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

Melbourne off the plan apartments

Melbourne-based architecture practice Edition Office has successfully captured the essence of luxurious simplicity in their latest project, 231 Napier Street. Designed in collaboration with development company Milieu, this collection of 11 exclusive apartments epitomises the modern urban lifestyle.

Edition Office's approach to architecture centres around the human experience, recognising that buildings are not just structures but living, breathing spaces that shape our daily lives and memories. With Napier Street, they have created a series of moments that unfold as occupants journey from the street to their homes, amplifying and revealing the nuances of everyday experiences.

The design of Napier Street pays homage to the rich history and distinctive character of <a href="/developments/fitzroy-vic-3065">Fitzroy, a vibrant neighbourhood in Melbourne</a>. Every detail, from the relief patterns to the window and door arrangements, and even the rhythm of the facade, celebrates the essence of Fitzroy's terrace-house typology.&nbsp;

&nbsp;

[smartcode_project:default project_id=13182 project_image_fid=150921]

Nestled on a tranquil street in the <a href="/developments/fitzroy-vic-3065">heart of Fitzroy</a>, 231 Napier Street enjoys a privileged location surrounded by cultural landmarks and commercial hubs. Bordered by Gertrude, Smith, and Brunswick Streets, the quiet pocket offers a haven from the bustling city while remaining connected to its vibrant energy. Milieu's commitment to enhancing neighbourhoods through design aligns perfectly with Edition Office's dedication to ambitious architecture, resulting in a building that harmoniously merges contemporary ideals with the historical context of the site.

Aaron Roberts, Director at Edition Office said they closely examined the materiality of <a href="/developments/fitzroy-vic-3065">Fitzroy's historic buildings</a>, studying their relief patterns, window and door compositions, and the rhythmic arrangement of party walls that define the streetscape.

"This research became the foundation for our design, ensuring a strong connection with the surrounding context. The result is a building that proudly showcases its honest character, with raw concrete shells stacked upon each other to create a striking visual impact."

&nbsp;

[smartcode_project:default project_id=13182 project_image_fid=150926]

Beyond its exterior, 231 Napier Street reveals its true essence upon entering. Each apartment acts as a vessel, providing a sense of enclosure and protection within the bustling city. Visitors are greeted by an internal atrium enclosed in a perforated metal surround, allowing ever-changing light and air to permeate the common spaces.&nbsp;

Within the building's raw shell, a delicate timber inner skin envelopes the interiors, evoking a sense of understated luxury. The internal spaces have been thoughtfully designed to maximise natural light and airflow, with internal walls removed to create open, free-flowing areas.

[smartcode_project:default project_id=13182 project_image_fid=150927]

The attention to detail is evident, with full-height glazing providing outside views that reinforce the sense of spaciousness, bespoke joinery offering ample storage, natural stone benchtops exuding timeless elegance, and stained timber flooring exuding warmth and sophistication.

Additional features such as brushed nickel tapware by Phoenix, wine fridges, and fireplaces further enhance the overall luxurious feel of each apartment.

[smartcode_project_cta:default project_id=13182]

Edition Office have created a series of moments that unfold as occupants journey from the street to their homes, amplifying and revealing the nuances of everyday experiences.

alisonwarters@gmail.com

How Edition Office designed Milieu's 231 Napier Street, Fitzroy apartments

The problematic shortage in the apartment development pipeline in Melbourne, paired with huge immigration forecasts over the next decade, has had property advisory giant Charter Keck Cramer predict huge growth for the <a href="/developments/melbourne-vic">Melbourne off the plan apartment market</a>.

Charter Keck Cramer said this week that, despite the current difficulties in the marketplace which have stemmed from the aggressive interest rate rises over the last 18 months, there are a number of reasons why apartment values will go up.

"There are a number of fundamental reasons that support the thesis that off the plan apartment value rates across the entire apartment market in <a href="/developments/melbourne-vic">Melbourne</a> will simply have to recalibrate upwards over the next 12 months," Charter Keck Cramer's research report authored by their Research and Strategy team Richard Temlett, Ben Carter, and Charlotte Tolfree read.

[smartcode_project:default project_id=112174 project_image_fid=199599]

Their analysis of apartment projects across 10 <a href="/developments/melbourne-vic">Melbourne suburbs</a> shows that&nbsp;several of those that have been released over 2023 have increased their off the plan value rates by +15 per cent to +25 per cent. That's in comparison to pre-COVID off the plan value rates of apartments of the same size in earlier stages of the same development or in comparable projects in the same locations.

