Melbourne off the plan apartments

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

Joel Robinson

City Beat October 2024: Units fare better than houses in soft Melbourne property market

The leafy Glen Iris, regarded as the geographical center of Melbourne, is a suburb that, once you live there, you will never want to leave.

The 3146 postcode offers a perfect blend of suburban charm and connectivity to greater Melbourne. It boasts some of the best schools in the city, as well as easy access to the central business district.

Heath Thompson, Director at Projects by Buxton, has sold out several new apartment developments over the years and notes that <a href="https://www.urban.com.au/developments/glen-iris-vic-3146">Glen Iris</a> has long been regarded as one of Melbourne’s top suburbs for families and downsizers.

"You find that those who move to Glen Iris often stay for generations," Thompson says.

"Generally speaking, young families move to Glen Iris to enjoy a family-friendly lifestyle, with some of the best schools and parks in Melbourne. As they approach the empty-nesting phase, these parents often look to downsize locally because soon enough they’ll be grandparents, and their children will likely raise their families in Glen Iris as well. This creates a generational knock-on effect, making Glen Iris a really tight-knit community," Thompson explains.

<a data-entity-type="file" data-entity-uuid="fc441f24-48db-4778-ac6b-b2b4050ce5b8" href="https://www.urban.com.au/developments/glen-iris-vic-3146"><img alt="Glen Iris" data-entity-type="" data-entity-uuid="" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-09-30%20at%204.29.50%E2%80%AFPM_0.png?VersionId=yn6wKFb35oHupVxV4e.2q6aVGZGdd02z" /></a>

Thompson emphasizes the beauty of Glen Iris as one of Melbourne's established suburbs, with its leafy, tree-lined streets and excellent amenities, while also being one of the most connected areas.

"When you are at that young family stage, there is still great access to the city, whether it be through Glen Iris Station, Gardiner Station, or the extensive tram connections on High Street. You're in close proximity to the city but can feel completely disconnected on weekends, allowing you to immerse yourself in a more family-friendly lifestyle."

Thompson says Glen Iris sits in a prime pocket that enables its residents to enjoy several of the neighbouring suburbs.

"You're on the fringe of <a href="https://www.urban.com.au/developments/malvern-vic-3144">Malvern</a> and <a href="https://www.urban.com.au/developments/armadale-vic-3143">Armadale</a> to the west, <a href="https://www.urban.com.au/developments/camberwell-vic-3124">Camberwell</a> to the north, and <a href="https://www.urban.com.au/developments/ashburton-vic-3147">Ashburton</a> to the east. You can take advantage of all the amenities these areas offer."

Leaning into the trend of downsizing in the suburb, developers in recent years have been gearing their new projects to offer large apartments that can cater for both young and established families, as well as the empty nester.

Thompson has just one apartment remaining in <a href="https://www.urban.com.au/new-apartments/galerie-glen-iris-1538-1540-high-street-glen-iris">GALERIE</a>, the newest apartment development in Glen Iris which is slated for completion in the coming months.

[smartcode_project:default project_id=112375 project_image_fid=250355]

While the majority of buyers have been downsizers, several are couples looking to upsize as they plan the next phase of their lives.

"The building represents everything that Glen Iris is about."

The penthouse atop GALERIE set a price record for the suburb in 2023, selling for <a href="https://www.urban.com.au/news/vic/glen-iris-apartment-price-record-smashed-with-galerie-penthouse-sale-just-shy-of-4-million">nearly $4 million to a local couple looking to downsize</a>.

[smartcode_project:default project_id=112375 project_image_fid=250358]

Thompson believes Glen Iris is an excellent suburb for downsizing due to its proximity to some of Melbourne’s best neighborhoods and the Monash Freeway.

"There are generally two types of retirees: those who want to travel internationally and can be at the airport in 35 minutes, and those with a weekender on the Mornington Peninsula who can be on the freeway in minutes."

Downsizers are expected to make up the majority of purchases in the latest apartment development launching in Glen Iris.

<a href="https://www.urban.com.au/new-apartments/avery-glen-iris-1542-1544-high-street-glen-iris">Avery</a>, located next to GALERIE on High Street, comprises just 24 apartments in a boutique low-rise building designed by Alta Architecture. Alta embraced the principles of wabi-sabi, a Japanese design philosophy that emphasizes natural simplicity and strength.

