Victoria's apartment market in 2026 is thriving, offering buyers an exceptional array of brand-new residences across Melbourne's most desirable suburbs. With government incentives, transformative infrastructure projects, and a pipeline of quality developments reaching completion, now is an ideal time to secure a modern apartment in one of the world's most liveable cities.

The Financial Advantage: Stamp Duty Savings Extended

The Victorian Government has extended its temporary off-the-plan duty concession through 20 October 2026, delivering significant savings for apartment buyers. Unlike previous iterations, this concession is available to all purchasers—including investors, companies and trusts—with no property value threshold.

How does it work? When you buy off-the-plan, duty is calculated on the "dutiable value"—the contract price minus construction costs incurred after you sign. For a $620,000 apartment purchased before construction commences, dutiable value could reduce to $155,000, slashing stamp duty from approximately $32,000 to around $4,000—a saving of $28,000. This represents genuine savings that can be redirected toward your mortgage or furnishings.

Activity Centres Reshaping Melbourne's Future

The Victorian Government has unveiled draft plans for activity centres near train and tram stations, part of delivering 300,000 new homes by 2051 in locations with established infrastructure, jobs, and services. These plans reveal proposed building heights that will transform Melbourne's suburbs:

  • Caulfield's core precinct: up to 20 storeys
  • Prahran, South Yarra, Windsor, Malvern and Springvale: 16 storeys
  • Glen Huntly, Mitcham and Noble Park: 12 storeys
  • Armadale: 10 storeys 

Planning Minister Sonya Kilkenny emphasises that these locations are "vibrant places where people shop, work, access public transport, connect with family and friends, as well as live" . Consultation runs through early 2026, with final plans expected by mid-year.

Spotlight on Outstanding Developments

Kokoda's St Kilda Road Landmark: Kokoda Property Group has unconditionally acquired a $100 million-plus site at 441 St Kilda Road for an 18-storey tower designed by Studio McCue. With uninterrupted Fawkner Park frontage, the development promises ultra-luxury residences inspired by New York's finest park-side apartments, featuring dramatic ceiling heights and protected winter gardens. Kokoda's founder notes that "buyer sentiment is stabilising, and capital is returning to quality, design-led residential projects in prime locations".

Camberwell Junction Opportunity: A prized landholding at 691-693 Burke Road, Camberwell, with planning approval for a 14-storey, 57-apartment development offering uninterrupted CBD views, is currently being offered for sale via expressions of interest closing 18 March 2026. Located just 50 metres from the Camberwell Junction retail and transport precinct, the property's elevated position enjoys outstanding, never-to-be-built-out views toward the Melbourne CBD skyline and across to the Dandenong Ranges.

Geelong's Waterfront Transformation: A $58 million 12-storey apartment development at Geelong's northern gateway has received state government approval, set to transform the city's waterfront skyline. The Ginn + Mercer project at 5-11 Mercer Street will deliver 81 residential apartments, ground floor retail and three basement levels, designed by Geelong-raised architect John Wardle. The mix includes seven one-bedroom, 44 two-bedroom, 27 three-bedroom and three four-bedroom residences, with 366 square metres of communal space including a gymnasium, dining room, seating room and rooftop garden. Construction is anticipated to start in the third quarter of 2026.

Presentation College Site, Windsor: The former Presentation College site on Dandenong Road, Windsor, has sold to Pace Development Group, which plans to build apartments on the 1.89-hectare land parcel. The site's strategic value was amplified by the activity centre designation around nearby Windsor train station, where residential development of up to 12 storeys is proposed. Pace's plans include a staged redevelopment retaining heritage elements, creating a "carefully considered housing precinct, well connected to the heart of Windsor".

Fitzroy Offerings: In inner-city Fitzroy, two notable projects are underway. The Regent at 340 Fitzroy Street has construction well underway with move-in scheduled for 2026, while Fabbrica at 369 Gore Street offers apartments ranging from $1,349,000 to $5,200,000.

Buyer Considerations for 2026

For apartment buyers, thorough due diligence remains essential. Owners Corporation fees in luxury buildings can exceed $5,000+ annually. Strata records require careful examination for upcoming special levies. Builder track record and financial stability deserve close scrutiny.

With transport-oriented development reshaping Melbourne through activity centre planning, apartments in well-connected locations offer enduring value. The combination of extended stamp duty concessions, infrastructure investment, and a pipeline of quality developments makes 2026 a compelling moment to secure a brand new apartment in Victoria's vibrant capital. Success lies in focusing on quality projects by reputable builders, in locations with strong fundamentals—proximity to transport, amenity, and employment.