New 26-storey tower brings 312 apartments to Moonee Ponds market

The Moonee Valley City Council approved a 26-storey apartment tower at 450 Mount Alexander Road on July 7, clearing the way for 312 new units scheduled for completion in 2029.

The approval lands while local agents report steady buyer inquiries despite national economic pressures, with several off-the-plan projects already under construction along the same corridor.

The site sits two blocks from Puckle Street's retail strip and within walking distance of the Moonee Ponds Market, where stallholders operate four days a week and draw residents from Holmes Road and nearby side streets.

CoreLogic figures for June 2026 show the median unit price in Moonee Ponds reached $638,000, a 7 per cent rise from the same month last year, while two-bedroom apartments listed at an average $712,000.

Pressure on nearby blocks

Older walk-up buildings on Holmes Street and along the western edge of the Junction now face direct competition, with several owners already cutting asking rents by 5 per cent to retain tenants ahead of the new tower's marketing launch next year.

Local real estate offices note that investor buyers who previously targeted Moonee Ponds Central units are now requesting yield comparisons that include the upcoming development's projected strata fees and car-space allocations.

Practical steps for buyers and sellers

Anyone considering a purchase in the next six months should review recent comparable sales within 400 metres of the approved tower and request body-corporate reports from buildings completed since 2020 to gauge maintenance cost trends. Agents at the local branch of Moonee Ponds Real Estate advise locking in finance pre-approval before the first release of Ascent Tower floorplans, expected in October.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.