Melbourne-based private developer, Hamton Property Group, has achieved a major milestone at its former University of Melbourne site in Hawthorn, receiving a planning permit to deliver a new&nbsp;nature-based neighbourhood.

The six-building, low-rise precinct will add 365 residences, a mix of apartments and townhouses, as well as 5,500 sqm of new publicly-accessible green space and a new retail village to <a href="https://www.urban.com.au/developments/hawthorn-vic-3122">Hawthorn</a>.

The major residential development <a href="https://www.urban.com.au/new-apartments/442-auburn-road-hawthorn">on Auburn Road</a> is one of the largest to be approved under the Allan government’s accelerated Development Facilitation Program, which seeks to reduce the application timeframe for eligible projects.

After a joint application from <a href="https://www.urban.com.au/developers/hamton">Hamton</a> and the University of Melbourne in March 2022, the Planning Minister oversaw the rezoning of the site from public use to enable residential development and approved a detailed development plan to govern planning outcomes for the 1.6ha site.

Hamton settled on the purchase from the University in March 2024.

Following significant pre-application engagement, Hamton <a href="https://www.urban.com.au/news/vic/hamtons-500-million-redevelopment-of-former-university-of-melbourne-site-in-hawthorn-approved">lodged its permit application</a> with the Department of Transport and Planning (DTP) on 20 June and the permit was issued on 12 September, an approval timeframe of just 2 months and 23 days.

<img alt="Hamton" data-entity-type="file" data-entity-uuid="790c68ea-c84a-4321-93b6-12dcf996527b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-09-17%20at%2012.08.00%E2%80%AFPM.png?VersionId=caZm6__2kGgiguoLl_TYPNLY07g1MaGQ" /> 
Hamton’s Founder and Executive Chairman, Paul Hameister OAM. Image supplied

Hamton’s Founder and Executive Chairman, Paul Hameister OAM, said the approval by the Minister is a great example that the Development Facilitation Program works.

"It has enabled this new significant housing supply in a high-demand area of Melbourne where there are no other large development sites. The Program has brought forward this project by around 12 months,"&nbsp;Hameister said.

“The team at DTP has been incredibly responsive throughout the review and approval process and this approval timeframe is a direct reflection of their work ethic.

“High construction costs have eroded development project viability across the country and is currently the primary barrier to delivering new housing supply. Accelerating timeframes for planning approvals is one mechanism to partially address current challenges."

Hamton engaged with the local community extensively as to their plans as&nbsp;part of the rezoning process, with the views of Council and surrounding residents considered as part of the public Standing Advisory Committee process in March 2023.

“Victoria is currently facing a significant undersupply of housing, which is acute across inner-city markets,"&nbsp;Hameister added.

"This project will create a rare opportunity for buyers in a premium suburb that is highly sought-after."

Hamton has commenced construction of a sales display gallery onsite and will commence an expression of interest campaign in late October, with a public launch planned for February next year.

Hamton’s Founder and Executive Chairman, Paul Hameister OAM, said the approval by the Minister is a great example that the Development Facilitation Program works

Joel Robinson

Hamton given green light for $550 million masterplan on former University of Melbourne site in Hawthorn

The continued bullrun of unit growth in the Gold Coast has pushed the median value over $800,000.

So far in 2024, the unit market, which incorporates both apartments and townhouses, has jumped nearly 10 per cent, data from property analytics data firm CoreLogic shows. The median started 2024 at $724,000.

August showed another strong month for units, according to CoreLogic, recording 0.6 per cent growth.

The housing market tells a similar story, which is why downsizers are driving demand for new apartments and townhouses up and down the Gold Coast.

The median house value in the Gold Coast is $1,218,000, which in capital city terms, would be the second most expensive capital only behind Sydney.

CoreLogic’s Head of Research, Eliza Owen, noted that markets like the Gold Coast, along with Perth, Adelaide, and Brisbane, are outpacing other regions, thanks in part to a surge in demand for more affordable property options. This is reflected in the fact that unit values in most capital cities are now growing faster than house values.

