Both buyer demographic and buyer preference is shifting across Melbourne, the&nbsp;recently released Apartment Essential Snapshot by research giant Urbis found.

Data showed 40 per cent of purchasers over the June quarter were investors, closer to levels observed in 2021 and 2022, rather than the last two years. Investors are no doubt driven by lower interest rates, and the fact Melbourne has slipped to become one of the most affordable capital cities in the country.&nbsp;

Developers and project marketers are currently reporting a high number of interstate investors in particular across the board, who are priced out of the investment markets in Sydney and South East Queensland.

<img alt="Urbis" data-entity-type="file" data-entity-uuid="6d1bca0c-2d65-4b8f-9203-fbb4934c1e69" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-09-24%20at%201.41.19%E2%80%AFPM.png?VersionId=mFL2Oa1qD6OBGSZweCM7aT5VEmgd8jWG" />

While investors showed signs they are back in the market in Melbourne, there has been an ongoing shift towards larger-scale apartments from developers, targeting the downsizer, a demographic relatively under serviced until recently.

Three-bedroom apartments are now being sought just as much as one-bedroom apartments, which is prompting a seismic shift in the make-up of new buildings.&nbsp;

<img alt="Urbis" data-entity-type="file" data-entity-uuid="40962ec9-fd32-4e32-9605-5f1066c913c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-09-24%20at%201.47.09%E2%80%AFPM.png?VersionId=KoUoPDQNKgKNPFKQf0Fr.8YRtnMlaYSb" />

&nbsp;

Melbourne's off the plan apartment market has been buoyed by the abolition of stamp duty on new and off the plan apartments, which was extended earlier this year to October 2026.&nbsp;The concession allows buyers, including investors, to deduct construction costs from the dutiable value of the property, lowering entry costs and stimulating demand.

Also assisting in demand in the new space is the increased in demand, and turn around of price growth, in the established sector.&nbsp;Clearance rates in Melbourne improved five percentage points in the quarter, pointing to a greater appetite for the state to transact on property, an appetite that had waned in recent years.

Urbis noted that sales speeds are increasingly aligning across Sydney and Melbourne, with under-construction projects in particular securing quicker commitments from buyers. This suggests heightened confidence in delivery, despite ongoing construction industry uncertainty.

Pipeline lifts, but remains subdued

After several years of record lows, Melbourne’s apartment pipeline is beginning to recover.

Nationally, annual completions are forecast to rise to 23,350 apartments per year between 2025 and 2027, 21 per cent higher than the 2021–2024 average, but still 35 per cent below the 2016–2020 cycle.

Prices continue to trend upward

Pricing remains on a steady incline, with Melbourne in line with the national average of $16,400 per square metre. That figure reflects a 14 per cent annual increase and a consistent 10 per cent per annum growth since 2021, driven by rising construction costs and the market’s shift toward higher-value product.

While the overall supply pipeline remains materially below long-term averages, the Q2 figures suggest Melbourne is “creeping off the bottom.” Investors are returning, sales rates are accelerating, and developers are again lodging applications for larger projects.

Together, these trends indicate a market cautiously regaining balance between buyer demand and supply delivery.

Joel Robinson

Investors return to Melbourne off the plan apartment market as buyers lean towards three-bedroom homes: Urbis

New apartment developer&nbsp;<a href="https://www.apartments.com.au/developers/casa">CASA</a> has appointed <a href="https://www.apartments.com.au/builders/decode">Decode Group</a>&nbsp;to build The McLaren, their newly launched North Sydney project.

Decode’s appointment marks CASA’s second builder engagement this year, reflecting what the company says is “the momentum of our business and the dedication of the incredible team working to bring The McLaren vision to life.”

[smartcode_project:default project_id=141323 project_image_fid=3191]

The appointment follows demolition works on site and strengthens a delivery team that also includes architects Bates Smart and landscape designers 360 Degrees.

<a href="https://www.apartments.com.au/new-apartments/the-mclaren-north-sydney-45-mclaren-street-north-sydney-nsw-2060">The McLaren</a> will rise 14 storeys in a stepped form, cascading towards a sculpted rooftop garden with panoramic views of Sydney Harbour and the CBD. It will have 71 apartments.

<a href="https://www.apartments.com.au/architects/bates-smart">Bates Smart</a>’s design draws on the site’s heritage context, with the podium referencing North Sydney’s fine-grain character and adjacent conservation areas.

