Gold Coast developer <a href="https://www.urban.com.au/developers/sherpa-property-group">Sherpa Property Group</a> is doing things a little differently at its newest apartment development in <a href="https://www.urban.com.au/developments/palm-beach-qld-4221">Palm Beach</a>.

After focusing primarily on the high-end market with its popular Perspective series, which has garnered attention from Palm Beach to <a href="https://www.urban.com.au/developments/chevron-island-qld-4217">Chevron Island</a>, Sherpa is now targeting a broader buyer demographic with its latest project.

Introducing Flourish, a fresh brand aimed at making homeownership more accessible for first home buyers and rightsizers, particularly those with smaller budgets in areas where they would typically be priced out.

The first project under the Flourish brand, <a href="https://www.urban.com.au/new-apartments/flourish-on-sixth-ave-palm-beach-6-12-sixth-avenue-palm-beach-qld-4221">Flourish on Sixth</a> in Palm Beach, has already been a success, with more than half of the apartments in the building already snapped up.

One-bedroom apartments were priced under $600,000, while two-bedroom apartments are still around the $1 million mark—prices that are uncommon in the Palm Beach and Burleigh Heads areas

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"We believe there's no better location for the Flourish brand of beachside living," Sherpa General Manager, Daniel Clarke, says on Sherpa's fifth development in the suburb.

"Research tells us the average difference in price between beachfront and one block from the beach is about 30 % especially in places like Sydney. However, the difference in Palm Beach is more like 100%, meaning greater buyer value just once block from the ocean.

"That's more value we've secured to pass onto the buyer, creating a deal of a lifetime."

[smartcode_project:default project_id=146527 project_image_fid=311562]

True to Sherpa's commitment to delivering high-quality resident amenity in every project they produce, Flourish on Sixth will feature an 800 sqm, north-east facing rooftop with a heated 15-metre lap pool, private cabanas, and communal barbecue area complete with a pizza oven.

Also on the roof will be a&nbsp;wellness centre with a gym, sauna, steam room, and both hot and cold plunge pools. A private kitchen and dining area will also be located on the roof, as will work-from-home facilities and a bookable boardroom.

Flourish will feature a shared electric vehicle service, a car wash station, and electric car charging points.

[smartcode_project:default project_id=146527 project_image_fid=311565]

Sherpa is bringing its trusted development partners to Flourish, including <a href="https://www.urban.com.au/builders/lps-group">LPS Group</a>, the builder behind some of their high-end projects. LPS is currently constructing Perspective Nexus in Palm Beach, where two-bedroom apartments start from $1.745 million, and Perspective Helm on Chevron Island, with prices starting at $3.7 million.

LPS will begin construction on Flourish on Sixth early next year, with completion expected by late 2026 or early 2027.

[smartcode_project_cta:default project_id=146527]

"We believe there's no better location for the Flourish brand of beachside living," Sherpa General Manager, Daniel Clarke, says on Sherpa's fifth development in the suburb.

Joel Robinson

"Creating a deal of a lifetime": Sherpa offers most affordable apartments in Palm Beach with Flourish on Sixth launch

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The Melbourne property market has continued to soften in 2024, with conditions proving challenging for sellers across the city. All dwelling types in Melbourne have experienced negative price growth, signaling a broader downturn that is also impacting Sydney.

Melbourne’s unit market, which includes both apartments and townhouses and is primarily measured in the established sector, has been the weakest in the country over the past quarter. According to CoreLogic data, unit prices have contracted by -0.7 per cent. While this marks the worst performance nationally, the house market has fared only slightly better, with a -1.2 per cent decline in the same period.

In November, the downturn in Melbourne's unit market was marginal, with prices slipping by just -0.1 per cent. However, the house market saw a steeper decline of -0.5 per cent. Typically, when market conditions weaken, houses tend to experience more significant drops compared to units, largely due to their higher affordability. This pattern often follows a period of prolonged price growth, with buyers shifting to more affordable options like units when the market softens.

Despite the ongoing weakness in Melbourne’s property market, factors such as high population growth and a significant supply shortage are prompting many analysts and property experts to question whether the city now presents attractive opportunities for buyers.

The median value for units in Melbourne is now $610,000, according to CoreLogic, placing it behind Brisbane, where the median value has risen to $677,000.

