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.

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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;

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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;

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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.

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<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;

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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.

Joel Robinson

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.

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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.

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<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

Third.i celebrate successful launch of Elevate, Hume Place apartments above Crows Nest Metro

Malaysian-Australian developer&nbsp;<a href="https://www.urban.com.au/developers/mrcb">MRCB</a>&nbsp;has won PropertyGuru's Best Apartment Architectural Design and the inaugural Sustainable Design Award for its 26 Vista apartment development in Surfers Paradise.

The accolades were announced during the 7th PropertyGuru Asia Property Awards (Australia) ceremony held at the Grand Hyatt Melbourne, celebrating achievements in real estate across the country.

Located on Vista Street just one row back from the beach, <a href="https://www.urban.com.au/new-apartments/vista-surfers-paradise-26-vista-street-surfers-paradise">26 Vista</a> will rise 51 levels and home 280 apartments. 70 per cent have already sold, before construction commencement.

&nbsp;

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MRCB International CEO, Ravi Krishnan, said they believe 26 Vista will be the greenest tower on the Gold Coast.

"In designing 26 Vista, our aim was to mirror the dedication we bring to all our projects, carefully crafting a sustainable yet prestigious living experience for both current and future residents of <a href="https://www.urban.com.au/developments/surfers-paradise-qld-4217">Surfers Paradise</a>," Krishnan, said.&nbsp;

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MRCB has also employed a number of other green initiatives for 26 Vista, including adopting an all-electric solution and eliminating gas via SUPA Energy, Australia’s most progressive energy solution.

These initiatives align with the developer's emphasis on sustainable construction practices, supported by its proprietary MRCB Building System (MBS).&nbsp;

This modular construction technology allows for up to 85 per cent of the building process to be completed off-site, significantly reducing energy consumption, carbon emissions, and waste while enhancing overall build quality.

&nbsp;

[smartcode_project:default project_id=112730 project_image_fid=208885]

26 Vista will also offer EV car-sharing options in partnership with mobility company Outbound, making it one of the first residential buildings on the Gold Coast to provide this service.

"The project is a real showcase of what’s possible when developers prioritise convenience, luxury, and sustainability for the benefit of their residents," Outbound CEO Luke Rust said.

"Electric car sharing is an accelerating trend in buildings around the world and we’re excited to be pioneering the concept in Queensland.

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Since launching to market in early 2023, over 70 per cent of the apartments at 26 Vista have sold.

26 Vista will also offer residents lush private rooftop gardens and sky-high residents' lounges, providing 360-degree views of South East Queensland, along with offering a hotel-styled wellness precinct featuring a state-of-the-art gym, outdoor yoga space, outdoor pool and spa, sauna, and a steam room.

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MRCB International CEO, Ravi Krishnan, said they believe 26 Vista will be the greenest tower on the Gold Coast.

MRCB clinch Sustainable Design Award and Best Apartment Architectural Design for 26 Vista, Surfers Paradise apartments

BLVD, the latest tower in OSK Property's $3 billion Melbourne Square precinct in&nbsp;<a href="https://www.urban.com.au/developments/southbank-vic-3006">Southbank</a>, has taken out the Best Apartment Development (Australia) award at the 7th Property Guru Asia Property Awards.

The awards ceremony at the Grand Hyatt Melbourne celebrated achievements across the country’s property sector.&nbsp;

<a href="https://www.urban.com.au/new-apartments/blvd-at-melbourne-square-19-hoff-boulevard-southbank">BLVD</a> also earned Best Wellness Residential Development, Best Integrated Work from Home Development, and Best Apartment Interior Design.

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The 74-level tower is among the first Australian residential projects registered to pursue WELL Certification, which assesses the built environment's impact on human health and well-being.&nbsp;

BLVD incorporates gas-free residences, carbon-neutral operation capabilities, and EV charging, reflecting a strong focus on sustainability.

Designed by <a href="https://www.urban.com.au/architects/cox-architecture">Cox Architecture</a> with interior design partners <a href="https://www.urban.com.au/interior-designers/carr-interiors">CARR</a>, the geometrically intricate residential building will be home to just over 600 apartments inspired by nature and offered in various colour palettes.

