No.1 Onslow Place,  Elizabeth Bay - 1 Onslow Place Elizabeth Bay

Nick Couloumbis, Founder of Toohey Miller, said No.1 Onslow Place was designed not just as a development, but as six distinct and individual living spaces

Developer Toohey Miller has appointed luxury construction firm Reform Projects to build its debut apartment development, No.1 Onslow Place in Elizabeth Bay.

Reform, led by managing director and co-founder Carl van Selm, has been in operation since 2016 and has built boutique apartment projects in both Sydney's Eastern Suburbs and the Sutherland Shire, as well as a number of designer houses in Sydney's most affluent suburbs.

They recently completed the <a href="https://www.urban.com.au/news/nsw/one-of-manlys-last-beachfront-development-sites-inside-ondas-manly-apartments">luxury Manly project Ondas Manly</a> on the beachfront North Steyne, and they're&nbsp;currently building the boutique Yugen development in Vaucluse.

Following the launch of <a href="/new-apartments/no-1-onslow-place-elizabeth-bay-1-onslow-place-elizabeth-bay">No.1 Onslow Place</a>, there were a bull run of sales, with three of the six apartments snapped up in a matter of weeks. Sales ranged between $8.25 million and $13 million.

[smartcode_project:default project_id=141600 project_image_fid=218585]

The project, No.1 Onslow Avenue, named after its prime location just off Arthur McElhone Reserve and a close neighbour to Elizabeth Bay House, comprises just six full-floor apartments with interiors by renowned interior designer David Hicks, the Melburnian's his first high-end project in Sydney

Tzannes&nbsp;Architects designed the building to bring a contemporary yet timeless design to the character of the coveted neighbourhood. The facade features distinctive curved brickwork, reminiscent of the iconic New York City art deco era.

Each apartment features natural oak, double herringbone parquetry flooring and white-honed marble. boasts views across the harbour, with four of the six having different different site aspects.

[smartcode_project:default project_id=141600 project_image_fid=219762]

Nick Couloumbis, Founder of <a href="https://www.urban.com.au/developers/toohey-miller">Toohey Miller</a>, said No.1 Onslow Place was designed not just as a development, but as six distinct and individual living spaces.

“Toohey Miller has curated its consultant team, bringing David Hicks’ European and International flair, combined with&nbsp;Tzannes’ quintessentially Australian architecture, to create an environment that resonates with the legacy of the location while offering a fresh perspective on luxury living.”

[smartcode_project:default project_id=141600 project_image_fid=219765]

“These residences are incredibly rare given their full-floor offering and views - we liken them to a Monet or Picasso. Rarity in property equals exceptional enduring value to future owners.”

Crowning No.1 Onslow Place is a two-level penthouse with&nbsp;270-degree views of the ocean. Its upper level is designed for entertainment, featuring a bar and lounge that overlook the vista. The apartment also features a steam room, and its own identity in its finishes with&nbsp;hand-selected green onyx cladding the kitchen, bar and bathrooms. There's a pool on the rooftop.

[smartcode_project_cta:default project_id=141600]

Joel Robinson

Toohey Miller appoint Reform Projects to build No.1 Onslow Place, Elizabeth Bay apartments

Values rose 0.6 per cent over October, taking Sydney's 2023 unit growth to eight per cent

Sydney unit values are approaching new highs after CoreLogic's national Home Value Index showed another month of growth for apartments and townhouses in the harbour capital.

Values rose 0.6 per cent over October, taking Sydney's 2023 unit growth to eight per cent.

Despite the median unit value ($832,000) being over $200,000 more than the next most expensive capital city unit median (Melbourne, $615,000), Sydney units have proven to be one of the best performing unit markets in the country over the year, third only to Perth (+9 per cent) and Brisbane (+9.8 per cent).

CoreLogic's overall index has been tracking upwards since&nbsp;finding a trough in January when the market bottomed out after losses over 2022 when the RBA started its rate tightening cycle.

