project will build on&nbsp;Sydney’s growing laneway culture with the City’s largest network of new activated lanes - an expanded, next-generation take on precincts like Angel Place, Palings Lane and Ash Street in Wynyard.

[smartcode_project:default project_id=134477 project_image_fid=374401]

Castlereagh Place has been designed by architects <a href="https://www.apartments.com.au/architects/fjc-studio">fjcstudio</a> in collaboration with Trias Studio, Aileen Sage and Polly Harbison Design, joint winners of an international design competition in 2018.&nbsp;

Signature design elements from the original scheme remain unchanged, while the public domain has been significantly enhanced, delivering 60 per cent more open-to-sky space.

Pedestrian access will also be enhanced through new laneways linking Pitt, Liverpool and Castlereagh Streets, drawing people into a new civic park with outdoor seating, landscaping and integrated public art.

With activated laneways supported by strong hospitality offerings, Castlereagh Place is tipped to become a vibrant new dining destination in the heart of Sydney’s CBD.

It marks the largest undertaking to date for the Billbergia and Metrics Credit Partners partnership. Together they are developing other underutilised Sydney sites into mixed-use precincts, including the $2.2 billion Concord Central and the $1.3 billion Chatswood Grand Residences.

Metrics Managing Partner and Group CEO Andrew Lockhart said Castlereagh Place is a landmark project that will redefine Sydney’s skyline.

"As the tallest residential high-rise development, the revitalised site will offer panoramic views across the CBD and surrounds. We are excited to partner with Billbergia to reinvigorate an underutilised site and create a sophisticated and contemporary mixed-use offering situated in the heart of Sydney.”

Total apartments within the towers have increased to 607 dwellings, with a focus on larger floorplans. Aligned to growing market demand, Castlereagh Place now comprises 299 three-plus-bedroom apartments, 198 two-bedroom units and 110 one-bedroom configurations.

[smartcode_project:default project_id=134477 project_image_fid=374402]

Resident amenities will include an exclusive residents club containing a gym, rooftop pool, dining rooms, co-working spaces, library, golf simulator, games room, cinema room, and access to an exclusive concierge service. There will be around 500 basement car spaces below the towers.

The development will also include a state-of-the-art wellness centre, set to feature a bathhouse with magnesium pools, hot/cold plunge pools and premium amenities.

&nbsp;

According to fjcstudio, the towers will feature distinctive yet elegant architectural design reflecting Sydney’s geometry and urban character, with a network of through-site links and intimate public spaces activating the streetscape.

"Castlereagh Place is a city-making project of significant scale and ambition," said Richard Francis-Jones, Design Director at fjcstudio.

"It will create a rich urban complex of public open spaces, landscaped gardens, and vibrant laneways. Defining these new public spaces and the important streetscape of Castlereagh Street is a sequence of fine-grained, diverse retail and hotel architecture designed in collaboration with Aileen Sage, Polly Harbison Design and Trias.

“Rising above the tree-lined, human-scale streetscape are two slender residential towers that will transform the city skyline and look towards the Harbour, Hyde Park, and the Royal Botanic Garden.”

Demolition and early construction works have commenced onsite at Castlereagh Place.

[smartcode_project_cta:default project_id=134477]

Billbergia, Metrics, approved for $3.5 billion Sydney skyscrapers

Melbourne off the plan apartments

Lifestyle developer <a href="/developers/gurner">GURNER™</a> has submitted plans for the first stage of its <a href="/developments/docklands-vic-3008">Docklands</a> mega-project, Elysium Fields.

Gurner says Elysium Fields has been created around the concept of a futuristic wellness and anti-ageing utopia,&nbsp; where purchasers will have access to some of the world’s most advanced anti-ageing, holistic health and nature-based wellness principles within a city forest and landscape oasis.&nbsp;

They say the focus has been to create a&nbsp;self-contained biosphere-like design – the likes of which has previously only been seen in sci-fi movies – that will instil a sense of true tranquillity, making residents feel like they could by anywhere in the world as they enter the pristine, futuristic and inspiring oasis in the heart of Docklands.&nbsp;

The concept brings together Tim Gurner’s personal wellness journey and the latest in science-backed health and wellness, to deliver a regenerative anti-ageing and wellness experience that has been based on American Neuroscientist Andrew Huberman’s five pillars of health being: sleep, sunlight, &nbsp;movement, nutrition, and social connection.&nbsp;

<img alt="Elysium Fields - Harbour Esplanade" data-entity-type="file" data-entity-uuid="aa167a84-0b9c-430b-b721-dc462c0d1644" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E02%20-%20Harbour%20Esplanade_DJI_0653_Opt001_0.jpg?VersionId=P0yI9L1CD7Td1Vnwvixyt9KsMm.jnPZ." />

At Elysium Fields, residents will have access to advanced anti-ageing protocols and equipment like cryotherapy, IV infusions, dry and infrared sauna, red light therapy, grounding and PEMF beds, alongside access to visit the Elysian Reverse Ageing Medical Clinic that will provide medical-grade treatments including MRIs, DEXA scans, brain scans, blood testing and personalised health plans.&nbsp;

