In a market where there aren’t enough buyers for every development, it’s essential to deliver housing that people actually need. If you do that, the buyers will come.

That’s the view of Bricks & Mortar Director Sahil Bhasin, who has just sold out another building well before construction—a relative rarity in Melbourne’s new and off-the-plan space in recent years.

“While you need to meet the Better Apartment Design Standards (BADS) in Melbourne, some developers go well beyond what's required—and that’s pricing a large cohort of people out of the market,” Bhasin says. He adds that by reducing apartment sizes just slightly, you can avoid having to discount to secure sales.

“You can still hit the necessary price per square metre rates in the off-the-plan space. It might mean a slightly smaller apartment—just a few square metres less—but the difference for a buyer between paying $800,000 for an 80 sqm two-bed, and $650,000 for the same configuration, is huge in today’s market.”

Bhasin believes it’s critical for a sales agent to be involved from the very start of a project.

“The design phase can determine how successful the project is,” he says.

“While the traditional expectation is for an agent to come in and sell the project, my philosophy is to be involved from the moment the plans are being drawn up. I need to be confident this is the type of product the market wants—and is ready to respond to.”

Bhasin has worked closely with boutique developer Tzouvelis Holdings for several years. He sold out Felton & Grimwade in West Melbourne before it completed in 2023, followed by Stanley & Roden, also in West Melbourne, ahead of its 2024 completion.

Now he’s onto his third project with Tzouvelis: Glasshaus in Preston, following the recent sell-out of Lonsdale & High, a collection of 77 apartments across 11 levels.

Glasshaus will comprise 57 apartments and is set to become one of Melbourne’s greenest residential buildings when it completes in late 2026. It is targeting an 8.8-star NatHERS rating, far higher than the mandatory six-star minimum for new developments.

Sustainability features include EV charging stations in the basement and an innovative rooftop solar system called SolShare, which allows 10 owners to buy into a shared system and tap directly into the building’s solar energy—saving around 30% each on power bills. Glasshaus is one of only a handful of Melbourne developments implementing SolShare.

The environmental credentials appeal to downsizers and rightsizers, Bhasin says, but the potential for lower energy bills is also a big drawcard for first-home buyers and investors—particularly as investor activity begins to return.

He notes that while Melbourne remains relatively affordable compared to other eastern seaboard capitals, the real game-changer has been recent stamp duty concessions.

“It’s the first time investors in Melbourne have ever had stamp duty relief,” Bhasin says.

“Instead of paying around $30,000, they’re paying $5,000 tops.”

He’s seeing a growing number of SMSF purchasers from Sydney, who typically have a budget of around $600,000.

“That won’t buy you anything new in Sydney, Brisbane, or the Gold Coast anymore, but in many parts of Melbourne, it can still get you a two-bedroom apartment with strong rental returns.”

Bhasin believes Melbourne is poised for a resurgence.

“Melbourne has never ranked so low on the capital city affordability charts. As quickly as it dropped, I expect it to rebound just as fast. That makes the next 12 months the perfect time to buy.”