Melbourne’s top five new penthouses to buy in 2025
Penthouses are smashing suburb records across Melbourne. From South Yarra to Alphington, these five new sky-high homes lead the luxury pack in 2025.
5 min
Penthouses have long represented the pinnacle of luxury living, but in Melbourne’s most sought-after inner suburbs, they’re now also setting suburb records—sometimes surpassing the price of standalone houses.
One recent sale in Fitzroy saw a penthouse atop the under-construction Fitzroy development change hands for $10 million, with an additional $3.5 million to be spent on the fitout—a new benchmark for the area.
It was the same story in Camberwell, where the penthouse crowning Victoria Hill by Time & Place sold off the plan for more than $15 million, another suburb record.
While Melbourne’s skyline remains more restrained than Sydney’s, its penthouses are growing more ambitious in scale and design. Most crown boutique developments are between 10 and 20 storeys high, taking advantage of uninterrupted views and prime, walkable locations.
Developers are pushing the boundaries of height and amenity, with rooftop pools, private lifts, sculptural interiors, and expansive outdoor spaces becoming the norm at the high end.
From South Yarra’s $19.5 million Art Deco-inspired showpiece to a heritage-blending super penthouse in Alphington and a rare full-floor offering in East Melbourne, we’ve rounded up the top five new penthouse apartments currently on the market in 2025.
South Yarra House, South Yarra
One of the priciest new penthouses on the market can be found in South Yarra, one of Melbourne’s premier suburbs. Joint venture partners Wattletree and Dorman Capital are asking $19.5 million for the penthouse of its under-construction new development, South Yarra House.
The two-level, full-floor penthouse, with interiors by Hecker Guthrie, will have four bedrooms, one of which is a master suite pitched as “one of the most luxurious spaces in Melbourne.” It will come with a walk-in wardrobe, an ensuite with a sculpted marble bath and natural stone floor and wall tiles, and a private terrace with north-west facing views of the city.
There will be a glass-wrapped rooftop terrace, on the 20th-level of the building, which will feature an alfresco and outdoor kitchen, and a raised lap pool.
South Yarra House has been designed by SJB Architects to reflect South Yarra’s rich Art Deco history.
“South Yarra House takes subtle cues from its surrounds, and the heritage buildings dotted throughout, and blends it with a modernist sensibility to create an outcome of clarity, elegance and distinction,” SJB said.
The building will have just 58 two-, three-, and four–bedroom apartments. Renowned construction firm Hickory is building South Yarra House.
One Charles, Prahran
Another special penthouse by SJB and Hecker Guthrie is coming to Melbourne’s neighbouring Prahran. They’ve been the architects behind One Charles, a new apartment project being developed by Monde near Prahran Station.
Another full-floor apartment, north-facing, will have soaring three-metre-high ceilings, four bedrooms, a private study, and a large 355 sqm wrap-around terrace.
The interiors feature a sculptural stone kitchen with Gaggenau appliances and a butler’s pantry, while there’s a secure garage, not for one, but four cars.
The penthouse is priced at $12.5 million. One Charles will comprise 28 two and three-bedroom apartments, walking distance to Greville Street, Chapel Street, and the Prahran Market.
The Regent, Fitzroy
Unlike its neighbouring suburbs, Fitzroy rarely sees full-floor penthouse apartments hit the market, which makes the recently released penthouse by SMA Projects even more special.
The four-bedroom penthouse atop their new development The Regent Fitzroy, will offer sweeping views from every one of its rooms. It will have four bedrooms and two living areas, designed by Studio Tate for multi-generational living.
The main living area will be wrapped in a terrace, with enough space for several lounge and alfresco areas, and an outdoor barbecue kitchen.
Hayball has designed the new building, which pays homage to The Regent Theatre, which used to occupy the Fitzroy Street site before it burned down in 1984.
It will feature 69 one-, two-, three-, and four-bedroom apartments, along with shared spaces that include a communal rooftop terrace with barbecue facilities, a bookable overnight guest suite for visiting friends and family, and both a dedicated ground-floor concierge and a digital concierge.
Seren Row, Alphington
Veteran builder-developer Glenvill is selling what it calls its “Super Penthouse” at its Seren Row stage of its multistage, 16.5-hectare YarraBend masterplan.
The Super Penthouse, one of 12 penthouse and sub-penthouses within the historic grounds of the former Australian Paper Mill in Alphington, has been designed by Fraser & Partners to blend heritage character with refined contemporary living. The 416 sqm apartment will have four bedrooms, four bathrooms, a separate home office, a multi-purpose room, and a private rooftop with a pool, spa, and outdoor kitchen. It will have finishes in travertine, quartzite, and herringbone timber.
