Nestled within the Martha Cove marina community, <a href="https://www.urban.com.au/developers/figurehead">Figurehead Group</a>’s Osprey development is a collection of 18 luxury coastal apartments that perfectly blend architectural elegance with its scenic surroundings.&nbsp;

[smartcode_project:default project_id=138447 project_image_fid=290648]

The multi-award-winning developer recently completed <a href="https://www.urban.com.au/buildings/osprey-safety-beach-15-martha-cove-boulevard-safety-beach">Osprey</a>, which was honoured with the Urban Developer’s Development of the Year award.&nbsp;

We recently toured the completed apartment with <a href="https://www.urban.com.au/project-marketer/projects-by-buxton">Projects by Buxton</a> director, Heath Thompson.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/dCCTNwG1VUU?si=dN3KMFSQnXQgmlxA" title="YouTube video player" width="560"></iframe>

Designed by <a href="https://www.urban.com.au/architects/wolveridge-architects">Wolveridge Architects</a>, the two and three-bedroom apartments are inspired by the marina setting, with curved architectural details capturing the essence of the coastal location.&nbsp;

The curved facades flow into the interiors, providing uninterrupted views of the marina both from inside the apartments and on the spacious balconies.

Entry to each residence is through a central lightwell breezeway, emphasising the indoor-outdoor design concept.&nbsp;

[smartcode_project:default project_id=138447 project_image_fid=290632]

Located less than 200 metres from the vibrant Martha Cove marina, residents can enjoy quick access to Martha's Table, the local café, wine bar, and Mediterranean restaurant that serves as a hub for the community.&nbsp;

Osprey’s proximity to <a href="https://www.urban.com.au/developments/safety-beach-vic-3936">Safety Beach</a> and the wider Mornington Peninsula further enhances its appeal, offering a blend of seaside living and easy access to surrounding attractions.

Osprey apartments are now complete and ready for new residents to move in.

[smartcode_project_cta:default project_id=138447]

Designed by Wolveridge Architects, Osprey's two and three-bedroom apartments are inspired by the marina setting, with curved architectural details capturing the essence of the coastal location. 

Joel Robinson

Inside Figurehead’s Osprey in Safety Beach: Urban’s completed apartment tour

The volatile nature of apartment approvals is continuing to hindering the national housing target to build&nbsp;1.2 million new well‑located homes over five years.

The number of dwellings approved fell 6.1 per cent in August to 13,991, after an 11 per cent rise in July, according to data released by the ABS.

The decline was fuelled by a 16.5 per cent fall in approvals for private dwellings excluding houses (such as townhouses and apartments), to be 6.1 per cent lower than one year ago.

This was mainly driven by a decline in high-density apartment approvals. There were 1,214 apartments approved in nine or more storey blocks in August, down from 2,504 in July.

Matthew Kandelaars, Property Council Group Executive Policy and Advocacy, said it is disappointing to see the number of approvals go backwards after growth in July.

“We need to increase the number of homes approved and ensure a strong pipeline of apartment supply, to drive towards our housing targets at scale,” Kandelaars said.

“But the reality is that it has never been more difficult and costly to get apartments out of the ground.

“Apartment-killer taxes and planning systems continue to stall housing supply at a time when we can least afford it.

“Over the past year, we approved nearly 9,000 fewer apartments and townhouses across the country than the in preceding 12-month period. We need that number to increase month on month to build the homes Australians need."

In New South Wales, approvals declined by 14 per cent over the 12 months to August 2024 to just 42,400. They are now 45 per cent below their September peak.

“The decline in approvals is a warning that the path to reach our state’s housing targets is getting steeper by the month,” said Stuart Ayres, CEO, of UDIA NSW.

This pressure continues to be felt across the whole state, and across all dwelling types. As UDIA NSW analysis shows, all typologies reported an annual decline, with apartments again showing the most dramatic of declines of 30 per cent over the last twelve months to just 10,300 approvals.

<img alt="New Building Approvals, NSW, Rolling Annual to August 2024" data-entity-type="file" data-entity-uuid="ff4c36ec-8788-4e6d-8776-9b1c4e37a3a4" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/unnamed_0.png?VersionId=rO6K6BlNWp9t3uf6ncykilGX4ANsvY2h" />

Source ABS: UDIA NSW 
<img alt="No of Building Approvals" data-entity-type="file" data-entity-uuid="1f56a5f2-4fe4-4a3f-a07d-eba8eb37da08" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/unnamed.jpg?VersionId=B.ag7p8G51AHHuKgYDdTBD5KYPmCR_8j" />

UDIA says it is continuing to advocate for more action to speed up the delivery of housing, including the Government adopting key recommendations made in the Productivity and Equality Commission’s Review of Housing Supply Challenges and Policy Options for New South Wales. The report called out the challenges of development feasibility, construction sector capacity, and a slow and inefficient planning system, which are all constraining the delivery of new housing.