<h2>What happened in Gold Coast’s off the plan apartment market in August</h2>

The Gold Coast's largest development for decades kicked off its construction in August.

Lewis Land, one of the pioneers of Gold Coast development founded by the late Bernard Lewis back in the 1950, broke ground on their landmark Biggera Waters masterplan, Harbour Shores.

<a href="https://www.urban.com.au/developers/lewis-land-group">Lewis Land</a>&nbsp;Chief Executive Officer Brett Draffen said the vacant 16-hectare site, which has been held by the group for more than 40 years, would be transformed into a vibrant ‘village of villages’ that will ultimately be home to more than 4,000 people.

[smartcode_project:default project_id=113271 project_image_fid=290031]

&nbsp;

<a href="https://www.urban.com.au/new-apartments/harbour-shores-564-oxley-drive-biggera-waters" target="">Harbour Shores</a>&nbsp;has received a 6 Star Green Star Communities rating from the&nbsp;<a href="https://www.urban.com.au/news/a-greener-future-green-building-council-australia-discusses-climate-change" target="">Green Building Council</a>&nbsp;of &nbsp;Australia, a world leadership standard, making it the most sustainable development in the history of the Gold Coast.&nbsp;

Greyburn will deliver the first collection of residences. Around 40 per cent of the first stage has been reserved, with Colliers handling the sales.

Designed by&nbsp;<a href="https://www.urban.com.au/architects/bda-architecture">BDA architects</a>,&nbsp;Harbour Shores&nbsp;will evolve over the next decade to deliver a mix of boutique apartments and villas, communal open spaces and parklands, a 1.2-kilometre waterfront boardwalk, private marina berths, and a range of resort-style resident amenities.&nbsp;&nbsp;

&nbsp;

[smartcode_project:default project_id=113271 project_image_fid=290028]

Another city-shaping development is also set to get underway with the approval of the redevelopment of the Gold Coast Turf Club.

The joint venture with the Gold Coast Turf Club and Tony Fung's Aquis Australia will see a new $370 million delivered. Known so far as the Sunlight Lifestyle Precinct, the new community will home eight new buildings, including three high-rises which will house most of the 582 apartments and 63 short-term accommodation suites.

<img alt="Gold" data-entity-type="file" data-entity-uuid="14bac870-daf3-4e36-93ae-0013ed40065f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-09-17%20at%209.31.01%E2%80%AFAM.png?VersionId=r3Y3kL4596MNGylyQnSoslv9mXJK5pEJ" />

Tower A and Tower B will also house the rooftop amenities like a swimming pool, outdoor dining area, sauna, spa, and an indoor function room, while Tower C, the tallest at 19 levels, will feature a two-level day club with a central pool, cabanas, day beds, pavilions, restaurant dining, bar space and a VIP lounge.

The remaining residential buildings will be low-rise, located away from the track, featuring ground-floor amenities along a sub-tropical boulevard.&nbsp;

The Sunlight Lifestyle Precinct project will span over seven years and aims to transform the area into a dynamic precinct that complements the Turf Club and nearby Home of the Arts (HOTA).

<img alt="Gold Coast Turf" data-entity-type="file" data-entity-uuid="2cc4457f-3797-49c6-b6f0-cc234e5a21cf" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-09-17%20at%209.31.07%E2%80%AFAM.png?VersionId=YfH4px2IPGAq.ItcOTrt2fKlcSuSLYUp" />

There was plenty activity on the beach in August.

The only apartment project to launch to the market was <a href="https://www.urban.com.au/new-apartments/malo-broadbeach-8-jubilee-avenue-broadbeach-qld-4218">Malo</a>&nbsp;in <a href="https://www.urban.com.au/developments/broadbeach-qld-4218">Broadbeach</a>, the latest instalment from&nbsp;<a href="https://www.urban.com.au/developers/morris-property-group">Morris Property Group</a>.

