Broadbeach has been dethroned as the most popular suburb on the Gold Coast.

Data from MatterFact, the data partner of Urban.com.au, revealed that&nbsp;<a href="https://www.urban.com.au/developments/palm-beach-qld-4221">Palm Beach</a> was the most enquired-on suburb in November, overtaking <a href="https://www.urban.com.au/developments/broadbeach-qld-4218">Broadbeach</a>, which had held the top spot every month in 2024—except for May, when Palm Beach last claimed the title.

Interest in the Gold Coast tends to surge in November, December, and January, particularly from people based in southern states and Brisbane who are planning to holiday in the region.

Palm Beach has been the <a href="https://www.urban.com.au/news/qld/palm-beach-the-most-indemand-off-the-plan-apartment-market-on-the-gold-coast">most searched suburb on the Gold Coast</a> for the past four quarters on Urban.com.au, but the scarcity of new projects had left much of that demand unmet.

The last project to come to market in Palm Beach was La Belle&nbsp;Marquee Development Partners, 74 premium beachfront apartments.

&nbsp;

The newest development in Palm Beach, just the second to launch in 2024, is tapping into that unmet demand, a segment of the market which has been overlooked in recent years.

Developer <a href="https://www.urban.com.au/developers/sherpa-property-group">Sherpa Property Group</a> has created a new brand, Flourish, to cater to the likes of first home buyers and rightsizers, not just affluent downsizers or holidaymakers.

The brand's debut project,&nbsp;Flourish on Sixth, offers a range of one, two, and three-bedroom apartments, with one-bedroom units starting from under $600,000. These apartments have been quickly snapped up, and while many of the two-bedroom units are also sold, there are still some available around the $1 million mark—an unprecedented price in today’s Gold Coast apartment market.

[smartcode_project:default project_id=146527 project_image_fid=306036]

&nbsp;

&nbsp;

With amenities including an 800 sqm rooftop featuring a heated lap pool, private cabanas, and a wellness centre, the project delivers high-end communal spaces while maintaining affordability.&nbsp;

The inclusion of shared electric vehicle services and other sustainable features adds further appeal for buyers seeking modern, environmentally conscious living.

[smartcode_project:default project_id=146527 project_image_fid=306037]

Demand is set to continue into 2025. Next year the local market will welcome back <a href="https://www.urban.com.au/new-apartments/villea-palm-beach">Villea Palm Beach</a>, by Sydney and Melbourne developer <a href="https://www.urban.com.au/developers/abadeen-group">Abadeen</a>.

Gordon Corp is teaming up again with the Mathieson family to launch their Jefferson Lane project which will bring another&nbsp;47 two and three-bedroom apartments to the undersupplied market.

Sydney-based Chanine Developments and local developer Macquarie York are focussing on half and full-floor apartments.

[smartcode_project_cta:default project_id=146527]

Palm Beach has been the most searched suburb on the Gold Coast for the past four quarters on Urban.com.au, but the scarcity of new projects had left much of that demand unmet

Joel Robinson

Enquiry for new apartments in Palm Beach hits 18-month high

Melbourne’s off the plan apartment market received a major boost in October when the Victorian Government announced the immediate abolition of stamp duty, effective for the next 12 months until October 2025.

The surprise announcement quickly ignited a flurry of activity among developers who had previously been holding off launching projects, waiting for a range of unpredictable factors to align before launching new projects.

With this new incentive expected to increase buyer demand, many developers are now eager to get their projects into the market as soon as possible.

As a result, Melbourne is set to see a significant influx of new projects in 2025, from towering CBD developments — which have largely been absent in the past five years — to boutique buildings in some of the city’s trendiest suburbs.

In this article, we explore where, what, and who is driving the most exciting new developments coming to Melbourne in 2025.

<h2>Who:&nbsp;Far East Consortium</h2>

<h2>What: 640Bourke</h2>

<h2>Where: Melbourne</h2>

One of the first CBD tower launches in recent memory is set to hit the market in 2025 with&nbsp;<a href="https://www.urban.com.au/developers/far-east-consortium">Far East Consortium</a>, the developer of the four-tower, $1 billion West Side Place on Spencer Street, seeking to again change the Melbourne CBD skyline.

Early next year they'll launch Monument, just over 600 apartments at 640 Bourke Street, at the eastern end of the long street and a stone's throw from Flinders Station.

[smartcode_project:default project_id=509 project_image_fid=316025]

Monument has been designed by <a href="https://www.urban.com.au/architects/rothelowman">Rothelowman</a> and will integrate four levels of amenities, gallery spaces, and a revitalised Langs Lane which will be in the redeveloped Eliza Tinsley building which dates back to 1925.