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The Level 8 Podium Club will offer residents views across Melbourne, a state-of-the-art gym, a 25-metre indoor swimming pool, spa, and sauna. Two more levels of amenity will feature&nbsp;a cinema, karaoke room, and a golf simulator.

The podium level of BLVD features a zen garden with barbecue facilities, alfresco spaces, and shaded seating areas.

The owners of the premium residences in BLVD have exclusive access to the Level 55 Skye Club which is home to another gym, cocktail lounge, private dining rooms, and the best views from any amenity space within the tower.

For work, the Co-Quarter Business Facilities offer co-working spaces, private pods, and meeting facilities with views of the Royal Botanic Gardens.

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BLVD has been designed to be its own community, with curated community events aimed to bring residents together, from book clubs to personal training groups.

Construction of BLVD is being delivered by <a href="https://www.urban.com.au/builders/multiplex">Multiplex</a>, which also handled earlier stages of the Melbourne Square precinct. The project broke ground earlier this year and is expected to be completed by early 2028.

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Construction of BLVD is being delivered by Multiplex, which also handled earlier stages of the Melbourne Square precinct.

OSK Property takes out Best Apartment Development for BLVD in Southbank

In the ever-evolving landscape of sustainable architecture and environmentally conscious design, systems and ratings in place can help determine the energy efficiency of residential buildings in Australia.

Australia has multiple building rating systems that evaluate energy efficiency and sustainability in existing and new building designs.

Some systems assess individual building components, while others provide an overall rating for the entire structure.

A rating system ensures that homes are comfortable and energy-efficient, whether you are buying, renovating, or building.

NatHERS (Nationwide House Energy Rating Scheme) is a common way for new homes to meet energy efficiency requirements.

As new developments continue to shape the urban environment, understanding NatHERS ratings becomes essential for developers and homeowners. This article delves into the concept of NatHERS ratings, their significance, and how they contribute to creating energy-efficient homes.

<h2>What is NatHERS?</h2>

NatHERS is a national initiative implemented by the Australian government to promote energy efficiency in residential buildings. The scheme aims to provide a standardised method for assessing the thermal performance of homes, considering factors such as insulation, orientation, ventilation, and building materials.&nbsp;

NatHERS ratings are the most common way new homes meet the National Construction Code's (NCC's) minimum energy efficiency requirements.&nbsp;

NatHERS assessments provide thermal and whole-home ratings for new homes, townhouses, and apartments.

The rating helps evaluate the energy performance of buildings, guides homeowners and developers to make informed decisions about the energy efficiency of their properties, and encourages the construction of more sustainable, comfortable, and cost-effective homes.

<h2>How NatHERS Ratings Work</h2>

NatHERS ratings are determined through four accredited software tools (AccuRate, BERS Pro, FirstRate5, HERO) using a calculation engine CSIRO developed to predict building temperature based on various factors.

The tools can model complex effects of building mass, insulation, window size, and other elements.

The outcome is a star rating that reflects the building's overall thermal efficiency, indicating how well it can maintain a comfortable indoor temperature without excessive reliance on heating or cooling systems.

The star rating scale ranges from 0 to 10, with a 6-star rating being the minimum requirement for compliance with the National Construction Code (NCC).&nbsp;

Achieving a higher star rating demonstrates a commitment to energy efficiency and sustainability, as the building is better equipped to minimise its environmental impact and reduce long-term energy costs.

Anyone can use NatHERS tools, but accredited assessors can provide certified ratings and professional advice.

<h2>Benefits of Higher NatHERS Ratings</h2>

Energy Efficiency: Buildings with higher NatHERS ratings are more energy-efficient, requiring less heating and cooling energy. This reduces the structure's carbon footprint and lowers occupants' energy bills.

Cost Savings: Homes with higher NatHERS ratings are generally more energy-efficient, resulting in reduced energy consumption for heating and cooling. This translates to lower energy bills for homeowners, making sustainable living environmentally friendly and economically viable in the long run.

Environmental Impact: Lower energy consumption directly translates to a reduced environmental impact. Buildings with higher NatHERS ratings contribute to the overall goal of mitigating climate change by lowering greenhouse gas emissions associated with heating and cooling systems.