[smartcode_project:default project_id=22546 project_image_fid=288305]

Alvin Xu of Alta Architecture explained, “I’ve been exploring the idea of wabi-sabi for years. With Avery, I aimed to create tranquillity within an increasingly busy city and instill calm into every aspect of the design. I wanted to sustainably connect nature and gardens to the indoor living spaces."

"Ultimately, I tried to make a place where I would want to spend time, that feels like home as soon as you step inside."

The apartments are designed to maximize natural light with floor-to-ceiling windows and winter gardens that serve as versatile balconies for year-round enjoyment. A central fireplace adds warmth to the living area.

[smartcode_project:default project_id=22546 project_image_fid=288318]

High Street has become one of the most popular streets for new developments in Glen Iris. The seven-kilometer stretch is well serviced by trams to and from the city and runs to the bottom of Albert Park to the east to Ashburton and Malvern to the west.

Downsizers have driven rare Glen Iris townhouse development, Lori, to a near sell-out. Just two of the eight townhouses remain as they approach completion.

The three-bedroom townhouses have been designed by Megowan Architecture to spark some creative flair into Glen Iris.

The townhouses are situated on a sloping block, which allows for expansive views of the surrounding treescape through large picture windows. They&nbsp;feature high ceilings and full-length windows to maximise natural light and provide views of the preserved 100-year-old trees on the site.

[smartcode_project:default project_id=114100 project_image_fid=246532]

There will be even more local amenity for Glen Iris residents if Time &amp; Place's joint venture with Woolworths is approved at 173 Burke Road, on the border of Malvern East.

They've scaled back their&nbsp;shop-top housing development plans by Cera Stribley, now proposing 64 larger apartments above a full-line Woolworths with incresed setbacks and additional affordable housing options.

Glen Iris: The family-friendly Melbourne suburb residents don't want to leave

First home buyers in Melbourne have a fantastic opportunity to enter the property market, benefiting from some of the most attractive purchasing incentives available in Australia.

Unlike many other states, the calculation of stamp duty in Victoria isn't straightforward. In places like New South Wales, any apartment under a set threshold of $800,000 incurs no stamp duty, effectively excluding most apartments within a 15-kilometre radius of Sydney. In contrast, many one-bedroom apartments in Melbourne’s inner city are priced below $750,000, opening up more possibilities for buyers.

<h2>Why is now an opportunity for first home buyers?</h2>

Currently, first home buyers in Melbourne find themselves in a favorable position, as they are not competing with investors for off-the-plan apartments. While most boutique developments focus on larger two- and three-bedroom units, many high-rise buildings—over 20 levels—feature entry-level apartments that are ideal for first-time buyers.

Moreover, some developers are offering flexible contract terms, including negotiable five percent deposits. There’s also positive economic news, with inflation showing signs of decline, potentially paving the way for the Reserve Bank of Australia to lower interest rates in 2025.

In the off-the-plan market, buyers won’t start paying their mortgage until the apartment is completed. Therefore, it's crucial to consider expected interest rates at that future time rather than the current rates. Market forecasts suggest <a href="https://www.urban.com.au/expert-insights/buying/markets-price-in-four-rba-rate-cuts-in-next-12-months-what-it-means-for-the-off-the-plan-apartment-market">four cuts in the next 12 months</a>. When rates decrease, entry-level apartments will become more appealing to investors—who typically have more capital than first home buyers—leading to increased competition.

<h2>What does the data say?</h2>

Data from <a href="https://industry.urban.com.au/data-insights">MatterFact</a>, Urban.com.au's new data product, indicates strong demand from first home buyers in 2024.

Over 40 percent of inquiries in Melbourne this year have come from this demographic, down from 50 percent in 2023.

This slight decline is primarily due to changing apartment configurations but demonstrates that interest rates have not significantly deterred first home buyers.

<h2>How do I calculate what I can save?</h2>

First home buyers in Victoria can take advantage of two key incentives: the First Home Owners Grant (FHOG) and stamp duty concessions. The FHOG offers $10,000.

Calculating stamp duty can be a bit complex. It’s based on the apartment's price minus the construction cost in the contract. The dutiable value is applicable when this figure is between $600,000 and $750,000, allowing for potential duty concessions.

For the most current information on concessions and eligibility, it's best to visit the State Revenue Office website.

