The top 11 Melbourne off the plan apartment developers to look out for in 2024
Off the plan residential developers in Melbourne are anticipating a strong 2024 after weakened buyer sentiment in 2023, primarily driven by the impact of the RBA's interest rate hiking cycle over the last two years.
The shackles are off somewhat for those looking at buying off the plan. The RBA seem to be all but done, with just the February meeting the likely one outstanding rate call which will hinge on quarterly inflation data. After that, the general view is the next rate movement will be down.
The majority of forecasts from the Big Four banks suggest the RBA is done and February won't be a hike. They also forecast two or three rate cuts toward the end of 2024, which is putting more confidence specifically back in the off the plan property market.
Pair the interest rate environment with the very well broadcast undersupply of houses being developed in Melbourne compared with high immigration forecasts, everything points to increased transactions.
As developers have reported, the next development has to be more expensive that the last. Land costs more, labour costs more, and materials cost more, and all three of those financial drivers aren't going to come down.
We've taken a look at which developers are set to be contributing to Melbourne's new development space in 2024
Mirvac
Always at the top of the charts is ASX-listed development giant Mirvac.
With three projects currently in market in Docklands, Melbourne, and Brunswick, Mirvac will bring more apartments with MEKKO Apartments, a sustainable collection of one, two and three-bedroom apartments in their award-winning Altona North development, The Fabric.
This fully electric building will feature PV solar panels and aim for a 7-star NatHERS energy efficiency rating.
Upon completion, The Fabric will house around 1,500 residents in over 500 townhomes and mid-rise apartments.
The central focus of the community is the 4,000 sqm Patchwork Park, surrounded by well-designed private front and rear gardens by Eckersley Garden Architecture.
Mirvac is anticipating construction for the wider 11.4-hectare masterplanned community to be all wrapped up by early 2028.
Golden Age Group
Jeff Xu's busy Golden Age Group will be having another busy year in 2024 after a strong 2023 across a number of projects.
First on their to do list is the launch of their luxury Brighton townhouse project, Maritima Brighton.
Golden Age spent $100 million on Kostka Hall, the junior school of Xavier College on a prized 3.3 hectares. The South Road site currently homes school buildings, sports fields, and the historic 1867 Maritima mansion.
The project is set to draw inspiration from the intrinsic characteristics defining Brighton’s landscape.
2024 will also see Golden Age reveal what they have planned in Box Hill. They've said they are the largest landholder in the growing suburb, with six hectares now owned across five different sites. Last year they spent around $13 million on a 1,200 sqm site at 69 Carrington Road.
Then there's their 450 Queen Street mixed-use project in the Melbourne CBD which was approved two years ago. That will have 143 apartments above retail spaces.
Golden Age Group had a successful 2023, continuing to sell down their Glen Waverley apartment development Sky Garden, above The Glen Shopping Centre. They also saw strong sales across their townhouse portfolio, Floret in Glen Waverley, and Wembley Hill in Box Hill South.
Fortis
National developer Fortis looks set to have two projects in the Melbourne market in 2024.
The first will be Wiltshire House, their mixed-use development in Richmond on Brighton Street, near Swan Street and Church Street.
The mixed-use project, designed by SJB Architects, will comprise 55 one, two and three-bedroom apartments above two podium levels of commercial and retail space.
“Our approach with our Richmond projects is similar to our work in Double Bay, where we have considered not just the development of our sites, but also how it could enhance the broader neighbourhood," Fortis Director Charles Mellick says.
"The project will bring to market exclusive food and beverage amenities for approximately 1500 workers and over 150 residents who will call it home, along with the wider Richmond community. We are grateful to the City of Yarra for the planning approvals and look forward to working closely with the community to deliver a superior product."
Their other project, expected to launch later in the year, will be in St Kilda, where Fortis is planning a $25 million shop-top development on 2660 sqm at 61A-73 Fitzroy Street, St Kilda.
The plans are for 39 apartments above 950 sqm of hand-selected retailers, likely to be a provider, a bakery, or a signature food and beverage venture.
Mellick says they've long been interested in St Kilda, particularly Fitzroy Street.
"St Kilda has a colourful history, character & charm and a unique position within Melbourne – immediate proximity to the CBD, parks and unrivalled amenity, yet distinctly coastal featuring one of Australia’s most well-known beaches," Mellick says.