Residents of the Seren Row penthouse collection will also gain exclusive access to the Signature Club, a next-level suite of amenities including a subterranean wellness centre onsen, gym, sauna and steam rooms, golf simulator, co-working spaces, and even a monthly cleaning and chauffeur service. They will also have access to The Hub—a co-working and social space—plus The Bend, a dining precinct curated by acclaimed chef Adam D’Sylva.
Dyason, East Melbourne
Nearly $12 million is being sought for the penthouse atop Dyason, the new East Melbourne apartment development by Valli. The two-level, four-bedroom penthouse, with direct private elevator access, has been designed by Pandolfini Architects in collaboration with interiors by Lisa Buxton and landscaping by Acre.
The clever design creates a 14.5-metre-long living area that captures extensive views from the MCG to the CBD. Sunrise will flood the eastern kitchen with light, and sunsets will cast a glow over the open fireplace. The kitchen features a Sub-Zero fridge, Wolf ovens, a 400-bottle wine cellar, and an integrated bar. There will be two outdoor terraces on each level.
Dyason, on East Melbourne’s dress circle Jolimont Street, will have just five apartments and a heritage home, which will be restored and converted into a townhouse.
Limited to 630 units, Lamborghini’s latest Urus Capsule pushes personalisation further than ever, blending hybrid performance with over 70 bespoke design combinations.
From snow-dusted valleys to festival-filled autumns, Bhutan reveals itself as a rare destination where culture, nature and spirituality unfold year-round.
New research shows a widening divide across Australia and New Zealand’s property markets, with investors increasingly forced to look beyond traditional strongholds to find real returns.
3 min
By any traditional measure, Australia’s property market should be moving in sync. Instead, it is fragmenting.
New research from MaxCap, led by Head of Research Bruce Wan, paints a picture of a market no longer defined by national trends, but by sharp regional divergence, where performance gaps between cities are widening, and the smartest capital is moving accordingly.
At the top end of the ladder, Perth and southeast Queensland are surging ahead. At the other, Melbourne and Auckland are only just beginning to recover from recent downturns. And sitting squarely in the middle is Sydney, steady but constrained.
The takeaway is clear: the era of relying on headline markets is over.
The rise of the unexpected leaders
Brisbane and the broader southeast Queensland region have emerged as standout performers, driven by population growth, infrastructure investment and a sustained undersupply of housing.
According to the report, housing values in the region have continued to accelerate, supported by long-term tailwinds including the 2032 Olympic Games and a decade of relatively subdued price growth prior.
Perth is telling a similar story, albeit for different reasons. Once heavily tied to commodity cycles, the Western Australian capital is now benefiting from a broader base of economic drivers, including defence spending and sustained resource sector strength.
The result is a housing market that remains one of the strongest in the country, even as price growth begins to ease from its peak.
Sydney holds, but doesn’t lead
For Sydney, the story is more nuanced.
While prices continue to climb and the city remains Australia’s most expensive market, affordability constraints are clearly limiting its pace. Residential growth, while positive, lags behind smaller capitals, and commercial sectors are being held back by softer demand in key industries.
There are, however, signs of momentum building. New infrastructure, including the western Sydney Airport and expanded rail networks, is expected to unlock development opportunities and support future growth, particularly in emerging precincts.
Still, the report positions Sydney firmly in the “middle of the pack”, no longer the automatic frontrunner for investors.
Melbourne’s slow reset
Melbourne, once a consistent performer, has spent recent years recalibrating.
Extended lockdowns, combined with new state property taxes, have weighed heavily on investor sentiment and pricing, particularly across the commercial office sector. Residential values have also underperformed, though for different structural reasons.
Now, there are early signs of recovery.
Improved affordability, population growth and a stabilising economic backdrop are beginning to draw buyers back into the market, with both residential and commercial sectors showing tentative signs of improvement.
Auckland’s turning point
Across the Tasman, Auckland has faced its own challenges, particularly from an outflow of younger workers to Australia, which has dampened demand and stalled price growth.
But here too, the tide appears to be shifting.
A return to positive migration, lower interest rates and policy changes — including the easing of foreign buyer restrictions — are expected to support a gradual recovery, alongside renewed interest from offshore capital.
A market that rewards precision
If there is one unifying theme, it is this: broad-brush strategies no longer work.
MaxCap’s research highlights that the most compelling opportunities are increasingly found outside the traditional powerhouses of Sydney and Melbourne, requiring investors to take a more targeted, locally informed approach.
“Given these persistent performance gaps, there is plentiful scope for alpha returns, just by picking the right locations and market segments,” the report notes.
In other words, success in this market is no longer about being in property — it is about being in the right property, in the right place, at the right time.
And increasingly, that place may not be where you expect.
Chinese carmaker GAC will expand its Australian electric vehicle line-up with the city-focused AION UT hatchback.
From Italian vegetable-tanned leather to real-world training insight, Australian brand PK9 Gear is redefining what luxury means for discerning dog owners.
