Developer James Place has set the Penrith apartment price record, selling one of its penthouses for $5.5 million in its new apartment development, Perle.

Perle,&nbsp;located in the emerging East Side Quarter (ESQ) neighbourhood of&nbsp;<a href="https://www.urban.com.au/developments/penrith-nsw-2750">Penrith</a>, comprises 173 apartments, penthouses and terraces, and is anchored by a 1000 sqm lakefront dining precinct.

The rooftop features an infinity pool, a state-of-the-art wellness centre, private gardens, a hotel-like concierge service, and a private dining room for residents.

Former Penrith Mayor and long-term Councillor, Tricia Hitchen, who has bought an apartment in Perle, says the $200 million development is "reshaping the Penrith community and changing the way in which we can live."

Perle is the fourth of five stages of the ESQ, following the sell out of the first three stages One Eastside, Aqua, and Eden.

Perle has been designed by&nbsp;<a href="https://www.urban.com.au/architects/turner-studio">Turner Studio</a> and <a href="https://www.urban.com.au/architects/bayley-ward">Bayley Ward</a>&nbsp;and offers one, two and three-bedroom apartments with balconies and terraces designed for outdoor dining.

<img alt="Penrith waterfront development Perle" data-entity-type="file" data-entity-uuid="599af40d-db14-483f-bbc5-3bd84df4ac9a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/James%20Place_Perle_The%20Residences.jpg?VersionId=ifLxop_gL75o_sBrCC6NKSXswTP1U9dc" />

The apartments are expected to attract interest from first home buyers, investors and downsizers who will have access to all that the project has to offer.

Andrew James, Founder and Managing Director of James Place Group, said James Place&nbsp;is committed to creating vibrant, mixed-use communities that redefine modern living.

"Our aim with Perle is to transform urban spaces into places that foster community connection, innovation, and well-being," James said.

"With its exceptional design, world-class amenities and a dedicated onsite team, Perle is set to become a landmark in Penrith, offering residents a unique lifestyle experience with everything on their doorstep. We hope to offer not just a place to live, but a vibrant neighbourhood that residents and the Penrith community can be proud of.”&nbsp;

Ahead of launch, James Place held an off-market tower release of 20 sky homes within the development called ‘The Residences’.

Designed to be personally customised for each purchaser, these properties also offer expansive wrap-around views, an entertaining bar, butlers’ kitchens and high-end V-ZUG appliances. All but three have been sold, with the largest penthouse purchased by a local businessman for a record $5.5 million.

Perle also houses ‘The Collection’ which features three townhouses and five rooftop penthouses.&nbsp;

<img alt="Penrith waterfront development Perle masterplan" data-entity-type="file" data-entity-uuid="94114fa0-7d8a-4f05-9a99-9c700a5d3758" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/James%20Place_Perle_A01_Aerial_Masterplan.jpg?VersionId=SYAHRP381tNgsnZHtwVJYozTfEOdoU_7" />

Perle is part of the larger ESQ master plan located on the Panthers precinct, which has been designed to enhance the quality of life for its residents and contribute positively to the community. Conceived by Cabe, the ESQ masterplan is already home for residents of the first two stages, One East Side and Aqua, and the third stage EDEN is currently under construction with Astina Group.&nbsp;

“The ESQ development is a project for the government to take note of," James added.

"It’s a case study for the delivery of high quality and much needed housing in Western Sydney with high demand from key workers, such as first responders and nurses, along with investors, first homebuyers and aspirational downsizers. These developments are transforming Penrith into a lifestyle and residential hub with lakeside dining, entertainment, shopping, and art installations.”&nbsp;

Construction of Perle is set to begin in 2024, and completion is slated for the end of 2026, in time for the opening of Western Sydney’s new airport. Perle will create over 1,000 new construction jobs, further boosting the local economy and delivering in-demand housing.&nbsp;

“With this week’s announcement that Singapore Airlines will be taking off in 2026 from the Badgerys Creek just 15 minutes away, you will be able to go from swimming in your own infinity pool to Marina Bay’s overnight, as this new service connects ESQ to the world."