<h2>What can I buy?</h2>

With the high threshold to receive concessions, there are plenty of opportunities to buy all across Melbourne.

We've wrapped up the best opportunities for first home buyers across Melbourne.

<h2>What: Fareham, St Kilda</h2>

<h3>Where:&nbsp;95 St Kilda Road, St Kilda VIC 3182</h3>

<h3>Who:&nbsp;Gamuda Land</h3>

Fareham in St Kilda has a handful of one-bedroom apartments in the 16-level building on St Kilda Road that has been designed to be one of the greenest in Melbourne.

[smartcode_project:default project_id=137950 project_image_fid=281446]

The 73-unit project is set to achieve a 7.5-star NatHERS rating, supported by renewable energy sources and eco-friendly features like EV charging and secure bike parking.&nbsp;

With a focus on integrating nature into urban living, Fareham offers bay views, a communal rooftop, and extensive landscaping.

[smartcode_project:default project_id=137950 project_image_fid=281448]

First-home buyers can benefit from the long construction timeline, offering more time to save, while the energy-efficient design lowers long-term costs.&nbsp;

Prices for one-bedroom units remain competitive compared to the growing Melbourne market.

<h2>What: BLVD at Melbourne Square</h2>

<h3>Where:&nbsp;19 Hoff Boulevard, Southbank VIC 3006</h3>

<h3>Who:&nbsp;OSK Property</h3>

BLVD is the latest addition to Southbank's burgeoning Melbourne Square precinct, offering a 73-level skyscraper with just under 600 apartments.&nbsp;

[smartcode_project:default project_id=107714 project_image_fid=214124]

Designed by COX Architecture, it focuses on wellness and connectivity, with extensive amenities such as an indoor pool, gym, sauna, and work-from-home facilities.&nbsp;

BLVD caters to first-home buyers by offering a low deposit requirement and extensive wellness-focused amenities, ensuring comfort and practicality for urban living.&nbsp;

[smartcode_project:default project_id=107714 project_image_fid=214126]

One-bedroom units are priced from $611,000.

<h2>What: Melbourne Square</h2>

<h3>Where:&nbsp;93-119 Kavanagh Street, Southbank VIC 3006</h3>

<h3>Who:&nbsp;OSK Property</h3>

OSK Property still has some apartments remaining in an earlier stage of Melbourne Square.

The remaining two and three-bedroom apartments are well-suited for first home buyers looking to secure property in Southbank, where prices start from $769,100 for two-bedroom units.&nbsp;

[smartcode_project:default project_id=2929 project_image_fid=200840]

The completed tower includes a range of amenities such as a 50-metre swimming pool, gym, and communal dining spaces.

&nbsp;

<h2>What: FOCUS</h2>

<h3>Where:&nbsp;81 City Road, Southbank VIC 3006</h3>

<h3>Who:&nbsp;Central Equity</h3>

FOCUS offers completed, ready-to-move-in apartments in a 50-level tower in Southbank.&nbsp;

One-bedroom apartments at FOCUS start from $629,000, offering a great entry to the market for first home buyers.

&nbsp;

[smartcode_project:default project_id=3260 project_image_fid=212294]

The development includes amenities such as a heated pool, gym, cinema room, and resident dining areas.

First-home buyers can benefit from the immediate availability of apartments, combined with competitive pricing that qualifies for the First Home Owner Grant.&nbsp;

The central location also makes it an attractive option for those wanting to be near the city's amenities.

<h2>What: Parkhill Apartments, West Melbourne</h2>

<h3>Where:&nbsp;408 Spencer Street, West Melbourne VIC 3003</h3>

<h3>Who:&nbsp;Central Equity</h3>

Parkhill Apartments offer some of the most price-pointed apartments on the market.

The one-bedroom apartments start from $519,000 in the recently completed building on the fringe of Flagstaff Gardens.&nbsp;

[smartcode_project:default project_id=27406 project_image_fid=288622]

The development features a rooftop gym and garden, secure parking, and durable, premium fixtures.

Parkhill’s reasonable price points, combined with its location near education hubs and public transport, make it a strong choice for first home buyers.&nbsp;

First home buyers in Melbourne are in a unique position now as they're not currently competing with investors for apartments

The advantages of buying off the plan apartments for first home buyers in Melbourne

The garden-focussed approach by developer Milieu at its recently released Elsternwick Gardens community paid dividends at its weekend unveiling, with a significant number of buyers securing their future home.