One, two and three-bedroom apartments will start from $640,000.

<h2>Who: S P Setia</h2>

<h2>What: Atlas, Melbourne</h2>

<h2>Where: Melbourne</h2>

Malaysian developer <a href="https://www.urban.com.au/developers/s-p-setia">S P Setia</a>, who has been behind the likes of UNO Melbourne, Sapphire by The Gardens, and Fulton Lane, is also set to launch a new tower in the CBD.

<a href="https://www.urban.com.au/new-apartments/atlas-melbourne-383-la-trobe-street-melbourne">Atlas Melbourne</a>, a 71-level skyscraper at 383 La Trobe Street, just down the road from UNO, will have just shy of 800 apartments.&nbsp;

<img alt="S P Setia" data-entity-type="file" data-entity-uuid="86b6dfc7-9a0d-440c-a7fd-d4c907b82078" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-12-05%20at%209.55.11%E2%80%AFAM.png?VersionId=4ahW0zLY5_UnBUM5O3xqc5LEH_y8o4Ki" />

<a href="https://www.urban.com.au/architects/cox-architecture">Cox Architecture</a> has worked with <a href="https://www.urban.com.au/architects/fender-katsalidis-architects">FK Australia</a> to create what it being pitched as "something new for Melbourne, while being entirely of Melbourne.

It pays homage to the history of the 2,850 sqm site, formerly the home of the Royal Mint.

There will be around 163 studio apartments on offer, 373 one-beds, 206 two's, and 55 three-bed apartments, located above a two-level arcade with eight retail tenancies.

<h2>Who: CASA</h2>

<h2>What: 671 Chapel Street</h2>

<h2>Where: South Yarra</h2>

South Yarra's famous Chapel Street is set for an injection of new apartments, and it's not Gurner's Jam Factory redevelopment.

Developer CASA has taken over a site at 671 Chapel Street, a site which has had several planning approvals over the years, the most recent coming earlier this year when Daniel Grollo's HOME was approved for a build-to-rent project.

CASA has grabbed the reigns and will launch a collection of one, two and three-bedroom apartments designed by <a href="https://www.urban.com.au/architects/bates-smart">Bates Smart</a> and in landscaping by <a href="https://www.urban.com.au/landscape-architect/jack-merlo">Jack Merlo</a>.

<img alt="Chapel St" data-entity-type="file" data-entity-uuid="6cb508a2-c62e-445b-adaa-09273a4e6406" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-12-04%20at%209.55.34%E2%80%AFPM.png?VersionId=8uC1zmQ_gMSTovkfO0qeTBSDgrkmf82W" />

&nbsp;

The Chapel St site is just behind Melbourne High School, which means protected viewlines to the CBD.

CASA is led by Renato Calandro, a former executive of Grollo's Grocon and HOME. CASA is also working on projects in Fitzroy, Port Melbourne, and a development in North Sydney in a joint venture with Podia.

<h2>Who:&nbsp;Abadeen</h2>

<h2>Where: Prahran</h2>

The VIC arm of luxury Sydney developer <a href="https://www.urban.com.au/developers/abadeen-group">Abadeen</a> has been active in the market since entering it around 12 months ago.

Currently developing <a href="https://www.urban.com.au/new-apartments/malea-94-burke-road-malvern-east">Malae</a>, a boutique collection of seven apartments in <a href="https://www.urban.com.au/developments/malvern-east-vic-3145">Malvern East</a>, of which more than half are spoken for, will kick off 2025 by launching their second Melbourne project.

<img alt="Prahran" data-entity-type="file" data-entity-uuid="6f269a9d-5dc4-4f58-902d-dfb09c2b893b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-12-05%20at%202.38.07%E2%80%AFPM.png?VersionId=1s7os5l9aSLwjGABPuUN34woFNMpQFzx" />

Earlier this year Abadeen, who is being led locally by former CBRE executive and developer Andrew Leoncelli, secured a prime 2,198 sqm site at <a href="https://www.urban.com.au/new-apartments/616-646-high-street-prahran">616-646 High Street</a>&nbsp;in Prahran. They had Carr put together the designs for the build which curves around a national trust significant Smookt Bark Apple tree.

The four-level building will have 26 large-scale aparments, with the two-beds starting from around 100 sqm and the three's ranging in size to 269 sqm.

Pending council approval which should come in the next week, they will launch the project

<h2>Who:&nbsp;Abadeen</h2>

<h2>Where: Caulfield North</h2>

Abadeen is going large-scale again next year, and another parkside project.