Improved Comfort: Buildings with high NatHERS ratings offer better thermal comfort to occupants. Proper insulation, well-designed ventilation, and optimal orientation maintain a consistent and comfortable indoor temperature, providing occupants with a more enjoyable and healthier space.

Market Value and Desirability: Higher NatHERS ratings can enhance the market value of a property. As energy efficiency becomes a more significant consideration for homebuyers, a well-rated building may attract a premium price and stand out in the real estate market.

Compliance with Building Codes: NatHERS ratings are a vital component of the National Construction Code (NCC), and compliance with these ratings is often a mandatory requirement for new developments. Local councils and planning authorities may set minimum energy efficiency standards that must be met to obtain development approval.

The Nationwide House Energy Rating Scheme (NatHERS) is a crucial initiative shaping the future of energy-efficient, resilient, and cost-effective homes. With its recent upgrades, NatHERS has evolved into a world-leading tool for the building sector, supporting the global commitment to achieving net-zero emissions by 2050.

Urban Editorial

What is a NatHERS rating in new off the plan apartment developments?

Mixed-use developments have gained significant popularity across Australia in recent years due to their unique blend of residential, commercial, and recreational spaces.

Unlike traditional single-purpose developments, mixed-use projects offer a harmonious integration of various functions within a single locale.

Residential units seamlessly coexist with commercial establishments, retail outlets, dining venues, entertainment hubs, and recreational facilities, with the combination not only enhances convenience but also fosters a vibrant lifestyle and a sense of community.

<h3>Convenience and accessibility</h3>

Mixed-use developments are designed with convenience in mind. They often integrate residential units with commercial spaces, retail outlets, restaurants, and recreational facilities, creating a self-contained community.

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The proximity allows residents to enjoy the convenience of having essential amenities and services within walking distance. Whether it's grabbing a cup of coffee, going grocery shopping, or accessing healthcare services, everything is conveniently located, saving residents time and effort.

<h3>Vibrant lifestyle and community</h3>

One of the major advantages of mixed-use developments is the vibrant lifestyle they offer. With a diverse range of amenities and communal spaces, residents have ample opportunities to interact, socialise, and build a sense of community.

[smartcode_project:default project_id=107714 project_image_fid=214122]

The presence of parks, community centres, and shared spaces fosters a lively atmosphere, encouraging residents to engage in various activities and events. The vibrant lifestyle within these developments creates a unique sense of belonging and camaraderie among the residents.

<h3>Potential for higher rental yields and property value appreciation</h3>

Mixed-use developments tend to attract a broad range of tenants and buyers due to their versatile nature. This high demand can result in higher rental yields for investors and potentially lead to property value appreciation over time.

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The integration of commercial and retail spaces attracts businesses, which can provide a stable rental income stream. Additionally, the popularity of mixed-use developments often drives up property values, making them a potentially lucrative investment in the long term.

<h3>Enhanced security and maintenance</h3>

Mixed-use developments typically have comprehensive security measures in place. With controlled access points, CCTV surveillance, and professional security staff, residents can enjoy enhanced safety and peace of mind.

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Additionally, these developments often have dedicated maintenance teams responsible for the upkeep of common areas, landscaping, and infrastructure. This ensures that the overall appearance and functionality of the development are well-maintained, creating a pleasant living environment for residents.

<h3>Live-work-play balance</h3>

One of the key attractions of mixed-use developments is the ability to achieve a desirable live-work-play balance. The integration of residential and commercial spaces allows residents to live closer to their workplaces, reducing commuting time and improving work-life balance.

The proximity to various amenities and recreational facilities encourages an active and healthy lifestyle. Residents can easily access fitness centres, parks, restaurants, and entertainment options, all within the same development, leading to a more fulfilling and convenient way of life.

alisonwarters@gmail.com

The top five reasons to buy in a mixed-use development

When buying a property, everyone needs to be aware of the additional costs that come as part of the buying process.

Often the largest outlay, after the deposit which goes to the bank, is stamp duty.

<h2 style="line-height: 1.38;">What is Stamp Duty?</h2>

Stamp duty is an extra tax to pay the government when you buy land, a property, and other certain assets.