Penthouse already sold off-market for a record $5.5million sale 

Joel Robinson

Penrith apartment record set with $5.5 million off the plan sale at Perle by James Place

<a>Ode Double Bay, the</a>&nbsp;record-setting development by <a href="https://www.urban.com.au/developers/top-spring-australia">Top Spring Australia</a>, is continuing to rack up significant off the plan apartment sales.

The latest comes from a Sydney buyer who spent $14.39 million consolidating apartments to create a large 224 sqm, three-bedroom apartment, as well as an 85 sqm one-bed, with a private lift lobby serving both apartments.

&nbsp;

<a href="https://www.urban.com.au/project-marketer/1st-city-projects">1st City</a> Managing Director, Brad Caldwell-Eyles, said the local purchaser had been looking for a high-end opportunity in the Eastern Suburbs for several months.&nbsp;

[smartcode_project:default project_id=113405 project_image_fid=234804]

“Globally, we’re seeing a trend in larger apartment living, especially for people looking to transition into retirement on their terms with unparalleled access to lifestyle, art and culture,” Caldwell-Eyles said.&nbsp;

“This amalgamated apartment offering at <a href="https://www.urban.com.au/new-apartments/ode-double-bay">Ode</a> aligns with this preference, while providing an ideal second space for visiting guests, family, or staff.&nbsp;

“It’s a savvy purchase, which gives them the flexibility of four bedrooms across two privately accessed residences, which in the long-term can be sold together or separately.&nbsp;

“Importantly, it offers a lifestyle akin to other global cities with access to a 24-hour concierge service and high-end security, which are very attractive to this end of the market, particularly those who enjoy travel and privacy.&nbsp;

“Ode residents will also have access to room service from the renowned Indigo Café, offering a curated selection of cuisine delivered directly to their home, from morning coffee to freshly prepared meals.”&nbsp;

[smartcode_project:default project_id=113405 project_image_fid=234805]

Caldwell-Eyles said the amalgamated apartment offering at Ode enabled the buyer to create a unique home environment comparable in size to the building’s sold-out penthouses and sub-penthouses.&nbsp;

“Sydney remains one of the world’s strongest and most consistent performers in global real estate, and the city’s eastern, harbourside suburbs are tightly held and less cyclical in nature,” he said.&nbsp;

“The purchaser frequently travels internationally and while in Sydney, the family will have a beautiful Luigi Rosselli-designed home in the heart of <a href="https://www.urban.com.au/developments/double-bay-nsw-2028">Double Bay</a>.”&nbsp;

Ode will rise six levels from Cross Street and will offer Sydney Harbour views.

Construction at Ode is well underway by prestige Sydney builder <a href="https://www.urban.com.au/builders/ceerose">Ceerose</a> and is on track for completion in early 2026.

[smartcode_project_cta:default project_id=113405]

Ode will rise six levels from Cross Street and will offer Sydney Harbour views.

Double-digit off the plan apartment sales keep coming at Ode Double Bay

Units in Brisbane are on track to grow in value by over 20 per cent over 2024.

Last month, with data commissioned by property data analytics firm CoreLogic, Urban reported&nbsp;that Brisbane's unit market hadn't been this strong since 1988.

After CoreLogic's latest monthly update, it looks set to surpass the 16 per cent gains from 1988.

The August index from CoreLogic showed no slowing down for units, with values jumping another 1.7 per cent to now be 13.9 per cent up over the calendar year.

Based on the rolling quarter gains of five per cent, Brisbane should record a 20 per cent gain in the unit market in 2024, a remarkable turn of events that has seen it leapfrog Melbourne to become the second most expensive capital city unit market in the country.

The Brisbane median unit value is now $40,000 higher than Melbourne, despite only overtaking the Victorian capital earlier this year.

The unit market outstripped growth in the house market in August (+0.9 per cent) , a trend which is being seen across every capital city. Brisbane's median house value is now $966,000, up 8.5 per cent year to date.

