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.

Joel Robinson

Why the investment potential at Elevate Hume Place above Crows Nest Metro is proving too good to miss

Brisbane developer Aria is reviving its South Brisbane development which is being pitched as&nbsp;‘one of the world’s greenest residential buildings.'

The sustainability-focused developer initially sought to build a 34-level tower back in 2020, before scaling the density back to 20 levels. That was approved in 2021.

Three years later, they've filed again with the Brisbane City Council, seeking to go back up to 30 levels. Proposed are 321 one, two, three, four and five-bedroom apartments, under a full rooftop amenity level, a signature feature in Aria's developments.

<img alt="Aria" data-entity-type="file" data-entity-uuid="1a4a2726-78da-4c7a-a0bc-ad953292173f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-10-02%20at%2011.42.20%E2%80%AFAM.png?VersionId=HNjyHhrRCjW0V.LrJ40PQ9WbB7fjOTUx" />

The reason for the uplift is to take advantage of the recently gazetted&nbsp;Kurilpa Temporary Local Planning Instrument.

Urbis noted in its Town Planning Report that the TLPI&nbsp;provides for greater density, building height and reduced car parking requirements where design and sustainability benchmarks can be delivered.

"These benchmarks include design excellence, community benefit, sustainability measures and housing diversity where proposing higher density residential buildings."

They said Aria's Urban Forest&nbsp;comprises a truly iconic and world-class residential building, one which links Musgrave Park and South Bank Parklands.

"The proposal goes above and beyond the usual offering for a residential building with a level of community and public benefit that is unprecedented for any development of this scale in Brisbane – a true landmark for the city and a new benchmark for innovative subtropical design in Australia.

"This community and public benefit is made possible through the additional density allowed for by the TLPI and is more than justified through its suburban, precinct and site-level context."

<img alt="Aria" data-entity-type="file" data-entity-uuid="64a2b4d3-b412-4dc9-8fdf-601205cc29bb" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-10-02%20at%2011.44.00%E2%80%AFAM.png?VersionId=yWbGbomfus.gsrevf0cqYk9PP1Qd4j5V" />

Renowned Japanese architecture firm Koichi Takada Architects has been in charge of the design.

"The design has a layered living facade, inviting dappled light into the balconies and living rooms," the Urban Design Report submitted to Council noted.

"Urban Forest design learns from the natural environment, using a living facade to filter air and provide ventilation while protecting windows for heat gain. The apartments and common areas enjoy fresh air improving indoor health and quality."

Urbis said the project landscape architects, LatStudios, have analysed the world’s most recognisable and acclaimed green buildings to confirm that the proposal does indeed provide the most landscaping for any residential building in the world.

The ground plane has been dedicated as a considered open space at a more intimate scale than the nearby large and medium-scale public green spaces with a variety of seating, open space, lighting, art, water features, high volume, sculptural green columns.

The 30-level tower would home 321 apartments, down from 383 apartments in the original 30-level design. There will be a variety of configurations, from one-bedroom to five-bedroom apartments.

Recreational space will be on the communal rooftop, where there will be a 50-metre infinity pool and several spas, cabanas and day beds, yoga spaces, meditation pods, and barbecue and alfresco areas.

Renowned Japanese architecture firm Koichi Takada Architects has been in charge of the design

Aria to move ahead with bulked-up 'Urban Forest' apartment development in South Brisbane

Integrated builder-developer TOGA Group has completed the residences at Surry Hills Village, its landmark mixed-use community on the border of Surry Hills and Redfern.

There are only 18 apartments and townhouses left in the building on the corner of Cleveland St and Baptist Street. They're part of the wider precinct that will include a hand-picked selection of&nbsp;boutique retailers, restaurants and food purveyors which will create a vibrant local destination for the new residents and the broader community.

<img alt="Surry" data-entity-type="file" data-entity-uuid="3935818d-95f5-4457-ba13-dc1058d9707a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-10-02%20at%2010.09.53%E2%80%AFAM.png?VersionId=Nq75jyMk2m4KAGnNwH7fwWEvbzqdGv4x" />

TOGA Group Managing Director, Allan Vidor, said it’s rare to find a development that offers a balance of luxury residential, green space and location alongside the city’s finest restaurants, bars, boutique retailers, art, music and culture.

