May 24, 2023
Australia’s major cities are seeing a rapid rise in the construction of high-rise buildings, with no signs of slowing down. The recent trends in Australian luxury real estate show an increasing number of mixed-use residential towers being built, with some reaching heights of over 300 metres. Driven by the growing demand for high-rise luxury apartments and commercial spaces, investors are seeing value in the construction of new high-rise buildings that offer a unique living experience in the heart of Australian capital cities.
The future of urban landscapes: the rise of high-rises in Australia
Australia’s population is growing, bringing an increased demand for housing and commercial spaces, particularly in the city centre. With limited space available to developers for residential projects, high-rise buildings are becoming an increasingly attractive solution, offering high-density living and working spaces without the need for large pieces of land.
With this trend comes a shift in the urban landscapes across Australia. High-rises are becoming unique symbols of their cities, transforming their skylines, led by examples such as the Sydney Tower Eye and the Eureka Tower in Melbourne
Why high-rises are still a viable investment in 2023
In the luxury real estate market, high-rise buildings continue to be a popular investment option as they tend to offer significant returns on investment.
Furthermore, as urbanisation increases and more people move to cities, the demand for housing and commercial spaces will continue to grow. High-rises provide a solution to the problem of limited space in urban areas, making them an attractive option for investors.
How high-rises are redefining city skylines in 2023
Developers are using innovative designs and technology to redefine city skylines. Not only are these new buildings functional and sustainable, but they also provide a unique architectural style and character to the urban landscape.
For example, West Side Place in Melbourne, developed by Far East Consortium, is Melbourne’s biggest residential development. It features four towers, one of which is home to the tallest hotel in the southern hemisphere at 81 storeys. The other three towers feature another hotel, multiple retail spaces and residential options. The four towers create a striking visual impact on the city’s skyline with their sleek and modern design, as well as their height and prominence.
High-rises are also being designed with sustainability in mind. For example, Far East Consortium’s Upper West development’s award winning green 4000sqm rooftop garden, which has set a new standard for green development in inner-city Melbourne.
The garden at Upper West is home to 40 species of mature trees and plants, which have been carefully chosen to include fruit bearing and flowering varieties that will establish well over years to come. The green space is sustainably maintained using collected rainwater, as well as grey water from the Midtown tower’s showers.
This award-winning development by Far East Consortium has created a beautiful, sustainable green space that gives residents an injection of nature in the heart of the city
High-rise projects across Australian cities in 2023
While Sydney is well-known for some of the country’s most iconic high-rise buildings, Australia’s other major cities, including Brisbane, Melbourne, and Perth, are all experiencing a surge in urban construction projects.
Trends across each city are similar, with some slight differences in 2023. Brisbane construction projects are largely focused on mixed-use spaces, including both commercial and residential properties, while Melbourne construction projects trend towards creating vertical villages, where a single building provides all the necessary amenities and services for its residents. Meanwhile, construction projects in Perth are predominantly focused on creating sustainable developments that incorporate green spaces and public areas.
The impact of high-rises on real estate markets in 2023
The trend towards high-rise living continues to gain momentum, and high-rise buildings are becoming increasingly popular among investors seeking to diversify their portfolios.
These buildings are not just providing living and working spaces but are also transforming the urban landscape, particularly in previously neglected areas of the city. Far East Consortium and other developers are taking advantage of this opportunity to breathe new life into these areas by constructing high-rise buildings that provide new housing and commercial spaces, which in turn are driving up property values and creating jobs.
The role of technology in high-rise construction projects in 2023
With the demand and evolution of construction projects across Australia, developers are leveraging the latest technology to improve the efficiency and safety of construction projects.
For example, Building Information Modelling (BIM), is a technology that allows for the creation of a virtual 3D model of the building before construction begins. By using this technology, developers are able to identify potential issues before construction, which reduces the need for disruptive and expensive changes during the building process.
Developers are also leveraging technology to assist in tasks that are dangerous or overly complex for humans, allowing for faster, safer, and more efficient construction.
The changing demands and the future of high-rise spaces in 2023
High-rise construction projects in Australia are expected to continue in 2023 as urbanisation and the demand for high-rise living continues.
Developers, such as Far East Consortium, who stay ahead of the curve in the luxury real estate industry will continue to be in high demand. The continued development of sustainable and innovative mixed-use spaces in the heart of the Australian cities will offer attractive investment opportunities for real estate agents and property investors across the country.
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