The best completed Melbourne apartments selling in May 2023: Part II

CoreLogic’s monthly Australian Unit Market Update in April shows growth across capital city unit rents (+1.6 per cent) continues to outpace house rents (+0.9 per cent)
The best completed Melbourne apartments selling in May 2023: Part II
The view from the completed HOME in Alphington. Image supplied
Alison Warters May 30, 2023PROJECT ROUNDUP

Capital city rents are being pushed higher and higher due to a huge imbalance between supply and demand, which is forecast to continue, particularly across Melbourne where the metrics point to a huge undersupply of apartments looking ahead.

CoreLogic’s monthly Australian Unit Market Update in April shows growth across capital city unit rents (+1.6 per cent) continues to outpace house rents (+0.9 per cent).

That's seeing investors come back into the market, securing rental yields they've not seen in decades. The rental dilemma has put recently completed apartment developments at the forefront of enquiry.

Investors can start receiving rental income straight away, while also securing depreciation benefits on their investment.

Completed developments are also looked on favourably by first home buyers, many of whom have seen their rent increase significantly over the past 12 months. 

We've wrapped up a list of the best ready-to-move-in apartments currently selling across Melbourne.

This article follows on from Part I: The best completed Melbourne apartments selling in May 2023

448 Brighton

In Melbourne's highly sought-after bayside locale, a new gem has emerged, gracing the prestigious suburb of Brighton. Completed in 2021, 448 Brighton has swiftly established itself as a coveted addition to the neighbourhood.

A team of experts in their own right came together for the development, led by Sunkin, who collaborated with renowned architects SJB and landscape architect Jack Merlo, crafting a design that seamlessly harmonises with the breathtaking surroundings.

448 Brighton caters to the discerning needs of homeowners and individuals seeking to downsize. The apartments offer floorplans that generously accommodate various lifestyles, ranging from a comfortable 111 sqm to an expansive 693 sqm.

Every facet of the interior has been painstakingly fashioned to evoke a sense of artistic beauty. From the meticulously selected timber floors to the impeccably sculpted natural marble stone benchtops, every detail has been thoughtfully considered to create an ambiance that radiates refinement and elegance within the walls of 448 Brighton.

While demand has been high, a selection of two and three-bedroom apartments still remain available in this development. Additionally, three and four-bedroom penthouses offer an elevated living experience. 

Ovation Footscray

Ovation Footscray started welcoming it's first residents just last year. 

Located in the heart of the suburb, Ovation reaps all the benefits of inner-city living, maintaining proximity to public transport, schools, dining and recreational amenity, while still feeling like its own set place.

Locals Keystone Property Group are the developers behind Ovation, which comprises 131 residences with a mix of two and three-bedders remaining. 

Keystone are no strangers to the burgeoning Footscray area, with the developers boasting a string of already sold out projects, including, The Buckley and Victoria Corner.

Kavellaris Urban Design (KUD) handled the design of Ovation, with owner Billy Kavellaris saying the vision was to honour Footscray’s unique architectural character, while still establishing a new level of design ingenuity for the area.

The building’s form is bold in its depiction of recessed voids, unique shapes and protrusions, with a layer of greenery added through the landscape design which is integrated tactfully into the recesses on the façade, juxtaposing the building’s built form with lush, natural beauty.

The interiors of Ovation are also very much defined by what exists outside of the apartments, with full height windows inviting in ample sunlight and stunning views of the city skyline and surrounding streetscapes.


Perched at the commanding intersection of Heidelberg Road and Chandler Highway in Alphington, a new architectural marvel named HOME claims the highest vantage point within the Alphington Paper Mill Development.

This extraordinary building boasts sleek lines and a daring design, solidifying its status as a true landmark. The brick podium pays homage to the site's industrial legacy, while the gracefully curved glazed tower showcases the cutting edge of contemporary architecture.

The exterior materials selected for HOME are both raw and timeless, creating a captivating blend of brick, concrete, timber, metal, and glass. These elements come together in an artful composition, unveiling expansive interiors that exude a sense of boundless space—a quality that is abundantly found within HOME.

Nestled amidst a leafy riverside environment, merely 6.5 kilometres northeast of the city, HOME encompasses 16 stories, housing a collection of terrace homes, sky homes, and apartments.

The one-bedroom apartments at HOME have proven to be highly sought after, with all units in this category already sold. However, a limited number of two and three-bedroom residences still remain available, providing an opportunity for prospective buyers to secure their dream abode.

The design of the apartments was a collaborative effort between renowned firm Cera Stribley. Each of the 326 apartments at HOME boasts spacious floorplans and an abundance of natural light, offering residents an inviting and luminous living environment


Rise is the latest and final addition to the Mason Square precinct in Moonee Ponds.