The Productivity Commissioner’s report makes some common-sense recommendations that can unlock more housing supply more quickly and help us chart a course to deliver our housing targets.

The Commissioner confirmed the findings of UDIA’s recent. Making TODs Work research found that mid-rise apartment projects are largely unfeasible in most parts of Sydney and recommended a further increase in densities around the announced TOD sites, expanding them to 800m and adding more locations to the program.

“Doubling the permissible floor space ratio in the TOD 2 sites and greatly increasing density in other areas which are already zoned for high-density apartments will significantly increase the capacity of the industry to deliver housing," Stuart Ayres added.

Ayres also says an upfront Government investment now will be recouped through future developer contributions and state revenue like stamp duty, land tax and payroll taxes, which are only paid to the Government when new homes are built.

"The current business-as-usual approach of waiting years for developer contributions to accumulate, before there is enough available to start funding a handful of these housing-enabling projects, is clearly not delivering homes at the speed that communities need them.

Low apartment approvals hindering housing goals

Sunkin Property Group has revealed the next phase of its game-changing Highett community, Highett Common, following the success of the first two stages of the net-zero masterplan.

Currently building Highett Common's stage one and two, the former of which is 85 per cent sold, Sunkin is set to launch The Mews Collection, a trio of buildings with 185 one, two and three-bedroom apartments.

[smartcode_project:default project_id=108019 project_image_fid=300057]

The apartments will feature&nbsp;floor-to-ceiling glazed windows, to take advantage of the views of the surrounding parklands, as well as all-electric kitchens with stone surfaces, Bosch appliances, and induction cooktops.

Several apartments in the collection feature wrap-around terraces.

[smartcode_project:default project_id=108019 project_image_fid=300054]

The Mews Collection also includes the first luxury apartments within the precinct.

The 12 apartments, dubbed the Luxury Collection are a step up in design, with&nbsp;Gaggenau appliances, herringbone timber flooring, marble benchtops, and advanced home automation systems that are integrated with the Highett Common Connect app.&nbsp;

Buyers in the Luxury Collection will also receive a $12,000 styling&nbsp;consultation from <a href="https://www.urban.com.au/interior-designers/coco-republic-interior-design">Coco Republic</a> to further customise their interiors.

[smartcode_project:default project_id=108019 project_image_fid=300048]

The Mews Collection also introduces the first neighbourhood facilities that will be accessible to the wider Highett community.

There will be a new public library, part of the Bayside Community Facility, which will have study areas, rooms for community meetings, and a café.&nbsp;

Further amenity is provided for residents in the form of a lap&nbsp;indoor pool, gym, and a bookable private dining room.

[smartcode_project:default project_id=108019 project_image_fid=300074]

<a href="https://www.urban.com.au/new-apartments/highett-common-37-graham-road-highett">Highett Common</a> is part of an ambitious project to create Victoria’s first medium-density, net-zero community, located on a 9.3-hectare site in the heart of Highett, ideally position to take advantage of Highett Road's lively bar and restaurant scene. Future residents will also be in close proximity to Sandringham Beach, Highett Shopping Centre and Highett Train Station.

SK Construction has already been appointed to deliver the whole project, which will be home over 1,000 apartments and townhouses when complete in 2029.

[smartcode_project_cta:default project_id=108019]

The Mews Collection also includes the first luxury apartments within the precinct

Sunkin reveal The Mews Collection, Highett Common's latest release

Mosaic Property Group, has emerged as the buyer of the development-approved Kangaroo Point site offloaded earlier this year by Woolworths.

Woolworths development arm, Fabcot, had secured approval for an impressive shoptop housing development at <a href="https://www.urban.com.au/new-apartments/25-ferry-street-kangaroo-point">25 Ferry Street</a>, with 128 two and three-bedroom apartments located above a full-line Woolworths, BWS, and a cafe.

The apartments, across a 16-level building, will have city and river views.