&nbsp;

[smartcode_project:default project_id=141323 project_image_fid=3194]

Offering a mix of one- to four-bedroom apartments, more than half of the residences are three-bedroom layouts aimed at downsizers. Interiors feature Gaggenau appliances, natural stone benchtops, and palettes inspired by the local landscape.&nbsp;

A rare selection of terrace homes has also been designed to echo the scale and materiality of nearby Victorian dwellings.

Residents will have access to a suite of amenities, including a rooftop garden, private dining room with wine cellar, and lounge spaces. A new through-site pedestrian link and ground-floor retail will further integrate the project into its local setting.

&nbsp;

[smartcode_project:default project_id=141323 project_image_fid=3196]

Positioned moments from the new Victoria Cross Metro Station, The McLaren offers one-stop connections to the Sydney CBD while retaining the character of a Lower North Shore village lifestyle.&nbsp;

Nearby amenities include North Sydney Oval, Wendy Whiteley’s Secret Garden, Greenwood Plaza, and elite schools such as Wenona and Loreto.

Construction on The McLaren is set to commence shortly, with Colliers managing the sales process.

CASA was established in 2010 as a private real estate fund backed by global institutional investor GFM, and has recently expanded its residential pipeline nationally with projects in Sydney and Melbourne.

[smartcode_project_cta:default project_id=141323]

Construction on The McLaren is set to commence shortly, with Colliers managing the sales process

CASA appoints Decode to build The McLaren in North Sydney

The quiet suburb of Thornbury is set for a rare new injection of new apartments, with plans to convert a&nbsp;prominent corner site on High Street into a seven-storey, mixed-use development that combines modern apartment living with an activated street frontage.&nbsp;

Positioned at the intersection of <a href="https://www.apartments.com.au/new-apartments/716-high-street-thornbury-vic-3071">High Street and Rossmoyne Street</a>, the proposal reflects a broader trend of mid-rise intensification across Darebin’s key tram corridors.

Lodged by <a href="https://www.apartments.com.au/developers/antipodean-land-developments">Antipodean Land Developments</a> under the VIC Development Facilitation Program, the application proposes a mix of commercial, retail and food and drink tenancies at ground level, with 71 apartments above, and a basement level below.&nbsp;

<img alt="712-716 HIGH STREET THORNBURY VIC 3071" data-entity-type="file" data-entity-uuid="e7b12b74-089b-4c31-ba7a-409ed9dec57e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/perspective_0.png?VersionId=j4eLev8RkQn9GsxwNWP6Q_aqF.9Yv9LK" />

Antipodean Land Developments brings a track record of design-led, sustainable projects, with their recent collaborations including Balfe Park Lane and Neighbourhood, delivered alongside Kerstin Thompson Architects and Breathe Architecture.&nbsp;

For the Thornbury site, the team has partnered with award-winning studio <a href="https://www.apartments.com.au/architects/austin-maynard-architects">Austin Maynard Architects</a>, whose design approach continues their commitment to socially responsive, climate-conscious urban infill.

The architectural scheme&nbsp;introduces a mid-rise built form articulated by low street walls and upper level setbacks, aiming to create a human-scaled interface along both High and Rossmoyne Streets. The Design Report prepared by Global South highlights suggested a key design feature is the&nbsp;chamfered corner treatment, which "marks a civic corner at a significant local intersection."

The building form tapers toward the sensitive eastern boundary, responding to neighbouring residential properties and local heritage elements including St Mary’s Church and the adjacent Salvation Army Hall.

<img alt="Thornbury" data-entity-type="file" data-entity-uuid="8ca6b38a-d66a-4ad6-9a29-e5ddcbc62f9e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-09-25%20at%208.22.58%E2%80%AFAM.png?VersionId=6rpne1JM42XwtkPrEH5zmTF4zrstIppA" />

&nbsp;

The development will deliver 71 apartments across a mix of one-, two-, and three-bedroom configurations, including 10 dwellings dedicated to affordable housing.&nbsp; Residents will have access to communal rooftop and podium-level terraces, along with improved pedestrian access through widened verges and landscaped zones.&nbsp;

The proposal for seven storeys exceeds the recommended five-storey height limit, however Ratio Consultants argues in its Town Planning Report&nbsp;the high degree of articulation and context responsive design of the building ensures that there is no excessive visual bulk. They add that there&nbsp;are various examples of mixed-use development north-south of the subject site which demonstrate overall development height in excess of five storeys.