They added a caveat however, suggesting that not every project in every location would be able to revise rates upwards.

"At present, the ability to increase value rates comes down to the developer, brand, location and respective target markets."

They believe the buyer market will have to accept the new pricing structure, given it is unlikely that land values will fall substantially, nor will building costs fall dramatically.

<h2>Interest rates and consumer sentiment</h2>

Charter Keck Cramer said the 400 basis point rise since April 2022, which has both dampened purchaser sentiment and cut purchasing power by around 40 per cent, has seen buyer cohorts move into a different property bracket.

"When rates were at 0.1%, all potential buyers had much higher purchasing capacities. A segment of this cohort had the capacity to purchase a detached house or a townhouse whilst another segment that had the capacity to purchase an apartment.

[smartcode_project:default project_id=5495 project_image_fid=210547]

"With rapid rate rises, there is anticipated to be a “shuffle” downwards (trade-off) where many buyers are forced to trade into medium and higher density dwellings as dictated by their revised finances.

"For those that do not wish to buy, or now cannot afford to buy, will still need a place to live. This in itself provides renter demand which will be attractive to BTS apartment investors (as well as Build to Rent operators)."

There also the renting buyer who is expected to speed up their purchase timelines given the rise in rents over the last 12 months. They expect almost all of these potential buyers will seek the most affordable product type, which will be apartments.

<h2>Supply Imbalance</h2>

While Charter Keck Cramer prepares it's&nbsp;State of the Apartment Market report for H1-2023, the key take away is that&nbsp;supply remains at incredibly low levels.

"When this is read in light of population growth being at decade highs, it is no surprise that vacancy rates are incredibly low and rents are rising so quickly.

<img alt="Melbourne supply" data-entity-type="file" data-entity-uuid="3cc52365-efac-40d9-bb07-00d9938cb47e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-07-21%20at%2010.58.55%20am.png?VersionId=r6aa0O4FUpEfD_wEqQl078dOfISsfsHN" />

"It is also an explanation for why Charter Keck Cramer feels that there will be a floor under price falls (if any) of established apartments, and also a fourth reason why we believe new apartment pricing will need to adjust upwards and will be supported by the buyer market."

<h2>Construction costs and land values</h2>

The advisory firm said that while construction costs are starting to slow, their feedback from builders in the industry is that it is unlikely they will ever revert to pre-COVID levels. They also say that there is going to&nbsp;continue to be substantial competition and demand for labour given the city-shaping infrastructure projects being completed across <a href="/developments/melbourne-vic">Melbourne</a> over the next few years.

"This stands to keep construction costs elevated in the short, medium and longer term."

[smartcode_project:default project_id=27554 project_image_fid=214531]

There's also the expectation that land prices are unlikely to fall substantially, if at all, given the extremely restrictive planning system across <a href="/developments/melbourne-vic">Melbourne</a>.

"Our investigations with many sales agents suggest that well located quality sites are highly sought after and are increasing in value given many developers are aware of the substantial supply / demand mismatch occurring across Melbourne.

<h2>2023 Apartment Value Rates</h2>

Charter Keck&nbsp;Cramer collaborated with their valuer colleagues and sampled several BTS apartment projects of varying scale across 10 suburbs in <a href="/developments/melbourne-vic">Melbourne</a> of similar scale that have been launched for sale to market in H1-2023. That's allowed them to&nbsp;understand the relative change in off the plan value rates in projects as at 2018 and 2019 (pre-COVID) compared to 2023.

They used the two-bedroom, two-bathroom product as it was the most popular and allowed the most meaningful comparison to be made.

They found that off the plan value rates have increased by +15% to +25% in several projects.

[smartcode_project:default project_id=342 project_image_fid=169551]

"We remind the industry that quite simply, people need a place to live. Given the shortage of supply and substantial demand for housing there is going to continue to be a large mismatch between supply and demand for housing across Melbourne over the next 2-4 years.

"At present, it is apparent to Charter Keck Cramer that the ability to increase off the plan value rates (and by how much) comes down to the developer, brand, location and target market.&nbsp;Some projects have increased value rates by only +2% to +5% whilst others have increased them by amounts greater than +25%."