The 16 half-floor apartments, designed by <a href="https://www.urban.com.au/architects/guida-moseley-brown-architects">Guida Moseley Brown Architects</a>, feature three bedrooms and expansive views across the Gold Coast skyline.&nbsp;

[smartcode_project:default project_id=112549 project_image_fid=293545]

Morris, with its own building arm, has been quietly building the boutique development, launching to the market just months before it completes. They're expecting to welcome buyers before the end of 2024.

Malo’s location offers residents easy access to Surf Parade, known for its dining options, as well as Pacific Fair, the largest shopping centre on the Gold Coast.

[smartcode_project:default project_id=112549 project_image_fid=293546]

Several developers bolstered their apartment pipeline last month, with a handful of notable applications submitted to the Gold Coast City Council.

The largest pipeline of apartments by one developer is no doubt Harry Triguboff's <a href="https://www.urban.com.au/developers/meriton" target="">Meriton</a>. They have once again filed for a new high-rise in Surfers Paradise.

The new development,&nbsp;<a href="https://www.urban.com.au/new-apartments/shore-meriton-126-the-esplanade-surfers-paradise">Meriton&nbsp;Shore</a>, at 126 Esplanade Surfers Paradise, takes its name from the 52-year-old high-rise, The Shore, which currently sits on the vast 3,460 sqm site along with The Dolphins boutique apartment block and several high-street retail spaces.

<a href="https://www.urban.com.au/developers/meriton" target="">Meriton</a>&nbsp;Shore will have 519 one, two, three and four-bedroom apartments across a 73-level tower designed by&nbsp;<a href="https://www.urban.com.au/architects/cottee-parker-architects" target="">Cottee Parker</a>&nbsp;with landscaping by DBI.

<img alt="First look exclusive: Meriton continue Surfers Paradise domination with another apartment tower proposed" 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%202024-08-21%20at%201.59.56%E2%80%AFPM.png?VersionId=2q3qLBmTZYwTfFnALgW5ruqEntr74c_Q" />

The 3,460 sqm site is less than 300&nbsp;metres from the under construction Iconica, 260 metres from Ocean that was completed in 2022, and 700 metres from the recently launched Cypress Palms, set back from the beach on Cypress Avenue.

The four developments total well over 2,000 apartments.

Read more:&nbsp;<a href="https://www.urban.com.au/news/qld/first-look-exclusive-meriton-continue-surfers-paradise-domination-with-another-apartment-tower-proposed">First look exclusive: Meriton continue Surfers Paradise domination with another apartment tower proposed</a>

Down the coastline,&nbsp;<a href="https://www.urban.com.au/developers/mosaic-property-group" target="">Mosaic Property Group</a>&nbsp;finalized&nbsp;plans for their newly acquired beachfront development site in <a href="https://www.urban.com.au/developments/palm-beach-qld" target="">Palm Beach</a>.

&nbsp;

The nine-level building, designed by <a href="https://www.urban.com.au/architects/bureauproberts">bureau^proberts</a>, will replace a 1980s apartment block and will feature 32 luxury apartments.&nbsp;

<img alt="First look: Mosaic finalizes plans for next Gold Coast apartment development" 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%202024-08-15%20at%2011.28.54%E2%80%AFAM.png?VersionId=8Jgl0lJVWSQKPXVXowSkj9kLO33paNsM" />

The new development will have a mix of seven two-bedroom and 25 three-bedroom apartments. The apartments will sit above two levels of basement parking for 67 cars. It will form part of Mosaic's Masterpiece Series of luxury new apartment developments.

Read more:&nbsp;<a href="https://www.urban.com.au/news/qld/first-look-mosaic-finalizes-plans-for-next-gold-coast-apartment-development">First look: Mosaic finalizes plans for next Gold Coast apartment development</a>

Another interesting development application in August came from Malaysian developer&nbsp;<a href="https://www.urban.com.au/developers/mrcb" target="">MRCB</a>, who is currently delivering Vista at Surfers Paradise.