Brisbane’s ongoing undersupply of new apartments and the city’s appeal as a lifestyle destination are major drivers of this surge, particularly as the city gears up for the 2032 Olympics.&nbsp;

Supply constraints remain a challenge, with increased construction costs and a shortage of available construction companies slowing the pace of new developments in market.&nbsp;

<h2>What happened in Brisbane’s off the plan apartment market in August?</h2>

There were just two new <a href="https://www.urban.com.au/developments/brisbane-qld">Brisbane</a> apartment developments to hit Urban in August, two developments which cater for very different buyers.

The first images were unveiled for the $1.5 billion&nbsp;<a href="https://www.urban.com.au/new-apartments/teneriffe-banks-17-27-skyring-terrace-teneriffe">Teneriffe Banks</a>, a suburb-shaping development on Skyring Terrace on the Brisbane River.

Teneriffe Banks&nbsp;by&nbsp;<a href="https://www.urban.com.au/developers/kokoda-property">Kokoda Property</a>&nbsp;will feature around 200 luxury apartments in the five-building development that will also incorporate&nbsp;Brisbane’s first Kimpton Hotel and a host of high-end amenities, including a rooftop bar with panoramic city views, an infinity pool, and extensive wellness facilities.&nbsp;

[smartcode_project:default project_id=139896 project_image_fid=295098]

The only other development is Amado Windsor, by the family-run Carbone Developments.

Amado comprises just 30 large-scale apartments across a six-level building in the inner-north suburb.&nbsp;

Targeting the owner-occupier, Amado is a mix of two and three-bedroom apartments, and two large penthouses spread across the top level with the communal rooftop that offers unrivalled panoramic views of Brisbane City.&nbsp;

&nbsp;

[smartcode_project:default project_id=139074 project_image_fid=287533]

Amado has been designed by Brisbane locals&nbsp;<a href="https://www.urban.com.au/architects/red-door-architecture">Red Door Architecture</a>&nbsp;who&nbsp;drew inspiration from the suburb's creeks and landscapes, as well as the surrounding vernacular houses.&nbsp;

The Granston St development represents the fifth apartment project in Windsor for Carbone.

[smartcode_project:default project_id=139074 project_image_fid=287531]

Another significant development is set to prevail once the national developer&nbsp;<a href="https://www.urban.com.au/developers/traders-in-purple">Traders in Purple</a>&nbsp;works out what it wants to do with the $63.5 million West End site they just bought from the now defunct Crown Group.

Crown had planned for four towers on the 1.25-hectare, 117 Victoria Street site.<img alt="$63.5 million buyer of Crown Group's West End riverfront site revealed" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/West%20End%20Outline%20Shaded%2001.jpg?VersionId=S5G3EjgAuaRySCKfBaiYLXcjLf1yDX14" />

Traders Director George Geagea said the size and location of the&nbsp;West End&nbsp;site presented a rare opportunity to create a remarkable lifestyle-focused destination just 4km from the Brisbane CBD.&nbsp;

“This is a spectacular site, one of the largest on the Brisbane riverfront to come to market in recent years,” Geagea said.&nbsp;

“We have long wanted to make our mark in Brisbane’s inner-city but we were prepared to wait until the right site came along."

Traders will be reducing the number of apartments, down from the approved 440.

Brisbane’s ongoing undersupply of new apartments and the city’s appeal as a lifestyle destination are major drivers of this surge, particularly as the city gears up for the 2032 Olympics

City Beat September: 2024 to mark Brisbane's biggest unit boom in four decades

Luxury home builder turned multi-residential apartment developer, Kassis Homes, has revealed what intends to do with the prime 3,748 sqm <a href="https://www.urban.com.au/developments/castle-hill-nsw-2154">Castle Hil</a>l site it secured from Jean Nassif's Top Place they secured for $52.45 million in January.

<a href="https://www.urban.com.au/developers/kassis-homes">Kassis Homes</a>, the developer of <a href="https://www.urban.com.au/new-apartments/grand-reve-castle-hill-8-18-garthowen-crescent-castle-hill">Grand Reve</a> which is next door, is set to develop the 22-26 Garthowen Crescent and 20-34 Old Castle Hill Road site into a mixed-use community.

The new application by Kassis Homes, led by Sam Kassis, comprises four towers, three residential and one hotel.