Residents will also gain access to a new venue of Gurner Group’s sold-out Saint Haven club which will be the largest in the Group’s portfolio at around 5,000 sqm, and an indulgent Haven Ancient Baths concept, also by Gurner Group, that will offer 15 different types of enriched water for optimum health. &nbsp;

The ancient bathhouse, to be known as Haven Ancient Baths, will be one of the world’s largest bathhouses, bringing together the latest technology while celebrating the history and science behind bathing from centuries-old traditions. &nbsp;

<img alt="Elysium Fields - Wurundjeri Way" data-entity-type="file" data-entity-uuid="5446502c-7001-4111-9523-c6425a07b08f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E03%20-%20Wurundjeri%20Way_DJI_0490_Opt001.jpg?VersionId=w9MOEOtEJkNMcGMOkOCPlPJ5QpFWXFR_" />

Designed by <a href="/architects/fraser-partners">Fraser &amp; Partners</a>, GURNER™’s vision also includes over 3,700 sqm of much-needed immersive public landscapes and gardens that will connect residents with the natural world, inspired by the verdant buildings of Singapore that meld the built form with abundant greenery. &nbsp;

The&nbsp;27,000 sqm site precinct will include a landscaped pedestrian-focused ‘path of life’ that runs the entirety of the north-south ground floor/podium plane that will be designed for running track, Yoga, meditation, &nbsp;training, exercise and recovery, alongside a rooftop sports court, a private wellness club, a pool club and 5,000 sqm of retail, dining and public realm amenity.&nbsp;

The precinct will also feature its very own botanical gardens, be geared for a 24/7, interactive retail, &nbsp;dining and entertainment experience, and include a stunning, futuristic glass dome over the site, &nbsp;modelled on the concept of Elysium being the utopian afterlife. &nbsp;

The parks will be a key part of the offering and are centred around the ancient Japanese principle of &nbsp;Forrest bathing. This will provide residents with an opportunity to spend time among trees and greenery, &nbsp;akin to unwinding and relaxing in a forest, while still being in the heart of the city.&nbsp;

The journey to optimal health will continue inside each residence, with the homes designed to include filtered air purifiers, filtered water, access to northern sunlight, circadian lighting and optional recovery upgrades.&nbsp;

<img alt="Elysium Fields - Path of Life" data-entity-type="file" data-entity-uuid="d7334d2f-a4dc-4f7a-b497-16b99847b468" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/EA01%20-%20Path%20of%20Life.jpg?VersionId=kJP3fMcTiwwF1YAxynCO9iCfqVHU1NcM" />

A joint venture between GURNER™ and City Harbour – a consortium that includes the Liberman family, which holds the development rights to the project – the Docklands precinct is located in a key strategic pocket that connects the southern end of the CBD with the Docklands harbour waterfront and the gateway to the western suburbs. &nbsp;

The 27,000 sqm island infill site is located at 208-226 Harbour Esplanade, which once complete will encompass circa 1700 dwellings with an end value of $1.7 billion. &nbsp;

The development will include over 1,350 BTR and BTS apartments, a retail and hospitality precinct, a 4-star short-stay hotel of circa 100 keys and another premier 5-star hotel in the main tower of over 250 keys, with state-of-the-art conference facilities, a business club and hospitality offerings.&nbsp;

The first stage includes three towers totalling 640 dwellings, of which GURNER™ plans to launch the first tower, a build-to-sell offering with 231 apartments, in Q3 this year. Construction of the tower is planned for the same time.

While plans have previously been approved for the site, GURNER™ is submitting a revised scheme that aims to unlock more activation across a public realm and focus on pedestrian circulation, public amenity and increased connectivity to nature. &nbsp;

Planning approval for the precinct vests with the Minister for Planning, after which GURNER™ is aiming to launch the first tower to the market later this year. &nbsp;

Tim Gurner said when you enter Elysium Fields you will be stepping into another world – one that is serene, clean, &nbsp;vibrant and grounding.

"When you’re amongst the project’s forest and landscape you’ll feel like you could be anywhere in the world, while being right on the doorstep of the CBD," Gurner said.

"Through Gurner Group’s focus on progressive wellness and holistic health, and the overwhelmingly positive feedback from our members and customers, I am increasingly driven to create an ultimate wellness experience for the communities in which our buildings sit, that brings together cutting edge wellness and health amenities with a connection to nature, which we now know unequivocally improves sleep, our mental state of being and unlocks myriad health benefits."

Tim Gurner said when you enter Elysium Fields you will be stepping into another world – one that is serene, clean,  vibrant and grounding

GURNER submits plans for first stage of $1.7 billion Docklands precinct, Elysium Fields

James Packer is one of Australia's most well-known billionaires.

The former Crown Resorts chair spends most of his time nowadays overseas sailing around the world on his $200 million super yacht IJE. When in Australia he calls home his $72 million, two-level spread toward the top of Crown's Barangaroo tower.

Packer's interests however seem to have broadened recently and into more modest property development compared to those vested interests in the $2.2 billion Barangaroo tower.

Packer's name has popped up on company directorships that tie him to a new $32 million apartment development in Melbourne's leafy suburb of Balwyn, a suburb where new apartment developments are a dime a dozen.

A tangled web of investors shows Packer's Consolidated Press International Holdings Limited investment vehicle as the ultimate holding company for Sharland Holdings, which shows an interest in the entity NPG MALEELA PTY LTD, the name on the development application.