<a href="https://www.urban.com.au/developers/mosaic-property-group">Mosaic</a> Founder and Managing Director, Brook Monahan, emphasised the long-term significance of the acquisition.

"This iconic site has been on our radar since 2016, known to many as a dormant opportunity burdened by years of challenges," Monahan said.

"After a thorough 12-month process, we are honoured to have been entrusted by Woolworths to bring this landmark site to life. It is a truly special location."&nbsp;

Monahan said Kangaroo Point has long awaited a project that introduced essential amenities while further elevating the area's architectural landscape.

"Our collaboration with Woolworths is rooted in a shared vision—to seamlessly integrate luxury living with retail convenience, ultimately enriching the lives of residents and the broader community."&nbsp;

The prime 3,197 sqm site in the Dockside precinct has been vacant for over three decades.

<img alt="Mosaic" data-entity-type="file" data-entity-uuid="df9f7789-14df-45fe-981e-4e143de640c9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-10-08%20at%208.59.58%E2%80%AFAM.png?VersionId=1DfNqWWDa_UzU0yzymoRhgGK0hgwvfCz" />

"This development is not just about reviving an inactive site—it's about creating lasting value for Kangaroo Point and aligning with &nbsp;Mosaic's long-term vision of delivering exceptional, enduring projects," Monahan added.

“We are looking forward to engaging with the local community to ensure they are well informed of our plans, and how we seek to complement and add value to the area. Our commitment is not only to deliver exceptional outcomes but to foster positive, long-term connections with the people who call this area home.”&nbsp;

The project has already sparked substantial interest, with Monahan noting a strong response within Mosaic's existing network.

"The level of excitement around this development signals its potential to be one of Mosaic's defining achievements to date.

“The Kangaroo Point Peninsula is one of the most tightly held and highly sought-after locations in Brisbane, and for good reason. It has one of the best, if not the best, walk scores in the city, made even stronger now with the completion of the green bridge and soon, with a full-scale grocery store on the horizon.” &nbsp;

Colliers secured the sale on behalf of Woolworths.&nbsp;

Troy Linnane, Residential Development Sites Director, noted that development-approved sites of this scale are very rare, particularly in Kangaroo Point, one of Brisbane's most sought-after riverside suburbs, which led to strong interest in the site from local developers.

True to Mosaic's unique end-to-end business model, the company will oversee the entire development process—from detailed design and construction to long-term asset management.&nbsp;

Since 2012, Mosaic has completed over 65 developments valued at well over $2 billion, with an additional $2 billion currently in its pipeline.

“Mosaic is very grateful to continue moving forward in a market that continues to face serious headwinds, and the delivery of high-quality built form has ground to a halt," Monahan said.

"It is by no means easy, and we are in no way immune to the challenges. Still, it is in many ways what defines our business: our ability to continue delivering premium developments, backed by disciplined processes and an unwavering commitment to our customers and the communities we serve."

Mosaic has submitted a minor change application to the existing scheme designed by Cottee Parker, collaborating with renowned Brisbane-based architects BDA.

Early works are expected to commence in 2025, with project completion slated for 2027.

Monahan said Kangaroo Point has long awaited a project that introduced essential amenities while further elevating the area's architectural landscape

Mosaic secures landmark Kangaroo Point development site from Woolworths

New report from leading Australian developer <a href="https://www.urban.com.au/developers/thirdi-group">Third.i</a> reveals that their one-of-a-kind residential development, Elevate Hume Place—situated above the newly opened Crows Nest Metro Station—offers a prime real estate opportunity with strong long-term value and high rental yields.

Research has revealed that over the past decade, suburbs along the Metro line have seen a 49 per cent increase in capital values, with <a href="https://www.urban.com.au/developments/crows-nest-nsw-2065">Crows Nest</a> experiencing a remarkable 79 per cent growth, driven by improved accessibility and future infrastructure potential*.

A review of 11 stations across Sydney shows that rental and sales prices for properties centrally located near these stations are, on average, 33 per cent higher than those on the periphery of the local government area*.

The convenience and lifestyle benefits associated with living near public transport make these properties highly desirable. Historical data shows that residential properties near transit stations consistently outperform the market in both rental rates and sales prices.

[smartcode_project:default project_id=142550 project_image_fid=297877]

In addition to local trends, global patterns indicate a growing demand for properties near public transportation.

In Tokyo, properties within a five-minute walk of major train stations enjoy a value premium of 20-30 per cent. while Shenzhen in China has seen residential property values increase by 17-23 per cent within a 400-600 meter radius of new metro stations.