It happens when the legal ownership is transferred. It can also be known as property transfer duty or transfer duty.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="415" src="https://www.youtube.com/embed/C32BWkB5--c" title="YouTube video player" width="660"></iframe>

<h2>Who pays Stamp Duty?</h2>

In some circumstances, you may get an exemption. For some states, you won’t have to pay for stamp duty if you are a first home buyer or a pensioner for houses under a particular price. There are also stamp duty concessions, where you may be entitled to a discount.

<h2>How much does Stamp Duty cost?</h2>

Each state has different rules which affect how much you need to pay. These rules can affect the rate you pay, and the timeframe you will need to pay in. Before you buy land or a property, make sure you check the up-to-date information for your state’s stamp duty.

You can use a free stamp duty calculator online to see approximately how much you’ll need to pay. Find out if you’re eligible for an exemption by enquiring on a project via Urban!

Overall, the stamp duty you need to pay will depend on:

<ul>
	<li aria-level="1">How much your land/property is worth</li>
	<li aria-level="1">Where your land/property is located</li>
	<li aria-level="1">What type of land/property it is</li>
</ul>

Want to find out more? <a href="https://www.youtube.com/@UrbanAustralia?utm_source=YouTube&amp;utm_medium=Video&amp;utm_campaign=Subscribe&amp;utm_id=Subscribe">Subscribe to our YouTube channel</a> for more property videos.

Ellen Walker

Off-the-plan property explained: What is stamp duty?

A number of people ask - what is the settlement process when buying off the plan property?

The simple answer is that the process is one part of the off the plan buying journey that isn't too dissimilar to buying in the established market.

The major difference is the time from exchange to settlement, given the off the plan property isn't built yet. The standard settlement for established property is around six to eight weeks.

This however has a number of pros for off the plan buyers.

One of the biggest is that the price paid for the property at the time of exchange doesn't change. Even if the value of the apartment has risen during construction, buyers will still settle on their apartments at the same price agreed.

The settlement date will be forecasted in the contract, as to when the developer believes the building will be complete, and the certificate of occupancy is obtained. Then settlement can start to occur and buyers can move in.

The settlement date forecast is another pro for buyers. While this date can chop and change due to a number of reasons, least of all delays in construction, labour, and materials, it gives the buyer a ballpark future date where they need to have their finances in shape to settle.

By paying a deposit you lock in that price, and you might not be required to pay the rest of the deposit for two or three years, if the construction timeline is that far away. This allows buyers years to save up the rest of the money while their yet-to-be-built property potential grows in value.

The settlement date estimate also puts a time limit on buyers as to when they should either vacate their current rental, or put the wheels in motion to sell their current home.

If you're thinking of purchasing an off the plan apartment, it's a good idea to speak to a conveyancer or solicitor who can advise you on the settlement process and help ensure that everything goes smoothly.

A number of people ask - what is the settlement process when buying off the plan property?

Off the plan property settlement - how does it work?

Arguably floor plans matter more in off the plan property than any other type of property.

In established markets, the floorplan is the floor plan. That's it, barring renovations.

But in the off the plan market, there a number of factors to consider when analyzing floor plans, and a number of questions to ask agents and developers when discussing buying an off the plan property.

First there's the floor plan size.

Floor plan sizes advertised by agents or developers can differ hugely state by state, so it's important to understand whether you are being pitched a property's internal size, or total size.

Internal size is the measurement of the internal floor area of an apartment, and is typically measured in square metres (m²). External size is the measurement of the external dimensions of an apartment, be it a courtyard or a balcony, but sometimes it can include a parking space or storage cage.

Generally, off the plan apartments are advertised with their internal size, as this is the size that you will have to work with when furnishing and decorating your new home. It's important to be aware of external size, however, as this will give you an indication of the overall size of the building and how much outdoor space you will have access to.

When considering internal vs external size, it's important to keep in mind that internal size may vary slightly from the advertised size due to the internal walls of the apartment. External size, on the other hand, is usually accurate to the advertised size as it's based on the overall dimensions of the building.

Another thing to consider when analyzing floor plans in off the plan property is that floor plans aren't necessarily set.

The majority of developers, providing construction is still at its early stages, will allow buyers to customize their floor plan to suit their lifestyle.

