Australia Joins Global Surge in Branded Residences
Australia’s luxury apartment sector is tipped for expansion, with developers and global brands eyeing opportunities as demand for prestige living rises.
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Australia’s fledgling branded residences sector is poised for growth, according to McGrath Estate Agents and Knight Frank’s newly launched Residence Report.
The global branded residences market has surged from 169 schemes in 2011 to 611 today, with forecasts of more than 1,000 by 2030. Locally, the concept gained prominence with Crown Residences at One Barangaroo in Sydney.
Adam Ross, Associate Director of Prestige and International Sales at McGrath Estate Agents, said developers and buyers alike were showing strong interest.
“We have seen strong interest among developers to deliver branded schemes as well as huge demand from buyers off the back of the Crown Residences sales at One Barangaroo in Sydney,” he said.
Ross noted that design, identity and services are key.
“While an emphasis remains on providing a range of services and amenities to serve wealthy but time-poor individuals, developers are investing in globally renowned architects, place makers and interior designers to create an identity for their project, community and the surrounding environment,” he said.
Michelle Ciesielski, Head of Residential Research at McGrath Estate Agents, said demand is building.
“There’s growing demand in Australia, but nothing comparable to One Barangaroo has been greenlit yet. For developers, it’s that ideal combination of timing, cost and the right site,” she said.
Ciesielski added that the sector is expanding beyond hotels.
“Today, hotel serviceability only forms part of the branded residence concept. As this market has evolved, developers have widened their scope with brand collaboration with increasingly more being delivered with non-hotel brands.”
Brisbane, Melbourne and the Gold Coast are emerging hotspots. Projects such as Seafarers by Riverlee in Melbourne and the Mondrian Residences on the Gold Coast highlight the sector’s potential.
“The sites are there, the desire and demand are there; the only uncertainty lies with finding builders with space on the books to deliver. The race is on,” Ross said, pointing to activity in South-East Queensland ahead of the 2032 Brisbane Olympics.
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A Denver condo that hit the market earlier this week for $16 million is now the Mile High City’s most expensive listing.
The new listing by far beats the next-priciest home for sale, a condo in a new development that was put on the market at the beginning of the year for about $9.79 million.
The city’s most expensive single-family home is asking just shy of $9 million—the metro area’s priciest single-family homes tend to be in the Cherry Hills Village suburb.
At 7,145 square feet, the newly listed unit is nearly double the size of the one in the new development and more on par with the size of some of Denver’s most expensive single-family homes.
It’s on the top floor of a seven-story mixed-use building that was built in 2008 in the Cherry Creek neighbourhood, one of the most affluent areas of the city.
The last time the three-bedroom apartment sold was before it was even completed, though it’s been owned under a few different LLCs and trusts.
The seller, who Mansion Global wasn’t able to identify, bought the condo from the developer in September 2007 for $4.047 million, records show.
The design of the interiors is European-inspired, with decorative columns, elaborate millwork and ornate built-ins.
Plus, there’s a mahogany-clad study, a formal dining room that seats up to 30 guests and views of mountains and Denver Country Club’s golf course.
A private terrace adds 1,230 square feet of outdoor living space and features a fireplace and a built-in barbecue, according to the listing with Josh Behr of LIV Sotheby’s International Realty.
A representative for Behr didn’t respond to a request for comment.
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