Prahran's new apartment market is set for a bumper 2025, with several developments soon to come to market.

Tom Howgate's <a href="https://www.urban.com.au/developers/kincrest">Kincrest</a> is soon to launch <a href="https://www.urban.com.au/new-apartments/the-osment-prahran-3-7-grattan-street-prahran">The Osment</a>, 22 apartments overlooking Grattan Gardens, while Adam Coff's <a href="https://www.urban.com.au/developers/coff-property-group">Coff Property Group</a> recently secured approval for <a href="https://www.urban.com.au/news/vic/coff-property-secure-permit-for-luxury-prahran-townhouses">17 townhouses on Chomley Street</a>.

The latest entrant to the market is B&amp;B Property Group, who have secured the longtime St Edmonds Road home of InterFlora, the international flower and gift distributor, who hve ben in the two-level office building for the last two decades.

They will be finalising plans over 2025, but won't settle on the $9 million purchase until 2026 when Interflora relocate their new head office in <a href="https://www.urban.com.au/developments/west-melbourne-vic-3003">West Melbourne</a>.

Gorman Commercial's&nbsp;Peter Bremner and Jonathon McCormack secured the Prahran sale of the 964 sqm site which came with a&nbsp;design and development overlay allowing multi-level apartments or a mixed-use development to be built on the site.

The property is centrally positioned in Prahran just off Greville Street near Prahran Train station and Chapel Street, and between Malvern Road &amp; High Street.

Ben Buxton of B&amp;B Property Group said St Edmonds Road is a&nbsp;standout street <a href="https://www.urban.com.au/developments/prahran-vic-3181">in the suburb</a>.

"The site and location presented us with a great opportunity to introduce an above market product to one of Melbourne’s oldest and most eclectic locales," Buxton says.

"The proposed building, designed by Cera Stribley Architects is a timeless homage to the colourful and creative spirit of the area."

The apartments, which will sit above ground-floor commercial and retail offerings, will be enveloped in landscaping by Jack Merlo and feature interiors by Hecker Guthrie.

Gorman Commercial's&nbsp;Peter Bremner said the show of confidence by B&amp;B Property Group to acquire the site despite some continuing headwinds in the development market indicates the strength of the location and lack of future supply of sites in this central Prahran area.

“There was interest in the property from owner occupiers seeking to buy the building for their own office headquarters, but as it turned out the development value exceeded the office value which can often happen in these prime inner city fringe locations."

Joel Robinson

Prahran new property market set for busy 2025

Over the past decade, <a href="https://www.urban.com.au/developers/princeton">Princeton Financial Services</a> has been working quietly behind the scenes as a very successful, fully integrated fund management, lending and development business.

But in recent years, with a trophy penthouse in <a href="https://eurangibondibeach.com.au/">Eurangi</a> Bondi Beach approaching completion, Princeton is establishing itself as a more recognised name in the new residential development market.

Established in 2012 by current directors George Gadallah and Craig Anderson, Princeton's journey began four years earlier, after the 2008 global financial crisis shook the world.

Gadallah, an executive at St George Bank at the time, had a lightbulb moment.

"The GFC eradicated the non-bank lending sector altogether," Gadallah recently told Urban.

"At the same time, capital was reduced by the banks, who now considered lending to the development sector as a risk, so they largely exited the sector. The big banks were focusing on buying regional banks, as Westpac did with St George, and the monopoly of the Big Four as we know it now started to form."

In 2012, Gadallah and Anderson launched a Commercial Real Estate Debt (CRED) fund, a segment with no competition. It was, in fact, one of the first CRED funds since the GFC.

"We took the learnings from what had come before and deployed them in a sustainable business model," Gadallah says.

Fast-forward eight years, and the market became crowded. Gadallah had worked through development cycles since the mid-1990s and identified an opportunity to pivot into residential development.

They acquired development sites across a wide range of Sydney metro suburbs, from Campbell Parade on the dress circle <a href="https://eurangibondibeach.com.au/">Bondi Beach</a> to a warehouse in Balmain that will be one of the last warehouse conversions in the Balmain village.

Gadallah says every development Princeton delivers will be of a standard that is well above its peers in its respective market.

"We're taking the same level of finish from our $20 million Bondi Beach penthouse to areas that haven't had that level of quality before," Gadallah said.

"We engage some of the country's best architects and interior designers, creating bespoke buildings in areas they've never really designed anything in before. This is the unique offering we want to take to different suburbs across Sydney."

While understanding the drivers in the property industry, Princeton has been an early adopter of Resilience Latent Defects Insurance. This new policy protects buyers from structural defects on new apartment buildings for up to 10 years.

"We are committed to providing certainty to our purchasers by utilising the best-in-class products that provide peace of mind and warranties for any defects," Gadallah says.

