Urban's top five most read articles in Melbourne in 2023
There's a lot going for the Melbourne off the plan apartment market.
The sheer statistics of the imbalance between dwelling approvals, construction of dwellings, and population growth, shows a frightening landscape for the Victoria capital.
Not so much for those however who have a foot on the property ladder. Investors are, and will continue to reap the rewards of a high migration numbers, pushing rents up, while owner-occupiers, generally, will see the value of their property rise with demand, again both local and international, outstripping supply.
With that in mind we've taken a look back at what piqued our readers interest in 2023.
Richmond's Victoria Shopping Centre redevelopment to create new urban village with over 1,600 new apartments
In February it was revealed Richmond's Victoria Gardens Shopping Centre will undergo a significant transformation with a $900 million redevelopment, led by co-owners Vicinity Centres and Salta Properties.
The ambitious project aims to convert the landmark site into a vibrant urban village, seamlessly integrating residential, commercial, retail, lifestyle, and entertainment spaces.
Divided into two key precincts, the Doonside Precinct and River Boulevard Precinct, the redevelopment includes 1,679 new homes, a fresh food Market Hall, extensive open spaces, bike facilities, and parking.
The project, which is expected to create 680 construction jobs annually and over 3,300 ongoing jobs, is currently seeking planning approvals through the Victorian Government's Development Facilitation Program.
Multiplex to build $2 billion STH BNK By Beulah towers
Beulah had a huge build up to the announcement of their construction partner for their $2 billion, twin-tower STH BNK by Beulah development back in August.
They chose Multiplex as the builder of the two intertwining towers which are set to become the tallest skyscrapers in the southern hemisphere upon completion in 2029.
The five-year construction timeline will commence in late 2023 or early 2024.
With a height of 365 metres, Multiplex will bring to life Australia's first 5-minute vertical city, featuring two twisting towers, a world-class retail precinct, wellness facilities, a childcare centre, a Four Seasons Hotel, a cultural centre in partnership with Centre Pompidou, commercial office space, residential offerings, and the world's tallest vertical garden.
The project has already garnered significant attention with high-profile sales of its 691 apartments, including transactions ranging from $30 million to $38 million.
Read more: Multiplex to build $2 billion STH BNK By Beulah towers
First look: South Yarra House apartments set to launch
Due to the scarcity of new development in Melbourne's sought-after South Yarra, Wattletree and Dorman Capital's release of South Yarra House, a $190 million project set on one of South Yarra's last remaining riverside sites, was a popular read.
The joint venture marks Wattletree's fifth project and its first collaboration with Dorman Capital. South Yarra House, now over 60 per cent sold, will feature around 60 apartments across 20 levels, with architecture firm SJB drawing inspiration from the simple, brutalist, art-deco architecture of New York.
Initially intended for a commercial office project, the collaboration between Wattletree and Dorman Capital evolved into a residential development that addresses the growing market demand for quality owner-occupier and downsizer apartment products.
Read more: First look: South Yarra House apartments set to launch
STH BNK by Beulah breaks Melbourne apartment record
People always love reading about records being broken, and it was no different in 2023 when the aforementioned Beulah set the new Melbourne apartment record with a $38 million sale.
It topped the $35 million record, set in the same building in 2022.
The record sub-penthouse above level 75 offers a customisable floor plan, allowing the transcontinental business owner buyer to personalise the design to suit their lifestyle.
The apartment, with its 360-degree city view, resort-style concierge services, and world-class amenities, is among the highest in Melbourne.
The project, achieving over $600 million in sales within four months, reflects the robust demand for luxury apartments near Melbourne's gardens and cultural landmarks and the convenience of hotel living.
Despite challenges in the market, the prestige sector remains active, attracting diverse buyers who value tailor-made configurations and services, such as Beulah's 'Tailored Living' option.
Read more: STH BNK by Beulah breaks Melbourne apartment record
Andrews Labor Government to ramp up apartment approvals across Melbourne
In September it was announced the then Andrews Labor Government was working on reforms to clear the backlog of approvals and build more homes, faster.
Over the last year to September, the number of dwellings approved across the state fell by 26.1 per cent.
At a council level, there’s a backlog of around 1,400 planning permit applications for multi-unit housing that have been sitting with councils for more than six months waiting for a decision. Some 550 of those applications have been waiting for more than a year.
Of these, 78 projects have a development cost of more than $10 million – and would deliver around 4,900 new homes.
Premier Daniel Andrews said "building, buying, renovating or renting shouldn't be this hard."
"We need to build more homes, with the best design standards, where people want to live. And that means going up and out – not just out," Mr Andrews said.
Minister for Planning Sonya Kilkenny said Victorians deserve a planning system that works with them – not against them.
"It should be a clear, transparent and accountable system – because Victorians deserve to know who is planning our city and state.”
Read more: Andrews Labor Government to ramp up apartment approvals across Melbourne