Later in the year they're hoping to launch a new project in&nbsp;<a href="https://www.urban.com.au/developments/caulfield-north-vic-3161?sort=">Caulfield North</a>, predominantly made up of large three-bedroom apartments.

The 1,060 sqm site at <a href="https://www.urban.com.au/new-apartments/219-229-balaclava-road-caulfield-north">219-229 Balaclava Road</a>, directly across from Caulfield Park, came with approved plans for a seven-level building.

Abadeen brought in architecture firm Powell &amp; Glenn to alter the apartment makeup and tweak the design to give it a "New York-style feel".

Large apartments for the downsizer is the path Abadeen is taking in Melbourne, following the blueprint of what Abadeen has created for decades across Sydney's most affluent suburbs in the Lower North Shore.

<h2>Who: Hamton</h2>

<h2>What: Scotch Hill Gardens</h2>

<h2>Where: Hawthorn</h2>

Community developer <a href="https://www.urban.com.au/developers/hamton">Hamton</a> will launch Scotch Hill Gardens, its highly anticipated Hawthorn masterplan on the former home of the University of Melbourne, early next year.

The six-building, low-rise precinct will comprise 365 residences, a mix of apartments and townhouses, as well as 5,500 sqm of new publicly-accessible green space and a new retail village to <a href="https://www.urban.com.au/developments/hawthorn-vic-3122">Hawthorn</a>.

The major residential development <a href="https://www.urban.com.au/new-apartments/442-auburn-road-hawthorn">Auburn Road</a> is one of the largest to be approved under the Allan government’s accelerated Development Facilitation Program, which seeks to reduce the application timeframe for eligible projects.

<img alt="Hamton" data-entity-type="file" data-entity-uuid="ac68e533-8dca-40e9-baf3-66208388e980" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-12-05%20at%2012.26.19%E2%80%AFPM.png?VersionId=H8GgTZQM4C5rsSPVg3X_FP1iu2UN_cd8" />

After a joint application from <a href="https://www.urban.com.au/developers/hamton">Hamton</a> and the University of Melbourne in March 2022, the Planning Minister oversaw the rezoning of the site from public use to enable residential development and approved a detailed development plan to govern planning outcomes for the 1.6ha site.

Hamton’s Founder and Executive Chairman, Paul Hameister OAM, said the project will create a rare opportunity for buyers in a premium suburb that is highly sought-after.

Sales are expected to launch in February.

<h2>Who:&nbsp;Time &amp; Place</h2>

<h2>What: Glen Iris Village Corner</h2>

<h2>Where: Glen Iris</h2>

Diversified property developer <a href="https://www.urban.com.au/developers/time-and-place">Time &amp; Place</a>, in partnership with Woolworths Group, is expected to launch sales of its recently approved $150 million mixed-use development in Glen Iris.

The five-level project at 173 Burke Road will comprise 60 apartments targeted at downsizers and young and multi-generational families.

<img alt="First look: Time &amp; Place and Woolworths greenlit for Glen Iris mixed-use precinct" 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/Screenshot%202024-10-25%20at%204.22.55%E2%80%AFPM.png?VersionId=g6dEr7RH5iiSXAiBdostA8ZkM5Na.ISi" />

The development's ground floor will feature a brand-new Woolworths supermarket, designed to provide a convenient, fresh retail offer for the local Glen Iris community, including a six-bay Direct to Boot facility.&nbsp;

Time &amp; Place Founder and Director, Tim Price, says one of the primary focuses of the project has been addressing the need for diversification in housing typologies of Glen Iris.

<h2>Who:&nbsp;Goldfields</h2>

<h2>Where: Richmond</h2>

Diversified national property developer <a href="https://www.urban.com.au/developers/goldfields-group">Goldfields</a> is heading to <a href="https://www.urban.com.au/developments/richmond-vic-3121">Richmond</a> for its latest residential development.

The plan is for a 12-level, mixed-use building with 125 apartments above ground floor retail at 9-15 Brighton Street, near&nbsp;

<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" />

Rob Granger, Goldfields General Manager – Built Form, said the new project&nbsp;will bring another high-quality residential development to Richmond.

Cera Stribley has designed the building which will sit in landscaping by <a href="https://www.urban.com.au/landscape-architect/jack-merlo">Jack Merlo</a>.

<h2>Who: Kincrest</h2>

<h2>What: The Osment</h2>

<h2>Where: Prahran</h2>

Developer <a href="https://www.urban.com.au/developers/kincrest">Kincrest</a> will be bringing one of the best parkside developments to <a href="https://www.urban.com.au/developments/prahran-vic-3181">Prahran</a>, on a prime 1,613 sqm site on Grattan Gardens.