Charter Keck Cramer's view is that&nbsp;in <a href="/developments/melbourne-vic">Melbourne</a>, the pre-COVID off the plan value rate of $10,000 per sqm is now closer to $12,000 per sqm, whilst the pre-COVID off the plan value rate of $12,000 per sqm sqm is now closer to $14,000 per sqm.

"This requires a change in mindset that needs to be led by the development and financer industry after which it is anticipated that the buyer market will follow given they have limited other alternatives in the current market."

<h2>The Outlook</h2>

Charter Keck Cramer believe the buy to sell apartment market in Melbourne is in the process of being pulled forward.

"Charter Keck Cramer has spoken about the structural changes in living preferences that are occurring across <a href="/developments/melbourne-vic">Melbourne</a>. These structural changes include the take up of apartment living, and also renting and renting for longer.

"It is Charter Keck Cramer’s view that the flow on effect of the pandemic described above has meant that the maturity of the BTS apartment market in Melbourne is in the process of being pulled forward (or “jumping”) by a property market cycle (i.e. 7-10 years). This will continue to play out over the next 12 months."

They say part of the&nbsp;pull forward in market maturity (evolution) will be that larger numbers of occupiers embrace living in apartments as well as the buyer market accepting higher prices for BTS apartments as this product type continues to become more mainstream. &nbsp;

"The other critical part of this expedited apartment market maturity however is that developers will need to respond by delivering owner-occupier quality apartments. Some examples of these features include apartments with extra storage, lots of communal amenity, larger living areas, larger functional balconies and more 3 Bedroom apartments." 
 
Charter Keck Cramer also believes that the RBA is close to the top of the rate tightening cycle.

"When rates stabilise, it is anticipated that market demand will start to be expressed and sales rates will accelerate. When rates start to be cut, there is anticipated to be an extremely elastic response across the entire housing market with the BTS apartment market well poised to be a primary beneficiary for many of the reasons highlighted above.&nbsp; "

Charter Keck Cramer said this week that, despite the current difficulties in the marketplace which have stemmed from the aggressive interest rate rises over the last 18 months, there are a number of reasons why apartment values will go up.



Melbourne off the plan apartment values could spike 25 per cent: Charter Keck Cramer

Construction has now commenced on one of Fishermans Bend's most sustainable developments.

Developer Gamuda Land has appointed Crema Constructions for its 20-level apartment development, The Canopy on Normanby.

Jarrod Tai, General Manager of Gamuda Land in Australia said they chose Crema&nbsp;due to the complex needs of the build, particularly when bringing some Melbourne-first innovations to life.

"Its outstanding reputation in the industry aligns perfectly with our commitment to delivering world-class sustainably led projects.

"Crema’s unrivalled knowledge of the local Fishermans Bend area and the conditions of the site further solidified our decision to appoint them. We are confident that this collaboration will result in a remarkable development that surpasses the expectations of the community."

Working alongside the team at Gamuda Land, Crema will develop a ground source heat pump, installed within the building's foundation piles. The innovative technology will store and pull thermal energy from underground to reduce power bills and provide sustainable energy for the building.

Never before seen in a <a href="/developments/melbourne-vic">Melbourne residential setting</a>, the ground source heat pump will allow the team the opportunity to further develop it while providing social and financial benefits to occupants not found in other developments.

[smartcode_project:default project_id=136970 project_image_fid=208482]

Crema brings with them a wealth of expertise and a proven track record in the construction industry. Known for its commitment to excellence, innovation, and quality craftsmanship.

Crema’s in-house team is bolstered by accredited professionals experienced in design optioneering to test the embodied carbon &amp; operational carbon implications of different solutions. Utilising early engagement within the design process will allow the team to target the optimisation of key trade packages representing significant carbon contributions to the building.

To further complement the project’s sustainability focus, Crema will utilise its in-house concrete supplier, Piave Premix Concrete, who have developed green concrete mixes to inject the same levels of sustainability in each foundational facet of the development.

The site was purchased by Gamuda Land in 2022 for $24 million and will bring Melbourne-first sustainable initiatives to the forefront. Earlier this year, Gamuda Land Australia appointed Mann as the demolition contractor on the project to assist the developer in safely and efficiently dismantling the existing structures onsite.

[smartcode_project:default project_id=136970 project_image_fid=208483]

Mann was tasked with working to a 95 per cent recycled materials target. To ensure this could be met, Mann incorporated meticulous measurement processes, tracking all materials that leave the site on a per-tonne basis and carefully monitoring which materials go to landfill and which direct to recycling facilities.