The VIP open saw a huge uptake of apartment reservations, to a broad range of buyers. Milieu also had some repeat purchasers attend the opening of the display suite.

“Our VIP launch weekend was super successful and we were pleasantly surprised by the response,” Milieu Managing Director Michael McCormack said.

[smartcode_project:default project_id=136535 project_image_fid=288412]

<a href="https://www.urban.com.au/new-apartments/elsternwick-gardens-by-milieu-8-gordon-street-elsternwick">Elsternwick Gardens</a>, located on the former ABC Studios site on Gordon Street, 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.

<a href="https://www.urban.com.au/developers/milieu-property">Milieu</a> leaned into the fact the site shares the boundary with the heritage-listed gardens that surround the 1880s-built mansion, with a private, secure gate that only future residents of Elsternwick Gardens can access.

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The Rippon Lea gardens informed the landscaping at Elsternwick Gardens.<a href="https://www.urban.com.au/architects/woods-bagot"> Woods Bagot</a>, K.P.D.O., and<a href="https://www.urban.com.au/architects/flack-studio"> Flack Studio</a> worked to design the six low-rise buildings to be inkeeping with the wider community Milieu had envisioned, with significant separation between the buildings allowing for extensive landscaping and walkways.

[smartcode_project:default project_id=136535 project_image_fid=288420]

The head gardener of Rippon Lea Estate will also oversee the maintenance of the development's landscaping, ensuring continuity between the estate and the new residential precinct.

Milieu's commitment to sustainable design is also evident in Elsternwick Gardens, with all apartments being fossil fuel-free, powered by renewable energy, and equipped with provisions for EV charging and water harvesting systems.&nbsp;

The development also offers a range of amenities, including health and wellness facilities, pet care services, and a hospitality offering, further enhancing the appeal to prospective buyers.

The strong early sales reflect the demand for thoughtfully designed, sustainable living spaces in prime locations.

[smartcode_project:default project_id=136535 project_image_fid=288414]

McCormack says Elsternwick Gardens is a once-in-a-generation opportunity.

“The layers of thought and design within this project, alongside the historical and cultural importance of the site, renders this our most significant undertaking to date," McCormack says.

“This site represents a once-in-a-lifetime opportunity to build something truly special. Our first step was to engage the local community, to get a sense of what they expected. Through that process, we arrived at a design that centres on a fully realised natural landscape – a series of private, interconnected gardens that encircle the homes and extend seamlessly from Rippon Lea Estate.”

After the sales success, Milieu is now looking toward construction in the first half of 2025, with the former ABC Studios building currently under demolition.

[smartcode_project_cta:default project_id=136535]

Milieu Managing Director, Michael McCormack, called Elsternwick a "once-in-a-generation opportunity."

Milieu's Elsternwick Gardens development gains momentum following successful VIP launch

Luxury penthouses worldwide are often accompanied by exclusive clubs and amenity levels, offering residents of the most premium apartments a heightened sense of opulence and privacy.

Akin to a first class lounge at the airport, these spaces are reserved for those who own apartments at the top of the tower. Only a handful of residents are afforded access.

The likes of some of the world's most recognisable buildings, like One57 in New York, the Burj Khalifa in Dubai, and The Shard in London, offer their more affluent residents the privacy of bespoke amenities and the best views in the building.

The trend has recently made its way to Australia, but not to Australia's priciest capital.

Developers in Melbourne have become wise to it, trying to offer their penthouse buyers that little bit extra.

<a href="https://www.urban.com.au/developers/osk-property">OSK Property</a> recently revealed the penthouse collection atop <a href="https://www.urban.com.au/new-apartments/blvd-at-melbourne-square-19-hoff-boulevard-southbank">BLVD</a>, the latest stage of its $3 billion&nbsp;Melbourne Square precinct in Southbank.

[smartcode_project:default project_id=107714 project_image_fid=300209]

Residents of the eight penthouses will have exclusive access to the Skye Club Lounge on level 55 of the 75-level building.&nbsp;The Skye Club Lounge will feature a cocktail bar, dining room, and private gym.