They'll be launching 22 two, three and four-bedroom apartments across a seven-level building at 3-7 Grattan Street, a site with a 35-metre frontage to the popular Prahran park.

<img alt="The 10 hottest off the plan apartment developments coming to Melbourne in 2024 " 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://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/field/image/Screen%20Shot%202024-06-11%20at%2010.36.50%20am.png?VersionId=CHSl4.FRxEblmX8Chkbm5NRiGvmTYAZE" />

The mixed-use plans by <a href="https://www.urban.com.au/architects/cheah-saw-architecture">Cheah Saw Architecture</a> will include two levels of strata offices and a ground-floor cafe and retail space that will face the park.

"The Greville St precinct, with positive input from the City of Stonnington, has rejuvenated in recent years, we’re really excited to be within such a historical, vibrant area of life," Kincrest Director Tom Howgate says.

"We see this development as contributing to a world-class location."

<h2>Who:&nbsp;Milieu Property</h2>

<h2>What:&nbsp;Saxon Street by Milieu</h2>

<h2>Where: Brunswick</h2>

Design-driven developer <a href="https://www.urban.com.au/developers/milieu-property">Milieu</a>&nbsp;is heading to <a href="https://www.urban.com.au/developments/brunswick-vic-3056">Brunswick</a> for its next development, Saxon Street by Milieu, which will launch in early 2025.

Adjacent to the Brunswick Baths and Library, Saxon Street by Milieu will offer a mix of 60 one, two, and three-bedroom apartments designed by <a href="https://www.urban.com.au/architects/jackson-clements-burrows-architects">Jackson Clements Burrows Architects</a>, with interiors by DesignOffice and landscaping by Oculus.

There was an importance placed on working with the local community, so the sustainable design has been tailored to be inkeeping with the emerging Merri-bek Arts and Culture Precinct.

[smartcode_project:default project_id=136434 project_image_fid=306343]

Saxon Street will contribute to the public realm through improved pedestrian access and enhancements to local infrastructure.&nbsp;

Its emphasis on community impact aligns with the precinct’s evolution as a hub for arts, wellness, and cultural initiatives, complemented by nearby projects like Siteworks, which will support the local creative scene.

Milieu is currently developing Elsternwick Gardens on a landmark 1.1-hectare site neighbouring Rippon Lea Estate. Later next year they'll also be launching a new project on Derby St, Collingwood.

<h2>Who:&nbsp;Cbus Property</h2>

<h2>Where: Melbourne</h2>

<a href="https://www.urban.com.au/developers/cbus-property">Cbus Property</a>, a wholly owned entity of Cbus Super, has its eyes on launching its new St Kilda Road project next year.

Having snapped up a 3,036 sqm site at 437 St Kilda Road last year, Cbus is planning a 17-level building with just over 80 apartments.

<img alt="Cbus Property set for first St Kilda Road apartment development" 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/437%20St%20Kilda%20Road.jpg?VersionId=FG_zho7Kvfgz9nrse0vISvy57P4TGZwk" />

Describing the site as one of Melbourne's premier undeveloped residential opportunities, Cbus Property's CEO Adrian Pozzo highlighted its prime location, offering views across Fawkner Park and proximity to the CBD, Toorak Road, South Yarra, and Albert Park.&nbsp;

The development will include various residential amenities such as an indoor pool, gym, residents' lounge, and private dining room.&nbsp;

The project represents Cbus Property's fourth collaboration with Bates Smart, following ventures like Classic East Melbourne, 35 Spring St, and 17 Spring St.

<h2>Who:&nbsp;Piccolo</h2>

<h2>What:&nbsp;A Piccolo House, Barry Street</h2>

<h2>Where: Kew</h2>

Downsizer-focused developer&nbsp;<a href="https://www.urban.com.au/developers/piccolo">Piccolo</a>&nbsp;has its latest installment of A Piccolo House, its brand that is resonating with downsizers.

