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Buyers shopping for off-the-plan projects and recently completed developments in Melbourne’s apartment market are continuing to eye prestige property in affluent suburbs.
According to real estate portal REA Group, high-end, architect-led and sustainably focused developments across a range of Melbourne’s inner-city suburbs have remained firmly at the top of buyers’ wish lists.
Boutique apartment projects in fringe suburbs such as Northcote, East Melbourne and Carlton are now rivalling multi-billion-dollar high-rise developments in the CBD.
In East Melbourne, long home to some of the city’s finest terrace houses, private developer Orchard Piper has turned heads with its sixth development, dubbed Albert Street, which is now ranking in popularity with buyers alongside some of the city’s biggest and boldest projects.
Major developments such as World Class Global’s $900-million Australia 108—the tallest building in Australia—and 3L Alliance’s $1-billion development at Queen Street were among the most-viewed products online.
And as the trend continues to grow, prospective buyers in the market have continued to search and enquire about apartment projects in “hotel-inspired” suburban developments offering “luxurious” amenities such as swimming pools, wine cellars, private cinemas, libraries and saunas.
While prices have fallen over the year, inner-city Melbourne median apartment prices have remained steady.
Despite the recent reversal in fortunes, Melbourne’s apartment market has been undergoing cyclical and structural changes which are expected to support the next cycle of build-to-sell apartment projects as well as the increasing popularity of the build-to-rent sector.
And while fewer apartment projects were launched in the city during the past two years due to weak occupier demand amid market uncertainty, projects that were launched and that met with the greatest acceptance were smaller, owner-occupier-focused developments.
Address: 370 Albert Street, East Melbourne, Vic 3002
Developer: Greenfield Development Company, Landcom
Developer Orchard Piper and Jolson Architecture are restoring a Victorian terrace home and adding 13 apartments and five offices. The facades of the building, which date to 1873 in the case of 364 Albert Street and 1909 for 366 Albert Street, will be meticulously restored to retain the street’s grand style. The apartments above will take advantage of the excellent city-side location with views of the CBD skyline and Fitzroy Gardens.
Address: 18 Claremont Street, South Yarra, Vic 3141
Developer: Eco World International
Yarra One delivers 247 residences, designed by multi-disciplinary international design firm Fender Katsalidis. The 27-storey tower offers a mix of one, two and three-bedroom apartments, as well as a collection of penthouses, with floorplans from 56 square metres up to 109 square metres. Residents have access to a Victorian-first sustainable car-sharing model in a multi-residential setting with exclusive use of a new Tesla.
Address: 253 Normanby Road, South Melbourne, Vic 3205
Developer: R.Corporation
R.Iconic, an $845-million apartment project in South Melbourne, is being built on a prime park-front island site between the city and the water. The first of two towers will house 456 apartments and townhouses designed by Plus Architecture with interior design by David Hicks. Apartments will feature 2.7m ceilings, and unobstructed and protected views of the bay, city skyline and parklands.
Address: 93-119 Kavanagh Street, Southbank, Vic 3006
Developer: OSK Property
Malaysia’s OSK Property has already completed the first two buildings at its $2.8-billion Melbourne Square precinct in Southbank. The Cox Architecture-designed project on a former car park is the city’s largest mixed-use development. The first stage features twin elliptical residential towers with a total 1048 apartments delivered by Multiplex. Upon completion in 2027, the development will offer 2600 apartments, a 687-key hotel and 37,000sq m of office space.
Address: 8 Elgin St, Carlton, Vic 3053
Developer: Frasers Property, Citta Property Group
Rising nine stories in Melbourne’s inner-northern suburb of Carlton, Encompass is the latest residential project from Frasers Property and Citta Property Group. The under-construction development has been designed by Jackson Architecture to present a collection of high-end one, two and three-bedroom residences.
Address: 380 Lonsdale Street, Melbourne, Vic 3000
Developer: Brady Property Group
Brady Property Group's 380 Melbourne, a $500-million apartment project featuring two towers of 52 and 68 levels, comprises 616 residential units and another 112 premium apartments. The Elenberg Fraser design comprises includes a 252-room hotel, managed by IHG Hotels & Resorts upscale Voco brand, along with commercial and retail space, and 254 car parks.
Address: 20 Walker Street, Northcote, Vic 3070
Developer: MAB Corporation
Featuring a mix of apartments, split-level homes and creek-fronting homes, from one to four bedrooms, each of the project’s six buildings has access to a shared rooftop garden with tree-top views. Each residence is designed as a responsible, future-proofed home. MAB is committed to delivering each home to a 5 Star Green Star standard, and above a 7 Star average NatHERS rating.
Address: 2107 Dandenong Road, Clayton, Vic 3168
Developer: Saraceno Group
Saraceno Group’s M-City development has been designed by The Buchan Group and comprises 460 residences across ten floors and four buildings. It includes office space and a five-star international hotel tower atop a new communal shopping centre with 60 specialty retail stores, anchored by Kmart, Woolworths and Village Cinemas.
Address: 70 Southbank Boulevard, Southbank, Vic 3006
Developer: World Class Global
Singaporean developer World Class Global has a 319m apartment tower at 70 Southbank Boulevard on Melbourne’s city fringe. The $1-billion Fender Katsalidis-designed super tower was completed by Multiplex during the pandemic—about a year behind schedule—offering 1105 dwellings with interiors designed by Carr. The exterior of Australia 108 features a large golden star that protrudes 6m from each side and has been cantilever set between levels 70 and 71.
Address: 370 Queen Street, Melbourne, Vic 3000
Developer: 3L Alliance
Chinese-backed developer 3L Alliance is behind Queens Place, constructed on Flagstaff Hill, the highest point in Melbourne’s CBD. The $1-billion-plus development, delivered over two stages, offers more than 1800 homes in a diverse range of high-end one, two and three-bedroom residences, featuring scenic views, high-quality finishes and access to a ray of amenities.