"We have brought this all together in one unique destination and it’s a proposition that has resonated with the market," Vidor said.

The retail heart of the development, Wunderlich Lane is already buzzing with activity.

Coles, Vintage Cellars, Harris Farm, QMan Barber, Blooms The Chemist and Beyond Eyecare have now opened, and they will soon be joined by Lumi Dining Group, House Made Hospitality and Olympus Dining (by the Apollo Group). The precinct opens in stages until autumn next year.

Once complete in early 2025, Wunderlich Lane will be home to a collective of 25 restaurants and all-day dining, bars, beauty, wellness, and boutique retail by some of the city’s best operators, event spaces, fresh food village-style market, creative office space and luxurious residences.

<img alt="Surry" data-entity-type="file" data-entity-uuid="705a98b1-498b-459f-ac54-f5ef48421a05" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-10-02%20at%204.12.44%E2%80%AFPM.png?VersionId=JWlewTDaV0PT0aqC4OzHx98cN_w8E2no" />

Complementing the residential and retail components, The EVE Hotel Sydney will open later in 2024.

“It was important to us to pay homage to the rich history of Surry Hills and Redfern by bringing together the best Sydney has to offer, creating a destination that celebrates the city and will become a mainstay of its future," Vidor added.

"We have an array of well-known local retailers, restaurateurs and food purveyors set to open their doors in the coming months. It’s wonderful to see our vision coming to life.”

SJB was responsible for the designs of the residences and The Eve Hotel.&nbsp;

Haddow, a Surry Hills local, says&nbsp;Surry Hills Village has been stitched back in place.

"The project draws on the diversity of the community and will engage locals, business and visitors through its retail, commercial and hotel offerings.&nbsp;

"The residential apartments sitting above are a quiet sanctuary within the bustle of the city and have the added amenity of a vibrant precinct at their fingertips. Homes are generous in scale and enjoy large private terraces and secluded communal gardens. It’s a place people will really want to be.”

The remaining two and three-bedroom apartments and terrace homes start from $2,175,000.

The remaining two and three-bedroom apartments and terrace homes start from $2,175,000

Surry Hills Village completes with just a handful of apartments remaining

Victoria &amp; Albert, the new two-tower apartment development currently under construction in the heart of <a href="https://www.urban.com.au/developments/broadbeach-qld-4218">Broadbeach</a>, can wear many different hats when it comes to the type of buyer it is attracting.

The two towers by Sam Arnaout's <a href="https://www.urban.com.au/developers/iris-capital">Iris Capital</a>, home to just over 400 apartments, have been cleverly designed to offer something for every type of buyer, be it an investor, holiday-maker, or downsizer.

[smartcode_project:default project_id=107928 project_image_fid=234100]

The Victoria tower, the tallest of the two towers at 64 levels, has been configured to offer more affordable options, more suited to investors and first home buyers.

The neighbouring Albert tower, rising 40 levels on the eastern side of the large 5,463 sqm site, complements the lifestyle of a downsizer, whether they be local from the Gold Coast, Brisbane, or retirees from Sydney or Melbourne wanting to embrace the Gold Coast lifestyle that has been so well documented since the onset of the pandemic.

The apartments in Albert, generally larger than those in Victoria, start from $1.8 million.

[smartcode_project:default project_id=107928 project_image_fid=234153]

Urban.com.au data shows an even split of investors and next home buyers since&nbsp;the project launched to much fan-fare in late 2021.

Over the last three years, there's been equal demand from the two camps, but more recently, next home buyers have shown the most interest as the more typical investor-friendly stock was snapped up. All of the one-bed apartments were reserved by mid-2023.

Investors are still showing keen interest however in the two-bedroom apartments that start from $1,235,000.

It's the two-bedroom apartments that have been the most popular on Urban.com.au, followed by the large 161 sqm three-bedroom units that come with two car spaces.&nbsp;

[smartcode_project:default project_id=107928 project_image_fid=234103]

Current data shows there's still strong demand from New South Wales, with traffic from Queensland's southern neighbour accounting for around a third of total listing views.