The trend in advertised stock levels remains a critical feature of the market influencing housing trends, CoreLogic Research Director Tim Lawless says.

"After 10 months of below-average vendor activity, the flow of new capital city listings has ramped up through winter and spring to be almost 12 per cent higher than a year ago," Lawless says.

"Although total listings (ie new listings plus relistings) remain lower than this time last year and below the previous five-year average, it is clear that inventory levels are rising."

Sydney's advertised stock levels are 9.3 per cent up through spring.

<h2>What's happening in Sydney's off the plan apartment market?</h2>

Supply has too been one of the leading contributors to the success in the off the plan apartment market for the majority of 2023.

While in October there were <a href="https://www.urban.com.au/news/nsw/five-development-applications-submitted-across-sydney-in-october-2023">some&nbsp;significant development applications submitted</a> which will assist in the supply moving forward, the number of new apartment projects coming to market has been critically low.

Agents across Sydney are reporting that each segment of the market is moving.

Colliers National Director Blake Schulze says there's appetite for luxury apartments, middle tier stock, and the more price pointed units.

Schulze says it's still a strong owner-occupier market, but investor activity has started to pick up. Not so much by way of increase enquiry however, more so a higher conversion from investor enquiry to sale than there has been in a while. The investor purchasing hasn't necessarily been on the most price pointed stock either.

"Investors have a more owner-occupier mindset now," Schulze says.

"They're looking forward to owning it as a short-term investment, but something they will reside in in the future."

[smartcode_project:default project_id=21170 project_image_fid=231163]

Most of the buyers Schulze and the Colliers team are working with are off the plan buyers for the first time.

"A number of buyers have been priced out of the housing market, and are now looking at apartments as a viable option, and that's all phases of life, whether it be young professionals, young families, or even established families.

"Traditionally the lifecycle of homeownership is that you'd move into an apartment when you're young, move out and buy a house, then maybe downsize and move back into an apartment in later life. Now however, if the apartment is set up right, particularly in a masterplanned, placemaking way with well curated amenity and lifestyle, then the middle phase of that cycle is conducive."

David Highland's Highland Property sold nearly $200 million worth of apartments off the plan in October across their portfolio, holding 2,300 buyer inspections, which he says is an important metric to track.

"It shows buyers are out there, and if not yet transacting, they're starting their journey to do so," Highland said.

Highland recently relaunched Nautique in Rushcutters Bay, the large scale apartment building in the harbourside suburb in 13 years.

[smartcode_project:default project_id=108896 project_image_fid=180670]

He said the launch gave them a good gauge of what's selling.

"The launch showed there's demand from every segment, with sales from the low $1 million's to $15 million, and everything in between."

Highland says the top end of the market is "incredibly strong."

"Anything over $10 million is selling quickly. There’s not enough stock for this market and we’re getting significant enquiry for this type of product from downsizers. The middle market and investment level are too buoyant given the lack of supply across the majority of Sydney."

[smartcode_project:default project_id=108896 project_image_fid=229979]

That's been the case over in nearby Elizabeth Bay where Toohey Millers' debut project has seen three out of the five full-floor apartments sales snapped up just a few weeks into the launch. Sales ranged between $8.25 million and $13 million.

CBRE Residential / Stewart Residential's Ben Stewart has been marketing No.1 Onslow Avenue, saying the project has resonated with a number of different buyers.

"While nearly all of the enquiry has come from downsizers, it's not necessarily all been localized," Stewart says, noting that wile Elizabeth Bay, Potts Point and the nearby harbourside suburbs domianted enquiry, there's been interest from the Lower North Shore too.

[smartcode_project:default project_id=141600 project_image_fid=219763]

Stewart puts the success down to the limited supply in an area like Elizabeth Bay. He's also grabbed a couple of sales at&nbsp;Eurangi, the new MH Design Union block of just eight apartment on Bondi Beach's dress circle Campbell Parade.

