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Aware Real Estate launches $320m Melbourne housing projects to boost rental supply


Aware Real Estate, owned by industry superannuation fund Aware Super, has announced the launch of two major housing developments in Melbourne, adding more than 700 homes to the city’s housing market. The projects, located in Queens Road in the inner south and Preston in the north, have a combined construction value of $320 million and will provide 726 dwellings, increasing Aware Real Estate’s Melbourne portfolio to over 930 homes across four sites.

The launch comes as Melbourne’s rental vacancy rate sits at a record low below 1 per cent, with a surge in migration fueling intense demand for housing. Aware Real Estate Chief Executive Michelle McNally said, “This is a city crying out for more housing and we’re answering the call. Our projects are in areas of strong demand, supported by important infrastructure, key transport links and sought-after amenities.”

Victorian Minister for Planning Sonya Kilkenny welcomed the investment, stating, “Melbourne is the undisputed build-to-rent capital of Australia thanks to our leading reforms and we’ll continue to pull every lever we can to enable 800,000 homes of all kinds to be built over the next decade.”

Aware Super Chief Executive Deanne Stewart highlighted the importance of housing investments, saying, “Housing is at the very core of the community’s needs and while no one investor can single-handedly deliver the number of homes Melbourne will require over the coming decade, we’re pleased we can be part of the solution with investments that fit squarely with our objective of delivering strong long-term returns for our members.”

Construction is now underway at both developments, which are expected to be completed in early and mid-2026. The Queens Road project, overlooking Albert Park and less than 4km from the CBD, will have 434 apartments and extensive resident amenities. The Preston project, less than 8km from the CBD and Northland shopping centre, will have 285 apartments and seven townhouses, along with resident amenities.

Barings’ real estate investment management team, a long-running partner of Aware Super and Aware Real Estate, is acting as development manager for both sites. Alastair Wright, Barings Head of Asia Pacific Real Estate, expressed delight in supporting Aware Real Estate in delivering these major new residential projects.

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