2135 Point Nepean Road, Rye

The Melbourne unit market bounced back in February as values in Australia's two largest capitals look to be trending up again.

The unit market in Melbourne outperformed houses, with units up 0.2 per cent over February compared to the house market up just 0.1 per cent.

CoreLogic Research Director Tim Lawless said that although&nbsp;growth rates in <a href="https://www.urban.com.au/new-apartments/sydney-nsw">Sydney</a> and Melbourne home values have levelled out, the monthly trend has accelerated, with Melbourne emerging from a three month slump of negative monthly movements to record a subtle 0.1 per cent (dwelling) rise in February."

Sydney dwelling values also moved back into positive territory over the past two months after recording a subtle decline in November and December.

“Potentially we are seeing some early signs of a boost to housing confidence as inflation eases and expectations for a rate cut, or cuts, later this year firm up,” Lawless said, adding that an&nbsp;improvement in consumer spirits has historically played out positively for housing activity, with higher sentiment generally accompanied by a lift in home sales and vice versa.

"Westpac and the <a href="https://www.urban.com.au/new-apartments/melbourne-vic">Melbourne</a> Institute reported a 6.2% lift in the consumer sentiment index for February, taking the reading to the highest level since June 2022."

<h2>What's happening in the Melbourne off the plan apartment market?</h2>

There were three major apartment launches over February, scattered throughout Greater Melbourne and even a rare development down on the Mornington Peninsula.

That was a boutique development in <a href="https://www.urban.com.au/new-apartments/rye-vic">Rye</a>, on its way to the popular Portsea and Sorrento hotspots. <a href="https://www.urban.com.au/project-marketer/jellis-craig-projects">Jellis Craig Projects</a> Director Stephen Bowtell says the project was received by the market on the launch late last month, particularly by inner-city dwellers who were looking for a lock up and leave weekender on the Peninsula.

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"You're in the heart of the Peninsula, 50-metres to the sand and across from the Rye Sailing Club. A house down on the Mornington Peninsula doesn't get you that," Bowtell said.

Each of the one, two and three-bedroom apartments come with their own beach box-style storage spaces. Given the proximity to the sand, they are in essence a beach box.

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Developer Curtis York, founded by Nick Peters and James Way, is behind&nbsp;<a href="https://www.urban.com.au/news/vic/www.urban.com.au/new-apartments/2135-point-nepean-road-rye">2135 Point Nepean Drive</a>&nbsp;which has been designed by&nbsp;Cera Stribley Architects.

Prominent inner-city builder developer, <a href="https://www.urban.com.au/developers/pace-development-group">PACE</a>, launched their highly anticipated <a href="https://www.urban.com.au/new-apartments/fitzroy-vic">Fitzroy</a> apartment development, <a href="https://www.urban.com.au/new-apartments/fabbrica-fitzroy-369-gore-street-fitzroy">Fabbrica</a>, toward the end of February.

They had <a href="https://www.urban.com.au/architects/sjb-architects">SJB</a> design a development of 78 one, two, and three-bedroom apartments and townhouses&nbsp;which integrates the industrial past of the site, once home to the Argyle Shirt Factory and Life Savers Confectionery Company, and connects to the&nbsp;contextual fabric and character of <a href="https://www.urban.com.au/new-apartments/fitzroy-vic">Fitzroy</a>.

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PACE Sales Director Ash Bramich had a number of groups through, with a number of buyers wanting to customize their floorplans toward the upper end of the market.

"Some are wanting to move some walls around, taking a few metres from a living room to make a bedroom bigger," Bramich says.

"There's a small window that buyers can do that. Those who are downsizing in particular are very detailed-oriented with how they want the floorplan configured."

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The development provides a deliberate emphasis on larger apartments and offers personalisation options for buyers with two distinct colour schemes by <a href="https://www.urban.com.au/interior-designers/winwood-mckenzie-architecture">Winwood Mckenzie</a> or <a href="https://www.urban.com.au/interior-designers/bergman-co">Bergman &amp; Co</a>.

Fabbrica Fitzroy also features a number of amenities including an 800 sqm rooftop with&nbsp;views of the CBD, a bookable private dining room, communal kitchen, and lounge designed by Winwood Mckenzie, as well as dedicated work-from-home zones.&nbsp;

[smartcode_project:default project_id=139552 project_image_fid=240743]

<a href="https://www.urban.com.au/developers/gamuda-land">Gamuda Land</a> launched their <a href="https://www.urban.com.au/developments/st-kilda-vic" target="">St Kilda</a> project&nbsp;<a href="https://www.urban.com.au/new-apartments/fareham-95-st-kilda-road-st-kilda">Fareham</a>&nbsp;at 95&nbsp;St Kilda&nbsp;Road in February, which will bring another 78 apartments to the undersupplied Melbourne market.

The 18-level, development approved building was designed by BayleyWard and features a&nbsp;state-of-the-art fitness centre and a rooftop garden.

They're expecting completion in late 2026.

There were three major apartment launches over February, scattered throughout Greater Melbourne and even a rare development down on the Mornington Peninsula

Joel Robinson

City Beat March 2024: What's happening in the Melbourne off the plan apartment market?

Less than three per cent of dwellings in the Mornington Peninsula region, about an hour south of Melbourne, are apartments, which makes&nbsp;2135 Point Nepean Drive one of the rarest apartment developments Victoria has seen in years.

Developer Curtis York, founded by Nick Peters and James Way, is spearheading the landmark project which will bring just a handful of Cera Stribley Architects-designed apartments to <a href="www.urban.com.au/new-apartments/2135-point-nepean-road-rye">2135 Point Nepean Drive</a>, 50 metres from the sand.

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Jellis Craig Projects Director Stephen Bowtell said it's rare to be marketing a project which caters for a wide range of demographics.

He expects the strongest market to be those who live in the inner-city who have always holidayed on the Mornington Peninsula, but have never bought, whether it be because of the price of houses or that the classic Mornington Peninsula acreage doesn't lend itself to being utilized as a lock up and leave weekender.

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<a href="https://www.urban.com.au/architects/cera-stribley-architects">Cera Stribley</a>&nbsp;was inspired by the beach, particularly for their striking curved facade which will be enveloped in lush landscaping.

The apartments feature open-plan layouts, connecting living, dining, and kitchen areas, all surrounded by floor-to-ceiling double-glazed windows and doors that lead out to large terraces with ocean views.

The apartments will sit atop a ground-level retail space. Despite the boutique nature of the development,&nbsp;<a href="https://www.urban.com.au/developers/curtis-york">Curtis York</a>&nbsp;has pushed the limits of the residential amenity, in the form of a resident lounge, beach showers, and a wellness retreat on the roof. Cera Stribley has even designed clever storage boxes, mocked up like the boxes Rye is well known for.

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Residents of 2135 Point Nepean will enjoy an array of exclusive amenities, including a ground-level retail space, a residents' lounge, beach showers, a clever 'beach box' storage for each apartment, and a residents-only rooftop with a pool, deck, alfresco space and barbecue facilities.

Curtis York has delivered various residential and commercial projects across multiple Victorian suburbs, including <a href="https://www.urban.com.au/new-apartments/cremorne-vic">Cremorne</a>, <a href="https://www.urban.com.au/new-apartments/prahran-vic">Prahran</a>, and <a href="https://www.urban.com.au/new-apartments/belmont-vic">Belmont</a>.

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Cera Stribley was inspired by the beach, particularly for their striking curved facade which will be enveloped in lush landscaping

Curtis York

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