Residents in both <a href="https://www.urban.com.au/new-apartments/victoria-albert-broadbeach-20-albert-avenue-broadbeach">Victoria &amp; Albert</a> towers will have access to significant shared amenity, including but not limited to a&nbsp;subtropical recreational podium on level four, home to a 25-metre lap pool, a fully equipped gym, a yoga deck and a resident’s lounge. The podium will also feature a children’s area, a Zen garden, and an outdoor dining and barbecue area set in extensive landscaping.

[smartcode_project:default project_id=107928 project_image_fid=234097]

Another major drawcard has been the proximity to the $200 million retail precinct, located in the podium and ground levels of the building. Residents will have direct access into the retail arcade which will offer a range of high-end dining and shopping options.&nbsp;

Earlier this year, Iris Capital brought construction in-house, announcing <a href="https://www.urban.com.au/builders/iris-built">Iris Built</a>. Construction is underway, and is slated for completion in 2027.

&nbsp;

[smartcode_project_cta:default project_id=107928]

Urban.com.au data shows an even split of investors and next home buyers since the project launched to much fan-fare in late 2021

Victoria & Albert's unique appeal to downsizers, holiday-makers and investors in the heart of Broadbeach

Melbourne's soft property market continued over September, but there's better news for units than their is for houses.

Unit values did grow, a modest 0.1 per cent in contrast to house values, which declined -0.2 per cent, CoreLogic's Monthly Index showed.

Unit values are however -0.5 per cent down over the September quarter and -1.6 per cent down so far in 2024.

Units generally are performing better than houses across the country, with six of the eight capitals seeing unit values rise by more than house values over the quarter.

The median value of units in Melbourne now sits at $612,000.

<h2>What happened in Melbourne's off the plan apartment market in September</h2>

Confidence is building Melbourne's off the plan apartment market, with September being marked with several exciting developments and project launches from&nbsp;<a href="https://www.urban.com.au/developments/hawthorn-vic">Hawthorn</a>&nbsp;and&nbsp;<a href="https://www.urban.com.au/developments/south-melbourne-vic-3205">South Melbourne</a>&nbsp;and&nbsp;as far as Safety Beach on the Mornington Peninsula.

Milieu announced it saw a strong response at Elsternwick Gardens, its new garden-centric community on the site of the former ABC Studios in Elsternwick.

Their&nbsp;VIP open saw a huge uptake of apartment reservations, to a broad range of buyers.&nbsp;<a href="https://www.urban.com.au/developers/milieu-property" target="">Milieu</a>&nbsp;also had some repeat purchasers attend the opening of the display suite.

[smartcode_project:default project_id=136535 project_image_fid=288414]

<a href="https://www.urban.com.au/new-apartments/elsternwick-gardens-by-milieu-8-gordon-street-elsternwick">Elsternwick Gardens</a>&nbsp;has attracted strong interest due to several unrepeatable components, none more obvious than the location of the prime 11,740 sqm site which neighbours the historic Rippon Lea Estate.

Read more:&nbsp;<a href="https://www.urban.com.au/news/vic/milieus-elsternwick-gardens-development-gains-momentum-following-successful-vip-launch">Milieu's Elsternwick Gardens development gains momentum following successful VIP launch</a>

In keeping with new nature-focused neighbourhoods, <a href="https://www.urban.com.au/developers/hamton">Hamton Property Group</a>&nbsp;secured approval for their latest precinct-style&nbsp;residential project in Hawthorn.&nbsp;

Located on a former University of Melbourne site, the development will feature a new garden community comprising 365 residences across six low-rise buildings.

<img alt="Hamton given green light for $550 million masterplan on former University of Melbourne site in Hawthorn" 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%202024-09-17%20at%2011.49.20%E2%80%AFAM.png?VersionId=EqNeBmCmWGGH9ZC.m.hDEWFKAqm7ku44" />

The development includes a mix of apartments and townhouses, along with 5,500 sqm of publicly accessible green space and a new retail village.&nbsp;

The project is set to significantly transform the Hawthorn landscape and is one of the largest to be approved under the Allan government’s accelerated Development Facilitation Program.