Mann aims for a 100 per cent recycling rate across all its projects in line with its strong commitment to environmental consciousness. The demolition contractor actively contributes to the conservation of natural resources and the reduction of pollution.

This commitment directly aligns with the work that Gamuda Land is setting out to achieve across its numerous projects and is a major reason why the group was appointed, all underpinned by its distinct sustainability and conservation principles.

The Canopy on Normanby marks the second time Gamuda Land and Crema have collaborated, previously delivering the developer's inaugural <a href="/developments/melbourne-vic">Melbourne project</a>, 661 Chapel Street. The development went on to win best Commercial &amp; Residential Design at Architectural Design’s 2019 Good Design Awards.

With demolition now complete, early works by Crema are due to commence this month

[smartcode_project_cta:default project_id=136970]

Crema will be coming on board to assist Gamuda Land achieve its sustainably-led energy solutions at the project, bringing with it some Melbourne-first innovations

Gamuda Land and Crema Constructions break ground at The Canopy on Normanby

Central Equity's latest development, Parkhill Apartments, offers residents the ideal location on the fringe of the Melbourne CBD. Situated just minutes away from a range of amenities, the development provides the perfect balance between tranquility and urban living.

Residents are just a three-minute walk from&nbsp;Flagstaff Gardens. The famous Queen Victoria Market is also located within a short stroll, allowing residents to indulge in a variety of fresh produce.

For those seeking the energy of the CBD, Parkhill Apartments offers easy access to the hustle and bustle of the city. Within four minutes, residents can hop on a free tram that conveniently connects to RMIT, Emporium, and Melbourne Central.

[smartcode_project:default project_id=27406 project_image_fid=214768]

Flagstaff Train Station is also only a seven-minute walk away, providing further transportation options. Trams connecting to Melbourne University are also within an eight-minute walk, making it effortless for students to commute to and from campus.&nbsp;The Airport Skybus Terminal is also within an eight-minute walk, ensuring stress-free travel to and from the airport.

Sports enthusiasts will appreciate the proximity of Parkhill Apartments to Marvel Stadium, just an eight-minute walk away, while for those seeking retail amenity, iconic shopping precincts such as Emporium and Melbourne Central are both just minutes away from the steps of Parkhill.&nbsp;

[smartcode_project:default project_id=27406 project_image_fid=214791]

Parkhill Apartments also offers access to a range of educational institutions, making it an ideal choice for families. Within a short walk, prestigious schools such as Haileybury College City Campus, North Melbourne Primary School, and University High School are located.

Renowned universities like William Angliss Institute, RMIT University City Campus, Victoria University City Campus, and the University of Melbourne are also within proximity, all located within a 15 minute radius.

One and two-bedroom apartments can still be purchased in the completed development, with prices starting from $529,000.

[smartcode_project_cta:default project_id=27406]

On the doorstep of 408 Spencer Street: What's around Parkhill Apartments

There's only a limited number of two-bedroom apartments remaining in JL Property Development's <a href="/developments/malvern-east-vic-3145">Malvern East</a> project, Profile.&nbsp;

The completed residences have caught the attention of many homebuyers with their blend of <a href="/developments/melbourne-vic">Melbourne's coveted lifestyle</a> and expansive living spaces.&nbsp;

Drawing inspiration from the heritage homes that grace the <a href="/developments/malvern-east-vic-3145">coveted domain of Malvern East</a>, each residence has been crafted to enhance the lives of its occupants.

[smartcode_project:default project_id=4854 project_image_fid=35571]

The exterior of Profile features generous glazing, brass-like metal accents, and a glass balustrade which envelop the building, with a minimalist grey palette with white bands accentuating the project's horizontal profile. Striking a contrast, vertical textures create a point of difference, coupled with lush planters which pay further homage to the area's natural surroundings.&nbsp;

T3 Architecture designed the apartments to facilitate functionality, with well-proportioned open spaces flowing throughout each residence. The strategic placement of windows invites an abundance of natural light in, along with views and cross ventilation.&nbsp;

Location plays a pivotal role in the desirability of Profile.

[smartcode_project:default project_id=4854 project_image_fid=35574]

Situated in Malvern East, residents are spoiled for choice with a plethora of cultural delights just moments away. The renowned <a href="/developments/chadstone-vic-3148">Chadstone</a> Shopping Centre, the vibrant Eaton Mall in <a href="/developments/oakleigh-vic-3166">Oakleigh</a>, and the diverse dining options along Waverley Road offer an array of experiences to suit every taste.