The building also offers an extensive range of amenities including private dining rooms, &nbsp;another gym, a 25m indoor swimming pool, spa, sauna, golf simulator, entertainment and lounge spaces, and a two-level, co-working space.&nbsp;

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The quarter-floor penthouses, designed by David Hicks, range in size from 180 sqm to 471 sqm. One has already been snapped up for $6 million.

OSK Property Sales &amp; Marketing Director, Ivy Chen, said one significant driving factor of BLVD’s Penthouse Collection design was approaching each quarter-floor residence as an individual home, ensuring each offers a unique living experience that feels more like a standalone home than a bulk apartment dwelling.&nbsp;

[smartcode_project:default project_id=107714 project_image_fid=300212]

&nbsp;

Amid over 30 resident facilities in its recently completed R.Iconic development in South Melbourne, <a href="https://www.urban.com.au/developers/rcorporation">R.Corporation</a> has reserved a space on level 30 for The Horizon Lounge, exclusive for its Premium Collection residents.

The Premium Collection incorporates the penthouse and subpenthouses, as well as the occupants of the townhouses at the foot of the Plus Architecture-designed building.

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The space is home to a relaxed lounge area, dining space, and a commercial-sized kitchen, and a mezzanine meeting area.

The penthouse collection at R.Iconic has too been designed by David Hicks and have large master suites with walk-in wardrobes, kitchens with Mielie appliances and marble islands, and some of the best views in Melbourne, back to the city and out over the bay.

[smartcode_project:default project_id=5234 project_image_fid=298024]

On top of the Horizon Lounge, Premium Collection owners will have access to R.Iconic's plethora of amenity, including a&nbsp;one-acre rooftop podium with an outdoor running track, a heated pool, and outdoor gym facilities.

The podium also includes two dining pavilions, BBQ spaces, a zen garden, and a playground. Also within the building is a cinema, karaoke room, and a 24/7 concierge service.

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&nbsp;

<a href="https://www.urban.com.au/developers/kokoda-property">Kokoda Property</a> has released the exclusive penthouses atop the striking glass buildings. has just released the penthouses atop the <a href="https://www.urban.com.au/new-apartments/malvern-collective-2-station-place-malvern">Malvern Collective</a>, their two-tower, mixed-use development next to Malvern Station.

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<h3>&nbsp;</h3>

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The 19 apartments in the Penthouse Collection will spread across the highest levels of the two glass buildings that protrude from the new hospitality precinct Kokoda is putting the final touches to.

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Residents of the Penthouse Collection will benefit from exclusive access to The Collective Club, which offers hotel-style amenities such as a penthouse-exclusive lounge, dining room with a wine cellar, infinity pool, private cinema, gym, spa, and BBQ facilities.&nbsp;

A New York-style concierge service is available seven days a week, offering conveniences like dry cleaning, pet walking, and personalised assistance, further elevating the living experience.

[smartcode_project:default project_id=147169 project_image_fid=301059]

Malvern Collective is slated for completion in the coming months, with buyers to move in shortly after.

Carr's Chris McCue said the Penthouse Collectionis a&nbsp;pure concept that’s international in feel and yet totally appropriate to the local context.

"Experience unparalleled views of the bay and mountains at this world-class address, made for Malvern."

The likes of some of the world's most recognisable buildings, like One57 in New York, the Burj Khalifa in Dubai, and The Shard in London, offer their more affluent residents the privacy of bespoke amenities and the best views in the building

Inside the exclusive clubs and lounges reserved for Melbourne penthouse buyers

“In Sydney and Melbourne, the top selling projects are more affordable. In Queensland, the Brisbane and Gold Coast markets are still targeting the luxury/premium market.” 

Affordable apartments driving Sydney and Melbourne markets, Brisbane and Gold Coast geared toward the premium: Urbis Apartment Essentials Q2 2024

Fast approaching the completion of its game-changing mixed-use Malvern development Malvern Collective,&nbsp;<a href="https://www.urban.com.au/new-apartments/malvern-collective-2-station-place-malvern">Kokoda Property</a> has released the exclusive penthouses atop the striking glass buildings.

The collection includes loft penthouses, sub-penthouses, and one $19.9 million grand penthouse, each designed to redefine luxury and reflect the architectural vision of <a href="https://www.urban.com.au/architects/jackson-clements-burrows-architects">Jackson Clements Burrows</a> and the interiors by <a href="https://www.urban.com.au/new-apartments/malvern-collective-2-station-place-malvern">Carr</a>.