Read more: <a href="https://www.urban.com.au/news/vic/hamton-given-green-light-for-550-million-masterplan-on-former-university-of-melbourne-site-in-hawthorn">Hamton given green light for $550 million masterplan on former University of Melbourne site in Hawthorn</a>

Golden Age Group also saw their luxury Bayside townhouse development approved, located on the site of the former&nbsp;Xavier Junior School site at 47 South Road, Brighton.

This 3.3-hectare site will be subdivided into 14 individual lots, with plans to deliver 84 new homes.&nbsp;

<img alt="Victorian Planning Minister approves Golden Age townhouse development in Brighton" 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%202024-09-02%20at%207.14.13%E2%80%AFPM.png?VersionId=5yrzKwa4OkgQTkTzldccdS_fw7rr.LYP" />

The development is expected to provide much-needed housing in the area, contributing to both economic growth and community development.&nbsp;

<a href="https://www.urban.com.au/developers/golden-age-group" target="">Golden Age Group</a>'s director, Damien Hehir, emphasised the importance of this project in the continued expansion of Brighton's housing market.

Read more:&nbsp;<a href="https://www.urban.com.au/news/vic/victorian-planning-minister-approves-golden-age-townhouse-development-in-brighton">Victorian Planning Minister approves Golden Age townhouse development in Brighton</a>

There was further movement in Brighton in September as developer&nbsp;<a href="https://www.urban.com.au/developers/primeland">Primeland</a>&nbsp;revealed its plans for&nbsp;the former Brighton Savoy Hotel at 150 Esplanade.

The $25 million plans are for a luxury apartment development that will replace the 1900s-built hotel that was first a private residence before becoming a hotel in 1959.

<img alt="First look exclusive: Former Savoy Hotel, Brighton apartment redevelopment 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/150%20Esplanade%20Brighton%20proposal.png?VersionId=IJQdVGfSaap7OybfEXpoM3SWNnJmfMC5" />

The 3,386 sqm corner site at <a href="https://www.urban.com.au/new-apartments/savoy-hotel-150-esplanade-brighton">150 Esplanade</a>, opposite the famous beach, had been owned by the Lee family for 55 years before it was acquired by Primeland as part of its growing $1 billion portfolio which includes assets across hotel, residential, and mixed-use sectors.

The plans by Toorak-based Kennon Architects are for two separate three-level buildings with 14 luxury apartments.

Read more:&nbsp;<a href="https://www.urban.com.au/news/vic/first-look-exclusive-former-savoy-hotel-brighton-apartment-redevelopment-revealed">First look exclusive: Former Savoy Hotel, Brighton apartment redevelopment revealed</a>

Luxury developments and releases too were timed for September.

Developer <a href="https://www.urban.com.au/developers/dcf-property" target="">DCF Property</a> launched First Light, just 30 apartments lcoated in South Melbourne's popular Domain Precinct.

The new tower at 28 Albert Road will be a mixed-use building with luxury apartments sharing the building with an 88-room Nu by YOO Hotel, the brainchild of property entrepreneur John Hitchcox and&nbsp;French industrial architect and designer Philippe Starck.

[smartcode_project:default project_id=2556 project_image_fid=299333]

The collaboration continues in the two ground-floor restaurants. One will be run by acclaimed chef Scott Pickett, from Chancery Lane and Estelle, and the other by restaurateur Jason Lau.

The apartments have been designed by&nbsp;French architect Léo Terrando, whose approach was to blend global design principles with Melbourne's charm, using materials like brushed nickel, charcoal oak and travertine flooring.

Read more:&nbsp;<a href="https://www.urban.com.au/news/vic/inside-first-light-south-melbournes-newest-apartment-development-shaped-by-french-architects-and-celebrated-restaurateurs">Inside First Light: South Melbourne's newest apartment development shaped by French architects and celebrated restaurateurs</a>

Penthouse collections were released in two of Melbourne's newest landmark towers.

