Melbourne off the plan townhouses

Melbourne developer MunCorp has quickly sold half of its newest residential development in Blackburn.

MunCorp’s flagship <a href="https://www.urban.com.au/new-townhouses/blackburn-quarter-3-whitehorse-road-blackburn">Blackburn Quarter</a>, a collection of three and four-bedroom townhomes, have been snapped up by locals following their recent launch.

The townhouses at 3 Whitehorse Road, on the border of Box Hill, started from just under $1 million.

MunCorp collaborated with the leading architectural and interior design firm&nbsp;<a href="https://www.urban.com.au/architects/cera-stribley-architects">Cera Stribley</a>&nbsp;to design each residence with contemporary and natural fusion and a harmonious balance of aesthetics and functionality.

MunCorp is focused on providing high-quality affordable housing solutions in Melbourne, specialising in developing townhouses and house and land projects that meet the needs of the local community and promote a high quality of life for residents.

They are committed to making their homes accessible to a wide range of buyers, including first home buyers, downsizers, and investors.

MunCorp Managing Director Jake Munday said the company is&nbsp;doubling down in 2024 to grow our pipeline to $400 million delivered in the next four to five years.

“We are bullish on the Melbourne market with townhouse and house and land product in the right areas," Munday says.

"Our developments are located in some of the most desirable areas in Melbourne, providing easy access to public transport, schools and other amenities.

“We believe that our homes should be more than just a place to live, but a community where residents can thrive.”

[smartcode_project_cta:default project_id=2725]

Urban Editorial

Muncorp quickly sell half of Blackburn Quarter townhouses

Builder developer&nbsp;Burbank Urban has launched a limited release of homes in its new townhouse development in the heart of Camberwell.

No.1 Camberwell comprises 16 three and four-bedroom free-standing and semi-detached homes starting from $2.3 million.

More than half of the homes sit on large corner lots with&nbsp;spacious courtyards and multiple perspectives, while over half of the 5,000 sqm plus site at 1 Cooloongatta Road, just off Riversdale Road, is dedicated to greenery and open space.

<img alt="No.1 Camberwell launch - back" data-entity-type="file" data-entity-uuid="a85c9b8a-9852-46f1-b6c5-3fa932348ee2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/No.1%20Camberwell%20back.jpg?VersionId=SGlqEV0Ro2yGpAcEjPKPU_jT3xBPoZSU" />

Designed by <a href="https://www.urban.com.au/architects/genton">Genton</a>, each home at No.1 Camberwell showcases a rare proposition in a premium location - unique architectural style, premium finishes, and diverse floor plans.

“We strove to design well-functioning, warm and inviting spaces that still have that grandeur and can impress,” Sylvanna Mitri, Interior Designer at Austin Design Associates, said.

<img alt="No.1 Camberwell launch - interior" data-entity-type="file" data-entity-uuid="1c97d765-ad07-40ab-8098-edbba86d4b9e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/No.1%20Camberwell%20interior.jpg?VersionId=GGTwBryblfGy74IYLLgiRph5VFS6X0g4" />

This approach is evident in the expansive high-ceiling rooms and large double-glazed windows that provide outlooks onto greenery.

Ben Scott from Ben Scott Garden Design said a standout feature of the homes is their serene, immersive outdoor spaces.

"Expansive and inviting, they extend each home far beyond four walls," Scott said.

<a href="https://www.urban.com.au/builders/burbank-urban">Burbank Urban</a>&nbsp;will be builder developer on No.1 <a href="https://www.urban.com.au/developments/camberwell-vic">Camberwell</a>.