Rising 29 floors and comprising just under 300 apartments, Rise boasts uninterrupted city views from the floor-to-ceiling windows, as well as plentiful amenity.

On the top eight levels of Rise, Skyhomes are penthouse-style two and three-bedroom apartments with open plan living areas that open onto large balconies.

The Skyhomes have been designed to maximise space and the views from Melbourne’s north, as well as benefiting from exclusive facilities. 

Two and three-bedders can still be purchased in the development, with prices starting from $681,500.


The Sierra Apartments in Hawthorn have emerged as a standout player in the real estate market, captivating buyers with their distinctive 'S' shape and meticulous design.

JD Group, renowned for their developments in Melbourne's most coveted neighborhoods, turned their attention to the heritage suburb, offering a diverse range of residential options within Sierra. Prospective residents can choose from one, two, three, and four-bedroom apartments, as well as a collection of terrace homes.

What sets the Sierra Apartments apart is their bold architectural statement, which goes beyond mere aesthetics to create an extraordinary sense of space. The 'S' shape of the building not only makes a visual impact but also fosters an engaging retail experience on the vibrant Burwood Road. Residents are privileged to have retail conveniences right at their doorstep, enhancing their daily lives.

Adding to the allure of Sierra, two expansive landscaped courtyards are nestled within the curves of the building. These thoughtfully designed outdoor spaces not only enhance the visual appeal but also serve as serene havens for residents to relax and find solace amidst the hustle and bustle of the city.

Internally, Sierra's apartments boast floor-to-ceiling windows that bathe the interiors in an abundance of natural light, accentuating the contrasting elements of dark wood and high-quality stone that grace the open-plan living spaces.

For those seeking spacious living across two levels, Sierra offers an impressive collection of dual-story terrace homes. Positioned at the heart of the 'S' structure, these homes enjoy a privileged location with delightful leafy outlooks at every turn, as they are seamlessly integrated with the surrounding courtyards.

Toorak Park

Toorak, known as one of Melbourne's most prestigious suburb, has always maintained its status as the epitome of blue-chip living.

When it comes to new apartment developments in Toorak, the price point generally starts at a staggering $2 million, targeting local downsizers or those seeking a downsizing move from other affluent neighboring suburbs.

With over 60 percent of Toorak's population consisting of families, according to the latest census, opportunities to secure new or near-new apartments in the area have been scarce, making the latest offering a rare and highly sought-after proposition for those aspiring to enter the exclusive Toorak market.

Toorak Park, a remarkable $500 million masterplanned project, has presented a mix of one, two, three, and four-bedroom apartments to cater to discerning buyers. Developed by the prominent ASX-listed development giant, Lendlease, this expansive 2.5-hectare project takes its name from its strategic location behind the serene and leafy Toorak Park.

The collaboration between Denton Corker Marshall and Carr Design Group has resulted in a remarkable 16-building project, exquisitely designed to blend seamlessly with its surroundings. The extensive landscaping, crafted by Tract, encompasses a third of the development, providing a harmonious blend of green spaces and communal areas. Among these features is a bluestone plaza that houses a convenience store and a café, providing residents with convenient amenities within easy reach. 

Residents of Toorak Park can also indulge in an array of residential amenity, including a swimming pool and a state-of-the-art gym.

Yarra One

EcoWorld, a prominent global property developer, has made a notable addition to its impressive international portfolio with the completion of Yarra One, their luxury apartment development in South Yarra.

Yarra One embodies the signature themes found in other successful EcoWorld projects, emphasising liveability and a desirable lifestyle. Situated in the esteemed Forest Hill area of South Yarra, this development on Claremont Street marks the final touch to this exclusive pocket of the neighbourhood. The design of Yarra One's 250 residences was entrusted to Fender Katsalidis, the renowned international design firm known for its multidisciplinary expertise.

Rising 27 stories high, the tower offers a diverse range of living options, including one, two, and three-bedroom apartments, as well as a selection of exquisite penthouses. The floor plans range from 56 sqm to a generous 109 sqm, accommodating various preferences and needs.

The strategic location of Yarra One's atrium, positioned between the South Yarra train station and bustling Chapel Street, positions it as a focal point and a vibrant hub for residents and the local community. The tower's façade and slender linear design seamlessly integrate with the architectural language of the surrounding towers, creating a harmonious visual cohesion.

Homebuyers at Yarra One can indulge in an array of impressive amenities designed to enhance their living experience. These include a residents' dining room, a wine cellar, and a rooftop terrace with barbecue facilities. Fitness enthusiasts can take advantage of the gym and yoga room, while relaxation awaits in the outdoor spa, sauna, and steam room. Additional convenient features include a pet wash area and Tesla car share services.

Alison Warters

Alison Warters is a property journalist for Urban, based in Sydney. Alison is especially interested in the evolution of the New Build/Development space, when it comes to design innovation and sustainability.

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