First look: Antipodean plots mid-rise, mixed-use development on Thornbury's High Street

The $3 billion redevelopment of the Moonee Valley Racecourse is going from strength to strength.

Fresh off the back of launching the fifth stage, The Eveline, developer Hamton and joint venture partner Hostplus have revealed the sixth stage of the booming masterplan.

They're proposing five more buildings in what is being called the Cox Plate Precinct, with around 1,100 new residences. There will be two build-to-sell apartment buildings, two build-to-rent building, and a hotel.

The buildings will range in height from 10 to 25 storeys, and 10 per cent of the dwellings will be allocated to affordable housing.

Complementing the residential offering is over 3,000 sqm of retail space, including a circa 800 sqm supermarket, and 4,100 sqm of commercial office space. The hotel will deliver 184 rooms with ground-floor activation via lobby and retail uses.

The Cox Place Precinct is located on existing racecourse infrastructure including the grandstands, horse stalls and parade ring. The stage will further expand Tote Park, that was completed in 2020.

<img alt="MVP" data-entity-type="file" data-entity-uuid="fbcf5c9a-d888-43f4-8477-699e71e05a66" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-09-24%20at%2012.22.11%E2%80%AFPM.png?VersionId=CrmaFDZFjGB5V3UGXOW1mkmBtvN4KUyC" />

Architects DKO, Nelson + Koo, and FK Australia, have collaborated on the Cox Place Precinct, alongside landscape architect Tract.

The two build-to-sell buildings, Grandstand North and South, will overlook the racecourse. Grandstand South will be a distinct tower form broken by vertical greening, and comprise around 366 apartments.

<img alt="Grandstand South" data-entity-type="file" data-entity-uuid="0c6f9702-dfc2-467d-8b67-5b3fdb124c16" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-09-24%20at%2012.23.22%E2%80%AFPM.png?VersionId=Yh5OH8EIUy3BNc78Fx6Jp3QNMQXrLXMj" />The proposed stepping of the facade of the Grandstand South building

Grandstand North will present as a larger, slender tower, and home 191 apartments.

"Grandstand North presents as an opportunity for a placemaking marker at a significant intersection on the ground plane where Cox Place opens up to the racetrack," the Urban Design Report read.

"The unique oval form orients apartments and their view lines to the CBD and seeks to create a distinctive silhouette amongst the overall skyline composition of the Moonee Valley Precinct buildings. The oval form meets the ground plane to announce building entry and interlocks with the stepped and geometric expression of the podium levels as they extend along Cox Place."

<img alt="MVP" data-entity-type="file" data-entity-uuid="952f3838-3aba-445a-b440-ef78b4052e53" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-09-24%20at%2012.39.03%E2%80%AFPM.png?VersionId=0UGBPkv9Ed55YflyjJRt3o4FU7e6.eaL" />The plans for the Grandstand North tower

The joint venture submitted their proposal to VIC Planning in May. It will cost just over $850 million to deliver the five buildings. A build partner has yet to be named.

They anticipate to start construction on the two residential buildings in Q3 2028, pending approvals.

"We are excited to be working through the planning process for this next stage at Moonee Valley Park,"&nbsp;Hamton Managing Director Matt Malseed said.

"We are crafting a unique mixed-use precinct, and this collection of buildings will unlock further significant new housing supply for Melbourne’s inner northwest."

MVP's fifth stage, The Eveline, recently launched to the market. The two buildings,&nbsp;The Eveline East and The Eveline West, introduces a biophilic architectural approach by sought-after architecture practice&nbsp;<a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a>.

Positioned at the centre of the precinct and surrounded by 20 hectares of green open space,&nbsp;<a href="https://www.apartments.com.au/new-apartments/the-eveline-33-dean-street-moonee-ponds-vic-3039">The Eveline</a>&nbsp;draws on the site’s natural and historical context.&nbsp;

Stage Six Snapshot

Grandstand North: residential housing (build to sell), commercial offices, retail (including a supermarket/grocery store)

Grandstand South: residential housing (build to sell), retail and food &amp; beverage (including signature venue)

Cox Place North: residential housing (build to rent), retail fronting Cox Place

Cox Place South: residential housing (build to rent), retail fronting Cox Place and Tote Park

Stables West: Hotel accommodation with some retail incorporating heritage stables.