<h2>What happened in Melbourne’s off the plan apartment market in November?</h2>

Despite challening conditions in the established space, there was plenty of activity in Melbourne's off the plan market as developers look to cash in on the VIC Government's <a href="https://www.urban.com.au/news/vic/vic-government-slashes-stamp-duty-for-off-the-plan-property-buyers-savings-available-immediately-oct-2024">abolition of stamp duty</a> on off the plan apartments for 12 months.

November also saw the Vic Gov unveil its&nbsp;Great Design Fast Track, promising expedited approvals for well-designed, affordable, and sustainable apartment and townhouse developments.&nbsp;

Shortly after the announcement, and no doubt will be hoping to be fasttracked, is developer Beulah, who submitted plans for a new sustainable <a href="https://www.urban.com.au/developments/fitzroy-vic-3065">Fitzroy apartment development</a>.

Designed in collaboration with <a href="https://www.urban.com.au/architects/breathe-architecture">Breathe Architecture</a>, the <a href="https://www.urban.com.au/news/vic/beulah-unveils-new-sustainable-fitzroy-development">new development</a> will feature 44 apartments,&nbsp;retail spaces, and eco-friendly elements like rooftop solar, rainwater harvesting, and fossil-fuel-free infrastructure.&nbsp;

<img alt="Beulah unveils new sustainable Fitzroy 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%202024-11-13%20at%203.05.31%E2%80%AFPM.png?VersionId=u36MiMLVt5FeJp2BAcDTOonoBxVbjesj" />

&nbsp;

There was continued good news to come from <a href="https://www.urban.com.au/new-apartments/highett-common-37-graham-road-highett">Highett Common</a>,&nbsp;Victoria’s inaugural Net Zero Community being developed by&nbsp;<a href="https://www.urban.com.au/developers/sunkin-property-group">Sunkin Property Group</a>.

Sunkin topped out the first stage, Park House, which is over 85 per cent sold and will complete in mid-2025.

[smartcode_project:default project_id=108019 project_image_fid=300041]

Park House is the first stage in the&nbsp;transformative 9.3-hectare project that will feature over 1,000 residences, landscaped parks, and exclusive amenities.&nbsp;

Sunkin also launched the next stage of Highett Common,&nbsp;The Mews Collection, introducing 185 new apartments, including luxury residences designed for downsizers and owner-occupiers.&nbsp;

[smartcode_project:default project_id=108019 project_image_fid=300052]

The second stage will also bring the first neighbourhood facilities that will be accessible to the wider&nbsp;<a href="https://www.urban.com.au/developments/highett-vic" target="">Highett</a>&nbsp;community.

There will be a new two-level public library, part of the Bayside Community Facility, which will have study areas, rooms for community classes and meetings, and an adjacent café.&nbsp;

The Northern Residents’ Amenity is part of the Mews Collection stage and will comprise&nbsp;a lap&nbsp;indoor pool, a gym with a wellness area, and a bookable private dining room. The Southern Residents’ Amenity will bring another gym with green views, an outdoor swimming pool, wellness hubs and a cinema.

&nbsp;

[smartcode_project:default project_id=108019 project_image_fid=300073]

There was also plenty of activity outside of Melbourne's inner-ring in November.

<a href="https://www.urban.com.au/developers/samuel-property" target="">Samuel Property</a> unveiled <a href="https://www.urban.com.au/new-townhouses/hali-dromana-105-111-point-nepean-road-dromana">Hali Dromana</a>, a rare townhouse community on the Mornington Peninsula.&nbsp;

The $120 million development, with 69 three and four-bedroom townhouses designed by Cera Stribley, is soon to launch to the market through Blair Property Group.

[smartcode_project:default project_id=147112 project_image_fid=316883]

<a href="https://www.urban.com.au/developers/samuel-property">Samuel</a>&nbsp;Managing Director, Illan Samuel, says&nbsp;<a href="https://www.urban.com.au/new-townhouses/hali-dromana-105-111-point-nepean-road-dromana">Hali Dromana</a>&nbsp;is a homage to the beloved 1960s holiday home where Australian summers were defined.

"Hali will give&nbsp;<a href="https://www.urban.com.au/developments/dromana-vic-3936">Dromana</a>&nbsp;a fresh identity that will stand the test of time," Samuel says.