They filed for a 20-level tower at 20 Queen Street, <a href="https://www.urban.com.au/developments/southport-qld-4215">Southport</a>, offering 180 one and two-bedroom apartments, configurations left behind in current market conditions.

<img alt="MRCB targets untapped affordable Gold Coast apartment sector with new Southport tower" 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/Southport%20Plus%20Architecture.png?VersionId=clOZ.5Uh7Z2t.GooSyklGLtDcSdZGjnQ" />

&nbsp;

<a href="https://www.urban.com.au/developers/mrcb" target="">MRCB</a>&nbsp;International Sales and Marketing Director, Kevin Zhang, said the&nbsp;Southport development is aimed at capitalising on the prime location.

“The north-facing apartments will have unobstructed views of Broadwater, while residents will also enjoy easy access to all the popular dining, entertainment and shopping precincts of the central Gold Coast right at their doorstep, with access to the light rail.”

Read more:&nbsp;<a href="https://www.urban.com.au/news/qld/mrcb-targets-untapped-affordable-gold-coast-apartment-sector-with-new-southport-tower">MRCB targets untapped affordable Gold Coast apartment sector with new Southport tower</a>

CoreLogic’s Head of Research, Eliza Owen, noted that markets like the Gold Coast, along with Perth, Adelaide, and Brisbane, are outpacing other regions, thanks in part to a surge in demand for more affordable property options

City Beat September 2024: Gold Coast unit median tips over $800,000

For the first time since the Reserve Bank of Australia began hiking rates in May 2022, markets are pricing in four interest rate cuts within the next 12 months. 
 
At the end of each trading day, the ASX publishes its&nbsp;RBA Target Rate Tracker&nbsp;which calculates the probability of changes in the overnight cash rate based upon the implied yields of very short-term (30-day) interest rate futures.&nbsp; 
 
The ASX’s Tracker as at yesterday’s close shows that markets are predicting the RBA will first cut interest rates by 25 basis points in February 2025, with three more in the run-up to August. The RBA meets eight times in 2025 (February, April, May, July, August, September, November, and December). 
 
The RBA’s official cash rate sits at 4.35 per cent.

Any movement in the official cash rate, and most importantly banks passing on those interest rate changes, will help address several challenges in the off the plan apartment space.&nbsp;

The first one is demand. A lower interest rate environment means buyers will have more money to spend due to increased serviceability. Buyers haven't had an opportunity to extend their serviceability in over two years.

For a prospective buyer wanting to take out a $641,000 mortgage, the average mortgage size across Australia according to the ABS, four rate cuts would translate to over $5,000 in savings per year on average, Finder analysis suggests.

On top of lower repayments, there's increased serviceability, meaning a buyer can spend more than they could if the interest rate is higher.&nbsp;

