Urban.com.au’s insight into new and off the plan developments in Melbourne
If you are in the market for new and off the plan developments in a capital city along the coast, then look no further than Melbourne.
Melbourne has been voted as one of the world’s most liveable cities according to The Economist's Global Liveability Index 2023. The diverse demographics that call Melbourne home, as well as its cafe culture, vibrant street art, world-class universities and restaurant institutions, has made it not only one of the best places to live in Australia, but in the world.
Start your search for new and off the plan developments in Melbourne on Urban.com.au.
New Developments in Melbourne
The Melbourne off the plan development market is ripe to benefit from the forecasted boom in population, as well as the record low approval levels in the Victorian capital.
Charter Keck Cramer says prices in the off the plan market could rise as much as 25 per cent.
Their analysis found that established units (townhouses and apartments) are currently undervalued by between 15 per cent to 20 per cent, and given the supply versus demand imbalance, will continue to correct upwards over 2024 as the market finds a new equilibrium.
The performance gap is widening between houses and units in Melbourne, according to CoreLogic’s monthly Home Value Index. In June, unit values rose 0.2 per cent, considerably higher than the -0.3 per cent decline in the house market.
It was the fourth month in a row that unit values in Melbourne outperformed. The median value for units in Melbourne is now at $610,000.
New Apartments in Melbourne selling in 2024
The biggest Melbourne off the plan developers currently are Mirvac, Lendlease, GURNER, PACE Development Group, Beulah and Milieu. They operate across the whole of Metro Melbourne, with developments in Southbank, Brunswick, Docklands, Flemington, Coburg and Elsternwick. At the start of 2024, Urban reviewed the top off the plan apartment and off the plan townhouse developers in 2024.
Some of the largest off the plan apartments currently under construction are Trielle by Mirvac in Docklands, Collins Wharf by Lendlease, STH BNK by Beulah in Southbank, and the Highett Common masterplan by Sunkin Property Group in Bayside.
Fitzroy, one of Melbourne’s oldest suburbs, has hit a new high following the sale of three amalgamated apartments in Chapter Group's Fitzroy Fitzroy project on Smith Street.
The three combined apartments, which will make a 400 sqm home with 120 sqm of outdoor entertaining space, sold for around $10 million.
Brunswick, on the other hand, has seen one of its fastest-selling projects with Beulah’s Brunswick Established, which has collectively sold 65 per cent of its townhomes during the first day of launch.
The sales success equated to $32.5 million worth of sales.
What are the new apartments in Melbourne currently in planning?
Looking ahead, Melbourne developer Ross Pelligra is set to take on one of his largest projects to date, lodging plans for a huge multi-stage precinct in Melbourne's growing Fishermans Bend precinct.
Citinova Director Nathan Minicozzi said since the Architectus-designed proposal was submitted, they've received positive feedback from the council.
Minicozzi says there's a lot of front-end work with these types of apartments, but that allows designs to evolve and consistent feedback to be given throughout the process.
The 1.77-hectare site at 99-109 Lorimer Street will be home to two towers—one will be dedicated build-to-sell, while there will be more build-to-sell apartments in tower two that will be home to 200 hotel rooms and extensive amenities.
The five-stage project will include an unencumbered 3,075 sqm public open space.
Landscape architect Mala Studio has been part of the design, as have planning consultants Tract.
Port Melbourne's neighbouring suburb, Southbank, is also looking ahead for future apartments with plans submitted by LAS Group for a new 25-level tower designed by Fender Katsalidis (FK).
FK has put together plans for the 188-apartment tower at 38 Clarke Street, on the corner of City Road and Clarke Street just behind Crown Melbourne.
On the other side of the Yarra River, lifestyle developer GURNER™ has submitted plans for the first stage of its Docklands mega-project, Elysium Fields.
Gurner says Elysium Fields has been created around the concept of a futuristic wellness and anti-ageing utopia, where purchasers will have access to some of the world’s most advanced anti-ageing, holistic health and nature-based wellness principles within a city forest and landscape oasis.
Elysium Fields will be located in a 27,000 sqm island infill site at 208-226 Harbour Esplanade, which once complete will encompass circa 1700 dwellings with an end value of $1.7 billion.
Designed by Fraser & Partners, the apartment project will include over 1,350 BTR and BTS apartments, a retail and hospitality precinct, a 4-star short-stay hotel of circa 100 keys and another premier 5-star hotel in the main tower of over 250 keys, with state-of-the-art conference facilities, a business club and hospitality offerings.