&nbsp;

Burbank Urban launch No.1 Camberwell townhouses

With one in five Australians living in a multi-generational household, Melbourne developer Beulah has taken the concept of a future-proofed and multi-generational home to a new level with its newest project, <a href="https://www.urban.com.au/new-townhouses/brunswick-established-17-23-hodgson-street-brunswick">Brunswick Established</a>.&nbsp;

Recognising the significance of a home purchase for many individuals and the years to come, <a href="https://www.urban.com.au/developers/beulah-international">Beulah</a> aims to offer homes that seamlessly adapt to evolving lifestyles and cater to diverse needs – this allows purchasers to customise their homes to suit the stage of life they are currently in while acknowledging where they are heading.&nbsp;

Research from the UNSW City Futures Research Centre revealed that multi-generational living is on the rise with one in five Australians living in a multigenerational household; the most common complaint raised in multi-generational households is noise and lack of privacy. A large cohort driving this trend is men (54 per cent of men) and women (47 per cent of women) aged 18 to 29 years old still living under the same roof as their parents.&nbsp;

[smartcode_project:default project_id=8804 project_image_fid=221153]

Comprised of 23 two-storey townhouses, Brunswick Established offers multiple typologies of townhomes to suit different living requirements, allowing residents to grow in place - the majority include ground-floor bedrooms for accessibility while others provide a detached room separated by a courtyard.&nbsp;

On top of that, Beulah will enable purchasers of Brunswick Established to customise their homes to cater to different phases of life - from changing the flooring to accommodate a home gym, creating the perfect home studio or home office to creating a grandparent’s (or kids) retreat - no two homes will be the same.&nbsp;

Beulah's Executive Director, Adelene Teh, said that when they launched&nbsp;Tailored Living within <a href="https://www.urban.com.au/new-apartments/sth-bnk-by-beulah-southbank-60-southbank-boulevard-southbank">STH BNK By Beulah</a>, it received so much interest as purchasers were eager to create their own dream home by amalgamating floorplans.

"We took this approach and catered it to a suburb such as <a href="https://www.urban.com.au/developments/brunswick-vic">Brunswick</a>, where off the plan townhouses are few and far between. Purchasers are generally limited to choosing their preferred colour scheme and finishes when buying off the plan; we wanted to give them more flexibility to create a home that would grow with them.”&nbsp;

[smartcode_project:default project_id=8804 project_image_fid=221169]

In addition to longevity, Teh said multi-generational living arrangements can also offer opportunities to bolster psychological, social and financial well-being.&nbsp;

“From shared expenses in terms of utilities and groceries, family support during the early stages of starting a family or&nbsp; companionship through the later stages of life - there are multiple benefits to multi-generational living arrangements in terms of health and well-being.&nbsp;

“Other financial advantages include extending the home’s lifespan to the next generation and saving on significant renovations, ultimately reducing construction waste.”&nbsp;

[smartcode_project:default project_id=8804 project_image_fid=221160]

Further future-proofing the project, Brunswick Established will also become the first heritage townhome community to implement circular living in Brunswick.&nbsp;

Sustainable initiatives include being gas and fossil-fuel-free, solar panels for renewable energy and rainwater harvesting,&nbsp; 
energy-efficient lighting systems and appliances, and EV Charging infrastructure. Residents will also have access to an edible garden and composting facilities to assist in the continual growth of produce.&nbsp;

By taking a circular ecosystem approach, residents of Brunswick Established will reap the benefits socially, economically and environmentally, including lower energy costs and utility bills and a reduction in greenhouse gas emissions.&nbsp;

Designed by leaders in social and sustainable architecture, Six Degrees Director Peter Malatt said it was important to design homes that are built to last.&nbsp;

“These homes have been designed for resident’s well-being, allowing couples and families to ‘grow’ in their own homes while ensuring they meet their needs for generations to come. Purchasers usually experience multiple lifestyle stages within one home and we’re looking forward to seeing these unique homes come to life,” he said.

[smartcode_project_cta:default project_id=8804]

Further future-proofing the project, Brunswick Established will also become the first heritage townhome community to implement circular living in Brunswick

Beulah unveils future-proofed homes in Brunswick

Boutique property developer Gestalt Property has appointed award-winning builder with Brompton Construction to bring to life its mixed-used development Clyde Street.

<a href="https://www.urban.com.au/builders/brompton-construction">Brompton</a>&nbsp;won two Master Builders Associations Awards last year. Their work on&nbsp;14 Gleniffer Avenue, Brighton East, won the award&nbsp;for the Best Multi-Unit development between four to 12 units, while their build of 30 Rooding Street in Brighton won the same award in the 12 units plus category.