Currently delivering <a href="https://www.urban.com.au/new-apartments/a-piccolo-house-gore-st-fitzroy-385-gore-street-fitzroy">A Piccolo House Gore Street</a> in <a href="https://www.urban.com.au/developments/fitzroy-vic-3065">Fitzroy</a>, Piccolo looks set to launch its <a href="https://www.urban.com.au/developments/kew-vic">Kew</a>&nbsp;apartment development at 18 Barry Street,&nbsp;transforming the 8,475 sqm site near Kew Junction into another high-end residential development.&nbsp;

[smartcode_project:default project_id=141498 project_image_fid=290942]

A Piccolo House, Barry Street will comprise&nbsp;five three-level buildings designed by <a href="https://www.urban.com.au/architects/woods-bagot">Woods Bagot</a>&nbsp;with&nbsp;60 two, three, and four-bedroom apartments.&nbsp;

Landscaped by ACRE, the buildings will surround a central communal area, with features like private outdoor spaces, a north-facing courtyard, and an amenities building called "The Meadow."

Residents will enjoy a range of shared facilities, including a wine cellar, rooftop garden, gym, yoga room, spa, golf simulator, and a guest studio.&nbsp;

In this article, we explore where, what, and who is driving the most exciting new developments coming to Melbourne in 2025.

The top 12 new apartment developments launching in Melbourne in 2025

ASX-listed developer&nbsp;<a href="https://www.urban.com.au/developers/lendlease-development">Lendlease</a>&nbsp;has further built on the VIC Government's recent abolition of stamp duty

Lendlease is covering what is essentially a shortfall in the concessions that are available state-wide until October 2025.

Under the new government stamp duty reform, someone paying $4.2 million for an off the plan property would save around $256,000 in stamp duty from the government incentive, however, there is still a $35,000 gap that needs to be paid by the buyer.

Lendlease will cover this gap on all of the apartments in their <a href="https://www.urban.com.au/new-apartments/regatta-at-collins-wharf-docklands-951-collins-street-docklands">Regatta</a> and <a href="https://www.urban.com.au/new-apartments/ancora-at-collins-wharf-docklands-971-collins-street-docklands-vic-3008">Ancora</a> towers at Collins Wharf, their $1.5 billion waterfront community they've been developing for nearly a decade.

The offer, available until the end of January 2025, will see every type of buyer, both owner-occupiers and investors, pay only the 10 per cent deposit and no other fees.

[smartcode_project:default project_id=9779 project_image_fid=314797]

Positioned along the exclusive stretch of Melbourne’s iconic Collins Street, Collins Wharf offers&nbsp;a mix of one, two, and three-bedroom apartments alongside an exclusive Premier Collection of townhomes, skyhomes, and larger-scale residences.

Designed by <a href="https://www.urban.com.au/architects/warren-and-mahoney">Warren and Mahoney</a>, Ancora and Regatta at Collins Wharf&nbsp;will take advantage of the precinct's dual-waterfront position between Victoria Harbour and the Yarra River.

[smartcode_project:default project_id=9779 project_image_fid=263997]

Ancora is made up of the Waterfront Collection, with one, two, and three-bedroom apartments from 50 sqm and starting at $690,000, and the exclusive Premier Collection, which introduces larger-scale townhomes, skyhomes, and premium apartments up to 223 sqm.&nbsp;

Each home emphasises open-plan living and connection to the surrounding landscape, crafted with curated interior palettes, premium finishes, and European appliances such as Miele and Gaggenau.

The apartments, with floor-to-ceiling windows and balconies, are designed to maximise the views of Melbourne’s skyline, Victoria Harbour, and Port Phillip Bay.

[smartcode_project:default project_id=9779 project_image_fid=314799]

Amenities reflect a further commitment to both luxury and community, with a hotel-style concierge, indoor pool, gym, steam and sauna rooms, and rooftop sanctuaries providing spaces to unwind.&nbsp;

Residents will also have access to shared lounge and dining areas, a winter garden, and wellness facilities via a podium connecting Ancora with Regatta.

Sustainability is also integral to Ancora’s design, with its all-electric infrastructure targeting a 5-Star Green Star certification.&nbsp;

[smartcode_project:default project_id=9779 project_image_fid=314806]

Electric vehicle-ready facilities and environmentally conscious landscaping further demonstrate the commitment to sustainable urban living.&nbsp;

The development is surrounded by over 5,000 sqm of new parkland, inspired by First Nations culture and designed by landscape architects Openwork.&nbsp;

This green space includes Indigenous plants, fitness stations, play areas, and open lawns, enhancing the connection to nature in an urban setting.

[smartcode_project:default project_id=9779 project_image_fid=314802]

Ancora’s location offers a balance of waterside living and connectivity, with the CBD just a short walk away and exceptional public transport options nearby.&nbsp;

The precinct positions residents at the heart of Melbourne’s cultural and recreational offerings, from sports and arts venues to premium dining and entertainment.&nbsp;

Construction is already underway for Regatta at Collins Wharf, &nbsp;with construction expected to commence for the neighbouring building, Ancora at Collins Wharf, in the first half of 2025.