The project, <a href="/new-apartments/maleela-rise-balwyn-23-maleela-street-balwyn">Maleela Rise</a>, is expected to be developed by Chapter Group, with the Lefkos family name in the directorships of the main company.

Parts of the web involve businessman Joe Gersh AM, Executive Chairman of Gersh Investment Partners, and his Director and Chief Operations Officer Theo Axarlis. Crown's former executive vice-president for strategy and development, Todd Nisbet, also appears on the paper trail.

NPG MALEELA PTY LTD company filed the plans for&nbsp;31 apartments on the 3,862 sqm site at 23 Maleela Avenue, just set back from Whitehorse Road between Balwyn and Deepdene.

Cera Stribley has put together plans, recently submitted to the Boroondara Council, for the low-rise, three-level building which will have a near 60-metre frontage to Maleela Avenue.

<img alt="Cera Stribley" data-entity-type="file" data-entity-uuid="c89ef964-fe12-42b2-ba57-464660bba9ee" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screen%20Shot%202024-03-19%20at%2012.14.41%20pm.png?VersionId=S.T.24jJzFl0xENA1PlKNd1P4d_NFqkE" /> 
The plans for 23 Maleela Avenue. Image credit Cera Stribley

There will be 31 apartments across the four levels, 10 two-beds and 21 three-beds, of which 18 have completely different floorplans.

The two-bed apartments start from 114 sqm and range in size up to 140 sqm, while the smallest three-bedroom apartments have 150 sqm of internal space. They step up toward the three penthouses which have been 310 sqm and 361 sqm of space, each with three master suite bedrooms and two living rooms.

The documents submitted by Cera Stribley stated they wanted to capture elements of Balwyn and distil them into the project to create a unique yet familiar design starting point.

<img alt="Balwyn" data-entity-type="file" data-entity-uuid="de400ed2-beee-4faf-a446-4b43931901d1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screen%20Shot%202024-03-19%20at%2012.39.34%20pm.png?VersionId=fhJCP6B7QEp34s5ZcdZCXY5vpPFG2Bls" /> 
The current site in Balwyn

"There is high demand from home buyers for a diverse range of housing in the established premium suburbs such as Balwyn," Cera Stribley said.

"In order to satisfy this need for housing diversity and allow for more families to have access to such a coveted location, there are numerous developments built and emerging in the wider context of Balwyn.

They said a study of the housing character within Maleela Avenue showcased an eclectic catalogue of Australian homes in styles not limited to Georgian Revival, Moderne and Tudor Revival.

"The proposed articulation of the building form is in response to the surrounding architectural heritage homes found in the Street and wider suburb. The north and south of the building along Maleela respond directly to the adjacent residential architecture. At the south, the building sits atop the highest point and grounds the proposal into the site. A break is introduced into the facade at the main pedestrian entry and the building form then changes to introduce long horizontal planes which flow down towards the northern end of the site."

The building will sit in landscaping by Jack Merlo.

Chapter Group were in the headlines recently for setting the Fitzroy apartment record with the sale of an amalgamated penthouse at their Fitzroy Fitzroy development for over $10 million.

Read more:&nbsp;<a href="/news/vic/confidence-in-melbournes-off-the-plan-apartment-market-soars-with-record-10-million-fitzroy-sale">Confidence in Melbourne's off the plan apartment market soars with record $10 million Fitzroy sale</a>

[smartcode_project_cta:default project_id=144443]

First look exclusive: Billionaire James Packer's Melbourne apartment play, Maleela Rise, revealed

Port Melbourne has welcomed one of its most boutique apartment developments to date with the recent launch of 50 Rouse, just three whole-floor apartments named after its location at 50 Rouse Street.

Located just one street back from Beaconsfield Parade and the <a href="/developments/port-melbourne-vic-3207">Port Melbourne</a> Lifesaving Club, <a href="/new-apartments/50-rouse-street-port-melbourne">50 Rouse</a> is being developed by Greenock and has been designed by <a href="/architects/wood-marsh">Wood Marsh</a> to celebrate Port Melbourne's industrial heritage while ushering in a new era for the beachside precinct.&nbsp;

[smartcode_project:default project_id=144367 project_image_fid=259402]

"Wood Marsh is an integral part of the 50 Rouse project as the lower two levels will house our architecture studio, which ensures our vested interest in delivering the highest quality outcome," Wood Marsh said.\

The facade of 50 Rouse features mirrored glazing for privacy and visual interest, accentuated by durable and weather-resistant materials such as raw bronze, concrete, and perforated brickwork.&nbsp;

The upper levels of the facade incorporate expansive balconies to reduce visual bulk and promote indoor-outdoor living. Sustainability is a key focus, with permeable balustrades, passive shading techniques, and optimum cross-flow ventilation integrated into the design.&nbsp;

The building is also landscaped by award-winning studio <a href="/architects/jack-merlo">Jack Merlo Landscape Architects</a>, providing residents with a lush green outlook and a heightened sense of liveability.

[smartcode_project:default project_id=144367 project_image_fid=259404]

The natural and durable palette extends within the interiors, wherein each apartment features tactile stone surfaces, hardwood floors, and dark timber joinery.&nbsp;

Floor-to-ceiling windows invite natural light and panoramic views into each space, while the open floor plans are designed to cater to the entertainer's lifestyle.