<a href="https://www.urban.com.au/new-townhouses/clyde-street-733-high-street-kew">Clyde Street</a>&nbsp;by <a href="https://www.urban.com.au/developers/gestalt">Gestalt Property</a>&nbsp;comprises 11 house-sized townhouses coupled with three apartments and retail spaces. There are just two one-bedroom apartments and a two-bedroom penthouse apartment in the <a href="https://www.urban.com.au/architects/ma-architects">MA Architects</a>-designed building.

[smartcode_project:default project_id=139984 project_image_fid=212833]

<a href="https://www.urban.com.au/project-marketer/jellis-craig-projects">Jellis Craig Projects</a> Director Stephen Bowtell says the townhomes offer everything a buyer could want, with a flexible floor plan for both families and downsizers to use as they wish.

MA Architects Associate Rachel McNally elaborated on the townhouses' design, mentioning two distinct types with differing living spaces.&nbsp;

"One has a living space on the ground floor with a connection to the street that’s a little bit more closed off and a focus on opening up into their courtyard. And then the other townhouse has living spaces on the first floor with a great aspect over the mature trees along Clyde Street," McNally says.

[smartcode_project:default project_id=139984 project_image_fid=212832]

Each townhouse comprises three bedrooms, two bathrooms, two living spaces, a car garage, and a storage room – sitting in gardens designed by landscape architect <a href="https://www.urban.com.au/landscape-architect/simon-taylor">Simon Taylor</a>. Taylor said he only had to look around the suburb for inspiration for the townhouse gardens.&nbsp;

Clyde Street is conveniently located within walking distance of a tram stop at the corner of High Street, providing easy access to Kew Junction, Richmond, and the CBD, just fifteen minutes away.

[smartcode_project:default project_id=139984 project_image_fid=212843]

Within a one-kilometre radius of the property, residents can find outdoor spaces for picnics, hiking, and sports, as well as some of the country's top schools, including St Anne's School, Kew East Primary School and Kew High School.

Construction for Clyde Street is due to commence in April 2024.

[smartcode_project_cta:default project_id=139984]

Construction for Clyde Street is due to commence in April 2024

Gestalt appoint Brompton to build Clyde Street development

Prominent Melbourne growth corridor developer Sivasli is well on track to complete a new collection of residences in their Sunbury masterplan.

They're over 80 per cent through the construction of <a href="https://www.urban.com.au/new-townhouses/elanor-sunbury-750-elizabeth-drive-sunbury">Elanor</a>, just 18 townhouses and single-level villas just in front of Harpers Creek. The small community will have direct pathway access to the creek,&nbsp;

The single-level, three-bedroom villas, situated on the street side of the Elizabeth Drive site, extend out to landscaped front and rear yards, while the townhomes, designed for the family buyer, span two levels and sit beside Harpers Creek and its walking trails.

[smartcode_project:default project_id=101342 project_image_fid=256980]

So far downsizing owner-occupiers from the local area have made up the bulk of enquiry, however, there have also been a few first home buyers and investors, looking to take advantage of the affordability benefits.

Each of the residences, designed by Petridis Architects, has three bedrooms and dedicated study rooms. The palette features natural and textured materials including&nbsp;warm timber joinery, oak-inspired floors, and Dekton stone surfaces.

The residences have also been appointed with energy-efficient appliances and initiatives, including rainwater harvesting, energy-efficient LED lighting, environmentally intelligent design for orientation and insulation, water-conscious fittings, and low-maintenance green spaces.

Prices for the townhouses start from $639,900.

[smartcode_project:default project_id=101342 project_image_fid=256984]

The location of the residences is proving to be a major drawcard for buyers, with not only the creek within walking distance, but the closest Woolworths being just 400 metres away.&nbsp; The <a href="https://www.urban.com.au/developments/sunbury-vic">Sunbury</a> Square Shopping Centre is just a seven-minute drive, while the Melbourne CBD is around 30 kilometres south of the townhouses.