These international examples underscore the potential for significant growth in property values for Elevate Hume Place, situated directly above Crows Nest Metro Station.

Crows Nest is not only benefiting from improved connectivity but is also poised for economic growth. The Metro Station is expected to attract new businesses and residents, bolstering the local economy. As more people flock to this well-connected area, property values are anticipated to appreciate further.

<a href="https://www.urban.com.au/new-apartments/elevate-hume-place-crows-nest-25-hume-street-crows-nest-nsw-2065">Elevate</a> offers 130 one, two, and three-bedroom apartments, thoughtfully crafted to foster social interaction through upscale communal amenities. Residents will enjoy seamless connectivity to the heart of Sydney, as demand for centrally located properties with superior transport access continues to drive growth for both buyers and investors.

Third.i Co-Founder Luke Berry says that the Metro will boost Crows Nest’s connectivity and accessibility, elevating its appeal and driving property values, while attracting new residents, visitors, and businesses to the area.

[smartcode_project:default project_id=142550 project_image_fid=297878]

“The Crows Nest Metro station is poised to become a catalyst for commercial growth and investment in the area," Berry says.

"The Metro will allow you to be in North Sydney, Barangaroo, and the CBD within minutes. It’s going to draw new and interesting people who want to explore the village, shop, consume and invest in the area."

Berry says&nbsp;Crows Nest offers a unique blend of urban convenience and community charm.

"With its prime location, excellent amenities, strong demographic profile, and now the Metro, it’s an ideal choice for both residents and investors seeking long-term financial gains."

The Crows Nest Metro Station has transformed connectivity for residents, placing Crows Nest just seven minutes from the CBD and four minutes from Chatswood. According to new data from the Australian Bureau of Statistics, the metro will also shorten the average one-way commute for Crows Nest residents by 18 minutes.

[smartcode_project:default project_id=142550 project_image_fid=297878]

In addition to improved connectivity, the Crows Nest Metro introduces several upgrades to the area, including enhanced pedestrian crossings, increased pedestrian capacity, bike parking, and bidirectional cycle links, all of which promote a more active lifestyle for locals.

These improvements complement the vision for Elevate Hume Place, a project conceived by Third.i and Phoenix Property Investors with interior and exterior architecture by <a href="https://www.urban.com.au/architects/woods-bagot">Woods Bagot</a>, who also designed the Crows Nest Metro.

“Elevate will cater to a variety of purchasers from first time owners and/or investors to downsizers and right sizers wanting to be close to the Crows Nest Village and all this has to offer in terms of lifestyle, amenity and long term value,” Berry added.

[smartcode_project_cta:default project_id=142550]

“Elevate will cater to a variety of purchasers from first time owners and/or investors to downsizers and right sizers," Third.i Co-Founder Luke Berry said.

Address	Suburb	State	Price Guide
9A Audley Street	Petersham	NSW	Over $1,100,000 SOLD $1.236m
1/37 Prince Street	RANDWICK	NSW	Over $1,150,000 SOLD $1.25m
129 Arthur Street	SURRY HILLS	NSW	Over $1,500,000 SOLD $1.67m
85 Waitara Parade	HURSTVILLE GROVE	NSW	Over $1,250,000 SOLD $1.4M
9/10 Aston Gardens	BELLEVUE HILL	NSW	Over $725,000 SOLD $865,000
44 Howard Street	RANDWICK	NSW	Over $1,700,000 SOLD $1.765m
54 Battye Avenue	BEVERLEY PARK	NSW	Over $1,300,000 SOLD $1.5m
106 Midson Road	EPPING	NSW	Over $1,400,000 SOLD $1.65m
5 Ian Avenue	NORTH CURL CURL	NSW	Over $1,700,000 SOLD $1.75m
33 Railway Parade	WOONONA	NSW	Over $700,000 SOLD $780,000
8/3 Rosebery Place	BALMAIN	NSW	Over $800,000 SOLD $925,000
18/20 Warwick Avenue	CAMMERAY	NSW	Over $650,000 SOLD $690,000
14 Brett Avenue	HORNSBY HEIGHTS	NSW	Over $750,000 SOLD $815,000
7 Park Road	MARRICKVILLE	NSW	Over $1,150,000 SOLD $1.361m

Buyers needed to add 11% to weekend Sydney pre-auction price guidance

Jonathan Chancellor

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