Sliding doors blur the boundaries between indoors and outdoors, extending the living area to the terrace.

[smartcode_project:default project_id=144367 project_image_fid=259398]

The chef's kitchen is complete with a well-appointed scullery and cleverly integrated storage, while a full-sized dining table takes centre stage on the open plan.

The master suite features an oversized walk-in robe and a sleek ensuite with a custom double vanity, complemented by a large free-standing tub and a spacious walk-in shower.

50 Rouse is slated for completion in December 2025. Stephen Brooks is marketing 50 Rouse.

[smartcode_project_cta:default project_id=144367]

The facade of 50 Rouse features mirrored glazing for privacy and visual interest, accentuated by durable and weather-resistant materials such as raw bronze, concrete, and perforated brickwork

Staff Writer

Woods Marsh-designed luxury Port Melbourne apartments, 50 Rouse, launch

It was around four years ago when international property developer Landence completed their first Australian development, The Evermore, in the heart of one of Melbourne's best tower precincts.

<a href="/buildings/the-evermore-southbank-58-66-dorcas-street-southbank">The Evermore</a>, in the heart of&nbsp;<a href="/developments/southbank-vic-3006">Southbank</a>&nbsp;on Dorcas Street, offers 366 one, two, and three-bedroom apartments atop a podium level housing upscale retail spaces.&nbsp;

Designed by <a href="/architects/hayball">Hayball</a>, The Evermore's two glass towers are characterised by a louvred metallic facade that shimmers champagne and warm copper.

[smartcode_project:default project_id=2087 project_image_fid=237888]

Upon arrival at The Evermore, the grand lobby welcomes residents with abundant tropical plantings and opulent timbered walls, while the staggered ceiling creates a feeling of space and grandeur from above.

Each Evermore residence has&nbsp;adaptable living spaces with strategically positioned windows flooding the apartments with abundant natural light.

The expansive floor plans, spanning from 60 to 120 sqm, showcase natural finishes, organic textures, engineered European oak floors, and refined colour palettes.

[smartcode_project:default project_id=2087 project_image_fid=237908]

Residents can choose between two classical palettes, distinguished by either dark or light timber flooring, complemented by matching veneer cabinetry and metal finish accents.

Apartment views range from across Melbourne, Port Phillip Bay, or the Yarra Ranges.

The kitchens are equipped with stainless steel European appliances, concealed LED-lit marble splashbacks, and reconstituted stone benches, while bedrooms feature inviting natural tones, timber-look wardrobes, and ribbed wool carpets.&nbsp;

[smartcode_project:default project_id=2087 project_image_fid=237893]

Stylish bathrooms include generous storage options with LED-underlit mirror vanities as well as timber-look cabinets that sit below solid surface basins serviced by brass tapware.

[smartcode_project:default project_id=2087 project_image_fid=237920]

Influenced by the world’s grand hotels, The Evermore features a range of shared spaces that present a sense of escape from the everyday.

Residents have access to a range of amenities designed to elevate their living experience, including courtyard gardens, a heated swimming pool, a well-equipped gym, as well as dining, lounge, and cinema rooms.

Situated only minutes from Melbourne's bustling CBD, the famous Botanic Gardens, and the vibrant South Melbourne Market, residents have endless opportunities to immerse themselves in the city's culture and lifestyle.

[smartcode_project_cta:default project_id=2087]

Upon arrival at The Evermore, the grand lobby welcomes residents with abundant tropical plantings and opulent timbered walls

Inside Landence's flagship Southbank apartment development, The Evermore 

Multi-billion-dollar developer GURNERTM has submitted plans for its 4,651 sqm trophy site at 424-426 St Kilda Road, Melbourne, with a vision to deliver a high-end residential and mixed-use address befitting of the prestigious location.

The developer has submitted plans for around 200 apartments over 19 levels, with a focus on large two, three, four bedroom and two double-storey penthouse offerings, alongside a signature amenity offering.

After a detailed international design competition, GURNERTM appointed the Chicago-based, international architecture firm SOM, in what is the developer’s first collaboration with the architecture firm.

SOM (formerly Skidmore, Ownings, and Merrill LLP) was founded in 1936 with some of its most notable projects including the Burj Khalifa in Dubai and the One World Trade Centre in New York.

The design of 424 St Kilda Road has taken design cues from the rich history of St Kilda Road’s old world mansions through its masonry façade, and will focus on high-end residences with a secret Porte Cochere arrival experience and lobby underground.

Adding value to the regeneration of the St Kilda Road precinct, 424 St Kilda Road will also include a ground floor retail and food and beverage, as well as an extensive wellness offering.

The corner site – which boasts three frontages on the corner of St Kilda Road, Toorak Road and Queens Lane – will offer uninterrupted views over the Royal Botanic Gardens and Domain precinct and Albert Park Lake.

Once complete, the project will boast walkability to Anzac Station, Albert Park Lake, the Royal Botanic Gardens and Fawkner Park, and be in easy proximity to South Yarra’s retail and dining precinct.

Tim Gurner said they&nbsp;are looking forward to shaping such an important corner of Melbourne’s history.