The 19 apartments in the <a href="https://www.urban.com.au/new-apartments/malvern-collective-penthouse-collection-2-station-place-malvern">Penthouse Collection</a> will spread across the highest levels of the two buildings that protrude from the new hospitality precinct Kokoda is putting the final touches to.

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Situated in Melbourne’s sought-after blue-chip suburb, just eight kilometres from the CBD, the penthouses feature expansive views of the city skyline, Port Phillip Bay, and the Dandenong Ranges.

Carr's Chris McCue said the penthouse is a&nbsp;pure concept that’s international in feel and yet totally appropriate to the local context.

"Experience unparalleled views of the bay and mountains at this world-class address, made for Malvern."

[smartcode_project:default project_id=147169 project_image_fid=301058]

Each residence in the Penthouse Collection offers spacious living areas, large balconies, and high-end European fixtures including Miele appliances and Liebherr fridge-freezers.&nbsp;

Natural stone benchtops and timber flooring add warmth to the interiors, which are designed with a soft, light palette to enhance the natural light and views.&nbsp;

Master suites come with expansive walk-in robes and floor-to-ceiling windows that capture the panoramic vistas, while luxurious bathrooms feature double sinks, freestanding bathtubs, and carefully crafted finishes.

The Loft Penthouse spans two floors, connected by a private lift, with generously sized outdoor spaces designed to foster a sense of retreat above the neighbourhood below.

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Residents of the Penthouse Collection benefit from exclusive access to The Collective Club, which offers hotel-style amenities such as a penthouse-exclusive lounge, dining room with a wine cellar, infinity pool, private cinema, gym, spa, and BBQ facilities.&nbsp;

A New York-style concierge service is available seven days a week, offering conveniences like dry cleaning, pet walking, and personalised assistance, further elevating the living experience.

[smartcode_project:default project_id=147169 project_image_fid=301055]

The sub-penthouse apartments range in price from $2,695,000 to $8,595,000. The two-level loft penthouses are priced at $7,495,000 and $7,995,000, while the unrepeatable penthouse will break all records for Malvern at nearly $20 million.

Beyond the apartments, Malvern Collective’s commitment to creating a "0-minute neighbourhood" ensures residents have everything they need within close proximity. The development connects directly to <a href="https://www.urban.com.au/developments/malvern-vic-3144">Malvern</a> Station and a new dynamic hospitality precinct with upscale venues and a Woolworths Metro.

<a href="https://www.urban.com.au/new-apartments/malvern-collective-2-station-place-malvern">Malvern Collective</a> is slated for completion in the coming months, with buyers to move in shortly after.

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Carr's Chris McCue said the penthouse is a pure concept that’s international in feel and yet totally appropriate to the local context.

Kokoda reveals luxury penthouse apartments at Malvern Collective

Two years after securing the former Brighton Savoy Hotel at 150 Esplanade, developer Primeland has revealed what it intends to do with it.

The $25 million plans are for a luxury apartment development that will replace the 1900's built hotel that was first a private residence before becoming a hotel in 1959.

The 3,386 sqm corner site at 150 Esplanade, opposite the famous beach, had been owned by the Lee family for 55 years before it was&nbsp;acquired by <a href="https://www.urban.com.au/developers/primeland">Primeland</a> 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.

<img alt="Brighton" data-entity-type="file" data-entity-uuid="d6623880-9884-4f14-b4b2-ce2e126fd3f9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-09-25%20at%208.58.17%E2%80%AFAM.png?VersionId=xd9sNlbh6gznqTnA8WDezrQ5VU1bp1SN" />

Just five apartments will sit in the northern building, and nine in the southern structure.

Prices are expected to range between $5 million to $20 million for the two, three and four-bedroom apartments that will span anywhere between 178 sqm and 475 sqm. Penthouses will feature private rooftop gardens and expansive bay views, complementing the site’s proximity to the iconic Brighton Bathing Boxes.