<a href="https://www.urban.com.au/builders/zentos-construction">Zentos Construction</a> is working toward a mid-2024 finish to the townhouses, with off the plan buyers expected to move in by May 2024.

<a href="https://www.urban.com.au/developers/sivasli">Sivasli</a> has a long track record of delivering quality house and land and townhomes in some of Melbourne's strongest growth corridors. They recently completed Surrey Green in Sunbury and <a href="https://www.urban.com.au/new-townhouses/annabelle-laverton-vic-13-thomas-street-laverton">Annabelle in Laverton</a>.

They have projects coming up in Wyndham Vale, another growing area that is around 30 kilometres from the Melbourne CBD. It will be another project that is&nbsp;price sensitive to allow for both entry-level buyers as well as investors.

Their development pipeline also includes an upcoming project in <a href="https://www.urban.com.au/developments/corio-vic">Corio</a>, near <a href="https://www.urban.com.au/developments/geelong-vic">Geelong</a>.

The $100 million project, known as <a href="https://www.urban.com.au/house-and-land/edenville-estate-26-34-sharland-road-corio">Edenville</a>, will comprise over 100 new homes on a three-hectare block.

[smartcode_project_cta:default project_id=101342]

Joel Robinson

Sivasli approaches completion of Sunbury development Elanor

ASX-listed developer Cedar Woods has seen significant interest in their latest residential offering in Williams Landing, the 275-hectare masterplanned community in the City of Wyndham.

Over half of the first release of townhouses in the Addison Walk townhouse collection were snapped up on the first weekend of its recent launch.

The 33&nbsp;<a href="https://www.urban.com.au/new-townhouses/addison-walk-williams-landing-100-overton-road-williams-landing-vic">Addison Walk</a>&nbsp;townhouses will draw a wide variety of buyers given the options of either two, three or four-bedroom configurations across either two or three-level floor plans.

The strong result highlights the increasing demand for quality townhomes living in <a href="https://www.urban.com.au/new-townhouses/melbourne-vic">Melbourne</a>'s booming western suburbs - with the City of Wyndham notably one of the fastest growing regions in Australia.&nbsp;

<a href="https://www.urban.com.au/developments/williams-landing-vic">Williams Landing</a> has experienced strong population growth (42%) over the past five years, demonstrating its increasing popularity. Williams Landing has proven to be popular among families and young couples with the average occupants being 20-39 years old.

<img alt="Addison Walk Launch" data-entity-type="file" data-entity-uuid="7f1eca05-d88e-4a9c-9579-e28f6d47f52a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Addison%20Walk%20Launch.png?VersionId=EeFYL2QhFQtLJLBnYshZDot2HH4l3I_T" />

<a href="https://www.urban.com.au/developers/cedar-woods">Cedar Woods</a> Victorian State Manager James Bovell attributed the rapid up-take to Addison Walk's competitive pricing, a unique architectural design and the value proposition it offers for entry into the Melbourne property market.&nbsp;

“With the pressure of interest rates affecting purchasing power for a lot of home buyers, we are seeing more people turn to townhomes which offer well-appointed, contemporary living spaces at an attractive price point compared to traditional detached homes,” Bovell said.&nbsp;

“Townhomes can provide more possibilities for a diverse mix of homebuyers, delivering greater convenience and less maintenance with the added benefit of privacy. The Addison Walk release also provides the required space for the growing needs of many couples and families.”&nbsp;

<img alt="Addison Walk Launch - Living" data-entity-type="file" data-entity-uuid="425dd199-1fcf-4bb3-9c41-84ea07f31c84" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Addison%20Walk%20Living.png?VersionId=zUsgbmGt95Q9iEQ3N0Qnl_9ncdCPYmlB" />

Designed by <a href="https://www.urban.com.au/architects/dko-architecture">DKO</a>, the townhomes are designed to deliver seamless indoor-outdoor living and entertainment spaces, complemented by quality finishes. Kitchens come equipped with European appliances, stone benchtops &amp; splashbacks with timber-look flooring to kitchen &amp; living areas and bathrooms with curated porcelain tiling.&nbsp;