"This site was once the famous Illoura House, which was sadly was demolished many years ago.&nbsp;We will be bringing the corner back to life with an incredible design by SOM that we wanted to be classic, calm and quietly proud to sit in its location, ensuring that it stands the test of time.

“We will be taking the high-end offering to a whole new level after the successful delivery of Saint Moritz which has set tone for our concept at 424 St Kilda Road.”

Gurner's&nbsp;Chief Development Officer Rob Clarke said due to the sites prominent corner position, the building requires a certain elegance in its design and reimagining of its use to unlock not only its value as a significant residential asset, but a design monument in its own right.

“Our vision is to create a series of wellness-led residences that can be amalgamated, customised and completely imagined from the inside out, in line with our clients’ exacting tastes, to create a series of bespoke homes for our discerning clientele."

Burj Khalifa, One World Trade Centre architect to design Gurner's latest Melbourne apartment development

Glen Iris is one of the most family friendly suburbs in Melbourne.

The small seven square kilometre pocket 10km south east of the Melbourne CBD, is an attractive proposition for those with children due to the convenient access to the city, some of the best schools in the state, and a leafy, suburban feel which isn't often found in suburbs this close to the city.

ABS census data shows over 60 per cent of households have children.

Despite being just seven square kilometres, there's a massive 26 parks scattered across Glen Iris, the best for kids being Ferndale Park with an upgraded kids playground built into a hill.

There's three schools which are rated in the top 15 schools in Victoria according to My Choice Schools. Private girls secondary schools Korowa Anglican Girls' School is ranked as the seventh best private school in the state, while St Cecilia's Primary School and Glen Iris Primary School are ranked 11th and 24th respectively.

There is a large disparity between the median house and median unit price, about 60 per cent, with the house price median about $2,475,000, according to CoreLogic.

The gap is pushing some families who want to either stay in or move to the area into the townhouse and apartment market, a market which has served up some impressive new options in recently.

We've wrapped up the top townhouse and apartment developments in Glen Iris in 2024.

<h2>Project: Lori</h2>

<h3>Location: 1610 Malvern Road, Glen Iris VIC 3146</h3>

<h3>Developer: LK Property Group</h3>

<a href="/new-townhouses/glen-iris-vic-3146">Glen Iris</a>' latest townhouse project, <a href="/new-apartments/lori-glen-iris-1610-malvern-road-glen-iris">Lori</a> by <a href="/developers/lk-property-group">LK Property Group</a>, has only three of the eight three-bedroom townhouses left, as locals seek this rare opportunity in the southeast suburb.

Designed by the award-winning <a href="/architects/megowan-architectural">Megowan</a>, each two-level townhouse features three bedrooms and is situated on a sloping block near the Glen Iris Station, offering a well-connected location and scenic views through large picture windows overlooking the surrounding treescape.

[smartcode_project:default project_id=114100 project_image_fid=246519]

Built to endure across decades and generations, Lori incorporates future-proof technology and infrastructure.&nbsp;

Each home is designed for rooftop solar and electric car charging, reflecting LK Property Group's commitment to sustainability.&nbsp;

[smartcode_project:default project_id=114100 project_image_fid=246530]

The development is also 100 per cent electric, aligning with a more renewable path and minimising residents' environmental footprint.

Immerse Constructions is currently building Lori, which is slated for completion in Q2 2024.

<h2>Project: GALERIE</h2>

<h3>Location: 1538-1540 High Street, Glen Iris VIC 3146</h3>

<h3>Developer: LDS Property</h3>

Glen Iris' newest apartment development, <a href="/buildings/galerie-glen-iris-1538-1540-high-street-glen-iris-vic-3146">GALERIE</a>, has surpassed the 70 per cent sold mark for its 29 two and three-bedroom units, as construction advances towards a late 2024 completion by high-end, award-winning construction company Iurada.

GALERIE was developed by <a href="/developers/lds-property">LDS Property</a>, which is currently offering a five per cent deposit on the apartments for a limited time.

[smartcode_project:default project_id=112375 project_image_fid=256710]

The two, and three-bedroom apartments boast expansive landscape courtyards or elevated balconies, offering views of the metropolitan area.

The open-planned living spaces have been designed to seamlessly integrate with the surrounding landscape through large windows and sliding doors, providing residents with a direct connection to nature.

[smartcode_project:default project_id=112375 project_image_fid=250358]

GALERIE has been designed by <a href="/architects/ewert-leaf">Ewert Leaf</a> and sits in landscaping by <a href="/landscape-architect/john-patrick-landscape-architects">John Patrick Landscape Architects</a>.

The development drew early interest from local downsizers and empty nesters seeking to remain within the Glen Iris area.&nbsp;

<h2>Project: 225 Burke Rd</h2>

<h3>Location: 225 Burke Road, Glen Iris VIC 3146</h3>

<h3>Developer: Werden Property Group</h3>

Glen Iris has also seen the completion of a boutique development by <a href="/developers/werden-property-group">Werden Property Group</a>, <a href="/buildings/225-burke-road-225-burke-road-glen-iris">225 Burke Road</a>.

Only a few of the 16 contemporary apartments remain for sale. The two-bedroom apartments were snapped up pre-completion, leaving just a few three-bedroom apartments for sale.