[smartcode_project_cta:default project_id=144985]

Construction is already underway for Regatta at Collins Wharf,  with construction expected to commence for the neighbouring building, Ancora at Collins Wharf, in the first half of 2025

Lendlease to cover full stamp duty at Collins Wharf

Unit values in <a href="https://www.urban.com.au/developments/sydney-nsw">Sydney</a> have remained resilient, while the house segment of the market continues to show signs of weakness.

CoreLogic's Monthly Index revealed that unit values rose by 0.2 per cent in November and 0.4 per cent over the past three months, while house values contracted by -0.4 per cent in November and are down -0.8 per cent over the past quarter.

Sydney’s median unit value is now $865,000, reflecting a 2.5 per cent increase since the start of the year.

Houses are facing greater challenges, driven by tighter lending conditions resulting from the Reserve Bank's decision to maintain interest rates, alongside ongoing affordability issues in a market that has shown considerable strength in recent years.

The volume of available listings has contributed to the market's rebalancing, with Sydney’s listings now 10.4 per cent above the five-year average—the highest for this time of year since 2018.

<h2>What happened in Sydney’s off the plan apartment market in November?</h2>

Enquiry levels in November were the highest they’ve been since April, with demand increasing across all regions from Castle Hill to Newcastle and everywhere in between.

The upswing in enquiry was largely driven by the downsizer/rightsizer market, which has been less affected by high interest rates compared to other market segments.

The Eastern Suburbs, in particular, saw a significant rise in demand from both downsizers/rightsizers and investors, spurred by two prominent projects from one of Sydney’s leading builder-developers.

<a href="https://www.urban.com.au/developers/toga-group">TOGA</a> recently completed Surry Hills Village, a redevelopment of the former "murder mall" on the border of Surry Hills and Redfern.

[smartcode_project:default project_id=9302 project_image_fid=306319]

It only took a few weeks for them to sell the final penthouse, which achieved a near-suburb record price after expressions of interest were sought at around $7.5 million.

<a href="https://www.urban.com.au/architects/sjb-architects">SJB</a> Director Adam Haddow drew inspiration from his award-winning Redfern residence when designing the three-bedroom penthouses at <a href="https://www.urban.com.au/buildings/surry-hills-village-redfern-6-14-baptist-street-redfern-nsw-2016">Surry Hills Village</a>.

A limited number of apartments remain for sale in the landmark mixed-use development, which also includes hospitality venues and retail spaces in Wunderlich Lane.

[smartcode_project:default project_id=9302 project_image_fid=313542]

TOGA’s <a href="https://www.urban.com.au/new-apartments/the-kensington-137-151-anzac-parade-kensington">The Kensington</a>, a different yet equally appealing development on Anzac Parade, has been attracting interest from all buyer types in recent months.

Located directly outside a light rail stop and within walking distance of the Prince of Wales Hospital, the University of New South Wales, and Centennial Park, The Kensington has proven especially attractive to both first home buyers and investors.

The development features 142 one, two and three-bedroom apartments currently under construction by 4.5-Star iCIRT rated builder <a href="https://www.urban.com.au/builders/dasco-australia">DASCO</a>, and will sit above seven retail spaces—an element TOGA consistently incorporates into its projects.

[smartcode_project:default project_id=110959 project_image_fid=307645]

TOGA has also just broken ground on <a href="https://www.urban.com.au/new-apartments/macquarie-rise-122-herring-road-macquarie-park">Macquarie Rise</a>, its fourth development in <a href="https://www.urban.com.au/developments/macquarie-park-nsw-2113">Macquarie Park</a>. This project will feature three residential towers with a total of 268 apartments. Over 100 units have already been sold.

The $400 million development, designed by <a href="https://www.urban.com.au/interior-designers/turner-studio">Turner Studio</a>, will offer flexible living spaces and lifestyle amenities, including a 20-metre lap pool, a Pilates studio, and a cinema room.

[smartcode_project:default project_id=89243 project_image_fid=242700]

November also saw the unveiling of the Sydney Olympic Park Master Plan 2050, which aims to transform the precinct into a vibrant urban community.

The plan proposes the construction of up to 13,000 new homes, including affordable housing, as well as cultural, recreational, and green spaces.