Average Aussie mortgage repayments

<table>
	<thead>
		<tr>
			<th>&nbsp;</th>
			<th>Cash rate</th>
			<th>Average home loan rate*</th>
			<th>Average monthly repayment</th>
			<th>Average monthly decrease</th>
			<th>Average annual repayment</th>
			<th>Average annual decrease</th>
		</tr>
	</thead>
	<tbody>
		<tr>
			<td>September 2024</td>
			<td>4.35%</td>
			<td>7.07%</td>
			<td>$4,296</td>
			<td>-</td>
			<td>$51,552</td>
			<td>-</td>
		</tr>
		<tr>
			<td>1 rate cut</td>
			<td>4.10%</td>
			<td>6.82%</td>
			<td>$4,189</td>
			<td>$107</td>
			<td>$1,284</td>
			<td>$1,284</td>
		</tr>
		<tr>
			<td>2 rate cuts</td>
			<td>3.85%</td>
			<td>6.57%</td>
			<td>$4,083</td>
			<td>$213</td>
			<td>$2,556</td>
			<td>$2,556</td>
		</tr>
		<tr>
			<td>3 rate cuts</td>
			<td>3.60%</td>
			<td>6.32%</td>
			<td>$3,977</td>
			<td>$319</td>
			<td>$3,828</td>
			<td>$3,828</td>
		</tr>
		<tr>
			<td>4 rate cuts</td>
			<td>3.35%</td>
			<td>6.07%</td>
			<td>$3,873</td>
			<td>$423</td>
			<td>$5,076</td>
			<td>$5,076</td>
		</tr>
		<tr>
			<td colspan="5">Source: Finder, RBA, ABS. *Owner-occupier variable discounted rate. Repayments based on the average loan of $641,143 (ABS data analysed by Finder).</td>
			<td colspan="2"><img alt="" data-bit="iit" data-entity-type="" data-entity-uuid="" height="31" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXco5HuNAjqBICpVCvo3HzWGg4p7cL4LNNgRMBhoA67KYJfOqqJQa7ZSRA71Ju988qgvPsCeSbWhwDfAV4E8iSpKXp6wBkUPMclLxe1_IMfwemjiI4eU8l9Q_QrMukqJYMAzm_jSHgst3qtOzFkqULeIMf8?key=iigATMhksU1ODdPeSGzwIA" width="170" /></td>
		</tr>
	</tbody>
</table>

Not only will buyers have more money to spend due to increased serviceability, but the supply of new apartments is likely to increase if borrowing costs for the developers are reduced.

Many developers across the country have new apartment projects ready to launch but are waiting for more favorable news on interest rates. It seemed at the start of the year that rates would be going down by mid-2024; however, inflationary pressure has led the RBA to maintain a hold on rates in each of the five meetings this year.

The Board will meet again next week, expecting to hold the official cash rate again at 4.35 per cent.

For a prospective buyer wanting to take out a $641,000 mortgage, the average mortgage size across Australia according to the ABS, four rate cuts would translate to over $5,000 in savings per year on average, Finder analysis suggests

Markets price in four RBA rate cuts in next 12 months: What it means for the off the plan apartment market

It was only earlier this year that DCF Property launched its first inner-city Melbourne apartment development.

Now <a href="https://www.urban.com.au/developers/dcf-property">DCF</a>, led by Calvin Huang, has rolled out the big guns. They've revealed <a href="https://www.urban.com.au/new-apartments/first-light-28-albert-road-south-melbourne">First Light</a>, just 30 apartments in the heart of South Melbourne's forever 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.

The collaboration continues in the two ground-floor restaurants. One will be ran by acclaimed chef Scott Pickett, from Chancery Lane and Estelle, and the other by restaurateur Jason Lau of Flower Drum fame.

First Light has been designed by Yoo &amp; Stark with an immersive entry experience design created by MILINSKI. Paul Milinski is well known for&nbsp;his ability to merge art and technology.

Milinski has introduced fluid, kinetic design elements that give the building a sense of movement with the angle components of the southern façade creating a "flutter" effect.

<img alt="First Light" data-entity-type="file" data-entity-uuid="40412012-df79-4a5f-98ad-795495ef97ec" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-09-16%20at%204.42.21%E2%80%AFPM.png?VersionId=nxfnP_2iVmo0P_zsMxRoq1RHscLcDVZ6" />

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.

Each residence in First Light will include Boffi kitchens with Miele Matte Black appliances, only available exclusively in Australia.

The apartments will also feature high ceilings, double-glazed windows, and stone by Artedomus.

In addition to all the design and restaurant collaborations, First Light boasts another relationship, with Harrolds, offering residents exclusive fashion previews,&nbsp;personalised styling, and custom-tailoring services.&nbsp;Space Furniture, another key partner, has curated the interior furnishings, selecting award- 
winning pieces.