"Fitzroy Street is one of Melbourne’s most historic grand boulevards, which has admittedly seen better days, but here lies the challenge and opportunity to breathe new life into the precinct."
Fortis has a number of developments in Sydney and recently launched their first Queensland project, River House by Fortis in Kangaroo Point.
Abadeen Victoria
Abadeen recently announced themselves into the luxury Melbourne apartment market after spending a number of years creating luxury apartments predominantly in Sydney's north shore area.
They've appointed former CBRE Residential Projects Managing Director Andrew Leoncelli to head up Abadeen Victoria, who just launched their first project, an incredibly rare collection of apartments on Malvern East's Central Park.
The project Maléa, will home just seven luxury apartments in a pocket where development is at a premium
Targeting a 6.5-Star Green Energy Rating, Maléa has been designed by Ewert Leaf to maximise the garden atmosphere in Malvern East.
Ewert Leaf Managing Partner Will Leaf says Maléa manifests a new direction of contemporary boutique living in coveted Malvern East.
"The stoic, enduring form unites with a textural palette, combining textural brickwork, layered concrete planes, and sleek metalwork," Leaf says.
There are three garden terraces in the building designed by John Patrick and Associates to create an indoor outdoor living environment.
Abadeen VIC's 2024 will see them start construction on Maléa, as well as push on with plans for their second project, 24 two and three-bedroom apartments by Carr Design at 646 High Street in Prahran East.
Leoncelli says the timing of the launch of both the Maléa and 646 High Street projects aligns with Abadeen’s vision and strategy for Victoria, as the group seeks to capitalise on the current resurgence of interest in luxury off-the-plan residences, particularly among downsizers and right-sizers in the market.
“There is an ever-growing appetite from local wealthy downsizers, wanting bespoke high-end apartment living," Leoncelli says.
"They have lived their entire adult life in the family home which they don’t need anymore. They want to upgrade their lifestyles whilst downsizing their maintenance and they want the very best of everything-all in walking distance to their favourite parks, restaurants, cafes and shops."
Milieu
Design-led developer Milieu will be undertaking one of its largest projects yet, in a new area too.
They'll be developing six residential buildings on the former ABC Studios on Gordon Street in Elsternwick. The buildings will only cover half of the 11,000 sqm site, with the rest focusing on creating a walkable community.
"There will be plenty of separation between the six buildings given we're keeping 50 per cent of the site for landscaping and walkways," Milieu Head of Sales Patrick Cooney says, adding that they'll be developing three individual parks through the project.
"The intention is to create a community rather than a high-density project," Cooney said.
Last year Milieu again broke the mould having been predominantly focused around the Melbourne's coolest northern area for a number of years. They launched their first inner-east project, Plant Street by Milieu in Malvern, which they are developing alongside partner Penfold.
Plant Street by Milieu comprises 21 generously sized apartments focusing on architecture, interiors, and landscaping.
Over the past 13 years, Milieu has concentrated efforts in Melbourne's northern suburbs, including Brunswick East and Collingwood.
OSK Property
Malaysian developer OSK Property, the development arm of OSK Holdings Berhad, will progress with their $2.8 billion Melbourne Square mixed-use precinct, while no doubt spending time in 2024 working out what their nearby precinct will look like.
In 2022 OSK Property secured a near 1,600 sqm site at 190 City Road, just a block away from Melbourne Square, for $27.25 million. There are concept plans by Rothelowman for a 40-level tower with over 300 apartments, however they were put together a few years ago and it has not been revealed what OSK is thinking for the site.
OSK Property has completed two towers at their multi-award winning Melbourne Square precinct, and last year they launched the third, BLVD at Melbourne Square.
BLVD is a 73-level skyscraper with just under 600 apartments and extensive resident amenity and wellness facilities. BLVD is expected to be completed in early 2027.
Late last year OSK announced it had teamed up with Tim Gurner for the next tower in the precinct which will have 500 build-to-rent apartments.
GURNERTM
Tim GURNER's GURNERTM will continue to be busy in 2024. They'll be advancing plans for their $800 million mixed-use development on Melbourne's St Kilda Road, securing a prime site facing Albert Park.
The project, spanning 4,651 sqm, is expected to offer between 160 to 180 residences with uninterrupted views of the Royal Botanic Gardens, Domain precinct, city skyline, and Albert Park Lake.
The strategic location provides easy walkability to Anzac Station, Albert Park Lake, Royal Botanic Gardens, Fawkner Park, and proximity to South Yarra’s retail and dining precinct.