Sustainability credentials are also impressive with homes being all electric and built to a 6.5 star energy rating in line with Australia’s move towards more energy-efficient homes.&nbsp;

The townhomes are well-located in the heart of Williams Landing, a ten-minute walk from the Williams Landing train station, providing swift access to Melbourne's CBD in just 30 minutes. Surrounded by rich lifestyle amenities, residents can also enjoy proximity to Addison Park and Wetlands, the Williams Landing Shopping Centre, as well as multiple schools, childcare centres and restaurants options also located close by.&nbsp;

Bovell said great location and lifestyle amenities are what today’s home buyers expect.&nbsp;

Addison Walk townhomes launched with a starting price from $649,000, with civil construction slated to commence in mid-2024.

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Addison Walk townhomes launched with a starting price from $649,000, with civil construction slated to commence in mid-2024

Cedar Woods launch Addison Walk townhouses in Williams Landing's latest stage

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.

&nbsp;

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="https://www.urban.com.au/new-townhouses/glen-iris-vic">Glen Iris</a>' latest townhouse project, <a href="https://www.urban.com.au/new-townhouses/lori-1610-malvern-road-glen-iris">Lori</a> by <a href="https://www.urban.com.au/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="https://www.urban.com.au/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: Fraeda</h2>

<h3>Location: 57A Alfred Road, Glen Iris VIC 3146</h3>

<h3>Developer: Elmbury Property Group</h3>

Another boutique townhouse development, <a href="https://www.urban.com.au/new-townhouses/melbourne-vic">Melbourne</a> developer <a href="https://www.urban.com.au/developers/elmbury-property-group">Elmbury</a>'s <a href="https://www.urban.com.au/new-townhouses/fraeda-57a-alfred-road-glen-iris">Fraeda</a> stands out not only for its elegant design and prime location but also for its philanthropic mission, with $10,000 from each sale dedicated to supporting the Cure Brain Cancer Foundation.

The <a href="https://www.urban.com.au/architects/petridis-architects">Petridis Architects</a>-designed Fraeda is a boutique collection of four townhouses, which are more like freestanding homes, nestled on the tree-lined Alfred Road and are moments from the famous TOORAK Road shopping strip.&nbsp;

[smartcode_project:default project_id=113242 project_image_fid=219568]

Each freestanding townhouse comprises four bedrooms and three bathrooms, offering larger-than-typical outdoor areas compared to other townhomes.

The open-plan kitchen, living, and dining areas are designed for functional living, offering seamless connections to the outdoors through expansive full-height doors.&nbsp;

[smartcode_project:default project_id=113242 project_image_fid=219573]

Each residence also provides a secure two-car basement garage, with Home Four enjoying the largest garage space. A central staircase connects the basement, ground, and first-floor levels, with the option for buyers to add a lift for enhanced convenience.

Only one exclusive, freestanding townhouse remains available for the discerning buyer. Construction by builder <a href="https://www.urban.com.au/builders/first-avenue-homes">First Avenue Homes</a> is due to be completed in Q3 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="https://www.urban.com.au/new-apartments/galerie-glen-iris-1538-1540-high-street-glen-iris">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="https://www.urban.com.au/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="https://www.urban.com.au/architects/ewert-leaf">Ewert Leaf</a> and sits in landscaping by <a href="https://www.urban.com.au/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="https://www.urban.com.au/developers/werden-property-group">Werden Property Group</a>, <a href="https://www.urban.com.au/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="https://www.urban.com.au/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

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="https://www.urban.com.au/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

Prominent townhouse developer Metro Equity PG&nbsp;has doubled down on its townhouse portfolio in Doncaster.

<a href="https://www.urban.com.au/developers/metro-equity-0">Metro Equity PG</a>&nbsp;now has three townhouse developments across in&nbsp;<a href="https://www.urban.com.au/developments/doncaster-east-vic">Doncaster East</a>. Their latest release,&nbsp;<a href="https://www.urban.com.au/new-townhouses/arden-residences-18-amdura-road-doncaster-east">Arden Residences</a>, are strategically located within the East Doncaster Secondary College and Donburn Primary School zones, which is attracting families to the development.