The Nu by YOO Hotel will bring a string of hotel facilities that residents will have access to. Temple Spa at Nu by YOO is part of the state-of-the-art wellness facilities that also include a hotel-style swimming pool set in tropical landscaping.

The Albert Road, <a href="https://www.urban.com.au/new-apartments/south-melbourne-vic-3205">South Melbourne</a> location of First Light puts it 600m from the new ANZAC Station, set to open in 2025.

DCF Property announced themselves on the Melbourne development scene earlier this year when they launched <a href="https://www.urban.com.au/new-apartments/new-johnston-abbotsford-400-johnston-street-abbotsford">New Johnston</a> in <a href="https://www.urban.com.au/developments/abbotsford-vic-3067">Abbotsford</a>. The 46-apartment development is now under construction by Valeo.

DCF has also just launched a 42-townhouse development, Thompsons Place, in Templestowe.

[smartcode_project_cta:default project_id=2556]

The apartments have been designed by French architect Léo Terrando, whose approach was to blend global design principles with Melbourne's charm

Inside First Light: South Melbourne's newest apartment development shaped by French architects and celebrated restaurateurs

Local downsizers and those seeking a low-maintenance weekender on the Mornington Peninsula are showing the greatest interest in the recently completed Safety Beach apartment development, Osprey.

<a href="https://www.urban.com.au/buildings/osprey-safety-beach-15-martha-cove-boulevard-safety-beach">Osprey Safety Beach</a>, which won the national award for&nbsp;Small Scale Development of the Year at the 2024 Urban Developer Awards, 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=290740]

Osprey has been developed and built by <a href="https://www.urban.com.au/developers/figurehead">Figurehead</a>, a construction firm that was the builder behind several new buildings in the Martha's Cove masterplan which was approved eight years ago.

Since then several new developments have been completed, and so has significant amenity, the most notable being Martha's Table, one of the Mornington Peninsula's most popular venues and the heart of the local community.

The Mediterranean restaurant, led by head chef Adam Beckett, doubles up as Arthur's Bar, a grocer, and a wine bar.

[smartcode_project:default project_id=138447 project_image_fid=290733]

&nbsp;

Projects by Buxton Director Heath Thompson, who has just taken over the sales at Osprey, is already seeing demand from several buyer camps.

"Where <a href="https://www.urban.com.au/developments/safety-beach-vic-3936">Osprey is located</a> and the configurations it has on offer, it can suit several uses, which is attracting several different buyer types," Thompson says.

"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."

Thompson says the location lends itself to boat enthusiasts.

"It's just an hour from Melbourne, and the positioning of Osprey means you're only 150 metres from the marina where you can dock your boat."

[smartcode_project:default project_id=138447 project_image_fid=290744]

<a href="https://www.urban.com.au/architects/wolveridge-architects">Wolveridge Architects</a>, known for their Peninsula beach home designs, handled the architecture at Osprey. They focused on creating a striking facade with several curves that inform the living space, capturing views of the marina from the internal living area and the balcony.

The apartments are characterised by their generous natural light and air circulation, facilitated by a unique 'lightwell breezeway' entry for each home that promotes natural cross ventilation.

[smartcode_project:default project_id=138447 project_image_fid=290625]

&nbsp;

The interior design of Osprey apartments is inspired by coastal living, featuring a warm and restrained palette.&nbsp;Light cream tones replace stark white finishes, while materials like cover batten wall linings, hardwood timber accents, and pale green hues evoke the external elements of a beach home.&nbsp;

The modern kitchens in Osprey are equipped with Fisher and Paykel appliances, undermount sinks and porcelain benchtops.

Osprey apartments are ready to move in, and are priced from $795,000.

[smartcode_project_cta:default project_id=138447]

"Where Osprey is located and the configurations it has on offer, it can suit several uses, which is attracting several different buyer types," Projects by Buxton Director Heath Thompson says



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