The development will incorporate a series of high-end inclusions for residents, like valet parking for the 40 parking spaces,&nbsp;a concierge, a gym, an onsen, a catering kitchen, and a reflection pool.&nbsp;

<img alt="Savoy" data-entity-type="file" data-entity-uuid="160f2f90-e48f-44d6-ad3c-a3501d7e8eaa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-09-25%20at%209.06.27%E2%80%AFAM.png?VersionId=M6lWSEWK5Miz9o0j2L2To7ma2KvqNsGV" />

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The landscape design focuses on native and indigenous plantings, while the buildings will feature a contemporary architectural style, using materials such as polished plaster, tonal concrete, custom brickwork, and extensive glazing.&nbsp;

The Town Planning Report by Squareback said the proposed design response "is considered to be of a high architectural standard and will positively contribute to the character of the area."

Sustainable measures will include a 6.5-star NatHERS rating, solar panels, and energy-efficient systems.

<img alt="Savoy" data-entity-type="file" data-entity-uuid="9678d6b7-036d-4b81-8b07-ab78825add04" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-09-25%20at%208.57.59%E2%80%AFAM.png?VersionId=G7ERCPYaPhjCdh0EJ7_MSySeAgAh8imF" />

Primeland chairman Robert Brij said the acquisition of the Savoy Hotel underpinned the developer’s strategic focus on the ultra-luxury residential sector, a sector largely unaffected by macroeconomic trends.&nbsp;

“This site is a prime jewel in the crown of Brighton; the fact that it has only transacted once in 55 years underpins its rarity and location overlooking the bay," Brij said.

“The vision for this project is to create a luxury experience that is befitting of this superior address, that will stand as a landmark for not only Brighton but all of Melbourne."

The plans by Kennon Architects are for two separate three-level buildings with 14 luxury apartments.

First look exclusive: Former Savoy Hotel, Brighton apartment redevelopment revealed

OSK Property has revealed the luxury penthouses atop BLVD, the latest stage of its $3 billion Melbourne Square precinct in Southbank.

<a href="https://www.urban.com.au/developers/osk-property">OSK Property</a> called on globally renowned designer, David Hicks, to craft the interiors of the eight penthouses that start from $4.46 million. One has already been snapped up for $6 million.

The penthouses range in size between 180 sqm and 471 sqm.

David Hicks designed the high-end residences to act as sanctuaries of opulence, catering to discerning tastes with a bespoke ‘East meets West’ theme, inspired by his international travels, fusing Eastern minimalism with Western opulence and scale.&nbsp;

“To establish a unique direction, we looked towards the East and the West for inspiration, from the most luxurious developments in New York, to refined Parisian apartments, to luxury hotels in Japan and Asia,” Hicks said.&nbsp;

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Hicks said it was this individualised approach that gave the BLVD penthouses an extra layer of luxury.

“The approach to designing BLVD’s penthouses as individual projects retains the grandeur, privacy, and high-end design details typical of a standalone luxury home. This is a process rarely seen in high-volume apartment towers, and it will make for considered, luxurious and resolved homes. &nbsp;

“As a design practice, we see this as a pioneering stepping stone to what luxury development will be more about in the future, with BLVD leading the way."

The most impressive apartment in the&nbsp;<a href="https://www.urban.com.au/new-apartments/blvd-at-melbourne-square-19-hoff-boulevard-southbank">BLVD</a>&nbsp;penthouse collection is The Garnet, an expansive two-level, duplex-style apartment across levels 74 and 75 of the tower. The Garnet features a&nbsp;striking architectural design, highlighted by a white sculptural staircase floating above a reflection pond that connects the two floors.&nbsp;

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The staircase, framed by a marble archway, is positioned next to a polished brass wine cellar, leading to the main living area lined with floor-to-ceiling windows. The kitchen features a burgundy marble island with Calacatta Viola detailing and concealed state-of-the-art appliances.

The primary bedroom suite includes fabric-lined walls, custom timber veneer joinery, and a walk-in wardrobe designed to mimic a luxury boutique, with silk carpet, patterned timber veneer, and mirrored panels, completed by a marble-clad ensuite with a statement bathtub overlooking the bay.&nbsp;

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OSK Property Sales &amp; Marketing Director, Ivy Chen, said one significant driving factor of BLVD’s Penthouse Collection design was approaching each quarter-floor residence as an individual home, ensuring each offers a unique living experience that feels more like a standalone home than a bulk apartment dwelling.&nbsp;

“We challenged Hicks with crafting a unique ‘East meets West’ design for each individual penthouse, and the result is eight one-of-a-kind residences," Chen says.