"Much like Elizabeth Bay, there's only even going to be a limited amount of supply in these premium suburbs, particularly on the streets either on the beach or the harbour."

Stewart is about to launch Muse Potts Point, the joint venture between Toohey Miller and Third.i just off Victoria Street.

[smartcode_project:default project_id=112613 project_image_fid=231686]

The 13 apartments, designed by WMK Architecture and Mathieson Architects, capture significant harbour views from the higher apartments in the Brougham Street building.

"The great thing about Potts Point is it appeals to such a diverse market," Stewart says.

"There's nothing like Potts Point anywhere else in Sydney. It's got cosmopolitan amenity with a food and restaurant lifestyle, by the way, and the convenience of being to walk into work while looking at the harbour."

City Beat October 2023: All markets transacting in the Sydney off the plan apartment market

Sydney is starting to see some projects get launched to the starved off the plan apartment market

The Sydney unit market continues to tick along in 2023, with growth of unit values only bettered by Brisbane over the year.

September saw another month of growth for Sydney units, which incorporates both apartments and townhouses, according to property data analytics firm CoreLogic's Monthly Hedonic Home Value Index.

Values grew 0.9 per cent, following one per cent gains in August and 0.7 per cent in July. Sydney unit values now sits at a median $829,000, rising by 7.5 per cent over 2023.

Read more:<a href="https://www.urban.com.au/news/nsw/city-beat-august-2023-downsizers-fuel-sydneys-off-the-plan-apartment-market">&nbsp;City Beat August 2023: Downsizers fuel Sydney's off the plan apartment market</a>

CoreLogic’s research director, Tim Lawless said&nbsp;Australia’s housing recovery remains entrenched, with national dwelling values only 1.3 per cent off record highs. He said the outlook for housing values remains positive, albeit with some risks of a slowdown.&nbsp;

"Advertised supply levels are arguably the most important facet of the market to watch over the coming months," Lawless says.

"An acceleration in the flow of new listings is a normal feature of spring and early summer, however, if this trend continues we are likely to see buyers benefitting from more choice, less urgency and greater leverage to negotiate."

<h2>What's happening in the Sydney off the plan market?</h2>

Sydney is starting to see some projects get launched to the starved off the plan apartment market. There's also been some notable development applications and approvals in the last month or so, particularly in Chatswood, which will eventually help the Sydney apartment market supply in the future.

Prolific Sydney developer Urban Property Group recently launched La Vera, their first apartment project in Macquarie Park.

Designed by award-winning COX Architecture, La Vera has 119 apartments across 14 levels. It's been designed to attract a wide variety of buyers, from first home buyers and investors to young families and downsizers.

[smartcode_project:default project_id=134951 project_image_fid=223717]

Chief Executive Patrick Elias says they were in the market as soon as development approval was given, with demand far outstripping supply across Sydney.

"The lack of supply across Sydney has seen sales momentum remain incredibly consistent over 2023, with an uptick in recent months at our Bexley project Parc," Elias says.&nbsp;

"Developers who can get into a position with development approval and firm construction costs should be in the market. While supply levels are low, it is still critical for developers to create something which sets itself apart from other developments in the area."

Buyers at La Vera will also have the assurance of the NSW Government's LDI insurance scheme, which not many developments have. Urban Property Group were the first developer in New South Wales to have the defect insurance, at their Bexley project.

"This sends the message that we stand-by the quality of our developments and buyers can have peace of mind beyond the point of purchase," Elias adds.

Urban Property Group just secured approval to develop apartments in Little Bay which they will launch in early 2024.

[smartcode_project:default project_id=134951 project_image_fid=223723]

Toohey Miller has too brought something new to the market.

They've just launched No.1 Onslow Place in Elizabeth Bay, a collection of just six full-floor apartments on the dress circle Onslow Avenue.

Toohey Miller Founder Nick&nbsp;Couloumbis says the market has responded incredibly well to the project.