<a href="/developments/malvern-east-vic-3145">Malvern East</a> is also well regarded for its abundance of green spaces, with numerous parks and reserves nestled within its verdant borders. The area also boasts a selection of some of Melbourne's finest educational institutions, cementing its reputation as a hub of educational excellence.

Each of the final apartments include one car space, with prices starting from $620,000.

[smartcode_project_cta:default project_id=4854]

Limited apartments remain in completed Malvern East development, Profile

The family-ran developer View Bank Homes, who specialise in Melbourne's Northside, have recently completed another project in <a href="/developments/heidelberg-west-vic-3081">Heidelberg West</a>, on the fringe of <a href="/developments/preston-vic-3072">Preston</a>.&nbsp;

The Bardia Street development comprises just eight oversized one and two-bedroom apartments,&nbsp;designed to seamlessly blend in with the existing character of the street and neighbouring parklands.

One of the key objectives behind Liberty's design was to create a strong sense of address, where the building becomes an integral part of the surrounding environment. Achieving this required a refined palette of materials, carefully chosen to mirror the colours found in nature.&nbsp;

[smartcode_project:default project_id=140801 project_image_fid=215335]

To ensure a visually appealing structure, Liberty is defined by a linear rhythm and strong articulation. The monochromatic palette of blockwork, charcoal render, and timber cladding adds a touch of elegance and sophistication to the building, while the use of night-sky nail strip cladding adds an industrial aesthetic, striking a balance between contemporary and classic materials.

Greenery has been incorporated to surround the building, softening the facade while paying homage to the nearby parklands and further enhancing the building's connection to nature.&nbsp;

Stepping inside Liberty, residents are greeted with a seamless connection between the indoor and outdoor areas. The living areas open up to outdoor entertainment spaces.

[smartcode_project:default project_id=140801 project_image_fid=215349]

The custom-built kitchens in Liberty have been designed to maximise storage and functionality. Deep soft-close drawers and cupboards offer ample space, while the inclusion of a floor-to-ceiling pantry adds an additional touch of practicality. The centrepiece of each kitchen is the splashback, carefully selected to create an expansive feel throughout the space.&nbsp;

Not stopping at the kitchens, Liberty's attention to detail extends to the custom-built cabinetry in the bedroom robes. Designed to optimise functionality, residents will find shelves, hanging space, and drawers thoughtfully incorporated, eliminating the need for additional cabinetry once they've moved in.

The one-bedders begin at an affordable price point in the completed development, priced from $430,000, while the two-bedders are priced from $499,000.

[smartcode_project_cta:default project_id=140801]

The Bardia Street development comprises just eight oversized one and two-bedroom apartments, designed to seamlessly blend in with the existing character of the street and neighbouring parklands

Blending into the surrounding environment: A look inside Heidelberg West's Liberty apartments

Prominent Bayside developer Lowe Living expanded their predominantly Bayside footprint when they started developing Larnook <a href="/developments/armadale-vic-3143">Armadale</a>, bringing their expertise of developing large apartments to owner-occupiers a little <a href="/developments/melbourne-vic">closer to the city</a>.

Collaborating with renowned architectural firm Warren and Mahoney, Larnook presents an exclusive collection of just 11 two and three-bedroom residences, including one grand penthouse, with the homes surrounded by verdant greenery by landscape architects Eckersley Garden Architecture.&nbsp;

The <a href="/developments/armadale-vic-3143">history of the area</a>, with its subdivided Victorian mansions and meticulously planned streets, serves as a catalyst for reimagining traditional aesthetics in a modern framework.

[smartcode_project:default project_id=106276 project_image_fid=169739]

Situated on the corner of Larnook Street and Orrong Road, Larnook <a href="/developments/armadale-vic-3143">Armadale</a> draws inspiration from the <a href="/developments/armadale-vic-3143">area's rich heritage</a>, paying homage to the grandeur and botanical beauty established by the historic Larnook Mansion in the 1800s.

The design philosophy of the building focuses on openness while maintaining privacy and filtering natural light into every apartment.&nbsp;With passive ventilation, a thoughtful material palette, and ample natural light, each residence becomes an anchor within the streetscape. The generous wrap-around balconies and terraces establish a physical connection between the apartments and the serene tree-lined neighbourhood.