[smartcode_project:default project_id=147112 project_image_fid=316885]

Down in&nbsp;<a href="https://www.urban.com.au/developments/geelong-vic" target="">Geelong</a>, Motif, one of the few new apartment developments in the area, released its penthouses to the market, a collection which has already been <a href="https://www.urban.com.au/news/vic/downsizers-set-to-swoop-on-new-penthouses-at-motif-geelong">popular with downsizers</a>.

&nbsp;

[smartcode_project:default project_id=136615 project_image_fid=311692]

Just four apartments sit on the penthouse level, and offer the ideal lockup and leave lifestyle which has proven scarce in the&nbsp;Geelong&nbsp;region for many years.

The penthouses, three three-bedroom apartments and sole two-bedroom apartment, offer the best views from the sixth and highest level of the boutique York Street building designed by&nbsp;<a href="https://www.urban.com.au/architects/rothelowman">Rothelowman</a>.

[smartcode_project:default project_id=136615 project_image_fid=311694]

The joint venture between DM Property and Icon Kajima has proven a succesful one, over 60 per cent of the 129 apartments sold since its launch just over 12 months ago.

Hamilton Marino is expected a late-2025 completion for Motif.

Read more:&nbsp;<a href="https://www.urban.com.au/news/vic/city-beat-november-2024-melbourne-off-the-plan-market-gets-shot-in-the-arm-but-overall-market-downturn">City Beat November 2024: Melbourne off the plan market gets shot in the arm, but overall market downturn</a>

Read more:&nbsp;<a href="https://www.urban.com.au/news/vic/city-beat-october-2024-units-fare-better-than-houses-in-soft-melbourne-property-market">City Beat October 2024: Units fare better than houses in soft Melbourne property market</a> 
&nbsp;

The median value for units in Melbourne is now $610,000, according to CoreLogic, placing it behind Brisbane, where the median value has risen to $677,000.

City Beat November 2024: Melbourne property market continues to soften, but units hold up better than houses

Local developer Sherpa Property Group looks set to break the <a href="https://www.urban.com.au/developments/chevron-island-qld-4217">Chevron Island</a> apartment record at its newly released luxury development, Perspective Helm.

The 10 apartments, including four river residences and two two-level penthouses, ranging in price from $3.7 million to $10 million. A sale close to $10 million would surpass the island record, set in Chevon One where a penthouse sold for $9 million. That too set a record $25,000 per sqm.

[smartcode_project:default project_id=143018 project_image_fid=289075]

It is the Eastern Penthouse which is listed for just shy of $10 million. Spanning 917 sqm across two levels, the penthouse features four bedrooms, four bathrooms, a cinema, and an additional multipurpose room. There will also be a wine display cellar and a private rooftop with an outdoor kitchen, pool, pizza oven and firepit, as well as panoramic views of Surfers Paradise.

Eight of the 10 apartments in <a href="https://www.urban.com.au/new-apartments/perspective-helm">Perspective Helm</a> have already been snapped up by local and oversees buyers.

[smartcode_project:default project_id=143018 project_image_fid=289077]

<a href="https://www.urban.com.au/developers/sherpa-property-group">Sherpa</a> General Manager Daniel Clarke says the swift uptake of Perspective Helm underscores the project’s exceptional design and prime location.

“Our commitment to delivering high-calibre projects in prime locations is clearly resonating with buyers," Clarke says.

"Perspective Helm sets a new benchmark for luxury living.”

[smartcode_project:default project_id=143018 project_image_fid=313575]

Perspective Helm, on a prime 1,711 sqm north-facing, riverfront site at 107 Stanhill Drive, has been designed in collaboration with HAL Architects and MAS Architectural Studio.

There are a handful of private marina berths with vessels up to 18 metres.

Local builder <a href="https://www.urban.com.au/builders/lps-group">LPS Group</a> is in charge of the build. Excavation is underway and the project is expected to complete by late 2025.

Elsewhere on the Gold Coast, Sherpa is currently delivering <a href="https://www.urban.com.au/new-apartments/perspective-nexus-949-gold-coast-highway-palm-beach">Perspective Nexus</a>, another boutique apartment development in Palm Beach, and <a href="https://www.urban.com.au/new-apartments/flourish-on-sixth-ave-palm-beach-6-12-sixth-avenue-palm-beach-qld-4221">Flourish on Sixth</a>, part of their new brand to offer more affordable apartments to the local market. That too is in <a href="https://www.urban.com.au/developments/palm-beach-qld-4221">Palm Beach</a>.