GURNERTM has also submitted plans for its 4,651 sqm trophy site at 424-426 St Kilda Road for around 200 apartments over a 19-level building designed by One World Trade Centre architecture firm SOM, with a focus on large two, three, four bedroom and two double-storey penthouse offerings, alongside a signature amenity offering.
What are the new apartments in Melbourne coming up in 2024?
While established markets tend to take a breather over winter as agents head overseas, it's a busy time in the off the plan development space.
Developers, media agencies and project marketers start to firm up plans for a spring launch of their developments, giving prospective buyers the biggest hit of supply they'll see all year.
Anecdotal feedback from developers and project marketers is that there's enough demand for new apartments at the moment, based on the lack of supply and as long as the product is being delivered by a team with a strong background in development. Many of those who make this list have been in the development game for decades.
We've wrapped up the top developments that are set to launch before the end of 2024.
Who: Milieu
What: Elsternwick Gardens by Milieu
Where: 8 Gordon Street, Elsternwick
Having secured the 11,740 sqm site of the former ABC Studios on Gordon Street in Elsternwick back in 2022, design-focussed developer Milieu has spent the last two years working alongside Woods Bagot, K.P.D.O., Flack Studio, OCULUS, Broached Commissions and March Studio to create a garden-centric community they’re calling Elsternwick Gardens by Milieu.
Elsternwick Gardens by Milieu is a low-rise, campus-style development of six buildings and over half a hectare of green open space.
One of the biggest considerations in the planning phase was how to not only incorporate, but celebrate and take advantage of the neighbouring Rippon Lea Estate, the landmark 19th century mansion surrounded by seven hectares of gardens that are deemed some of the best in the country. The estate is listed on the National Heritage Register as one of the finest examples of original suburban estates in Australia.
Elsternwick Gardens by Milieu residents will have private access to the heritage gardens through a gate that can only be accessed by its occupants.
Milieu Managing Director Michael McCormack said Elsternwick Gardens is a once-in-a-generation opportunity.
“The sheer scale of the project, alongside the historical and cultural importance of the site, renders this our most significant undertaking to date. Close to our hearts and planted firmly front of mind, it’s the project that we believe will define our legacy as a creative developer."
Who: ANGLE
What: Fernhurst, 20 apartments and homes
Where: Fernhurst Grove, Studley Park Kew
Boutique apartment developer ANGLE is set to launch its Kew apartment development, Fernhurst, in the coming months, having received development approval for the luxury 20-residence project late last year.
The development, on a 4,000 sqm site on the corner of Stawell Street and Fernhurst Grove in Studley Park, will comprise 17 apartments and three homes, ranging in price between $2 million and $7 million.
The site has around 113 metres of frontage to Fernhurst Grove and Stawell Street. Every ground-floor apartment will have an average garden area of over 150 sqm, ANGLE’s most extensively landscaped project to date.
Having successfully developed the award-winning Fenwick project together just over 500 metres away, ANGLE is once again partnering with architecture practice Edition Office and landscape designer Eckersley Garden Architecture to deliver Fernhurst.
Director Lachie Gibson says Fernhurst will follow in the footsteps of ANGLE’s nearby projects, representing another opportunity for the team to demonstrate its industry-leading focus on design, landscaping and architecture.
Jellis Craig Projects Director Stephen Bowtell is handling the sales.
Who: Kincrest
What: 22 apartments on Grattan Gardens
Where: 3-7 Grattan Street, Prahran
Developer Kincrest will be bringing one of the best parkside developments to Prahran in Spring after they put together 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.
The mixed-use plans by Cheah Saw Architecture 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."
Who: Abadeen
What: 26 apartments by Carr
Where: 616-646 High Street, Prahran
The Victorian division of Sydney's longtime luxury Lower North Shore development company Abadeen, is continuing its push into Melbourne's owner-occupier market.
Abadeen, led locally by former CBRE Director Andrew Leoncelli, is looking to launch its Prahran apartment development, subject to council approval.
Abadeen will be developing a boutique building at 616-646 High Street, on the corner of Airlie Avenue and High Street near Toorak Park and Orrong Romanis Reserve.
They had Carr design a four-level building that curves around a Smooth Bark Apple tree, immovable as it's listed as a national trust significant tree.
There will be 26 apartments across the four levels, a mix of two-beds, two-bed plus study's, and three-bed apartments.
Abadeen announced itself to the Melbourne owner-occupier market with Maléa, just seven parkside apartments on Malvern East's Central Park.