It might be that you want to move a bedroom or bathroom, or re-orientate the living area. This generally isn't a problem for developers as long as the moving of internal walls doesn't impact the building structurally, and the redesign all occurs within the same floor plate size of the original apartment.

In the off the plan market, there a number of factors to consider when analyzing floor plans, and a number of questions to ask agents and developers

How to read a floor plan, what questions to ask, and why it's important for off the plan property buyers

A decade-long vision to redefine Perth’s urban landscape has earned <a href="https://www.urban.com.au/developers/golden-sedayu">Golden Sedayu</a> the prestigious Best Mixed-Use Development award at the 7th PropertyGuru Asia Property Awards (Australia), recognising the transformative potential of its flagship project, Burswood Point.

<a href="https://www.urban.com.au/new-townhouses/burswood-point-saintly-entrance-burswood">Burswood Point</a> is a $3.8 billion redevelopment of a 38-hectare site around Belmont Racecourse, which includes 4,500 new dwellings, retail and commercial precincts, luxury hotels, and riverside parks.

The project is expected to contribute over $10 billion to the state economy while creating 25,700 jobs.&nbsp;

[smartcode_project:default project_id=142314 project_image_fid=263304]

Developer Golden Sedayu, a partnership between Perth’s Golden Group and Indonesia's Agung Sedayu, has emphasised sustainability and livability in its masterplan, featuring 2.5 kilometres of Swan River foreshore and 110,000 sqm of public open space, including parklands, beaches, and playgrounds, as integral to the design.

Work on Burswood Point is already well underway, with $80 million spent on site preparation, including new infrastructure and roadworks.

Approvals for the precinct plan and initial construction have been secured, with further development applications for additional towers in progress.&nbsp;

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The first homes and apartments at its first stage, Somerset, launched to the market earlier this year. There has been a strong take-up for the 95 one, two, three and four-bedroom apartments spread across two towers, known as Somerset East and Somerset West.

Also released has been a handful of&nbsp;three-level, green-title homes that will include luxury features such as elevators, making them particularly appealing to downsizers seeking long-term living solutions.

Residents will also have access to a range of amenities, including a 25-meter lap infinity pool, gym, sauna, and residents' dining areas.&nbsp;

[smartcode_project:default project_id=142314 project_image_fid=263320]

The first stage of Burswood Point will feature a mix of retail and commercial spaces like a café and grocery store.

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The first homes and apartments at its first stage, Somerset, launched to the market earlier this year

Perth’s Burswood Point wins prestigious Best Mixed-Use Development award

Due to unique circumstances surrounding the release of The Grand Residences Eastlakes apartments, there is now a rare opportunity for home buyers and investors to secure a foothold in Sydney’s coveted Eastern Suburbs property market.

Located above the Eastlakes Shopping Centre on Evans Avenue, these apartments were developed by the renowned Crown Group, which initially retained around one-third of the units following their off the plan and post-completion sales campaigns.

However, after a shareholder dispute led to Crown Group entering provisional liquidation in August 2023, the remaining apartments have been re-released to the market at a price point that is unmatched in the new apartment market of the Eastern Suburbs.

The final selection of apartments is available, offering one, two, and three-bedroom units ranging from $745,000 to $1,675,000.

<h2>Receiver Warranty Bonus</h2>

A key advantage for buyers is that, as part of the receiver sale, all apartments at The Grand Residences Eastlakes come with an extended warranty.

[smartcode_project:default project_id=7652 project_image_fid=262583]

In a typical direct purchase from a developer, buyers usually have a 90-day window to identify any defects in the apartment. However, under the current arrangement with BDO, new buyers will receive an extended warranty that covers them from the settlement date through to June 30, 2025.

The warranty covers all internal fixtures and fittings, including light fittings, taps, carpets, joinery, and other details, for all available apartments, including those that have previously been rented.

<h2>Value Proposition</h2>

There are no true comparable apartments in Eastlakes, or even the surrounding suburbs, that match the quality, design, and finishes found at <a href="https://www.urban.com.au/buildings/the-grand-residences-eastlakes-16-evans-avenue-eastlakes">The Grand Residences</a>. Completed as Crown Group’s final development, these apartments set a new benchmark for luxury in the area.