Through a combination of materials, screening elements, planters, and well-established street trees, Larnook Armadale achieves a harmonious balance between transparency and seclusion.

Eckersley Garden Architecture has worked its magic by incorporating verdant planters and gardens that seamlessly blend with the existing tree canopies, creating a captivating interplay of light and shade, while floor-to-ceiling windows and doors dissolve the boundaries between indoor and outdoor spaces.

[smartcode_project:default project_id=106276 project_image_fid=169742]

The kitchens feature a suite of integrated Gaggenau and Liebherr appliances, natural stone benchtops, brushed nickel tapware, and stone-clad sculptural island benches, while the bathrooms boast floating marble-topped vanities, complemented by porcelain tiling surrounds and floors.

The feature tiling in the bathrooms reflects the allure of handmade effect tiles, while brushed nickel cylindrical tapware and fixtures add a final touch of refinement to the spaces. Select residences even include a feature bath, as well as heated towel rails in the master ensuites.

Remaining apartments start from 143 sqm of internal space and range in size up to the 436 sqm penthouse.&nbsp;

[smartcode_project_cta:default project_id=106276]

Collaborating with renowned architectural firm Warren & Mahoney, Larnook presents an exclusive collection of just 11 two and three-bedroom residences

Lowe Living's Larnook Armadale delivers fusion of tradition and contemporary sophistication

Only two-bedroom apartments remain in Goldfield Group's <a href="/developments/highett-vic-3190">Highett apartment development</a>, The Haven.

Designed as a retreat from the hustle and bustle of <a href="/developments/melbourne-vic">Melbourne</a> while being just 20 kilometres away, the Major Street development in the heart of the sought-after Bayside area has just 34 apartments.

[smartcode_project:default project_id=5123 project_image_fid=85889]

Situated conveniently close to transportation and the Highett Road Shopping Village, Haven's location on a quiet, no-through road ensures a peaceful sanctuary awaits residents after a long day.&nbsp;

Only an eight-minute drive away lies the prestigious <a href="/developments/sandringham-vic-3191">Sandringham</a> Yacht Club and a stretch of beachfront. In addition, the surrounding area boasts numerous parks, recreational facilities, and even a golf club.&nbsp;

The architectural design of The Haven apartments is a testament to the expertise of Taouk Architects, renowned for their contemporary homes and luxury apartments. Crafted to blend form and function, the external facade of The Haven exudes a bold, modern, and stylish aesthetic, while the interiors, designed by award-winning firm Studiomint, offer residents the freedom to personalise their living spaces according to their preferences.

[smartcode_project:default project_id=5123 project_image_fid=85890]

The well-appointed living and dining areas, characterised by open-plan layouts, provide ample room for relaxation and entertaining.

Each apartment comes with its own car parking space, reverse-cycle air conditioning in all living areas and bedrooms, stone benchtops, quality floorboards, and Bosch appliances.&nbsp;

With construction complete, the apartments are ready-to-move-in to, with prices starting from&nbsp;$530,980.

[smartcode_project_cta:default project_id=5123]

Situated conveniently close to transportation and the Highett Road Shopping Village, Haven's location on a quiet, no-through road ensures a peaceful sanctuary awaits residents after a long day

Final apartments on offer at Highett apartment development The Haven

It's becoming more and more prevalent for developers to go to the 'green side' when creating new projects.&nbsp;

Excelon Projects has done just that with their new <a href="/developments/brunswick-vic-3056">Brunswick development</a>, Two Eleven Sydney Road, collaborating with Six Degrees Architects to create a sustainability-first project.

Two Eleven Sydney Road combines elements of <a href="/developments/brunswick-vic-3056">old Brunswick</a> with modern design principles, resulting in a fusion of old and new.&nbsp;

[smartcode_project:default project_id=7872 project_image_fid=49400]

21 apartments sit atop a preserved low-rise heritage facade on Sydney Road.

Sustainability lies at the heart of Two Eleven Sydney Road, which is evident in every aspect of the development. From the careful selection of materials to the thoughtful design and orientation of interior spaces, every decision has been made with the environment in mind.

The building's commitment to sustainability is further reinforced by the inclusion of solar energy generation, water harvesting, and storage systems.

[smartcode_project:default project_id=7872 project_image_fid=49401]

The building has been designed and engineered to achieve a 7.5-star NatHERS rating, indicating its superior performance in terms of thermal comfort and reduced energy consumption. This rating places Two Eleven Sydney Road among the most environmentally conscious residential developments in the area.