First look exclusive: Hamton and Hostplus reveal sixth stage of Moonee Valley Park masterplan

A major redevelopment is on the cards for one of Sydney’s most recognisable inner-city blocks, with <a href="https://www.apartments.com.au/developers/salter-brothers">Salter Brothers</a> lodging plans for a new mixed-use precinct at the long-standing Potts Point Holiday Inn site.

Located at 203–225 Victoria Street, the proposal would see the transformation of the prominent Kings Cross-adjacent site into a contemporary residential-led development incorporating tourist and visitor accommodation, commercial space, and a renewed retail offering.&nbsp;

The application was recently declared a State Significant Development by the NSW Government, recognising its potential to contribute meaningfully to housing supply and urban renewal efforts across Greater Sydney.

Salter Brothers acquired the Holiday Inn Potts Point in 2023 as part of its broader $2 billion hotel portfolio and has since turned its attention to repositioning the asset as a key component of the emerging Kings Cross urban precinct.&nbsp;

<img alt="One Kings Cross" data-entity-type="file" data-entity-uuid="20981833-cd80-480a-a068-2adc222c8bfe" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/sustainable1.jpg?VersionId=kYtPZPkYoPu3v9Qb1BrI10SOKrZVrzAx" />

The proposed redevelopment will be known as One Kings Cross, and is being framed as a "village-style precinct" that blends residential, cultural, and commercial uses above and around Kings Cross Station.

According to preliminary plans, One Kings Cross is expected to deliver between 250 and 300 apartments across a range of low-, mid- and high-rise buildings.

Around five per cent of the dwellings will be allocated as on-site key worker housing, supporting essential service workers in sectors such as healthcare, education, hospitality, and emergency response.

Approximately one-third of the site, equal to about 1,500 sqm, is earmarked for new publicly accessible laneways, a civic square, and pedestrian connections.&nbsp;

A standout element is the proposal to deliver the first new public square in Kings Cross in over a decade, linked to a revitalised entry to Kings Cross Station from Victoria Street.

<img alt="One Kings Cross" data-entity-type="file" data-entity-uuid="92176992-e61a-4f1e-acc7-c36eb112a4d2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/sustainable2.jpg?VersionId=7GfotQCJJMn1HtM0mTBE6kggZFy2QJsk" />

Design responsibilities have been entrusted to <a href="https://www.apartments.com.au/architects/bates-smart">Bates Smart</a> and <a href="https://www.apartments.com.au/architects/neeson-murcutt-architects">Neeson Murcutt Neille</a>, working in collaboration with landscape architect <a href="https://www.apartments.com.au/landscape-architect/aspect-studios">Aspect</a> and Connecting with Country consultants Bangawarra. Arup is leading the engineering and transport interface.&nbsp;

The design intent is rooted in local character, prioritising permeability, public activation, and architectural diversity. As outlined in the early proposal documents, the built form will be broken into varied typologies to “encourage different building types to be delivered on site and make it a unique precinct”.

Retail activation is also central to the vision, with 3,000 sqm of dining and lifestyle-focused commercial space proposed across laneways and street frontages.&nbsp;The integration of a new station portal is expected to improve pedestrian flow and visibility, reinforcing the Kings Cross gateway as a vibrant transport and lifestyle node.

If approved, One Kings Cross will represent one of the most significant transformations of the area since the completion of Omnia in 2018, just across the road.

Salter Brothers plans One Kings Cross, mixed-use redevelopment of the Potts Point Holiday Inn

St Kilda West

<html><body>
Former Target boss Stuart Machin has sold his turn of the century St Kilda West home for $4.2 million having moved home to the UK.
The Boom Style Victorian home cost Machin $3.3 million when he was the chief of operations at Coles supermarkets.
Set on 310 sqm near St Kilda Harbour, the Mary Street home came with a contemporary Matt Gibson-designed extension.
The three bedroom home features a bluestone terrace with a rear guest house.
Marshall White Port Phillip agents Sam Hobbs and Michael Paproth sold the home.
Now with Steinhoff, Machin spent three years as the Target managing director before departing the retailer last year.
This article first appeared in The Weekend Australian Mansions Australia section.
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St Kilda West

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