Princeton's current portfolio includes the luxury Eurangi in <a href="https://eurangibondibeach.com.au/">Bondi Beach</a>, The Llewellyn Series in Balmain, a unique collection of warehouse homes, <a href="https://www.urban.com.au/new-apartments/marque-rockdale-602-608-princes-highway-rockdale">Marque&nbsp;</a><a href="https://www.urban.com.au/developments/rockdale-nsw">Rockdale</a>, 58 apartments with LDI, and Sydney Park Terraces, a recently completed set of only eight bespoke terraces in <a href="https://www.sydneyparkterraces.com.au/">St Peters</a>.

Princeton is also due to launch two other projects to market in the second half of this year.

On Princeton's geographic spread of new development, Gadallah says they won't be tied to developing in one location.

“We focus on developing unique assets in high demand, high amenity locations. If a site and our unique lending metrics fit that criteria, we’ll look at it.”

Princeton's decade-long evolution from commercial fund to luxury off the plan apartment developer

Summary:

<ul>
	<li>Hamton has revealed the first stage of&nbsp;Scotch Hill Gardens in Hawthorn</li>
	<li>The first stage will comprise 146 residences across three buildings</li>
	<li>Stage 1 sales are now open, with construction starting in Q3 and completion in early 2027</li>
	<li>Approved under Victoria’s Development Facilitation Program, the project was fast-tracked by 12 months</li>
</ul>

&nbsp;

<hr />
&nbsp;

Prominent developer <a href="https://www.urban.com.au/developers/hamton">Hamton</a> has lit a fuse under Melbourne’s off the plan apartment market, kicking off sales at one of the capital’s most anticipated new communities in 2025.

Hamton, the developer behind the $3 billion redevelopment of the Moonee Valley Racecourse, Moonee Valley Park, has launched sales of the residences at its $550 million Scotch Hill Gardens.

[smartcode_project:default project_id=149097 project_image_fid=327631]

Hamton held an Open House event at the weekend to give buyers an early look at the project. Residences in the first three buildings - The Tate, The Woodburn, and The Ingleburn are now available to purchase. The trio of buildings will deliver 146 residences planned for the prime site on Robinson Road.&nbsp;

Construction of the three buildings will kick off in Q3 2025, and will be welcoming residents in early 2027.

[smartcode_project:default project_id=149097 project_image_fid=327640]

Located in the sought-after Scotch Hill precinct, Scotch Hill Gardens will comprise of one, two and three-bedroom residences designed by&nbsp;<a href="https://www.urban.com.au/architects/woods-bagot">Woods Bagot</a>, with views of surrounding treetops, landscaped gardens, and the city skyline.

Residents will have access to a range of amenities, including a bathhouse with wellness facilities, a gym, co-working spaces, and communal dining and lounge areas.&nbsp;

[smartcode_project:default project_id=149097 project_image_fid=327706]

The planned revitalisation of the Bill Street Retail Village will further enhance the convenience of the location, with shops and cafés on the projects’ doorstep.&nbsp;

Scotch Hill Gardens is one of the largest projects to be approved under Victoria’s Development Facilitation Program, following a streamlined approval process which accelerated its timeline by approximately 12 months.

[smartcode_project:default project_id=149097 project_image_fid=327664]

The site was formerly owned by the University of Melbourne, with Hamton securing the purchase in early 2024 following a rezoning process overseen by the Planning Minister.

Hamton’s latest project is expected to attract interest from local downsizers, professionals, families, and investors looking for high-quality residences in Melbourne’s inner east.

Hamton’s Founder and Executive Chairman, Paul Hameister OAM, said Scotch Hill Gardens will create a rare opportunity for buyers in a premium suburb that is highly sought-after.

[smartcode_project_cta:default project_id=149097]

Construction of the three buildings will kick off in Q3 2025, and will be welcoming residents in early 2027

Hamton launches sales at Scotch Hill Gardens, Hawthorn 

The Reserve Bank has cut the official cash rate for the first time since the COVID pandemic.

The pandemic saw rates shoot down to record 0.1 per cent lows, before they were quickly increased over a short period to try and tackle rising inflation.

The hikes stopped at 4.35 per cent, where the cash rate has been since November 2023. Now inflation is returning to the RBA's two to three per cent target band, they've cut the cash rate by 0.25 per cent to 4.1 per cent.

The Big Four banks have already cut their interest rates on the back of the decision, while most believe there are several more cuts to come in 2025.

<h2>What does this mean for the off the plan market?</h2>

The off the plan market functions quite differently from the established property market. Prospective homeowners don’t take out a mortgage until the property is completed. This means that the current interest rate may become irrelevant if the building is not expected to finish for several years—your borrowing capacity will be based on the rate at the time of settlement.

