Southbank’s skyline evolution: The rise of new apartment living on the Yarra River

While South Bank generally refers to the collection of suburbs south of a river that dissects the city (think Brisbane or London), Melbourne's Southbank is a suburb in its own right, and it's arguably the most connected suburb in the whole of Melbourne.

Given its proximity to the city and the river, it's no surprise that the near-12,000 apartments make up over 98 per cent of dwellings in the 3006 postcode, the 2021 ABS Census showed.

Private investment from the commercial, retail, and hospitality sectors has matched the increase in density and population, turning Southbank into one of the city's most vibrant residential and cultural hubs, right on the Yarra River. The focal point of Southbank is the casino Crown Melbourne, having stood just off the river for the best part of two decades, while the Melbourne Arts Centre and the National Gallery of Victoria are also key destinations.

It wasn't until the 1990s when the suburb began its development, having predominantly been a commercial and industrial area. Now skyscrapers line the skyline.

Just over two decades ago, work began on Eureka Tower, which by the time it completed in 2006, was the tallest residential building in the southern hemisphere at nearly 300 metres, putting Southbank on the global map.

That was topped in 2020 when the 317-metre Australia 108 was completed. Australia 108, only 200 metres from the front door of Eureka, comprises 1105 apartments across a 100-level building.

It was one of the first crop of towers with upscaled resident amenities, a trend which we've seen only grow in the last five years.

The building boasts two exclusive resident grand lobbies with lounges and a hotel-style porte-cochere. The Sky Rise Club features a heated indoor swimming pool, a sauna, a fully equipped gym, a theatre, a grand dining room, and a virtual golf room.

The Star Club, on Levels 70 and 71 and reserved for owners of the more premium apartments, features double-height, full glass infinity pools with spa facilities, along with two state-of-the-art gyms, dining rooms, expansive lounge rooms, a reading room, a private cinema, and a sky garden.

One of the newest tower developments in development in Southbank is STH BNK by Beulah. One of the two towers, at 366 metres, will be the tallest in Australia.

The 367-apartment development has already seen records shattered after it hit the market last year. A penthouse broke the Melbourne off the plan apartment record when it sold for $35 million, only to be topped by a sub penthouse that sold for $38 million.

At the heart of STH BNK by Beulah will be the world’s tallest ‘greenscraper’—promising a green, active and connected urban environment with the future of retail innovation, customised hospitality, fresh food perspectives, cultural experiences, and vitality and wellness at its core.

A wellness precinct, located on an entire podium level in STH BNK by Beulah, is designed to be the city's world-class, all-in-one health and wellness destination backed by science's leading practices.

International developer OSK Property is also working on one of the largest mixed-use precincts in Melbourne nearby.

Melbourne Square, across an unrepeatable two-hectare site on City Road above Melbourne’s internationally acclaimed Arts Precinct, is well into its development, with two towers already completed and ready to move in.

Currently under construction is BLVD, the latest stage which offers just over 600 apartments across a 74-level tower littered with facilities like private dining rooms, state-of-the-art gyms, a 25m indoor swimming pool, spa, sauna, golf simulator, entertainment and lounge spaces, and a double-storey co-working area on levels 55 and 56. 

Multiplex is building BLVD, which is slated for completion in early 2028.

While precedent has been set for towers getting up to 100 levels, not every development in Southbank is reaching that high into the sky.

Almost boutique at 62-levels is The Queensbridge Building by Time & Place, MaxCap Group and Hickory, under construction on Queensbridge Street, just one street back from Crown Melbourne.

The Queensbridge Building will have 367 apartments which will share the building with the 188-room Hannah St. Hotel, operated by TFE Hotels.

Only a handful of developments have completed in recent years. Central Equity's FOCUS is Melbourne's most awarded high-rise development in 2023.

FOCUS, rising 50 levels on City Road, won the prestigious Victorian Housing Award from the HIA, and also a coveted UDIA Victoria Award for Excellence.

The $450 million FOCUS Melbourne comprises a mix of one, two, and three-bedroom apartments.

International developer Landence also recently completed its slice of Southbank. The Evermore, a two-tower development designed by Hayball closer to the Botanic Gardens than the Yarra River, has over 50 different floorplans for buyers to choose from.

There are 366 one, two and three-bedroom apartments in The Evermore, atop a podium level housing upscale retail spaces.

Enquiry for apartments in Southbank on Urban.com.au has been dominated by first home buyers since the start of 2024.

They represent 46 per cent of enquiry in Southbank this year, followed by those buying their next home (34 per cent), and then investors (20 per cent).

Project searches in Southbank spiked by nearly 60 per cent from September to October, with enquiry also jumping by 75 per cent.