How Bondi Beach has evolved into the most exciting new apartment market in Australia

Bondi Beach is known globally as one of the most popular beaches in the world.

However, to those who call it home, it’s much more than just a tourist destination. The history of Bondi Beach is rich and fascinating. 

Originally, the area was inhabited by the Gadigal people of the Eora Nation. The name "Bondi" is derived from an Aboriginal word meaning "water breaking over rocks," a fitting tribute to the area's natural features. 

European settlement began in the early 19th century, with land grants and agricultural ventures. The arrival of the railway in 1884 played a crucial role in transforming Bondi Beach from a remote location into a fashionable seaside destination. The construction of the Bondi Pavilion in 1928 further solidified the beach’s status as a prominent leisure spot, while the 1950s and 60s saw a significant boom of both commercial and residential development.

It wasn't until a major redevelopment of one of Bondi's landmark buildings in 2013 that the whole face of the suburb changed, particularly near to the famous sand.

What has been happening in the new and off the plan apartment market in Bondi Beach?

Allen Linz's Rebel Property and Eduard Litver's Capitel Group kicked off a wave of new development just over a decade ago, a wave that has completely transformed the apartment market in Bondi Beach.

Their redevelopment of the existing Swiss Grand Hotel on the dress circle Campbell Parade sent national records tumbling. Fund manager Will Vicars bought two adjoining "Lighthouse" penthouses in the new development, now named Pacific Bondi Beach, for an off the plan apartment record $21.9 million, a year before its completion. Since the completion, he's bought another two penthouses.

Designed by PTW, Pacific Bondi Beach incorporated the Art Deco character of the street with Bondi architecture through the use of curvilinear elements and roof lines found in 1930s architecture.

The Pacific Bondi comprises 110 luxury apartments, a 69-room QT Bondi Hotel, 5,500 sqm of retail including Speedo Fitness Club and pool, Woolworths Metro and BWS store and a mix of high-quality food and beverage operations and assorted fashion boutiques.

Rebel Property and Capitel Group has a long history in Bondi Beach and continues to develop in the suburb. As well as Pacific Bondi, they also developed The Bondi. They're now completing Hall & Campbell, named after its location on the corner of Hall Street and Campbell Parade, where they've recently secured another record.

It's the price per square metre record for the whole country. The five-bedroom penthouse was recently bought for $23 million, a record $105,000 per sqm. The soon-to-be completed development comprises just seven new apartments set behind the historic Bates Milk Bar façade.

Rebel and Capitel, along with developer Gil Baron, have another Campbell Parade project, at 14-18 Campbell Parade, where they're planning just seven apartments.The luxury Hall & Campbell development. Image supplied

The Bondi Beach new and off-the-plan apartment market has been running hot in 2024. Data from MatterFact, the data product of Urban.com.au, shows it has been among one of the most enquired on areas in the Eastern Suburbs, alongside its neighbouring Bondi Junction.

There’s only been one apartment launch so far in 2024. That was Mayfair, a luxury apartment development by Fenbury, also on Campbell Parade.

Mayfair comprises just seven north-facing three-bedroom apartments designed by MHN Design Union with interiors by Ennen & Co.

In a departure from neighbouring buildings, Mayfair is exclusively designed and dedicated solely to residential use.

The last development launch before Mayfair was Eurangi by Princeton back in the third quarter of 2022, an absolute beachfront address at 134 Campbell Parade, also designed by MHN Design Union. 

There are eight apartments in Eurangi, two of which are whole floor penthouses that offer some of the best views in Bondi Beach.

Eurangi, Bondi Beach. Image supplied

Another notable property is the AYA Penthouse, the largest-ever single-floor penthouse in Bondi Beach. 

Ray White Projects have been asking $26.4 million for the sprawling AYA Penthouse atop the Aqualine Bondi Beach project on Hall Street. 

Designed by world-renowned architect Koichi Takada, the expansive 443 sqm penthouse comprises four bedrooms and multiple living and entertaining areas.

There are several new apartment developments that will be revealed later this year.

The first will be Avra by Clutch, just 18 luxury apartments at 141-155 Curlewis Street, about 150 metres from Campbell Parade.

Each of the apartments, designed by PBD and with interiors by Woods Bagot, will have three bedrooms, except the sprawling four-bedroom penthouses. Apartment sizes start from over 170 sqm.

The apartments will sit above three new retail tenancies.

There is also expected to be further details revealed about Central Elements' Bondi Beach development. Urban revealed the plans for seven luxury residences back in March.

Central Element paid around $50 million for the amalgamated 2,050 sqm site fronting Sandridge and Wilga streets where they're planning two duplex homes and five apartments.

There's been no word on the Campbell Parade development submitted by F45 co-founder Rob Deutsche in 2023. An investment vehicle of his filed plans for four luxury apartments above retail at 56 Campbell Parade.

Then there are two other Hall Street developments also planned, one by serial developer Vaughan Blank.

Over two years ago Blank filed $9.4 million plans to transform the old Westpac building into a mixed-use precinct.

He's been approved to create a new shop-top housing building, with retail premises on the ground floor of 26-32 Hall Street, and 16 apartments above.

BANG Architecture handled the design of the building, just a stone's throw from the famous sand, which Blank bought for $17 million.

BANG noted in the design statement submitted to Waverley Council that Bondi Beach has seen some impressive developments come to fruition in the past decade. He's certainly not wrong, but the opportunity to develop near the beach is shrinking as Sydney's top developers hone in.