That said, new developments are completed every month, and those nearing completion will see buyers settle based on the current interest rates.

Lower interest rates allow buyers to borrow more, as their ability to service a loan increases when the cost of borrowing decreases due to the lower rates.

How it will impact the off the plan apartment market is the level of demand for property as a whole. Lower interest rates increase confidence in the property market which drives demand, and demand drive price increases.

Expect to see more transactions across both the established and new property markets in 2025 and 2026 compared to the previous two years.

RBA cut interest rates amid inflation decline

The opening of Reddam House North Shore, one of Australia's most prestigious schools, is set to attract families to the heart of North Sydney as the area continues to thrive.

Located on McLaren Street, just a short walk from the newly opened Victoria Cross station on the expanded Sydney Metro, Reddam House North Shore offers a prime location for students and their families.

The school’s first-year enrolment has already reached full capacity, highlighting the high demand for premium private education in Sydney, especially in the northern suburbs. With ongoing growth expected, Reddam House North Shore plans to accommodate up to 1,350 students, solidifying its position as a leading educational institution in the region.

Spanning over 9,000 sqm, the school features state-of-the-art facilities, including science labs, multiple libraries, an auditorium, and fully equipped arts, dance, drama, and music studios. Additionally, the school boasts a dedicated VR classroom, introducing the Inspired Metaverse experience.

Reddam House caters to students from ages one to 18, providing a comprehensive education from early childhood through to senior school.

Taking full advantage of its proximity to Reddam House North Shore is <a href="https://www.urban.com.au/buildings/aura-by-aqualand-north-sydney-168-walker-street-north-sydney-nsw-2060">AURA by Aqualand</a>, the recently completed luxury apartment development. Located directly across the street from the school, AURA is one of the few new apartment buildings in North Sydney. Its larger apartments are perfect for families with busy parents who work locally or in the CBD and seek the convenience of living near a top-tier private school before heading to the office.

Several residents at AURA have already secured their enrolment at Reddam.

[smartcode_project:default project_id=30959 project_image_fid=292875]

Reddam House is also not the only exclusive school in proximity to AURA. Directly behind the building is&nbsp;Wenona School, an independent, secular day and boarding school for girls, offering junior and middle school through to college.

Monte Sant' Angelo Mercy College is another independent girls' school, only five minutes from AURA by&nbsp;Aqualand. Monte is the oldest independent girls' school on Sydney's North Shore. It is a Roman Catholic single-sex secondary day school for girls years 7-12 founded by Sisters of Mercy in 1875.&nbsp;

Two academically selective secondary day schools nearby are the government-funded North Sydney Boys High School and North Sydney Girls High School, known for their rigorous admissions process and academic excellence.

[smartcode_project:default project_id=30959 project_image_fid=292866]

On top of the excellent schooling matched with the proximity of schools, AURA is also just a short walk to St Leonards Park, a popular spot for families.

The 15-hectare park has a custom kids playground, barbecue areas, and large expanses of open lawn space perfect for children. The park is also home to the famous <a href="https://www.urban.com.au/developments/north-sydney-nsw-2060">North Sydney</a> Oval, the Bon Andrews Oval and Cunningham Pavilion, as well as netball courts, cricket nets, and bowling greens. The North Sydney Oval complex also has commercial and retail outlets, as well as a childcare centre.

Less than a 20-minute walk from the front doors of AURA by&nbsp;<a href="https://www.urban.com.au/developers/aqualand-australia" target="">Aqualand</a>&nbsp;is also Forsyth Park and&nbsp;Anderson Park, the latter not far from&nbsp;<a href="https://www.urban.com.au/developments/neutral-bay-nsw" target="">Neutral Bay</a>&nbsp;village.

[smartcode_project:default project_id=30959 project_image_fid=292896]

While the location of AURA is ideal for families, Aqualand placed a strong emphasis on designing spacious living areas to accommodate their needs.

In collaboration with the architecture firm Woods Bagot, Aqualand revised the building's design, reducing the number of apartments from 448 to 386 to allow for larger living spaces. As a result, AURA’s apartments significantly exceed North Sydney Council’s minimum building requirements.

[smartcode_project:default project_id=30959 project_image_fid=292878]

While the typical two-bedroom apartment in the area is 80 sqm, AURA’s two-bedroom apartments are 95 sqm, plus a wintergarden, bringing their total area to well over 100 sqm. Many of the apartments also feature a multi-purpose room that can be adapted as a media room, home office, or kids' living area and homework space.

AURA by Aqualand apartments are now complete and ready for immediate move-in.

[smartcode_project_cta:default project_id=30959]

New luxury Blue Mountains build Kamimura at Leura listed

Jonathan Chancellor

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