GURNERTM, led by Tim GURNER, acquired the blue-chip property through an off-market negotiation—marking its second acquisition months after purchasing a significant site at 189 Kent Street, Sydney, last July for over $200 million.
Chief Development Officer Robert Clarke says GURNER will continue to seek more opportunities in Melbourne, Sydney and the Gold Coast.
Pask
2024 will mark Pask's launch of their luxury East Melbourne apartment development, 250 Albert Street.
The Gold Coast and Melbourne apartment developer has been patient in waiting to launch the eight-level building by fjcstudio. They're already under construction on site.
250 Albert Street comprises 18 residences, including the restoration of two heritage residences being restored by SJB Interiors.
Inspired by the abundant parkside setting of the site and the architectural heritage of East Melbourne, landscapes designed by NBLA will further enhance the project's vision.
Pask recently secured their next Gold Coast apartment development site, securing 216 Esplande in Burleigh Heads with approved plans by Koichi Takada for a luxury development. They're approaching completion of their Palm Beach apartment development, The Esplanade, which sold incredibly well during the height of the pandemic.
Sunkin Property Group
While still working their way through their $500 million Highett masterplan Highett Common which will home over 1000 residences when complete, Sunkin Property Group will be launching their new townhouse development, also in Bayside.
Sunkin has sold over 70 per cent of their first stage of Highett Common, and recently they released the next stage, high-end townhouses starting from $1,614,000.
2024 will likely see a new stage launched in the 10-hectare community which has 40 per cent of it dedicated to open spaces including parks, playgrounds, and landscaped outdoor areas.
Hamton
Hamton's 2024 plans for Moonee Valley Park, their $2 billion redevelopment of the Moonee Valley Racing Club alongside Hostplus, will see them likely sell out two of their currently under construction buildings Stonepine House & Trackside House, and hopefully secure sign off on their next stage.
Trackside House will be the first building in the 40-hectare precinct that will overlook the finishing straight.
Rothelowman has designed both of the buildings, after designing their two first residential components of the precinct which are now complete.
Read more: Everything a buyer needs to know about Moonee Valley Park: Five minutes with Hamton's Matt Malseed
Hamton's next stages are currently with council and will add a further 442 apartments to the $2 billion masterplan.
The two buildings were designed by Cera Stribley, whose focus was to incorporate as much nature as possible with biophilic principles.
"Incorporating biophilic design in a new apartment building can lead to a healthier, more comfortable, and more productive living environment for residents," the architecture firm said in their submission to the Moonee Valley City Council.
"By incorporating natural elements such as plants, natural light, and water features, biophilic design can help improve air quality, reduce stress, increase productivity, and promote better mental health for residents," CS added.
"By bringing the outdoors inside, residents can experience a stronger connection to nature, leading to a more comfortable and peaceful living space. Natural elements can help filter out pollutants and increase oxygen levels, improving air quality and promoting better health."
When completed, MVP will comprise a new neighbourhood in Moonee Ponds with around 2,000 new dwellings, extensive green open space, mixed-use and commercial precincts, as well as a new entrance to MVRC.
PACE Development Group
Veteran developer PACE will see the Shane Wilkinson-led developer break outside of Melbourne and down the coast, all the way to Frankston where they're working with council on redeveloping the former home of Frankston Cinemas into a premium residential building overlooking bay views.
The mixed-use residential and lifestyle precinct would bring a high-level of retail and dining experiences to the suburb, set underneath around 200 apartments.
Pace always put a large focus on amenity. They have plans for a 25 metre rooftop pool with sweeping views across Port Phillip Bay, a cinema, and a health and wellness area.
Pace will also look to launch PACE 3057 in Brunswick East, around 90 sustainable apartments on Sydney Road.
Recently PACE revealed Fabbrica in Fitzroy, a striking design by SJB and with interiors by Winwood McKenzie and Bergman & Co at 369 Gore Street.
SJB Architects will restore the current buildings on the corner of Johnston and Gore streets, which were selling for the first time in five decades when Pace snapped up the site. In keeping with the signature streetscape of Fitzroy, the facades will be restored to their original brick finish.
They're also working the way toward completion of The Darley, 315 apartments above Flemington Racecourse, and PACE 3058 in Coburg.
Read more: Pace take advantage of demand v supply in 2022 and kick off construction in Flemington and Coburg