The townhouses are designed for a large family. Each has four bedrooms across a three-level floorplan. The interiors feature light timber floorboards, custom joinery, concrete-look feature walls, and designer pendant lights.

[smartcode_project:default project_id=142485 project_image_fid=229777]

The open-plan layout connects the kitchen, dining, lounge, and north-facing outdoor areas, providing uninterrupted living and entertainment spaces.

Slim picture windows in the kitchens allow natural light to flood in, accentuating the stone benchtops with mirror splashbacks.

Master bedrooms feature plush carpets, ensuites, study nooks, and walk-in robes, all bathed in abundant natural light.

[smartcode_project:default project_id=142485 project_image_fid=229778]

Arden Residences is located at 18 Amdura Road, just down the road from the Tunstall Square Shopping Centre and a number of parks.

<a href="https://www.urban.com.au/developers/metro-equity-0">Metro Equity PG</a>&nbsp;has a string of townhouse and apartment developments across Melbourne and Jakarta, where the company HQ is located.

[smartcode_project_cta:default project_id=142485]

Arden Residences is located at 18 Amdura Road, just down the road from the Tunstall Square Shopping Centre and a number of parks

Doncaster East to welcome new townhouse development, Arden Residences

Developer M3 Group identified Reservoir, the growing suburb 12 kilometres north of Melbourne, as a prime location for their latest collection of contemporary townhouses.

They honed in on a pocket near Ruthven Station, on the fringe of the Reservoir activity centre as well as a stone's throw to Bundoora Park Public Golf Course, where they secured a number of development sites for three new townhouse projects.

Simply named after their street name, <a href="https://www.urban.com.au/new-townhouses/48-dundee-st-by-m3-group-48-dundee-street-reservoir">48 Dundee Street</a>, <a href="https://www.urban.com.au/new-townhouses/69-hickford-st-by-m3-group-69-hickford-street-reservoir">69 Hickford Street</a> and <a href="https://www.urban.com.au/new-townhouses/158-purinuan-rd-by-m3-group-158-purinuan-road-reservoir">158 Purinuan Road</a>, the trio of townhouse collection sit with a few hundred metres of each other.

[smartcode_project:default project_id=142462 project_image_fid=230651]

The townhouses have proven incredibly popular, in a suburb not known for new homes. The five two and three-bedroom townhomes at 48 Dundee Street have sold, while 69 Hickford Street offers just four three and four-bedroom townhomes. Two out of the four have been snapped up.

158 Purinuan Road offers the most affordable product, with four two-bedroom townhouses starting from $779,000.

[smartcode_project:default project_id=142461 project_image_fid=240516]

The townhouses have attracted a number of buyers given its proximity to Melbourne and easy connectivity by train or car.

The location of the townhouses have been a real stand out. They're located a short walk to both Dr&nbsp;Atkinson Reserve and JC Donath Reserve, the latter regional sports park with a skate park, exercise equipment and a kids playground. The Bundoora Park Public Golf Course is a 10-minute drive.

Residents will also have no shortage of food options with numerous eateries nearby, including Tre Bambinis Papillon's Pizza, Hi Italy Pizzeria, and Kusina ni Lola.

[smartcode_project:default project_id=142460 project_image_fid=240501]

The townhomes are just an eight-minute drive to the centre of Reservoir, where the train station is located surrounded by more restaurants, cafes, bars, and a Coles supermarket.

For prospective homebuyers who are looking for a home base that is close to schools, 69 Hickford St is adjacent to Reservoir Views Primary School, with Maharishi Elementary School, Reservoir High School, and the La Trobe University campus in close proximity.

Blair Property's Darren Blair is marketing the townhomes.

<a href="https://www.urban.com.au/developers/m3-consult">M3 is a one stop shop</a>. The developer builds its own projects through its construction arm, and their <a href="https://www.urban.com.au/architects/m3-design">M3 Design</a> team creates them.

[smartcode_project_cta:default project_id=142462]

M3 is a one stop shop. The developer builds its own projects through its construction arm, and their M3 Design team creates them

Melbourne off the plan townhouses

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