Earlier this year development giant Grocon and The Royal Society of Victoria floated plans for a "super slender" residential skyscraper in the heart of Melbourne.
If realised, the 60-story tower, named "Magic", would become the nation's and the southern hemisphere's tallest skyscraper at 330 metres high.
Australian architects and developers have long tested the limits in terms of height within the world of construction, regularly utilising the most innovative technology to prove architectural theories.
While Magic remains just a concept, we thought we would take a look at Australia's existing, tallest residential towers.
Circle on Cavill at The Gold Coast is a $551 million two-tower development built by the Sunland Group.
The northern tower reaches 219.5m and is bounded by the main Surfers Paradise Boulevard at the western end of the famous Cavill Mall.
568 Collins Street, developed by the Stamoulis Property Group, reaches 224 metres in height, making it one of the tallest buildings in Melbourne.
The $161 million tower includes 588 residential apartments spanning across 69 levels.
Vision Apartments is currently the second–tallest residential building in Melbourne.
The 1,030sq m site, which was previously occupied by a 150–year–old hotel, was bought at an auction for $11.8 million by property developers The Brady Group.
The $500 million project comprises 500 residential apartments spanning across 69 levels.
The Fender Katsalidis designed tower comprises 701 residential apartments spread across 75 levels.
The tower was developed and constructed by Meriton and has been the tallest residential building in Sydney since 2004.
Construction of Soul was completed on 2012, making it the second tallest building on the Gold Coast.
The 77 floor tower was designed by local architect DBI Design.
The GFC caused apartment sales to stagnate which resulted in Mantra Group taking over management rights in 2013.
Soleil officially opened in 2011 and was Brisbane's tallest building until 2013 when Infinity Tower overtook it.
The $900 million tower is situated on a relatively small 1,500sq m plot.
It contains 25 floors of serviced apartments, owned by Meriton, and 43 floors of private residential apartments.
Infinity is Brisbane’s tallest residential tower, with 549 residential apartments spread over 81 levels.
The site, which was formerly a ground level carpark, was purchased by Meriton for A$25 million.
The relatively small site that the tower was built on is part of the North Quarter district of the Brisbane CBD.
The Prima Pearl, located in Southbank, is the fourth–tallest building in Melbourne and the sixth–tallest building in Australia.
Developer PDG Corporation and Schiavello worked with construction giant Multiplex to build the $292 million skyscraper.
Eureka Tower is a residential skyscraper located in the Southbank precinct of Melbourne.
The building is named after the Eureka Stockade, a rebellion during the Victorian gold rush in 1854.
The project was designed by Melbourne architectural firm Fender Katsalidis Architects and was developed and built by Grocon.
The residential tower, developed by Sunland Group, lost its title as the world's tallest residential building to the 337m Marina Torch in Dubai on 29 April 2011.
It is now the sixth-tallest residential tower in the world and is the tallest building in Australia and the Southern Hemisphere, and the second-tallest free-standing structure in the Southern Hemisphere, behind the Sky Tower in Auckland, New Zealand.