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Eight of the 10 apartments in Perspective Helm have already been snapped up by local and oversees buyers

Sherpa’s Perspective Helm to challenge Chevron Island apartment record

Elevate Hume Place, the new apartment development above Crows Nest Metro by developer <a href="https://www.urban.com.au/developers/thirdi-group">Third.i</a> and joint venture partner Phoenix Property Investors, has secured enormous support from local and international buyers.

Elevate is one of the most popular&nbsp;transit-oriented developments in Sydney, above the newly opened metro that will connect future Elevate residents to the rest of Sydney in minutes.

Read more:&nbsp;<a href="https://www.urban.com.au/news/nsw/third-i-offer-10k-deposits-at-elevate-hume-place-apartments-above-crows-nest-metro">Third.I offer $10k deposits at Elevate Hume Place apartments above Crows Nest Metro</a>

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Designed by Woods Bagot, <a href="https://www.urban.com.au/new-apartments/elevate-hume-place-crows-nest-25-hume-street-crows-nest-nsw-2065">Elevate Hume Place</a>&nbsp;comprises&nbsp;130 one, two, and three-bedroom apartments.

Third.i Co-Founder Luke Berry said the project has received over 6,000 leads with over 400 appointments to date, with this unprecedented demand and strong interest not only reflecting the quality of the apartments but also the increasing demand for convenient, transit-oriented living in Sydney's dynamic real estate market.

“We are thrilled with the strong sales results at launch for Elevate Hume Place, this achievement highlights the growing appetite for contemporary living that prioritises accessibility and connectivity,” Berry stated.

“The design, amenities, demographic, and prime location of Elevate Hume Place have attracted a diverse range of local and international buyers, from young professionals and first home buyers to investors and downsizers, all seeking the perfect blend of urban convenience and community charm.”

Freya Watson, JLL’s Head of Residential Project Sales Australia - the sales partner for Elevate Hume Place - shared insights into the diverse range of buyers the development has attracted.

“Elevate Hume Place sets a new standard for transit-oriented living, appealing to both owner-occupiers and investors. Properties near metro stations often achieve a 20-30 per cent price premium and attract high rental demand, which has contributed to the strong buyer interest. Buyers clearly recognise the long-term potential of this development.”

Read more:&nbsp;<a href="https://www.urban.com.au/news/nsw/why-the-investment-potential-at-elevate-hume-place-above-crows-nest-metro-is-proving-too-good-to-miss">Why the investment potential at Elevate Hume Place above Crows Nest Metro is proving too good to miss</a>

[smartcode_project:default project_id=142550 project_image_fid=309368]

A significant portion of the buyer interest has come from Asia.

Among these international buyers, 25% are seeking residences for their children studying in Sydney, while another 25% are Australian passport holders or permanent residents looking for personal stays. The remaining 50% are investment-driven buyers, primarily from Singapore and Hong Kong, attracted by the project’s strong rental return potential.

“The Metro is a huge draw for buyers, especially those who value or are accustomed to the convenience of public transport, with its prime location and quick access to the CBD," Watson added.

"The city views are also a major attraction, along with the abundance of schools and universities right on the doorstep."

[smartcode_project:default project_id=142550 project_image_fid=297878]

Berry says Elevate Hume Place buyers will experience a perfect blend of connectivity, community, and the vibrant lifestyle that <a href="https://www.urban.com.au/developments/crows-nest-nsw-2065">Crows Nest</a> offers.

“Elevate features shared spaces that promote community interaction, iconic Sydney views, and sustainable design elements. The thoughtfully designed apartments foster a meaningful connection to the natural surroundings while honouring the site’s rich history. In addition to direct metro access, residents will benefit from being close to Crows Nest Village, which provides a variety of lifestyle amenities.”

Prices at Elevate start from $970,000.

[smartcode_project_cta:default project_id=142550]

Unprecedented demand from local and international buyers for Third.i’s transit-oriented development

Suburb	Median unit price
CREMORNE	$820,000
ASHBURTON	$780,000
BRIGHTON	$760,000
BEAUMARIS	$760,000
MONT ALBERT NORTH	$725,000
Toorak	$712,500
CANTERBURY	$710,500
BRIGHTON EAST	$690,000
CAULFIELD SOUTH	$675,500
MCKINNON	$675,000

Top 10 most expensive Melbourne suburbs for units

Cassidy Knowlton

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