Who: Salvo
What: Moray House, 305 apartments
Where: 42 Moray Street and 11-13 Hancock Street, Southbank
Prominent Melbourne fringe developer Salvo is set to kick off the demolition phase of its recently-unveiled Southbank tower, Moray House.
Rising 56 levels on a prime corner site across 42 Moray Street and 11-13 Hancock Street, Moray House will comprise 305 apartments. More than 240 of the apartments have already been snapped up by a variety of demographics, from parents purchasing apartments for their children, professionals seeking a city base, families moving back to inner Melbourne post-COVID, and investors.
The $200 million project is primarily made up of two and three-bedroom apartments designed by interior designer David Hicks, as well as two double-level penthouses with never-to-be-built-out views. Moray House also comprises eight levels of office space, hi-tech co-working facilities and two floors of residential amenity with wellness and relaxation at its core.
Salvo Managing Partner James Maitland said Salvo’s Now Generation blueprint underscores the project’s design approach to how people live, work and relax today, based around health and wellness, connectivity, work-life balance, and practical luxuries.
“The pandemic accelerated a shift in the way people live and awareness of the critical role that internal and external environments play in our physical and mental health and wellbeing," Maitland said.
“Traditional apartment living has evolved to vertical communities and urban placemaking where residents can make new social connections in various communal indoor and outdoor spaces. They also expect resort-style amenities and connectivity with their local environment."
Who: Second Nature Developments
What: 21 sustainable apartments and townhouses
Where: 197-205 St Georges Road, Fitzroy North
Later this year Fitzroy North will welcome its first fossil-fuel-free apartment development with the recent approval of a boutique mixed-use building on St Georges Road.
Second Nature Developments is behind the unique project that features 21 dwellings and three retail tenancies across a part two-level, part six-level development.
The building will sit across 197-201 and 203-205 St Georges Road, a 989 sqm block near Edinburgh Gardens.
Austin Maynard Architects are behind the designs for the new project which will have 17 apartments two and three-bedroom apartments and four double-storey townhouses to the western side of the building.
Project by Buxton Director Heath Thompson will be marketing the development.
Who: Wickton
What: Seven apartments above retail and offices
Where: 387-403 Malvern Road, South Yarra
Property developer Wickton is continuing to move fast in Melbourne's development space.
Wickton, led by Blanco Norton and architect Will Leaf, will be taking to market their mixed-use development in the Hawksburn Village precinct, on the border of South Yarra and Prahran.
Leaf’s architecture practice Ewert Leaf redesigned the plans to create seven two and three-bedroom luxury apartments above a vibrant ground floor retail with premium hospitality and retail spaces that will anchor three levels of strata offices.
The designs were altered from the previous plans so the floorplates expanded, which meant the apartments sat above the building's large privacy screens and the adjoining buildings so both levels of apartments take in uninterrupted views across Melbourne and back to the city skyline.
Wickton is expecting to start demolition of the bottle shop and adjoining commercial building on the site later this year and start the build in early 2025.
Who: Sun Property Group
What: 18 apartments by Cera Stribley
Where: 226-228 Williams Road, Toorak
National apartment developer Sun Property Group (SPG) is continuing its push into Melbourne with their second project in the city's most affluent postcode.
SPG's latest development, on a double block at 226-228 Williams Road in Toorak, will comprise 18 apartments in a three-level building designed by Cera Stribley. There will be a mix of 10 two-bedroom apartments, four three-beds, and four penthouses on offer.
"This intersection seamlessly blends the charm of Toorak’s leafy streets, Prahran’s urban lifestyle, and South Yarra’s cosmopolitan atmosphere," Cera Stribley said in their submissions to the local council.
The new development is around 500 metres away from SPG's debut Melbourne development, The Brookville.
Who: Ondas
What: Shoptop development with 16 apartments
Where: 3-15 Fitzroy Street, St Kilda
Billionaire tech entrepreneur Robin Khuda's development arm Ondas will too be planning the launch of their Fitzroy St, St Kilda shoptop development after securing approval earlier this year.
Designed by Warren & Mahony, the $22 million project will encompass 16 apartments, predominantly three-bedders, above 244 sqm of commercial space and 327 sqm of retail space across the four amalgamated sites which will span 3-15 Fitzroy Street, just down the road from Fortis.
In their Urban Context Report submitted to the City of Port Phillip Bay Council, Warren and Mahoney said the apartments are designed as "urban villas".
"The villas are all planned with private open spaces in mind; to host families, friends or colleagues."