<a href="https://www.urban.com.au/developers/osk-property" target="">OSK Property</a>&nbsp;revealed their&nbsp;Penthouse Collection at <a href="https://www.urban.com.au/new-apartments/blvd-at-melbourne-square-19-hoff-boulevard-southbank">BLVD</a>, the latest stage of the massive $3 billion <a href="https://www.urban.com.au/buildings/melbourne-square-93-119-kavanagh-street-southbank">Melbourne Square precinct</a> in <a href="https://www.urban.com.au/developments/southbank-vic-3006">Southbank</a>.&nbsp;

[smartcode_project:default project_id=107714 project_image_fid=211866]

Designed by renowned interior designer David Hicks, the eight penthouses range from 180 sqm to 471 sqm and start at $4.46 million, with one already sold for $6 million.&nbsp;

Hicks' 'East meets West' design theme merges Eastern minimalism with Western luxury, offering unique, high-end living spaces.

Read more:&nbsp;<a href="https://www.urban.com.au/news/vic/luxury-penthouse-collection-by-david-hicks-revealed-at-blvd-southbank">Luxury penthouse collection by David Hicks revealed at BLVD Southbank</a>

R.Corporation also released its penthouses atop&nbsp;<a href="https://www.urban.com.au/buildings/r-iconic-south-melbourne-259-normanby-road-south-melbourne">R.Iconic</a> in South Melbourne. We took a tour of the recently completed building, its significant amenities, and the penthouses on offer.

The open-plan penthouse collection flows seamlessly from the kitchen—featuring Gaggenau appliances, a butler’s pantry, and a stunning marble island bench—into a spacious living area that opens up to a generously-sized balcony with expansive views.

[smartcode_project:default project_id=5234 project_image_fid=298022]

Exclusive to sub-penthouses, penthouses, and townhouses is The Horizon Lounge, offers breathtaking bayside views and a communal kitchen for private gatherings.

&nbsp;

Read more:&nbsp;<a href="https://www.urban.com.au/news/vic/urbans-video-tour-of-r-iconics-luxury-penthouse-collection-in-south-melbourne">Urban's video tour of R.Iconic's luxury penthouse collection in South Melbourne</a>

A rare opportunity also presented itself down on the Mornington Peninsula with the launch of <a href="https://www.urban.com.au/buildings/osprey-safety-beach-15-martha-cove-boulevard-safety-beach">Osprey Safety Beach</a>, and award-winning development by Figurehead Constructions.

Osprey Safety Beach&nbsp;comprises just 18 two and three-bedroom apartments, and are as competitively priced as any new apartment in the burgeoning community.

[smartcode_project:default project_id=138447 project_image_fid=290648]

Projects by Buxton Director Heath Thompson is already seeing demand from several buyer camps.

"Where Osprey is located and the configurations it has on offer, it can suit several uses, which is attracting several different buyer types," Thompson says.

[smartcode_project:default project_id=138447 project_image_fid=290744]

"Local downsizers who either live in the immediate area or those who have large landholdings in some more remote areas of the Mornington Peninsula who want to be closer to the water, have been the most active buyers so far.

"Then there's those from Melbourne who want a lock up and leave, low-maintenance weekender that they can use themselves or lease as a holiday let when not in use."

Confidence is building Melbourne's off the plan apartment market, with September being marked with several exciting developments and project launches from Hawthorn and South Melbourne and as far as Safety Beach on the Mornington Peninsula

Most Expensive	Suburb	Mar-13 Median	Quarterly Change
1	BRIGHTON	$855,000	4.6%
2	TOORAK	$717,500	16.1%
3	PORT MELBOURNE	$650,000	1.6%
4	MOUNT WAVERLEY	$647,500	6.8%
5	KEW	$614,750	11.8%
6	DOCKLANDS	$603,000	10.1%
7	BENTLEIGH	$598,500	6.4%
8	CAMBERWELL	$575,000	1.6%
9	SOUTHBANK	$541,500	-1.1%
10	RICHMOND	$540,000	2.9%

Brighton beats Toorak as Melbourne's most expensive suburb in March quarter: REIV

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