Melbourne-based <a href="/architects/ckairouz-architects">C. Kairouz Architects</a> designed 225 Burke Road with a robust façade, which gives way to warm, inviting, and minimalist apartments.

[smartcode_project:default project_id=5016 project_image_fid=225961]

The kitchens feature striking natural stone benchtops, and top-of-the-line integrated Miele appliances, while the bathrooms feature rainwater showers and double vanities in the master ensuites.

The oak floorboards in the home lead out to balconies via the floor-to-ceiling double-glazed windows, flooding the home with abundant natural light.

225 Burke Road boasts an enviable location within walking distance of High Street trams, shops, cafes, esteemed schools, Glen Iris station, and the M1 Freeway, which offers easy access to the rest of Melbourne.

There is a large disparity between the median house and median unit price, about 60 per cent, with the house price median about $2,475,000, according to CoreLogic

Why Glen Iris offers the best lifestyle for families, and what they can buy

Developer Auriton has secured planning approval for a $100 million mixed-use development project in Melbourne's southeast.

Auriton expect working professionals, investors, retirees, students, and those in the medical field to be the most likely demographics for purchasers of the 144 one, two and three-bedroom apartments in the&nbsp;<a href="/architects/cera-stribley-architects">Cera Stribley</a>-designed building at&nbsp;<a href="/new-apartments/409-clayton-road-clayton">409 Clayton Road</a>.

The Monash City Council granted planning permission for the 11,000 sqm Clayton site, marking a significant milestone for the developer after previously proposed plans faced hurdles.

The initial 17-level proposal was refused by both the council and the Victorian Civil and Administrative Tribunal (VCAT) based on community objections, with the council imposing 47 conditions upon approval, aimed at balancing community needs with urban progress.

The development will replace an existing building and petrol station on the site.

The&nbsp;project will encompass a 12-level, part 17-level tower comprising 144 apartments divided into 87 two-bedroom units, 49 one-bedroom units, and eight three-bedroom units.&nbsp;

<img alt="Clayton" data-entity-type="file" data-entity-uuid="1d925c34-9c5d-46f4-87e3-9c254cab493f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-03-14%20at%2011.11.01%20am.png?VersionId=BL1Df8yfqUbjZV8khTtf790IQxBRPaPq" />

Cera Stribley said in its planning documentation submitted to the City of Monash that the design begins with the missed opportunities of the previous scheme.

"Where context was previously ignored, history and geography are thoroughly interogated and embedded into the form.

"Curves are brought in and edges are softened and modularity is introduced to provide depth and articulation. Drawing from the geographical context of Melbourne's 20 million year-old Sandbelt, a building that was previously devoid of context is now formed directly from its natural surroundings.

"Overtime, this sandy substrate has been moulded into the bunkers, fairways and rolling hills of the wider region's golf courses, and now it forms a new offering to the Clayton community. Its soft, delicate forms contrast with the cool, smooth surfaces of the glazing behind, while the integration of soft landscaping into the modular terrace design introduces another layer of texture across the facade."

The development will also house office and retail tenancies, communal spaces, a pool, and various amenities, as well as&nbsp;two social housing apartments.

The 16,055 sqm of floor space will be supported by 147 car parking spaces and 121 bicycle storage spaces.

Construction is set to commence soon, with completion slated for 2027.

[smartcode_project_cta:default project_id=100405]

Auriton win approval for Cera Stribley-designed apartment development in Clayton

Established Melbourne developer Pace&nbsp;has unveiled its latest residential development, Fabbrica Fitzroy.

<a href="/new-apartments/fabbrica-fitzroy-369-gore-street-fitzroy">Fabbrica Fitzroy</a> offers 78 one, two, and three-bedroom apartments, including townhouses with street frontage, tailored to the preferences of owner-occupiers and downsizers.&nbsp;

<a href="/developers/pace-development-group">Pace</a> purchased the Gore Street site five years ago, a site which holds historical significance having been home to the Argyle Shirt Factory and Life Savers Confectionery Company.&nbsp;

[smartcode_project:default project_id=139552 project_image_fid=254895]

Award-winning architectural practice <a href="/architects/sjb-architects">SJB</a> has integrated the industrial past of the site into Fabbrica's dynamic future, creating exterior and interior spaces that connect with the contextual fabric and character of <a href="/new-apartments/fitzroy-vic-3065">Fitzroy</a>.

Pace took an adaptive approach to the project, responding to shifts in the market. The focus on owner-occupiers became paramount, leading to a redesign that increased apartment sizes and catered to downsizers.&nbsp;

The development provides a deliberate emphasis on larger apartments and offers personalisation options for residents. Two distinct interior design schemes by <a href="/interior-designers/winwood-mckenzie-architecture">Winwood Mckenzie</a> or <a href="/interior-designers/bergman-co">Bergman &amp; Co.</a> allow residents to choose between the integrated details of Model A or the opulence of Model B.

[smartcode_project:default project_id=139552 project_image_fid=240744]

Model A by Winwood Mckenzie features built-in sofas and fold-down beds with stainless steel and marble accents, while Model B by Bergman &amp; Co. boasts bursts of granite and textural timber on dressing tables and clever cocktail cabinets.