Open-air lanes have been incorporated throughout, along with walkways and a rooftop terrace, with the spaces designed to encourage social interaction among residents.&nbsp;

The location itself of the project also provides an ideal opportunity for residents to engage with the vibrant atmosphere of one of Melbourne's <a href="/developments/brunswick-vic-3056">most energetic inner-city suburbs</a>.

Two Eleven Sydney Road, which has just 21 apartments, is 75 per cent sold.&nbsp;

[smartcode_project_cta:default project_id=7872]

Two Eleven Sydney Road, which has just 21 apartments, is 75 per cent sold

Sustainability takes centre stage at Brunswick's Two Eleven Sydney Road apartments 

The Melbourne-based architecture firm Elenberg Fraser has been recognised with multiple accolades at the 2023 Council on Tall Buildings and Urban Habitat (CTBUH) Annual Awards. The CTBUH celebrate architectural ingenuity, fostering innovation and transcending the boundaries of urban design.

C6 <a href="/developments/perth-wa">Perth</a>, a project designed by Elenberg Fraser's new research-led practice, Fraser &amp; Partners, has been honoured as one of 12 global recipients of a Future Project Award of Excellence.

<img alt="C6" data-entity-type="file" data-entity-uuid="3636fd5b-9282-46ed-9a69-58cfdf50e35c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-07-17%20at%203.06.10%20pm.png?VersionId=N626.VD8tMjxCkLdHRmfwU9wHVFH68z5" />

Elenberg Fraser Associate Director Lucas Menegazzo said the project began with the team facing an uncomfortable truth.

"Australia is one of the highest emitters of carbon per capita in the world, and the property industry is one of the key culprits," Menegazzo said.

"As a result, we felt we had a moral obligation to become agents of change within the industry."

The Future Project Award of Excellence&nbsp;acknowledges projects that shape the future of cities, challenge technical and structural boundaries and envision revolutionary urban landscapes.

Set to <a href="/news/wa/perth-set-for-world-first-hybrid-timber-tower-with-245-apartments">become the world's tallest timber tower</a> at 183 meters tall, C6 incorporates 3500 sqm of lush gardens, including floral, edible, and native elements as well as onsite energy production.

<img alt="C6 Perth" data-entity-type="file" data-entity-uuid="99acc281-dbb3-4d54-85cf-c29270e686b6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-07-17%20at%203.06.14%20pm.png?VersionId=IG4.1rDi73WaOyk.EJtrHMLsA6Tnee7g" />

Sustainably grown local produce for the building will provide food and beverage tenants with a tower-to-plate offer, whilst also offering residents a weekly seasonal produce box.

Further cementing Elenberg Fraser's reputation for inventive design, Premier Tower in Melbourne has been recognised with two awards for excellence: Best Tall Building in Oceania and Best Tall Building in the 200-299 meters category.

This fluid, amorphous structure, rising above Spencer Street at 79 storeys, has become a striking addition to Melbourne's skyline.

[smartcode_project:default project_id=2159 project_image_fid=77307]

Its complex form, featuring a vertical cantilever, achieves outstanding results in structural dispersion, frequency oscillation and wind resistance, seamlessly merging art and science.

Overlooking some of the city's most sought after views, the slender tower will soar 211 metres above Flagstaff Gardens when completed later this year. It will bring a much needed supply of 565 apartments, a mix of one, two and three-bedroom units. A number of the lower level apartments have already settled, as construction approaches its latter stages.

Merging the golden epoch of the past, the architects at&nbsp;<a href="/architects/fraser-partners-0" target="">Elenberg Fraser</a>&nbsp;have designed Aspire to bring a new chapter to Melbourne's history.&nbsp;

[smartcode_project:default project_id=2575 project_image_fid=21309]

Designed with a unique curved structure, the building features floor-to-ceiling glass and a bulging shape near the top, creating a facade that draws in light from every angle.

The convex and concave details accentuate the curvature of the tower, making it a magnificent sight to behold.

The apartments feature natural material selections with light and restrained colour palettes, which allow residents to connect with the delicate forms and textures.

The bespoke metal elements in the apartments reference precious metals from the gold rush era, while the split-stone surfaces hint at the verdant nature of the surroundings.

The Future Project Award of Excellence acknowledges projects that shape the future of cities, challenge technical and structural boundaries and envision revolutionary urban landscapes

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