<img alt="Inside the Sydney Olympic Park Master Plan 2050" 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/1730068339168.jpg?VersionId=k1DAC2irCX3vAbZgVt7ibYYHDtma7Brw" />

Key precincts, such as the Urban Centre, are set to integrate residential, commercial, and cultural facilities, while environmental conservation efforts also aim to enhance urban greening and sustainability.&nbsp;

As far as looking ahead goes, <a href="https://www.urban.com.au/developers/charter-hall">Charter Hall</a> unveiled plans for a near-$1 billion mixed-use tower at&nbsp;201-217 Elizabeth Street in the CBD.&nbsp;&nbsp;

<img alt="Sydney skyline transformation to continue as Charter Hall pitch near-$1 billion skyscraper" 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/201%20-%20217%20Elizabeth%20Street%2C%20Sydney%20podium.png?VersionId=lUg5UW5EJFhvvc7kGotbds2rJZPmUQeW" />

The 55-level skyscraper will feature a combination of hotel accommodations and 264 apartments, ranging from one to four bedrooms, alongside retail and hospitality spaces.&nbsp;

Designed by <a href="https://www.urban.com.au/architects/fjc-studio">fjc studio</a>, the tower aims for exemplary sustainability benchmarks and offers sweeping views of Hyde Park and Sydney Harbour.

Staying in the CBD,&nbsp;Signapore-listed First Sponsor Group and joint venture partner <a href="https://www.urban.com.au/developers/icd-property">ICD Property</a> revealed the first look of their redevelopment of the 130-year-old, state heritage-listed City Tattersall Club building on Pitt Street.

[smartcode_project:default project_id=12428 project_image_fid=312146]

The 241 premium apartments will hit the market in 2025 with CBRE.

<a href="https://www.urban.com.au/architects/bvn-architecture">BVN Architecture</a> won the design competition to create the new development, dubbed Sydney House, handling both the tower and the interiors. FJC Studio led the design of the heritage podium.

[smartcode_project:default project_id=12428 project_image_fid=312147]

Given the short supply of new apartments in Sydney, projects in the city tend to outperform the majority of other markets.

<a href="https://www.urban.com.au/developers/mirvac">Mirvac</a> smashed records for its first release of its luxury <a href="https://www.urban.com.au/new-apartments/harbourside-by-mirvac-2-10-darling-drive-darling-harbour">Harbourside Residences</a> in Darling Harbour. Their $600 million worth of pre-sales was the highest they've achieved in their 50+ year history.

Over 140 apartments have been conditionally sold to local buyers with sold prices ranging from just over $1.7 million to $25 million.

The sales launch for the 48-level luxury residential tower, a redevelopment of the former Harbourside shopping centre, saw a strong response from a diverse range of buyers including downsizers, families and couples from the local market, including the inner west, northwest, eastern suburbs, and north shore of Sydney. There were also some interstate buyers.

[smartcode_project:default project_id=141327 project_image_fid=314728]

New projects on the Sydney Metro line continue to do well.

<a href="https://www.urban.com.au/new-apartments/elevate-hume-place-crows-nest-25-hume-street-crows-nest-nsw-2065">Elevate Hume Place</a>, the apartments above the Crows Nest Station being developed by Third.i and Phoenix Property Investors saw a successful launch.

Designed by Woods Bagot,&nbsp;<a href="https://www.urban.com.au/new-apartments/elevate-hume-place-crows-nest-25-hume-street-crows-nest-nsw-2065">Elevate Hume Place</a>&nbsp;comprises&nbsp;130 one, two, and three-bedroom apartments.

[smartcode_project:default project_id=142550 project_image_fid=309369]

<a href="https://www.urban.com.au/developers/thirdi-group">Third.i</a> Co-Founder Luke Berry said the unprecedented demand and strong interest not only reflects the quality of the apartments, but also the increasing demand for convenient, transit-oriented living in Sydney's dynamic real estate market.

“We are thrilled with the strong sales results at launch for Elevate Hume Place, this achievement highlights the growing appetite for contemporary living that prioritises accessibility and connectivity,” Berry said.

“The design, amenities, demographic, and prime location of Elevate Hume Place have attracted a diverse range of local and international buyers, from young professionals and first home buyers to investors and downsizers, all seeking the perfect blend of urban convenience and community charm.”

[smartcode_project:default project_id=142550 project_image_fid=309370]

<a href="https://www.urban.com.au/developments/castle-hill-nsw-2154">Castle Hill</a> has also ramped up another notch since the metro opened.

Developer <a href="https://www.urban.com.au/developers/ellipse-property-group">Ellipse Property</a> has the largest development in the area, just across the road from the newly opened Hills Showground Precinct station.