"We’ve received over 1,000 enquiries before its upcoming official launch, which is significant given there’s just six full-floor apartments,"&nbsp;Couloumbis says.

[smartcode_project:default project_id=141600 project_image_fid=219760]

"Buyers have reacted to the rarity of full floor apartments in Elizabeth Bay, something which hasn’t been produced in years. It’s difficult to get approval for this kind of development."

Couloumbis says the majority of enquiry has come from downsizers, from locals to those looking to downsize from the wider eastern suburbs and lower north shore.

"There’s still a lot of buyers in the luxury market,"&nbsp;Couloumbis says.

City Beat September 2023: Sydney's off the plan apartment market starts to see increase in supply

Tzannes Architects designed the building to bring a contemporary yet timeless design to the character of the coveted neighbourhood

New Eastern Suburb developer Toohey Miller has revealed No.1 Onslow Place, its first apartment development in <a href="/developments/elizabeth-bay-nsw-2011">Sydney's affluent Elizabeth Bay</a>.

The project, No.1 Onslow Avenue, named after its prime location just off Arthur McElhone Reserve and a close neighbour to Elizabeth Bay House, comprises just six full-floor apartments with interiors by renowned interior designer David Hicks, the Melburnian's his first high-end project in Sydney

Tzannes Architects designed the building to bring a contemporary yet timeless design to the character of the coveted neighbourhood. The facade features distinctive curved brickwork, reminiscent of the iconic New York City art deco era.

Each apartment features natural oak, double herringbone parquetry flooring and white-honed marble. boasts views across the harbour, with four of the six having different different site aspects.

[smartcode_project:default project_id=141600 project_image_fid=219758]

The living areas with large windows flow onto private wrap-around terraces with unobstructed views of the harbour. Four of the six apartments have two aspects.

Nick Couloumbis, Founder of Toohey Miller, said No.1 Onslow Place was designed not just as a development, but as six distinct and individual living spaces.

“Toohey Miller has curated its consultant team, bringing David Hicks’ European and International flair, combined with Tzannes’ quintessentially Australian architecture, to create an environment that resonates with the legacy of the location while offering a fresh perspective on luxury living.”

“These residences are incredibly rare given their full-floor offering and views - we liken them to a Monet or Picasso. Rarity in property equals exceptional enduring value to future owners.”

[smartcode_project:default project_id=141600 project_image_fid=219762]

Miller says Elizabeth Bay has some of the most beautiful views of the harbour.

"Perched so high, the elevated position of No.1 Onslow Place showcases views that are nothing short of spectacular. Every residence has an incredible view, four with two aspects, so residents can enjoy the tranquility of this picturesque pocket of Sydney. With Arthur McElhone Reserve across the road, juxtaposed by the energy and amenity of Macleay Street, a cosmopolitan playground housing Sydney’s best restaurants and retail stores, Elizabeth Bay has multifaceted allure.”

The penthouse at No.1 Onslow Place spans two floors and offers&nbsp;270-degree views of the ocean. Its upper level is designed for entertainment, featuring a bar and lounge that overlook the vista. The apartment also features a steam room, and its own identity in its finishes with&nbsp;hand-selected green onyx cladding the kitchen, bar and bathrooms. There's a pool on the rooftop.

Dangar Barin Smith's landscape design for No.1 Onslow Place complements the native context of Elizabeth Bay, with references to Arthur McElhone Reserve, harmonising the natural surroundings with the living spaces.

[smartcode_project_cta:default project_id=141600]

No.1 Onslow Place, Elizabeth Bay

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Toohey Miller appoint Reform Projects to build No.1 Onslow Place, Elizabeth Bay apartments

City Beat October 2023: All markets transacting in the Sydney off the plan apartment market

City Beat September 2023: Sydney's off the plan apartment market starts to see increase in supply

Toohey Miller reveal Onslow Place, Elizabeth Bay apartments

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