The residential component will have 264 apartments; 50 one-bed, 147 two-bed apartments, and 56 three-beds and 11 four-bed apartments, spread across the 19, 22, and 23-level buildings.

<img alt="Kassis" data-entity-type="file" data-entity-uuid="6de40559-7c40-4c17-aa04-c6adfe4d631c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-09-10%20at%204.33.45%E2%80%AFPM.png?VersionId=QRVOupS3A_c9DQZX0zUxflVBV1nURzz3" />

The one-beds range in size from 50 sqm to 74 sqm internally. The two's start from 75 sqm and top out at 116 sqm, while the three-bed offer between 111 sqm and 203 sqm of internal living space.

The 11 four-bedroom apartments have between 154 sqm and 253 sqm.

The hotel will have 143 rooms in a 19-level building. 474 parking spaces will be provided, and 136 motorbike and bicycle spaces.

Simply called Garthowen West in the documentation, the development has been designed by Turner, with extensive landscaping by landscape architect Land and Form.

Land and Form said the goal is to "create a biophilic landscape sanctuary, immersed in nature."

"At an elevation of approximately 100m above sea level, the Site is located on one of the highest points in north west Sydney, making it a prominent location with the opportunity to develop as a marker within its context via built form and landscape outcomes that demonstrate design excellence and facilitate key government-led place making priorities," the documentation noted.

The Economic Impact Assessment by HillPDA Consulting said the 264 apartments is projected to house 560 residents, leading to an&nbsp;estimated annual household expenditure of $11.2 million. They believe around $8.7 million will be spent at local businesses, with Castle Towers likely benefiting most.&nbsp;

"This development will support local retail and commercial businesses, indirectly create jobs, and meet increased retail demand," the report noted.

"The on-site retail space, due to its small scale, will complement rather than compete with other local centres and will likely direct surplus expenditure to nearby retailers."

The $166 million design and construction phase of the development is expected to generate around 1,278 jobs.

Kassis is expecting to welcome buyers to Grand Reve, its first apartment development having spent years creating some of the Hills District's best homes, early next year.

Simply called Garthowen West in the documentation, the development has been designed by Turner, with extensive landscaping by landscape architect Land and Form

Kassis Homes take over Top Place's Castle Hill site, file for new four-tower development

The property market in Melbourne continues to face downward pressure, now falling behind the likes of Adelaide and Perth for median dwelling value.

Melbourne unit values declined a modest -0.1 per cent over August, while houses dropped -0.2 per cent.

On the face of it, they aren't huge declines. The issue is the pace that other capital cities are growing at. Brisbane is closer to two per cent growth in units, and arguably doesn't have as much of a supply issue as Melbourne.

Questions are being asked as to whether <a href="https://www.urban.com.au/developments/melbourne-vic">Melbourne</a>&nbsp;now represents a great opportunity for buyers, because the market will turn at some point in the not too distant future, it's more a matter of when than if it will turn.

It's the first time since 2015 the Melbourne median dwelling value has slipped behind Perth, when the latter was just coming off the highs of an iron ore boom.

CoreLogic's 40-year median dwelling value series hasn't seen Adelaide with a higher median than Melbourne.

Values are skewed however slightly, given a third of Melbourne homes are units, compared to around 16 per cent homes in Perth and Adelaide.

CoreLogic Research Director, Eliza Owen, said there are a wide range of factors contributing to Melbourne's softer market conditions.

"The increased tax burden on investment property owners in Victoria, but it's not the only factor at play," Owen said.

"Supply is also a big factor for Victoria, where the state saw more dwelling completions over the past decade than any other state of territory."

<h2>What happened in Melbourne’s off the plan apartment market in August?</h2>

August was a quiet month in Melbourne's off the plan apartment market, with no new developments of note for buyers to enquire on.

Plenty of developers however are starting to line up their pipeline for the start of 2025.

One of the most exciting projects coming up is the $1.2 billion mixed-use precinct by Salvo for Melbourne's Pentridge Prison in Coburg.

The Melbourne developer is the latest to reveal plans for the southern portion of the former prison that ceased operations in 1997.

