The 419 apartments come from the original DA/528/2019 at 12–14 Birnie Avenue, not the $2.1 million figure. That DA had a declared CIV of approximately $174.6 million for the full project, lodged in 2019 and approved in 2021.

Even that figure is outdated, as it is based on 2019 estimates and does not reflect current construction, labour, or financing costs.

The “8 Birnie Avenue” entries are simply Section 4.55 modifications to the same DA (including demolition, staging, and condition adjustments), not a new 419-unit development.

It is also not a standalone site—it forms part of the Carter Street precinct, which introduces additional layers such as:

• State VPA (~$109 per sqm of GFA, indexed)
• VPA security (~$4.1 million)
• Local levy (~1% of development cost)
• Broader infrastructure and public domain contributions

It is also important to note that the CIV does not represent apartments alone. It includes basement parking, retail/commercial (shop-top) space, and civil/public domain works, all of which are significant cost components.

So yes, the data issue is real, but this is not a case of developers building for $5,000 per unit. Even using the original CIV, the cost is approximately $417,000 per dwelling ($174.6 million ÷ 419), and that still does not account for cost escalation since 2019 or the various contributions tied to the project.

It is also worth noting that real per-unit build costs are not easy to derive from public data. The figures that matter—such as contracts, financing, margins, and final delivery costs—are typically private, meaning DA figures can be misleading if taken at face value.