[smartcode_project:default project_id=7652 project_image_fid=291043]

<a href="https://www.urban.com.au/developers/crown-group">Crown Group</a> has long been synonymous with exceptional quality, having delivered iconic projects such as Arc by Crown in the Sydney CBD, Infinity Square at Green Square, and Waterfall by Crown in Sydney—all of which have earned multiple industry awards over the years.

The Grand Residences feature spacious floorplans, floor-to-ceiling glass doors that open onto large balconies, and kitchens equipped with high-end SMEG appliances and sleek stone island benches in the larger apartments.

<h2>Location &amp; Amenities</h2>

In true Crown Group style, the amenities at The Grand Residences are a standout feature, with the 25-metre heated pool serving as the centrepiece. Additional highlights include a well-equipped gym, an impressive rooftop deck with alfresco dining areas, built-in barbecue facilities, and a TV zone. From the rooftop, residents can enjoy expansive views back towards the city.

[smartcode_project:default project_id=7652 project_image_fid=262600]

Each apartment comes with secure parking, and select units feature separate studies, catering to the diverse needs of buyers. Strategically located for easy access to Sydney’s CBD, popular beaches, and key amenities, The Grand Residences is positioned at the edge of the city’s thriving inner-east, close to vibrant neighbourhoods like Rosebery and Alexandria. The surrounding area offers a dynamic mix of cultural attractions, including the renowned Cannery café and dining precinct, along with supermarkets, specialty stores, and essential services.

Since its launch, the development has attracted steady interest from first home buyers, downsizers, and investors, drawn to the area’s strong rental yields and growing property values.

As the final apartments are sold, <a href="https://www.urban.com.au/project-marketer/mcgrath-projects">McGrath Projects</a> and Crown Property Agency are overseeing the sell-down process, with several fully furnished display units now available for viewing.

[smartcode_project_cta:default project_id=7652]

Under the current arrangement with BDO, new buyers will receive an extended warranty that covers them from the settlement date through to June 30, 2025

Receiver sale with extended warranty: The added benefits of buying at The Grand Residences Eastlakes

The luxury Gold Coast tower La Mer at Main Beach is set to relaunch, with a new developer and builder driving the project forward, offering rare full-floor beachside apartments on Main Beach Parade.

Developer ODUS is teaming up with builder Nazero to deliver the $140 million, 27-level development at 3580 Main Beach Parade. They started the build of the tower in July, and are expecting the tower to complete in late 2026.

[smartcode_project:default project_id=95606 project_image_fid=316687]

Designed by Plus Architecture, <a href="https://www.urban.com.au/new-apartments/la-mer">La Mer</a> will feature 22 premium three-bedroom plus multipurpose room apartments, each spanning 300 sqm and taking in views of the beach, Broadwater, and <a href="https://www.urban.com.au/developments/gold-coast-qld">Gold Coast</a> skyline.

The two-level penthouse will have four bedrooms across 600 sqm.

Residents will have exclusive access to a resort-style pool, spa, gym, sauna, barbeque facilities, private sun lounges, yoga lawn, and an outdoor beach shower.

Prices will start from $3.9 million.

[smartcode_project:default project_id=95606 project_image_fid=316688]&nbsp;

The release comes after new research by Colliers which revealed a 30 per cent supply gap for ultra-luxury apartments on the Gold Coast.

ODUS Director Byron Sakha said La Mer was the latest evolution of the exclusive, laid-back <a href="https://www.urban.com.au/developments/main-beach-qld-4217">Main Beach</a> village, one of the Gold Coast’s most highly sought-after addresses.

“Every apartment in La Mer has house-sized proportions and incredible views—not to mention a location in one of the city’s best postcodes,” Sakha said. 
 
“Demand continues to outstrip supply for ultra-luxury apartments on the Gold Coast, and the rare full-floor design will make these residences particularly prized."

Sakha said the team has "elevated every aspect of the development", reconfiguring layouts to make better use of the panoramic views and upgrading the finishes with&nbsp;natural stone and premium Gaggenau appliances.