<img alt="Salvo plans $1.2 billion mixed-use redevelopment of Coburg's Pentridge Prison" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Pentridge%20Village_Ned%20Kelly%20Easement.png?VersionId=ROz.FE6zEoy3XjlQN__CZajv7YY2gC7j" />

The proposed development will include heritage preservation elements, such as Ned Kelly’s grave site and the bluestone F Division building, providing a mix of retail and public spaces while reflecting <a href="https://www.urban.com.au/developments/coburg-vic">Coburg</a>’s character.

Pentridge Coburg is part of Salvo’s $3 billion development pipeline, which includes a $1 billion four-tower, mixed-use development at Fisherman’s Bend and Moray House, a $220 million multi-residential development in Southbank.&nbsp;

There were also noteworthy submissions in some of Melbourne's most popular inner-city suburbs.

Diversified developer&nbsp;<a href="https://www.urban.com.au/developers/goldfields-group">Goldfields</a> is pushing forward with plans for a 12-level mixed-use project in Richmond that will see 125 apartments developed above ground-floor retail at 9-15 Brighton Street.

With <a href="https://www.urban.com.au/architects/cera-stribley-architects">Cera Stribley</a> overseeing design and <a href="https://www.urban.com.au/landscape-architect/jack-merlo">Jack Merlo</a> handling landscaping, the project is set to bring another high-quality residential offering to <a href="https://www.urban.com.au/developments/richmond-vic-3121">Richmond</a>, a suburb known for its proximity to the CBD and iconic attractions like Chapel Street and the Melbourne Sports Precinct.

<img alt="Goldfields ready new $150 million mixed-use development in Richmond" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Richmond%20Site%202.jpg?VersionId=vxKyRwoFAeVSG58o3XXX7E7KTR3UEbEj" />

Well-known construction firm <a href="https://www.urban.com.au/builders/cobild">Cobild</a> is also planning an inner-city development. Their plans are in Fitzroy where they're proposing a 10-level building at 159-167 Johnston Street.

Dubbed <a href="https://www.urban.com.au/new-apartments/johnston-napier-159-167-johnston-street-fitzroy">Johnston &amp; Napier</a>, the development will deliver 57 large-scale apartments, on average spanning over 130 sqm.

With a strong focus on sustainability, this project aims to accelerate Melbourne's transition towards becoming a self-sufficient city, a trend that continues to gain momentum across the city's new developments.

<img alt="First look exclusive: Cobild plot Johnston St, Fitzroy new apartments" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-08-12%20at%204.11.51%E2%80%AFPM.png?VersionId=JARizOowqxqiKuv.jfzboqLXGWABNF2v" />

There were several strong sales results in August.

Along the coast in Hampton, design-led developer&nbsp;<a href="https://www.urban.com.au/developers/wickton">Wickton</a>&nbsp;sold out its six-apartment project, <a href="https://www.urban.com.au/new-apartments/58-beach-hampton-58-beach-road-hampton">58 Beach</a>.&nbsp;

Designed to cater to downsizers, the development, with unobstructed views of the beach and a prime location near Hampton Station, has been particularly appealing to those transitioning from larger family homes.

In Melbourne's south-east, <a href="https://www.urban.com.au/developers/damgar-group">Damgar Property Group</a>’s <a href="https://www.urban.com.au/new-apartments/rosella-murrumbeena-50-rosella-street-murrumbeena">Rosella</a> apartment project in <a href="https://www.urban.com.au/developments/murrumbeena-vic-3163">Murrumbeena</a> continues to perform well, with over half of the 70 apartments already sold.&nbsp;

[smartcode_project:default project_id=142221 project_image_fid=288651]

Situated across from Hughesdale Station and Village, the Rosella development provides a rare opportunity to buy new in this tightly held suburb, where only 100 new apartments were delivered between the 2016 and 2021 census.

For a limited time, Damgar is accepting five per cent deposits on a handful of the one and two-bedroom apartments on offer in the Cera Stribley-designed building.

August was a quiet month in Melbourne's off the plan apartment market, with no new developments of note for buyers to enquire on

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