Beyond the apartments, Fabbrica Fitzroy boasts a number of amenities designed to enhance the resident experience. An expansive 800 sqm rooftop, offering panoramic views of the CBD, features BBQs and casual dining areas surrounded by botanical landscapes by landscape architecture practice Acre.&nbsp;

[smartcode_project:default project_id=139552 project_image_fid=240743]

Residents can also book a private dining room with a communal kitchen, while there's also a lounge designed by Winwood Mckenzie and dedicated work-from-home zones.&nbsp;

The development further boasts a building concierge accessible via a residents' app for added convenience.

Strategically located on the corner of Johnston and Gore Streets, Fabbrica Fitzroy offers a coveted location only four minutes from the <a href="/new-apartments/melbourne-vic">Melbourne</a> CBD.

[smartcode_project_cta:default project_id=139552]

PACE took an adaptive approach, responding to shifts in the market. The focus on owner-occupiers became paramount, leading to a redesign that increased apartment sizes and catered to downsizers. 

Pace launch Fabbrica Fitzroy

Melbourne's unexplainably soft property market continued into the second half of 2023, but the off the plan apartment market in the Victoria capital market will come good in the short to medium term, Charter Keck Cramer forecast.

It was a little over 12 months ago when the property advisory firm suggested prices could spike in the off the plan space as high as 25 per cent. While the expected price movement hasn't materialized just yet, CKC said it will, and it might even be higher than first thought.

They said there are however a few factors which will contribute to the market going this way.

"Our analysis of <a href="/developments/melbourne-vic">Melbourne’s housing market</a> shows that the price gap between detached houses and established units is 55% (the pre-pandemic average was 35%)," CKC said.

Their analysis found that established units (townhouses and apartments) are currently undervalued by between 15% to 20%, and given the supply v demand imbalance, will continue to correct upwards over 2024 as the market finds a new equilibrium.

"Our analysis suggests that the established unit market (townhouses and apartments) will need to continue to reprice upwards (by around 15% to 20%) until the house price hierarchy is once again established. It is at this point that new off the plan apartments will be able to be delivered at price points which again make apartment development feasible."

They said the timing for when this occurs will come down to when rates start to cut and when Government incentives are introduced, but when they are, they say the market needs to prepare for dramatic price increases in new off the plan apartments of +25% to +30% (compared to pre-pandemic prices) over the next 12-18 months across many sub-markets.

<h2>Government Incentives</h2>

Charter Keck Cramer believe there are several essential tools and levers for Government to both avoid and also pull.

"The key tools and levers to avoid include changing negative gearing, changing CGT, introducing rental caps or rental freezes or further increasing any taxes or charges. This will stifle supply, further suffocate investor confidence, and all but ensure the housing targets fail to be achieved."

On the flip side, CKC said there are key tools and levers that are essential that the&nbsp;Government activate so as to stimulate the build to sell apartment markets.

"These include reintroducing off the plan incentives for local and foreign investors, replacing stamp duty with an annual land tax, enticing empty nesters to downsize by removing stamp duty charges and providing rental subsidies to lower income renters.

"Many of these incentives could be introduced for set periods of time until they have the required stimulatory effect on the BTS and BTR apartment markets. Revenue from the supply that is ultimately delivered can then be collected at the back of these projects."

<h2>Downsizers to be incentivized</h2>

Over 2020-2022 the downsizer segment of the BTS apartment market was the best performing segment of the market. This was because the typical downsizer was less impacted by interest rate rises and many increased their asset base via the large increase in the value of their detached house. As a result, they had the option to downsize into an apartment and also have money to fund their retirement. Over the last 6 months, however, a trend has emerged where the downsizer market has started to lock up and stagnate.

This is because the costs of a new apartment in many sub-markets has increased to the point where the price trade-off that made downsizing financially attractive no longer exists. Charter Keck Cramer notes that the costs of a new apartment, when combined with the upfront stamp duty impost for such a dwelling, means downsizers are being asked to downsize into an apartment via a revenue neutral exchange. The response by many downsizers has unsurprisingly been to remain in place and find other ways to support their children and their lifestyles. What is a concern is that our research shows that many downsizer households are under superannuated and will only downsize if they can age in place but also use part of the house sales proceeds to fund their retirement. Government is strongly encouraged to remove stamp duty for downsizers and also bring in further incentives to encourage them to downsize and retire in a financially responsible manner.

<h2>Melbourne's Supply Metrics</h2>

Melbourne’s Central City Region has historically delivered the greatest number of new apartments, due to a favourable planning scheme, the availability of sites and the proximity to tertiary educational institutions. Charter Keck Cramer however noted that Melbourne’s Inner Region demonstrates its growing importance to metropolitan Melbourne’s apartment supply in an evolving market.

Melbourne is forecast to be Australia’s fastest growing capital city over the next 3-4 years. Melbourne’s population growth is forecast to measure around +1.9% p.a. over FY2024-FY2027, supporting demand for additional and diverse forms of dwellings.

Only 2,600 apartments were launched to the market in 2023, the lowest number of&nbsp;launches recorded over the past decade and measures almost 40 per cent below the previous low experienced during the pandemic.

CKC found that the most active region in 2023 was the Inner Region (39% of launches) followed by the Central City (33% of launches). Activity decreased significantly across all regions compared to the 12 months prior.

In 2023, construction commenced on 3,700 apartments, the lowest number of apartment commencements recorded over the past decade and a significant decrease on peak levels recorded during 2015 (22,500).

