How Melbourne renters will live like millionaires inside $1bn tower
A record-breaking new skyscraper in the heart of Melbourne is flipping the great Australian dream on its head, offering renters rooftop bars, private cinemas, co-working suites, pet spas and even a bowling alley.
But while the 45-storey West Tower will deliver a lifestyle most buyers can only dream of, it's part of a growing shift in Melbourne's housing market, one that could see more people choosing not to own at all.
Set to welcome its first residents in early 2026, the $1bn build-to-rent development is now the largest single build-to-rent tower in the country, with 797 apartments exclusively for lease, not sale.
Located at 899 Collins St, Docklands, the Lendlease and Daiwa House project will feature a concierge, 25-metre lap pool, cinema, rooftop gardens and sweeping bay and city views, all within walking distance of the CBD.
Daiwa House Australia chief executive Koji Morishige said the project aimed to raise the bar for rental housing.
'Everyone deserves a place they can call home, with everything a home can and should offer,' Mr Morishige said.
Lendlease Development chief executive Tom Mackellar said long-term BTR developments like West Tower were not just lifestyle-driven, they were also about meeting demand.
'Long-term rentals provide much-needed housing supply and diversity,' Mr Mackellar said.
'They give people more choice at different stages of life.'
The announcement comes amid renewed debate over the future of housing in Victoria, where house prices and rental costs remain near record highs.
While some see institutional landlords as a threat to affordability, others argue they could offer much-needed consistency and quality in a system currently dominated by mum-and-dad investors.
Interim REIV president Jacob Caine said large-scale build-to-rent projects would become a bigger part of Melbourne's housing mix, especially as traditional rental stock came under pressure.
'Build-to-rent is going to play a major role in Melbourne's housing future, and the announcement of a project of this scale is a huge vote of confidence in that model,' Mr Caine said.
'We need more homes of all kinds, whether that's rentals, first-home buyer listings, family homes, or downsizer-friendly options.
'Build-to-rent is one piece of the puzzle, but it's an increasingly important one.'
Mr Caine said the growth of build-to-rent could help relieve pressure on renters by adding more listings to the market and offering longer leases with clearer standards of management.
'The more choice there is in the market, the more pressure we can take off prices and the greater the opportunity for Victorians to find housing that suits their needs,' he said.
West Tower is part of a broader pipeline of 2800 apartments being developed by Lendlease across Melbourne and Brisbane.
Its location within the Melbourne Quarter precinct means residents will also have direct access to the recently opened Quarterhouse pub and rooftop bar, and elevated green space via the city's first 'Sky Park'.
And while it won't solve the housing crisis alone, industry leaders believe it's a glimpse into how future generations will live, with luxury amenities and no mortgage.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News.com.au
2 hours ago
- News.com.au
Sting in the tail for some workers in super boost
Workers are being urged to check with their pay packets to ensure an increase to the super guarantee doesn't result in their pay being docked. As the final increase to Australia's super guarantee comes into effect, employers will be required to devote a record 12 per cent of workers' salaries into their super for the first time. For most workers on an award agreement, it's happy days, with employers forced to tip in extra super without any reduction in their take-home pay. But there's a sting in the tail for a minority of workers who are on a total remuneration package including super, because it could mean less take-home pay. In fact, for up to 40 per cent of Australians who have an individual pay arrangement with their employer that pays superannuation as part of their salary package, the 0.5 per cent could result in a reduction in take-home pay. CPA Australia's Superannuation Lead, Richard Webb said while the super guarantee was positive for a majority of workers, some would cop a pay cut from July 1. 'If your employment contract includes a total remuneration package including super, this could mean less take-home pay at the end of the month,' he said. 'However, for those on award or enterprise agreements, your pay agreement is more likely to be a salary, which means the change will not affect your take-home pay. 'It's a good idea to check with your employer to see how they view the changes and what it means for you. Otherwise, you might get a shock if your take-home pay is a little less than expected.' Nearly 30 years after the Hawke-Keating Government introduced superannuation starting at just 1 per cent, around 14 million workers are set to secure the new boost. New Treasury analysis shows that millions of Australians will be better off at retirement as a direct result as the super guarantee lifts from 11.5 to 12 per cent. 'These reforms will make a meaningful difference for millions of Australians who work hard on low and award wages, and Australians working towards a well-deserved, dignified retirement,'' Treasurer Jim Chalmers said. 'Under Labor, inflation is down substantially, real wages are up, unemployment is low, our economy is growing, debt is down and interest rates are falling, but we know people are still under pressure. 'All the progress we have made together means we are well placed and well prepared at a time of global economic uncertainty and volatility. 'Since we've come to government, we've increased the superannuation guarantee four times, and this means an extra $98,000 at retirement for a 30 year old earning the average full-time income.' For example, a worker at age 30 earning the average full-time income (around $103,000) will have an extra $21,000 at retirement as a result of this 0.5 percentage point increase alone. However, Treasurer Jim Chalmers said taking into account all of the Albanese Government's increases to the Superannuation guarantee (from 10 per cent to 12 per cent), this worker will have an extra $98,000 at retirement.
