Melbourne's best new off the plan apartments for under $500k selling in July 2023
Affordability has began to pinch even the most astute property seeker, following 12 interest rate hikes from the RBA in as little as 14 months.
That's taken the official cash rate some four per cent higher than it was in April last year, to 4.1 per cent.
On average, the rate hikes have cut the average property buying budget by over $150,000.
And while there was a downturn in property markets while the RBA was in the hike-cycle, prices have now bottomed, and are on their way back up.
Unfortunately for prospective borrowers, that's not the case for their budgets, as rates are expected to stay above the four per cent mark well into next year.
To combat the growing budget pains, we've put together a list of Melbourne's best off the plan and newly completed apartments for sale under $500,000.
Project: Highett Common
Suburb: Highett
Price: From $415,000
Highett Common, developed by Sunkin Property Group, stands out with its unique approach to master-planned communities.
The development prioritises conservation, dedicating four hectares of natural green space within the 9.34-hectare project. Highett Common aims to become the first medium density, Net Zero Carbon community in Victoria.
The collaboration between ClarkeHopkinsClarke Architects and Tract Landscape Architects ensures that each neighbourhood within Highett Common will have its own distinct character and residential landscape.
The first release, Park House, offers one, two, and three-bedroom residences designed to harmonise with the surrounding environment.
The development also boasts state-of-the-art amenities, including gyms and swimming pools, providing residents with a resort-like living experience.
Project: Harvest Square
Suburb: Brunswick West
Price: From $435,000
Harvest Square in Brunswick West, developed by AVJennings in partnership with Homes Victoria, presents a range of housing options catering to diverse buyers.
Harvest Square offers one, two, and three-bedroom apartments, along with two and three-bedroom townhouses, designed by SJB Architects with sustainability at the forefront of the designs.
The site will also feature publicly accessible open spaces, including a green spine, providing up to 3,200 sqm of recreational area.
Harvest Square is also an all-electric community, while also boasting an 18-metre wide green corridor with productive plantings for all to enjoy.
The buildings have been designed with sustainability in mind and is independently certified to achieve 5 Star Green Star, 7 Star NatHERS, and Gold and Silver Liveable Housing Design ratings.
Project: Sierra Hawthorn
Suburb: Hawthorn
Price: From $500,000
The Sierra Apartments in Hawthorn have emerged as a standout player in the market, with the completed apartments by JD Group attracting buyers with the project's distinctive 'S' shape.
With options ranging from one to four-bedroom apartments and terrace homes, Sierra offers a diverse range of residential choices.
The 'S' shape not only adds visual appeal but also enhances the retail experience along the vibrant Burwood Road, with two landscaped courtyards nestled within the curves of the building.
The apartments feature floor-to-ceiling windows, flooding the interiors with natural light and showcasing the elegant combination of dark wood and high-quality stone in the open-plan living spaces.
Project: Tommy Residences
Developer: Ninety Four Feet
Price: From $460,000
Tommy Residences, located in the Edgewater Estate Precinct just seven kilometres from Melbourne's CBD, offers an exclusive collection of one, two, and three-bedroom residences. The development embraces its natural surroundings and frames cityscape views.
Tommy's interiors have been crafted to maximise natural light and provide connections to outdoor spaces, allowing residents to stay connected to nature.
With its convenient location near retail, dining, and entertainment options, as well as excellent public transport connections, Tommy offers a leafy and tranquil residential experience connected to the best of the west. The nearby parks and trails offer 30 acres of open space, perfect for those who enjoy an active outdoor lifestyle.
Project: Malvern Collective
Suburb: Malvern
Price: From $489,000
Malvern Collective, developed by Kokoda Property, is a mixed-use precinct transforming Dandenong Road.
The project, currently 70 percent sold and under construction, features two residential towers with views of Port Phillip Bay, the Dandenong Ranges, and Melbourne's CBD.
There's over 200 apartments, including a grand penthouse and a number of sub-penthouses.
Malvern Collective's ground level will house a retail, dining, and lifestyle precinct, featuring the last Woolworths Metro to be built in Melbourne and the iconic Angel hotel, renovated since 1856.
The precinct will connect with Glenferrie Road via new laneways, providing direct access to Malvern train station.
Project: The Canopy
Suburb: South Melbourne
Price: From $487,000
The Canopy at 272 Normanby Road, the visionary project developed by Gamuda Land in collaboration with local experts, is set to be a groundbreaking mixed-use community in South Melbourne redefining sustainable living.
The design of The Canopy incorporates biophilic principles, with an urban forest, a captivating green spine, and a rooftop garden, offering residents a serene sanctuary amidst the bustling cityscape.
The 20-storey landmark will feature over 200 apartments, including one, two, and three-bedroom residences. Embracing nature and paying homage to the local environment, The Canopy will also include a 3,000 sqm with Melbourne's first urban Miyawaki forest.