Ellipse recently put shovel to ground on <a href="https://www.urban.com.au/new-apartments/atrium-at-carrington-place-40-42-ashford-avenue-castle-hill">Atrium</a>, the first stage of Carrington Place which is over 50 per cent sold.

<a href="https://www.urban.com.au/builders/decode">Decode</a>, another iCIRT rated builder, is constructing Atrium, part of the wider $750 million masterplan that borders the Cattai Creek. Carrington Place will comprise five stages that, when complete in 2032, will have over 800 homes. Atrium is set to complete in late 2025.

[smartcode_project:default project_id=89496 project_image_fid=216765]

Outside of the Sydney Metro area, <a href="https://www.urban.com.au/developers/gwh">GWH</a>, Newcastle's only builder-developer, launched its latest development.

<a href="https://www.urban.com.au/new-apartments/era-newcastle-124-126-bull-street-newcastle-west-nsw-2302">ERA by Newcastle</a>, two towers designed by <a href="https://www.urban.com.au/architects/fender-katsalidis-architects">FK Australia</a>, will comprise 281 apartments and over 2,000 sqm of resident amenities, aiming to cater to a wide range of buyers, including downsizers and first-home buyers.

[smartcode_project:default project_id=135096 project_image_fid=309968]

ERA is expected to cater to different buyer groups, from first home buyers and investors from Sydney to local downsizers who want a low maintenance, city-centric lifestyle while also being ideally located just a few kilometres from Newcastle’s famous beaches.

City Beat November 2024: Sydney unit values rise while house values decline as market softens

Gold Coast developer <a href="https://www.urban.com.au/developers/sherpa-property-group">Sherpa Property Group</a> is doing things a little differently at its newest apartment development in <a href="https://www.urban.com.au/developments/palm-beach-qld-4221">Palm Beach</a>.

After focusing primarily on the high-end market with its popular Perspective series, which has garnered attention from Palm Beach to <a href="https://www.urban.com.au/developments/chevron-island-qld-4217">Chevron Island</a>, Sherpa is now targeting a broader buyer demographic with its latest project.

Introducing Flourish, a fresh brand aimed at making homeownership more accessible for first home buyers and rightsizers, particularly those with smaller budgets in areas where they would typically be priced out.

The first project under the Flourish brand, <a href="https://www.urban.com.au/new-apartments/flourish-on-sixth-ave-palm-beach-6-12-sixth-avenue-palm-beach-qld-4221">Flourish on Sixth</a> in Palm Beach, has already been a success, with more than half of the apartments in the building already snapped up.

One-bedroom apartments were priced under $600,000, while two-bedroom apartments are still around the $1 million mark—prices that are uncommon in the Palm Beach and Burleigh Heads areas

[smartcode_project:default project_id=146527 project_image_fid=311566]

"We believe there's no better location for the Flourish brand of beachside living," Sherpa General Manager, Daniel Clarke, says on Sherpa's fifth development in the suburb.

"Research tells us the average difference in price between beachfront and one block from the beach is about 30 per cent especially in places like Sydney. However, the difference in Palm Beach is more like 100 per cent, meaning greater buyer value just once block from the ocean.

"That's more value we've secured to pass onto the buyer, creating a deal of a lifetime."

[smartcode_project:default project_id=146527 project_image_fid=311562]

True to Sherpa's commitment to delivering high-quality resident amenity in every project they produce, Flourish on Sixth will feature an 800 sqm, north-east facing rooftop with a heated 15-metre lap pool, private cabanas, and communal barbecue area complete with a pizza oven.

Also on the roof will be a&nbsp;wellness centre with a gym, sauna, steam room, and both hot and cold plunge pools. A private kitchen and dining area will also be located on the roof, as will work-from-home facilities and a bookable boardroom.

Flourish will feature a shared electric vehicle service, a car wash station, and electric car charging points.

[smartcode_project:default project_id=146527 project_image_fid=311565]

Sherpa is bringing its trusted development partners to Flourish, including <a href="https://www.urban.com.au/builders/lps-group">LPS Group</a>, the builder behind some of their high-end projects. LPS is currently constructing Perspective Nexus in Palm Beach, where two-bedroom apartments start from $1.745 million, and Perspective Helm on Chevron Island, with prices starting at $3.7 million.

LPS will begin construction on Flourish on Sixth early next year, with completion expected by late 2026 or early 2027.

[smartcode_project_cta:default project_id=146527]

"We believe there's no better location for the Flourish brand of beachside living," Sherpa General Manager, Daniel Clarke, says on Sherpa's fifth development in the suburb.

Ricky Stuart sells in Sutherland Shire

Jonathan Chancellor

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