News.com.au
4 hours ago
- News.com.au
First-home buyers battle for $640k Glenroy townhouse
A Glenroy couple who brought their newborn son home to 6 Sunbeam St — and later built a backyard deck with help from Dad — have sold their first home under the hammer for $640,000. Matt and Shani Panopoulos had owned the two-bedroom townhouse for eight and a half years, having paid $580,000 in 2017 as first-home buyers. All five auction bidders on Saturday were also first-home buyer hopefuls. Why Sydney buyers are flocking to Melb Tragic side of Aus housing crisis exposed The young family were thrilled to see it go to another buyer starting their journey. 'We bought it in winter, brought our son home in winter, and now we're handing it over in winter, it feels like a full-circle moment,' Mrs Panopoulos said. Their favourite feature was a custom-built deck added with Shani's father, who had mates with spare materials. It became the family's second living area. 'We had coffee there in the mornings, summer dinners, and a little play area for our son,' she said. 'It's a space that really became the heart of our home.' During Covid lockdowns, the second bedroom doubled as a home office, and the parkland across the road became their daily retreat. 'It was perfect,' she said. 'We had nature just across the street and somewhere peaceful to clear our heads. I don't think we realised how lucky we were until we really needed it.' The couple have since upsized closer to extended family, but said they would miss the quiet, neighbourly street and the strong sense of community Glenroy offered. 'It was the perfect first home, easy to care for, beautifully designed, and in a great spot close to everything,' Mr Panopoulos said. 'We were very lucky to find it.' Ray White Glenroy agent Abdullah El Hosari handled the sale and said interest was strong from the start, with the final result soaring $90,000 above the top of the $500,000-$550,000 price guide. 'There's no body corporate, and it's been so well looked after,' Mr El Hosari said. 'You could feel the love and care the moment you walked in.' Mr El Hosari added that limited supply in the winter market had helped fuel strong demand. Ray White Victoria and Tasmania chief auctioneer Matt Condon sold the home under the hammer to a first-home buyer in front of a crowd of onlookers.
News.com.au
6 hours ago
- News.com.au
‘Quiet crisis' playing out across Australian workplaces right now
A 'quiet crisis' is emerging across Australia as the world enters a new workforce era, with leaders warned that being unwilling to adapt could have serious consequences in the near future. The way we work has transformed dramatically in recent years, with the Covid-19 pandemic forcing people to adapt to new ways of working. Even though we are no longer in the thick of lockdowns and social distancing, the changes that occurred to workplaces during that period don't look like they are going away any time soon. For a lot of office-based employees, hybrid or remote work has become the norm and, despite a recent rise in company's issuing return to office mandates, Aussie workers won't give up their new-found flexibility easily. A new report from payroll and HR company, Deel, explores how workers are responding to shifting workplace conditions, including AI disruption, cost of living pressures, how they are being paid and the benefits they are receiving. More than 1000 full-time Australian office workers were surveyed as part of the 2025 Deel Australia Payday Expectations Report, revealing a widening gap between what employees want and what their employers are willing to give. Shannon Karaka, Deel's Country Leader for Australia, said one of the big things that was made clear in the report is that Aussie workers want more control, particularly when it comes to their pay. 'This report reveals a quiet crisis unfolding in workplaces, and the urgency for businesses to evolve – from modernising payroll to supporting financial resilience,' he said. 'Today's employees expect the same level of customisation and speed from their workplace benefits as they do from their favourite apps. 'We're seeing a growing demand for payroll to be a financial service, one that empowers employees with real-time access, flexibility, and greater control over their earnings.' Of those surveyed, 38 per cent said they want to be paid sooner than they currently are, this rises to 50 per cent among those struggling financially and 55 per cent for households earning under $50,000 a year. But it isn't just when they are being paid that they want more say on, it is also how they are being paid. Three in five said they would considered receiving part of their salary in non-traditional forms, such as stocks, shares or equity. Gen Z were most likely to consider alternative forms of payment, along with being the most likely age group to consider receiving cryptocurrency as part of their salary. The vast majority of those surveyed said they would want the option of customising their pay and benefits package, with 64 per cent saying they would trade paid leave benefits for a higher salary. Despite this, it is clear work-life balance is also a high priority, with two thirds of respondents ranking either flexible working hours or remote work options among their most important benefits in a job. One in four revealed they would also take lower pay in exchange for more flexibility. A whopping 78 per cent said they were willing to give up perks like gym access, free meals or company events for more flexible working conditions. Gen Z are also leading the charge in this area, with 90 per cent of respondents in this age group saying they would trade traditional benefits for more flexibility, compared to just 51 per cent of Baby Boomers. The results make it clear there is a growing disconnect between what is being offered and what workers actually want. Speaking to Mr Karaka that if this gap around compensation, benefits and flexibility continues to widen, we are going to see 'serious consequences across Australian workplaces'. He said companies that don't adapt to these changes will be 'left behind'. 'Retention will drop, engagement will suffer, and top talent – especially among younger generations – will walk away in favour of more progressive, flexible employers,' Mr Karaka said. 'The best thing employers can do right now is listen, and then act. The data is clear: employees want more flexibility, transparency, and control over how and when they're paid.' For those businesses that are willing to listen to employees and adapt accordingly, Mr Karaka suggested the first step is to modernise payroll systems. This could look like offering features such a s real-time pay, customisable benefits and financial wellness tools. However, he noted that none of these changes can happen without 'rebuilding trust', but ensuring there is always available to resolve issues and being transparent about how salaries and bonuses are calculated. 'This is about meeting employees where they are. Gen Z and Millennials, in particular, expect their workplace experience to match the speed and personalisation of the apps they use every day,' he said. 'Employers who embrace this shift won't just keep up, they'll lead.'