“Additionally, we've reimagined the resident amenities, introducing a spa, sauna, an expanded gym, and a larger recreation deck, ensuring a level of sophistication and comfort that sets a new benchmark for coastal living."

[smartcode_project:default project_id=95606 project_image_fid=316691]

Sakha said the partnership was quick to secure the site when the opportunity presented and had already secured funding, meaning construction is powering ahead.

Developer <a href="https://www.urban.com.au/developers/odus">ODUS</a> is directed by Sakha—who also runs one of Australasia's largest coaching institutes, Jarrod Younan and Sebastian Younan. The Younans also head builder Nazero.

Together, the trio have a track record of delivering more than $500 million of boutique apartments and luxury homes over two decades.

[smartcode_project:default project_id=95606 project_image_fid=316690]

OTP Group Director James Elliott, who is managing the project’s sales, said La Mer would appeal to buyers from across the Eastern seaboard.

“We’re anticipating interest from Gold Coasters rightsizing from a large family home to an expansive, low maintenance apartment for the lifestyle—in easy reach of cafes, restaurants, the beach, Broadwater, and entertainment,” Elliot said said.

“We also see holidaymakers from <a href="https://www.urban.com.au/developments/brisbane-qld">Brisbane</a>, <a href="https://www.urban.com.au/developments/sydney-nsw">Sydney</a>, and Melbourne, who are seeking a permanent Gold Coast residence, and lifestyle purchasers buying now to relocate in future, among prospective buyers.”

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ODUS Director Byron Sakha said La Mer was the latest evolution of the exclusive, laid-back Main Beach village, one of the Gold Coast’s most highly sought-after addresses.

La Mer, luxury Main Beach apartment development, comes back to the market

The Gold Coast new development space hasn't seen a project like <a href="https://www.urban.com.au/new-townhouses/capri-81-salerno-street-isle-of-capri">Capri</a> in years.

While most developers are building upwards in response to the evolving <a href="https://www.urban.com.au/developments/gold-coast-qld">Gold Coast</a> skyline, <a href="https://www.urban.com.au/developers/monaco-property-group">Monaco Property Group</a> has taken a different approach, opting to create a private, gated community featuring 48 villa-like townhouses.

What makes <a href="https://www.urban.com.au/">Capri</a> so rare is the land and the location. Indeed <a href="https://www.urban.com.au/new-townhouses/capri-81-salerno-street-isle-of-capri">Capri</a> represents the first major-scale development on the <a href="https://www.urban.com.au/developments/isle-of-capri-qld-4217">Isle of Capri</a> in three decades.

While tower developers can typically build on plots of 1,000 sqm or less, <a href="https://www.urban.com.au/new-townhouses/capri-81-salerno-street-isle-of-capri">Capri</a> spans around 12,000 sqm, an exceptionally rare landholding in the Gold Coast property market, especially in such a prime location near the best parts of the coast.

We recently spoke with the team delivering <a href="https://www.urban.com.au/new-townhouses/capri-81-salerno-street-isle-of-capri">Capri</a> to find out more.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/Mi3llnK26_I?si=l3m-Kza-_NwmRxdV" title="YouTube video player" width="560"></iframe>

“<a href="https://www.urban.com.au/developments/isle-of-capri-qld-4217">Isle of Capri</a> is extremely well located on the Gold Coast,” Monaco Property Group Managing Director, Jonathan Grasso, says.

“It offers all the benefits of connectivity but also has very good access points, whether heading to Surfers Paradise or the Bundall precinct.”&nbsp;

The gated community has been carefully designed with downsizers in mind, offering three-bedroom villas just 800 metres from the cafes, restaurants and shops at <a href="https://www.urban.com.au/new-townhouses/capri-81-salerno-street-isle-of-capri">Capri</a> on Via Roma.

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<a href="https://www.urban.com.au/project-marketer/new-property-agent-qld-npa">NPA Projects</a>&nbsp;Director Andrew Erwin&nbsp;highlighted the community-centric amenities of <a href="https://www.urban.com.au/new-townhouses/capri-81-salerno-street-isle-of-capri">Capri</a>, cleverly positioned at the heart of the community. The facilities will comprise a resort-style swimming pool,&nbsp;sun deck, covered entertaining area and BBQ pavilion and residents' lounge complete with built-in bar and fully equipped kitchen.