"Each has its own distinct views, customisable options, and floorplans, meaning buyers will be spoilt for choice when designing the home of their dreams."

Residents of BLVD’s Penthouse Collection will have exclusive access to the premium Skye Club Lounge on level 55. The Skye Club Lounge will feature a cocktail bar, dining room, and private gym.

The building also offers an <a href="https://www.urban.com.au/news/vic/blvd-in-southbank-to-pursue-australias-well-certification-with-string-of-apartment-facilities">extensive range of amenities</a>, including private dining rooms, &nbsp;a state-of-the-art gym, a 25m indoor swimming pool, spa, sauna, golf simulator, entertainment and lounge spaces, and a double-storey co-working area.&nbsp;

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Embodying a commitment to sustainability and well-being, BLVD features carbon-neutral operation-enabled residences, gas-free design, EV charging stations, and a zen garden.&nbsp;

The tower sits within the broader Melbourne Square precinct which has already delivered a lush 3,745sqm Kennedy Park, full-line Woolworths, an early learning centre, a soon-to-expand retail precinct, and is holistically designed to focus on improving the health and wellness of residents.&nbsp;

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BLVD is currently under construction by <a href="https://www.urban.com.au/builders/multiplex">Multiplex</a> with completion expected in Q1 2028.

Project marketers and valuers are expecting penthouses in Mebourne to more than double to around $60,000 per sqm in the next few years. The BLVD penthouse collection starts at just over 24,000 per sqm.

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East meets west at showstopping David Hicks-Designed penthouses at Melbourne Square 

Luxury penthouse collection by David Hicks revealed at BLVD Southbank

Resilience Latent Defects Insurance (LDI) is reshaping the way building defects are managed in Australia, providing the most extensive cover for off the plan property buyers in the market.

<h2>What is Resilience LDI?</h2>

Resilience LDI is the <a href="https://www.urban.com.au/news/what-is-latent-defects-insurance-and-is-it-bringing-confidence-to-the-off-the-plan-apartment-market">first Latent Defects Insurance policy in Australia</a>. The insurance provides off the plan apartment buyers with a 10-year warranty for structural and waterproofing defects on both their new apartment and the building it's situated in.&nbsp;

The cover is purchased pre-construction by the property developer or builder and is designed to protect apartment owners against any immediate or future problems with the structural components of their new property, from leaks to cracks and everything in between.

<h2 id="ember48">Understanding first resort strict liability Latent Defects Insurance</h2>

First resort, strict liability LDI marks a significant advancement in consumer protection in the building industry. Unlike traditional insurance, which requires proving fault or negligence, this insurance operates on a strict liability basis. This means that issues can be addressed without needing to establish fault first—a long-standing problem in new developments. This delay often leaves consumers at a disadvantage, as problems remain unresolved while legal battles drag on, leading to increased costs and frustration

With strict liability insurance, consumers are entitled to compensation without navigating the complexities of proving fault or negligence. This streamlines the claims process and ensures faster resolution, providing&nbsp;consumers with primary coverage for damages resulting from latent defects, without the need to establish fault on the part of the builder or developer.

<h2>Further strengthens build quality</h2>

Latent Defects Insurance is a key indicator of build quality.&nbsp;Before a policy is issued, the construction process undergoes rigorous inspections by accredited independent experts.&nbsp;

These inspections ensure that any defects are identified and rectified during construction, not after.&nbsp;This proactive approach means that buyers can be more confident in the quality of their new apartment.

<h2>Increase apartment value</h2>

With LDI, buyers can rest assured that their property is safeguarded against structural defects for a decade after completion. This long-term coverage adds significant value to the property, making it more appealing to future buyers and potentially increasing resale values. Subsequent buyers will benefit from LDI coverage for the remainder of the 10-year policy on their newly purchased apartment.

Latent Defects Insurance is only being offered by Resilience Insurance in Australia. LDI has been a common policy worldwide for over seven decades, with over 40 countries offering LDI to new apartment buildings.

As a buyer, LDI isn't a policy you can take out individually on your apartment. Your new development either has the Resilience Latent Defects Insurance policy or it hasn't. Several of Australia's largest developers, such as Deicorp and Urban Property Group.

Latent Defects Insurance is only being offered by Resilience Insurance in Australia. LDI has been a common policy worldwide for over seven decades, with over 40 countries offering LDI to new apartment buildings

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