<img alt="Melbourne" data-entity-type="file" data-entity-uuid="e387c076-3666-4e8a-8901-0992f3edada4" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-03-12%20at%202.02.52%20pm.png?VersionId=biRvMfIDMgN1ExxhkUO9wM3G3012E.2e" />

The apartment completions side of the supply metrics were the scariest numbers to read. CKC said that in 2023 completions were at their lowest numbers since 2010.

"As difficult market conditions have dampened launches and commencements, the impact upon completions (and ultimate supply) has well and truly materialised now that any projects that were a legacy of previous cycles have been completed.

"Melbourne is forecast to deliver sub-5000 apartments per annum on average over the coming three years. There are currently 7,700 under construction and due for completion over 2024-2025."

An additional 6,300 are currently being marketed and due to be complete before the end of 2026, however CKC believe a proportion of these projects are likely to be delayed given elevated construction costs and a challenging pre-sale environment.

"Charter Keck Cramer expects Melbourne's apartment market to remain chronically undersupplied for at least the next 2-3 years given current market conditions and the time taken to mobilse and build out high density projects."

<img alt="Melbourne" data-entity-type="file" data-entity-uuid="8b4ffcc2-a632-4c26-8f3a-648c1f27769f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-03-12%20at%202.03.56%20pm.png?VersionId=PDF8HD2YxS1Bvdflf3hH6cKGSew5ziwR" />

<h2>Outlook over 2024</h2>

Charter Keck Cramer concluded by suggesting it will take a lot more than interest rate cuts to stimulate the build to sell apartment market back to life, but also to facilitate them to deliver the unprecedented quantum of apartments required to allow the Federal and State Governments to achieve the aspirational housing targets.

"After considering all the data, our view is that the market will start to turn towards the middle of 2024. Interest rates need to be cut by at least the middle of the year and several incentives need to be introduced immediately to stimulate the BTS apartment markets.

"These are the swing variables as to how quickly the BTS apartment market starts to turn and how quickly the housing and rental crisis is addressed.

"Our research shows that whilst the industry is preoccupied with prices having to increase by +25% to +30% or more for projects to be viable, the biggest risk and one that Government needs to address over the next decade is the shortage of labour required to build out these projects. In this regard, the migration program needs to be changed and tailored to attract key skilled workers into Australia.

"To conclude, the BTS and BTR apartment markets will continue to improve over the course of 2024 and with the market so chronically starved of supply there stands to be a very strong and elastic response as conditions start to improve over 2024 and into 2025."

"After considering all the data, our view is that the market will start to turn towards the middle of 2024," Charter Keck Cramer advised

New apartment projects in Melbourne at lowest levels since 2010, market to turn in mid-2024: Charter Keck Cramer

National diversified property developer Fortis has officially launched <a>Wiltshire House</a>, its new mixed-use development in the heart of Richmond.

Wiltshire House offers 57 one, two and three-bedroom apartments, as well as premium office space and a modern ground floor retail precinct ideally set just off Swan Street near East Richmond Station.

<a href="/developers/fortis">Fortis</a> engaged <a href="/architects/sjb-architects">SJB</a> as the lead architect, in collaboration with landscaping by <a href="/landscape-architect/acre">Acre</a>, to reimagine the previously approved plans for the second building which had initially also been reserved for commercial uses.

This transformation from commercial to residential design reflects Fortis' response to the pent-up demand for high-quality residential properties in Melbourne's inner suburbs.

[smartcode_project:default project_id=13181 project_image_fid=257381]

The apartments, with a refined natural palette, are designed with large open-plan living areas leading out to balconies via double-glazed window doors.

The kitchen, equipped with Swiss V-Zug appliances, includes a stone island bench and a butler's pantry, while the master&nbsp;bedroom is accompanied by a stone-topped ensuite.

[smartcode_project:default project_id=13181 project_image_fid=256233]

Victoria's General Manager of Development, Tim Mills, says Wiltshire House aims to create a lifestyle precinct.

“As with our Sydney and Brisbane projects we are aiming to deliver more than just residences – by emphasising the existing local DNA of the areas in which our projects sit, while ensuring connection between our network of neighbouring projects within the same suburbs, we can create lifestyle precincts that add value to locals and visitors as well as our own buyers," Mills says.

[smartcode_project:default project_id=13181 project_image_fid=256232]

Ben Baines from <a href="/project-marketer/colliers">Colliers</a> also highlighted the exceptional location of Wiltshire House.

"The location within&nbsp;<a href="/developments/richmond-vic-3121">Richmond</a>, along with the Activity Centre zone which permits retail, residential and commercial, is what really sets this site apart from others," Baines says.

[smartcode_project:default project_id=13181 project_image_fid=256236]

While ideally located around the corner from the&nbsp;cafes, restaurants and bars Richmond is famous for, Wiltshire House is also home to a number of resident amenity, including a&nbsp;and a landscaped rooftop with wellness facilities like a gym, yoga space, sauna, and showers.

There's also communal dining and entertaining spaces with city views.

[smartcode_project_cta:default project_id=13181]

Melbourne off the plan apartments

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News

Melbourne off the plan apartments

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

Developments

New apartments

New townhouses

News