"Capri will have a strong community focus, whether it's through shared travel, local activities, or simply connecting with neighbors who share common interests," Erwin said.

“It suits people looking for a little bit more variation in their lifestyle."

[smartcode_project:default project_id=139511 project_image_fid=298830]

<a href="https://www.urban.com.au/new-townhouses/capri-81-salerno-street-isle-of-capri">Capri</a> is currently under construction under the watchful eye of reputable Gold Coast builder <a href="https://www.urban.com.au/builders/greyburn">Greyburn</a>.

Managing Director John Kearney said everything about the development is best in class.

“There wasn’t going to be one stone left unturned on this project,” Kearney said.

“From the best trades to the best supplies and supervision, every detail has been meticulously considered.”

<a href="https://www.urban.com.au/new-townhouses/capri-81-salerno-street-isle-of-capri">Capri</a> is set to be completed in four stages, with the first residents expected to move in by mid-2025.

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Capri is set to be completed in four stages, with the first residents expected to move in by mid-2025

Inside the Capri villas: A development not seen in three decades, and likely never again

Design-led property developer Orchard Piper, together with partner, The Carter Group, has unveiled an exclusive collection of branded residences on St Kilda Road.

The 54 apartments form part of the partners’ landmark $300 million mixed-use development,&nbsp;<a href="https://www.urban.com.au/new-apartments/the-carter-building-448-st-kilda-road-melbourne">The Carter Building</a>, which will also feature a boutique 107-key hotel, pool, gym, and significant spa facility.

The project offers two expansive penthouses and a range of spacious one, two, and three-bedroom residences, with prices starting from $850,000. Residents will enjoy unparalleled access to on-site services and amenities through the integrated five-star hotel.

[smartcode_project:default project_id=113206 project_image_fid=316877]

Orchard Piper Director Luke McKie said the goal was to create a lifestyle that seamlessly blends the privacy of a premium residence with the convenience of a five-star hotel.

"Using insights from our existing customers, we’re providing a very deliverable service offering to include everything from concierge and valet parking to housekeeping and room service, so residents can experience a low maintenance lifestyle of complete convenience."

The building has been designed by internationally acclaimed Kerry Hill Architects (KHA) who are renowned for their work with Aman Hotels.

Residences feature floor-to-ceiling windows that provide panoramic views of the tree-lined St Kilda Road. Interiors are inspired by a natural palette, with tones and materials familiar to Melburnians.

[smartcode_project:default project_id=113206 project_image_fid=316876]

The Carter Building amenities include a mezzanine restaurant and bar, café and state-of-the-art wellness facilities with a pool, sauna and fully equipped gym.

The project reflects Orchard Piper and The Carter Group’s confidence in the revitalisation of St Kilda Road, following the post-COVID shift away from the office market. With the anticipated opening of the Anzac Station, the area is experiencing renewed interest, positioning it as a thriving residential and lifestyle destination.

“Partnering with The Carter Group has allowed us to realise our long-term vision for this iconic site," Orchard Piper Director Rick Gronow said.

"The Carter Building will play a key role in the revitalisation of St Kilda Road, bringing renewed vibrancy to this iconic boulevard and building upon its status as a premier residential precinct."

[smartcode_project:default project_id=113206 project_image_fid=316875]

KHA Director Patrick Kosky said the design for The Carter Building responds to the greater urban fabric and scale of the city, featuring deep facades to manage solar exposure while still allowing natural light and warmth to penetrate the interiors.

The building's&nbsp;saw-cut bluestone façade pays homage to nearby landmarks, including the National Gallery of Victoria, the Victoria Barracks and Melbourne Grammar School.

[smartcode_project:default project_id=113206 project_image_fid=316863]

Construction of The Carter Building is set to commence in mid-2025, bringing Orchard Piper's development portfolio to over $1.1 billion.

The company is in advanced negotiations with international five-star operators for both the hotel and day spa, with formal announcements pending.

[smartcode_project_cta:default project_id=113206]

Orchard Piper Director Luke McKie said the goal was to create a lifestyle that seamlessly blends the privacy of a premium residence with the convenience of a five-star hotel

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